Document:

EdgarFiling

Exhibit 10.1

 

 

AMENDED AND RESTATED CONSULTING AGREEMENT

 

This Amended and Restated Consulting Agreement
(“Agreement”) is entered into on and effective as of December, 6, 2019 (“Effective Date”),
by and between Tuesday Morning, Inc., a Texas corporation (the “Company”), and BEL Retail Advisors (“Consultant”).
This Agreement amends, restates and supersedes that certain Consulting Agreement by and between Consultant and the Company entered
into and effective as of April 1, 2019 (the “Prior Agreement”).

 

RECITALS

 

The Company wishes to continue to utilize certain
services which can be performed by Consultant, and Consultant can provide and desires to continue to render such services to the
Company, and the parties agree that it would be to their mutual advantage to execute this Agreement and thereby define the terms
and conditions which shall control the rendering of future services provided to the Company by Consultant.

 

In consideration of the promises and mutual
covenants in this Agreement, the Company and Consultant agree as follows:

 

		I.	Services to be Provided by Consultant

 

Description of Consulting Services. Subject to the
terms of this Agreement, the Company shall continue to retain Consultant, and Consultant agrees with the Company, to continue to
serve as a consultant to the Company, subject to and in accordance with the authority and direction of the Chief Officer (“CEO”)
of the Company for the purpose of providing such merchandising consulting services as specifically may be requested by for any
period that this Agreement is in effect after the Effective Date (the “Consulting Services”). It is agreed
that Consultant shall direct communications with the Company through the CEO.

 

A.               
Company’s Reliance. The Company is entering into this Agreement in reliance on Consultant’s special
and unique abilities in rendering the Consulting Services and Consultant will use Consultant’s best effort, skill, judgment,
and ability in rendering the Consulting Services.

 

B.                
Representations by Consultant. Consultant represents to the Company that Consultant is under no contractual,
legal or fiduciary obligation or burden that reasonably may be expected to interfere with Consultant’s ability to perform
the Consulting Services in accordance with the Agreement’s terms, including without limitation any agreement or obligation
to or with any other company, and that Consultant is not bound by the terms of any agreement with any previous employer or other
party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of Consultant’s
engagement by the Company or to refrain from competing, directly or indirectly, with the business of any other party. Consultant
agrees that Consultant will not use, distribute or provide to anyone at the Company any confidential or proprietary information
belonging to any other company or entity, at any time during Consultant’s performance under this Agreement. Consultant further
represents that Consultant’s performance of the Consulting Services will not breach any agreement to keep in confidence proprietary
information, knowledge or data acquired by Consultant in confidence or in trust prior to this Agreement, and Consultant will not
disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any other
party.

 

     

     

    

C.               
Nature of Relationship Between Parties. Consultant will render the Consulting Services in this Agreement as an
independent contractor. Except as otherwise specifically agreed to by the Company in writing, Consultant will have no authority
or power to bind the Company with respect to third parties and Consultant shall not represent to third parties that Consultant
is an officer of the Company or has authority or power to bind the Company. It is not the intention of the parties to this Agreement
to create, by virtue of this Agreement, any employment relationship, trust, partnership, or joint venture between Consultant and
the Company or any of its affiliates, except as specifically provided in this Agreement, to make them legal representatives or
agents of each other or to create any fiduciary relationship or additional contractual relationship among them.

 

		II.	COMPENSATION FOR CONSULTING SERVICES

 

A.               
Base Compensation. As base compensation for the Consulting Services rendered pursuant to this Agreement, the
Company shall pay Consultant the following fee (the “Base Consulting Fee”): Consulting Services
performed for Fifty-One Thousand Dollars ($51,000) per month. Following submission of a monthly invoice, the Base Consulting Fee
shall be paid on a monthly basis on the thirtieth (30th) day following submission of the invoice. The number of days
worked shall be tracked and monitored by Consultant and invoiced to the Company for approval by the CFO on a monthly basis as soon
as practicable following the month in which services are performed. The number of days to be worked in a particular month during
the Term (as defined in Section V.A. below) shall be determined and mutually agreed upon by the CEO and Consultant from time to
time.

 

B.                
Additional Compensation. 

 

i.       For
the Company’s fiscal year ending June 30, 2020, in addition to the Base Consulting Fee and subject to the terms of this Section
II.B., Consultant shall be eligible to receive an additional incentive consulting fee of One Hundred Twenty-Five Thousand Dollars
($125,000) regardless of achievement of performance metrics (the “Guaranteed Fee”), an aggregate additional
incentive consulting fee of Two Hundred Twenty-Five Thousand Dollars ($225,000) at target performance level (which payment shall
be inclusion of, and not in addition to the Guaranteed Fee), and a maximum aggregate additional incentive consulting fee of Four
Hundred Fifty Thousand Dollars ($450,000) at maximum performance level (which payment shall be inclusion of, and not in addition
to the Guaranteed Fee) (the “2020 Additional Fee”).

 

ii.       For
the Company’s fiscal year ending June 30, 2021, in addition to the Base Consulting Fee and subject to the terms of this Section
II.B., Consultant shall be eligible to receive an additional incentive consulting fee of Four Hundred Fifty Thousand Dollars ($450,000)
at target performance level and a maximum aggregate additional incentive consulting fee of Nine Hundred Thousand Dollars ($900,000)
at maximum performance level (the “2021 Additional Fee”, collectively with the 2020 Additional Fee, each
referred to herein as an “Additional Fee”).

