Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE AGREEMENT (this
“Agreement”), dated as of November 3, 2021, is by and among TDH Holdings, Inc., a British Virgin Islands company with
headquarters located at 2521 Tiejueshan Road, Huangdao District, Qingdao, Shandong Province, People’s Republic of China (the “Company”),
and each of the investors listed on the Schedule of Buyers attached hereto (individually, a “Buyer” and collectively,
the “Buyers”).

 

RECITALS

 

A. The Company and each Buyer
desire to enter into this transaction to purchase (i) the Purchased Shares (as defined below), and (ii) Warrants (as defined below) pursuant
to a currently effective shelf registration statement on Form F-3, which has at least $65,900,000 of unallocated securities, including
the Company’s common shares (as defined below) and warrants to purchase Common Shares registered thereunder (Registration Number
333-256042) (the “Registration Statement”), which Registration Statement has been declared effective in accordance
with the Securities Act of 1933, as amended (the “1933 Act”), by the United States Securities and Exchange Commission
(the “SEC”).

 

B. Each Buyer wishes to purchase,
and the Company wishes to sell, upon the terms and conditions stated in this Agreement, (i) such aggregate number of Common Shares as
set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers (which aggregate amount for all Buyers shall be 15,000,000
Common Shares and shall collectively be referred to herein as the “Purchased Shares”), and (ii) a warrant to initially
acquire up to such aggregate number of Common Shares set forth opposite such Buyer’s name in column (4) on the Schedule of Buyers,
as evidenced by a warrant in the form attached hereto as Exhibit A (the “Warrants”) (as exercised, collectively,
the “Warrant Shares”).

 

C. The Purchased Shares, the
Warrants and the Warrant Shares are collectively referred to herein as the “Securities”.

 

AGREEMENT

 

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

 

	1.	PURCHASE AND SALE OF COMMON SHARES AND WARRANTS.

 

(a) Purchase of Purchased
Shares and Warrants. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below, the Company shall
issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from the Company on the Closing Date (as defined
below) (A) such aggregate number of Purchased Shares as is set forth opposite such Buyer’s name in column (3) on the Schedule of
Buyers, and (B) Warrants to initially acquire up to that aggregate number of Warrant Shares as is set forth opposite such Buyer’s
name in column (4) on the Schedule of Buyers. Each Common Share is being sold together with an accompanying
Warrant to purchase two (2) shares of the Company’s Common Shares at an exercise price of $1.47 per whole Common Share.

 

(b) Closing. The closing
(the “Closing”) of the purchase of the Purchased Shares and the Warrants by the Buyers shall occur at the offices of
Sichenzia Ross Ference LLP, 1185 Avenue of the Americas, 31st Floor, New York, NY 10036. The date and time of the Closing (the
“Closing Date”) shall be 10:00 a.m., New York time, on the first (1st) Business Day (as defined below) on which the
conditions to the Closing set forth in Sections 6 and 7 below are satisfied or waived (or such other date as is mutually agreed to by
the Company and each Buyer). As used herein “Business Day” means any day other than Saturday, Sunday or other day on
which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for
clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”,
“shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the closure of any
physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for
wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.

 

     

     

    

 

(c) Purchase Price.
The aggregate purchase price for the Purchased Shares and the Warrants to be purchased by each Buyer (the “Purchase Price”)
shall be the amount set forth opposite such Buyer’s name in column (5) on the Schedule of Buyers.

 

(d) Form of Payment; Deliveries.
On the Closing Date, (i) each Buyer shall pay its respective Purchase Price to the Company for the Purchased Shares and the Warrants to
be issued and sold to such Buyer at the Closing, by wire transfer of immediately available funds in accordance with the Flow of Funds
Letter (as defined below) and the Company shall (A) cause VStock Transfer LLC (together with any subsequent transfer agent, the “Transfer
Agent”) through the Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, to credit
such aggregate number of Purchased Shares that each Buyer is purchasing as is set forth opposite such Buyer’s name in column (3)
of the Schedule of Buyers to such Buyer’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian
system or at the Buyer’s request, issue the Purchases Shares to the Transfer Agent for the account of the Buyer in Book-Entry, and
(B) deliver to each Buyer a Warrant pursuant to which such Buyer shall have the right to initially acquire up to such aggregate number
of Warrant Shares as is set forth opposite such Buyer’s name in column (4) of the Schedule of Buyers, in each case, duly executed
on behalf of the Company and registered in the name of such Buyer or its designee.

 

(e) Sales During Pre-Settlement
Period. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution of this Agreement by the
Company and an applicable Buyer, through, and including the time immediately prior to the Closing (the “Pre-Settlement Period”),
such Buyer sells (excluding “short sales” as defined in Rule 200 of Regulation SHO) to any Person (as defined below) all,
or any portion, of any Purchased Shares to be issued hereunder to such Buyer at the Closing (collectively, the “Pre-Settlement
Purchased Shares”), such Buyer shall, automatically hereunder (without any additional required actions by such Buyer or the
Company), be deemed to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement
Purchased Shares to such Buyer at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Purchased
Shares to such Buyer prior to the Company’s receipt of the purchase price of such Pre-Settlement Purchased Shares hereunder; and
provided further that the Company hereby acknowledges and agrees that the foregoing shall not constitute a representation or covenant
by such Buyer as to whether or not during the Pre-Settlement Period such Buyer shall sell any Purchased Shares to any Person and that
any such decision to sell any Purchased Shares by such Buyer shall be made, in the sole discretion of such Buyer, at the time such Buyer
elects to effect any such sale, if any.

 

	2.	BUYER’S REPRESENTATIONS AND WARRANTIES.

 

Each Buyer, severally and
not jointly, represents and warrants to the Company with respect to only itself that, as of the date hereof and as of the Closing Date:

 

(a) Organization; Authority.
Such Buyer if an entity, is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization
with the requisite power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents (as
defined below) to which it is a party and otherwise to carry out its obligations hereunder and thereunder.

 

(b) Validity; Enforcement.
This Agreement has been duly and validly authorized, executed and delivered on behalf of such Buyer and shall constitute the legal, valid
and binding obligations of such Buyer enforceable against such Buyer in accordance with its terms, except as such enforceability may be
limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(c) No Conflicts. The
execution, delivery and performance by such Buyer of this Agreement and the consummation by such Buyer of the transactions contemplated
hereby will not (i) result in a violation of any organizational documents of such Buyer, (ii) conflict with, or constitute a default (or
an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which such Buyer is a party or (iii) result in a violation
of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to such Buyer, except,
in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect on the ability of such Buyer to perform its obligations hereunder. 

 

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	3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The Company represents and
warrants to each of the Buyers that, as of the date hereof and as of the Closing Date:

 

(a) Organization and Qualification.
Each of the Company and each of its Subsidiaries (as defined below), are entities duly organized and validly existing and in good standing
under the laws of the jurisdiction in which they are formed, and have the requisite power and authority to own their properties and to
carry on their business as now being conducted and as presently proposed to be conducted, unless otherwise disclosed in the SEC filings.
Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every
jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except
to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect
(as defined below). As used in this Agreement, “Material Adverse Effect” means any material adverse effect on (i) the
business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise) or prospects of
the Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby or in any of the other Transaction
Documents or any other agreements or instruments to be entered into in connection herewith or therewith or (iii) the authority or ability
of the Company or any of its Subsidiaries to perform any of their respective obligations under any of the Transaction Documents. Other
than the Persons (as defined below) set forth on Schedule I the Company has no Subsidiaries. “Subsidiaries” means any
Person in which the Company, directly or indirectly, (A) owns any of the outstanding share capital or holds any equity or similar interest
of such Person or (B) controls or operates all or any part of the business, operations or administration of such Person, and each of the
foregoing, is individually referred to herein as a “Subsidiary”.

 

(b) Authorization; Enforcement;
Validity. The Company has the requisite power and authority to enter into and perform its obligations under this Agreement and the
other Transaction Documents and to issue the Securities in accordance with the terms hereof and thereof. The execution and delivery of
this Agreement and the other Transaction Documents by the Company and the consummation by the Company of the transactions contemplated
hereby and thereby (including, without limitation, the issuance of the Purchased Shares, the issuance of the Warrants and the reservation
for issuance and issuance of the Warrant Shares issuable upon exercise of the Warrants) have been duly authorized by the Company’s
board of directors and (other than the filing with the SEC of the prospectus supplement required by the Registration Statement pursuant
to Rule 424(b) under the 1933 Act (the “Prospectus Supplement”) supplementing the base prospectus forming part of the
Registration Statement (the “Prospectus”) and any other filings as may be required by any state securities agencies)
no further filing, consent or authorization is required by the Company, its board of directors or its shareholders or other governing
body. This Agreement has been, and the other Transaction Documents will be prior to the Closing, duly executed and delivered by the Company,
and each constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its respective
terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and
remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. “Transaction
Documents” means, collectively, this Agreement, the Purchased Shares, the Warrants, the Warrant Shares and the Irrevocable Transfer
Agent Instructions (as defined below) and each of the other agreements and instruments entered into or delivered by any of the parties
hereto in connection with the transactions contemplated hereby and thereby, as may be amended from time to time.

  

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(c) Issuance of Securities;
Registration Statement. The issuance of the Purchased Shares and the Warrants, and when exercised, the Warrant Shares are duly authorized
and, upon issuance and payment in accordance with the terms of the Transaction Documents shall be validly issued, fully paid and non-assessable
and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances,
security interests and other encumbrances (collectively “Liens”) with respect to the issuance thereof. As of the Closing,
the Company shall have reserved from its duly authorized share capital not less than 150% of the maximum number of Common Shares issuable
upon exercise of the Warrants (without taking into account any limitations on the exercise of the Warrants set forth in the Warrants).
Upon exercise in accordance with the Warrants, the Warrant Shares, when issued, will be validly issued, fully paid and nonassessable and
free from all preemptive or similar rights or Liens with respect to the issue thereof, with the holders being entitled to all rights accorded
to a holder of Common Shares. The issuance by the Company of the Securities has been registered under the 1933 Act, the Securities are
being issued pursuant to the Registration Statement and all of the Securities are freely transferable and freely tradable by each of the
Buyers without restriction, whether by way of registration or some exemption therefrom. The Registration Statement is effective and available
for the issuance of the Securities thereunder and the Company has not received any notice that the SEC has issued or intends to issue
a stop-order with respect to the Registration Statement or that the SEC otherwise has suspended or withdrawn the effectiveness of the
Registration Statement, either temporarily or permanently, or intends or has threatened in writing to do so. The “Plan of Distribution”
section under the Registration Statement permits the issuance and sale of the Securities hereunder and as contemplated by the other Transaction
Documents. Upon receipt of the Securities, each of the Buyers will have good and marketable title to the Securities. The Registration
Statement and any prospectus included therein, including the Prospectus and the Prospectus Supplement, complied in all material respects
with the requirements of the 1933 Act and the Securities Exchange Act of 1934, as amended (the “1934 Act”) and the
rules and regulations of the SEC promulgated thereunder and all other applicable laws and regulations. At the time the Registration Statement
and any amendments thereto became effective, at the date of this Agreement and at each deemed effective date thereof pursuant to Rule
430B(f)(2) of the 1933 Act, the Registration Statement and any amendments thereto complied and will comply in all material respects with
the requirements of the 1933 Act and did not and will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus and any amendments or supplements
thereto (including, without limitation the Prospectus Supplement), at the time the Prospectus or any amendment or supplement thereto was
issued and at the Closing Date, complied, and will comply, in all material respects with the requirements of the 1933 Act and did
not, and will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Company meets all of the requirements for the use
of Form F-3 under the 1933 Act for the offering and sale of the Securities contemplated by this Agreement and the other Transaction Documents,
and the SEC has not notified the Company of any objection to the use of the form of the Registration Statement pursuant to Rule 401(g)(1)
under the 1933 Act. The Registration Statement meets the requirements set forth in Rule 415(a)(1)(x) under the 1933 Act. At the earliest
time after the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the
meaning of Rule 164(h)(2) under the 1933 Act) relating to any of the Securities, the Company was not and is not an “Ineligible Issuer”
(as defined in Rule 405 under the 1933 Act). The Company (i) has not distributed any offering material in connection with the offer or
sale of any of the Securities and (ii) until no Buyer holds any of the Securities, shall not distribute any offering material in connection
with the offer or sale of any of the Securities to, or by, any of the Buyers (if required), in each case, other than the Registration
Statement, the Prospectus or the Prospectus Supplement.

 

(d) No Conflicts. The
execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions
contemplated hereby and thereby (including, without limitation, the issuance of the Purchased Shares, the Warrants and the Warrant Shares
and the reservation for issuance of the Warrant Shares) will not (i) result in a violation of the Articles of Association (as defined
below) (including, without limitation, any certificate of designation contained therein), Memorandum of Association (as defined below),
certificate of formation, memorandum of association, articles of association, bylaws or other organizational documents of the Company
or any of its Subsidiaries, or any share capital or other securities of the Company or any of its Subsidiaries, (ii) conflict with, or
constitute a default (or an event which with notice or lapse of time or both would become a default) in any respect under, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company
or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including,
without limitation, foreign, federal and state securities laws and regulations and the rules and regulations of the Nasdaq Capital Market
(the “Principal Market”) and including all applicable foreign, federal and state laws, rules and regulations) applicable
to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected.

 

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(e) Consents. Neither
the Company nor any Subsidiary is required to obtain any consent from, authorization or order of, or make any filing or registration with
(other than the filing with the SEC of the Prospectus Supplement, the filing of Form LAS with the Principal Market and any other filings
as may be required by any state securities agencies), any Governmental Entity (as defined below) or any regulatory or self-regulatory
agency or any other Person in order for it to execute, deliver or perform any of its respective obligations under or contemplated by the
Transaction Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and
registrations which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained
or effected on or prior to the Closing Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances
which might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or filings
contemplated by the Transaction Documents. The Company is not in violation of the requirements of the Principal Market and has no knowledge
of any facts or circumstances which could reasonably lead to delisting or suspension of the Common Shares in the next twelve (12) months
after the date of this Agreement; provided, however, that the Company’s most recent annual report on Form 20-F contains a going
concern limitation. “Governmental Entity” means any nation, state, county, city, town, village, district, or other
political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental or quasi-governmental
authority of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal),
multi-national organization or body; or body exercising, or entitled to exercise, any administrative, executive, judicial, legislative,
police, regulatory, or taxing authority or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise
owned or controlled by a government or a public international organization or any of the foregoing.

 

(f) Acknowledgment Regarding
Buyer’s Purchase of Securities. The Company acknowledges and agrees that each Buyer is acting solely in the capacity of an arm’s
length purchaser with respect to the Transaction Documents and the transactions contemplated hereby and thereby and that no Buyer is (i)
an officer or director of the Company or any of its Subsidiaries, (ii) an “affiliate” (as defined in Rule 144 promulgated
under the 1933 Act (or a successor rule thereto) (collectively, “Rule 144”)) of the Company or any of its Subsidiaries
or (iii) to its knowledge, a “beneficial owner” of more than 10% of the Common Shares (as defined for purposes of Rule 13d-3
of the 1934 Act). The Company further acknowledges that no Buyer is acting as a financial advisor or fiduciary of the Company or any of
its Subsidiaries (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated hereby and thereby,
and any advice given by a Buyer or any of its representatives or agents in connection with the Transaction Documents and the transactions
contemplated hereby and thereby is merely incidental to such Buyer’s purchase of the Securities. The Company further represents
to each Buyer that the Company’s decision to enter into the Transaction Documents has been based solely on the independent evaluation
by the Company and its representatives.

 

(g) Placement Agent’s
Fees. The Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or brokers’
commissions (other than for Persons engaged by any Buyer or its investment advisor) relating to or arising out of the transactions contemplated
hereby, including, without limitation, placement agent fees payable to Boustead Securities, LLC, as placement agent (the “Placement
Agent”) in connection with the sale of the Securities. The Company acknowledges that it has engaged the Placement Agent in connection
with the sale of the Securities. Other than the Placement Agent, neither the Company nor any of its Subsidiaries has engaged any placement
agent or other agent in connection with the offer or sale of the Securities.

 

(h) No Integrated Offering.
None of the Company, its Subsidiaries or any of their affiliates, nor any Person acting on their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of
the Securities to require approval of shareholders of the Company under any applicable shareholder approval provisions, including, without
limitation, under the rules and regulations of any exchange or automated quotation system on which any of the securities of the Company
are listed or designated for quotation. None of the Company, its Subsidiaries, their affiliates nor any Person acting on their behalf
will take any action or steps that would cause the offering of any of the Securities to be integrated with other offerings of securities
of the Company.

 

(i) Dilutive Effect.
The Company understands and acknowledges that the number of Warrant Shares will increase in certain circumstances. The Company further
acknowledges that its obligation to issue the Warrant Shares upon exercise of the Warrants in accordance with this Agreement and the Warrants
is, absolute and unconditional regardless of the dilutive effect that such issuance may have on the ownership interests of other shareholders
of the Company.

 

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(j) Application of Takeover
Protections; Rights Agreement. The Company and its board of directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition, interested shareholder, business combination, poison pill (including, without limitation,
any distribution under a rights agreement), shareholder rights plan or other similar anti-takeover provision under the Articles of Association,
Memorandum of Association or other organizational documents or the laws of the jurisdiction of its incorporation or otherwise which is
or could become applicable to any Buyer as a result of the transactions contemplated by this Agreement, including, without limitation,
the Company’s issuance of the Securities and any Buyer’s ownership of the Securities. The Company and its board of directors
have taken all necessary action, if any, in order to render inapplicable any shareholder rights plan or similar arrangement relating to
accumulations of beneficial ownership of Common Shares or a change in control of the Company or any of its Subsidiaries.

