Document:

Exhibit
10.01

 

STOCK
PURCHASE AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”), effective as of January 5, 2021 (the “Effective Date”)
by and among (A) Ivo Heiden, an individual with an address of 2275 Huntington Drive, Suite 851, San Marino, CA 91108 (“Heiden”),
(B) WWYD, Inc., a Florida corporation, with an address at 1360 China Gulch Road, Jacksonville, OR 97530 (“WWYD”
and collectively with Heiden, the “Sellers”), (C) Clark Orient (BVI) Limited, with an address at Room 2906,
29/F, China Online Centre, 333 Lockhart Road, Wanchai, Hong Kong (“Buyer”), and (D) Ecomat Inc. (“ECMT”),
a Nevada corporation, with an address at 2275 Huntington Drive, Suite 851, San Marino, CA 91108 (the “Company”).

 

WHEREAS,
Heiden owns 13,230,000 as of the date of Closing and WWYD owns 6,975,000 restricted shares of common stock, par value $0.0001,
of the Company;

 

WHEREAS,
Buyer is willing to acquire 20,205,000 shares of common stock of the Company (the “Shares”) (which represent
approximately 85% of the issued and outstanding shares of common stock of the Company) from Sellers for a purchase price of Three
Hundred and Twenty Thousand U.S. Dollars ($320,000.00) (the “Purchase Price”) on the terms and conditions set
forth below;

 

WHEREAS,
Sellers, Buyer and Lawrence Lonergan Esq. (the “Escrow Agent”) entered into an escrow agreement dated as December
10, 2020, as amended (the “Escrow Agreement”); and

 

WHEREAS,
Sellers and Buyer have determined, subject to the terms and conditions set forth in this Agreement, that the transaction contemplated
hereby is desirable and in their respective best interests.

 

NOW,
THEREFORE, on the stated premises and for and in consideration of the mutual covenants and agreements hereinafter set forth
and the mutual benefits to the parties to be derived here from, it is hereby agreed as follows:

 

ARTICLE
I SALE AND PURCHASE OF THE SHARES

 

Section
1.1 Sale and Purchase. Subject to the terms and conditions hereof, at the Closing (as defined in Section 1.2 below), Sellers
agree to sell, assign, transfer, convey and deliver to Buyer, and Buyer agrees to purchase from Sellers, the Shares.

 

Section
1.2 Closing. The purchase of the Shares shall be consummated at a closing (“Closing”) to take place remotely
on or before 5 p.m. Eastern Time January 6, 2021 or any other date as agreed upon by the parties hereto (the “Closing
Date”).

 

Section
1.3 Payment of the Purchase Price. Upon the execution of the Escrow Agreement, Buyer wired a FIFTY THOUSAND Dollars ($50,000)
deposit to the Escrow Agent. On December 14, 2020, the Escrow Agent confirmed receipt of the $50,000 deposit. Unless the Escrow
Agreement has been earlier terminated according to its terms, Buyer shall deliver the balance of the Purchase Price, in the amount
of TWO HUNDRED SEVENTY THOUSAND Dollars ($270,000.00) to the Escrow Agent on or before January 6, 2021. The full amount of the
Purchase Price shall be released to Sellers by the Escrow Agent at the Closing.

 

Section
1.4 Delivery of Shares and Documents.

 

Unless
waived in writing by Buyer, upon the Closing, the Sellers and the Company shall deliver to Buyer:

 

1.4.1
Certificates for the Shares, along with a duly executed stock power medallion guarantees for each such certificate (collectively
“Sales Documents”), and the Company’s books and records listed in Exhibit A unless otherwise
agreed to in writing by the parties;

 

    	 

    	 

    

 

1.4.2
Executed Pay-off Letter from Heiden regarding full repayment of and cancellation and release of any and all liabilities of the
Company under (i) the loan agreement dated September 1, 2017 between the Company and Heiden; (ii) the $75,000 Convertible Promissory
Note dated October 12, 2018, issued to Heiden by the Company and (iii) the $90,000 Convertible Promissory Note dated May 1, 2020,
issued to Heiden by the Company;

 

1.4.3
Executed waiver letter from WWYD which provides for waiver and termination of any registration rights it (or its assignee or transferee)
may have related to the Company’s common shares prior to the Closing date;

 

1.4.4
Signed resignation letters of all existing officers and directors of the Company;

 

1.4.5
Executed Board consents appointing designees of the Purchaser as directors and officers of the Company;

 

1.4.6
All Edgar codes of the Company necessary to make filings with the Securities and Exchange Commission;

 

1.4.7
Contact information of service providers of the Company necessary to comply with SEC rules and regulations and to maintain the
quotation on over-the-counter bulletin board listed in Exhibit B, and confirmation from each of such service providers
that there is no outstanding balance owed by the Company as of the Closing Date;

 

1.4.8
Written confirmation from the Company’s stock transfer agent that it has received all documentation necessary to effectuate
the transfer of stock certificates representing the Shares to the Purchaser, including the issuance of stock certificates representing
the Shares to the Purchaser or its designee.

 

Section
1.5 Other Closing Deliveries. Sellers shall deliver other customary closing documents as may be reasonably requested by Buyer.

 

ARTICLE
II REPRESENTATIONS, COVENANTS AND WARRANTIES OF THE COMPANY

 

The
Company hereby represents and warrants to Buyer that each of the following representations, warranties and covenants are true,
correct, and complete as of the date hereof and as of the Closing Date. All references in this Agreement to “Knowledge of
the Company” shall mean the actual knowledge, after reasonable investigation, of the Company.

 

Section
2.1 Corporate Existence and Power. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the jurisdiction of its incorporation. The Company has the requisite corporate power and authority to carry on its
business as presently conducted and as currently proposed to be conducted, to own and operate its properties and assets, to execute
and deliver this Agreement, and to carry out the provisions of this Agreement. The Company is duly qualified to do business and
is in good standing as a foreign company in all jurisdictions in which the nature of its activities and of its properties makes
such qualification necessary, except for those jurisdictions in which failure to do so would not have a Material Adverse Effect
on the Company or its business. “Material Adverse Effect” means, any change, effect or circumstance which, individually
or in the aggregate, would reasonably be expected to: (a) have a material adverse effect on the business, assets, financial condition,
prospects or results of operations of the Company, as the case may be, in each case taken as a whole; (b) materially impair the
ability of the Company, as the case may be, to perform its obligations under this Agreement; or (c) that would prohibit or otherwise
materially interfere with the ability of any party to this Agreement to perform any of its obligations under this Agreement in
any material respect.

 

    	 

    	 

    

 

Section
2.2 Subsidiaries. The Company does not own or control any equity security or other interest of any other corporation, partnership,
limited liability company or other business entity. The Company is not a participant in any joint venture, partnership, limited
liability company or similar arrangement.

 

Section
2.3 Organizational Documents. True, correct and complete copies of the Organizational Documents of the Company have been delivered
to Buyer, and no action has been taken to amend or repeal such Organizational Documents since the date of delivery. The Company
is not in violation or breach of any of the provisions of its Organizational Documents. “Organizational Documents”
means, the Company’s certificate of incorporation and bylaws.

 

Section
2.4 Capitalization. The Company’s authorized capital stock consists of 75,000,000 shares, consisting of 74,000,000 shares
of common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. As of the
date hereof and immediately prior to Closing, 23,811,750 shares of common stock are issued and outstanding, including the Shares.
There are no shares of preferred stock issued and outstanding and no other classes or series of capital stock authorized or issued.
All issued and outstanding shares immediately prior to the Closing are duly authorized, validly issued, fully paid and non-assessable,
free of liens, encumbrances, options, restrictions and legal or equitable rights of others not a party to this Agreement. There
are no outstanding dividends, whether current or accumulated, due or payable on any of the capital stock of the Company.