 

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iii.       Payment
of each Additional Fee shall be subject to the achievement of certain performance metrics, which metrics shall be established by
mutual agreement between the CEO of the Company and Consultant (with each party exercising its sole discretion to agree to such
metrics). Any Additional Fees payable pursuant to this Section II.B. shall be paid to Consultant within thirty (30) days following
the end of the Company’s fiscal year, subject to the terms of this Section II.B. Consultant must be providing the Consulting
Services at the time an Additional Fee is paid to be eligible to receive such Additional Fee.

 

C.               
Expense Reimbursement. Consultant shall present a statement for the reasonable expenses incurred by Consultant
in performing the Consulting Services, including accompanying vouchers, receipts, or other supporting documentation, on a monthly
basis. Such statement shall include reasonable documentation that the amount involved was expended and related to the Consulting
Services provided under this Agreement. The Company will provide reimbursement for all reasonable expenses within twenty (20) calendar
days from the receipt of each statement. Expense reimbursements to Consultant shall not include any compensation for overhead or
profit.

 

D.               
Performance of Services. Consultant shall be available to perform Consulting Services for the Company during
the Term as set forth above, except as otherwise specifically provided herein or mutually agreed upon by the Company and Consultant.
Notwithstanding the foregoing, the Company agrees that Consultant shall not be required to provide Consulting Services during any
business days during the Term when the Company’s offices are closed for holidays or during any period during which the Company
has agreed he would not be required to provide services.

 

E.                
Benefits. Consultant. shall at all times be an independent contractor (and not an employee or agent of the Company);
therefore, Consultant shall not be entitled to participate in any benefit plans or programs that the Company provides or may provide
to its employees, including, but not limited to, pension, profit-sharing, medical, dental, workers’ compensation, occupational
injury, life insurance and vacation or sick benefits.

 

F.                
Workers’ Compensation. Consultant shall not be an employee of the Company with respect to services performed
under this Agreement for workers’ compensation purposes and understands and acknowledges that the Company shall not obtain
workers’ compensation insurance covering Consultant.

 

		III.	PAYMENT OF TAXES

 

A.               
Federal, State, and Local Taxes. Neither federal, state, or local income tax nor payroll tax of any kind shall
be withheld or paid by the Company on behalf of Consultant. Consultant shall not be an employee of the Company with respect to
services performed under the Agreement for federal, state, or local tax purposes.

 

B.                
Notices to Contractor About Tax Duties And Liabilities. Consultant understands that Consultant is responsible
for paying, according to the applicable law, Consultant’s income taxes. The parties agree that any tax consequences or liability
arising from the Company’s payments to Consultant shall be the sole responsibility of Consultant. Should any state or federal
taxing authority determine that any of the payments under Section II constitute income subject to withholding under any federal
or state law, then Consultant agrees to indemnify and hold the Company harmless for any and all tax liability, including, but not
limited to, taxes, levies, assessments, fines, interest, costs, expenses, penalties, and attorneys’ fees.

 

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		IV.	Warranty, INDEMNIFICATION AND COVENANTS

 

A.               
Warranty. Consultant warrants that the Consulting Services shall be performed and completed in accordance with
commercially reasonable industry standards, practices and principles for similar types of engagements utilizing Consultant’s
best efforts, and in compliance with all applicable laws. Consultant agrees to indemnify and hold the Company harmless against
any claim against the Company arising from, as a result of, in connection with, or relating to Consultant’s dishonesty, willful
misconduct, or gross negligence in performing this Agreement or for Consultant’s breach of this Agreement. This indemnity
obligation shall survive the termination of this Agreement. Consultant hereby grants, assigns and transfers to the Company all
rights, title and interest in and to any work product produced by Consultant in connection with performing the Consulting Services.

 

B.                
Indemnification. Except as otherwise provided in this Agreement, the Company shall indemnify, defend and hold
Consultant harmless from and against any claims, suits or proceedings arising from the Consulting Services provided by Consultant
under this Agreement other than dishonesty, willful misconduct, or gross negligence in performing this Agreement or for Consultant’s
breach of this Agreement.

 

C.               
 Consultant’s Standard of Care. Subject to the other Agreement provisions, Consultant will provide Consultant’s
services under this Agreement with the same degree of care, skill, and prudence that would be customarily exercised in the Company’s
best interest. In addition, from time to time, Consultant will interface with various members of the Company’s staff or be
on the Company’s premises. On all such occasions, Consultant shall act appropriately and professionally, including, without
limitation, refraining from any offensive or harassing behavior whether based on an individual’s sex, race, religion, national
origin, age, sexual orientation, disability, or other characteristic protected by federal, state or local law. Failure to comply
with this expectation may result in immediate termination of this Agreement.

