Document:

Exhibit

Exhibit 10.1

EXCHANGE AGREEMENT 
(Unrestricted Notes)
__________________________ (the “Undersigned”), for itself and on behalf of the beneficial owners listed on Exhibit A hereto (“Accounts”) for whom the Undersigned holds contractual and investment authority (each Account, as well as the Undersigned if it is exchanging Existing Notes (as defined below) hereunder, a “Holder”), enters into this Exchange Agreement (the “Agreement”) with Invacare Corporation, an Ohio corporation (the “Company”), on November 13, 2019 whereby the Holders will exchange (the “Exchange”) for each $1,000 principal amount of the Company’s existing 5.00% Convertible Senior Notes due 2021 (the “Existing Notes”), a combination of (i) $1,000 principal amount of the Company’s new 5.00% Convertible Senior Exchange Notes due 2024 (the “New Notes”) that will be issued pursuant to the provisions of an Indenture to be dated as of November 19, 2019 (the “Indenture”) between the Company and Wells Fargo Bank, National Association, as Trustee (the “Trustee”), and (ii) a cash payment equal to $95 for each $1,000 principal amount of the Existing Notes (“Exchange Cash” and, together with New Notes, the “Exchange Consideration”), as set forth in Exhibit A hereto. 
On and subject to the terms and conditions set forth in this Agreement, the parties hereto agree as follows:
Article I:  Exchange of the Existing Notes
At the Closing (as defined herein), the Undersigned hereby agrees to cause the Holders to exchange and deliver to the Company the following aggregate principal amount of Existing Notes, and in exchange therefor the Company hereby agrees to issue or pay, as the case may be, to the Holders the aggregate Exchange Consideration, as described below:

	
		
	Aggregate principal amount of Existing Notes to be Exchanged:   
	$[   ] (the “Exchanged Notes”)

	Exchange Consideration

	Aggregate principal amount of New Notes:   
	$[   ] (the “Holders’ New Notes”)

	Aggregate amount of Exchange Cash:   
	$[   ]

For the avoidance of doubt, no cash payment will be made in respect of accrued and unpaid interest in respect of the Holders’ Exchanged Notes from, and including, the most recent date on which interest thereon was paid, to the Closing Date (as defined below), and interest will accrue on the New Notes from August 15, 2019.
The closing of the Exchange (the “Closing”) shall occur on November 19, 2019, a date (the “Closing Date”) no later than four business days after the date of this Agreement.  At the Closing, (a) each Holder shall deliver or cause to be delivered to the Company all right, title and interest in and to its Exchanged Notes (and no other consideration) free and clear of any mortgage, lien, pledge, charge, security interest, encumbrance, title retention agreement, option, equity or other adverse claim thereto (collectively, “Liens”), together with any documents of conveyance or transfer that the Company may deem necessary or desirable to transfer to and confirm in the Company all right, title and interest in and to the Exchanged Notes free and clear of any Liens, and (b) the Company shall deliver to each Holder (i) the principal amount of Holders’ New Notes specified on Exhibit A hereto (or, if there are no Accounts, the Company shall deliver to the Undersigned, as the sole Holder, the Holders’ New Notes) and (ii) the Exchange Cash specified on Exhibit A hereto (or, if there are no Accounts, the Company shall deliver to the Undersigned, as the sole Holder, the Holders’ Exchange Cash); provided, however, that the parties acknowledge that the Company may delay the delivery of the Holders’ New Notes to the Holder due to procedures and mechanics within the system of the Depository Trust Company or the New York Stock Exchange (including the procedures and mechanics regarding the listing of the Conversion Shares (as defined below) on such exchange), or other events beyond the Company’s control and that such delay will not be a default under this Agreement so 