 

Section
2.5 Agreements. There are no agreements, understandings, instruments, contracts or proposed transactions, or judgments, orders,
writs or decrees, to which the Company is a party or by which it is bound. The Company is not a guarantor or indemnitor of any
indebtedness of any other person, party or entity. The Company has not declared or paid any dividends, or authorized or made any
distribution upon or with respect to any class or series of its equity securities. Except with respect to (i) the loan agreement
dated September 1, 2017 between the Company and Heiden; (ii) the $75,000 Convertible Promissory Note dated October 12, 2018, issued
to Heiden by the Company and (iii) the $90,000 Convertible Promissory Note dated May 1, 2020, issued to Heiden by the Company,
all of which shall be paid off and/or cancelled at Closing there are no outstanding options, warrants, purchase agreements, participation
agreements, subscription rights, conversion rights, exchange rights or other securities or contracts that could require the Company
to issue, sell or otherwise cause to become outstanding any of its authorized but unissued shares of capital stock or any securities
convertible into, exchangeable for or carrying a right or option to purchase shares of capital stock or to create, authorize,
issue, sell or otherwise cause to become outstanding any new class of capital stock. There are no outstanding contractual obligations
(contingent or otherwise) of the Company to retire, repurchase, redeem or otherwise acquire any outstanding shares of capital
stock of, or other ownership interests in the Company or to provide funds to or make any investment (in the form of a loan, capital
contribution or otherwise) in any other person.

 

Section
2.6 Authorization; No Contravention. The execution, delivery and performance by the Company of this Agreement and the transactions
contemplated hereby (a) have been duly authorized by all necessary action of the Company, (b) do not violate, conflict with or
result in any breach or default of (or with due notice or lapse of time or both would result in any breach, default or contravention
of), or the creation of any lien under, any contractual obligation of the Company or any requirement of law applicable to the
Company, and (c) do not violate any judgment, injunction, writ, award, decree or order (collectively, “Orders”)
of any governmental authority against, or binding upon, the Company. There are no actions, subpoenas, suits, proceedings, claims,
complaints, disputes, arbitrations or investigations (collectively, “Claims”) pending, initiated, or, to the
knowledge of the Company, threatened, at law, in equity, in arbitration or before any governmental authority against the Company.

 

    	 

    	 

    

 

Section
2.7 Binding Effect. This Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

Section
2.8 Disclosure. The Company understand and confirm that Buyer is relying on the representations, warranties and covenants
contained in this Agreement and the disclosures set forth in the reports, forms and other documents filed with the SEC by the
Company (collectively, the “SEC Reports”) in entering into this Agreement. All disclosures contained in the
SEC Reports or otherwise provided to Buyer regarding the Company, its businesses and the transactions contemplated hereby, furnished
by or on behalf of Sellers or the Company are complete, true and correct and do not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances
under which they were made, not misleading.

 

Section
2.9 SEC Reports; Financial Statements. The Company has filed all required reports under Section 13 or 15(d) of the Exchange
Act (“SEC Reports”) for the three (3) years preceding the date hereof. As of their respective dates, the SEC
Reports and any registration statements filed under the Securities Act (the “Registration Statements”) complied
in all material respects with the requirements of the Exchange Act and the Securities Act, as applicable, and the rules and regulations
of the SEC promulgated thereunder, and none of the SEC Reports or Registration Statements, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included
in the Registration Statement and the SEC Reports comply in all material respects with applicable accounting requirements and
the rules and regulations of the SEC with respect thereto as in effect at the time of filing, were prepared in accordance with
GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto, or, in the case
of unaudited statements as permitted by Form 10-Q of the SEC), and fairly present in all material respects (subject in the case
of unaudited statements, to normal, recurring audit adjustments) the financial position of the Company as at the dates thereof
and the results of its operations and cash flows for the periods then ended. The disclosure set forth in the SEC Reports and Registration
Statements regarding the Company’s business is current and complete and accurately reflects operations of the Company, as
it exists as of the date hereof.

 

Section
2.10 Filings with Government Agencies. The Company files annual and quarterly reports with the SEC and is current in all filings
that might be required and is current in their filings and reporting to the State of Nevada and any other states where it is currently
qualified to do business. Upon the purchase of the Shares by Buyer, the Company will supply Buyer with all information that is
currently available for the Company.

 

    	 

    	 

    

 

Section
2.11 Tax Matters. Sellers shall be responsible for and pay all taxes associated with the transactions contemplated by this
Agreement including any taxes and any penalties associated with late payment of any taxes that were due or required to have been
paid or withheld during the pre-closing tax period for any amount over $15,000.00 USD related to late filing of tax returns. Sellers
and the Company are not parties to any tax allocations or sharing agreements. The Shares are not subject to any lien arising in
connection with any failure or alleged failure to pay tax. There are no pending, threatened, or proposed audits, assessments or
claims from any tax authority for deficiencies, penalties, or interest with respect to Sellers that would affect the Shares. The
Sellers represent that the Company has had no business operations and has not generated any net income from operations since and
after emerging from the Chapter 7 proceeding and, as a result, has not made or filed federal and state income tax returns. The
Company is not under examination by any jurisdiction for any tax year. 

 

To
the Company’s and Sellers’ knowledge, no claim has been made by an authority in a jurisdiction where the Company does
not file tax returns that it is or may be subject to taxation by that jurisdiction. There are no actual, pending or, to the Company’s
or Sellers’ knowledge, threatened liens, encumbrances, or charges against any of the assets of the Company arising in connection
with any failure (or alleged failure) to pay any tax incurred. To the Company’s and Sellers’ knowledge, there is no
dispute or claim concerning any tax liability of the Company either claimed or raised by any authority in writing, orally or by
any other means of communication. The Company has not waived any statute of limitations in respect of taxes or agreed to any extension
of time with respect to a tax assessment or deficiency.

 

Buyer
shall be responsible for the preparation and filing of all tax returns that Company is required to file for any pre-closing tax
period, and shall also be responsible for any fees related to late filing up to $15,000.00 USD this amount does not include any
tax liability on income or other that is not directly related to the filing of tax returns. Seller will cooperate with Buyer and
not withhold reasonable cooperation if required for the preparation and/or filing of all tax returns that Company is required
to file for any pre-closing tax period. Sellers shall have the right to review the pre-closing tax returns prior to filing with
applicable governmental tax authorities.

 

Buyer
shall be entitled to the amount of any refund of taxes or any benefit of any net operating loss carryforwards (including any related
interest received from the applicable governmental authority) of the Company with respect to a pre-closing tax period that is
received (in cash or as an offset to taxes that would be payable in cash) by Sellers or their affiliates (including any Company
cntity) after the Closing,

 

Sellers
shall not cause or permit (unless requested in writing by Buyer) any (i) amendment of any Company return for any pre-closing tax
period, (ii) carryback of any tax attributes from any post-closing tax period of the Company to any pre-closing tax period, (iii)
self-assessment of additional tax for any pre-closing tax period, or (iv) to pursue any tax amnesty, voluntary disclosure agreement
or similar agreement or arrangement regarding any pre-closing tax period of Company.

 

Section
2.12 Financial Statements. The Company’s financial statements fairly present the assets of the Company and liabilities
of the Company incurred, in each case.

 

Section
2.13 Employees. The Company has no employees, independent contractors or other persons providing services to them. The Company
is not liable for the payment of any compensation, damages, taxes, fines, penalties or other amounts, however designated, for
failure to comply with any of the laws.