 

D.               
Confidentiality.

 

i.                   
Confidential Information. The Company shall provide Consultant Confidential Information (defined below). Consultant
acknowledges that during Consultant’s engagement with the Company, the Company shall grant Consultant otherwise prohibited
access to its trade secrets and other confidential information which is not known to the Company’s competitors or within
the Company’s industry generally, which was developed by the Company over a long period of time and/or at its substantial
expense, and which is of great competitive value to the Company. For purposes of this Agreement, “Confidential Information”
includes, all trade secrets and confidential and proprietary information of the Company, including, but not limited to, the following:
software, technical, and business information relating to the Company’s inventions and products (including product construction
and product specifications), research, development, production processes, manufacturing and engineering processes, finances, services,
know-how, technical data, policies, strategies, designs, formulas, programming standards, developmental or experimental work, improvements,
discoveries, plans for research or future products, database schemas or tables, infrastructure, development tools or techniques,
training manuals, marketing and sales plans and strategies, business plans, budgets, financial information and data, customer and
client information, prices and pricing strategies, costs, customer and client lists and profiles, employee, customer and client
nonpublic personal information, supplier lists, business records, audit processes, management methods and information, reports,
recommendations and conclusions, information regarding the names, contact information, skills and compensation of employees and
contractors of the Company, and other business information disclosed or made available to Consultant by the Company, either directly
or indirectly, in writing, orally, or by drawings or observation.

 

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ii.                 
Non-Disclosure.

 

a.                  
In exchange for the Company’s agreement to provide Consultant with Confidential Information and to protect the Company’s
legitimate business interests, Consultant shall hold all Confidential Information in strict confidence. Consultant shall not, during
the Term of this Agreement or at any time thereafter, disclose to anyone, or publish, use for any purpose, exploit, or allow or
assist another person to use, disclose or exploit, except for the benefit of the Company, without prior written authorization,
any Confidential Information or part thereof, except as: (1) necessary for the performance of the Consulting Services; or (2) permitted
by law. Consultant shall use all reasonable precautions to assure that all Confidential Information is properly protected and kept
from unauthorized persons. Consultant acknowledges and agrees that all Confidential Information that will be provided to Consultant
during the Term of this Agreement is and will continue to be the exclusive property of the Company. Consultant further agrees that
it will obtain from any such third party to whom it discloses (as permitted above) any Confidential Information, a written undertaking
(in form and substance satisfactory to the Company in its sole discretion) of the third party to keep the information confidential.

 

b.                 
During the Term of this Agreement, the Company will receive from third parties their confidential and/or proprietary information,
subject to a duty on the Company’s part to maintain the confidentiality of and to use such information only for certain limited
purposes. Consultant agrees to hold all such confidential or proprietary information in the strictest confidence and not to disclose
it to any person or organization or to use it except as necessary in the course of Consultant’s engagement with the Company
and in accordance with the Company’s agreement with such third party.

 

iii.               
No Interference. 

 

a.                  
Notwithstanding the foregoing or any other agreement regarding confidentiality with the Company, Consultant may disclose
Confidential Information when required to do so by a court of competent jurisdiction, by any governmental agency having authority
over Consultant or the business of the Company or by any administrative body or legislative body (including a committee thereof)
with jurisdiction to order Consultant to divulge, disclose or make accessible such information. Nothing in this Agreement is intended
to interfere with Consultant’s right to (1) report possible violations of state or federal law or regulation to any governmental
agency or entity, (2) make other disclosures that are protected under the whistleblower provisions of state or federal law or regulation,
(3) file a claim or charge with any government agency or entity, or (4) testify, assist, or participate in an investigation, hearing,
or proceeding conducted by any government or law enforcement agency, entity or court.

 

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b.                 
Consultant is hereby notified in accordance with the Defend Trade Secrets Act of 2016 that Consultant will not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (1) is made (A) in confidence
to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose
of reporting or investigating a suspected violation of law, or (2) is made in a complaint or other document that is filed under
seal in a lawsuit or other proceeding. Consultant is further notified that if Consultant files a lawsuit for retaliation against
the Company for reporting a suspected violation of law, Consultant may disclose the Company's trade secrets to Consultant’s
attorney and use the trade secret information in the court proceeding if Consultant (x) files any document containing the trade
secret under seal; and (y) does not disclose the trade secret, except pursuant to court order.

 

E.                
Non-Solicitation. 

 

i.                   
Consultant agrees that during the Restricted Period (as defined below), other than in connection with Consultant’s
performance of the Consulting Services pursuant to this Agreement, Consultant shall not, and shall not use any Confidential Information
to, directly or indirectly, either as a principal, manager, agent, employee, consultant, officer, director, stockholder, partner,
investor or lender or in any other capacity, and whether personally or through other persons:

 

a.                  
Solicit business from, interfere with, induce, attempt to solicit business with, interfere with, induce or do business with
any actual or prospective customer, client, supplier, manufacturer, vendor or licensor of the Company with whom the Company did
business or who the Company solicited within the preceding two (2) years, and who or which: (1) Consultant contacted, called on,
serviced or did business with during the Term of this Agreement; (2) Consultant learned of as a result of Consultant’s performance
of the Consulting Services for the Company; or (3) about whom Consultant received Confidential Information. This restriction applies
only to business which is in the scope of services or products provided by the Company or any affiliate thereof; or

 

b.                 
Solicit, induce or attempt to solicit or induce, engage or hire, on behalf of Consultant or any other person or entity,
any person who is an employee or consultant of the Company or who was employed or engaged by the Company within the preceding twelve
(12) months.

 

ii.                 
For purposes of this Agreement, the “Restricted Period” means during the period that Consultant
is performing the Consulting Services for the Company and for a period of one (1) year following the last date that Consultant
performs the Consulting Services for the Company.