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long as (i) the Company is using its reasonable best efforts to effect the issuance of one or more global notes representing the New Notes, and (ii) such delay is no longer than five business days after the date of this Agreement.  For the avoidance of doubt, (a) in the event of any delay in the Closing pursuant to the prior sentence the Holders shall not be required to deliver the Exchanged Notes until the Closing occurs and (b) the Company will not make any separate cash payment pursuant to this Agreement in respect of interest, if any, accrued and unpaid to the Closing Date for the Exchanged Notes. Instead, such amounts will be deemed to be paid by the exchange of the Exchanged Notes for the Holders’ Exchange Consideration.  Simultaneously with or after the Closing, the Company may deliver Exchange Consideration, if any, to one or more other holders of outstanding Existing Notes or to other investors, subject to the terms of the Indenture.  The cancellation of the Exchanged Notes and the delivery of the New Notes shall be effected via one-sided Deposit/Withdrawal at Custodian (DWAC) pursuant to the instructions to be provided by Oppenheimer & Co. Inc. (“OpCo”) post-pricing.  OpCo shall provide instructions to the Undersigned for settlement of the Exchange. All questions as to the form of all documents and the validity and acceptance of the Existing Notes and the New Notes will be determined by the Company, in its sole discretion, which determination shall be final and binding.
Article II:  Covenants, Representations and Warranties of the Holders
The Undersigned hereby covenants as follows, and makes the following representations and warranties on its own behalf and where specified below, on behalf of each Holder, each of which is and shall be true and correct on the date hereof and at the Closing, to the Company and OpCo, and all such covenants, representations and warranties shall survive the Closing.
Section 2.1    Power and Authorization.  Each of the Undersigned and each Holder is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation, and the Undersigned has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the Exchange contemplated hereby, in each case on behalf of each Holder.  If the Undersigned is executing this Agreement on behalf of Accounts, (a) the Undersigned has all requisite discretionary and contractual authority to enter into this Agreement on behalf of, and bind, each Account, and (b) Exhibit A hereto is a true, correct and complete list of (i) the name of each Account, (ii) the principal amount of such Account’s Exchanged Notes, (iii) the principal amount of Holders’ New Notes to be issued to such Account in respect of its Exchanged Notes and (iv) the amount of Exchange Cash to be paid to such Holder in respect of Exchanged Notes.  No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Holders of this Agreement and the consummation of the Exchange contemplated hereby, in each case on behalf of each Holder.
Section 2.2    Valid and Enforceable Agreement; No Violations.  This Agreement has been duly executed and delivered by the Undersigned and constitutes a valid and legally binding obligation of the Undersigned and each Holder, enforceable against the Undersigned and each Holder in accordance with its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally, and (b) general principles of equity, whether such enforceability is considered in a proceeding at law or in equity (the “Enforceability Exceptions”).  This Agreement and consummation of the Exchange will not violate, conflict with or result in a breach of or default under (i) the Undersigned’s or the applicable Holder’s organizational documents (or any similar documents governing each Account), (ii) any agreement or instrument to which the Undersigned or the applicable Holder is a party or by which the Undersigned or the applicable Holder or any of their respective assets are bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Undersigned or the applicable Holder, except in the case of clause (iii), where such violations, conflicts, breaches or defaults would not affect the Undersigned’s or the applicable Holder’s ability to consummate the transactions contemplated hereby in any material respect.

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Section 2.3    Title to the Exchanged Notes.  Each Holder is the sole legal and beneficial owner of the Exchanged Notes set forth opposite its name on Exhibit A hereto (or, if there are no Accounts, the Undersigned is the sole legal and beneficial owner of all of the Exchanged Notes).  Each Holder has good, valid and marketable title to its Exchanged Notes, free and clear of any Liens (other than pledges or security interests that the Holder may have created in favor of a prime broker under and in accordance with its prime brokerage agreement with such broker).  The Holder has not, in whole or in part, except as described in the preceding sentence, (a) assigned, transferred, hypothecated, pledged, exchanged or otherwise disposed of any of its rights, title or interest in or to its Exchanged Notes, or (b) given any person or entity (other than the Undersigned) any transfer order, power of attorney or other authority of any nature whatsoever with respect to its Exchanged Notes.  Upon the Holder’s delivery of its Exchanged Notes to the Company pursuant to the Exchange, the Company will acquire good, marketable and unencumbered title to such Exchanged Notes, free and clear of all Liens.
Section 2.4    Accredited Investor or Qualified Institutional Buyer.  The Holder is both (a) an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3), (7) and (8) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and (b) a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act; and is acquiring the New Notes hereunder for investment for its own respective account and not with a view to, or for resale in connection with, any distribution thereof in a manner that would violate the registration requirements of the Securities Act.
Section 2.5    No Affiliate Status.  The Holder is not, and has not been at any time during the consecutive three month period preceding the date hereof, a director, officer or “affiliate” within the meaning of Rule 144 promulgated under the Securities Act (an “Affiliate”) of the Company.  To its knowledge, the Holder did not acquire any of the Exchanged Notes, directly or indirectly, from an Affiliate of the Company.  
Section 2.6    No Illegal Transactions.  Each of the Undersigned and each Holder has not, directly or indirectly, and no person acting on behalf of or pursuant to any understanding with it has, disclosed to a third party any information regarding the Exchange or engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as defined below) involving any of the Company’s securities) since the time that the Undersigned was first contacted by either the Company, OpCo or any other person regarding the Exchange, this Agreement or an investment in the New Notes or the Company.  Each of the Undersigned and the Holder covenants that neither it nor any person acting on its behalf or pursuant to any understanding with it will disclose to a third party any information regarding the Exchange or engage, directly or indirectly, in any transactions in the securities of the Company (including Short Sales) prior to the time the transactions contemplated by this Agreement are publicly disclosed by the Company. “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 of Regulation SHO promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps, derivatives and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker-dealers or foreign regulated brokers.  Solely for purposes of this Section 2.6, subject to the Undersigned’s and the Holder’s compliance with their respective obligations under the U.S. federal securities laws and the Undersigned’s and the Holder’s respective internal policies, (i) “Undersigned” and “Holder” shall not be deemed to include any employees, subsidiaries, desks, groups or affiliates of the Undersigned or the Holder that are effectively walled off by appropriate “Fire Wall” information barriers approved by the Undersigned’s or the Holder's respective legal or compliance department (and thus such walled off parties have not been privy to any information concerning the Exchange), and (ii) the foregoing representations and covenants of this Section 2.6 shall not apply to any transaction by or on behalf of an Account, desk or group that was effected without the advice or participation of, or such Account’s, desk’s or group’s receipt of information regarding the Exchange provided by, the Undersigned or the Holder.
Section 2.7    Adequate Information; No Reliance.  The Undersigned acknowledges and agrees on behalf of itself and each Holder that (a) the Undersigned has been furnished with all materials it considers relevant to making an investment decision to enter into the Exchange and has had the opportunity to review the Company’s 