 

Section
2.14 Compliance with Laws. The business and operations of the Company have been and are being conducted materially in accordance
with all applicable laws. The Company has not received notice of any violation (or any proceeding involving an allegation of any
violation) of any applicable law and, no proceeding involving an allegation of violation of any applicable law is threatened or
contemplated. The Company has complied with all federal and state securities laws in connection with the offer, sale and distribution
of its securities.

 

    	 

    	 

    

 

Section
2.15 Bank Accounts and Safe Deposit Boxes. The Company does not have any bank or other deposit or financial account, nor does
the Company have any lock boxes or safety deposit boxes.

 

Section
2.16 Intellectual Property. The Company does not own, use or license any intellectual property in its business as presently
conducted.

 

Section
2.17 Authorization; Third Party Consents. No consent, approval, authorization, order, registration or qualification (each,
an “Authorization”) of or with any governmental authority or any other person is required for the execution, delivery
or performance (including, without limitation, the sale of the Shares) by, or enforcement against, the Company of this Agreement
or the consummation by the Company of the transactions contemplated by this Agreement, except (i) such Authorizations as have
already been obtained or (ii) as otherwise provided in this Agreement.

 

Section
2.18 Absence of Litigation. There are no lawsuits, actions or administrative, arbitration or other proceedings or governmental
investigations ongoing, pending or threatened against or relating to the Company, or the Company’s properties or business.
The Company has not entered into or been subject to any consent decree, compliance order, or administrative order with respect
to any property owned, operated, leased, or used by the Company. The Company has not received any request for information, notice,
demand letter, administrative inquiry, or formal or informal complaint or claim with respect to any property owned, operated,
leased, or used by the Company or any facilities or operations thereon.

 

Section
2.19. DTC Eligibility. The Company’s common stock are eligible to be through the Depository Trust Company (DTC).

 

ARTICLE
III REPRESENTATIONS, COVENANTS AND WARRANTIES OF SELLERS.

 

Sellers
hereby jointly and severally represents and warrants to Buyer that each of the following are true, correct, and complete as of
the date hereof and as of the Closing Date. All references in this Agreement to “knowledge of Seller(s)” shall mean
the actual knowledge, after reasonable investigation, of Sellers.

 

Section
3.1 Authorization; No Contravention. The execution, delivery and performance by Sellers of this Agreement and the transactions
contemplated hereby (a) have been duly authorized by all necessary action of Sellers, (b) do not violate, conflict with or result
in any breach or default of (or with due notice or lapse of time or both would result in any breach, default or contravention
of), or the creation of any lien under, any contractual obligation of the Sellers or any requirement of law applicable to the
Sellers, and (c) do not violate any Orders of any governmental authority against, or binding upon, Sellers. There are no Claims
pending, initiated, or, to the knowledge of Sellers, threatened, at law, in equity, in arbitration or before any governmental
authority against the Company.

 

Section
3.2 Ownership of Shares. Each of Sellers is the legal owner, and has good and marketable title (beneficially and of record)
to the portion of the Shares he owns. All of the Shares, when sold to Buyer pursuant to this Agreement, will be: (i) duly authorized,
validly issued, and outstanding; (ii) fully paid, non-assessable, and free of preemptive rights; and (iii) free and clear of any
and all pledges, claims, restrictions, charges, liens, security interests, encumbrances, or other interests of third parties of
any nature whatsoever. Immediately prior to the Closing Date: (i) Except with respect (x) the loan agreement dated September 1,
2017 between the Company and Heiden; (y) the $75,000 Convertible Promissory Note dated October 12, 2018, issued to Heiden by the
Company and (z) the $90,000 Convertible Promissory Note dated May 1, 2020, issued to Heiden by the Company, which shall all be
paid off and/or cancelled at Closing, there are no outstanding options, warrants, rights, commitments, or agreements of any kind
for the issuance or sale of, or outstanding securities convertible into, any additional shares of capital stock of any class of
the Company; (ii) there are no voting trusts, voting agreements, proxies, or other agreements, instruments, or undertakings with
respect to the voting of any Company securities to which the Company or any of its shareholders is a party; and (iii) there are
no restrictions on transfer of any Company securities except for restrictions imposed by applicable laws. There are no contracts,
commitments, understandings or arrangement by which the Company is bound to issue additional registered capital, share capital
or other securities.

 

    	 

    	 

    

 

Section
3.3 Binding Effect. This Agreement has been duly executed and delivered by Sellers and constitutes the legal, valid and binding
obligation of Sellers, enforceable against Sellers and the Company in accordance with its terms.

 

Section
3.4 Disclosure. Sellers understand and confirm that Buyer is relying on the representations, warranties and covenants contained
in this Agreement and the disclosures set forth in the reports, forms and other documents filed with the SEC by the Company (collectively,
the “SEC Reports”) in entering into this Agreement. All disclosures contained in the SEC Reports or otherwise
provided to Buyer regarding the Company, its businesses and the transactions contemplated hereby, furnished by or on behalf of
Sellers or the Company are complete, true and correct and do not contain any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were
made, not misleading.

 

Section
3.5 Brokers and Finders. Any finder’s fee, or any other type of fee related to the sale contemplated by this Agreement,
will be paid by Sellers. No person has, or as a result of the transactions contemplated herein will have, any right or valid claim
against the Company for any commission, fee or other compensation as a finder or broker, or in any similar capacity, on and after
the Closing, the Company will indemnify and hold Buyer harmless against any liability or expense arising out of, or in connection
with, any such claim.

 

Section
3.6 Due Diligence Materials Provided. Sellers have provided Buyer true and accurate copies of all corporate books and records
relating to the Company in Sellers’ possession or control. Sellers do not have any knowledge of any liability or obligation
of the Company other than is reflected in said books and records.

 

Section
3.7 Absence of Undisclosed Liability. The Company emerged from bankruptcy proceedings pursuant to the United States Bankruptcy
Court, dated June 14, 2006, order free and clear of all liens, claims, encumbrances, and as a result the Company emerged from
bankruptcy without any liabilities, obligations or claims of any kind whatsoever.

 

As
of the Closing Date, Sellers and the Company had no liabilities which arose, either accrued or contingent, of a nature required
to be reflected in the financial statements in accordance with generally accepted accounting principles, and whether due or to
become due, which individually or in the aggregate are reasonably likely to have an adverse effect on the Company. The Company
has fully paid all debtors, vendors and service providers for all obligations that have become due and payable as of the Closing
Date.

 

    	 

    	 

    

  

ARTICLE
IV REPRESENTATIONS, COVENANTS AND WARRANTIES OF BUYER

 

Buyer
hereby represents and warrants to Sellers that each of the following are true, correct, and complete as of the date hereof and
the Closing.

 

Section
4.1 No Conflict, Authority. The execution of this Agreement and the consummation of the transactions contemplated by this
Agreement will not result in the material breach of any term or provision of, or constitute an event of default under, any material
debt instrument, which may include an indenture, mortgage, deed of trust or other contract, agreement or instrument to which Buyer
is a party. Buyer has full power, authority and legal right and has taken all action required by law or otherwise to authorize
the execution and delivery of this Agreement.

 

Section
4.2 Restricted Shares. Buyer acknowledges that the Shares purchased have not been registered under the Securities Act of 1933,
as amended (“Securities Act”) or any state securities laws, will be issued in reliance upon an exemption from
the registration and prospectus delivery requirements of the Securities Act which relate to private offerings, will be issued
in reliance upon exemptions from the registration and prospectus delivery requirements of state securities laws which relate to
private offerings and Buyer must therefore bear the economic risk of such investment indefinitely unless a subsequent disposition
thereof is registered under the Act and applicable state securities laws or is exempt therefrom. Buyer acknowledges that the shares
shall bear restrictive legends.