 

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F.                
Non-Competition During Term. Consultant agrees that during the Term, other than in connection with Consultant’s
duties under this Agreement, Consultant shall not, and shall not use any Confidential Information to, without the prior written
consent of the Company, directly or indirectly, either individually or as a principal, partner, stockholder, manager, agent, consultant,
contractor, distributor, employee, lender, investor, or as a director or officer of any corporation or association, or in any other
manner or capacity whatsoever, become employed by, control, manage, carry on, join, lend money for, operate, engage in, establish,
take steps to establish, perform services for, invest in, solicit investors for, consult for, do business with or otherwise engage
in any Competing Business (as hereinafter defined) within the Restricted Area (as hereinafter defined). Notwithstanding the restrictions
contained in this Section IV.F., Consultant may own an aggregate of not more than two percent (2%) of the outstanding stock of
any class of any corporation or other entity engaged in a Competing Business without violating the provisions of this Section IV.F.;
provided, however, that Consultant does not have the power, directly or indirectly, to control or direct the management or affairs
of any such corporation or other entity and is not involved in the management of such corporation or other entity.

 

For purposes of this Paragraph:

 

“Restricted Period” means during
the Term of the Agreement.

 

In performing the Consulting Services, Consultant has
responsibility for the Company’s operations throughout the United States of America and access to the highest levels of the
Company’s Confidential Information and business goodwill. Therefore, the “Restricted Area” means
the United States and any other geographical area in which the Company provides services during the Term and for which Consultant
had any responsibility or about which Consultant received Confidential Information.

 

“Competing Business” means any
business, individual, partnership, firm, corporation or other entity that is competing or that is preparing to compete with the
Company’s business, of being a retailer of general merchandise, or a business specializing in high-quality home furnishings,
housewares or gift related items in the United States; and any other business the Company conducted, prepared to conduct or materially
contemplated conducting during the Term. Competing Business shall include business of the type of, but not be limited to, the following
entities: The TJX Companies, Inc. (including without limitation TJ Max, HomeGoods, Marshall’s Mega Stores, and Marshall’s,
Inc.); Ross Stores, Inc.; Burlington Stores, Inc.; One Kings Lane, Inc.; Joss and Main (owned by Wayfair, LLC); Zulily, Inc.; Nordstrom
Rack (owned by Nordstrom, Inc., but not including Nordstrom stores); Back Stage (owned by Macy’s, Inc., but not including
Macy’s stores); Ollie's Bargain Outlet Holdings, Inc.; and Overstock.com, Inc.

 

G.               
Agreement to Return Company Property/Documents. Following the termination of the Agreement for any reason, Consultant
agrees that: (i) Consultant will not take, copy, alter, destroy, or delete any files, documents or other materials whether or not
embodying or recording any Confidential Information, including copies, without obtaining in advance the explicit written consent
of an authorized Company representative; and (ii) Consultant will promptly return to the Company all Confidential Information,
documents, files, records and tapes (written or electronically stored) that have been in its possession or control regarding the
Company, and Consultant will not use or disclose such materials in any way or in any format, including written information
in any form, information stored by electronic means, and any and all copies of these materials. Consultant further agrees to return
to the Company immediately all Company property issued at any time during the Term of this Agreement, including, without limitation,
keys, equipment, computer(s) and computer equipment, devices, data, lists, information, correspondence, notes, memos, reports,
or other writings prepared by the Company or Consultant on behalf of the Company.

 

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		V.	PERIOD OF AGREEMENT; TERMINATION

 

A.               
Period. This Agreement is effective from the Effective Date and shall remain in effect until the second anniversary
of the Effective Date, and shall automatically renew for subsequent one year terms until terminated by either party in accordance
with this Section V.A. (the “Term”). This Agreement governs all Consulting Services performed by Consultant
for the Company during the Term of this Agreement. The Company may terminate this Agreement for any reason, at any time, upon thirty
(30) calendar days prior written notice to Consultant, unless a shorter time period is otherwise mutually agreed to by the parties.
Consultant may terminate this Agreement for any reason, at any time, upon thirty (30) calendar days prior written notice to the
Company, unless otherwise a shorter time period is mutually agreed to by the parties. If this Agreement is terminated, and the
parties fail to execute a new Agreement, all services will be discontinued as of the date of such termination; provided, however,
the Company shall pay Consultant, upon presentation and approval of the appropriate invoice, the Base Consulting Fee for the hours
worked during the month in which the early termination occurs.

 

B.                
Survival. The provisions set forth in Section IV and Section V shall survive termination or expiration of this
Agreement. In addition, all provisions of this Agreement, which expressly continue to operate after the termination of this Agreement,
shall survive the Agreement’s termination or expiration.

 

		VI.	OTHER PROVISIONS

 

A.               
Notices. Any notice or other communication required, permitted or desired to be given under this Agreement shall
be deemed delivered when personally delivered; the next business day, if delivered by overnight courier; the same day, if transmitted
by facsimile or electronic mail on a business day before noon, CST; the next business day, if otherwise transmitted by facsimile;
and the third business day after mailing, if mailed by prepaid certified mail, return receipt requested, based on the most recent
contact information provided by the party.

 

B.                
Choice of Law and Waiver of Jury Trial. This Agreement has been executed and delivered in, and shall be interpreted,
construed, and enforced under the laws of, the State of Texas, without giving effect to its conflicts of law principles. Consultant
knowingly and intentionally consents to jurisdiction in Dallas County, Texas. With respect to any dispute between Consultant and
the Company arising out of or in any way related to this Agreement, Consultant agrees to resolve such dispute(s) before a judge
without a jury. Consultant has knowledge of this section vi.b., and continues to work
for the Company thereafter, hereby Waiving Consultant’s right to trial by jury and agrees to have any dispute(s) arising
between the Company and Consultant arising out of or in any way related to this Agreement resolved by a Judge of a competent court
in Dallas County, Texas, sitting without a Jury. 

