Document:

Exhibit 10.2

 

MASTER SERVICES AGREEMENT

 

This Master Services Agreement (“Agreement”)
is made by and between FatBrain, LLC a Delaware Limited Liability Company, having an office at 54 W40th Street, Suite 1123, NYC, NY 10018
USA (“FatBrain”) and Tempus, Inc, a District of Columbia Corporation, having an office at 1201 New York Ave
NW #300, Washington, DC 20005 (“Customer”), as of May 5, 2021 (“Effective Date”).

 

In consideration of the mutual promises and covenants
set forth in this Agreement, the Parties agree as follows:

 

1. Definitions.

 

(a)   
“Confidential Information” means any
and all information, in any medium, which is provided by one party to this Agreement (“Discloser”) to the other party
(“Recipient”), that is either (i) related to business practices, financial statements, financial information, pricing,
contractors, resellers, customers, products, methods, techniques, processes, know-how, apparatuses, proprietary software (source and object
code), and employee data; (ii) marked using a legend such as “confidential”, “proprietary” or similar words, or
if disclosed orally must be confirmed as such by the Discloser in a writing delivered within seven (7) days of disclosure; or (iii) any
information which the Recipient should have reasonably considered to be confidential under the circumstances surrounding disclosure. Confidential
Information will include, without limitation, this Agreement, including any Statement of Work or other attachments, and any FatBrain pricing
information.

 

(b)   
“Deliverables” means any and all tangible
deliverables and other work product of Services delivered by FatBrain to Customer pursuant to a Statement of Work, but specifically excluding
any Products (as defined below).

 

(c)   
“Statement of Work” means a statement
of work that references this Agreement and is executed by both parties during the term of this Agreement.

 

(d)   
“Service” or “Services”
means the services to be performed by FatBrain under any Statement of Work.

 

2. Purpose and Scope

 

(a)   
Purpose and Scope of Agreement. The purpose of
this Agreement is to set forth the terms and conditions under which FatBrain will perform Services for Customer and deliver the Deliverables
to Customer. This Agreement governs all Services performed for Customer and all Deliverables provided to Customer pursuant to any Statement
of Work.

 

(i)             
Statement of Work. Customer and FatBrain will
jointly prepare a Statement of Work whenever Customer wishes to purchase Services from FatBrain. Each Statement of Work will reference
this Agreement and will provide the following information (if applicable): (A) a description of the Services to be performed by FatBrain
for Customer; (B) description of the Deliverables to be delivered by FatBrain to Customer; (C) the price and payment schedule for Services;
(D) a description of the locations where Services are to be performed; (E) a schedule for the performance of Services; and (F) any special
terms and conditions that will apply to the applicable Statement of Work.

 

(b)   
Execution of Statement of Work; Order of Precedence.
After both parties have signed a Statement of Work, that Statement of Work will be incorporated into and made a part of this Agreement.
All of the terms and conditions of this Agreement will apply to that Statement of Work, except that any terms and conditions expressly
set forth in that Statement of Work that conflict with the terms and conditions of this Agreement will govern over the terms and conditions
of this Agreement. Any such conflicting terms and conditions will apply only to that particular Statement of Work and will have no application
to any other Statement of Work. FatBrain will have no obligation to perform Services, and Customer will have no obligation to pay FatBrain
for any Services, not within a Statement of Work.

 

(c)   
Changes. If Customer desires to make any changes
to a Statement of Work, Customer and FatBrain will discuss the changes and FatBrain will provide Customer with a written description of
the proposed change, any impact it may have on price and any impact it may have on project schedule. Customer may accept or reject the
description. If accepted by both parties, such description will be made part of the applicable Statement of Work and will supersede any
conflicting portions of the applicable Statement of Work.

 

(d)   
Prevailing Terms. If any purchase order, acceptance
or other document is used by Customer in connection with the performance of Services, then notwithstanding any terms and conditions therein
contained to the contrary, the terms and conditions of such documents will be governed by the terms and conditions of this Agreement and
any terms and conditions thereof which are inconsistent, different from, or in addition to, the terms and conditions of this Agreement
will be null and void and of no force or effect.

 

Products.
Notwithstanding anything to the contrary in this Agreement, any and all products, hardware, equipment or software (“Products”)
sold, made available or provided by FatBrain to Customer in connection with any Services or this Agreement will be provided to Customer
pursuant to FatBrain’s standard Terms and Conditions of Sale, which may be updated from time to time, and can be found at: www.fatbrain.ai/terms-and-conditions

 

3. Engagement of Services.

 

(a)    
Services. FatBrain will use commercially reasonable
efforts to render the Services set forth in each Statement of Work according to the terms set forth therein in a timely and professional
manner consistent with industry standards. Customer will make its facilities, equipment and staff available to FatBrain as reasonably
necessary to complete any Services set forth in a Statement of Work. For Services provided on Customer’s premises, Customer will
provide a safe, secure working environment and will make any accommodations as reasonably requested by FatBrain.

 

(b)    
Customer Responsibilities. FatBrain’s provision
of Services under this Agreement depends on Customer’s providing required assistance or input. Such Customer responsibilities will
generally be listed or described in this Agreement, the Statement of Work, or may be communicated to Customer by FatBrain as particular
needs arise. FatBrain will not be deemed in violation of this Agreement based on any failure or delay attributable to failure of Customer
to meet such responsibilities.

 

(c)    
Staff. During the term of this Agreement and for
a period of one (1) year following termination, each party will not solicit for employment or hire the other party’s employees or
contractors without prior written consent of the applicable party; provided, however, that nothing in this Section 3(c) will prohibit
either party from engaging in general advertising for positions (as long as they are not targeted at any aforementioned person) and hiring
anyone in response to such general advertising. 

 

(d)    
 Third Party Terms. FatBrain’s performance
of Services under this Agreement may be subject to third party agreements or terms of use. Such agreements or terms will be set forth
in the applicable Statement of Work, or will otherwise be provided to Customer for review. To obtain Services under this Agreement, Customer
must accept all such third-party agreements or terms. 

 

4. Compensation.

 

(a)   
Fees and Payment. FatBrain will invoice Customer
and Customer will pay FatBrain fees for Services as set forth in the applicable Statement of Work. Customer will pay all invoices no later
than thirty (30) days after the date of the invoice. Late payments of any amount not subject to a good faith dispute will accrue interest
at the lesser of 1.5 % per month or the highest rate allowed by applicable law. All fees and payments hereunder will be paid in U.S. Dollars.

 

(b)   
Taxes. Unless otherwise stated in the relevant
Statement of Work, stated fees do not include, and are net of, any foreign or domestic governmental taxes or charges of any kind that
may be applicable to the provision of the Services, including without limitation excise, sales, use, or value-added taxes; customs or
other import duties; or other taxes, tariffs, or duties. Customer will be responsible for, and will pay in a timely manner, all such taxes
and charges levied against FatBrain, excluding taxes on the income of FatBrain. If FatBrain has the legal obligation to pay or collect
such taxes, the appropriate amount will be invoiced to Customer, excluding taxes on the income of FatBrain, and paid by Customer, unless
Customer provides FatBrain with a valid tax exemption certificate authorized by the appropriate taxing authority. All payments by Customer
will be made free and clear of, and without reduction for, any withholding taxes. Any such taxes that are otherwise imposed on payments
to FatBrain will be the sole responsibility of Customer.

 

5. Independent Contractor Relationship.

 

The parties acknowledge and agree that FatBrain’s
relationship with Customer will be that of independent contractor and nothing in this Agreement (including any Statement of Work) or other
agreement between the parties should be construed to create a partnership or joint venture relationship or make Customer a joint employer,
co-employer, dual-employer or single employer of FatBrain’s personnel. Neither party is an agent of the other party and neither
party is authorized to make any representation, contract, or commitment on behalf of the other party.

 

6. Intellectual Property Rights.

 

(a)   
Deliverables. Any Deliverables, except for the
FatBrain Engine (as defined below) contained therein, delivered by FatBrain to Customer (the “Transferred Deliverables”)
in the course of providing the Services will be the property of Customer from and after the date on which Customer pays FatBrain the undisputed
fees with respect to the applicable Transferred Deliverable. Accordingly, FatBrain assigns to Customer, effective on that date, any and
all of its rights in such Transferred Deliverables together with any and all rights in the nature of copyright and all other intellectual
property rights, which it may have in such Transferred Deliverables.