 

Section
4.3 Buyer’s Sophistication. Buyer (i) acknowledges that the purchase of Shares involves a high degree of risk in that
the Company has no current business operations or plans and may require substantial funds; (ii) an investment in the Company is
highly speculative and only investors who can afford the loss of their entire investment should consider investing in the Company
and the Shares; (iii) has such knowledge and experience in finance, securities, investments, including investment in non-listed
and non -registered securities, and other business matters so as to be able to protect its interests in connection with this transaction;
(iv) that the sale of the Shares to Buyer is not registered with the SEC or with the securities administrator of any state; (v)
that the Shares are being sold pursuant to an exemption from such registration requirements; and (vi) the Shares are “restricted
securities” that will bear a restrictive legend prohibiting their further transfer without registration or any exemption
therefrom.

 

Section
4.4 Brokers and Finders. Buyer has made no agreements involving any fees of any type that relate to this Agreement and that
would involve Sellers, including but not limited to broker’s fee, finder’s fees or any similar compensation arrangement.

 

ARTICLE
V POST-CLOSING COVENANTS

 

Sellers
hereby jointly and severally covenant to Buyer as follows:

 

Section
5.1 Post-Closing SEC Reports. Upon the Closing, Sellers shall cause the Company to timely file a Current Report on Form 8-K
disclosing the entry by Sellers of this Agreement. From and after the Closing Date until the filing of Quarterly Report on Form
10-Q or Annual Report on Form 10-K with the SEC (“Periodic Report”), Sellers shall timely collect and deliver
necessary information of the Company’s business or operation prior to and as of the Closing Date for the purpose of preparing
the Periodic Report and shall use its best efforts to cooperate with the Company and the Company’s auditor in connection
with the auditor’s review of the Periodic Report. From and after the Closing Date, in the event the SEC notifies the Company
of its intent to review any SEC Report filed prior to the Closing Date or the Company receives any oral or written comments from
the SEC with respect to any SEC Report filed prior to the Closing Date or any disclosure regarding the Company’s business
or operations, as in existence through the date hereof in any SEC Report or registration statement filed after the Closing Date,
Buyer shall promptly notify Sellers and Sellers shall make commercially reasonable efforts to cooperate with Buyer in connection
with such review and response.

 

Section
5.2 Assistance with Post-Closing SEC Reports and Inquiries. Upon the request of Buyer, after the Closing Date, Sellers shall
use their best efforts to provide such information available to them, including information, filings, reports, financial statements
or other circumstances of the Company occurring, reported or filed prior to the Closing, as may be necessary or required by the
Company for the preparation of the post-Closing Date reports that the Company is required to file with the SEC to remain in compliance
and current with its reporting requirements under the Exchange Act, or filings required to address and resolve matters as may
relate to the period prior to the Closing and any SEC comments relating thereto or any SEC inquiry thereof.

 

    	 

    	 

    

 

ARTICLE
VI REMEDIES

 

Section
6.1 Indemnification is Exclusive Remedy. This Agreement will be governed by the internal laws of the State of New York without
regard to conflicts of laws principles. Any controversy or claim arising out of, or relating to, this Agreement, or the making,
performance, or interpretation thereof, shall be adjudicated by the state or federal courts located in New York, New York and
may only be brought by a party if it is permitted pursuant to and is brought in accordance with the provisions of this Article
VI. No party may bring any claim for breach, loss or damage arising out of, or relating to, this Agreement, or the making,
performance, or interpretation thereof, unless the party bringing such claim is entitled to indemnification for such breach, loss
or damage pursuant to Article VI of this Agreement.

 

Section
6.2 Indemnification.

 

(a)
Indemnification by Sellers. From and after the Closing, Sellers, jointly and severally, agree to indemnify Buyer and each
of its affiliates and each of its managers, directors, officers, employees, agents and advisors (including financial advisors,
attorneys and accountants) against all actual losses, damages and expenses (collectively, “Losses”) actually
incurred by Buyer, caused by (i) any breach of any representation or warranty made by Sellers in Article III of this Agreement
or made by the Company in Article II of this Agreement or in any document or certificate delivered by Sellers pursuant
to this Agreement; and (ii) any breach of any covenant or obligation of Sellers in this Agreement or any documents required to
be performed by Sellers on, prior or after the Closing Date. The representations, covenants and warranties of the Sellers shall
survive the Closing for a period of twenty-four thirty-six (24) months.

 

(b)
Indemnification by Buyer. From and after the Closing, Buyer agrees to indemnify the Company and Sellers against all actual
Losses actually incurred by Sellers, caused by (i) any breach of any representation or warranty made by Buyer in Article IV
of this Agreement; and (ii) any breach of any covenant or obligation of Buyer pursuant to this Agreement or any documents
required to be performed by Buyer after the Closing Date.

 

Section
6.3 Certain Limitations. The party making a claim under this Article VI is referred to as the “Indemnified
Party,” and the party against whom such claims are asserted under this Article VI is referred to as the “Indemnifying
Party.” The indemnification provided for in Section 6.2 shall be subject to the following limitations:

 

(a)
Payments by an Indemnifying Party pursuant to Section 6.2 (a) or 6.2 (b) in respect of any Loss shall be limited
to the amount of any liability or damage that remains after deducting therefrom any insurance proceeds and any indemnity, contribution
or other similar payment received or reasonably expected to be received by the Indemnified Party (or the Company) in respect of
any such claim. The Indemnified Party shall use its commercially reasonable efforts to recover under insurance policies or indemnity,
contribution or other similar agreements for any Losses prior to seeking indemnification under this Agreement.

 

(b)
Payments by an Indemnifying Party pursuant to Section 6.2 (a) or 6.2 (b) in respect of any Loss shall be reduced
by an amount equal to any tax benefit realized or reasonably expected to be realized as a result of such Loss by the Indemnified
Party.

 

    	 

    	 

    

 

(c)
In no event shall any Indemnifying Party be liable to any Indemnified Party for any punitive, incidental, consequential, special
or indirect damages, including loss of future revenue or income, loss of business reputation or opportunity relating to the breach
or alleged breach of this Agreement, or diminution of value or any damages based on any type of multiple.

 

(d)
Each Indemnified Party shall take, and cause its affiliates to take, all reasonable steps to mitigate any Loss upon becoming aware
of any event or circumstance that would be reasonably expected to, or does, give rise thereto, including incurring costs only
to the minimum extent necessary to remedy the breach that gives rise to such Loss.

 

Section
6.4 Indemnification Procedures.

 

(a)
Except to the extent set forth in this Section 6.4, a party will not have any liability under the indemnity provisions
of this Agreement with respect to a particular matter unless a written notice (a “Claim Notice”) setting forth
in reasonable detail: (i) the breach or other matter giving rise to such indemnification claim which is asserted, (ii) the estimated
amount, if reasonably practicable, of the Losses that have been incurred by the Indemnified Party in connection therewith, and
(iii) copies of any notices, claims or complaints sent or filed by the claimant, has been given to the Indemnifying Party promptly,
but in any event within thirty (30) days, after the Indemnified Party becomes aware of such claim (including the assertion or
commencement of any third-party claim). Notwithstanding the preceding sentence, failure of the Indemnified Party to give timely
notice hereunder shall not release the Indemnifying Party from its obligations under this Section 6.4, except to the extent
the Indemnifying Party is actually prejudiced by such failure to give notice.