 

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C.               
Limitations on Assignment. By entering into this Agreement, the Company is relying on the unique services of
Consultant; services from another company or contractor will not be an acceptable substitute. Except as provided in this Agreement,
Consultant may not assign this Agreement or any of the rights or obligations set forth in this Agreement without the explicit written
consent of the Company. Any attempted assignment by Consultant in violation of this paragraph shall be void and shall result in
termination of this Agreement. Except as provided in this Agreement, nothing in this Agreement entitles any person other than the
parties to the Agreement to any claim, cause of action, remedy, or right of any kind, including, without limitation, the right
of continued employment or the right to continue as a consultant.

 

D.               
Waiver. A party’s waiver of any breach or violation of any Agreement provision shall not operate as, or
be construed to be, a waiver of any subsequent breach of the same or other Agreement provision.

 

E.                
Severability. If any provision(s) of this Agreement is held to be invalid, illegal, or unenforceable for any
reason whatsoever, (i) the validity, legality, and unenforceability of the remaining provisions of this Agreement (including, without
limitation, all portions of any paragraphs of this Agreement containing any provision held to be invalid, illegal, or unenforceable,
that are not themselves invalid, illegal, or unenforceable), will not in any way be affected or impaired thereby, and (ii) the
provision(s) held to be invalid, illegal, or unenforceable will be limited or modified in its or their application to the minimum
extent necessary to avoid the invalidity, illegality or unenforceability, and, as so limited or modified, the provision(s) and
the balance of this Agreement will be enforceable in accordance with their terms.

 

F.                
Headings. The headings contained in this Agreement are for reference purposes only and will not affect in any
way the meaning or interpretation of this Agreement.

 

G.               
Counterparts. This Agreement and amendments to it will be in writing and may be executed in counterparts. Each
counterpart will be deemed an original, but both counterparts together will constitute one and the same instrument.

 

H.               
Entire Agreement, Amendment, Binding Effect. This Agreement constitutes the entire agreement between the parties
concerning the subject matter in this Agreement and supersedes any and all other prior understandings and agreements, either oral
or in writing between the parties with respect to the subject matter hereof. No oral statements or prior written material not specifically
incorporated in this Agreement shall be of any force and effect, and no changes in or additions to this Agreement shall be recognized,
unless incorporated in this Agreement by written amendment, such amendment to become effective on the date stipulated in it. Any
amendment to this Agreement must be signed by all parties to this Agreement. Consultant acknowledges and represents that in executing
this Agreement, Consultant did not rely on, has not relied on, and specifically disavows any reliance on any communications, promises,
statements, inducements, or representation(s), oral or written, by the Company, except as expressly contained in this Agreement.
The parties represent that they relied on their own judgment in entering into this Agreement. This Agreement will be binding upon
and inure to the benefit of the parties hereto and their respective successors, heirs, legal representatives, and permitted assigns
(if any).

 

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I.                  
Ambiguities.Any rule of construction to the effect that ambiguities shall be resolved against the drafting
party shall not apply to the interpretation of this Agreement.

 

J.                 
Voluntary Agreement. Consultant acknowledges that Consultant has had an opportunity to consult with an attorney
or other counselor (at Consultant’s own cost) concerning the meaning, import, and legal significance of this Agreement, and
Consultant has read this Agreement, as signified by Consultant’s signature hereto, and Consultant is voluntarily executing
the same after, if sought, advice of counsel for the purposes and consideration herein expressed.

 

* * * * *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
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By their signatures below, the parties
certify that they have read the above Agreement and agree to its terms:

 

 

	TUESDAY MORNING, INC.	 	BEL RETAIL ADVISORS
	 	 	 
	 	 	 
	By: /s/ Steven R. Becker	 	By: /s/ Paul Metcalf
	Chief Executive Officer and PresidentExhibit 4.1

 

THE REGISTERED HOLDER OF THIS UNDERWRITER’S
WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS UNDERWRITER’S WARRANT EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED HOLDER OF THIS UNDERWRITER’S WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS UNDERWRITER’S WARRANT OR CAUSE IT TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL
TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THE UNDERWRITER WARRANT BY ANY PERSON FOR A PERIOD BEGINNING
FROM THE EFFECTIVENESS OF THE REGISTRATION STATEMENT (DEFINED BELOW) UNTIL 180 DAYS AFTER THE EFFECTIVE DATE OF THE OFFERING TO
ANYONE OTHER THAN (I) NETWORK 1 FINANCIAL SECURITIES, INC. (“NETWORK 1”) OR AN UNDERWRITER OR A SELECTED DEALER IN
CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF NETWORK 1 OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER
AND IN ACCORDANCE WITH FINRA RULE 5110(G)(2).

 

UNDERWRITER’S WARRANT

 

Warrant Certificate No: ___

 

Original Issue Date: ___

 

For the Purchase of

 

___ Shares

 

of

 

ADDENTAX GROUP CORP.