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filings and submissions with the Securities and Exchange Commission (the “SEC”), including, without limitation, all information filed or furnished pursuant to the Exchange Act, (b) the Undersigned has had a full opportunity to ask questions of the Company concerning the Company, its business, operations, financial performance, financial condition and prospects, and the terms and conditions of the Exchange, (c) the Undersigned has had the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in the Exchange and to make an informed investment decision with respect to such Exchange, (d)  each Holder has evaluated the tax and other consequences of the Exchange and ownership of the New Notes with its tax, accounting or legal advisors, including the consequences to such Holder of the issuance of the New Notes with significant original issue discount for U.S. Federal income tax purposes, (f) neither the Undersigned nor any Holder is relying, and none of them has relied, upon any statement, advice (whether accounting, tax, financial, legal or other), representation or warranty made by the Company or any of its affiliates or representatives including, without limitation, OpCo, except for (A) the publicly available filings and submissions made by the Company with the SEC under the Exchange Act and (B) the representations and warranties made by the Company in this Agreement, and (g) none of OpCo, any of its affiliates or any of its control persons, officers, directors or employees shall be liable to the Holders in connection with or any transaction in connection with the Exchange. Each of the Undersigned and each Holder is a sophisticated participant in the Exchange; has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its prospective investment in the New Notes; has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment; and acknowledges that an investment in the New Notes involves a high degree of risk.
Section 2.8    No Public Market.  The Undersigned acknowledges and agrees on behalf of itself and each Holder that no public market exists for the New Notes and that there is no assurance that a public market will ever develop for the New Notes.
Section 2.9    Privately Negotiated Exchange. The Undersigned and each Holder acknowledges that the terms of the Exchange have been mutually negotiated between the Undersigned (for itself and on behalf of each Holder) and the Company. The Undersigned was given a meaningful opportunity to negotiate the terms of the Exchange on behalf of itself and each Holder. Each Holder’s participation in the Exchange was not conditioned by the Company on such Holder’s exchange of a minimum principal amount of Exchanged Notes. The Undersigned and each Holder acknowledges that it had a sufficient amount of time to consider whether to participate in the Exchange and that neither the Company nor OpCo has placed any pressure on the Undersigned or any Holder to respond to the opportunity to participate in the Exchange. The Undersigned and each Holder acknowledges that it did not became aware of the Exchange through any form of general solicitation or advertising within the meaning of Rule 502 under the Securities Act.
Section 2.10    Taxpayer Information.  The Undersigned agrees that it shall obtain from each Holder and deliver to the Company a complete and accurate IRS Form W-9 or IRS Form W-8BEN, W-8BEN-E or W-8ECI, as appropriate.
Section 2.11    Further Action.  The Undersigned agrees that the Undersigned and each Holder shall, upon request, execute and deliver any additional documents deemed by the Company to be necessary or desirable to complete the Exchange.
Article III:  Covenants, Representations and Warranties of the Company
The Company hereby covenants as follows, and makes the following representations and warranties, each of which is and shall be true and correct on the date hereof and at the Closing, to the Holders and OpCo, and all such covenants, representations and warranties shall survive the Closing.
Section 3.1    Power and Authorization.  The Company is duly incorporated, validly existing and in good standing under the laws of its state of incorporation, and has the power, authority and capacity to execute and 