 

(b)
Upon receipt of notice of any claim, suit, action or legal proceeding by a third party for which indemnification might be claimed
by an Indemnified Party (a “Third-Party Claim”), the Indemnifying Party shall be entitled to defend, contest
or otherwise protect against the Third-Party Claim at its own cost and expense, by providing written notice to the Indemnified
Party of such election within thirty (30) days after the Indemnified Party receives a Claim Notice with respect to such Third-Party
Claim, and the Indemnified Party must cooperate in any such defense or other action; provided, that the Indemnifying Party may
not control the defense of any Third-Party Claim that is criminal in nature or that seeks non-monetary equitable relief that would
reasonably be expected to be material to the Indemnified Party if adversely determined. The Indemnified Party shall have the right,
but not the obligation, to participate at its own expense in defense thereof by counsel of its own choosing, but the Indemnifying
Party shall be entitled to control the defense unless the Indemnifying Party does not elect to assume defense of the Third-Party
Claim, is not entitled under this Section 6.4 to control the defense of the Third-Party Claim or fails to competently conduct
the defense of such Third-Party Claim. If the Indemnifying Party undertakes the defense of a Third-Party Claim, the Indemnified
Party shall not, so long as the Indemnifying Party competently conducts the defense thereof, be entitled to recover from the Indemnifying
Party any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense thereof, except
(i) where separate representation is necessary, in the reasonable opinion of counsel to the Indemnified Party, to avoid a conflict
of interest that cannot be waived such that representation of both parties by the same counsel would violate processional standards
of conduct for attorneys in the jurisdiction where the Indemnifying Party’s counsel is practicing on behalf of the Indemnifying
Party, or (ii) reasonable costs of investigation undertaken by the Indemnified Party with the prior written consent of the Indemnifying
Party. If the Indemnifying Party assumes the defense of a Third-Party Claim, no compromise or settlement of the Third-Party Claim
may be effected by the Indemnifying Party without the Indemnified Party’s consent (which consent shall not be unreasonably
withheld, conditioned or delayed). In the event the Indemnifying Party does not elect to assume control of the Third-Party Claim
or otherwise is not entitled to control such Third-Party Claim in accordance with this Section 6.4, the Indemnified Party
shall have the right, but not the obligation, thereafter to defend, contest or otherwise protect against the same and make any
compromise or settlement thereof and recover the entire cost thereof from the Indemnifying Party including, without limitation,
reasonable attorneys’ fees, disbursements and all amounts paid as a result of such Third-Party Claim or the compromise or
settlement thereof. Notwithstanding the foregoing, the Indemnified Party may not compromise or settle any Third-Party Claim without
the prior written consent of the Indemnifying Party (such consent not to be unreasonably withheld, delayed or conditioned).

 

    	 

    	 

    

 

Section
6.5 Tax Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated by
the parties as an adjustment to the Purchase Price for tax purposes, unless otherwise required by law.

 

ARTICLE
VII TERMINATION

 

Section
7.1 Termination. This Agreement may be terminated at any time prior to the Closing:

 

(a)
by the mutual written consent of Sellers and Buyer;

 

(b)
by Buyer by written notice to Sellers if:

 

(i)
Buyer is not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy in or
failure to perform any representation, warranty, covenant or agreement made by Sellers pursuant to this Agreement that would give
rise to the failure of any of the conditions specified in Article I and such breach, inaccuracy or failure cannot be cured by
Sellers by January 6, 2021 (the “Drop Dead Date”); or

 

(ii)
any of the conditions set forth in Article I shall not have been fulfilled by the Drop Dead Date, unless such failure shall
be due to the failure of Buyer to perform or comply with any of the covenants, agreements or conditions hereof to be performed
or complied with by it prior to the Closing;

 

(c)
by Sellers by written notice to Buyer if:

 

(i)
Sellers are not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy in
or failure to perform any representation, warranty, covenant or agreement made by Buyer pursuant to this Agreement that would
give rise to the failure of any of the conditions specified in Article I and such breach, inaccuracy or failure cannot be cured
by Buyer by the Drop Dead Date; or

 

(ii)
any of the conditions set forth in Article I shall not have been fulfilled by the Drop Dead Date, unless such failure shall be
due to the failure of Sellers to perform or comply with any of the covenants, agreements or conditions hereof to be performed
or complied with by it prior to the Closing; or

 

(d)
by Buyer or Sellers in the event that:

 

(i)
there shall be any law that makes consummation of the transactions contemplated by this Agreement illegal or otherwise prohibited;
or

 

(ii)
any Governmental Authority shall have issued a governmental order restraining or enjoining the transactions contemplated by this
Agreement, and such governmental order shall have become final and non-appealable.

 

    	 

    	 

    

  

Section
7.2 Effect of Termination. In the event of the termination of this Agreement in accordance with this Article, this Agreement
shall forthwith become void and there shall be no liability on the part of any party hereto except:

 

(a)
as set forth in this Article VII and Article VIII hereof; and

 

(b)
that nothing herein shall relieve any party hereto from liability for any intentional breach of any provision hereof.

 

ARTICLE
VIII MISCELLANEOUS

 

Section
8.1 Notification of OTC Markets Group, Inc. and Nevada Secretary of State. Upon Closing, Sellers shall notify the state of
Nevada, OTC Markets Group, Inc. and the markets generally of the change in control of the Company by taking the following actions:
(a) Update the Company’s information on the OTC Markets Group, Inc.’s website via the section established for this
purpose. The updated information shall consist of the new address and registered agent for the Company, and the new director(s)
and officers of the Company as provided by Buyer. (b) Notify the Nevada Secretary of State by filing an amended annual list of
officers and directors, and a change in address and registered agent for the Company. (c) Sellers shall confirm notifications
to Buyer in writing and shall provide copies of the notices and filings provided to OTC Markets Group, Inc. and the Nevada Secretary
of State. (d) Buyer shall cooperate fully with Sellers in connection with the foregoing notifications including, as and if requested
by Buyer, providing direct confirmations of the change in control to any governmental entity, FINRA, and OTC Markets Group, Inc.

 

Section
8.2 Confidentiality. Each party hereto agrees with the other party that, unless and until the transactions contemplated by
this Agreement have been consummated, they and their representatives will hold in strict confidence all data and information obtained
with respect to another party or any subsidiary thereof from any representative, officer, director or employee, or from any books
or records or from personal inspection, of such other party, and shall not use such data or information or disclose the same to
others, except: (i) to the extent such data is a matter of public knowledge or is required by law to be published; and (ii) to
the extent that such data or information must be used or disclosed in order to consummate the transactions contemplated by this
Agreement.

 

Section
8.3 Third Party Beneficiaries. This contract is among Sellers, Buyer and the Company. Except for the shareholders of the Company,
no other person or entity shall be deemed to be a third-party beneficiary of this Agreement.

 

Section
8.4 Amendment or Waiver. Every right and remedy provided herein shall be cumulative with every other right and remedy, whether
conferred herein, at law, or in equity, and may be enforced concurrently herewith, and no waiver by any party of the performance
of any obligation by the other shall be construed as a waiver of the same or any other default then, theretofore, or thereafter
occurring or existing. At any time prior to the Closing Date, this Agreement may be amended by a writing signed by all parties
hereto, with respect to any of the terms contained herein, and any term or condition of this Agreement may be waived or the time
for performance hereof may be extended by a writing signed by the party or parties for whose benefit the provision is intended.

 

Section
8.5 Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior
agreements and discussions between Buyer and Sellers. No waiver of any of the provisions of this Agreement will be deemed to constitute
a waiver of any other provisions hereof. This Agreement may be executed by the parties hereto in separate counterparts, each of
which will be deemed to be one and the same instrument.

 

Section
8.6 Headings; Context. The headings of the sections and paragraphs contained in this Agreement are for convenience of reference
only and do not form a part hereof and in no way modify, interpret or construe the meaning of this Agreement.