 

(b)   
FatBrain Engine. FatBrain may use proprietary
tools, computer programs, algorithms, databases, methods and techniques, processes, forms, templates and other materials and ideas developed
by itself or others to perform the Services for Customer (“FatBrain Engine”). Customer acknowledges and agrees that
the FatBrain Engine, including any modifications, improvements, adaptations, or enhancements thereto or new versions thereof, are not
deemed a Transferred Deliverable or “work made for hire” under this Agreement and remain the sole property of FatBrain. 

 

(c)   
License to FatBrain Engine. FatBrain hereby grants
to Customer a limited and nonexclusive license to copy, have copied, distribute, have distributed, publicly perform and have publicly
performed, display and have displayed and otherwise use FatBrain Engine solely to the extent included or embodied in the Deliverables,
and to make full use of such Deliverables for Customer’s own benefit in and throughout Customer’s business solely in connection
with its business operations and not for commercial exploitation in any other manner. Customer will not transfer FatBrain Engine to any
third party through reselling, sublicensing or subcontracting for the purpose of providing services similar to that which FatBrain provides
to Customer under this Agreement or for any other commercial purpose.

 

7. Representations and Warranties; Warranty Disclaimer.

 

(a)   
FatBrain hereby represents and warrants that (i) FatBrain
has the full right and power to enter into and perform this Agreement; (ii) FatBrain will use commercially reasonable efforts so that
no (A) program code or programming instruction or set of instructions intentionally designed to disrupt, disable, harm, interfere with,
otherwise adversely affect or without authorization access or delete computer programs, data files or operations; or (B) other code typically
described as a virus or by similar terms, including Trojan horse, worm or backdoor (the items in (A) and (B), collectively, “Viruses”)
are coded or introduced into the Services or the systems or applications relating to the Services and if a Virus has been introduced into
the systems and applications relating to the Services, FatBrain will use commercially reasonable efforts to remove the Virus and restore
Services; (iii) its provision of the Services is and will be in compliance with all applicable laws, rules and regulations; and (iv) it
will perform the Services in a professional and workmanlike manner.

 

(b)   
Customer hereby represents and warrants that Customer
has full right and power to enter into and perform this Agreement and that the person signing this Agreement on its behalf has the power
and authority to bind Customer to this Agreement.

 

(c)   
Services under this Agreement are warranted in accordance
with any applicable Service Level Agreement terms specified in the applicable Statement of Work, and FatBrain makes no other warranties
or representations regarding the Services under this Agreement. EXCEPT
FOR THE EXPRESS WARRANTIES PROVIDED TO CUSTOMER HEREIN, FATBRAIN MAKES NO ADDITIONAL REPRESENTATION OR WARRANTY OF ANY KIND WHETHER EXPRESS,
IMPLIED (EITHER IN FACT OR BY OPERATION OF LAW), OR STATUTORY, AS TO ANY MATTER WHATSOEVER. FATBRAIN EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, QUALITY, ACCURACY, TITLE OR ARISING FROM A COURSE OF DEALING OR
USAGE OF TRADE. CUSTOMER WILL NOT HAVE THE RIGHT TO MAKE OR PASS ON ANY REPRESENTATION OR WARRANTY ON BEHALF OF FATBRAIN TO ANY DISTRIBUTOR,
END USER, OR OTHER THIRD PARTY. Customer’s sole
remedy for breach of FatBrain’s service warranty shall be re-performance of the Services.

 

8. Term and Termination.

 

(a)   
Term. This Agreement will become effective as
of the Effective Date, and will remain in effect until terminated by any of the events of this Section 8. 

 

(b)   
Termination by Both Parties. The parties may mutually
terminate the Agreement or any Statement of Work by written agreement at any time. 

 

(c)   
Termination by Customer. Customer may terminate
(i) this Agreement at any time that there is no uncompleted Statement of Work (SOW) in effect or upon FatBrain’s material breach
of this Agreement, which has not been cured within thirty (30) days after notice of such breach and intent to terminate has been provided
to FatBrain, (ii) this Agreement or any Statement of Work immediately upon a breach by FatBrain of Sections 6 (Intellectual Property Rights)
or 10 (Confidentiality) of this Agreement, (iii) this Agreement or any Statement of Work if FatBrain becomes insolvent, makes an assignment
for the benefit of its creditors, a receiver is appointed or a petition in Bankruptcy is filed with respect to FatBrain and is not dismissed
within thirty (30) days, (iv) as specified according to the terms of a then-subsisting SOW or related Schedule. 

 

(d)   
Termination by FatBrain. FatBrain may terminate
(i) this Agreement at any time that there is no uncompleted Statement of Work in effect upon thirty (30) days’ prior written
notice to Customer; (ii) this Agreement or any Statement of Work immediately upon thirty (30) days following a material breach of this
Agreement by Customer, which has not been cured within thirty (30) days after notice of such breach and intent to terminate has been provided
to Customer; (iii) this Agreement or any Statement of Work immediately upon a breach by Customer of Sections 6 (Intellectual Property
Rights) or 10 (Confidentiality) of this Agreement; or (iv) this Agreement or any Statement of Work if Customer becomes insolvent, makes
an assignment for the benefit of its creditors, a receiver is appointed or a petition in Bankruptcy is filed with respect to Customer
and is not dismissed within thirty (30) days. 

 

(e)   
Effect of Termination. Upon
termination of this Agreement, all Statement of Works will terminate along with this Agreement. Upon termination of the Agreement, Customer
will immediately (i) cease usage of the Services and any other systems or applications relating to the Services; and (ii) cease usage
of and return to FatBrain or securely destroy any FatBrain Confidential Information in Customer’s possession. Upon termination of
the Agreement, FatBrain will (i) cease performing the Services, and (ii) deliver to Customer or securely destroy any Customer Confidential
Information in FatBrain’s possession. In the case of termination of a Statement of Work, the parties will take the actions listed
in this Section 8(e) and any additional actions set forth in the applicable Statement of Work, except only to the extent the actions apply
to the Services covered by the terminated Statement of Work. 

 

9. Indemnification.

 

(a)   
Indemnification by FatBrain. FatBrain will, using
its own counsel, defend, indemnify and hold harmless Customer, its affiliates and subsidiaries and its and their directors, officers,
employees, agents, and contractors from and against any and all claims, losses, liabilities, damages, costs and expenses (including reasonable
attorney’s fees), judgments or settlement amounts arising out of or in connection with any third party claim (i) that Customer’s
use of Services or any Deliverable provided pursuant to a Statement of Work hereunder infringes any United States patent, copyright, trademark,
trade secret, privacy right, right of publicity or other proprietary right of a third party; or (ii) arising out of or in connection with
FatBrain’s gross negligence or willful misconduct.

 

(b)   
Indemnification by Customer. Customer will defend,
indemnify and hold harmless FatBrain, its affiliates and subsidiaries and its and their directors, officers, employees, agents, and contractors
from and against any and all claims, losses, liabilities, damages, costs and expenses (including reasonable attorney’s fees), judgments
or settlement amounts arising out of or in connection with any third party claim (i) arising from Customer’s use of the Services
or Deliverables other than as authorized under this Agreement; or (ii) arising from Customer’s gross negligence or willful misconduct.

 

(c)   
Obligations. In connection with the indemnification
obligations provided under this Agreement, a Party seeking indemnification (“Indemnified Party”) will: (i) promptly
notify the other Party (“Indemnifying Party”) of any claim that is subject to the Indemnifying Party’s indemnification
obligations hereunder, but any failure to promptly notify the Indemnifying Party will not discharge any indemnification obligation unless
and only to the extent that such failure is held to prejudice the Indemnifying Party’s claim; (ii) reasonably cooperate with the
Indemnifying Party in the defense or settlement of the claim, including the provision of all assistance, information and authority reasonably
requested by the Indemnifying Party, provided any reasonable related costs or expenses incurred by the Indemnified Party will be covered
by the Indemnifying Party; and (iii) grant the Indemnifying Party the right to control the defense and settlement of any claim which is
subject to indemnification. Notwithstanding the foregoing, the Indemnified Party will have the right to employ separate counsel and participate
in the defense of such action at the Indemnified Party’s expense.