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deliver this Agreement and the Indenture, to perform its obligations hereunder and thereunder, and to consummate the Exchange contemplated hereby. No material consent, approval, order or authorization of, or material registration or declaration with, any governmental entity is required on the part of the Company in connection with the execution, delivery and performance by it of this Agreement and the consummation by the Company of the transactions contemplated hereby, other than as may be required under the securities or blue sky laws of the various jurisdictions in which the New Notes are being issued.  
Section 3.2    Valid and Enforceable Agreements; No Violations.  This Agreement has been duly executed and delivered by the Company and constitutes a valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforcement may be subject to the Enforceability Exceptions.  At the Closing, the Indenture, substantially in the form of Exhibit B hereto, will have been duly executed and delivered by the Company and will govern the terms of the New Notes, and the Indenture will constitute a valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforcement may be subject to the Enforceability Exceptions.  This Agreement, the Indenture and consummation of the Exchange will not violate, conflict with or result in a breach of or default under (a) the articles of incorporation, code of regulations or other organizational documents of the Company, (b) any agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound, or (c) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Company, except in the case of clauses (b) or (c), where such violations, conflicts, breaches or defaults would not affect the Company’s business or its ability to consummate the transactions contemplated hereby in any material respect.
Section 3.3    Validity of the Holders’ New Notes.  The Holders’ New Notes have been duly authorized by the Company and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to the Holder pursuant to the Exchange against delivery of the Exchanged Notes in accordance with the terms of this Agreement, the Holders’ New Notes will be valid and legally binding obligations of the Company, enforceable in accordance with their terms, except that such enforcement may be subject to the Enforceability Exceptions, and the Holders’ New Notes will not be subject to any preemptive, participation, rights of first refusal or other similar rights. Assuming the accuracy of each Holder’s representations and warranties hereunder, the Holders’ New Notes (a) will be issued in the Exchange exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act, (b) will, at the Closing, be free of any restrictions on resale by such Holder pursuant to Rule 144 promulgated under the Securities Act, and (c) will be issued in compliance with all applicable state and federal laws concerning the issuance of the Holders’ New Notes.
Section 3.4    Validity of Underlying Common Stock.  The Holders’ New Notes will at the Closing be convertible into common shares, without par value, of the Company (the “Conversion Shares”) in accordance with the terms of the Indenture.  The Conversion Shares have been duly authorized and reserved by the Company for issuance upon conversion of the Holders’ New Notes and, when issued upon conversion of the Holders’ New Notes in accordance with the terms of the Holders’ New Notes and the Indenture, will be validly issued, fully paid and non-assessable, and the issuance of the Conversion Shares will not be subject to any preemptive, participation, rights of first refusal or other similar rights.  
Section 3.5    Listing Approval.  At the Closing, the Conversion Shares shall be approved for listing on the New York Stock Exchange, subject to notice of issuance. 
Section 3.6    Disclosure.  On or before the first business day following the date of this Agreement, the Company shall issue a publicly available press release or file with the SEC a Current Report on Form 8-K disclosing all material terms of the Exchange (to the extent not previously publicly disclosed).  Without the prior written consent of the Undersigned, the Company shall not disclose the name of the Undersigned or any Holder in any filing or announcement, unless such disclosure is required by applicable law, rule, regulation or legal process.

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Section 3.7    No Litigation.  There is no action, lawsuit, arbitration, claim or proceeding pending or, to the knowledge of the Company, threatened, against the Company that would reasonably be expected to impede the consummation of the transactions contemplated hereby.
Article IV:  Miscellaneous
Section 4.1    Entire Agreement.  This Agreement and any documents and agreements executed in connection with the Exchange embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous oral or written agreements, representations, warranties, contracts, correspondence, conversations, memoranda and understandings between or among the parties or any of their agents, representatives or affiliates relative to such subject matter, including, without limitation, any term sheets, emails or draft documents.  
Section 4.2    Construction.  References in the singular shall include the plural, and vice versa, unless the context otherwise requires.  References in the masculine shall include the feminine and neuter, and vice versa, unless the context otherwise requires.  Headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meanings of the provisions hereof.  Neither party, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all language in all parts of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either party.
Section 4.3    Assignment; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon the parties and their successors and assigns. No party shall assign this Agreement or any rights or obligations hereunder or, in the case of the Holders, any of the Exchanged Notes held by such Holders, without the prior written consent of the Company (in the case of assignment by a Holder) or the applicable Holders (in the case of assignment by the Company). 
Section 4.4    Further Assurances.  The parties hereto each hereby agree to execute and deliver, or cause to be executed and delivered, such other documents, instruments and agreements, and take such other actions, including giving any further assurances, as any party may reasonably request in connection with the Exchange contemplated by and in this Agreement. In addition, subject to the terms and conditions set forth in this Agreement, each of the parties shall use its reasonable best efforts (subject to, and in accordance with, applicable law) to take promptly, or to cause to be taken, all actions, and to do promptly, or to cause to be done, and to assist and to cooperate with the other parties in doing, all things necessary, proper or advisable under applicable laws to consummate and make effective the Exchange contemplated hereby, including the obtaining of all necessary, proper or advisable consents, approvals or waivers from third parties and the execution and delivery of any additional instruments reasonably necessary, proper or advisable to consummate the Exchange contemplated hereby.
Section 4.5    Waiver; Consent. This Agreement may not be changed, amended, terminated, augmented, rescinded or discharged (other than in accordance with its terms), in whole or in part, except by a writing executed by the parties hereto. No waiver of any of the provisions or conditions of this Agreement or any of the rights of a party hereto shall be effective or binding unless such waiver shall be in writing and signed by the party claimed to have given or consented thereto. Except to the extent otherwise agreed in writing, no waiver of any term, condition or other provision of this Agreement, or any breach thereof shall be deemed to be a waiver of any other term, condition or provision or any breach thereof, or any subsequent breach of the same term, condition or provision, nor shall any forbearance to seek a remedy for any non-compliance or breach be deemed to be a waiver of a party’s rights and remedies with respect to such non-compliance or breach.
Section 4.6    Governing Law; Waiver of Jury Trial.  This Agreement shall in all respects be construed in accordance with and governed by the substantive laws of the State of New York, without reference to its choice of law rules. Each of the Company and the Undersigned irrevocably waive any and all right to trial by jury with respect to any legal proceeding arising out of the transactions contemplated by this Agreement.