 

Section
8.7 Waiver of Jury Trial. ALL PARTIES HEREBY WAIVE THEIR RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY DISPUTE ARISING UNDER
THIS AGREEMENT OR ANY DOCUMENT OR INSTRUMENT DELIVERED HEREUNDER.

 

Section
8.8 Execution Knowing and Voluntary. In executing this Agreement, the parties severally acknowledge and represent that each:
(a) has fully and carefully read and considered this Agreement; (b) has been or has had the opportunity to be fully apprised by
its attorneys of the legal effect and meaning of this document and all terms and conditions hereof; and (c) is executing this
Agreement voluntarily, free from any influence, coercion or duress of any kind.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

    	 

    

 

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

 

	Seller	 	Buyer
	Ivo
    Heiden	 	Clark
    Orient (BVI) Limited
	 	 	 	 	 
	By:
    	/s/
    Ivo Heiden	 	By:	/s/
    Max Chen
	 	 	 	Name:	Max
    Chen
	 	 	 	Title:	Interim
    CEO

 

	Address
        of Seller for Notices:

        2275
        Huntington Drive, Suite 851

        San
        Marino, CA 91108

        Email:
        iheiden9@gmail.com

         

        With
        a copy to (which shall not constitute notice):

         

         
	 	Address
        of Buyer for Notices:

        Room
        2906, 29/F, China Online Centre,

        333
        Lockhart Road, Wanchai, Hong Kong

         

         

         

        Email

         

        With
        a copy to (which shall not constitute notice):

 

	Seller	 	Company
	WWYD,
    Inc.	 	Ecomat,
    Inc.
	 	 	 
	By:
    	/s/
    Joshua Kahn	 	By:	/s/
    Ivo Heiden
	Name:	Joshua
    Kahn	 	Name:	Ivo
    Heiden
	Title:	President	 	Title:
    	CEO

 

	Address
        of Seller for Notices:

        1360
        China Gulch Road

        Jacksonville,
        OR 97530

        Email:
        jpkahn@gmail.com

         

        With
        a copy to (which shall not constitute notice):
	 	Address
        of the Company for Notices:

        (prior
        to the Closing)

        2275
        Huntington Drive, Suite 851

        San
        Marino, CA 91108

        Email:
        iheiden9@gmail.com

        With
        a copy to (which shall not constitute notice):

	 	 	 
	 	 	(upon
        and following the Closing)

         

        Email:
____________________

        With
        a copy to (which shall not constitute notice):

 

    	 

    	 

    

 

EXHIBIT
A

 

Books
and Records

 

    	 

    	 

    

 

EXHIBIT
B

 

Contact
information of service providers

 

1.
Auditors

Staff
Auditor

M&K
CPA’s, PLLC

363
N. Sam Houston Parkway E. Suite 650

Houston,
TX 77060

Phone:
832-242-9950 (Ext. 221)

Email:
scole@mkacpas.com

 

2.
Transfer Agent

Amy
Merrill

Standard
Registrar and Transfer Company

440
East 400 South, Suite 200

Salt
Lake City, UT 84111

Phone:
801-571-8844 or 801-596-2150

Email:
amy@standardregistrar.com

 

3.
Nevada Registered Agent

Nevada
Registered Agent LLC

401
Ryland St

Suite
200A

Reno,
NV 89502

agent@nevadaresidentagent.com

Phone:
775-401-6800

 

4.
Printer 

M2
Compliance®

2029
Century Park East, Ste. 400

Los
Angeles, California 90067

T:
310.402.2681

F:
310.693.8083

filing@m2compliance.comTONIX PHARMACEUTICALS HOLDING CORP. 8-K

 

Exhibit 10.01

 

January
11, 2021

 

Tonix
Pharmaceuticals Holding Corp.

26
Main St. – Suite 101

Chatham,
NJ 07926

	Attention:	Seth Lederman
	 	Chief
Executive Officer

 

Dear
Dr. Lederman:

 

This
letter (the “Agreement”) constitutes the agreement between A.G.P./Alliance Global Partners, as exclusive placement
agent (“A.G.P.” or the “Placement Agent”), and Tonix Pharmaceuticals Holding Corp., a company
organized under the laws of the state of Nevada (the “Company”), that
the Placement Agent shall serve as the placement agent for the Company, on a “reasonable best efforts” basis, in connection
with the proposed placement (the “Placement”) of shares of common stock,
par value, $0.001 per share (the “Shares”). The Shares actually placed
by the Placement Agent are referred to herein as the “Placement Agent Securities.” The Placement Agent Securities
shall be offered and sold under both of the Company’s registration statements on Form
S-3 (File Nos. 333-237610 and 333-224586) with respect to the Placement Agent Securities. The documents executed and delivered
by the Company and the Purchasers (as defined below) in connection with the Placement,
including, without limitation, a securities purchase agreement (the “Purchase Agreement”), shall be collectively
referred to herein as the “Transaction Documents.” The purchase
price to the Purchasers for each Share is $0.80.  The Placement Agent may retain
other brokers or dealers to act as sub-agents or selected-dealers on its behalf in connection with the Placement. 

 

The
terms of the Placement shall be mutually agreed upon by the Company and the purchasers listed in the Purchase Agreement (each,
a “Purchaser” and collectively, the “Purchasers”),
and nothing herein constitutes that the Placement Agent would have the power or authority to bind the Company or any Purchaser,
or an obligation for the Company will issue any Shares or complete the Placement. The Company expressly acknowledges and agrees
that the Placement Agent’s obligations hereunder are on a reasonable best efforts basis only and that the execution of this
Agreement does not constitute a commitment by the Placement Agent to purchase the Shares and does not ensure the successful placement
of the Shares or any portion thereof or the success of the Placement Agent with respect to securing any other financing on behalf
of the Company. Certain affiliates of the Placement Agent may participate in the Placement by purchasing some of the Placement
Agent Securities. The sale of Placement Agent Securities to any Purchaser will be evidenced by the Purchase Agreement between
the Company and such Purchaser, in a form reasonably acceptable to the Company and the Purchaser. Capitalized terms that are not
otherwise defined herein have the meanings given to such terms in the Purchase Agreement. Prior to the signing of any Purchase
Agreement, officers of the Company will be available to answer inquiries from prospective Purchasers.

 

SECTION
1.        REPRESENTATIONS AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.

 

A.         Representations
of the Company. With respect to the Placement Agent Securities, each of the representations and warranties and covenants made
by the Company to the Purchasers in the Purchase Agreement in connection with the Placement, is hereby incorporated herein by
reference into this Agreement (as though fully restated herein) and is, as of the date of this Agreement and as of the Closing
Date, hereby made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants
that there are no affiliations with any FINRA member firm among the Company’s officers,
directors or, to the knowledge of the Company, any five percent (5.0%) or greater stockholder of the Company.

  

B.         Covenants
of the Company. The Company covenants and agrees to continue to retain (i) a firm of independent PCAOB registered public accountants
for a period of at least three (3) years after the Closing Date and (ii) a competent
transfer agent with respect to the Placement Agent Securities for a period of three (3) years after the Closing
Date.

 

    	 	 	 

    	 

    

 

SECTION
2.       REPRESENTATIONS OF THE PLACEMENT AGENT. The Placement Agent represents and warrants
that it (i) is a member in good standing of the Financial Industry Regulatory Authority (“FINRA”),
(ii) is registered as a broker/dealer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
(iii) is licensed as a broker/dealer under the laws of the United States of America, applicable to the offers and sales of the
Placement Agent Securities by the Placement Agent, (iv) is and will be a corporate body validly existing under the laws of its
place of incorporation, and (v) has full power and authority to enter into and perform its obligations under this Agreement. The
Placement Agent will immediately notify the Company in writing of any change in its status with respect to subsections (i) through
(v) above. The Placement Agent covenants that it will use its reasonable best efforts to conduct the Placement hereunder in compliance
with the provisions of this Agreement and the requirements of applicable law.  