 

(d)   
Exclusions. Notwithstanding the foregoing, FatBrain
will have no liability for any claim of infringement based on (i) the use of a superseded release or version of the Services or Deliverables
if the infringement would have been avoided by the use of the current release provided to Customer by FatBrain; (ii) the modification
of the Services or Deliverables by anyone other than FatBrain or its agents, except where such modification is authorized by FatBrain
in writing; (iii) the use of the Services or Deliverables other than in accordance with their published documentation and this Agreement
or with any written instructions otherwise provided by FatBrain; (iv) the combination of the Services or Deliverables with other software,
hardware, or services not provided by FatBrain; or (v) Customer’s use of the Services or Deliverable after notice from FatBrain
of the replacement of infringing Services or Deliverables or that Customer should cease use of the Services or the Deliverables due to
a legal claim. These exclusions apply to the extent that the infringement would have been avoided but for such use of a superseded release,
modification, non-compliance, or combination.

 

(e)   
Remedies; Sole Remedy for Infringement, Misappropriation.
If any Service or Deliverable, or any material portion thereof, is held by a court of competent jurisdiction to infringe, or if FatBrain
believes that the Service or Deliverable may be subject to a claim or held to infringe, FatBrain will in its reasonable judgment and at
its own expense use reasonable commercial efforts to (i) replace or modify the Service or Deliverable so as to be non-infringing, provided
that the replacement Service or Deliverable contains substantially similar functionality; or (ii) obtain for Customer a license to continue
using the Service or Deliverable. If a non-infringing alternative or a license to use the Service or Deliverable cannot be obtained upon
commercially reasonable terms, as determined by FatBrain, FatBrain will terminate the affected Service or Deliverable with no further
payment obligation of Customer for the affected Service or Deliverable. THIS
SECTION STATES FATBRAIN'S TOTAL RESPONSIBILITY AND LIABILITY, AND CUSTOMER’S SOLE REMEDY CONCERNING CLAIMS BROUGHT BY THIRD PARTIES
REGARDING INFRINGEMENT OR MISAPPROPRIATION OF ANY INTELLECTUAL PROPERTY RIGHT FOR ANY SERVICE OR DELIVERABLE, OR ANY PART THEREOF, AND
IS IN LIEU OF AND REPLACES ANY AND ALL OTHER EXPRESS, IMPLIED OR STATUTORY WARRANTIES, TERMS, OR CONDITIONS REGARDING INFRINGEMENT AND
MISAPPROPRIATION.

 

10. Confidential Information.

 

(a)   
Each party acknowledges that during the course of performing
its obligations hereunder it may receive Confidential Information. Each party will employ the same degree of care to protect the secrecy
and confidentiality of the Confidential Information of the other party as it uses to protect its own Confidential Information of a similar
nature, but in no event less than a reasonable degree of care. Each party will restrict the release, access and use of Confidential Information
to those of its employees, officers, directors, consultants and agents who reasonably need access to the Confidential Information in order
to perform its obligations under this Agreement and the applicable Statement of Work, provided such employees, officers, directors, consultants
and agents are subject to written agreements which contain confidentiality obligations that enable each party to comply with the provisions
of this Agreement and the applicable Statement of Work. Each party acknowledges and agrees that, due to the unique nature of Confidential
Information, there can be no adequate remedy at law for breach of this Section and that such breach would cause irreparable harm to the
non-breaching party; therefore, the non-breaching party will be entitled to seek immediate injunctive relief, in addition to whatever
remedies it might have at law or under this Agreement.

 

(b)   
Confidential Information herein will not include information
that (i) the Recipient had in its possession prior to disclosure to the Recipient by the Discloser; (ii) was part of the public knowledge
or literature, not as a result of any action or inaction of the Recipient; (iii) was subsequently disclosed to the Recipient from a source
other than the Discloser who was not bound by an obligation of confidentiality to the Discloser; (iv) was independently developed by the
Recipient without reference to or the use of, directly or indirectly, any Confidential Information; or (v) the Recipient is required to
disclose pursuant to a court order or as otherwise required by law; provided, however, that Recipient notifies the Discloser within sufficient
time to give the Discloser a reasonable period to contest such order, and further reasonably cooperates with Discloser in contesting such
order.

 

11.       LIMITATION
OF LIABILITY.

 

NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY
OR ANY THIRD PARTY UNDER ANY CLAIM OR CIRCUMSTANCE, WHETHER THE CLAIM SOUNDS IN CONTRACT, TORT, OR OTHER LEGAL THEORY, FOR ANY INDIRECT,
INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES (INCLUDING BUT NOT LIMITED TO DAMAGES FOR LOST PROFITS, BUSINESS OR
REVENUES OR LOST GOODWILL) ARISING OUT OF OR RELATING TO THIS AGREEMENT EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES.

 

EACH PARTY’S TOTAL AGGREGATE LIABILITY UNDER
THIS AGREEMENT AND ANY STATEMENT OF WORK, REGARDLESS OF THE FORUM AND REGARDLESS OF WHETHER ANY ACTION OR CLAIM IS BASED ON CONTRACT,
TORT, OR OTHERWISE, WILL NOT EXCEED AN AMOUNT EQUAL TO THE FEES PAID OR PAYABLE BY CUSTOMER IN THE TWELVE (12) PRECEDING MONTHS OF SERVICE
PURSUANT TO THE APPLICABLE STATEMENT OF WORK.

 

12. General Terms.

 

(a)   
Publicity. Parties may use each other’s
name only with prior written consent of Parties’ officers for purposes of publicity or promotion of Services (including adding Parties’
names and describing purchased Services in client lists or press releases).

 

(b)   
Force Majeure. Except for payment obligations
under this Agreement, neither party will be liable for any failure or delay in performing its obligations under this Agreement and any
Statement of Work on account of strikes, riots, wars, acts of terrorism, fires, floods, explosions, earthquakes, government action or
regulation, acts of God, or other causes beyond the reasonable control of such party; provided, that such party gives the other party
written notice thereof promptly and uses good faith efforts to so perform or cure the non-performance.

 

(c)   
Assignment. Neither party may assign or subcontract
any or all of its obligations or rights under this Agreement, including any Statement of Work, without the other party’s prior written
consent, which will not be unreasonably withheld; provided, however, that either party may assign this Agreement in connection with any
merger or sale of all or substantially all of its assets or equity. In the event of any such assignment, any and all obligations of the
assigning party under this Agreement, including any Statement of Work, will apply fully to any such assignee as if it were the assigning
party under this Agreement. Any assignment in violation of the foregoing will be deemed null and void. This Agreement, including any Statement
of Works will inure to the benefit of the parties, their successors and permitted assigns. 

 

(d)   
No Waiver. Failure of either party to enforce
any provision of this Agreement or any Statement of Work will not be deemed a waiver of the right to thereafter enforce that or any other
provision of this Agreement or any Statement of Work.

 

(e)   
Modifications. Any amendment or modification of
this Agreement or any Statement of Work must be made in writing and signed by authorized representatives of both of the parties.

 

(f)    
Governing Law; Forum. This Agreement and any Statement
of Work will be governed by and construed in accordance with the laws of the State of New York without regard to its conflicts of law
principles. The parties agree that the state and federal courts sitting in New York will have sole and exclusive jurisdiction and venue
over any matter arising out of this Agreement and the applicable Statement of Work and each party hereby submits itself to the venue and
jurisdiction of such courts. Each party hereby waives any objection that it may now or hereafter have to the laying of venue of any such
proceeding in such court, including any claim that such proceeding has been brought in an inconvenient forum. Notwithstanding the foregoing,
nothing contained in this paragraph will prohibit either party from seeking equitable relief in any jurisdiction for breaches of confidentiality
(under Section 11) or license rights (under Section 8) hereunder. 

 

(g)   
Legal Fees. If any dispute arises between the
parties with respect to the matters covered by this Agreement or any Statement of Work which leads to a proceeding to resolve such
dispute, the prevailing party in such proceeding will be entitled to receive its reasonable attorneys’ fees, expert witness fees
and out-of-pocket costs incurred in connection with such proceeding, in addition to any other relief it may be awarded.