 

(k) SEC Documents; Financial
Statements. During the one (1) year prior to the date hereof, the Company has timely filed all reports, schedules, forms, proxy statements,
statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the 1934 Act (all of
the foregoing filed prior to the date hereof and all exhibits and appendices included therein and financial statements, notes and schedules
thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC Documents”). The
Company has delivered or has made available to the Buyers or their respective representatives true, correct and complete copies of each
of the SEC Documents not available on the EDGAR system. As of their respective dates, the SEC Documents complied in all material respects
with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents,
and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. As of their respective dates, the financial statements of the Company included in the SEC
Documents complied in all material respects with applicable accounting requirements and the published rules and regulations of the SEC
with respect thereto as in effect as of the time of filing. Such financial statements have been prepared in accordance with generally
accepted accounting principles (“GAAP”), consistently applied, during the periods involved (except (i) as may be otherwise
indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may
exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the
Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal year-end audit adjustments which will not be material, either individually or in the aggregate). The reserves, if
any, established by the Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances known by the
Company on the date hereof and there are no loss contingencies that are required to be accrued by the Statement of Financial Accounting
Standard No. 5 of the Financial Accounting Standards Board which are not provided for by the Company in its financial statements or otherwise.
No other information provided by or on behalf of the Company to any of the Buyers which is not included in the SEC Documents (including,
without limitation, information in the disclosure schedules to this Agreement) contains any untrue statement of a material fact or omits
to state any material fact necessary in order to make the statements therein not misleading, in the light of the circumstance under which
they are or were made. The Company is not currently contemplating to amend or restate any of the financial statements (including, without
limitation, any notes or any letter of the independent accountants of the Company with respect thereto) included in the SEC Documents
(the “Financial Statements”), nor is the Company currently aware of facts or circumstances which would require the
Company to amend or restate any of the Financial Statements, in each case, in order for any of the Financials Statements to be in compliance
with GAAP and the rules and regulations of the SEC. The Company has not been informed by its independent accountants that they recommend
that the Company amend or restate any of the Financial Statements or that there is any need for the Company to amend or restate any of
the Financial Statements.

 

(l) Absence of Certain
Changes. Since the date of the Company’s most recent audited financial statements contained in a Form 20-F, there has been no
material adverse change and no material adverse development in the business, assets, liabilities, properties, operations (including results
thereof), condition (financial or otherwise) or prospects of the Company or any of its Subsidiaries. Since the date of the Company’s
most recent audited financial statements contained in a Form 20-F, neither the Company nor any of its Subsidiaries has (i) declared or
paid any dividends, (ii) sold any assets, individually or in the aggregate, outside of the ordinary course of business or (iii) made any
capital expenditures, individually or in the aggregate, outside of the ordinary course of business. Except as diclosed in the Companty’s
filings with the SEC, neither the Company nor any of its Subsidiaries has taken any steps to seek protection pursuant to any law or statute
relating to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up, nor does the Company or any Subsidiary have
any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or any
actual knowledge of any fact which would reasonably lead a creditor to do so. The Company and its Subsidiaries, individually and on a
consolidated basis, are not, after giving effect to the transactions contemplated hereby to occur at the Closing, will not be Insolvent
(as defined below). For purposes of this Section 3(l), “Insolvent” means, (i) with respect to the Company and its Subsidiaries,
on a consolidated basis, (A) the present fair saleable value of the Company’s and its Subsidiaries’ assets is less than the
amount required to pay the Company’s and its Subsidiaries’ total Indebtedness (as defined below), (B) the Company and its
Subsidiaries are unable to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become
absolute and matured or (C) the Company and its Subsidiaries intend to incur or believe that they will incur debts that would be beyond
their ability to pay as such debts mature; and (ii) with respect to the Company and each Subsidiary, individually, (A) the present fair
saleable value of the Company’s or such Subsidiary’s (as the case may be) assets is less than the amount required to pay its
respective total Indebtedness, (B) the Company or such Subsidiary (as the case may be) is unable to pay its respective debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured or (C) the Company or such Subsidiary
(as the case may be) intends to incur or believes that it will incur debts that would be beyond its respective ability to pay as such
debts mature. Neither the Company nor any of its Subsidiaries has engaged in any business or in any transaction, and is not about to engage
in any business or in any transaction, for which the Company’s or such Subsidiary’s remaining assets constitute unreasonably
small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted.

 

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(m) No Undisclosed Events,
Liabilities, Developments or Circumstances. No event, liability, development or circumstance has occurred or exists, or is reasonably
expected to exist or occur with respect to the Company, any of its Subsidiaries or any of their respective businesses, properties, liabilities,
prospects, operations (including results thereof) or condition (financial or otherwise), that (i) would be required to be disclosed by
the Company under applicable securities laws on a registration statement on Form F-1 filed with the SEC relating to an issuance and sale
by the Company of any of its securities and which has not been publicly announced, (ii) could have a material adverse effect on any Buyer’s
investment hereunder or (iii) could have a Material Adverse Effect.

 

(n) Conduct of Business;
Regulatory Permits. Neither the Company nor any of its Subsidiaries is in violation of any term of or in default under its Articles
of Association, any certificate of designation, preferences or rights of any other outstanding series of preferred shares of the Company
or any of its Subsidiaries or Memorandum of Association or their organizational charter, certificate of formation, memorandum of association,
articles of association, Articles of Association or certificate of incorporation or bylaws, respectively. Neither the Company nor any
of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to the Company
or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its business in violation of any of the foregoing,
except in all cases for possible violations which could not, individually or in the aggregate, have a Material Adverse Effect. Without
limiting the generality of the foregoing, the Company is not in violation of any of the rules, regulations or requirements of the Principal
Market and has no knowledge of any facts or circumstances that could reasonably lead to delisting or suspension of the Common Shares by
the Principal Market in the foreseeable future. During the two years prior to the date hereof, (i) the Common Shares have been listed
or designated for quotation on the Principal Market, (ii) trading in the Common Shares have not been suspended by the SEC or the Principal
Market and (iii) the Company has received no communication, written or oral, from the SEC or the Principal Market regarding the suspension
or delisting of the Common Shares from the Principal Market. The Company and each of its Subsidiaries possess all certificates, authorizations
and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure
to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and
neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such
certificate, authorization or permit. There is no agreement, commitment, judgment, injunction, order or decree binding upon the Company
or any of its Subsidiaries or to which the Company or any of its Subsidiaries is a party which has or would reasonably be expected to
have the effect of prohibiting or materially impairing any business practice of the Company or any of its Subsidiaries, any acquisition
of property by the Company or any of its Subsidiaries or the conduct of business by the Company or any of its Subsidiaries as currently
conducted other than such effects, individually or in the aggregate, which have not had and would not reasonably be expected to have a
Material Adverse Effect on the Company or any of its Subsidiaries.

 

    7

     

    

 

(o) Foreign Corrupt Practices.
Neither the Company, the Company’s subsidiary or any director, officer, agent, employee, nor any other person acting for or on behalf
of the foregoing (individually and collectively, a “Company Affiliate”) have violated the U.S. Foreign Corrupt Practices
Act (the “FCPA”) or any other applicable anti-bribery or anti-corruption laws, nor has any Company Affiliate offered,
paid, promised to pay, or authorized the payment of any money, or offered, given, promised to give, or authorized the giving of anything
of value, to any officer, employee or any other person acting in an official capacity for any Governmental Entity to any political party
or official thereof or to any candidate for political office (individually and collectively, a “Government Official”)
or to any person under circumstances where such Company Affiliate knew or was aware of a high probability that all or a portion of such
money or thing of value would be offered, given or promised, directly or indirectly, to any Government Official, for the purpose of:

 

(i) (A) influencing
any act or decision of such Government Official in his/her official capacity, (B) inducing such Government Official to do or omit to do
any act in violation of his/her lawful duty, (C) securing any improper advantage, or (D) inducing such Government Official to influence
or affect any act or decision of any Governmental Entity, or

 

(ii) assisting the
Company or its Subsidiaries in obtaining or retaining business for or with, or directing business to, the Company or its Subsidiaries.

 

(p) Sarbanes-Oxley Act.
The Company and each Subsidiary is in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended,
and any and all applicable rules and regulations promulgated by the SEC thereunder.

 

(q) Transactions With Affiliates.
No current or former employee, partner, director, officer or shareholder (direct or indirect) of the Company or its Subsidiaries, or any
associate, or, to the knowledge of the Company, any affiliate of any thereof, or any relative with a relationship no more remote than
first cousin of any of the foregoing, is presently, or has ever been, (i) a party to any transaction with the Company or its Subsidiaries
(including any contract, agreement or other arrangement providing for the furnishing of services by, or rental of real or personal property
from, or otherwise requiring payments to, any such director, officer or shareholder or such associate or affiliate or relative Subsidiaries
(other than for ordinary course services as employees, officers or directors of the Company or any of its Subsidiaries)) or (ii) the direct
or indirect owner of an interest in any corporation, firm, association or business organization which is a competitor, supplier or customer
of the Company or its Subsidiaries (except for a passive investment (direct or indirect) in less than 5% of the common stock or Common
Shares, as applicable, of a company whose securities are traded on or quoted through an Eligible Market (as defined below)), nor does
any such Person receive income from any source other than the Company or its Subsidiaries which relates to the business of the Company
or its Subsidiaries or should properly accrue to the Company or its Subsidiaries. Other than as disclosed in the SEC Documents, no employee,
officer, shareholder or director of the Company or any of its Subsidiaries or member of his or her immediate family is indebted to the
Company or its Subsidiaries, as the case may be, nor is the Company or any of its Subsidiaries indebted (or committed to make loans or
extend or guarantee credit) to any of them, other than (i) for payment of salary for services rendered, (ii) reimbursement for reasonable
expenses incurred on behalf of the Company, and (iii) for other standard employee benefits made generally available to all employees or
executives (including share option agreements outstanding under any share option plan approved by the board of directors of the Company).

 

(r) Equity Capitalization.

 

(i) Definitions:

 

“Common Shares”
means (x) the Company’s common shares, $0.001 par value per share, and (y) any share capital into which such Common Shares shall
have been changed or any share capital resulting from a reclassification of such Common Shares.

 

(ii) Authorized
and Outstanding Share Capital. As of the date hereof, the authorized share capital of the Company consists of (A) 200,000,000 authorizd
shares of Common Shares, of which, 64,949,995 are issued and outstanding.

 

    8

     

    

 

(iii) Valid Issuance;
Available Shares; Affiliates. All of such outstanding shares are duly authorized and have been, or upon issuance will be, validly
issued and are fully paid and nonassessable. Schedule II sets forth the number of Common Shares that are that are, as of the date
hereof, owned by Persons who are “affiliates” (as defined in Rule 405 of the 1933 Act and calculated based on the assumption
that only officers, directors and holders of at least 10% of the Company’s issued and outstanding Common Shares are “affiliates”
without conceding that any such Persons are “affiliates” for purposes of federal securities laws) of the Company or any of
its Subsidiaries. Other than as stated on Schedule II, to the Company’s knowledge, no Person owns 10% or more of the Company’s
issued and outstanding Common Shares (without conceding that such identified Person is a 10% shareholder for purposes of federal securities
laws).

  

(iv) Existing
Securities; Obligations. Except as disclosed in Schedule III: (A) none of the Company’s or any Subsidiary’s shares, interests
or share capital is subject to preemptive rights or any other similar rights or Liens suffered or permitted by the Company or any Subsidiary;
(B) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities or rights convertible into, or exercisable or exchangeable for, any shares, interests or share capital of the Company
or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is or may become bound to issue additional shares, interests or share capital of the Company or any of its Subsidiaries or options, warrants,
scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into,
or exercisable or exchangeable for, any shares, interests or share capital of the Company or any of its Subsidiaries; (C) there are no
agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities
under the 1933 Act (except pursuant to this Agreement); (D) there are no outstanding securities or instruments of the Company or any of
its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements
by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries;
(E) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the
Securities; and (F) neither the Company nor any Subsidiary has any share appreciation rights or “phantom share” plans or agreements
or any similar plan or agreement.

 

(v) Organizational
Documents. The Company has furnished to the Buyers true, correct and complete copies of the Company’s Articles of Association,
as amended and as in effect on the date hereof (the “Articles of Association”), and the Company’s bylaws, as
amended and as in effect on the date hereof (the “Memorandum of Association”), and the terms of all Convertible Securities
(as defined below) and the material rights of the holders thereof in respect thereto.

 

(s) Indebtedness and Other
Contracts. Neither the Company nor any of its Subsidiaries, (i) except as set forth in the SEC Documents, has any outstanding debt
securities, notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing Indebtedness of the Company
or any of its Subsidiaries or by which the Company or any of its Subsidiaries is or may become bound, (ii) is a party to any contract,
agreement or instrument, the violation of which, or default under which, by the other party(ies) to such contract, agreement or instrument
could reasonably be expected to result in a Material Adverse Effect, (iii) has any financing statements securing obligations in any amounts
filed in connection with the Company or any of its Subsidiaries; (iv) is in violation of any term of, or in default under, any contract,
agreement or instrument relating to any Indebtedness, except where such violations and defaults would not result, individually or in the
aggregate, in a Material Adverse Effect, or (v) is a party to any contract, agreement or instrument relating to any Indebtedness, the
performance of which, in the judgment of the Company’s officers, has or is expected to have a Material Adverse Effect. Neither the
Company nor any of its Subsidiaries have any liabilities or obligations required to be disclosed in the SEC Documents which are not so
disclosed in the SEC Documents, other than those incurred in the ordinary course of the Company’s or its Subsidiaries’ respective
businesses and which, individually or in the aggregate, do not or could not have a Material Adverse Effect. For purposes of this Agreement:
(x) “Indebtedness” of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations
issued, undertaken or assumed as the deferred purchase price of property or services (including, without limitation, “capital leases”
in accordance with GAAP) (other than trade payables entered into in the ordinary course of business consistent with past practice), (C)
all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all obligations
evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition
of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other title retention agreement,
or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even
though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale
of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection with GAAP, consistently
applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness referred to in clauses (A) through (F)
above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien
upon or in any property or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such
assets or property has not assumed or become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect
of indebtedness or obligations of others of the kinds referred to in clauses (A) through (G) above; (y) “Contingent Obligation”
means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness,
lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the
primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that
any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against
loss with respect thereto; and (z) “Person” means an individual, a limited liability company, a partnership, a joint
venture, a corporation, a trust, an unincorporated organization, any other entity and any Governmental Entity or any department or agency
thereof.

 

    9

     

    

 

(t) Litigation. Except
as disclosed in the SEC Documents, there is no action, suit, arbitration, proceeding, inquiry or investigation before or by the Principal
Market, any court, public board, other Governmental Entity, self-regulatory organization or body pending or, to the knowledge of the Company,
threatened against or affecting the Company or any of its Subsidiaries, the Common Shares or any of the Company’s or its Subsidiaries’
officers or directors, whether of a civil or criminal nature or otherwise, in their capacities as such, which is outside of the ordinary
course of business or individually or in the aggregate material to the Company or any of its Subsidiaries. No director, officer or employee
of the Company or any of its subsidiaries has willfully violated 18 U.S.C. §1519 or engaged in spoliation in reasonable anticipation
of litigation. Without limitation of the foregoing, there has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the SEC involving the Company, any of its Subsidiaries or any current or former director or officer of the Company
or any of its Subsidiaries. The SEC has not issued any stop order or other order suspending the effectiveness of any registration statement
filed by the Company under the 1933 Act or the 1934 Act, including, without limitation, the Registration Statement. After reasonable inquiry
of its employees, the Company is not aware of any fact which might result in or form the basis for any such action, suit, arbitration,
investigation, inquiry or other proceeding. Neither the Company nor any of its Subsidiaries is subject to any order, writ, judgment, injunction,
decree, determination or award of any Governmental Entity.

 

(u) Insurance. The
Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries
are engaged. Neither the Company nor any such Subsidiary has been refused any insurance coverage sought or applied for, and neither the
Company nor any such Subsidiary has any reason to believe that it will be unable to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that
would not have a Material Adverse Effect.

 

(v) Employee Relations.
Neither the Company nor any of its Subsidiaries is a party to any collective bargaining agreement or employs any member of a union. The
Company and its Subsidiaries believe that their relations with their employees are good. No executive officer (as defined in Rule 501(f)
promulgated under the 1933 Act) or other key employee of the Company or any of its Subsidiaries has notified the Company or any such Subsidiary
that such officer intends to leave the Company or any such Subsidiary or otherwise terminate such officer’s employment with the
Company or any such Subsidiary. No executive officer or other key employee of the Company or any of its Subsidiaries is, or is now expected
to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement,
non-competition agreement, or any other contract or agreement or any restrictive covenant, and the continued employment of each such executive
officer or other key employee (as the case may be) does not subject the Company or any of its Subsidiaries to any liability with respect
to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all federal, state, local and foreign laws and
regulations respecting labor, employment and employment practices and benefits, terms and conditions of employment and wages and hours,
except where failure to be in compliance would not, either individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect.

 

    10

     

    

 

(w) Title.

 

(i) Real Property. Each
of the Company and its Subsidiaries holds good title to all real property, leases in real property, facilities or other interests in real
property owned or held by the Company or any of its Subsidiaries (the “Real Property”) owned by the Company or any
of its Subsidiaries (as applicable). The Real Property is free and clear of all Liens and is not subject to any rights of way, building
use restrictions, exceptions, variances, reservations, or limitations of any nature except for (a) Liens for current taxes not yet due,
(b) zoning laws and other land use restrictions that do not impair the present or anticipated use of the property subject thereto and
(c) mortgages securing certain of the Company’s debt. Any Real Property held under lease by the Company or any of its Subsidiaries
are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the
use made and proposed to be made of such property and buildings by the Company or any of its Subsidiaries.