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Section 4.7    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.  Any counterpart or other signature hereon delivered by facsimile or any standard form of telecommunication or e-mail shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such party.
Section 4.8    Third Party Beneficiaries.  This Agreement is also intended for the immediate benefit of OpCo.  OpCo may rely on the provisions of this Agreement, including, but not limited to, the respective covenants, representations and warranties of the Undersigned, the Holders and the Company.

[Signature Page Follows]

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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first above written.

	
		
	“UNDERSIGNED”:  
    
(in its capacities described in the first paragraph hereof)

By:    
Name:    
Title:    
	“COMPANY”:  
INVACARE CORPORATION

By:    
Name:    
Title:    

Signature Page to Exchange Agreement  
Invacare Corporation

EXHIBIT A 
Exchanging Beneficial Owners

	
				
	Holder Name, Address, Email and Phone Number
	Exchanged Notes
(principal amount of Existing Notes to be exchanged for Exchange Consideration)
	New Notes
(principal amount of New Notes to be issued in exchange for Exchanged Notes)
	Exchange Cash
(amount of Exchange Cash to be paid in exchange for Exchanged Notes)

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

DTC Participant Information*
DTC Participant Number:             
DTC Participant Name:             
DTC Participant Phone Number:             
DTC Participant Email:             
FFC Account #:             
Account # at Bank/Broker:             

* DTC Participant information to be provided for each Holder

EXHIBIT B 
Form of IndentureExhibit 10.1

 

SHARE
PURCHASE AGREEMENT

 

THIS
SHARE PURCHASE AGREEMENT (the “Agreement”) is dated as of November 14, 2019, by and between Sino-Global
Shipping America, Ltd., a Virginia corporation, (the “Company”), and the investor listed on the Schedule of
Buyer attached hereto (the “Buyer”).

 

WHEREAS:

 

A.
The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(2) of the Securities Act of 1933, as amended (the “1933 Act”), and Rule 506 of Regulation
D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the 1933 Act.

 

B.
The Buyer wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, that number
of shares (the “Shares”) of common stock of the Company, without par value per share (the “Common
Stock”), set forth opposite such Buyer’s name in the Schedule of Buyer.

 

C.
In order to induce the Company to sell the Shares to the Buyer under the terms set forth herein, the Buyer has committed to cooperate
with the Company in connection with certain business opportunities pursuant to certain cooperation agreement dated November 13,
2019, with such business opportunities described in greater detail therein.

  

NOW,
THEREFORE, the Company and the Buyer hereby agree as follows:

 

1.
PURCHASE AND SALE OF SHARES.

 

(a)
Sale of Shares. Subject to the satisfaction (or waiver) of the conditions set forth in Sections 6 and 7 below, the Company
shall issue and sell to the Buyer, and the Buyer agrees to purchase from the Company on the Closing Date (as defined below), such
number of Shares as is set forth opposite such Buyer’s name in the Schedule of Buyer (the “Closing”).

 

(b)
Closing. The date and time of the Closing (the “Closing Date”) shall be 10:00 a.m., Eastern Standard
Time, December 20, 2019 or such other time and date as is mutually agreed to by the Company and the Buyer and after notification
of satisfaction (or waiver) of the conditions to the Closing set forth in Sections 6 and 7 below at such place as is mutually
agreed to by the Company and the Buyer.

 

(c)
Purchase Price. The aggregate purchase price for the Shares to be purchased by the Buyer at the Closing (the “Purchase
Price”) shall be the amount set forth opposite the Buyer’s name in the Schedule of Buyer. The per share price
shall be $1.00. 

 

2.
Intentionally Omitted.

 

3.
BUYER’S REPRESENTATIONS AND WARRANTIES. The Buyer represents and warrants
to the Company with respect to only himself that:

 

(a)
No Sale or Distribution. Such Buyer is acquiring the Shares for his own account and not with a view towards, or for resale
in connection with, the public sale or distribution thereof, except pursuant to sales registered or exempted under the 1933 Act.
Such Buyer is acquiring the Shares hereunder in the ordinary course of his business. Such Buyer does not presently have any agreement
or understanding, directly or indirectly, with any Person to distribute any of the Shares.

 

(b)
Accredited Investor Status. Such Buyer is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D.

 

(c)
Reliance on Exemptions. Such Buyer understands that the Shares are being offered and sold to him in reliance on specific
exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying
in part upon the truth and accuracy of, and such Buyer’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of such Buyer set forth herein in order to determine the availability of such exemptions and the eligibility
of such Buyer to acquire the Shares.

 

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(d)
Information. Such Buyer and his advisors, if any, have been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the offer and sale of the Shares that have been reasonably requested by
such Buyer. Such Buyer and his advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither such
inquiries nor any other due diligence investigations conducted by such Buyer or his advisors, if any, or his representatives shall
modify, amend or affect such Buyer’s right to rely on the Company’s representations and warranties contained herein.
Such Buyer understands that his investment in the Shares involves a high degree of risk and is able to afford a complete loss
of such investment. Such Buyer has sought such accounting, legal and tax advice as he has considered necessary to make an informed
investment decision with respect to his acquisition of the Shares.