 

(h)   
Severability. In the event that any provision
of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions of the Agreement
will remain in full force and effect, and will be construed so as to best effectuate the intention of the parties in executing it.

 

(i)    
Survival. Any obligations which either expressly
or by their nature are to continue after the termination or expiration of this Agreement will survive and remain in effect.

 

(j)    
Export. Customer covenants that it will not export
or re-export, either directly or indirectly, the Services or Deliverables, or related technology in violation of U.S. export control laws,
including but not limited to the Export Administration Act of 1979, 50 U.S.C. App. §§ 2401-2420, the Trading with the Enemy
Act, 50 U.S.C. App. 1 et seq., the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-1707, and any regulations,
orders or rule issued pursuant thereto ("U.S. Export Controls") and will obtain any and all licenses, filings, registration
and approvals required for export or re-export of the Services or Deliverables under U.S. Export Controls. Customer further covenants
that it will not export or re-export the Services or Deliverables to a party listed on any of the unauthorized lists maintained by the
U.S. Department of Commerce, the U.S. Department of Treasury or the U.S. Department of State, as found at www.bis.doc.gov or to any person
owned or controlled by such person.

 

(k)   
Notice. Any notices provided under this Agreement
will be deemed given three (3) days after being sent by a national overnight delivery service or express mail, and immediately after personal
delivery to the other party at the addresses shown above to the attention of the other party’s elected officer or as otherwise specified
in writing by the other party.

 

(l)    
Entire Agreement. This Agreement, together with
all Statement of Works and exhibits attached hereto constitutes the entire agreement between the parties as to the subject matter hereof
and supersedes and cancels any and all written or oral agreements previously or contemporaneously existing between the parties with respect
to such subject matter. Customer acknowledges that it is not entering into this Agreement on the basis of any representations not expressly
contained herein.

 

(m)  
Counterparts. This Agreement may be executed in
any number of counterparts, each of which, when executed and delivered, will be deemed to be an original, and all such counterparts together
will constitute one and the same agreement. Facsimile or PDF copies of this Agreement will be treated in all manner and respects as an
original agreement or instrument and will be considered to have the same binding legal effect as if it were the original signed version
thereof delivered in person.

 

 

 

 

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed by their duly authorized representatives.

 

 

	Tempus, Inc.	 	FatBrain, LLC
	 	 	 
	 	 	 
	 	 	 
	Signature: /s/ Michael Lindermann                                              	 	Signature: /s/ Shawn R. Carey                                                    
	 	 	 
	Print Name: Michael Lindermann                                                 
	 	Print Name: Shawn R. Carey                                                       
	 	 	 
	Title: Chief Compliance Officer                                                    	 	Title: Managing Director                                                               
	 	 	 
	Date: May 10, 2021                                                                     	 	Date: May 10, 2021EXHIBIT
10.1

 

AGREEMENT
OF PURCHASE AND SALE

 

THIS
AGREEMENT OF PURCHASE AND SALE (this “Agreement”) is made effective as of January 18, 2022, among PHI Group, Inc., a
U.S. public company duly organized and existing by virtue of the laws of the State Wyoming, U.S.A. (Trading symbol: PHIL) with
principal address at 2323 Main Street, Irvine, CA 92614, U.S.A., hereinafter referred to as “PHIL,” Five Grain Treasure Spirits
Co., Ltd., a company organized and existing by virtue of the laws of People’s Republic of China, with principal business address
at Jigu Road Economic Zone, Shulan City, Jilin Province, People’s Republic of China, hereinafter referred to as “FGTS”
and the holders of seventy percent (70%) of equity ownership in FGTS as of the effective date of this Agreement (the “Majority
Shareholders”), all of which are listed on Schedule 6 to this Agreement.

 

WHEREAS:

 

A.
FGTS specializes in the production and sales of spirits, together with the development of proprietary spirit production processes and
the possession of patented technology for growing raw materials for beverage manufacturing.

 

B.
PHIL is a U.S. diversified publicly traded company which owns a Luxembourg bank fund (PHILUX Global Funds SCA, SICAV-RAIF) and is engaged
in mergers and acquisitions and investing in various industries, including but not limited to real estate, agriculture, energy and natural
resources, healthcare and consumer goods.

 

C.
On September 16, 2021, FGTS and PHIL signed a Memorandum of Understanding to set forth the guidelines for further discussions
and negotiations between PHIL and FGTS towards the
execution of a Definitive Agreement between the parties containing customary representations, warranties, covenants, and
indemnities for the acquisition of seventy percent (70%)
of ownership in FGTS by PHIL.

 

D.
The parties hereto wish to enter this Agreement of Purchase and Sale (“Agreement”) whereby PHIL will pay a total purchase
price (“Total Purchase Price”) of One Hundred Million U.S. Dollars ($US 100,000,000) in cash to the Majority Shareholders
and/or their designee(s) in exchange for an seventy percent (70%) of equity ownership in FGTS pursuant to the terms and conditions of
this Agreement.

 

NOW
THEREFORE THIS AGREEMENT WITNESSES that in consideration of covenants and agreements set forth herein and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree each with the other as follows:

 

1.
DEFINITIONS

 

1.1
Definitions. The following terms have the following meanings, unless the context indicates otherwise:

 

(a)
“Acquired Assets” means all assets listed in Schedule 1 hereto;

 

(b)
“Agreement” means this Agreement, and all the exhibits, schedules and other documents attached to or referred to in
this Agreement, and all amendments and supplements, if any, to this Agreement;

 

(c)
“Closing” shall mean the completion of the Transaction, in accordance with Section 7 hereof, at which time the Closing
Documents shall be exchanged by the parties, except for those documents or other items specifically required to be exchanged at a later
time;

 

    	1

    	 

    

 

(d)
“Closing Date” shall mean a date mutually agreed upon by the parties hereto in writing and in accordance with Section
8.1(d) of this Agreement;

 

(e)
“Closing Documents” shall mean the papers, instruments and documents required to be executed and delivered at the
Closing pursuant to this Agreement;

 

(f)
“Liabilities” includes, any direct or indirect indebtedness, guaranty, endorsement, claim, loss, damage, deficiency,
cost, expense, obligation or responsibility, fixed or unfixed, known or unknown, asserted choate or inchoate, liquidated or unliquidated,
secured or unsecured.

 

(g)
“Loss” shall mean any and all demands, claims, actions or causes of action, assessments, losses, damages, liabilities,
costs, and expenses, including without limitation, interest, penalties, fines and reasonable attorneys, accountants and other professional
fees and expenses, but excluding any indirect, consequential or punitive damages suffered by FGTS or PHIL including damages for lost
profits or lost business opportunities.

 

(h)
“SEC” shall mean the United States Securities and Exchange Commission;

 

(i)
“Taxes” shall include international, federal, state, provincial and local income taxes, capital gains tax, value-added
taxes, franchise, personal property and real property taxes, levies, assessments, tariffs, duties (including any customs duty), business
license or other fees, sales, use and any other taxes relating to the assets of the designated party or the business of the designated
party for all periods up to and including the Closing Date, together with any related charge or amount, including interest, fines, penalties
and additions to tax, if any, arising out of tax assessments;

 

(j)
“Transaction” shall mean the exchange of Consideration pursuant to this Agreement as described in Section 2.2;

 

(k)
“1933 Act” shall mean the United States Securities Act of 1933, as amended;

 

(l)
“1934 Act” shall mean the United States Securities Exchange Act of 1934, as amended; and,

 

(m)
Schedules. The following schedules are attached to and form part of this Agreement:

 

	 	Schedule
    1 - The Acquired Assets.
	 	Schedule
    2- Title of Acquired Assets.
	 	Schedule
    3 - Impairments to Title of Acquired Assets, if any.
	 	Schedule
    4 - Licenses and Permits
	 	Schedule
    5 - Exceptions 
	 	Schedule
    6 - The Majority Shareholders

 

1.2
Currency. All dollar amounts referred to in this Agreement are in United States funds, unless expressly stated otherwise.

 

2.
AGREEMENT OF PURCHASE AND SALE AND OTHER CONSIDERATION

 

2.1
Purchase and Sale of Equity Ownership. Subject to the terms and conditions of this Agreement, PHIL hereby covenants and agrees to
buy from the Majority Shareholders and the Majority Shareholders hereby covenant and agrees to sell a seventy percent (70%) equity ownership
of FGTS to Empire Spirits, Inc., a Nevada corporation and subsidiary of PHIL, as set out in Section 2.2 below.