 

1. Underwriter’s
Warrant.

 

THIS CERTIFIES THAT, for value received, [NAME
OF HOLDER], a [JURISDICTION AND TYPE OF ENTITY], or its registered assigns (“Holder”), as registered owner of this
Underwriter’s Warrant, to ADDENTAX GROUP CORP. (“Company”), Holder is entitled, at any time or from time to time
from ______, 2019 the effective date of the offering (the “Offering”), as set forth in the Company’s registration
statement on Form S-1 (No. 333-230943) (the “Registration Statement”), and at or before 5:00 p.m., Eastern Time, [date],
(the five-year anniversary of the effective date of the Offering) (the “Expiration Date”) but not thereafter, to subscribe
for, purchase and receive, in whole or in part, up to ___ (___) Shares of the Company. If the Expiration Date is a day on which
banking institutions are authorized by law to close, then this Underwriter’s Warrant may be exercised on the next succeeding
day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees
not to take any action that would terminate the Underwriter’s Warrant. This Underwriter’s Warrant is initially exercisable
at $[price] per Share (125% of the price of the Shares at the effective date of the Offering) so purchased; provided, however,
that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Underwriter’s Warrant,
including the exercise price per share and the number of Shares to be received upon such exercise, shall be adjusted as therein
specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending
on the context.

 

2. Exercise.

 

2.1 Exercise Form. In order to exercise
this Underwriter’s Warrant, the exercise form attached hereto must be duly executed and completed and delivered to the Company,
together with this Underwriter’s Warrant and payment of the Exercise Price for the Share being purchased payable in cash
or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or before
5:00 p.m., Eastern Time, on the Expiration Date, this Underwriter’s Warrant shall become and be void without further force
or effect, and all rights represented hereby shall cease and expire.

 

    	 

    	 

    

 

2.2 Legend. Each certificate for the
securities purchased under this Underwriter’s Warrant shall bear a legend as follows unless such securities have been registered
under the Securities Act of 1933, as amended (“Act”):

 

“The securities represented
by this certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or applicable state
law. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement
under the Act, or pursuant to an exemption from registration under the Act and applicable state law.”

 

2.3 Cashless Exercise.

 

2.3.1 Determination
of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Shares for which this Underwriter’s
Warrant is exercisable in the manner required by Section 2.1, the Holder shall have the right (but not the obligation) to convert
any exercisable but unexercised portion of this Underwriter’s Warrant into Shares (“Conversion Right”). Upon
a “cashless exercise”, the Holder shall surrender this Warrant to the Company, together with the Election to Purchase,
and the Company shall issue to the Holder the number of Shares determined as follows:

 

X = Y (A-B)/A

 

where:

 

	 	X	=	The number of Shares to be issued to the Holder.
	 	 	 	 
	 	Y	=	The number of Shares with respect to which this Warrant is being exercised.
	 	 	 	 
	 	A	=	The fair market value of one Share.
	 	 	 	 
	 	B	=	The Exercise Price.

 

For purposes of this Section 2.3,
the fair market value of one Share shall be determined by the first of the following clauses that applies:

 

(i) if the Common
Stock is traded on a national securities exchange, the fair market value shall be the last sale price on the trading day immediately
prior to the Date of Exercise or, if no sale of the Company’s Common Stock took place on the trading day immediately prior to the
Date of Exercise, then the fair market value shall be the last sale price on the most recent day prior to the Date of Exercise
on which trades were made and reported;

 

(ii) if the Common
Stock is traded over-the-counter, the fair market value shall be deemed to be the last sale price on the trading day immediately
prior to the Date of Exercise or, if no sale of the Company’s Common Stock took place on the trading day immediately prior to the
Date of Exercise, then the fair market value shall be the last sale price on the most recent day prior to the Date of Exercise
on which trades were made and reported; or

 

    	 

    	 

    

 

(iii) if there
is no active public market for the Common Stock, the fair market value thereof shall be determined in good faith by the Company’s
Board of Directors (the “Board”).

 

(a) For
purposes of Rule 144 of the Act, it is intended, understood and acknowledged that the t Shares issued in a cashless exercise transaction
shall be deemed to have been acquired by the Holder, and the holding period for the Shares shall be deemed to have been commenced,
on the Issuance Date.

 

2.3.2 Mechanics of Cashless Exercise.
The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement Date and not later
than the Expiration Date by delivering the Underwriter’s Warrant with a duly executed exercise form attached hereto with
the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number
of Shares the Holder will purchase pursuant to such Cashless Exercise Right.

 

2.4 No
Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Underwriter Warrant, in no event
will the Company be required to net cash settle the exercise of the Underwriter Warrant. The holder of the Underwriter Warrant
will not be entitled to exercise the Underwriter Warrant unless it exercises such Purchase Warrant pursuant to the cashless exercise
right or a registration statement is effective, or an exemption from the registration requirements is available at such time and,
if the Holder is not able to exercise the Underwriter Warrant, the Underwriter Warrant will expire worthless.

 

3. Transfer.

 

3.1
General Restrictions. The registered Holder of this Underwriter’s Warrant agrees that it will not sell, transfer,
assign, pledge or hypothecate this Underwriter’s Warrant, or
any portion thereof, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the
effective economic disposition of such securities for a period beginning from the effectiveness of the Registration Statement until
180 days after the effective date of the Offering to anyone other than (i) NETWORK 1 or an Underwriter or a selected dealer participating
in the Offering, or (ii) a bona fide officer or partner of NETWORK 1 or of any such Underwriter or selected dealer. After a period
of 180 days following the effective date of the Offering, transfers to others may be made subject to compliance with or exemptions
from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment
form attached hereto duly executed and completed, together with the Underwriter’s Warrant and payment of all transfer taxes,
if any, payable in connection therewith. The Company shall within five business days transfer this Underwriter’s Warrant
on the books of the Company and shall execute and deliver a new Underwriter’s Warrant or Underwriter’s Warrants of
like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable
hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2 Restrictions Imposed by the Act.
The securities evidenced by this Underwriter’s Warrant shall not be transferred unless and until (i) the Company has received
the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under
the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company
(the Company hereby agreeing that the opinion of VCL Law LLP shall be deemed satisfactory evidence of the availability
of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to the
offer and sale of such securities has been filed by the Company and declared effective by the Securities and Exchange Commission
and compliance with applicable state securities law has been established.