 

SECTION
3.      COMPENSATION.  In consideration of the services to be provided for hereunder,
the Company shall pay to the Placement Agent or its respective designees a total cash fee equal to seven percent (7.0%) of gross
proceeds from the Placement of the total amount of Placement Agent Securities sold and an
accountable expense allowance as set forth in Section 4 below. A.G.P. reserves the right to reduce any item of compensation or
adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Placement
Agent’s aggregate compensation is in excess of FINRA Rules or that the terms thereof
require adjustment.

 

SECTION
4.       EXPENSES.  The Company agrees to pay all costs, fees and expenses incurred
by the Company in connection with the performance of its obligations hereunder and in connection with the transactions contemplated
hereby, including, without limitation: (i) all expenses incident to the issuance, delivery and qualification of the Shares (including
all printing and engraving costs); (ii) all fees and expenses of the registrar and transfer agent of the Shares; (iii) all necessary
issue, transfer and other stamp taxes in connection with the issuance and sale of the Placement Agent Securities; (iv) all
fees and expenses of the Company’s counsel, independent public or certified public accountants and other advisors; (v) all
costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration
Statements (including financial statements, exhibits, schedules, consents and certificates of experts), the Base
Prospectuses and the Prospectus Supplement, and all amendments and supplements
thereto, and this Agreement; (vi) all filing fees, reasonable attorneys’ fees and expenses incurred by the Company in connection
with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Shares
for offer and sale under the state securities or blue sky laws or the securities laws of any other country; (vii) the fees and
expenses associated with including the Shares on the Trading Market; (ix) up to $50,000
for accountable expenses related to legal fees of counsel to the Placement Agent, IPREO software related expenses, background
check expenses, tombstones and marketing related expenses, including road show expenses if they are incurred. Notwithstanding
the foregoing, any advance received by the Placement Agent will be reimbursed to the Company to the extent not actually incurred
in compliance with FINRA Rule 5110(f)(2)(C). In the event that this Agreement shall not be carried out for any reason whatsoever,
within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall be obligated to pay
to the Placement Agent their actual and accountable out-of-pocket expenses related to the transactions contemplated herein then
due and payable (including the fees and disbursements of A.G.P.’s counsel) up to $20,000 and upon demand the Company shall
pay the full amount thereof to the Placement Agent; provided, however, that such expense cap in no way limits or
impairs the indemnification and contribution provisions of this Agreement.

 

SECTION
5.       INDEMNIFICATION.

 

A.          To
the extent permitted by law, with respect to the Placement Agent Securities, the Company will indemnify the Placement Agent and
its affiliates, stockholders, directors, officers, employees, members and controlling persons (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) against all losses, claims, damages, expenses and liabilities, as the
same are incurred (including the reasonable fees and expenses of counsel), relating to or arising out of its activities hereunder
or pursuant to this Agreement, except to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect
thereof) are found in a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly from
the Placement Agent’s willful misconduct or gross negligence in performing the services described herein.

 

B.           Promptly
after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with respect to which
the Placement Agent is entitled to indemnity hereunder, the Placement
Agent will promptly notify the Company in writing of such claim or of the commencement of such action or proceeding, but failure
to so notify the Company shall not relieve the Company from any obligation it may have hereunder, except and only to the extent
such failure results in the forfeiture by the Company of substantial rights and defenses. If the Company so elects or is requested
by the Placement Agent, the Company will assume the defense of such action or proceeding and will employ counsel reasonably satisfactory
to the Placement Agent and will pay the fees and expenses of such counsel. Notwithstanding the preceding sentence, the Placement
Agent will be entitled to employ its own counsel separate from counsel for the Company and from any other party in such action
if counsel for the Placement Agent reasonably determines that it would be inappropriate under the applicable rules of professional
responsibility for the same counsel to represent both the Company and the Placement Agent. In such event, the reasonable fees
and disbursements of no more than one such separate counsel will be paid by the Company, in addition to fees of local counsel.
The Company will have the right to settle the claim or proceeding, provided that the Company will not settle any such claim, action
or proceeding without the prior written consent of the Placement Agent, which will not be unreasonably withheld.

 

    	 	 	 

    	 

    

 

C.           The
Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim or the commencement
of any action or proceeding relating to a transaction contemplated by this Agreement.

 

D.           If
for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold the Placement Agent harmless,
then the Company shall contribute to the amount paid or payable by the Placement Agent as a result of such losses, claims, damages
or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one
hand and the Placement Agent on the other, but also the relative fault of the Company on the one hand and the liable Placement
Agent on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations.
The amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed
to include any legal or other fees and expenses incurred in defending any litigation, proceeding or other action or claim. Notwithstanding
the provisions hereof, the liable Placement Agent’s share of the liability hereunder
shall not be in excess of the amount of fees actually received, or to be received, by the Placement Agent under this Agreement
(excluding any amounts received as reimbursement of expenses incurred by the Placement Agent).

 

E.           These
indemnification provisions shall remain in full force and effect whether or not the transaction contemplated by this Agreement
is completed and shall survive the termination of this Agreement, and shall be in addition to any liability that the Company might
otherwise have to any indemnified party under this Agreement or otherwise.

 

SECTION
6.       COMPANY LOCK-UP AGREEMENTS.

 

(a)
Restriction on Sales of Capital Stock. The Company, on behalf of itself and any successor entity, agrees that, without
the prior written consent of the Placement Agent, it will not, for a period beginning on the date of this Agreement and ending
on the date that is the 45th day after the Closing Date (as defined in the Purchase Agreement) (the “Lock-Up
Period”), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
any shares of capital stock of the Company or any securities convertible into or exercisable
or exchangeable for shares of capital stock of the Company; (ii) file or cause to be filed
any registration statement with the Commission relating to the offering of any shares
of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares
of capital stock of the Company; (iii) complete any offering of debt securities of the Company, other than entering into a line
of credit with a traditional bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause
(i), (ii), (iii) or (iv) above is to be settled by delivery of shares of capital stock of
the Company or such other securities, in cash or otherwise.

 

The
restrictions contained in this Section 6(a) (collectively, the “Restrictions”)
shall not apply to (i) the Placement Agent Securities, (ii) the issuance by the Company of securities of the Company pursuant
to any documents, agreements or securities existing or outstanding as of the Closing
Date, provided that such existing or outstanding documents, agreements or securities have not been amended since the date of this
Agreement to increase the number of securities or to decrease the exercise price, exchange price or conversion price of securities
(other than
in connection with stock splits or combinations) or to extend the term of such documents, agreements or securities, (iii) the
issuance by the Company of any securities of the Company under any equity compensation plan of the Company for services rendered
to the Company; or (iv) the issuance of any securities of the Company in connection with a merger, joint venture, licensing arrangement
or any other similar non-capital raising transaction, provided that any such issuance shall only be to a Person
(or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating
company or an owner of an asset in a business synergistic with the business of the Company
and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction
in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business
is investing in securities, provided that in each of (ii) through (iv) above, the securities shall be restricted from sale during
the entire Lock-Up Period.

 

 

    	 	 	 

    	 

    

 

(b)
Restriction on Continuous Offerings. Notwithstanding the restrictions contained
in Section 6(a), the Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of
the Placement Agent, it will not engage, for a period of 90 days after the date of this Agreement, directly or indirectly in any
“at the market” or continuous equity transaction, offer to sell, sell, contract to sell, grant any option to sell
or otherwise dispose of shares of capital stock of the Company or any securities convertible
into or exercisable or exchangeable for shares of capital stock of the Company.