 

(e)
No Governmental Review. Such Buyer understands that no United States federal or state agency or any other government or
governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the
investment in the Shares nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

(f)
Transfer or Resale. Such Buyer understands that (i) the Shares have not been and are not being registered under the 1933
Act, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder or (B) such
Buyer shall have delivered to the Company an opinion of counsel, in a form reasonably acceptable to the Company, to the effect
that such Shares to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration;
and (ii) neither the Company nor any other Person is under any obligation to register the Shares under the 1933 Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder.

 

(g)
Legends. Such Buyer understands that the stock certificates, unless and until registered, shall bear a restrictive legend
in substantially the following form (and a stop-transfer order may be placed against transfer of such stock certificates):

 

“THE
SECURITIES EVIDENCED BY THIS CERTIFICATE ARE GOVEREND BY THAT CERTAIN SHARE PURCHASE AGREEMENT DATED November
14, 2019 (THE “PURCHASE AGREEMENT”) AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES
LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY
HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE
SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of the Shares
upon which it is stamped, if, unless otherwise required by state securities laws, (i) such Shares are registered for resale under
the 1933 Act or (ii) in connection with a sale, assignment or other transfer, such holder provides the Company with a legal opinion
reasonably acceptable to the Company, to the effect that such sale, assignment or transfer of the Shares may be made without registration
under the applicable requirements of the 1933 Act.

 

(h)
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
their respective 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.

 

(i)
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 the organizational documents of such Buyer or (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 would not, individually or in the aggregate, reasonably be expected to have a material adverse
effect on the ability of such Buyer to perform his obligations hereunder.

 

    2

     

    

 

(j)
Residency. Such Buyer is a resident of that jurisdiction specified below his address on the Schedule of Buyer.

 

(k)
Certain Trading Activities. Other than with respect to the transactions contemplated herein, since the time that such Buyer
was first contacted by the Company or any other Person regarding the investment in the Company set forth herein, neither the Buyer
nor any Affiliate of such Buyer which (x) had knowledge of the transactions contemplated hereby, (y) has or shares discretion
relating to such Buyer’s investments or trading or information concerning such Buyer’s investments and (z) is subject
to such Buyer’s review or input concerning such Affiliate’s investments or trading (collectively, “Trading
Affiliates”) has directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with
such Buyer or Trading Affiliate, (i) effected or agreed to effect any purchase or sale of the Shares, (ii) taken, directly or
indirectly, any action designed to cause or to result, or that could reasonably be expected to cause or result, in the stabilization
or manipulation of the price of any security of the Company, or (iii) paid or agreed to pay to any person any compensation for
soliciting another to purchase or sell any securities of the Company.

 

(l)
No Consideration. Such Buyer has not paid any consideration, directly or indirectly, to any officer, director or employee
of the Company or any Subsidiary.

 

4.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The
Company represents and warrants to the Buyer that:

 

(a)
Organization and Qualification. The Company and its “Subsidiaries” (which for purposes of this Agreement
includes any joint venture or any entity in which the Company, directly or indirectly, owns any of the capital stock or holds
an equity, contractual or other interest) are entities duly organized and validly existing and, to the extent legally applicable,
in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authorization to
own their properties and to carry on their business as now being conducted. Each of the Company and its Subsidiaries is duly qualified
as a foreign entity to do business and, to the extent legally applicable, 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 used
in this Agreement, “Material Adverse Effect” means any material adverse effect on the business, properties,
assets, operations, results of operations, condition (financial or otherwise) or prospects of the Company and its Subsidiaries,
individually or taken as a whole, or on the transactions contemplated hereby or by the agreements and instruments to be entered
into in connection herewith, or on the authority or ability of the Company to perform its obligations under this Agreement.

 

(b)
Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations
under this Agreement and to issue the Shares in accordance with the terms hereof. The execution and delivery of the Agreement
by the Company and the consummation by the Company of the transactions contemplated hereby, including, without limitation, the
reservation for issuance and the issuance of the Shares have been duly authorized by the Company’s Board of Directors and
no further filing, consent, or authorization is required by the Company, its Board of Directors or its shareholders. This Agreement
has been duly executed and delivered by the Company, and constitutes the legal, valid and binding obligations of the Company,
enforceable against the Company in accordance with its 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.

 

(c)
No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company
of the transactions contemplated hereby will not (i) result in a violation of the Company’s Articles of Incorporation or
Bylaws (the “Organizational Documents”) or any certificate of designations or other constituent documents of
the Company or any of its Subsidiaries, any capital stock of the Company or any similar governing documents of its Subsidiaries
or (ii) unless such conflict or default could not reasonably be expected to result in a Material Adverse Effect, 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 foreign, federal and state securities laws and regulations and the rules and regulations of The
NASDAQ Capital Market (the “Principal Market”) and applicable laws of the People’s Republic of China
(“China”)) 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.