 

    	2

    	 

    

 

2.2.
Consideration.

 

(a)
As consideration for the remittance of cash delivery of and marketable securities by PHIL, the Majority Shareholders shall transfer and
deliver the following consideration to Empire Spirits, Inc. and resolve any obligations in connection with Acquired Assets upon or prior
to the Closing Date of this transaction:

 

	 	(i)	ownership
    and possession of a seventy percent (70%) equity stake in FGTS (“Acquired Assets”);
	 	 	 
	 	(ii)	payment
    of any and all liabilities related to the Acquired Assets, if any;

 

(b)
As consideration for the consideration provided by the Majority Shareholders, PHIL shall pay the following consideration to the Majority
Shareholders and/or their designee(s):

 

The
Total Purchase Price will be One Hundred Million U.S. Dollars ($US100,000,000) in cash, payable to the Majority Shareholders and/or
their designee(s) according to the following schedule:

 

	 	(i)
    	A
    two percent (2%) earnest deposit of the Total Purchase Price shall be paid upon the signing of this Agreement;
	 	 	 
	 	(ii)	Thirty-two
    Million Six Hundred Sixty-Six U.S. Dollars (USD 32,666,666) shall be paid on March 18, 2022;
	 	 	 
	 	(ii)	Thirty-two
    Million Six Hundred Sixty-Six U.S. Dollars (USD 32,666,666) shall be paid on June 18, 2022; and 
	 	 	 
	 	(ii)	Thirty-two
    Million Six Hundred Sixty-Six U.S. Dollars (USD 32,666,666) shall be paid on September 18, 2022.

 

3.
REPRESENTATIONS AND WARRANTIES OF FGTS

 

FGTS
represents and warrants to PHIL, and acknowledges that PHIL is relying upon such representations and warranties, in connection with the
execution, delivery and performance of this Agreement, notwithstanding any investigation made by or on behalf of PHIL, as follows:

 

3.1
History of Assets. The Acquired Assets have not previously been illegally owned by a corporation or other entity.

 

3.2
Authority. FGTS has all requisite corporate power and authority to execute and deliver this Agreement and any other document contemplated
by this Agreement (collectively, the “FGTS Documents”) to be signed by an authorized officer of FGTS and to perform
its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of FGTS Documents by FGTS
and the consummation of the transactions contemplated hereby have been duly authorized. No other proceedings on the part of FGTS is necessary
to authorize such documents or to consummate the transactions contemplated hereby. This Agreement has been, and the other FGTS Documents
when executed and delivered by FGTS will be, duly executed and delivered by FGTS and this Agreement is, and the other FGTS Documents
when executed and delivered by FGTS as contemplated hereby will be, valid and binding obligations of FGTS enforceable in accordance with
their respective terms except:

 

(a)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement
of creditors’ rights generally;

 

    	3

    	 

    

 

(b)
as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

3.3
Title to the Acquired Assets. FGTS possesses or shall have possessed good and marketable title of all of the Acquired Assets prior
to the Closing Date. All Acquired Assets are owned or shall have been owned by the Majority Shareholders by the Closing Date free and
clear of all liens, security interests, charges, encumbrances, and other adverse claims, except as disclosed in Schedule 5 to this Agreement.

 

3.4
Non-Contravention. Neither the execution, delivery, performance of this Agreement nor the consummation of the Transaction, will:

 

(a)
conflict with, result in a violation of, cause a default under (with or without notice, lapse of time or both) or give rise to a right
of termination, amendment, cancellation or acceleration of any obligation contained in or the loss of any material benefit under, or
result in the creation of any lien, security interest, charge or encumbrance upon any of the Acquired Assets under any term, condition
or provision of any loan or credit agreement, note, debenture, bond, mortgage, indenture, lease or other agreement, instrument, permit,
license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to FGTS, or any of its material property or
assets; or,

 

(b)
violate any order, writ, injunction, decree, statute, rule, or regulation of any court or governmental or regulatory authority applicable
to FGTS or any of the Acquired Assets.

 

3.5
Actions and Proceedings. To the best knowledge of FGTS, there is no basis for and there is no action, suit, judgment, claim, demand
or proceeding outstanding or pending, or threatened against or affecting FGTS or the Acquired Assets that involves any of the business,
or the properties or assets of FGTS that, if adversely resolved or determined, would have a material adverse effect on the Acquired assets
(a “Material Adverse Effect”). There is no reasonable basis for any claim or action that, based upon the likelihood
of its being asserted and its success if asserted, would have such a FGTS Material Adverse Effect.

 

3.6
Absence of Changes. Except as otherwise stated in this Agreement, from the date of this Agreement to the Closing of this Transaction,
FGTS shall not:

 

(a)
fail to pay or discharge when due any liabilities of which the failure to pay or discharge would cause any material damage or risk of
material loss to any of the Acquired Assets;

 

(b)
sell, encumber, assign or transfer any of the Acquired Assets;

 

(c)
create, incur, assume or guarantee any indebtedness for money borrowed, or mortgage, pledge or subject any of the Acquired Assets to
any mortgage, lien, pledge, security interest, conditional sales contract or other encumbrance of any nature whatsoever;

 

3.7
Completeness of Disclosure. No representation or warranty by FGTS in this Agreement nor any certificate, schedule, statement, document
or instrument furnished or to be furnished to PHIL pursuant hereto contains or will contain any untrue statement of a material fact or
omits or will omit to state a material fact required to be stated herein or therein or necessary to make any statement herein or therein
not materially misleading.

 

    	4

    	 

    

 

4.
REPRESENTATIONS AND WARRANTIES OF PHIL

 

PHIL
represents and warrants to FGTS and acknowledges that FGTS is relying upon such representations and warranties in connection with the
execution, delivery and performance of this Agreement, notwithstanding any investigation made by or on behalf of FGTS as follows:

 

4.1
Organization and Good Standing.

 

a.
PHIL is duly incorporated, organized, validly existing and in good standing under the laws of the State of Wyoming, U.S.A. and has all
requisite corporate power and authority to own, lease and to carry on its business as now being conducted.

 

b.
Empire Spirits, Inc. is duly incorporated, organized, validly existing and in good standing under the laws of the State of Nevada, U.S.A.
and has all requisite corporate power and authority to own, lease and to carry on its business as now being conducted.

 

4.2
Authority. PHIL has all requisite corporate power and authority to execute and deliver this Agreement and any other document contemplated
by this Agreement (collectively, the “PHIL Documents”) to be signed by PHIL and to perform its obligations hereunder
and to consummate the Transaction contemplated hereby. The execution and delivery of each of the PHIL Documents by PHIL and the consummation
by PHIL of the transaction contemplated hereby have been duly authorized by its board of directors and no other corporate or shareholder
proceedings on the part of PHIL is necessary to authorize such documents or to consummate the Transaction contemplated hereby. This Agreement
has been, and the other PHIL Documents when executed and delivered by PHIL and this Agreement is, and the other PHIL Documents when executed
and delivered by PHIL, as contemplated hereby will be, valid and binding obligations of PHIL enforceable in accordance with their respective
terms, except:

 

(a)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement
of creditors’ rights generally;

 

(b)
as limited by laws relating to the availability of specific performance, injunctive relief.

 

4.3
Corporate Records of PHIL. The corporate records of PHIL, as required to be maintained by it pursuant to the Wyoming Statues, are
accurate, complete and current in all material respects, and the minute book of PHIL is, in all material respects, correct and contains
all material records required by the laws of the State of Nevada in regard to all proceedings, consents, actions and meetings of the
shareholders and the board of directors of PHIL.

 

4.4
Non-Contravention. Neither the execution, delivery, performance of this Agreement nor the consummation of this Transaction will:

 

(a)
subject to certain provisions contained elsewhere in this Agreement, conflict with, result in a violation of, cause a default under (with
or without notice, lapse of time or both) or give rise to a right of termination, amendment, cancellation or acceleration of any obligation
contained in or the loss of any material benefit under, or result in the creation of any lien, security interest, charge or encumbrance
upon any of the material properties or assets of PHIL under any term, condition or provision of any loan or credit agreement, note, debenture,
bond, mortgage, indenture, lease or other agreement, instrument, permit, license, judgment, order, decree, statute, law, ordinance, rule
or regulation applicable to PHIL or any of its material property or assets;

 

(b)
violate any provision of the applicable incorporation or charter documents of PHIL; or

 

(c)
violate any order, writ, injunction, decree, statute, rule, or regulation of any court or governmental or regulatory authority applicable
to PHIL or any of its material property or assets.