  

(ii) Fixtures and Equipment.
Each of the Company and its Subsidiaries (as applicable) has good title to, or a valid leasehold interest in, the tangible personal property,
equipment, improvements, fixtures, and other personal property and appurtenances that are used by the Company or its Subsidiary in connection
with the conduct of its business (the “Fixtures and Equipment”). The Fixtures and Equipment are structurally sound,
are in good operating condition and repair, are adequate for the uses to which they are being put, are not in need of maintenance or repairs
except for ordinary, routine maintenance and repairs and are sufficient for the conduct of the Company’s and/or its Subsidiaries’
businesses (as applicable) in the manner as conducted prior to the Closing. Each of the Company and its Subsidiaries owns all of its Fixtures
and Equipment free and clear of all Liens except for (a) Liens for current taxes not yet due, (b) zoning laws and other land use restrictions
that do not impair the present or anticipated use of the property subject thereto and (c) Liens securing certain of the Company’s
debt.

 

(x) Intellectual Property
Rights. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights
necessary or required for use in connection with their respective businesses as described in the filing with the SEC and which the failure
to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and neither
the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired,
terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement.
Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC
Documents, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the
rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the
Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual
Property Rights. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and
value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

(y) Environmental Laws.
(i) The Company and its Subsidiaries (A) are in compliance with any and all Environmental Laws (as defined below), (B) have received all
permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (C)
are in compliance with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (A), (B)
and (C), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The
term “Environmental Laws” means all federal, state, local or foreign laws relating to pollution or protection of human health
or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including,
without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or
toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating
to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well
as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders,
permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

    11

     

    

 

(ii) No Hazardous
Materials:

 

(A) have been disposed
of or otherwise released into any Real Property (as defined below) in violation of any Environmental Laws; or

 

(B) are present on,
over, beneath, in or upon any Real Property or any portion thereof in quantities that would constitute a violation of any Environmental
Laws. No prior use by the Company or any of its Subsidiaries of any Real Property has occurred that violates any Environmental Laws, which
violation would have a material adverse effect on the business of the Company or any of its Subsidiaries.

 

(iii) Neither the
Company nor any of its Subsidiaries knows of any other person who or entity which has stored, treated, recycled, disposed of or otherwise
located any Hazardous Materials on any Real Property, including, without limitation, such substances as asbestos and polychlorinated biphenyls.

 

(iv) None of the
Real Properties are on any federal or state “Superfund” list or Liability Information System (“CERCLIS”)
list or any state environmental agency list of sites under consideration for CERCLIS, nor subject to any environmental related Liens.

 

(z) Subsidiary Rights.
The Company or one of its Subsidiaries has the unrestricted right to vote, and (subject to limitations imposed by applicable law) to receive
dividends and distributions on, all capital securities of its Subsidiaries as owned by the Company or such Subsidiary.

 

(aa) Tax Status. Except
as disclosed in the SEC Documents, the Company and each of its Subsidiaries (i) has timely made or filed all foreign, federal and state
income and all other tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has timely paid all
taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports
and declarations, except those being contested in good faith and (iii) has set aside on its books provision reasonably adequate for the
payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes
in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company and its Subsidiaries
know of no basis for any such claim. The Company is not operated in such a manner as to qualify as a passive foreign investment company,
as defined in Section 1297 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). The net operating loss
carryforwards (“NOLs”) for United States federal income tax purposes of the consolidated group of which the Company
is the common parent, if any, shall not be adversely effected by the transactions contemplated hereby. The transactions contemplated hereby
do not constitute an “ownership change” within the meaning of Section 382 of the Code, thereby preserving the Company’s
ability to utilize such NOLs.

 

(bb) Internal Accounting
and Disclosure Controls. Except as disclosed in the SEC Documents, the Company and each of its Subsidiaries maintains internal control
over financial reporting (as such term is defined in Rule 13a-15(f) under the 1934 Act) that is effective to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles, including that (i) transactions are executed in accordance with management’s general or
specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
GAAP and to maintain asset and liability accountability, (iii) access to assets or incurrence of liabilities is permitted only in accordance
with management’s general or specific authorization and (iv) the recorded accountability for assets and liabilities is compared
with the existing assets and liabilities at reasonable intervals and appropriate action is taken with respect to any difference. The Company
maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the 1934 Act) that are effective in ensuring
that information required to be disclosed by the Company in the reports that it files or submits under the 1934 Act is recorded, processed,
summarized and reported, within the time periods specified in the rules and forms of the SEC, including, without limitation, controls
and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under
the 1934 Act is accumulated and communicated to the Company’s management, including its principal executive officer or officers
and its principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure. Neither the
Company nor any of its Subsidiaries has received any notice or correspondence from any accountant, Governmental Entity or other Person
relating to any potential material weakness or significant deficiency in any part of the internal controls over financial reporting of
the Company or any of its Subsidiaries.

 

    12

     

    

 

(cc) Off Balance Sheet
Arrangements. There is no transaction, arrangement, or other relationship between the Company or any of its Subsidiaries and an unconsolidated
or other off balance sheet entity that is required to be disclosed by the Company in its 1934 Act filings and is not so disclosed or that
otherwise could be reasonably likely to have a Material Adverse Effect.

 

(dd) Investment Company
Status. The Company is not, and upon consummation of the sale of the Securities will not be, an “investment company,”
an affiliate of an “investment company,” a company controlled by an “investment company” or an “affiliated
person” of, or “promoter” or “principal underwriter” for, an “investment company” as such terms
are defined in the Investment Company Act of 1940, as amended.

 

(ee) Acknowledgement Regarding
Buyers’ Trading Activity. It is understood and acknowledged by the Company that (i) following the public disclosure of the transactions
contemplated by the Transaction Documents, in accordance with the terms thereof, none of the Buyers have been asked by the Company or
any of its Subsidiaries to agree, nor has any Buyer agreed with the Company or any of its Subsidiaries, to desist from effecting any transactions
in or with respect to (including, without limitation, purchasing or selling, long and/or short) any securities of the Company, or “derivative”
securities based on securities issued by the Company or to hold any of the Securities for any specified term; (ii) any Buyer, and counterparties
in “derivative” transactions to which any such Buyer is a party, directly or indirectly, presently may have a “short”
position in the Common Shares which was established prior to such Buyer’s knowledge of the transactions contemplated by the Transaction
Documents; (iii) each Buyer shall not be deemed to have any affiliation with or control over any arm’s length counterparty in any
“derivative” transaction; and (iv) each Buyer may rely on the Company’s obligation to timely deliver Common Shares upon
exercise or exchange, as applicable, of the Securities as and when required pursuant to the Transaction Documents for purposes of effecting
trading in the Common Shares of the Company. The Company further understands and acknowledges that following the public disclosure of
the transactions contemplated by the Transaction Documents pursuant to the Press Release (as defined below) one or more Buyers may engage
in hedging and/or trading activities (including, without limitation, the location and/or reservation of borrowable Common Shares) at various
times during the period that the Securities are outstanding, including, without limitation, during the periods that the value and/or number
of the Warrant Shares deliverable with respect to the Securities are being determined and such hedging and/or trading activities (including,
without limitation, the location and/or reservation of borrowable Common Shares), if any, can reduce the value of the existing shareholders’
equity interest in the Company both at and after the time the hedging and/or trading activities are being conducted. The Company acknowledges
that such aforementioned hedging and/or trading activities do not constitute a breach of this Agreement, the Warrants or any other Transaction
Document or any of the documents executed in connection herewith or therewith.

 

(ff) Manipulation of Price.
Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person acting on their behalf has, directly
or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid
any compensation for soliciting purchases of, any of the Securities (other than the Placement Agent), (iii) paid or agreed to pay to any
Person (other than the Placement Agent) any compensation for soliciting another to purchase any other securities of the Company or any
of its Subsidiaries or (iv) paid or agreed to pay any Person for research services with respect to any securities of the Company or any
of its Subsidiaries.

 

(gg) U.S. Real Property
Holding Corporation. Neither the Company nor any of its Subsidiaries is, or has ever been, and so long as any of the Securities are
held by any of the Buyers, shall become, a U.S. real property holding corporation within the meaning of Section 897 of the Code, and the
Company and each Subsidiary shall so certify upon any Buyer’s request.

 

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(hh) Registration Eligibility.
The Company is eligible to register the issuance of the Securities by the Company using Form F-3 promulgated under the 1933 Act.

 

(ii) Transfer Taxes.
On the Closing Date, all share transfer or other taxes (other than income or similar taxes) which are required to be paid in connection
with the issuance, sale and transfer of the Securities to be sold to each Buyer hereunder will be, or will have been, fully paid or provided
for by the Company, and all laws imposing such taxes will be or will have been complied with.

 

(jj) Bank Holding Company
Act. Neither the Company nor any of its Subsidiaries is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”)
and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company
nor any of its Subsidiaries or affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares
of any class of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to
the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or affiliates exercises a controlling
influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(kk) Shell Company Status.
The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i).

 

(ll) Illegal or Unauthorized
Payments; Political Contributions. Neither the Company nor any of its Subsidiaries nor, to the best of the Company’s knowledge
(after reasonable inquiry of its officers and directors), any of the officers, directors, employees, agents or other representatives of
the Company or any of its Subsidiaries or any other business entity or enterprise with which the Company or any Subsidiary is or has been
affiliated or associated, has, directly or indirectly, made or authorized any payment, contribution or gift of money, property, or services,
whether or not in contravention of applicable law, (i) as a kickback or bribe to any Person or (ii) to any political organization, or
the holder of or any aspirant to any elective or appointive public office except for personal political contributions not involving the
direct or indirect use of funds of the Company or any of its Subsidiaries.

 

(mm) Money Laundering.
The Company and its Subsidiaries are in compliance with, and have not previously violated, the USA Patriot Act of 2001 and all other applicable
U.S. and non-U.S. anti-money laundering laws and regulations, including, but not limited to, the laws, regulations and Executive Orders
and sanctions programs administered by the U.S. Office of Foreign Assets Control, including, without limitation, (i) Executive Order 13224
of September 23, 2001 entitled, “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism” (66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31 CFR, Subtitle B, Chapter V.

 

(nn) Management. During
the past five year period, no current or former officer or director or, to the knowledge of the Company, no current ten percent (10%)
or greater shareholder of the Company or any of its Subsidiaries has been the subject of:

 

(i) a petition
under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal agent or similar officer
for such Person, or any partnership in which such person was a general partner at or within two years before the filing of such petition
or such appointment, or any corporation or business association of which such person was an executive officer at or within two years before
the time of the filing of such petition or such appointment;

 

(ii) a conviction
in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations that do not relate to driving
while intoxicated or driving under the influence);

 

(iii) any order,
judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily
enjoining any such person from, or otherwise limiting, the following activities:

 

(1) Acting as
a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction
merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated person of any of the foregoing,
or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment
company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with
such activity;

 

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(2) Engaging in
any particular type of business practice; or

 

(3) Engaging in
any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of securities laws
or commodities laws;

 

(iv) any order,
judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise limiting for more
than sixty (60) days the right of any such person to engage in any activity described in the preceding sub paragraph, or to be associated
with persons engaged in any such activity;

 

(v) a finding
by a court of competent jurisdiction in a civil action or by the SEC or other authority to have violated any securities law, regulation
or decree and the judgment in such civil action or finding by the SEC or any other authority has not been subsequently reversed, suspended
or vacated; or

 

(vi) a finding
by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal commodities
law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or vacated.

 

(oo) Shares Option Plans.
Each share option granted by the Company, if any, was granted (i) in accordance with the terms of the applicable share option plan of
the Company and (ii) with an exercise price at least equal to the fair market value of the Common Shares on the date such share option
would be considered granted under GAAP and applicable law. No share option granted under the Company’s share option plan has been
backdated. The Company has not knowingly granted, and there is no and has been no policy or practice of the Company to knowingly grant,
share options prior to, or otherwise knowingly coordinate the grant of share options with, the release or other public announcement of
material information regarding the Company or its Subsidiaries or their financial results or prospects.

  

(pp) No Disagreements with
Accountants and Lawyers. There are no material disagreements of any kind presently existing, or reasonably anticipated by the Company
to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current
with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability to perform any of its obligations
under any of the Transaction Documents. In addition, on or prior to the date hereof, the Company had discussions with its accountants
about its financial statements previously filed with the SEC. Based on those discussions, the Company has no reason to believe that it
will need to restate any such financial statements or any part thereof.

 

(qq) No Additional Agreements.
The Company does not have any agreement or understanding with any Buyer with respect to the transactions contemplated by the Transaction
Documents other than as specified in the Transaction Documents.

 

(rr) Public Utility Holding
Act. None of the Company nor any of its Subsidiaries is a “holding company,” or an “affiliate” of a “holding
company,” as such terms are defined in the Public Utility Holding Act of 2005.

 

(ss) Federal Power Act.
None of the Company nor any of its Subsidiaries is subject to regulation as a “public utility” under the Federal Power Act,
as amended.

 

(tt) Registration Rights.
No holder of securities of the Company has rights to the registration of any securities of the Company because of the filing of the Registration
Statement or the issuance of the Securities hereunder that could expose the Company to material liability or any Buyer to any liability
or that could impair the Company’s ability to consummate the issuance and sale of the Securities in the manner, and at the times,
contemplated hereby, which rights have not been waived by the holder thereof as of the date hereof.

 

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(uu) Disclosure. The
Company confirms that neither it nor any other Person acting on its behalf has provided any of the Buyers or their agents or counsel with
any information that constitutes or could reasonably be expected to constitute material, non-public information concerning the Company
or any of its Subsidiaries, other than the existence of the transactions contemplated by this Agreement and the other Transaction Documents.
The Company understands and confirms that each of the Buyers will rely on the foregoing representations in effecting transactions in securities
of the Company. All disclosure provided to the Buyers regarding the Company and its Subsidiaries, their businesses and the transactions
contemplated hereby, including the schedules to this Agreement, furnished by or on behalf of the Company or any of its Subsidiaries is
true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements made therein, in the light of the circumstances under which they were made, not misleading. All of the written information
furnished after the date hereof by or on behalf of the Company or any of its Subsidiaries to each Buyer pursuant to or in connection with
this Agreement and the other Transaction Documents, taken as a whole, will be true and correct in all material respects as of the date
on which such information is so provided and will not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.
Each press release issued by the Company or any of its Subsidiaries during the twelve (12) months preceding the date of this Agreement
did not at the time of release contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading.
No event or circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business,
properties, liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable
law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has not been
so publicly disclosed. All financial projections and forecasts that have been prepared by or on behalf of the Company or any of its Subsidiaries
and made available to Buyers have been prepared in good faith based upon reasonable assumptions and represented, at the time each such
financial projection or forecast was delivered to each Buyer, the Company’s best estimate of future financial performance (it being
recognized that such financial projections or forecasts are not to be viewed as facts and that the actual results during the period or
periods covered by any such financial projections or forecasts may differ from the projected or forecasted results). The Company acknowledges
and agrees that no Buyer makes or has made any representations or warranties with respect to the transactions contemplated hereby other
than those specifically set forth in Section 2.

 

	4.	COVENANTS.

 

(a) Best Efforts. Each
Buyer shall use its best efforts to timely satisfy each of the covenants hereunder and conditions to be satisfied by it as provided in
Section 6 of this Agreement. The Company shall use its best efforts to timely satisfy each of the covenants hereunder and conditions to
be satisfied by it as provided in Section 7 of this Agreement.

 

(b) Amendments to the Registration
Statement; Prospectus Supplements; Free Writing Prospectuses.

 

(i) Amendments
to the Registration Statement; Prospectus Supplements; Free Writing Prospectuses. Except as provided in this Agreement and other than
periodic reports required to be filed pursuant to the 1934 Act, the Company shall not file with the SEC any amendment to the Registration
Statement that relates to the Buyer, this Agreement or the transactions contemplated hereby or thereby or file with the SEC any Prospectus
Supplement that relates to the Buyer, this Agreement or the transactions contemplated hereby or thereby with respect to which (a) the
Buyer shall not previously have been advised, (b) the Company shall not have given due consideration to any comments thereon received
from the Buyer or its counsel, or (c) the Buyer shall reasonably object after being so advised, unless the Company reasonably has determined
that it is necessary to amend the Registration Statement or make any supplement to the Prospectus to comply with the 1933 Act or any other
applicable law or regulation, in which case the Company shall promptly (but in no event later than 24 hours) so inform the Buyer, the
Buyer shall be provided with a reasonable opportunity to review and comment upon any disclosure relating to the Buyer and the Company
shall expeditiously furnish to the Buyer an electronic copy thereof. In addition, for so long as, in the reasonable opinion of counsel
for the Buyer, the Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the 1933 Act) is required to be delivered
in connection with any acquisition or sale of Securities by the Buyer, the Company shall not file any Prospectus Supplement with respect
to the Securities without delivering or making available a copy of such Prospectus Supplement, together with the Prospectus, to the Buyer
promptly.

 

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(ii) The Company
has not made, and agrees that unless it obtains the prior written consent of the Buyer it will not make, an offer relating to the Securities
that would constitute an “issuer free writing prospectus” as defined in Rule 433 promulgated under the 1933 Act (an “Issuer
Free Writing Prospectus”) or that would otherwise constitute a “free writing prospectus” as defined in Rule 405
promulgated under the 1933 Act (a “Free Writing Prospectus”) required to be filed by the Company or the Buyer with
the SEC or retained by the Company or the Buyer under Rule 433 under the 1933 Act. The Buyer has not made, and agrees that unless it obtains
the prior written consent of the Company it will not make, an offer relating to the Securities that would constitute a Free Writing Prospectus
required to be filed by the Company with the SEC or retained by the Company under Rule 433 under the 1933 Act. Any such Issuer Free Writing
Prospectus or other Free Writing Prospectus consented to by the Buyer or the Company is referred to in this Agreement as a “Permitted
Free Writing Prospectus.” The Company agrees that (x) it has treated and will treat, as the case may be, each Permitted Free
Writing Prospectus as an Issuer Free Writing Prospectus and (y) it has complied and will comply, as the case may be, with the requirements
of Rules 164 and 433 under the 1933 Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with
the SEC, legending and record keeping.