 

    3

     

    

 

(d)
Consents. Neither the Company nor any of its Subsidiaries is required to obtain any consent, authorization or order of,
or make any filing or registration with, any court, governmental agency or any regulatory or self-regulatory agency or any other
Person in order for it to execute, deliver or perform any of its obligations under or contemplated by this Agreement in accordance
with the terms hereof, except for the following consents, authorizations, orders, filings and registrations (none of which is
required to be filed or obtained before the Closing): (i) the filing of such forms with the Principal Market as may be required
to be filed reflecting the issuance of the Shares to the Buyer, which shall be done pursuant to the rules of the Principal Market,
and (ii) the filing with the SEC of Form D. The Company and its Subsidiaries are unaware of any facts or circumstances that might
prevent the Company from obtaining any of the application or filings pursuant to the preceding sentence.

 

(e)
Acknowledgment Regarding Buyer’s Purchase of Shares. The Company acknowledges and agrees that the Buyer is acting
solely in the capacity of an arm’s length purchaser with respect to this Agreement and the transactions contemplated hereby
and that no Buyer is (i) an officer or director of the Company, (ii) an “affiliate” of the Company or any of its Subsidiaries
(as defined in Rule 144) or (iii) to the knowledge of the Company, a “beneficial owner” of more than 10% of the Ordinary
Shares (as defined for purposes of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)).

 

(f)
No General Solicitation. Neither the Company, nor any of its Subsidiaries or affiliates, nor any Person acting on its or
their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection
with the offer or sale of the Shares.

 

(g)
No Integrated Offering. None of the Company, its Subsidiaries, any of their affiliates, and 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 require registration of any of the Shares under the 1933 Act or cause this offering of the Shares to
be integrated with prior offerings by the Company for purposes of the 1933 Act or 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. None of the Company, its Subsidiaries, their affiliates and any Person acting
on their behalf will take any action or steps referred to in the preceding sentence that would require registration of any of
the Shares under the 1933 Act or cause the offering of the Shares to be integrated with other offerings.

 

(h)
Equity Capitalization. As of the date hereof, the Company is authorized to issue up to 50,000,000 shares of Common Stock,
of which as of the date hereof, 17,239,037 are issued and outstanding. All of such outstanding shares have been, or upon issuance
will be, validly issued and are fully paid and nonassessable. The Company has furnished to the Buyer true, correct and complete
copies of the Company’s Organizational Documents, as amended and as in effect on the date hereof, and the terms of all securities
convertible into, or exercisable or exchangeable for, Shares and the material rights of the holders thereof in respect thereto.

 

(i)
Manipulation of Price. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or
indirectly, any action designed to cause or to result, or that could reasonably be expected to cause or result, in the stabilization
or manipulation of the price of any security of the Company, (ii) paid or agreed to pay to any person any compensation for soliciting
another to purchase any other securities of the Company.

 

(j)
No Consideration. The Company is not aware of any consideration being paid by any Buyer, directly or indirectly, to any
officer, director or employee of the Company or any Subsidiary.

 

5.
COVENANTS.

 

(a)
Best Efforts. Each party shall use its best efforts to timely satisfy each of the conditions to be satisfied by it as provided
in Sections 6 and 7 of this Agreement.

 

(b)
Form D. The Company agrees to timely file a Form D with respect to the Shares as required under Regulation D. The Company
shall, also take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for or to
qualify the Shares for sale to the Buyer at the Closing pursuant to this Agreement under applicable securities laws of the United
States (or to obtain an exemption from such qualification). The Company shall make all filings and reports relating to the offer
and sale of the Shares required under applicable securities laws of the United States following the Closing Date.

 

    4

     

    

 

(c)
No Disqualification Events. With respect to Shares to be offered and sold hereunder in reliance on Rule 506 under the Securities
Act (“Regulation D Securities”), none of the Company, any of its predecessors, any director, executive officer,
other officer of the Company participating in the offering, any beneficial owner (as that term is defined in Rule 13d-3 under
the Exchange Act) of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting
power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity
at the time of sale of any Regulation D Securities (each, an “Issuer Covered Person” and, collectively, “Issuer
Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i)
to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered
by Rule 506(d)(2) under the Securities Act. The Company has exercised reasonable care to determine (i) the identity of each person
that is an Issuer Covered Person; and (ii) whether any Issuer Covered Person is subject to a Disqualification Event. The Issuer
has complied, to the extent applicable, with its disclosure obligations under Rule 506(e) under the Securities Act. The Company
further covenant that none of its affiliates will offer or sell securities in a manner subject to integration pursuant to Rule
502(a) of Regulation D with the offer and sale of the Shares under this Agreement.

 

(d)
Other Covered Persons. The Company is not aware of any person (other than any Issuer Covered Person) that has been or will be
paid (directly or indirectly) remuneration for solicitation of the Buyer in connection with the sale of any Regulation D Securities.

 

(e)
Limitation on Trading. The Buyer agrees for himself and his Trading Affiliates that neither it nor his Trading Affiliates
will conduct any activities in the Trading Market with respect to the Shares, including purchases, sales, or the securing of shares
to borrow, for a period commencing on the Closing Date and ending at the close of trading on the Trading Market on the date that
is six (6) from the Closing Date (or the next Trading Day, if such date is not a Trading Day).

 

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

 

The
obligation of the Company hereunder to issue and sell the Shares to the 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 the Buyer with prior written notice thereof:

 

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

 

(ii)
Such Buyer and each other Buyer shall have delivered to the Company the Purchase Price for the Shares being purchased by such
Buyer at the Closing by wire transfer of immediately available funds pursuant to the wire instructions provided by the Company.