 

    	5

    	 

    

 

4.5
Compliance.

 

(a)
To the best knowledge of PHIL, PHIL is in compliance with, is not in default or violation in any material respect under, and has not
been charged with or received any notice at any time of any material violation of any statute, law, ordinance, regulation, rule, decree
or other applicable regulation to the business or operations of PHIL;

 

(b)
To the best knowledge of PHIL, PHIL is not subject to any judgment, order or decree entered in any lawsuit or proceeding applicable to
its business and operations that would constitute a Material Adverse Effect;

 

(c)
PHIL will have duly filed all reports and returns required to be filed by it with governmental authorities and has obtained all governmental
permits and other governmental consents, except as may be required after the execution of this Agreement. All of such permits and consents
are in full force and effect, and no proceedings for the suspension or cancellation of any of them, and no investigation relating to
any of them, is pending or to the best knowledge of PHIL, threatened, and none of them will be affected in a material adverse manner
by the consummation of the Transaction; and

 

(d)
PHIL has operated in material compliance with all laws, rules, statutes, ordinances, orders and regulations applicable to its business.
PHIL has not received any notice of any violation thereof, nor is PHIL aware of any valid basis therefore.

 

4.6
Filings, Consents and Approvals. PHIL shall conduct or obtain any filing, registration, permit or authorization from any public or
governmental body or authority, shareholders or other person that is necessary for the consummation by PHIL of the Transaction contemplated
by this Agreement and to continue to conduct its business after the Closing Date in a manner which is consistent with that in which it
is presently conducted.

 

4.7
Subsidiary. PHIL has chosen to assign Empire Spirits, Inc., one of its subsidiaries to be the holder of the title to the Acquired
Assets and any ownership documentation associated with such assets.

 

4.8
No Brokers. PHIL has not incurred any obligation or liability to any party for any brokerage fees, agent’s commissions, or
finder’s fees in connection with the Transaction contemplated by this Agreement, except for the terms and conditions in connection
with the assignment agreement between PHIL and PHIL as mentioned above.

 

4.9
Completeness of Disclosure. No representation or warranty by PHIL in this Agreement nor any certificate, schedule, statement, document
or instrument furnished or to be furnished to FGTS pursuant hereto contains or will contain any untrue statement of a material fact or
omits or will omit to state a material fact required to be stated herein or therein or necessary to make any statement herein or therein
not materially misleading.

 

5.
CLOSING CONDITIONS

 

5.1
Conditions Precedent to Closing by PHIL. The obligation of PHIL to consummate the Transaction is subject to the satisfaction or waiver
of the conditions set forth below on or before the Closing Date or such earlier date as hereinafter specified. The Closing of the Transaction
contemplated by this Agreement will be deemed to mean the satisfaction or waiver of all conditions to Closing. These conditions of closing
are for the benefit of PHIL and may be waived by PHIL in its sole discretion.

 

(a)
PHIL shall have obtained the approval of its Board of Directors for the purchase of the equity ownership in FGTS.

 

    	6

    	 

    

 

(b)
Representations and Warranties. The representations and warranties of FGTS set forth in this Agreement will be true, correct and complete
in all respects as of the Closing Date, as though made on and as of the Closing Date and FGTS will have delivered to PHIL a certificate
dated as of the Closing Date, to the effect that the representations and warranties made by FGTS respectively in this Agreement are true
and correct.

 

(c)
Performance. All of the covenants and obligations that FGTS are required to perform or to comply with pursuant to this Agreement at or
prior to the Closing shall have been performed and complied with in all material respects.

 

(d)
Transaction Documents. This Agreement, the FGTS Documents and all other documents necessary or reasonably required to consummate the
Transaction, all in form and substance reasonably satisfactory to PHIL, will have been executed and delivered to PHIL.

 

(e)
Third Party Consents. PHIL will have received duly executed copies of all third-party consents and approvals contemplated by this Agreement,
in form and substance reasonably satisfactory to PHIL.

 

(f)
No Material Adverse Change. No FGTS Material Adverse Effect will have occurred since the date of this Agreement.

 

(g)
No Action. No suit, action, or proceeding will be pending or threatened which would:

 

	 	(i)	prevent
    the consummation of any of the transactions contemplated by this Agreement, or
	 	 	 
	 	(ii)	cause
    the Transaction to be rescinded following consummation.

 

(h)
Due Diligence. PHIL and its attorneys will be reasonably satisfied with their due diligence investigation of FGTS that is reasonable
and customary in a transaction of a similar nature to that contemplated by the Transaction, including:

 

	 	(i)	satisfactory
    technical specifications of the properties of the referenced Acquired Assets;
	 	 	 
	 	(ii)	materials,
    documents and information in the possession and control of FGTS that are reasonably germane to the Transaction;
	 	 	 
	 	(iii)	title
    to the Acquired Assets held by FGTS; 
	 	 	 
	 	(iv)	completion
    of the financial, operational and legal due diligence review of FGTS by PHIL or a third-party contractor. PHIL will be responsible
    for the costs in connection with the reviews.
	 	 	 
	 	(vi)	the
    time limit for the required Due Diligence is a maximum of 60 days following the signing of this Agreement, unless further extended
    in writing by the Majority Shareholders, FGTS and PHIL.

 

5.2
Conditions Precedent to Closing by FGTS. The obligation of FGTS to consummate the Transaction is subject to the satisfaction or waiver
of the conditions set forth below on or before the Closing Date or such earlier date as hereinafter specified. The Closing of the Transaction
will be deemed to mean the satisfaction or waiver of all conditions to Closing. These conditions precedent are for the benefit of FGTS
and the Majority Shareholders and may be waived by FGTS and the Majority Shareholders in their discretion.

 

(a)
On or before the Closing, the Board of Directors and the general meeting of shareholders of FGTS shall have approved, in accordance with
the law of People’s Republic of China, the execution, delivery and performance of this Agreement and the consummation of the transaction
contemplated herein and authorized all of the necessary and proper action to enable FGTS to comply with the terms of the Agreement, including
but not limited to the acquisition plan to be prepared by FGTS and PHIL.

 

    	7

    	 

    

 

(b)
Representations and Warranties. The representations and warranties of PHIL set forth in this Agreement will be true, correct and complete
in all respects as of the Closing Date, as though made on and as of the Closing Date and PHIL will have delivered to FGTS a certificate
dated the Closing Date, to the effect that the representations and warranties made by PHIL in this Agreement are true and correct.

 

(c)
Performance. All of the covenants and obligations that PHIL is required to perform or to comply with pursuant to this Agreement at or
prior to the Closing shall have been performed and complied with in all material respects. PHIL shall have delivered each of the documents
required to be delivered by it pursuant to this Agreement.

 

(d)
Transaction Documents. This Agreement, the PHIL Documents and all other documents necessary or reasonably required to consummate the
Transaction, all in form and substance reasonably satisfactory to FGTS, shall have been executed and delivered by PHIL.

 

(e)
Secretary’s Certificate - PHIL. FGTS shall have received a certificate from the Secretary of PHIL attaching:

 

	 	(i)	a
    copy of PHIL’s articles, bylaws and all other incorporation documents, as amended through the Closing Date, and
	 	 	 
	 	(ii)	copies
    of resolutions duly adopted by the board of directors of PHIL approving the execution and delivery of this Agreement and the consummation
    of the transactions contemplated herein.

 

(f)
No Action. No suit, action, or proceeding shall be pending or threatened before any governmental or regulatory authority wherein an unfavorable
judgment, order, decree, stipulation, injunction or charge would:

 

	 	(i)	prevent
    the consummation of any of the transactions contemplated by this Agreement, or,
	 	 	 
	 	(ii)	cause
    the Transaction to be rescinded following consummation.