 

(c) Prospectus Delivery.
Immediately prior to execution of this Agreement, the Company shall have delivered to the Buyer, and as soon as practicable after execution
of this Agreement the Company shall file, Prospectus Supplements with respect to the Securities to be issued on the Closing Date, as required
under, and in conformity with, the 1933 Act, including Rule 424(b) thereunder. The Company shall provide the Buyer a reasonable opportunity
to comment on a draft of each Prospectus Supplement and any Issuer Free Writing Prospectus, shall give due consideration to all such comments
and, subject to the provisions of Section 4(b) hereof, shall deliver or make available to the Buyer, without charge, an electronic copy
of each form of Prospectus Supplement, together with the Prospectus, and any Permitted Free Writing Prospectus on the Closing Date. The
Company consents to the use of the Prospectus (and of any Prospectus Supplements thereto) in accordance with the provisions of the 1933
Act and with the securities or “blue sky” laws of the jurisdictions in which the Securities may be sold by the Buyer, in connection
with the offering and sale of the Securities and for such period of time thereafter as the Prospectus (or in lieu thereof, the notice
referred to in Rule 173(a) under the 1933 Act) is required by the 1933 Act to be delivered in connection with sales of the Securities.
If during such period of time any event shall occur that in the judgment of the Company and its counsel is required to be set forth in
the Registration Statement or the Prospectus or any Permitted Free Writing Prospectus or should be set forth therein in order to make
the statements made therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading,
or if it is necessary to amend the Registration Statement or supplement or amend the Prospectus or any Permitted Free Writing Prospectus
to comply with the 1933 Act or any other applicable law or regulation, the Company shall forthwith prepare and, subject to Section 4(b)
above, file with the SEC an appropriate amendment to the Registration Statement or Prospectus Supplement to the Prospectus (or supplement
to the Permitted Free Writing Prospectus) and shall expeditiously furnish or make available to the Buyer an electronic copy thereof.

 

(d) Stop Orders. The
Company shall advise the Buyer promptly (but in no event later than 24 hours) and shall confirm such advice in writing: (i) of the Company’s
receipt of notice of any request by the SEC for amendment of or a supplement to the Registration Statement, the Prospectus, any Permitted
Free Writing Prospectus or for any additional information; (ii) of the Company’s receipt of notice of the issuance by the SEC of
any stop order suspending the effectiveness of the Registration Statement or prohibiting or suspending the use of the Prospectus or any
Prospectus Supplement, or of the suspension of qualification of the Securities for offering or sale in any jurisdiction, or the initiation
or contemplated initiation of any proceeding for such purpose; (iii) of the Company becoming aware of the happening of any event, which
makes any statement of a material fact made in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus untrue
or which requires the making of any additions to or changes to the statements then made in the Registration Statement, the Prospectus
or any Permitted Free Writing Prospectus in order to state a material fact required by the 1933 Act to be stated therein or necessary
in order to make the statements then made therein (in the case of the Prospectus, in light of the circumstances under which they were
made) not misleading, or of the necessity to amend the Registration Statement or supplement the Prospectus or any Permitted Free Writing
Prospectus to comply with the 1933 Act or any other law or (iv) if at any time following the date hereof the Registration Statement is
not effective or is not otherwise available for the issuance of the Securities or any Prospectus contained therein is not available for
use for any other reason. Thereafter, the Company shall promptly notify such holders when the Registration Statement, the Prospectus,
any Permitted Free Writing Prospectus and/or any amendment or supplement thereto, as applicable, is effective and available for the issuance
of the Securities. If at any time the SEC shall issue any stop order suspending the effectiveness of the Registration Statement or prohibiting
or suspending the use of the Prospectus or any Prospectus Supplement, the Company shall use best efforts to obtain the withdrawal of such
order at the earliest possible time.

 

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(e) Blue Sky. The Company
shall, on or before the Closing Date, take such action as the Company shall reasonably determine is necessary in order to obtain an exemption
for, or to, qualify the Securities for sale to the Buyers at the Closing pursuant to this Agreement under applicable securities or “Blue
Sky” laws of the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence of
any such action so taken to the Buyers on or prior to the Closing Date. Without limiting any other obligation of the Company under this
Agreement, the Company shall timely make all filings and reports relating to the offer and sale of the Securities required under all applicable
securities laws (including, without limitation, all applicable federal securities laws and all applicable “Blue Sky” laws),
and the Company shall comply with all applicable foreign, federal, state and local laws, statutes, rules, regulations and the like relating
to the offering and sale of the Securities to the Buyers.

 

(f) Reporting Status.
Until the date on which the Buyers shall have sold all of the Securities (the “Reporting Period”), the Company shall
use its best efforts to timely file all reports required to be filed with the SEC pursuant to the 1934 Act, and the Company shall not
terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder
would no longer require or otherwise permit such termination.

 

(g) Use of Proceeds.
The Company will use the proceeds from the sale of the Securities as described in the Prospectus Supplement, but not, directly or indirectly,
for (i) the redemption or repurchase of any securities of the Company or any of its Subsidiaries, or (iii) the settlement of any outstanding
litigation.

 

(h) Financial Information.
The Company agrees to send the following to each holder of Warrants (each, an “Investor”) during the Reporting Period
(i) unless the following are filed with the SEC through EDGAR and are available to the public through the EDGAR system, within one (1)
Business Day after the filing thereof with the SEC, a copy of its Annual Reports on Form 20-F, any interim reports or any consolidated
balance sheets, income statements, shareholders’ equity statements and/or cash flow statements for any period other than annual,
any Report of Foreign Issuer on Form 6-K and any registration statements (other than on Form S-8) or amendments filed pursuant to the
1933 Act, (ii) unless the following are either filed with the SEC through EDGAR or are otherwise widely disseminated via a recognized
news release service (such as PR Newswire), on the same day as the release thereof, facsimile copies of all press releases issued by the
Company or any of its Subsidiaries and (iii) unless the following are filed with the SEC through EDGAR, copies of any notices and other
information made available or given to the shareholders of the Company generally, contemporaneously with the making available or giving
thereof to the shareholders.

 

(i) Listing. The Company
shall promptly secure the listing or designation for quotation (as the case may be) of all of the Underlying Securities (as defined below)
upon each national securities exchange and automated quotation system, if any, upon which the Common Shares is then listed or designated
for quotation (as the case may be) (subject to official notice of issuance) and shall maintain such listing or designation for quotation
(as the case may be) of all Underlying Securities from time to time issuable under the terms of the Transaction Documents on such national
securities exchange or automated quotation system. The Company shall maintain the Common Shares’ listing or authorization for quotation
(as the case may be) on the Principal Market, The New York Stock Exchange, the NYSE American, the Nasdaq Capital Market or the Nasdaq
Global Select Market (each, an “Eligible Market”). Neither the Company nor any of its Subsidiaries shall take any action
which could be reasonably expected to result in the delisting or suspension of the Common Shares on an Eligible Market, unless such action
will simultaneously maintain the listing of the Common Shares on another Eligible Market. The Company shall pay all fees and expenses
in connection with satisfying its obligations under this Section 4(i). “Underlying Securities” means the (i) the Purchased
Shares, (ii) the Warrant Shares and (iii) any share capital of the Company issued or issuable with respect to the Purchased Shares, the
Warrant Shares, or the Warrants, respectively, including, without limitation, (1) as a result of any share split, share dividend, recapitalization,
exchange or similar event or otherwise and (2) shares of share capital of the Company into which the Common Shares are converted or exchanged
and shares of share capital of a Successor Entity (as defined in the Warrants) into which the Common Shares are converted or exchanged,
in each case, without regard to any limitations on exercise of the Warrants.

 

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(j) Fees. The Company
shall be responsible for the payment of the negotiated fees with the Placement Agent, financial advisory fees, transfer agent fees, DTC
fees or broker’s commissions (other than for Persons engaged by any Buyer) relating to or arising out of the transactions contemplated
hereby (including, without limitation, any fees or commissions payable to the Placement Agent, who is the Company’s sole placement
agent in connection with the transactions contemplated by the Transaction Documents). The Company shall pay, and hold each Buyer harmless
against, any liability, loss or expense (including, without limitation, reasonable attorneys’ fees and out-of-pocket expenses) arising
in connection with any claim relating to any such payment. Except as otherwise set forth in the Transaction Documents, each party to this
Agreement shall bear its own expenses in connection with the sale of the Securities to the Buyers.

 

(k) Pledge of Securities.
Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges and agrees that the Securities may be pledged
by an Investor in connection with a bona fide margin agreement or other loan or financing arrangement that is secured by the Securities.
The bona fide pledge of Securities by an Investor shall not be deemed to be a transfer, sale or assignment of the Securities hereunder,
and no Investor effecting a pledge of Securities shall be required to provide the Company with any notice thereof or otherwise make any
delivery to the Company pursuant to this Agreement or any other Transaction Document. The Company hereby agrees to execute and deliver
such documentation as a pledgee of the Securities may reasonably request in connection with a pledge of the Securities to such pledgee
by a Buyer.

 

(l) Disclosure of Transactions
and Other Material Information.

 

(i) Disclosure
of Transaction. The Company shall, on or before 4:00 p.m., New York time, on the date of this Agreement, issue a press release (the
“Press Release”) reasonably acceptable to the Buyers disclosing the transaction contemplated by the Transaction Documents.
On or before 4:00 p.m., New York time, on the first (1st) Business Day after the date of the Closing Date, the Company shall
file a Report of Foreign Issuer on Form 6-K describing all the material terms of the transactions contemplated by the Transaction Documents
in the form required by the 1934 Act and attaching all the material Transaction Documents (including, without limitation, this Agreement,
and the form of the Warrants) (the “6-K Filing”).

 

(ii) Limitations
on Disclosure. The Company shall not, and the Company shall cause each of its Subsidiaries and each of its and their respective officers,
directors, employees and agents not to, provide any Buyer with any material, non-public information regarding the Company or any of its
Subsidiaries from and after the date hereof without the express prior written consent of such Buyer (which may be granted or withheld
in such Buyer’s sole discretion). In the event of a breach of any of the foregoing covenants, including, without limitation, Section
4(q) of this Agreement, or any of the covenants or agreements contained in any other Transaction Document, by the Company, any of its
Subsidiaries, or any of its or their respective officers, directors, employees and agents (as determined in the reasonable good faith
judgment of such Buyer), in addition to any other remedy provided herein or in the Transaction Documents, such Buyer shall have the right
to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such breach or such material, non-public
information, as applicable, without the prior approval by the Company, any of its Subsidiaries, or any of its or their respective officers,
directors, employees or agents. No Buyer shall have any liability to the Company, any of its Subsidiaries, or any of its or their respective
officers, directors, employees, affiliates, shareholders or agents, for any such disclosure. To the extent that the Company delivers any
material, non-public information to a Buyer without such Buyer’s consent, the Company hereby covenants and agrees that such Buyer
shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of, such material, non-public information.
Subject to the foregoing, neither the Company, its Subsidiaries nor any Buyer shall issue any press releases or any other public statements
with respect to the transactions contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of
any Buyer, to make the Press Release and any press release or other public disclosure with respect to such transactions (i) in substantial
conformity with the 6-K Filing and contemporaneously therewith and (ii) as is required by applicable law and regulations (provided that
in the case of clause (i) each Buyer shall be consulted by the Company in connection with any such Press Release or other public disclosure
prior to its release). Without the prior written consent of the applicable Buyer (which may be granted or withheld in such Buyer’s
sole discretion), the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of such Buyer
in any filing, announcement, release or otherwise. Notwithstanding anything contained in this Agreement to the contrary and without implication
that the contrary would otherwise be true, the Company expressly acknowledges and agrees that no Buyer shall have (unless expressly agreed
to by a particular Buyer after the date hereof in a written definitive and binding agreement executed by the Company and such particular
Buyer (it being understood and agreed that no Buyer may bind any other Buyer with respect thereto)), any duty of confidentiality with
respect to, or a duty not to trade on the basis of, any material, non-public information regarding the Company or any of its Subsidiaries.

 

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(iii) Other Confidential
Information. Disclosure Failures; Disclosure Delay Payments. In addition to other remedies set forth in this Section 4(l), and without
limiting anything set forth in any other Transaction Document, at any time after the Closing Date if the Company, any of its Subsidiaries,
or any of their respective officers, directors, employees or agents, provides any Buyer with material non-public information relating
to the Company or any of its Subsidiaries (each, the “Confidential Information”), the Company shall publicly disclose
such Confidential Information on a Report of Foreign Issuer on Form 6-K or otherwise (each, a “Disclosure”). From and
after such Disclosure, the Company shall have disclosed all Confidential Information provided to such Buyer by the Company or any of its
Subsidiaries or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the
Transaction Documents. In addition, effective upon such Disclosure, the Company acknowledges and agrees that any and all confidentiality
or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective
officers, directors, affiliates, employees or agents, on the one hand, and any of the Buyers or any of their affiliates, on the other
hand, shall terminate.

 

(m) Additional Issuance
of Securities. So long as any Buyer beneficially owns any Securities, the Company will not, without the prior written consent of the
Required Holders issue any other securities that would cause a breach or default under the Warrants. In addition, the Company will not,
without the prior written consent of the Required Holders, for the period commencing on the date hereof and ending on the date immediately
following the 30th calendar day after the Closing Date (the “Restricted Period”), neither the Company nor
any of its Subsidiaries shall directly or indirectly:

 

(i) file a registration
statement under the 1933 Act relating to securities that are not the Underlying Securities (other than a registration statement on Form
S-8 or such supplements or amendments to registration statements that are outstanding and have been declared effective by the SEC as of
the date hereof (solely to the extent necessary to keep such registration statements effective and available and not with respect to any
Subsequent Placement));

 

(ii) amend or modify
(whether by an amendment, waiver, exchange of securities, or otherwise) any of the Company’s warrants to purchase Common Shares
that are outstanding as of the date hereof; or

 

(iii) issue, offer,
sell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, sale, grant of any option or right
to purchase or other disposition of) any equity security or any equity-linked or related security (including, without limitation, any
“equity security” (as that term is defined under Rule 405 promulgated under the 1933 Act)), any Convertible Securities (as
defined below), any debt, any preferred shares or any purchase rights (any such issuance, offer, sale, grant, disposition or announcement
(whether occurring during the Restricted Period or at any time thereafter) is referred to as a “Subsequent Placement”).
Notwithstanding the foregoing, this Section 4(l)(iii) shall not apply in respect of the issuance of (A) Common Shares or standard options
to purchase Common Shares to directors, officers or employees of the Company in their capacity as such pursuant to an Approved Shares
Plan (as defined below), provided that (x) all such issuances (taking into account the Common Shares issuable upon exercise of such options)
after the date hereof pursuant to this clause (A) do not, in the aggregate, exceed more than 10% of the Common Shares issued and outstanding
immediately prior to the date hereof and (y) the exercise price of any such options is not lowered, none of such options are amended to
increase the number of shares issuable thereunder and none of the terms or conditions of any such options are otherwise materially changed
in any manner that adversely affects any of the Buyers; (B) Common Shares issued upon the conversion or exercise of Convertible Securities
(other than standard options to purchase Common Shares issued pursuant to an Approved Shares Plan that are covered by clause (A) above)
issued prior to the date hereof, provided that the conversion, exercise or other method of issuance (as the case may be) of any such Convertible
Security is made solely pursuant to the conversion, exercise or other method of issuance (as the case may be) provisions of such Convertible
Security that were in effect on the date immediately prior to the date of this Agreement, the conversion, exercise or issuance price of
any such Convertible Securities (other than standard options to purchase Common Shares issued pursuant to an Approved Shares Plan that
are covered by clause (A) above) is not lowered, none of such Convertible Securities (other than standard options to purchase Common Shares
issued pursuant to an Approved Shares Plan that are covered by clause (A) above) are amended to increase the number of shares issuable
thereunder and none of the terms or conditions of any such Convertible Securities (other than standard options to purchase Common Shares
issued pursuant to an Approved Shares Plan that are covered by clause (A) above) are otherwise materially changed in any manner that adversely
affects any of the Buyers; (C) the Purchased Shares; and (D) the Warrant Shares. (each of the foregoing in clauses (A) through (D), collectively
the “Excluded Securities”) and (E) any Additional Excluded Securities (as defined in the Warrants). “Approved
Shares Plan” means any employee benefit plan which has been approved by the board of directors of the Company prior to or subsequent
to the date hereof pursuant to which Common Shares and standard options to purchase Common Shares may be issued to any employee, officer
or director for services provided to the Company in their capacity as such. “Convertible Securities” means any share
capital or other security of the Company or any of its Subsidiaries that is at any time and under any circumstances directly or indirectly
convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any share capital or other
security of the Company (including, without limitation, Common Shares) or any of its Subsidiaries.

 

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(n) Reservation of Shares.
So long as any of the Warrants remain outstanding, the Company shall take all action necessary to at all times have authorized, and reserved
for the purpose of issuance, no less than 150% of the maximum number of Warrant Shares issuable upon exercise of all the Warrants then
outstanding (without regard to any limitations on the exercise of the Warrants set forth therein) (collectively, the “Required
Reserve Amount”); provided that at no time shall the number of Common Shares reserved pursuant to this Section 4(n) be reduced
other than proportionally in connection with any exercise of the Warrants. If at any time the number of Common Shares authorized and reserved
for issuance is not sufficient to meet the Required Reserve Amount, the Company will promptly take all corporate action necessary to authorize
and reserve a sufficient number of shares, including, without limitation, calling a special meeting of shareholders to authorize additional
shares to meet the Company’s obligations pursuant to the Transaction Documents, in the case of an insufficient number of authorized
shares, obtain shareholder approval of an increase in such authorized number of shares, and voting the management shares of the Company
in favor of an increase in the authorized shares of the Company to ensure that the number of authorized shares is sufficient to meet the
Required Reserve Amount.