 

SECTION
7.       ENGAGEMENT TERM. The Placement Agent’s engagement hereunder will
be until the earlier of (i) January 31, 2021 and (ii) the Closing Date. The date of
termination of this Agreement is referred to herein as the “Termination Date.” In the event, however, in the
course of the Placement Agent’s performance of due diligence it deems it necessary to terminate the engagement, the Placement
Agent may do so prior to the Termination Date. The Company may elect to terminate the engagement hereunder for any reason prior
to the Termination Date but will remain responsible for fees pursuant to Section 3 hereof with respect to the Placement Agent
Securities if sold in the Placement. Notwithstanding anything to the contrary contained herein, the provisions concerning the
Company’s obligation to pay any fees actually earned pursuant to Section 3 hereof and the provisions concerning confidentiality,
indemnification and contribution contained herein will survive any expiration or termination of this Agreement. If this Agreement
is terminated prior to the completion of the Placement, all fees due to the Placement Agent as set forth in Section 3 shall be
paid by the Company to the Placement Agent on or before the Termination Date (in the event such fees are earned or owed as of
the Termination Date). The Placement Agent agrees not to use any confidential information concerning the Company provided to the
Placement Agent by the Company for any purposes other than those contemplated under this Agreement.

 

 SECTION
8.      PLACEMENT AGENT INFORMATION. The Company agrees that any information or advice
rendered by the Placement Agent in connection with this engagement is for the confidential use of the Company only in their evaluation
of the Placement and, except as otherwise required by law, the Company will not disclose or otherwise refer to the advice or information
in any manner without the Placement Agent’s prior written consent.

 

SECTION
9.       NO FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not
be construed as creating rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue
of the indemnification provisions hereof. The Company acknowledges and agrees that the Placement Agent is not and shall not be
construed as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the creditors of the
Company or any other person by virtue of this Agreement or the retention of the Placement Agent hereunder, all of which are hereby
expressly waived.

 

SECTION
10.     CLOSING. The obligations of the Placement Agent, and the closing of the sale of the
Placement Agent Securities hereunder are subject to the accuracy, when made and on the Closing
Date, of the representations and warranties on the part of the Company contained herein and in the Purchase Agreement, to the
performance by the Company of its obligations hereunder, and to each of the following additional terms and conditions, except
as otherwise disclosed to and acknowledged and waived by the Placement Agent:

 

A.         All
corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of
this Agreement, the Placement Agent Securities, and all other legal matters relating to this Agreement and the transactions contemplated
hereby with respect to the Placement Agent Securities shall be reasonably satisfactory in all material respects to the Placement
Agent.

 

    	 	 	 

    	 

    

 

B.         The
Placement Agent shall have received from outside counsels to the Company such counsel’s written opinion with respect to
the Placement Agent Securities, addressed to the Placement Agent and dated as of the Closing
Date, in form and substance reasonably satisfactory to the Placement Agent.

 

C.         The
Shares shall be registered under the Exchange Act. The Company shall have taken no action designed to, or likely to have the effect
of terminating the registration of the Common Stock under the Exchange Act or delisting
or suspending from trading the Shares from the Trading Market or other applicable
U.S. national exchange, nor has the Company received any information suggesting that the Commission
or the Trading Market or other U.S. applicable national exchange is contemplating
terminating such registration or listing.

 

D.         No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would, as of the Closing Date, prevent the issuance or sale of
the Placement Agent Securities or materially and adversely affect or potentially and adversely affect the business or operations
of the Company; and no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction
shall have been issued as of the Closing Date which would prevent the issuance or sale
of the Placement Agent Securities or materially and adversely affect or potentially and adversely affect the business or operations
of the Company.

 

E.         The
Company shall have entered into a Purchase Agreement with each of the Purchasers of the Placement Agent Securities and such agreements
shall be in full force and effect and shall contain representations, warranties and covenants of the Company as agreed upon between
the Company and the Purchasers.

 

F.         FINRA
shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition,
the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s
behalf, any filing with the FINRA Corporate Financing Department pursuant
to FINRA Rule 5110 with respect to the Placement and pay all filing fees required in connection therewith.

 

If
any of the conditions specified in this Section 9 shall not have been fulfilled when and as required by this Agreement, all obligations
of the Placement Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, the Closing
Date. Notice of such cancellation shall be given to the Company in writing or orally. Any such oral notice shall be confirmed
promptly thereafter in writing.

 

SECTION
11.     GOVERNING LAW. 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, without regard to principles
of conflicts of law. This Agreement may not be assigned by either party without the prior written consent of the other party.
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 Company hereby accepts for itself and in respect of its 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 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.

  

SECTION
12.     ENTIRE AGREEMENT/MISCELLANEOUS. This Agreement embodies the entire agreement and understanding
between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. If
any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect
such provision in any other respect or any other provision of this Agreement,
which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument
in writing signed by the Placement Agent and the Company. The representations, warranties, agreements and covenants contained
herein shall survive the Closing Date of the Placement and delivery of the Placement
Agent Securities. This Agreement may be executed in two or more counterparts, all of which when taken together 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, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature page were
an original thereof.

 

    	 	 	 

    	 

    

 

SECTION
13.     NOTICES. Any and all notices or other communications or deliveries required
or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date
of transmission, if such notice or communication is sent to the email address specified on the signature pages attached hereto
prior to 6:30 p.m. (New York City time) on a business day, (b) the next business day after the date of transmission, if such notice
or communication is sent to the email address on the signature pages attached hereto on a day that is not a business day or later
than 6:30 p.m. (New York City time) on any business day, (c) the third business day following the date of mailing, if sent by
U.S. internationally recognized air courier service, or (d) upon actual receipt by the party to whom such notice is required to
be given. The address for such notices and communications shall be as set forth on the signature pages hereto.

 

SECTION
14.     Press Announcements. The Company agrees
that the Placement Agent shall, on and after the Closing Date, have the right to reference
the Placement and the Placement Agent’s role in connection therewith in the Placement Agent’s marketing materials
and on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

 

 

 

 

 

[The
remainder of this page has been intentionally left blank.]

 

 

 

 

 

 

 

    	 	 	 

    	 

    

       Please
confirm that the foregoing correctly sets forth our agreement by signing and returning to the Placement Agent the enclosed copy
of this Agreement.

 

	 	Very truly yours,
	 	 
	 	A.G.P./ALLIANCE GLOBAL PARTNERS
	 	 
	 	By:        	/s/
    Thomas J. Higgins 
	 	 	Name:  Thomas J. Higgins
	 	 	Title:    Managing Director
	 	 
	 	Address for notice:
	 	590
        Madison Avenue 36th Floor

        New
        York, New York 10022

        Attn:
        Thomas Higgins

        Email:
        thiggins@allianceg.com

 

 

 

 

 

 

 

[Signature
Page to Placement Agency Agreement.]

 

    	 	 	 

    	 

    

 

Accepted
and Agreed to as of

the
date first written above:

 

	TONIX PHARMACEUTICALS HOLDING
    CORP.	 
	 	 
	By:	/s/
    Seth Lederman 	 
	 	Name:  Seth Lederman	 
	 	Title:    Chief Executive Officer	 
	 	 
	Address for notice:	 

26
Main St. – Suite 101

Chatham,
NJ 07926

	Attention:	Seth Lederman
	 	Chief
Executive Officer

 

 

 

 

 

 

 

[Signature
Page to Placement Agency Agreement.]

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