 

6.
ADDITIONAL COVENANTS OF THE PARTIES

 

6.1
Access and Investigation. Between the date of this Agreement and the Closing Date, FGTS, on the one hand, and PHIL, on the other
hand, shall, and shall cause each of their respective representatives to:

 

(a)
afford the other and its representatives full and free access to its personnel, properties, assets, contracts, books and records, and
other documents and data;

 

(b)
furnish the other and its representatives with copies of all such contracts, books and records, and other existing documents and data
as required by this Agreement and as the other may otherwise reasonably request; and,

 

(c)
furnish the other and its representatives with such additional financial, operating, and other data and information as the other may
reasonably request.

 

    	8

    	 

    

 

All
of such access, investigation and communication by a party and its representatives shall be conducted during normal business hours and
in a manner designed not to interfere unduly with the normal business operations of the other party. Each party shall instruct its auditors
to co-operate with the other party and its representatives in connection with such investigations.

 

6.2
Notification. Between the date of this Agreement and the Closing Date, each of the parties to this Agreement shall promptly notify
the other parties in writing if it becomes aware of any fact or condition that causes or constitutes a material breach of any of its
representations and warranties as of the date of this Agreement, if it becomes aware of the occurrence after the date of this Agreement
of any fact or condition that would cause or constitute a material breach of any such representation or warranty had such representation
or warranty been made as of the time of occurrence or discovery of such fact or condition. Should any such fact or condition require
any change in the Schedules relating to such party, such party shall promptly deliver to the other parties a supplement to the Schedules
specifying such change. During the same period, each party shall promptly notify the other parties of the occurrence of any material
breach of any of its covenant in this Agreement or of the occurrence of any event that may make the satisfaction of such conditions impossible
or unlikely.

 

6.3
Exclusivity. The relationship established by both parties herein is exclusive unless the transaction contemplated by this Agreement
is terminated pursuant to Article 8 herein.

 

6.4
Conduct of FGTS and PHIL Business Prior to Closing. Except as expressly contemplated by this Agreement or for purposes in furtherance
of this Agreement, from the date of this Agreement to the Closing Date, and except to the extent that FGTS otherwise consents in writing,
PHIL shall operate its business substantially as presently operated and only in the ordinary course and in compliance with all applicable
laws, and use its best efforts to preserve intact its good reputation and present business organization and to preserve its relationships
with persons having business dealings with it.

 

6.5
Full Disclosure Requirement. FGTS acknowledges that PHIL is required to file with the SEC upon Closing a disclosure document which
includes discussion of many aspects of its future business, financial affairs, risks and management. FGTS shall cooperate fully in providing
PHIL with all information and documentation reasonably requested.

 

6.6
Licenses and Permits. FGTS and the Majority Shareholders acknowledge and warrant that they shall be responsible for obtaining and
maintaining all the valid and effective licenses and permits for FGTS’s operations.

 

7.
CLOSING

 

7.1
Closing Date. The Closing Date shall be on September 18, 2022 or as soon as PHIL will have paid the Total Purchase Price to the Majority
Shareholders of FGTS.

 

7.2
Closing. The Closing shall take place on the Closing Date at the offices of PHIL or FGTS, or at such other location as agreed to
by the parties. Notwithstanding the location of the Closing, each party agrees that the Closing may be completed by the exchange of undertakings
between the respective legal counsel for FGTS and PHIL, provided such undertakings are satisfactory to each party’s respective
legal counsel.

 

7.3
Closing Deliveries of FGTS. At Closing, FGTS and the Majority Shareholders shall deliver or cause to be delivered the following,
fully executed and in the form and substance reasonably satisfactory to PHIL:

 

(a)
Proof of the conveyance of a seventy percent (70%) equity ownership in FGTS to Empire Spirits, Inc, or PHIL’s other designee(s);

 

    	9

    	 

    

(b)
all certificates and other documents required by Section 5.1 of this Agreement;

 

(c
) a certificate of an officer of FGTS, dated as of Closing, certifying that:

 

	 	(i)	each
    respective covenant and obligation of FGTS has been complied with, and
	 	 	 
	 	(ii)	each
    respective representation, warranty and covenant of FGTS is true and correct at the Closing as if made on and as of the Closing;
    and

 

(d)
The FGTS Documents and any other necessary documents, each duly executed by FGTS, as required to give effect to the Transaction.

 

7.4
Closing Deliveries of PHIL. At Closing, PHIL shall deliver or cause to be delivered the following, fully executed and in the form
and substance reasonably satisfactory to FGTS:

 

(a)
copies of all resolutions and/or consent actions adopted by or on behalf of the board of directors of PHIL evidencing approval of this
Agreement.

 

(b)
Proof of payments of the Total Purchase Price of One Hundred Million U.S. Dollars ($US 100,000,000) in cash satisfactory to the Majority
Shareholders of FGTS and/or its designee(s), unless agreed otherwise by the parties hereto prior to the Closing Date.

 

(c)
all certificates and other documents required by Section 5.2 of this Agreement;

 

(d)
a certificate of an officer of PHIL, dated as of Closing, certifying that:

 

	 	(i)	each
    covenant and obligation of PHIL has been complied with, and
	 	 	 
	 	(ii)	each
    representation, warranty and covenant of PHIL is true and correct at the Closing as if made on and as of the Closing; and

 

(e)
any other necessary documents, each duly executed by PHIL, as required to give effect to the Transaction.

 

8.
TERMINATION

 

8.1
Termination. This Agreement may be terminated at any time prior to the Closing Date contemplated hereby by:

 

(a)
mutual agreement of PHIL and FGTS;

 

(b)
PHIL, in the event of unsatisfactory legal, technical and other due diligence of FGTS and the Acquired Assets, as mentioned elsewhere
in this Agreement.

 

(c)
PHIL, if there has been a material breach by FGTS or any of FGTS of any material representation, warranty, covenant or agreement set
forth in this Agreement on the part of FGTS that is not cured, to the reasonable satisfaction of PHIL, within ten business days after
notice of such breach is given by PHIL (except that no cure period shall be provided for a breach by FGTS that by its nature cannot be
cured);

 

(d)
FGTS, if there has been a material breach by PHIL of any material representation, warranty, covenant or agreement set forth in this Agreement
on the part of PHIL that is not cured, to the reasonable satisfaction of FGTS, within ten business days after notice of such breach is
given by FGTS (except that no cure period shall be provided for a breach by PHIL that by its nature cannot be cured);

 

    	10

    	 

    

 

(e) PHIL
or FGTS, if the Transaction contemplated by this Agreement has not been consummated by Sep, 18 2022 unless PHIL and FGTS agree to extend
such date in writing; or,

 

(g) PHIL
or FGTS, if any injunction or other order of a governmental entity of competent authority prevents the consummation of the Transaction
contemplated by this Agreement.

 

8.2 Effect
of Termination. In the event of the termination of this Agreement as provided in Section 8.1, this Agreement shall be of no further
force or effect, provided, however, that no termination of this Agreement shall relieve any party of liability for any breaches of this
Agreement that are based on a wrongful refusal or failure to perform any obligations.

 

9.
INDEMNIFICATION, REMEDIES, SURVIVAL

 

9.1
Certain Definitions. For the purposes of this Section 9, the terms “Loss” and “Losses” mean any and all demands,
claims, actions or causes of action, assessments, losses, damages, liabilities, costs, and expenses, including without limitation, interest,
penalties, fines and reasonable attorneys, accountants and other professional fees and expenses of an amount not less than $US 5,000,
but excluding any indirect, consequential or punitive damages suffered by PHIL or FGTS including damages for lost profits or lost business
opportunities.

 

9.2 FGTS
Indemnity. FGTS shall and does hereby indemnify, defend, and hold harmless PHIL and its shareholders from, against, and in respect
of any and all Losses asserted against, relating to, imposed upon, or incurred by PHIL and its shareholders by reason of, resulting from,
based upon or arising out of:

 

(a) any
breach by FGTS of this Agreement; or

 

(b) any
misstatement, misrepresentation or breach of the representations and warranties made by FGTS contained in or made pursuant to this Agreement
, any FGTS Document or any certificate or other instrument delivered pursuant to this Agreement.