 

(o) Conduct of Business.
The business of the Company and its Subsidiaries shall not be conducted in violation of any law, ordinance or regulation of any Governmental
Entity, except where such violations would not reasonably be expected to result, either individually or in the aggregate, in a Material
Adverse Effect.

 

(p) Passive Foreign Investment
Company. The Company shall conduct its business, and shall cause its Subsidiaries to conduct their respective businesses, in such
a manner as will ensure that the Company will not be deemed to constitute a passive foreign investment company within the meaning of Section
1297 of the Code.

 

(q) Corporate Existence.
So long as any Buyer beneficially owns any Warrants, the Company shall not be party to any Fundamental Transaction (as defined in the
Warrants) unless the Company is in compliance with the applicable provisions governing Fundamental Transactions set forth in the Warrants.

  

(r) Exercise Procedures.
The form of Exercise Notice (as defined in the Warrants) included in the Warrants sets forth the totality of the procedures required of
the Buyers in order to exercise the Warrants. No legal opinion or other information or instructions shall be required of the Buyers to
exercise their Warrants. The Company shall honor exercises of the Warrants and shall deliver the Warrant Shares in accordance with the
terms, conditions and time periods set forth in the Warrants. Without limiting the preceding sentences, no ink-original Exercise Notice
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Exercise Notice form be required
in order to exercise the Warrants.

 

(s) Regulation M. The
Company will not take any action prohibited by Regulation M under the 1934 Act, in connection with the distribution of the Securities
contemplated hereby.

 

    21

     

    

 

	5.	REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.

 

(a) Register. The Company
shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate by notice to each
holder of Securities), a register for the Purchased Shares and the Warrants in which the Company shall record the name and address of
the Person in whose name the Purchased Shares and the Warrants have been issued (including the name and address of each transferee), the
number of Purchased Shares held by such Person and the number of Warrant Shares issuable upon exercise of the Warrants held by such Person.
The Company shall keep the register open and available at all times during business hours for inspection of any Buyer or its legal representatives.

 

(b) Transfer Agent Instructions.
The Company shall issue irrevocable instructions to its Transfer Agent and any subsequent transfer agent in a form acceptable to each
of the Buyers (the “Irrevocable Transfer Agent Instructions”) to issue certificates or credit shares to the applicable
balance accounts at DTC, registered in the name of each Buyer or its respective nominee(s), for the Purchased Shares and the Warrant Shares
in such amounts as specified from time to time by each Buyer to the Company upon the exercise of the Warrants (as the case may be). The
Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section
5(b) will be given by the Company to its Transfer Agent with respect to the Securities, and that the Securities shall otherwise be freely
transferable on the books and records of the Company, as applicable, to the extent provided in this Agreement and the other Transaction
Documents. If a Buyer effects a sale, assignment or transfer of the Securities, the Company shall permit the transfer and shall promptly
instruct its Transfer Agent to issue one or more certificates or credit shares to the applicable balance accounts at DTC in such name
and in such denominations as specified by such Buyer to effect such sale, transfer or assignment. The Company acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to a Buyer. Accordingly, the Company acknowledges that the remedy at law
for a breach of its obligations under this Section 5(b) will be inadequate and agrees, in the event of a breach or threatened breach by
the Company of the provisions of this Section 5(b), that a Buyer shall be entitled, in addition to all other available remedies, to an
order and/or injunction restraining any breach and requiring immediate issuance and transfer, without the necessity of showing economic
loss and without any bond or other security being required. The Company shall cause its counsel to issue each legal opinion referred to
in the Irrevocable Transfer Agent Instructions to the Transfer Agent as follows: (i) at the Closing with respect to the Purchased Shares,
(ii) upon each exercise of the Warrants (unless such issuance covered by a prior legal opinion previously delivered to the Transfer Agent),
and (iii) on each date a registration statement with respect to the issuance or resale of any of the Securities is declared effective
by the SEC. Any fees (with respect to the Transfer Agent, counsel to the Company or otherwise) associated with the issuance of such opinions
or the removal of any legends on any of the Securities shall be borne by the Company.

 

(c) Legends. Certificates
and any other instruments evidencing the Securities shall not bear any restrictive or other legend.

 

(d) FAST Compliance.
While any Warrants remain outstanding, the Company shall maintain a transfer agent that participates in the DTC Fast Automated Securities
Transfer Program.

 

	6.	CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

 

The obligation of the Company
hereunder to issue and sell the Purchased Shares and the related Warrants to each Buyer at the Closing is subject to the satisfaction,
at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company’s sole benefit
and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice thereof:

 

(a) Such Buyer shall have
executed each of the other Transaction Documents to which it is a party and delivered the same to the Company.

 

    22

     

    

 

(b) Such Buyer and each other
Buyer shall have delivered to the Company the Purchase Price for the Purchased Shares and the related Warrants being purchased by such
Buyer at the Closing by wire transfer of immediately available funds in accordance with the Flow of Funds Letter.

 

(c) The representations and
warranties of such Buyer shall be true and correct in all material respects as of the date when made and as of the Closing Date as though
originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct
as of such specific date), and such Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by such Buyer at or prior to the Closing Date.

 

	7.	CONDITIONS TO EACH BUYER’S OBLIGATION TO PURCHASE.

 

The obligation of each Buyer
hereunder to purchase its Purchased Shares and its related Warrants at the Closing is subject to the satisfaction, at or before the Closing
Date, of each of the following conditions, provided that these conditions are for each Buyer’s sole benefit and may be waived by
such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:

 

(a) The Company shall have
duly executed and delivered to such Buyer each of the Transaction Documents and the Company shall have duly executed and delivered to
such Buyer (x) such aggregate number of Purchased Shares set forth across from such Buyer’s name in column (3) of the Schedule of
Buyers, and (y) Warrants (initially for such aggregate number of Warrant Shares as is set forth across from such Buyer’s name in
column (4) of the Schedule of Buyers), in each case, as being purchased by such Buyer at the Closing pursuant to this Agreement.

 

(b) Such Buyer shall have
received the opinion of the Company’s British Virgin Islands counsel, dated as of the Closing Date, in the form acceptable to such
Buyer.

 

(c) The Company shall have
delivered to such Buyer a copy of the Irrevocable Transfer Agent Instructions, in the form acceptable to such Buyer, which instructions
shall have been delivered to and acknowledged in writing by the Company’s transfer agent.

 

(d) The Company shall have
delivered to such Buyer a certificate or certificate of continuing registration evidencing the formation and good standing of the Company
and each of its Subsidiaries in each such entity’s jurisdiction of formation issued by the Secretary of State (or comparable office)
of such jurisdiction of formation as of a date within ten (10) days of the Closing Date or where such certificate is not obtainable in
certain jurisdictions, opinions from counsel of those relevant jurisdictions opining on the same.

  

(e) The Company shall have
delivered to such Buyer and Placement Agent a certificate, in the form acceptable to such Buyer, executed by the Secretary of the Company
and dated as of the Closing Date, as to (i) the resolutions consistent with Section 3(b) as adopted by the Company’s board of directors
in a form reasonably acceptable to such Buyer, (ii) the Articles of Association of the Company and (iii) the Memorandum of Association
of the Company, each as in effect at the Closing. Additionally, the Company shall have delivered to such Buyer and Placement Agent a certificate
duly signed by an authorized officer of the Company certifying, amongst other things, that the representations and warranties of the Company
in this Agreement are true and correct as of the Closing Date and the Company has performed all obligations, covenants and agreements
required on its part to be performed at or prior to the Closing.

 

(f) Each and every representation
and warranty of the Company shall be true and correct as of the date when made and as of the Closing Date as though originally made at
that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific
date) and the Company shall have performed, satisfied and complied in all respects with the covenants, agreements and conditions required
to be performed, satisfied or complied with by the Company at or prior to the Closing Date. Such Buyer shall have received a certificate,
duly executed by the Chief Executive Officer of the Company, dated as of the Closing Date, to the foregoing effect and as to such other
matters as may be reasonably requested by such Buyer in the form acceptable to such Buyer.

 

    23

     

    

 

(h) On the Closing Date, the
Company shall have delivered to such Buyer a letter from the Company’s transfer agent certifying the number of Common Shares outstanding
on the Closing Date.

 

(i) The Common Shares (A)
shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not have been suspended, as of the Closing
Date, by the SEC or the Principal Market from trading on the Principal Market nor shall suspension by the SEC or the Principal Market
have been threatened, as of the Closing Date, either (I) in writing by the SEC or the Principal Market or (II) by falling below the minimum
maintenance requirements of the Principal Market.

 

(j) The Company shall have
obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale of the Securities, including
without limitation, those required by the Principal Market, if any.

 

(k) No statute, rule, regulation,
executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or Governmental Entity
of competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents.

 

(l) Since the date of execution
of this Agreement, no event or series of events shall have occurred that reasonably would have or result in a Material Adverse Effect.

 

(m) The Company shall have
filed for approval with the Principal Market to list or designate for quotation (as the case may be) the Purchased Shares and the Warrant
Shares.

  

(n) Such Buyer shall have
received a letter on the letterhead of the Company, duly executed by the Chief Executive Officer of the Company, setting forth the wire
amounts of each Buyer and the wire transfer instructions of the Company (the “Flow of Funds Letter”).

 

(o) From the date hereof to
the Closing Date, (i) trading in the Common Shares shall not have been suspended by the SEC or the Principal Market (except for any suspension
of trading of limited duration agreed to by the Company, which suspension shall be terminated prior to the Closing), and, (ii) at any
time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited,
or minimum prices shall not have been established on securities whose trades are reported by such service, or on the Principal Market,
nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred
any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or
any material adverse change in, any financial market which, in each case, in the reasonable judgment of each Buyer, makes it impracticable
or inadvisable to purchase the Securities at the Closing

 

(p) The Registration Statement
shall be effective and available for the issuance and sale of the Securities hereunder and the Company shall have delivered to such Buyer
the Prospectus and the Prospectus Supplement as required thereunder.

 

(q) The Company and its Subsidiaries
shall have delivered to such Buyer such other documents, instruments or certificates relating to the transactions contemplated by this
Agreement as such Buyer or their counsel, if any, may reasonably request.

 

	8.	TERMINATION. 

 

In the event that the Closing
shall not have occurred with respect to a Buyer within ten (10) days of the date hereof, then such Buyer shall have the right to terminate
its obligations under this Agreement with respect to itself at any time on or after the close of business on such date without liability
of such Buyer to any other party; provided, however, (i) the right to terminate this Agreement under this Section 8 shall not be available
to such Buyer if the failure of the transactions contemplated by this Agreement to have been consummated by such date is the result of
such Buyer’s breach of this Agreement and (ii) the abandonment of the sale and purchase of the Purchased Shares and the Warrants
shall be applicable only to such Buyer providing such written notice. Nothing contained in this Section 8 shall be deemed to release any
party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents
or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or the other
Transaction Documents.

 

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	9.	MISCELLANEOUS.

 

(a) Governing Law; Jurisdiction;
Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the
State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The
City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or under any of the other
Transaction Documents or with any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained
herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be
deemed or operate to preclude any Buyer from bringing suit or taking other legal action against the Company in any other jurisdiction
to collect on the Company’s obligations to such Buyer or to enforce a judgment or other court ruling in favor of such Buyer. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. The choice of the laws of the State of New York as the governing law of this Agreement
is a valid choice of law and would be recognized and given effect to in any action brought before a court of competent jurisdiction in
the British Virgin Islands, except for those laws (i) which such court considers to be procedural in nature, (ii) which are revenue or
penal laws or (iii) the application of which would be inconsistent with public policy, as such term is interpreted under the laws of the
British Virgin Islands. The Company or any of their respective properties, assets or revenues does not have any right of immunity under
British Virgin Islands or New York law, from any legal action, suit or proceeding, from the giving of any relief in any such legal action,
suit or proceeding, from set-off or counterclaim, from the jurisdiction of any British Virgin Islands, New York or United States federal
court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or from execution
of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court,
with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement; and, to
the extent that the Company, or any of its properties, assets or revenues may have or may hereafter become entitled to any such right
of immunity in any such court in which proceedings may at any time be commenced, the Company hereby waives such right to the extent permitted
by law and hereby consents to such relief and enforcement as provided in this Agreement and the other Transaction Documents.

 

(b) Counterparts. This
Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is
delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page,
such signature page 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 signature page were an original thereof.

 

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

 

(d) Severability; Maximum
Payment Amounts. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by
a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended
to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall
not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or
the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith
negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as
close as possible to that of the prohibited, invalid or unenforceable provision(s). Notwithstanding anything to the contrary contained
in this Agreement or any other Transaction Document (and without implication that the following is required or applicable), it is the
intention of the parties that in no event shall amounts and value paid by the Company and/or any of its Subsidiaries (as the case may
be), or payable to or received by any of the Buyers, under the Transaction Documents (including without limitation, any amounts that would
be characterized as “interest” under applicable law) exceed amounts permitted under any applicable law. Accordingly, if any
obligation to pay, payment made to any Buyer, or collection by any Buyer pursuant the Transaction Documents is finally judicially determined
to be contrary to any such applicable law, such obligation to pay, payment or collection shall be deemed to have been made by mutual mistake
of such Buyer, the Company and its Subsidiaries and such amount shall be deemed to have been adjusted with retroactive effect to the maximum
amount or rate of interest, as the case may be, as would not be so prohibited by the applicable law. Such adjustment shall be effected,
to the extent necessary, by reducing or refunding, at the option of such Buyer, the amount of interest or any other amounts which would
constitute unlawful amounts required to be paid or actually paid to such Buyer under the Transaction Documents. For greater certainty,
to the extent that any interest, charges, fees, expenses or other amounts required to be paid to or received by such Buyer under any of
the Transaction Documents or related thereto are held to be within the meaning of “interest” or another applicable term to
otherwise be violative of applicable law, such amounts shall be pro-rated over the period of time to which they relate.

 

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(e) Entire Agreement; Amendments.
This Agreement, the other Transaction Documents and the schedules and exhibits attached hereto and thereto and the instruments referenced
herein and therein supersede all other prior oral or written agreements between the Buyers, the Company, its Subsidiaries, their affiliates
and Persons acting on their behalf, including, without limitation, any transactions by any Buyer with respect to Common Shares or the
Securities, and the other matters contained herein and therein, and this Agreement, the other Transaction Documents, the schedules and
exhibits attached hereto and thereto and the instruments referenced herein and therein contain the entire understanding of the parties
solely with respect to the matters covered herein and therein; provided, however, nothing contained in this Agreement or any other Transaction
Document shall (or shall be deemed to) (i) have any effect on any agreements any Buyer has entered into with, or any instruments any Buyer
has received from, the Company or any of its Subsidiaries prior to the date hereof with respect to any prior investment made by such Buyer
in the Company or (ii) waive, alter, modify or amend in any respect any obligations of the Company or any of its Subsidiaries, or any
rights of or benefits to any Buyer or any other Person, in any agreement entered into prior to the date hereof between or among the Company
and/or any of its Subsidiaries and any Buyer, or any instruments any Buyer received from the Company and/or any of its Subsidiaries prior
to the date hereof, and all such agreements and instruments shall continue in full force and effect. Except as specifically set forth
herein or therein, neither the Company nor any Buyer makes any representation, warranty, covenant or undertaking with respect to such
matters. For clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended other than
by an instrument in writing signed by the Company and the Required Holders (as defined below), and any amendment to any provision of this
Agreement made in conformity with the provisions of this Section 9(e) shall be binding on all Buyers and holders of Securities, as applicable,
provided that no such amendment shall be effective to the extent that it (A) applies to less than all of the holders of the Securities
then outstanding or (B) imposes any obligation or liability on any Buyer without such Buyer’s prior written consent (which may be
granted or withheld in such Buyer’s sole discretion). No waiver shall be effective unless it is in writing and signed by an authorized
representative of the waiving party, provided that the Required Holders may waive any provision of this Agreement, and any waiver of any
provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding on all Buyers and holders of
Securities, as applicable, provided that no such waiver shall be effective to the extent that it (1) applies to less than all of the holders
of the Securities then outstanding (unless a party gives a waiver as to itself only) or (2) imposes any obligation or liability on any
Buyer without such Buyer’s prior written consent (which may be granted or withheld in such Buyer’s sole discretion). No consideration
(other than reimbursement of legal fees) shall be offered or paid to any Person to amend or consent to a waiver or modification of any
provision of any of the Transaction Documents unless the same consideration also is offered to all of the parties to the Transaction Documents,
all holders of the Purchased Shares, or all holders of the Warrants (as the case may be). From the date hereof and while any Warrants
are outstanding, the Company shall not be permitted to receive any consideration from a Buyer or a holder of Warrants that is not otherwise
contemplated by the Transaction Documents in order to, directly or indirectly, induce the Company or any Subsidiary (i) to treat such
Buyer or holder of Warrants in a manner that is more favorable than to other similarly situated Buyers or holders of Warrants, as applicable,
or (ii) to treat any Buyer(s) or holder(s) of Warrants in a manner that is less favorable than the Buyer or holder of Warrants that is
paying such consideration; provided, however, that the determination of whether a Buyer has been treated more or less favorably than another
Buyer shall disregard any securities of the Company purchased or sold by any Buyer. The Company has not, directly or indirectly, made
any agreements with any Buyers relating to the terms or conditions of the transactions contemplated by the Transaction Documents except
as set forth in the Transaction Documents. Without limiting the foregoing, the Company confirms that, except as set forth in this Agreement,
no Buyer has made any commitment or promise or has any other obligation to provide any financing to the Company, any Subsidiary or otherwise.
As a material inducement for each Buyer to enter into this Agreement, the Company expressly acknowledges and agrees that (x) no due diligence
or other investigation or inquiry conducted by a Buyer, any of its advisors or any of its representatives shall affect such Buyer’s
right to rely on, or shall modify or qualify in any manner or be an exception to any of, the Company’s representations and warranties
contained in this Agreement or any other Transaction Document and (y) unless a provision of this Agreement or any other Transaction Document
is expressly preceded by the phrase “except as disclosed in the SEC Documents,” nothing contained in any of the SEC Documents
shall affect such Buyer’s right to rely on, or shall modify or qualify in any manner or be an exception to any of, the Company’s
representations and warranties contained in this Agreement or any other Transaction Document. “Required Holders” means
(I) prior to the Closing Date, Buyers entitled to purchase all of Purchased Shares at the Closing and (II) on or after the Closing Date,
holders of, in the aggregate, at least a majority of the Underlying Securities as of such time (excluding any Underlying Securities held
by the Company or any of its Subsidiaries as of such time) issued or issuable hereunder or pursuant to the Warrants.