 

4. New Underwriter’s Warrants to be Issued.

 

4.1 Partial Exercise or Transfer. Subject
to the restrictions in Section 3 hereof, this Underwriter’s Warrant may be exercised or assigned in whole or in part. In
the event of the exercise or assignment hereof in part only, upon surrender of this Underwriter’s Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax
if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Underwriter’s
Warrant of like tenor to this Underwriter’s Warrant in the name of the Holder evidencing the right of the Holder to purchase
the number of Shares purchasable hereunder as to which this Underwriter’s Warrant has not been exercised or assigned.

 

    	 

    	 

    

 

4.2 Lost Certificate. Upon receipt by
the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Underwriter’s Warrant and
of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Underwriter’s
Warrant of like tenor and date. Any such new Underwriter’s Warrant executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

5.  Registration Rights.
The Company has filed the Registration Statement, including a related prospectus, with the Securities and Exchange Commission,
which has been declared effective on Form S-1 (File No. 333-230943). The Registration Statement registers the Shares.

 

5.1 General Terms.

 

5.1.1 Indemnification. The Company shall
indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person,
if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of
1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against litigation, commenced
or threatened, or any claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising
from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company
has agreed to indemnify the Underwriters contained in Section 5 of the Underwriting Agreement in the Offering. The Holder(s) of
the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally,
and not jointly, indemnify the Company, its officers and directors and each person, if any, who controls the Company within the
meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any
claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished
by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement
to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting Agreement pursuant to
which the Underwriters have agreed to indemnify the Company.

 

5.1.2 Exercise of Underwriter’s Warrants.
Nothing contained in this Underwriter’s Warrant shall be construed as requiring the Holder(s) to exercise their Underwriter’s
Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

5.1.5 Rule 144 Sale. Notwithstanding
anything contained in this Section 5 to the contrary, the Company shall have no obligation to maintain the effectiveness of the
Registration Statement covering the Shares held by any Holder, where such Holder would then be entitled to sell under Rule 144
within any three-month period (or such other period prescribed under Rule 144 as may be provided by amendment thereof) all of the
Registrable Securities then held by such Holder.

 

5.1.6 Supplemental Prospectus. Each
Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result of which the prospectus
included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing, or that would otherwise require disclosure of material nonpublic information that, if disclosed at such time, would
be materially harmful to the Company, such Holder will immediately discontinue disposition of Registrable Securities pursuant to
the Registration Statement covering such Registrable Securities until such Holder’s receipt of the copies of a supplemental
or amended prospectus, or the public disclosure and dissemination of such information, as the case may be, and, if so desired by
the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a
certificate of such destruction) all copies, other than permanent file copies then in such Holder’s possession, of the prospectus
covering such Registrable Securities current at the time of receipt of such notice.

 

    	 

    	 

    

 

6. Adjustments.

 

6.1 Adjustments to Exercise Price and Number
of Securities. The Exercise Price and the number of Shares underlying the Underwriter’s Warrant shall be subject to
adjustment from time to time as hereinafter set forth:

 

6.1.1 Stock
Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split up of shares of Common
Stock or other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased
in proportion to such increase in outstanding shares of Common Stock. For example, if the Company declares a two-for-one stock
dividend and at the time of such dividend this Underwriter’s Warrant is for the purchase of one Share at $6.25 per Share,
upon effectiveness of the dividend, this Underwriter’s Warrant will be adjusted to allow for the purchase of one Share for
$3.125. In such example, the number of Shares purchasable hereunder would be doubled.

 

6.1.2 Aggregation of Shares. If after
the date hereof, and subject to the provisions of Section 6.3, the number of outstanding shares of Common Stock is decreased by
a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number
of Shares underlying this Underwriter’s Warrant each of purchasable hereunder shall be decreased in proportion to such decrease
in outstanding shares.

 

6.1.3 Replacement of Securities upon Reorganization,
etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock other than a change covered
by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of the shares of Common Stock, or in the case of any merger
or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is
the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common
Stock, or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety
or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Underwriter’s Warrant
shall have the right thereafter (until the expiration of the right of exercise of this Underwriter’s Warrant) to receive
upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and
amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of shares of Common
Stock of the Company obtainable upon exercise of this Underwriter’s Warrant immediately prior to such event; and if any reclassification
also results in a change in the number of shares of Common Stock covered by Section 6.1.1 or 6.1.2, then such adjustment shall
be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to
successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

6.1.4 Changes in Form of Underwriter’s
Warrant. This form of Underwriter’s Warrant need not be changed because of any change pursuant to this Section, and Underwriter’s
Warrants issued after such change may state the same Exercise Price and the same number of Shares are stated in the Underwriter’s
Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Underwriter’s Warrant
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement
Date or the computation thereof.