 

9.3 PHIL
Indemnity. PHIL shall and does hereby indemnify, defend, and hold harmless FGTS from, against, for, and in respect of any and all
Losses asserted against, relating to, imposed upon, or incurred by FGTS by reason of, resulting from, based upon or arising out of:

 

(a) any
breach by PHIL of this Agreement; or

 

(b) any
misrepresentation, misstatement or breach of warranty of PHIL contained in or made pursuant to this Agreement, any PHIL Document or any
certificate or other instrument delivered pursuant to this Agreement.

 

10.
GENERAL

 

10.1 Effectiveness
of Representations; Survival. Each party is entitled to rely on the representations, warranties, indemnifications and agreements
of each of the other parties and all such representation, warranties and agreement shall be effective regardless of any investigation
that any party has undertaken or failed to undertake. The representations, warranties and agreements shall survive the Closing Date and
continue in full force and effect until one (1) year after the Closing Date.

 

10.2 Further
Assurances and Provision of Information. Each of the parties hereto shall co-operate with the others and execute and deliver to the
other parties hereto such other instruments and documents and take such other actions as may be reasonably requested from time to time
by any other party hereto as necessary to carry out, evidence, and confirm the intended purposes of this Agreement. FGTS agrees to provide
such information as requested by PHIL in a timely manner prior to Closing Date.

 

    	11

    	 

    

 

10.3 Amendment.
This Agreement may not be amended except by an instrument in writing signed by each of the parties.

 

10.4 Expenses.
Except as otherwise stated in this Agreement, FGTS and PHIL shall pay and be responsible for their own expenses that will or may
be incurred in connection with the preparation, execution, and performance of this Agreement and the Transaction contemplated hereby,
including all fees and expenses of their own agents, representatives, counsel, and accountants.

 

10.5 Entire
Agreement. This Agreement, the schedules attached hereto and the other documents in connection with this transaction contain the
entire agreement between the parties with respect to the subject matter hereof and supersede all prior arrangements and understandings,
both written and oral, expressed or implied, with respect thereto. Any preceding correspondence or offers are expressly superseded and
terminated by this Agreement.

 

10.6 Notices.
All notices and other communications required or permitted under to this Agreement shall be sent to the addresses exchanged by the
parties hereto for this purpose, as may from time to time be updated by one party to the other, must be in writing and shall be deemed
given if sent by personal delivery, faxed with electronic confirmation of delivery, internationally-recognized express courier or registered
or certified mail (return receipt requested), postage prepaid, to the parties at the addresses specified by a party to the others from
time to time for notice purposes. All such notices and other communications shall be deemed to have been received:

 

(a) in
the case of personal delivery, on the date of such delivery;

 

(b) in
the case of a fax, when the party sending such fax has received electronic confirmation of its delivery;

 

(c) in the case of delivery by internationally-recognized express courier, on the sixth business
day following dispatch; and,

 

(d) in
the case of mailing, on the fifteenth business day following mailing.

 

If
to FGTS:

 

Five
Grain Treasure Spirits Co. Ltd.

Attn:
Mr. James Wang, President

Jigu
Road Economic Zone,

Shulan
City, Jilin Province

People’s
Republic of China

Email:
josn999@gmail.com

 

If
to PHIL:

 

PHI
Group, Inc.

Attn:
Mr. Henry D Fahman, Chairman & CEO

2323
Main Street

Irvine,
CA 92614, U.S.A.

Email:
henry@phiglobal.com

 

    	12

    	 

    

 

10.7
Headings. The headings contained in this Agreement are for convenience purposes only and shall not affect in any way the meaning
or interpretation of this Agreement.

 

10.8 Benefits.
This Agreement is and shall only be construed as for the benefit of or enforceable by those persons party to this Agreement.

 

10.9 Assignment.
This Agreement may not be assigned (except by operation of law) by any party without the consent of the other parties.

 

10.10 Governing
Laws. This Agreement shall be governed by and construed in accordance with the laws of the State of Wyoming, U.S.A. and the laws
of People’s Republic of China with respect to the acquisition of the Acquired Assets, where appropriate.

 

10.11 Gender.
All references to any party shall be read with such changes in number and gender as the context or reference requires.

 

10.12 Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood
that all parties need not sign the same counterpart.

 

10.13 Fax
Execution and/or Scanned Copy. This Agreement may be executed by delivery of executed signature pages by fax or scanned copy and
such fax execution or scanned copy shall be effective for all purposes.

 

10.14 Independent
Legal Advice. FGTS confirms that he has been given an opportunity to seek and obtain independent legal advice prior to execution
of this Agreement and cannot and does not rely on the representations of PHIL or its advisors respecting the legal effects of this Agreement.

 

10.15 Schedules
and Exhibits. The schedules and exhibits that are attached to this Agreement are incorporated herein.

 

10.16 References.
Unless otherwise explicitly stated, all references to a “Section” “Schedule” or Exhibit” herein refer to
a section, schedule or exhibit in and to this Agreement.

 

IN
WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

 

	PHI
    GROUP, INC.  	FIVE
    GRAIN TREASURE SPIRITS CO. LTD.
	a
    Nevada corporation	a
    PRC Limited Liability Company 

 

	By:	/s/
    Henry D Fahman	 	By:	/s/
    James Wang
	 	Henry
    D. Fahman	 	 	James
    Wang
	 	Chairman
    & CEO	 	 	  President

 

	THE
    MAJORITY SHAREHOLDER(S)	 
	 	 	 
	By:
    	/s/
    James Wang	 
	 	James
    Wang, an individual	 
	 	Authorized
    Representative for Majority Shareholders (100%)	 

 

    	13

    	 

    

 

SCHEDULE
1

 

TO
THE AGREEMENT OF PURCHASE AND SALE

DATED
JANUARY 18, 2022 BETWEEN PHIL AND FGTS

 

The
Acquired Assets

 

The
following sets out the Acquired Assets to be exchanged for cash and/or marketable securities pursuant to the Agreement:

 

	Description:	 	Seventy
    percent (70%) equity ownership in Five Grain Treasure Spirits Company, Ltd., a People’s Republic of China company.
	 	 	 
	Location:
    	 	Jigu
    Road Economic Zone, Shulan City, Jilin Province, People’s Republic of China
	 	 	 
	Legal
    status:	 	Clean
    and Clear.

 

    	14

    	 

    

 

SCHEDULE
2

 

TO
THE AGREEMENT OF PURCHASE AND SALE

DATED
JANUARY 18, 2022 BETWEEN PHIL AND FGTS

 

Title
of Acquired Assets

 

	1.	Owned
                                            and fully paid.

 

    	15

    	 

    

 

SCHEDULE
3

 

TO
THE AGREEMENT OF PURCHASE AND SALE

DATED
JANUARY 18, 2022 BETWEEN PHIL AND FGTS

 

Impairments
to Title of Acquired Assets

 

None

 

    	16

    	 

    

 

SCHEDULE
4

 

TO
THE AGREEMENT OF PURCHASE AND SALE

DATED
JANUARY 18, 2022 BETWEEN PHIL AND FGTS

 

Licenses
and Permits of FGTS

 

1)
To be provided prior to payment of first tranche

 

    	17

    	 

    

 

SCHEDULE
5

 

TO
THE AGREEMENT OF PURCHASE AND SALE

DATED
JANUARY 18, 2022 BETWEEN PHIL AND FGTS

 

Exceptions

 

None

 

    	18

    	 

    

 

SCHEDULE
6

 

TO
THE AGREEMENT OF PURCHASE AND SALE

DATED
JANUARY 18, 2022 BETWEEN PHIL AND FGTS

 

The
Majority Shareholders

 

	Name:	 	Percentage
    of ownership in FGTS:
	 	 	 
	(1)
    James Wang, an individual	 	 
	Authorized
    Representative for Majority Shareholders 	 	 (100%)

 

    	19

    	 

    

 

SCHEDULE
7

 

TO
THE AGREEMENT OF PURCHASE AND SALE

DATED
JANUARY 18, 2022 BETWEEN PHIL AND FGTS

 

	Exhibits
    	 	Description
	1
    	 	Articles
    of Incorporation (Business Registration)
	2
    	 	Bylaws
	3
    	 	Financials
	4	 	Liability
    disclosure
	5	 	Assets
	6	 	Contracts
	7	 	Litigation
	8	 	Insurance
	9	 	Employees
	10	 	Compliance
    with Laws - Exceptions
	11	 	Leases

 

    	20

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