 

    26

     

    

 

(f) Notices. Any notices,
consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will
be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation
of transmission is mechanically or electronically generated and kept on file by the sending party) or electronic mail (provided that such
sent email is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically
generated message from the recipient’s email server that such e-mail could not be delivered to such recipient); or (iii) one (1)
Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the
party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

	 	If to the Company:
	 	 	 
	 	 	c/o Qingdao Tiandihui Foodstuffs Co. Ltd
	 	 	2521 Tiejueshan Road, Huangdao District
	 	 	Qingdao, Shandong Province
	 	 	People’s Republic of China
	 	 	Telephone: +86-532-8615-7918
	 	 	Attention: Feng Zhang, Chief Financial Officer
	 	 	E-Mail: tdhpets@163.com
	 	 	 
	 	With a copy (for informational purposes only) to:
	 	 	 
	 	 	Haneberg Hurlbert PLC.
	 	 	1111 E. Main St., Suite 2010
	 	 	Richmond, Virginia 23219
	 	 	Telephone: (804) 554-4803
	 	 	Attention: Matthew B. Chmiel, Esq.
	 	 	E-Mail: matt@hbhblaw.com

 

	 	If to the Transfer Agent:
	 	 	 
	 	 	VStock Transfer LLC
	 	 	18 Lafayette Place
	 	 	Woodmere, New York 11598
	 	 	Telephone: (212) 828-8436
	 	 	Attention: Pasqaule Preziosa, Director of Corporate Actions
	 	 	
    E-Mail: pasquale@vstocktransfer.com

 

If to a Buyer, to its address, e-mail
address and facsimile number set forth on the Schedule of Buyers, with copies to such Buyer’s representatives as set forth on the
Schedule of Buyers,

 

with a copy (for informational purposes
only) to:

 

Sichenzia Ross Ference LLP

1185 Avenue of the Americas, 31st
Floor

New York, NY10036

Telephone: (646) 810- 0609

Attention: Benjamin Tan, Esq.

E-Mail: btan@srf.law

 

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Written confirmation of receipt (A) given by the
recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile
machine or e-mail containing the time, date, recipient facsimile number and, with respect to each facsimile transmission, an image of
the first page of such transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal service,
receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g) Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns, including any
purchasers of any of the Warrants (but excluding any purchasers of Underlying Securities, unless pursuant to a written assignment by such
Buyer). The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Required
Holders, including, without limitation, by way of a Fundamental Transaction (as defined in the Warrants) (unless the Company is in compliance
with the applicable provisions governing Fundamental Transactions set forth in the Warrants). A Buyer may assign some or all of its rights
hereunder in connection with any transfer of any of its Securities without the consent of the Company, in which event such assignee shall
be deemed to be a Buyer hereunder with respect to such assigned rights.

 

(h) No Third Party Beneficiaries.
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for
the benefit of, nor may any provision hereof be enforced by, any other Person, other than the Indemnitees referred to in Section 9(k).

 

(i) Survival. The representations,
warranties, agreements and covenants shall survive the Closing. Each Buyer shall be responsible only for its own representations, warranties,
agreements and covenants hereunder.

 

(j) Further Assurances.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(k) Indemnification.

 

(i) In consideration
of each Buyer’s execution and delivery of the Transaction Documents and acquiring the Securities thereunder and in addition to all
of the Company’s other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless
each Buyer and each holder of any Securities and all of their shareholders, partners, members, officers, directors, employees and direct
or indirect investors and any of the foregoing Persons’ agents or other representatives (including, without limitation, those retained
in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”) from and against
any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection
therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including
reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a
result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation or warranty made by the Company
or any Subsidiary in any of the Transaction Documents, (ii) any breach of any covenant, agreement or obligation of the Company or any
Subsidiary contained in any of the Transaction Documents or (iii) any cause of action, suit, proceeding or claim brought or made against
such Indemnitee by a third party (including for these purposes a derivative action brought on behalf of the Company or any Subsidiary)
or which otherwise involves such Indemnitee that arises out of or results from (A) the execution, delivery, performance or enforcement
of any of the Transaction Documents, (B) any transaction financed or to be financed in whole or in part, directly or indirectly, with
the proceeds of the issuance of the Securities, (C) any disclosure properly made by such Buyer pursuant to Section 4(l), or (D) the status
of such Buyer or holder of the Securities either as an investor in the Company pursuant to the transactions contemplated by the Transaction
Documents or as a party to this Agreement (including, without limitation, as a party in interest or otherwise in any action or proceeding
for injunctive or other equitable relief). To the extent that the foregoing undertaking by the Company may be unenforceable for any reason,
the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible
under applicable law.

 

    28

     

    

 

(ii) Promptly
after receipt by an Indemnitee under this Section 9(k) of notice of the commencement of any action or proceeding (including any governmental
action or proceeding) involving an Indemnified Liability, such Indemnitee shall, if a claim in respect thereof is to be made against the
Company under this Section 9(k), deliver to the Company a written notice of the commencement thereof, and the Company shall have the right
to participate in, and, to the extent the Company so desires, to assume control of the defense thereof with counsel mutually satisfactory
to the Company and the Indemnitee; provided, however, that an Indemnitee shall have the right to retain its own counsel with the fees
and expenses of such counsel to be paid by the Company if: (A) the Company has agreed in writing to pay such fees and expenses; (B) the
Company shall have failed promptly to assume the defense of such Indemnified Liability and to employ counsel reasonably satisfactory to
such Indemnitee in any such Indemnified Liability; or (C) the named parties to any such Indemnified Liability (including any impleaded
parties) include both such Indemnitee and the Company, and such Indemnitee shall have been advised by counsel that a conflict of interest
is likely to exist if the same counsel were to represent such Indemnitee and the Company (in which case, if such Indemnitee notifies the
Company in writing that it elects to employ separate counsel at the expense of the Company, then the Company shall not have the right
to assume the defense thereof and such counsel shall be at the expense of the Company), provided further, that in the case of clause (C)
above the Company shall not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for the Indemnitees.
The Indemnitee shall reasonably cooperate with the Company in connection with any negotiation or defense of any such action or Indemnified
Liability by the Company and shall furnish to the Company all information reasonably available to the Indemnitee which relates to such
action or Indemnified Liability. The Company shall keep the Indemnitee reasonably apprised at all times as to the status of the defense
or any settlement negotiations with respect thereto. The Company shall not be liable for any settlement of any action, claim or proceeding
effected without its prior written consent, provided, however, that the Company shall not unreasonably withhold, delay or condition its
consent. The Company shall not, without the prior written consent of the Indemnitee, consent to entry of any judgment or enter into any
settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnitee of a release from all liability in respect to such Indemnified Liability or litigation, and such settlement shall not include
any admission as to fault on the part of the Indemnitee. Following indemnification as provided for hereunder, the Company shall be subrogated
to all rights of the Indemnitee with respect to all third parties, firms or corporations relating to the matter for which indemnification
has been made. The failure to deliver written notice to the Company within a reasonable time of the commencement of any such action shall
not relieve the Company of any liability to the Indemnitee under this Section 9(k), except to the extent that the Company is materially
and adversely prejudiced in its ability to defend such action.

 

(iii) The indemnification
required by this Section 9(k) shall be made by periodic payments of the amount thereof during the course of the investigation or defense,
within ten (10) days after bills are received or Indemnified Liabilities are incurred.

 

(iv) The indemnity
agreement contained herein shall be in addition to (A) any cause of action or similar right of the Indemnitee against the Company or others,
and (B) any liabilities the Company may be subject to pursuant to the law.

 

    29

     

    

 

(l) Construction. The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of
strict construction will be applied against any party. No specific representation or warranty shall limit the generality or applicability
of a more general representation or warranty. Each and every reference to share prices, Common Shares and any other numbers in this Agreement
that relate to the Common Shares shall be automatically adjusted for any share splits, share dividends, share combinations, recapitalizations
or other similar transactions that occur with respect to the Common Shares after the date of this Agreement. Notwithstanding anything
in this Agreement to the contrary, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty
against, or a prohibition of, any actions with respect to the borrowing of, arrangement to borrow, identification of the availability
of, and/or securing of, securities of the Company in order for such Buyer (or its broker or other financial representative) to effect
short sales or similar transactions in the future.

 

(m) Remedies. Each
Buyer and in the event of assignment by Buyer of its rights and obligations hereunder, each holder of Securities, shall have all rights
and remedies set forth in the Transaction Documents and all rights and remedies which such holders have been granted at any time under
any other agreement or contract and all of the rights which such holders have under any law. Any Person having any rights under any provision
of this Agreement shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages
by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Company recognizes
that in the event that it or any Subsidiary fails to perform, observe, or discharge any or all of its or such Subsidiary’s (as the
case may be) obligations under the Transaction Documents, any remedy at law would inadequate relief to the Buyers. The Company therefore
agrees that the Buyers shall be entitled to specific performance and/or temporary, preliminary and permanent injunctive or other equitable
relief from any court of competent jurisdiction in any such case without the necessity of proving actual damages and without posting a
bond or other security. The remedies provided in this Agreement and the other Transaction Documents shall be cumulative and in addition
to all other remedies available under this Agreement and the other Transaction Documents, at law or in equity (including a decree of specific
performance and/or other injunctive relief).

 

(n) Withdrawal Right.
Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Transaction Documents, whenever
any Buyer exercises a right, election, demand or option under a Transaction Document and the Company or any Subsidiary does not timely
perform its related obligations within the periods therein provided, then such Buyer may rescind or withdraw, in its sole discretion from
time to time upon written notice to the Company or such Subsidiary (as the case may be), any relevant notice, demand or election in whole
or in part without prejudice to its future actions and rights.

 

(o) Payment Set Aside;
Currency. To the extent that the Company makes a payment or payments to any Buyer hereunder or pursuant to any of the other Transaction
Documents or any of the Buyers enforce or exercise their rights hereunder or thereunder, and such payment or payments or the proceeds
of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside,
recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other
Person under any law (including, without limitation, any bankruptcy law, foreign, state or federal law, common law or equitable cause
of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred. Unless otherwise
expressly indicated, all dollar amounts referred to in this Agreement and the other Transaction Documents are in United States Dollars
(“U.S. Dollars”), and all amounts owing under this Agreement and all other Transaction Documents shall be paid in U.S.
Dollars. All amounts denominated in other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance
with the Exchange Rate on the date of calculation. “Exchange Rate” means, in relation to any amount of currency to
be converted into U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in the Wall Street Journal on the
relevant date of calculation.

 

    30

     

    

 

(p) Judgment Currency.

 

(i) If for the purpose
of obtaining or enforcing judgment against the Company in connection with this Agreement or any other Transaction Document in any court
in any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 9(p)
referred to as the “Judgment Currency”) an amount due in US Dollars under this Agreement, the conversion shall be made
at the Exchange Rate prevailing on the Trading Day immediately preceding:

 

(1) the date actual
payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction that will
give effect to such conversion being made on such date: or

 

(2) the date on which
the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as of which such conversion
is made pursuant to this Section 9(p)(i)(1) being hereinafter referred to as the “Judgment Conversion Date”).

 

(ii) If in the case
of any proceeding in the court of any jurisdiction referred to in Section 9(p)(i)(1) above, there is a change in the Exchange Rate prevailing
between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable party shall pay such adjusted amount
as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange Rate prevailing on the date
of payment, will produce the amount of US Dollars which could have been purchased with the amount of Judgment Currency stipulated in the
judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.

 

(iii) Any amount
due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained for any
other amounts due under or in respect of this Agreement or any other Transaction Document.

 

(q) Independent Nature
of Buyers’ Obligations and Rights. The obligations of each Buyer under the Transaction Documents are several and not joint with
the obligations of any other Buyer, and no Buyer shall be responsible in any way for the performance of the obligations of any other Buyer
under any Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Buyer pursuant
hereto or thereto, shall be deemed to constitute the Buyers as, and the Company acknowledges that the Buyers do not so constitute, a partnership,
an association, a joint venture or any other kind of group or entity, or create a presumption that the Buyers are in any way acting in
concert or as a group or entity, and the Company shall not assert any such claim with respect to such obligations or the transactions
contemplated by the Transaction Documents or any matters, and the Company acknowledges that the Buyers are not acting in concert or as
a group, and the Company shall not assert any such claim, with respect to such obligations or the transactions contemplated by the Transaction
Documents. The decision of each Buyer to purchase Securities pursuant to the Transaction Documents has been made by such Buyer independently
of any other Buyer. Each Buyer acknowledges that no other Buyer has acted as agent for such Buyer in connection with such Buyer making
its investment hereunder and that no other Buyer will be acting as agent of such Buyer in connection with monitoring such Buyer’s
investment in the Securities or enforcing its rights under the Transaction Documents. The Company and each Buyer confirms that each Buyer
has independently participated with the Company and its Subsidiaries in the negotiation of the transaction contemplated hereby with the
advice of its own counsel and advisors. Each Buyer shall be entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary for any
other Buyer to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the purchase
and sale of the Securities contemplated hereby was solely in the control of the Company, not the action or decision of any Buyer, and
was done solely for the convenience of the Company and its Subsidiaries and not because it was required or requested to do so by any Buyer.
It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between
the Company, each Subsidiary and a Buyer, solely, and not between the Company, its Subsidiaries and the Buyers collectively and not between
and among the Buyers.

 

[signature pages follow]

 

    31

     

    

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first written
above.

 

	 	COMPANY:
	 	 
	 	TDH HOLDINGS, INC.
	 	 	 
	 	By:	              
	 	Name: 	 
	 	Title:	 

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first written
above.

 

	 	BUYER:
	 	 
	 	By:	             
	 	Name: 	 
	 	Title:	 

 

    32Exhibit 10.2

 

PLACEMENT AGENCY AGREEMENT

 

Boustead Securities LLC.

6 Venture, Suite 395,

Irvine, CA 92618

November 3, 2021

 

Ladies and Gentlemen:

 

This letter (this “Agreement”)
constitutes the agreement between TDH Holdings, Inc., a British Virgin Islands company (the “Company”) and Boustead
Securities LLC. (“Boustead”) pursuant to which Boustead shall serve as the exclusive placement agent (the “Placement
Agent”) (the “Services”), for the Company, on a reasonable “best efforts” basis, in connection
with the proposed offer and placement (the “Offering”) by the Company of its Securities (as defined Section 3 of this
Agreement). The Company expressly acknowledges and agrees that Boustead’s obligations hereunder are on a reasonable “best
efforts” basis only and that the execution of this Agreement does not constitute a commitment by Boustead to purchase the Securities
and does not ensure the successful placement of the Securities or any portion thereof or the success of Boustead placing the Securities.

 

1.
Appointment of Boustead as Exclusive Placement Agent.

 

On the basis of the representations,
warranties, covenants and agreements of the Company herein contained, and subject to all the terms and conditions of this Agreement, the
Company hereby appoints the Placement Agent as its exclusive placement agent in connection with a distribution of its Securities to be
offered and sold by the Company pursuant to a registration statement filed under the Securities Act of 1933, as amended (the “Securities
Act”) on Form F-3 (File No. 333-256042), and Boustead agrees to act as the Company’s exclusive Placement Agent. Pursuant
to this appointment, the Placement Agent will solicit offers for the purchase of or attempt to place all or part of the Securities of
the Company in the proposed Offering. Until the final closing or earlier upon termination of this Agreement pursuant to Section 5 hereof,
the Company shall not, without the prior written consent of the Placement Agent, solicit or accept offers to purchase the Securities other
than through the Placement Agent. The Company acknowledges that the Placement Agent will act as an agent of the Company and use its reasonable
“best efforts” to solicit offers to purchase the Securities from the Company on the terms, and subject to the conditions,
set forth in the Prospectus (as defined below). The Placement Agent shall use commercially reasonable efforts to assist the Company in
obtaining performance by each Purchaser whose offer to purchase Securities has been solicited by the Placement Agent, but the Placement
Agent shall not, except as otherwise provided in this Agreement, be obligated to disclose the identity of any potential purchaser or have
any liability to the Company in the event any such purchase is not consummated for any reason. Under no circumstances will the Placement
Agent be obligated to underwrite or purchase any Securities for its own account and, in soliciting purchases of the Securities, the Placement
Agent shall act solely as an agent of the Company. The Services provided pursuant to this Agreement shall be on an “agency”
basis and not on a “principal” basis.

 

The Placement Agent will solicit
offers for the purchase of the Securities in the Offering at such times and in such amounts as the Placement Agent deems advisable. The
Company shall have the sole right to accept offers to purchase Securities and may reject any such offer, in whole or in part. The Company
and Placement Agent shall negotiate the timing and terms of the Offering and acknowledge that the Offering and the provision of Placement
Agent services related to the Offering are subject to market conditions and the receipt of all required related clearances and approvals.