 

6.2 Substitute Underwriter’s Warrant.
In case of any consolidation of the Company with, or merger of the Company with or into, another corporation (other than a consolidation
or merger which does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation
or merger shall execute and deliver to the Holder a supplemental Underwriter’s Warrant providing that the holder of each
Underwriter’s Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration
of such Underwriter’s Warrant) to receive, upon exercise of such Underwriter’s Warrant, the kind and amount of Shares
and other securities and property receivable upon such consolidation or merger, by a holder of the number of Shares of the Company
for which such Underwriter’s Warrant might have been exercised immediately prior to such consolidation, merger, sale or transfer.
Such supplemental Underwriter’s Warrant shall provide for adjustments which shall be identical to the adjustments provided
in Section 6. The above provision of this Section shall similarly apply to successive consolidations or mergers.

 

6.3 Elimination of Fractional Interests.
The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the Underwriter’s
Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties
that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of Warrants, Shares or
other securities, properties or rights.

 

    	 

    	 

    

 

7. Reservation and Listing. The Company
shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of
the Underwriter’s Warrants, such number of shares of Shares, or other securities, properties or rights as shall be issuable
upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Underwriter’s Warrants and payment
of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise
shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. As long
as the Underwriter’s Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to cause all
Shares issuable upon exercise of the Underwriter’s Warrants, to be listed (subject to official notice of issuance) on all
securities exchanges on which the Shares, issued to the public in the Offering may then be listed and/or quoted.

 

8. Certain Notice Requirements.

 

8.1 Holder’s Right to Receive Notice.
Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice as a stockholder
for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however,
at any time prior to the expiration of the Underwriter’s Warrants and their exercise, any of the events described in Section
8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days
prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled
to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed
dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer
books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given
to the other stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders.

 

8.2 Events Requiring Notice. The Company
shall be required to give the notice described in this Section 8 upon one or more of the following events: (i) if the Company shall
take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise
than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting
treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of its
Shares any additional Shares of the Company or securities convertible into or exchangeable for Shares of the Company, or any option,
right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection
with a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3 Notice of Change in Exercise Price.
The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof, send notice to
the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing the change
and the method of calculating same and shall be certified as being true and accurate by the Company’s Chief Financial Officer.

 

8.4 Transmittal of Notices. All notices,
requests, demands and other communications which are required or may be given under this Underwriter’s Warrant shall be in
writing and shall be deemed to have been duly given: (a) when received, if personally delivered; (b) when transmitted, if transmitted
by telecopy, electronic or digital transmission method with confirmation of transmission by the transmitting equipment; (c) the
day after it is sent, if sent for next day delivery to a domestic address by a recognized overnight delivery service (e.g.,
Federal Express); and (d) upon receipt, if sent by certified or registered mail, return receipt requested. In each case, notice
shall be sent to the parties at the following address (or to such other address as a party may have specified by notice given to
the other party pursuant to this provision):

 

Addentax Group Corp.

Kingkey 100, Block A,
Room 4805 

Luohu District, Shenzhen
City

China 518000

Attention: Chief Executive
Officer

Facsimile:

E-mail:

 

    	 

    	 

    

 

with a copy to:

 

Loeb & Loeb LLP

345 Park Avenue, 19th
Floor

New York, NY 10154

Attention: Mitchell S.
Nussbaum, Esq.

Facsimile: 212-407-4990

Email: mnussbaum@loeb.com

 

9.  Miscellaneous.

 

9.1 Amendments. The Company and NETWORK
1 may from time to time supplement or amend this Underwriter’s Warrant without the approval of any of the Holders in order
to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other
provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and NETWORK
1 may deem necessary or desirable and that the Company and NETWORK 1 deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

9.2 Headings. The headings contained
herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation
of any of the terms or provisions of this Underwriter’s Warrant.

 

10. Entire Agreement. This
Underwriter’s Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Underwriter’s Warrant) constitutes the entire agreement of the parties hereto with respect to the subject
matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the
subject matter hereof.

 

10.1 Binding Effect. This Underwriter’s
Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees,
respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Underwriter’s Warrant or any provisions herein contained.

 

10.2 Governing Law; Submission to Jurisdiction.
This Underwriter’s Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New
York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising
out of, or relating in any way to this Underwriter’s Warrant shall be brought and enforced in the courts of the State of
New York or of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof
by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section
8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from
the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred
in connection with the preparation therefor.

 

10.3 Waiver, Etc. The failure of the
Company or the Holder to at any time enforce any of the provisions of this Underwriter’s Warrant shall not be deemed or construed
to be a waiver of any such provision, nor to in any way affect the validity of this Underwriter’s Warrant or any provision
hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Underwriter’s Warrant.
No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Underwriter’s Warrant shall be
effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver
is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any
other or subsequent breach, non-compliance or non-fulfillment.

 

10.4 Execution in Counterparts. This
Underwriter’s Warrant may be executed in one or more counterparts, and by the different parties hereto in separate counterparts,
each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and
shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the
other parties hereto.

 

[Remainder of page deliberately left blank]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
Company has caused this Underwriter’s Warrant to be signed by its duly authorized officer as of the ___ day of ____, 2019.

 

	 	ADDENTAX GROUP CORP.
	 	 	 
	 	By:	           
	 	Name: 	 
	 	Title: 	 

 

[signature page of Addentax form of warrant]

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