 

(iii)
The representations and warranties of such Buyer shall be true and correct in all material respects (except for those representations
and warranties that are qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects)
as of the date when made and as of the Closing Date as though 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 specified 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.

 

(iv)
The shareholders of the company shall have consented to the issuance of the Shares to the Buyer at the Shareholder Meeting described
above in Section 4(c) hereof.

 

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

 

The
obligation of the Buyer hereunder to purchase the Shares 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 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:

 

(i)
The Board of Directors of the Company shall have consented to the issuance of the Shares to the Buyer.

 

    5

     

    

 

(ii)
[Intentionally Omitted.]

 

(iii)
The representations and warranties of the Company shall be true and correct in all material respects (except for those representations
and warranties that are qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects)
as of the date when made and as of the Closing Date as though 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 specified date) and the Company 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 the Company at or prior to the Closing Date.

 

(iv)
The Shares (i) shall be designated for quotation or listed on the Principal Market and (ii) shall not have been suspended, as
of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market.

 

(v)
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the
sale of the Shares.

 

8.
MISCELLANEOUS.

 

(a)
Governing Law; Jurisdiction; Jury Trial. This Agreement will be governed by, and construed in accordance with, the laws
of the State of New York applicable to agreements made and to be performed entirely in such State. This Agreement shall be binding
upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial
by jury with respect to any dispute arising under this Agreement or any transaction or conduct in connection herewith is waived.
Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the Federal Court located
in New York, New York and, by execution and delivery of this Agreement, the parties hereby accepts for themselves and in respect
of their property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by delivering a copy thereof
via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. If either party shall commence
an action or proceeding to enforce any provisions of a this Agreement, then the prevailing party in such action or proceeding
shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

(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; provided that a facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with
the same force and effect as if the signature were an original, not a facsimile signature.

 

(c)
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement.

 

(d)
Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or
the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

(e)
Entire Agreement; Amendments. This Agreement and the other Transaction Documents supersede all other prior oral or written
agreements between the Buyer, the Company, their affiliates and Persons acting on their behalf with respect to the matters discussed
herein, and this Agreement contain the entire understanding of the parties with respect to the matters covered herein and, except
as specifically set forth herein, neither the Company nor any Buyer makes any representation, warranty, covenant or undertaking
with respect to such matters. No provision of this Agreement may be amended other than by an instrument in writing signed by the
parties hereto. No provision hereof may be waived other than by an instrument in writing signed by the party against whom enforcement
is sought.

 

    6

     

    

 

(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 (iii) one Business Day after deposit with an overnight courier service, in each case properly addressed
to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

If
to the Company:

 

Sino-Global
Shipping America, Ltd.

1044
Northern Boulevard, Suite 305

Roslyn,
New York 11576-1514

 

	 	Telephone:	(718)
    888-1814
	 	Facsimile:	(718)
    888-1148
	 	Attention:	Lei
    Cao, President

 

If
to the Buyer, to its address and facsimile number set forth on the Schedule of Buyer, with copies to such Buyer’s representatives
as set forth on the Schedule of Buyer, or to such other address and/or facsimile number and/or to the attention of such other
Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness
of such change. 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 containing the time, date, recipient facsimile
number and 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.

 

Any
document shall be deemed to have been duly served if marked for the attention of the agent for service of process at its address
or such other address in the United States as may be notified to the party wishing to serve the document and delivered in accordance
with the notice provisions set forth in this Section 9(f).

 

(g)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns.

 

(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.

 

(i)
Survival. The representations and warranties of the Company and the Buyer contained in Sections 3 and 4 and the agreements
and covenants set forth in Sections 5, 6 and 7 shall survive for one (1) year following the Closing and the delivery and exercise
of Shares, as applicable. The 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)
No Strict 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.

 

[Signature
Pages Follow]

 

    7

     

    

 

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

 

	 	COMPANY:
    
	 	 
	 	Sino-Global
    Shipping America, Ltd.
	 	 	 
	 	By:	/s/
    Lei Cao
	 	Name: 	Lei
    Cao
	 	Its:	President
    and Chief Executive Officer

 

    8

     

    

 

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

 

	 	BUYER:
    
	 	 	 
	 	By:	/s/
Shanming Liang
	 	Name:	Shanming
    Liang

 

    9

     

    

 

SCHEDULE
OF BUYER

 

	Buyer	 	Address and
 Facsimile Number	 	Number of Shares of Common Stock	 	 	Purchase Price	 
	 	 	 	 	 	 	 	 	 
	Shanming Liang	 	No. 2 Zhonghua Road, Gangkou District, Fangchenggang City, Guangxi Province, 538001	 	 	1,000,000	 	 	$	1,000,000	 

 

    10

     

    

 

Schedule
of Certain Definitions

 

In
addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings
set forth in this Schedule of Certain Definitions.

 

		●	“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

		●	“Board
of Directors” means the board of directors of the Company.

 

		●	“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

		●	“Person”
means an 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.

 

 

11

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