 

     

     

    

 

2.
Fees; Expenses; Other Arrangements.

 

A. Placement Agent’s
Fee. As compensation for services rendered, the Company shall pay to the Placement Agent in cash by wire transfer in immediately available
funds to an account or accounts designated by the Placement Agent an amount (the “Placement Fee”) equal to seven percent
(7.0%) of the aggregate gross proceeds received by the Company from the sale of the Securities, at the closing (the “Closing”
and the date on which the Closing occurs, the “Closing Date”). The Placement Agent may deduct from the net proceeds
of the Offering payable to the Company on the Closing Date the Placement Fee set forth herein to be paid by the Company to the Placement
Agent.

 

B. Offering Expenses.
The Company will be responsible for and will pay a non-accountable expense allowance of one percent (1%) of the aggregate gross proceeds
received by the Company from the sale of the Securities on Closing Date. If requested by the Company, Boustead shall establish and maintain
an SEC-compliant offering deposit or escrow account with its affiliate, Sutter Securities Clearing, LLC for a cash management of one half
percent (1/2%) of the of the aggregate gross proceeds received by the Company from the sale of the Securities.

 

3.
Description of the Offering.

 

The Securities to be offered
directly to various investors (each, an “Investor” or “Purchaser” and, collectively, the “Investors”
or the “Purchasers”) pursuant to the Securities Purchase Agreement dated on or about the date hereof between the Company
and the Investors (the “Securities Purchase Agreement”) shall consist of the Company’s common shares, $0.001
par value per share (“Common Shares”) and warrants to purchase the Company’s Common Shares (the “Warrants”
and collectively with the Common Shares the “Securities”). Each Common Share is being
sold together with accompanying Warrants to purchase two (2) shares of the Company’s Common Shares at an exercise price of
$1.47 per whole Common Share. The purchase price shall be $0.64 per Common Share and $0.01 for each accompanying Warrant (the “Purchase
Price”). If the Company shall default in its obligations to deliver Securities to a Purchaser whose offer it has accepted and
who has tendered payment, the Company shall indemnify and hold the Placement Agent harmless against any loss, claim, damage or expense
arising from or as a result of such default by the Company under this Agreement.

 

4.
Delivery and Payment; Closing.

 

Settlement of the Securities
purchased by an Investor shall be made as set forth in the Securities Purchase Agreement. On the Closing Date, the Shares to which the
Closing relates shall be delivered through such means as the parties to the Securities Purchase Agreement may hereafter agree. The Securities
shall be registered in such name or names and in such authorized denominations as set forth in the Securities Purchase Agreement. The
term “Business Day” means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions
are authorized or obligated by law to close in New York, New York.

 

5.
Term and Termination of Agreement.

 

The term of this Agreement
will commence upon the execution of this Agreement and will terminate at the earlier of the Closing of the Offering or 11:59 p.m. (New
York Time) on the fifth Business Day after the date hereof. Notwithstanding anything to the contrary contained herein, any provision in
this Agreement concerning or relating to confidentiality, indemnification, contribution, advancement, the Company’s representations
and warranties and the Company’s obligations to pay fees and reimburse expenses will survive any expiration or termination of this
Agreement. If any condition specified in Section 8 is not satisfied when and as required to be satisfied, this Agreement may be terminated
by the Placement Agent by notice to the Company at any time on or prior to a Closing Date, which termination shall be without liability
on the part of any party to any other party, except that those portions of this Agreement specified in Section 19 shall at all times be
effective and shall survive such termination.

 

    2

     

    

 

6.
Permitted Acts.

 

Nothing in this Agreement
shall be construed to limit the ability of the Placement Agent, its officers, directors, employees, agents, associated persons and any
individual or entity “controlling,” controlled by,” or “under common control” with the Placement Agent (as
those terms are defined in Rule 405 under the Securities Act) to conduct its business including without limitation the ability to pursue,
investigate, analyze, invest in, or engage in investment banking, financial advisory or any other business relationship with any individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock
company, government (or an agency or subdivision thereof) or other entity of any kind.

 

 

7.
Representations, Warranties and Covenants of the Company.

 

As of the date and time of
the execution of this Agreement, the Closing Date and the Initial Sale Time (as defined herein), the Company (i) makes such representations
and warranties to the Placement Agent as the Company makes to the Investors pursuant to the Securities Purchase Agreement, and (ii) further
represents, warrants and covenants to the Placement Agent, other than as disclosed in any of its filings with the Securities and Exchange
Commission (the “Commission”), that:

 

A. Registration Matters.

 

i. The Company has
filed with the Commission a registration statement on Form F-3 (File No. 333-256042) including a related prospectus, for the registration
of certain securities (the “Shelf Securities”), including the Common Shares and Warrants, under the Securities Act
and the rules and regulations thereunder (the “Securities Act Regulations”). The registration statement has been declared
effective under the Securities Act by the Commission. The “Registration Statement,” as of any time, means such registration
statement as amended by any post-effective amendments thereto to such time, including the exhibits and any schedules thereto at such time,
the documents incorporated or deemed to be incorporated by reference therein at such time pursuant to Form F-3 under the Securities Act
and the documents otherwise deemed to be a part thereof as of such time pursuant to Rule 430A (“Rule 430A”) or Rule
430B under the Securities Act Regulations (“Rule 430B”); provided, however, that the “Registration Statement”
without reference to a time means such registration statement as amended by any post-effective amendments thereto as of the time of the
first contract of sale for the Securities, which time shall be considered the “new effective date” of such registration statement
with respect to the Securities within the meaning of paragraph (f)(2) of Rule 430B, including the exhibits and schedules thereto as of
such time, the documents incorporated or deemed incorporated by reference therein at such time pursuant to Form F-3 under the Securities
Act and the documents otherwise deemed to be a part thereof as of such time pursuant to Rule 430A or Rule 430B. Any registration statement
filed pursuant to Rule 462(b) of the Securities Act Regulations is hereinafter called the “Rule 462(b) Registration Statement,”
and after such filing the term “Registration Statement” shall include the Rule 462(b) Registration Statement. The prospectus
covering the Shelf Securities in the form first used to confirm sales of the Securities (or in the form first made available to the Placement
Agent by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the “Base
Prospectus.” The Base Prospectus, as supplemented by the prospectus supplement specifically related to the Securities in the
form first used to confirm sales of the Securities (or in the form first made available to the Placement Agent by the Company to meet
requests of purchasers pursuant to Rule 173 under the Securities Act), is hereinafter referred to, collectively, as the “Prospectus,”
and the term “Preliminary Prospectus” means any preliminary form of the Prospectus, including any preliminary prospectus
supplement specifically related to the Securities filed with the Commission by the Company with the consent of the Placement Agent.

 

ii. All references
in this Agreement to financial statements and schedules and other information which is “contained,” “included”
or “stated” (or other references of like import) in the Registration Statement, any Preliminary Prospectus or the Prospectus
shall be deemed to include all such financial statements and schedules and other information incorporated or deemed incorporated by reference
in the Registration Statement, such Preliminary Prospectus or the Prospectus, as the case may be, prior to the execution and delivery
of this Agreement; and all references in this Agreement to amendments or supplements to the Registration Statement, any Preliminary Prospectus
or the Prospectus shall be deemed to include the filing of any document under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations thereunder (the “Exchange Act Regulations”), incorporated or deemed
to be incorporated by reference in the Registration Statement, such Preliminary Prospectus or the Prospectus, as the case may be, at or
after the execution and delivery of this Agreement.

 

    3

     

    

 

iii. The term “Disclosure
Package” means (i) the Preliminary Prospectus, if any, as most recently amended or supplemented immediately prior to the Initial
Sale Time (as defined herein), and (ii) the Issuer Free Writing Prospectuses (as defined below), if any, identified in Schedule I hereto.

 

iv. The term “Issuer
Free Writing Prospectus” means any issuer free writing prospectus, as defined in Rule 433 of the Securities Act Regulations.
The term “Free Writing Prospectus” means any free writing prospectus, as defined in Rule 405 of the Securities Act
Regulations.

 

v. Any Preliminary
Prospectus when filed with the Commission, and the Registration Statement as of each effective date and as of the date hereof, complied
or will comply, and the Prospectus and any further amendments or supplements to the Registration Statement, any Preliminary Prospectus
or the Prospectus will, when they become effective or are filed with the Commission, as the case may be, comply, in all material respects,
with the requirements of the Securities Act and the Securities Act Regulations; and the documents incorporated by reference in the Registration
Statement, any Preliminary Prospectus or the Prospectus complied, and any further documents so incorporated will comply, when filed with
the Commission, in all material respects to the requirements of the Exchange Act and Exchange Act Regulations.

 

vi. The issuance
by the Company of the Securities has been registered under the Securities Act. The Securities will be issued pursuant to the Registration
Statement and each of the Securities will be freely transferable and freely tradable by each of the Investors without restriction, unless
otherwise restricted by applicable law or regulation. The Company is eligible to use Form F-3 under the Securities Act and it meets the
transaction requirements, as set forth in General Instruction I.B.1 of Form F-3.

 

B. Stock Exchange Listing.
The Common Shares are approved for listing on the NASDAQ Capital Market (the “Exchange”) and the Company has taken
no action designed to, or likely to have the effect of, delisting the shares of Common Shares from the Exchange, nor has the Company received
any notification that the Exchange is contemplating terminating such listing.

 

C. No Stop Orders, etc.
Neither the Commission nor, to the Company’s knowledge, any state regulatory authority has issued any order preventing or suspending
the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or, to the Company’s knowledge,
threatened to institute, any proceedings with respect to such an order. The Company has complied with each request (if any) from the Commission
for additional information.

 

D. Disclosures in Registration
Statement.

 

i.
Compliance with Securities Act and 10b-5 Representation.

 

(a) Each of the Registration
Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the requirements
of the Securities Act and the Securities Act Regulations. The Preliminary Prospectus and the Prospectus, at the time each was or will
be filed with the Commission, complied or will comply in all material respects with the requirements of the Securities Act and the Securities
Act Regulations. The Preliminary Prospectus delivered to the Placement Agent for use in connection with this Offering and the Prospectus
was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent
permitted by Regulation S-T.

 

    4

     

    

 

(b) None of the Registration
Statement, any amendment thereto, or the Preliminary Prospectus, as of 8:00 a.m. (Eastern time) on the date hereof (the “Initial
Sale Time”), and at the Closing Date, contained, contains or will contain an untrue statement of a material fact or omitted,
omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that this representation and warranty shall not apply to statements made or statements omitted in reliance upon and
in conformity with written information furnished to the Company with respect to the Placement Agent by the Placement Agent expressly for
use in the Registration Statement or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information
provided by or on behalf of any Placement Agent consists solely of the following disclosure contained in the following paragraphs in the
“Plan of Distribution” section of the Prospectus: (i) the name of the Placement Agent, and (ii) the information under the
subsection “Fees and Expenses” (the “Placement Agent’s Information”).

 

(c) The Disclosure
Package, as of the Initial Sale Time and at the Closing Date, did not, does not and will not include an 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; and each Issuer Free Writing Prospectus does not conflict with the information contained in the Registration
Statement, any Preliminary Prospectus, or the Prospectus, and each such Issuer Free Writing Prospectus, as supplemented by and taken together
with the Preliminary Prospectus as of the Initial Sale Time, did not include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided, however, that this representation and warranty shall not apply to statements made or statements omitted in reliance upon and
in conformity with written information furnished to the Company with respect to the Placement Agent by the Placement Agent expressly for
use in the Registration Statement, the Preliminary Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties
acknowledge and agree that such information provided by or on behalf of any Placement Agent consists solely of the Placement Agent’s
Information; and

 

(d) Neither the Prospectus
nor any amendment or supplement thereto, as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b),
or at the Closing Date, included, includes or will include an untrue statement of a material fact or omitted, omits or will 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;
provided, however, that this representation and warranty shall not apply to the Placement Agent’s Information.

 

ii. Disclosure
of Agreements. The agreements and documents described in the Registration Statement, the Disclosure Package and the Prospectus conform
in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required by the
Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Disclosure Package and the Prospectus
or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement
or other instrument (however characterized or described) to which the Company is a party or by which it is or may be bound or affected
and (i) that is referred to in the Registration Statement, the Disclosure Package and the Prospectus, and (ii) is material to the Company’s
business, has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and is enforceable
against the Company and, to the Company’s knowledge, the other parties thereto, in accordance with its terms, except (x) as such
enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, (y)
as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws, and (z)
that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and
to the discretion of the court before which any proceeding therefor may be brought. None of such agreements or instruments has been assigned
by the Company, and neither the Company nor, to the Company’s knowledge, any other party is in default thereunder and, to the Company’s
knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder,
except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus. To the Company’s knowledge, performance
by the Company of the material provisions of such agreements or instruments will not result in a violation of any existing applicable
law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the
Company or any of its assets or businesses (each, a “Governmental Entity”), including, without limitation, those relating
to environmental laws and regulations.

 

    5

     

    

 

iii. Changes
After Dates in Registration Statement.

 

(a) No Material
Adverse Change. Since the respective dates as of which information is given in the Registration Statement, the Disclosure Package
and the Prospectus, except as otherwise specifically stated therein: (i) there has been no material adverse change in the financial position
or results of operations of the Company, nor any change or development that, singularly or in the aggregate, would involve a material
adverse change, in or affecting the condition (financial or otherwise), results of operations, business, assets or prospects of the Company
(a “Material Adverse Change”); (ii) there have been no material transactions entered into by the Company, other than
as contemplated pursuant to this Agreement; and (iii) no officer or director of the Company has resigned from any position with the Company.

 

(b) Recent Securities
Transactions, etc. Subsequent to the respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement,
the Disclosure Package and the Prospectus, the Company has not: (i) issued any securities (other than (i) grants under any stock compensation
plan and (ii) shares of Common Stock issued upon exercise or conversion of option, warrants or convertible securities described in the
Registration Statement, the Disclosure Package and the Prospectus) or incurred any liability or obligation, direct or contingent, for
borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.

 

E. Transactions Affecting
Disclosure to FINRA.

 

i. Finder’s
Fees. There are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder’s, consulting
or origination fee by the Company or any executive officer or director of the Company (each an, “Insider”) with respect
to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the Company’s
knowledge, any of its stockholders.

 

ii. Payments Within
Twelve (12) Months. The Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (i) any person,
as a finder’s fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to
the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that has any direct
or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the date hereof, other than (A) the
payment to the Placement Agent as provided hereunder in connection with the Offering, and (B) other payments to the Placement Agent under
other engagement letters.

 

iii. Use of Proceeds.
None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates, except as specifically
authorized herein.

 

iv. FINRA Affiliation.
There is no (i) officer or director of the Company, (ii) to the Company’s knowledge, beneficial owner of 5% or more of any class
of the Company’s securities or (iii) to the Company’s knowledge, beneficial owner of the Company’s unregistered equity
securities which were acquired during the 180-day period immediately preceding the filing of the Registration Statement that is an affiliate
or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

 

F. Integration. Neither
the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales
of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior
offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities
Act.

 

G. Restriction on Sales
of Capital Stock. [Reserved]

 

    6

     

    

 

8.
Conditions of the Obligations of the Placement Agent.

 

The obligations of the Placement
Agent hereunder shall be subject to the accuracy of the representations and warranties on the part of the Company set forth in Section
7 hereof, in each case as of the date hereof and as of the Closing Date as though then made, to the timely performance by each of the
Company of its covenants and other obligations hereunder on and as of such dates, and to each of the following additional conditions:

 

A. Regulatory Matters.

 

i. Effectiveness
of Registration Statement; Rule 424 Information. The Registration Statement is effective on the date of this Agreement, and, on the
Closing Date no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto has been
issued under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus has been issued
and no proceedings for any of those purposes have been instituted or are pending or, to the Company’s knowledge, contemplated by
the Commission. The Company has complied with each request (if any) from the Commission for additional information. All filings with the
Commission required by Rule 424 under the Securities Act to have been filed by the Closing Date, shall have been made within the applicable
time period prescribed for such filing by Rule 424.

 

ii. FINRA Clearance.
On or before the Closing Date of this Agreement, the Placement Agent shall have received clearance from FINRA as to the amount of compensation
allowable or payable to the Placement Agent as described in the Registration Statement.

 

iii. Listing of
Additional Shares. On or before the Closing Date of this Agreement, the Company shall have received notification from The Nasdaq Stock
Market, Inc. with respect to the Company’s application for the additional listing of the securities sold in the Offering.

 

B. Company Counsel Matters.
On the Closing Date, the Placement Agent shall have received the favorable opinion of Ogier, outside counsel for the Company, dated the
Closing Date and addressed to the Placement Agent, substantially in form and substance reasonably satisfactory to the Placement Agent.

 

C. Comfort Letter.
[Reserved]

 

D. No Material Changes.
Prior to and on the Closing Date: (i) there shall have been no Material Adverse Change or development involving a prospective Material
Adverse Change in the condition or prospects or the business activities, financial or otherwise, of the Company from the latest dates
as of which such condition is set forth in the Registration Statement, the Disclosure Package and the Prospectus; (ii) no action, suit
or proceeding, at law or in equity, shall have been pending or threatened against the Company or any affiliates of the Company before
or by any court or federal or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding
may materially adversely affect the business, operations, prospects or financial condition or income of the Company, except as set forth
in the Registration Statement, the Disclosure Package and the Prospectus; (iii) no stop order shall have been issued under the Securities
Act and no proceedings therefor shall have been initiated or threatened by the Commission; and (iv) the Registration Statement, the Disclosure
Package and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated
therein in accordance with the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements
of the Securities Act and the Securities Act Regulations, and neither the Registration Statement, the Disclosure Package nor the Prospectus
nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

E. Delivery of Agreements.
[Reserved]

 

F. Additional Documents.
At the Closing Date, Placement Agent Counsel shall have been furnished with such documents and opinions as they may require in order to
evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and
all proceedings taken by the Company in connection with the issuance and sale of the Securities as herein contemplated shall be satisfactory
in form and substance to the Placement Agent and Placement Agent Counsel.

 

    7

     

    

 

9.
Indemnification and Contribution; Procedures.

 

A. Indemnification of the
Placement Agent. The Company agrees to indemnify and hold harmless the Placement Agent, its affiliates and each person controlling
such Placement Agent (within the meaning of Section 15 of the Securities Act), and the directors, officers, agents and employees of the
Placement Agent, its affiliates and each such controlling person (the Placement Agent, and each such entity or person hereafter is referred
to as an “Indemnified Person”) from and against any losses, claims, damages, judgments, assessments, costs and other
liabilities (collectively, the “Liabilities”), and shall reimburse each Indemnified Person for all fees and expenses
(including the reasonable fees and expenses of counsel for the Indemnified Persons, except as otherwise expressly provided in this Agreement)
(collectively, the “Expenses”) and agrees to advance payment of such Expenses as they are incurred by an Indemnified
Person in investigating, preparing, pursuing or defending any actions, whether or not any Indemnified Person is a party thereto, arising
out of or based upon any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement,
the Disclosure Package, the Preliminary Prospectus, the Prospectus or in any Issuer Free Writing Prospectus (as from time to time each
may be amended and supplemented); (ii) any materials or information provided to investors by, or with the approval of, the Company in
connection with the marketing of the Offering, including any “road show” or investor presentations made to investors by the
Company (whether in person or electronically); or (iii) any application or other document or written communication (in this Section 9,
collectively called “application”) executed by the Company or based upon written information furnished by the Company in any
jurisdiction in order to qualify the Securities under the securities laws thereof or filed with the Commission, any state securities commission
or agency, any national securities exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, unless such
statement or omission was made in reliance upon, and in conformity with, the Placement Agent’s information. The Company also agrees
to reimburse each Indemnified Person for all Expenses as they are incurred in connection with such Indemnified Person’s enforcement
of his or its rights under this Agreement. Each Indemnified Person is an intended third party beneficiary with the same rights to enforce
the indemnification that each Indemnified Person would have if he was a party to this Agreement.

 

B. Procedure. Upon
receipt by an Indemnified Person of actual notice of an action against such Indemnified Person with respect to which indemnity may reasonably
be expected to be sought under this Agreement, such Indemnified Person shall promptly notify the Company in writing; provided that failure
by any Indemnified Person so to notify the Company shall not relieve the Company from any obligation or liability which the Company may
have on account of this Section 9 or otherwise to such Indemnified Person, except to the extent (and only to the extent) that its ability
to assume the defense is actually impaired by such failure or delay. The Company shall, if requested by the Placement Agent, assume the
defense of any such action (including the employment of counsel and reasonably satisfactory to the Placement Agent). Any Indemnified Person
shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless: (i) the Company has failed promptly to assume the defense and
employ counsel for the benefit of the Placement Agent and the other Indemnified Persons or (ii) such Indemnified Person shall have been
advised that in the opinion of counsel that there is an actual or potential conflict of interest that prevents (or makes it imprudent
for) the counsel engaged by the Company for the purpose of representing the Indemnified Person, to represent both such Indemnified Person
and any other person represented or proposed to be represented by such counsel, it being understood, however, that the Company shall not
be liable for the expenses of more than one separate counsel (together with local counsel), representing
the Placement Agent and all Indemnified persons who are parties to such action. The Company shall not be liable for any settlement
of any action effected without its written consent (which shall not be unreasonably withheld). In addition, the Company shall not, without
the prior written consent of the Placement Agent, settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate
any pending or threatened action in respect of which advancement, reimbursement, indemnification or contribution may be sought hereunder
(whether or not such Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination (i) includes an
unconditional release of each Indemnified Person, acceptable to such Indemnified Party, from all Liabilities arising out of such action
for which indemnification or contribution may be sought hereunder and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of any Indemnified Person. The advancement, reimbursement, indemnification and contribution
obligations of the Company required hereby shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as every Liability and Expense is incurred and is due and payable, and in such amounts as fully satisfy each and every Liability
and Expense as it is incurred (and in no event later than 30 days following the date of any invoice therefor).

 

    8

     

    

 

C. Indemnification of the
Company. The Placement Agent agrees to indemnify and hold harmless the Company, its directors, its officers who signed the Registration
Statement and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
against any and all Liabilities, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions made
in the Registration Statement, any Preliminary Prospectus, the Disclosure Package or Prospectus or any amendment or supplement thereto,
in reliance upon, and in strict conformity with, the Placement Agent’s Information. In case any action shall be brought against
the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration Statement, the Disclosure Package
or Prospectus or any amendment or supplement thereto, and in respect of which indemnity may be sought against the Placement Agent, the
Placement Agent shall have the rights and duties given to the Company, and the Company and each other person so indemnified shall have
the rights and duties given to the Placement Agent by the provisions of Section 9.B. The Company agrees promptly to notify the Placement
Agent of the commencement of any litigation or proceedings against the Company or any of its officers, directors or any person, if any,
who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, in connection with
the issuance and sale of the Securities or in connection with the Registration Statement, the Disclosure Package, the Prospectus or any
Issuer Free Writing Prospectus, provided, that failure by the Company so to notify the Placement
Agent shall not relieve the Placement Agent from any obligation or liability which the Placement Agent may have on account of this Section
9.C. or otherwise to the Company, except to the extent the Placement Agent is materially prejudiced as a proximate result of such failure..

 

D. Contribution. In
the event that a court of competent jurisdiction makes a finding that indemnity is unavailable to any indemnified person, then each indemnifying
party shall contribute to the Liabilities and Expenses paid or payable by such indemnified person in such proportion as is appropriate
to reflect (i) the relative benefits to the Company, on the one hand, and to the Placement Agent and any other Indemnified Person, on
the other hand, of the matters contemplated by this Agreement or (ii) if the allocation provided by the immediately preceding clause is
not permitted by applicable law, not only such relative benefits but also the relative fault of the Company, on the one hand, and the
Placement Agent and any other Indemnified Person, on the other hand, in connection with the matters as to which such Liabilities or Expenses
relate, as well as any other relevant equitable considerations; provided that in no event shall the Company contribute less than the amount
necessary to ensure that all Indemnified Persons, in the aggregate, are not liable for any Liabilities and Expenses in excess of the amount
of commissions actually received by the Placement Agent pursuant to this Agreement. The relative fault shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company on the one hand or the Placement Agent on the other and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the
Placement Agent agree that it would not be just and equitable if contributions pursuant to this subsection (D) were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in
this subsection (D). For purposes of this paragraph, the relative benefits to the Company, on the one hand, and to the Placement Agent
on the other hand, of the matters contemplated by this Agreement shall be deemed to be in the same proportion as: (a) the total value
received by the Company in the Offering, whether or not such Offering is consummated, bears to (b) the commissions paid to the Placement
Agent under this Agreement. Notwithstanding the above, no person guilty of fraudulent misrepresentation within the meaning of Section
11(f) of the Securities Act shall be entitled to contribution from a party who was not guilty of fraudulent misrepresentation.

 

    9

     

    

 

E. Limitation. The
Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or otherwise)
to the Company for or in connection with advice or services rendered or to be rendered by any Indemnified Person pursuant to this Agreement,
the transactions contemplated thereby or any Indemnified Person’s actions or inactions in connection with any such advice, services
or transactions, except to the extent that a court of competent jurisdiction has made a finding that Liabilities (and related Expenses)
of the Company have resulted primarily from such Indemnified Person’s gross negligence or willful misconduct in connection with
any such advice, actions, inactions or services.

 

F. Survival. The advancement,
reimbursement, indemnity and contribution obligations set forth in this Section 9 shall remain in full force and effect regardless of
any termination of, or the completion of any Indemnified Person’s services under or in connection with, this Agreement. Each Indemnified
Person is an intended third-party beneficiary of this Section 9, and has the right to enforce the provisions of Section 9 as if he/she/it
was a party to this Agreement.

 

10.
Limitation of  Boustead’s Liability to the Company.

 

Boustead and the Company further
agree that neither Boustead nor any of its affiliates or any of their respective officers, directors, controlling persons (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), employees or agents shall have any liability to the Company,
its security holders or creditors, or any person asserting claims on behalf of or in the right of the Company (whether direct or indirect,
in contract or tort, for an act of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief
arising out of or relating to this Agreement or the Services rendered hereunder, except for losses, fees, damages, liabilities, costs
or expenses that arise out of or are based on any action of or failure to act by Boustead and that are finally judicially determined to
have resulted solely from the gross negligence or willful misconduct of Boustead.

 

11.
Limitation of Engagement to the Company.

 

The Company acknowledges that
Boustead has been retained only by the Company, that Boustead is providing services hereunder as an independent contractor (and not in
any fiduciary or agency capacity) and that the Company’s engagement of Boustead is not deemed to be on behalf of, and is not intended
to confer rights upon, any shareholder, owner or partner of the Company or any other person not a party hereto as against Boustead or
any of its affiliates, or any of its or their respective officers, directors, controlling persons (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act), employees or agents. Unless otherwise expressly agreed in writing by Boustead,
no one other than the Company is authorized to rely upon any statement or conduct of Boustead in connection with this Agreement. The Company
acknowledges that any recommendation or advice, written or oral, given by Boustead to the Company in connection with Boustead’s
engagement is intended solely for the benefit and use of the Company’s management and directors in considering a possible Offering,
and any such recommendation or advice is not on behalf of, and shall not confer any rights or remedies upon, any other person or be used
or relied upon for any other purpose. Boustead shall not have the authority to make any commitment binding on the Company. The Company,
in its sole discretion, shall have the right to reject any investor introduced to it by Boustead. If any purchase agreement and/or related
transaction documents are entered into between the Company and the investors in the Offering, Boustead will be entitled to rely on the
representations, warranties, agreements and covenants of the Company contained in any such purchase agreement and related transaction
documents as if such representations, warranties, agreements and covenants were made directly to Boustead by the Company.

 

12.
Amendments and Waivers.

 

No supplement, modification
or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. The failure of a party to exercise
any right or remedy shall not be deemed or constitute a waiver of such right or remedy in the future. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (regardless of whether similar), nor shall
any such waiver be deemed or constitute a continuing waiver unless otherwise expressly provided.

 

    10

     

    

 

13.
Confidentiality.

 

In the event of the consummation
or public announcement of any Offering, Boustead shall have the right to disclose its participation in such Offering, including, without
limitation, the placement at its cost of “tombstone” advertisements in financial and other newspapers and journals. Boustead
agrees not to use any confidential information concerning the Company provided to Boustead by the Company for any purposes other than
those contemplated under this Agreement.

 

14.
Headings.

 

The headings of the various
sections of this Agreement have been inserted for convenience of reference only and will not be deemed to be part of this Agreement.

 

15.
Counterparts.

 

This Agreement may be executed
in one or more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original
and all such counterparts shall together constitute one and the same instrument.

 

16.
Severability.

 

In case any provision contained
in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein will not in any way be affected or impaired thereby.

 

17.
Use of Information.

 

The Company will furnish Boustead
such written information as Boustead reasonably requests in connection with the performance of its services hereunder. The Company understands,
acknowledges and agrees that, in performing its services hereunder, Boustead will use and rely entirely upon such information as well
as publicly available information regarding the Company and other potential parties to an Offering and that Boustead does not assume responsibility
for independent verification of the accuracy or completeness of any information, whether publicly available or otherwise furnished to
it, concerning the Company or otherwise relevant to an Offering, including, without limitation, any financial information, forecasts or
projections considered by Boustead in connection with the provision of its services.

 

18.
Absence of Fiduciary Relationship.

 

The Company acknowledges and
agrees that: (a) the Placement Agent has been retained solely to act as Placement Agent in connection with the sale of the Securities
and that no fiduciary, advisory or agency relationship between the Company and the Placement Agent has been created in respect of any
of the transactions contemplated by this Agreement, irrespective of whether the Placement Agent has advised or is advising the Company
on other matters; (b) the Purchase Price and other terms of the Securities set forth in this Agreement were established by the Company
following discussions and arms-length negotiations with the Investors and the Company is capable of evaluating and understanding and understands
and accepts the terms, risks and conditions of the transactions contemplated by this Agreement; (c) it has been advised that the Placement
Agent and its affiliates are engaged in a broad range of transactions that may involve interests that differ from those of the Company
and that the Placement Agent has no obligation to disclose such interest and transactions to the Company by virtue of any fiduciary, advisory
or agency relationship; and (d) it has been advised that the Placement Agent is acting, in respect of the transactions contemplated by
this Agreement, solely for the benefit of the Placement Agent, and not on behalf of the Company and that the Placement Agents may have
interests that differ from those of the Company. The Company waives to the full extent permitted by applicable law any claims it may have
against the Placement Agent arising from an alleged breach of fiduciary duty in connection with the Offering.

 

    11

     

    

 

19.
Survival of Indemnities, Representations, Warranties, Etc.

 

The respective indemnities,
covenants, agreements, representations, warranties and other statements of the Company and Placement Agent, as set forth in this Agreement
or made by them respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation made
by or on behalf of the Placement Agent, the Company, the Purchasers or any person controlling any of them and shall survive delivery of
and payment for the Securities. Notwithstanding any termination of this Agreement, including without limitation any termination pursuant
to Section 5, the payment, reimbursement, indemnity, contribution and advancement agreements contained in Sections 2, 9, 10, and 11, respectively,
and the Company’s covenants, representations, and warranties set forth in this Agreement shall not terminate and shall remain in
full force and effect at all times. The indemnity and contribution provisions contained in Section 9 and the covenants, warranties and
representations of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of any Placement Agent, any person who controls any Placement Agent within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act or any affiliate of any Placement Agent, or by
or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act, and (iii) the issuance and delivery of the Securities.

 

20.
Governing Law.

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware applicable to agreements made and to be fully performed therein.
Any disputes that arise under this Agreement, even after the termination of this Agreement, will be heard only in the state or federal
courts located in Los Angeles, California. The parties hereto expressly agree to submit themselves to the jurisdiction of the foregoing
courts in Los Angeles, California. The parties hereto expressly waive any rights they may have to contest the jurisdiction, venue or authority
of any court sitting in Los Angeles, California. Should the dispute not arise to meet the qualifications of filing in federal court in
Los Angeles, California, then the dispute shall be resolved by arbitration in accordance with the Arbitration Rules of FINRA as such rules
may be modified herein or as otherwise agreed by6 the parties in controversy. The forum for arbitration shall be Orange County, California.
Following thirty (30) days’ notice by any party of intention to invoke arbitration, any dispute arising under this agreement and
not mutually rsolved within such thirty (30) day period shall be determined by the arbitrators upon which the parties agree. In the event
a suit, action, arbitration, or other proceeding of any nature whatsoever, including, without limitation, any proceeding under the U.S.
Bankruptcy Code, is instituted by any party to interpret or enforce any provisio0n of this Agreement, then the prevailing party shall
be entitled to recover from the other parties its reasonable attorneys’, paralegals’, accountants’, and other experts’
fees, and all other fees, costs and expenses actually incurred and reasonably necessary in connection therewith. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE AND AGREES NOT TO REQUEST A JURY TIRAL FOR THE ADJUDICATION OF ANY DISPUTE ARISING OUT OF OR RELATING TO
THIS AGREEMENT.

 

21.
Notices.

 

All communications hereunder
shall be in writing and shall be mailed or hand delivered and confirmed to the parties hereto as follows:

 

If to the Company:

 

TDH Holdings, Inc.

c/o Qingdao Tiandihui Foodstuffs
Co., Ltd.

2521 Tiejueshan Road,

Huangdao District, Qingdao,
Shandong Province,

People’s Republic of
China

Email: tdhpets@163.com

Attention: Ms. Dandan Liu,
Chief Executive Officer

 

    12

     

    

 

If to the Placement Agent:

 

Boustead Securities LLC

6 Venture, Suite 395,

Irvine, CA 92618

Email: keith@boustead1828.com

Attention: Keith Moore, Chief
Executive Officer

 

Any party hereto may change
the address for receipt of communications by giving written notice to the others.

 

22.
Miscellaneous.

 

This Agreement constitutes
the entire agreement of Boustead and the Company, and supersedes any prior agreements, with respect to the subject matter hereof. 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, and the remainder of this Agreement shall remain in full force and effect. This Agreement may be executed in counterparts
(including facsimile or .pdf counterparts), each of which shall be deemed an original but all of which together shall constitute one and
the same instrument.

 

23.
Successors.

 

This Agreement will inure
to the benefit of and be binding upon the parties hereto, and to the benefit of the employees, officers and directors and controlling
persons referred to in Section 9 hereof, and to their respective successors, and personal representative, and, except as set forth in
Section 9 of this Agreement, no other person will have any right or obligation hereunder.

 

24.
Partial Unenforceability.

 

The invalidity or unenforceability
of any section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph
or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable,
there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

 

[SIGNATURE PAGE TO FOLLOW]

 

    13

     

    

 

In acknowledgment that the
foregoing correctly sets forth the understanding reached by Boustead Securities, LLC and the Company, and intending to be legally bound,
please sign in the space provided below, whereupon this letter shall constitute a binding Agreement as of the date executed.

 

	Very truly yours,	 
	 	 	 
	
    TDH Holdings, Inc.
	 
	 	 	 
	By: 	 	 
	Name:	Dandan Liu            	 
	Title:	Chief Executive Officer	 

 

	Confirmed as of the date first written above:	 
	 	 	 
	Boustead Securities, LLC	 
	 	
     
	 
	By:	 	 
	Name: 	Keith Moore	 
	Title: 	Chief Executive Officer	 

 

    14

     

    

 

SCHEDULE I

 

Issuer General Use Free Writing Prospectuses

 

None

 

 

15

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