Document:

Nutrastar International Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

EXHIBIT 10.1 

NUTRASTAR INTERNATIONAL INC. 

NOTE AND COMMON STOCK PURCHASE AGREEMENT 

     THIS NOTE AND COMMON STOCK
PURCHASE AGREEMENT (this “Agreement”), dated as of January 29,
2016, is by and between NUTRASTAR INTERNATIONAL INC., a Nevada corporation (the
“Company”), the parties listed as investors on Exhibit
B hereto, each of whom is also a current stockholder of the Company
(each an “Investor” and collectively, the
"Investors") and ACCRETIVE CAPITAL PARTNERS, LLC, an Illinois
limited liability company (“Accretive” and in its capacity as note
holder representative hereunder, the “Agent”). The Company,
Accretive and the Investors are sometimes hereinafter referred to together as
the “parties” or individually, as a “party”. 

     WHEREAS, the Company
desires to borrow from the Investors the aggregate sum of one million one
hundred thousand United States Dollars ($1,100,000) (the “Loan”),
a portion of which Loan shall be paid by the Investors in cash at the Closing
and a portion of which shall be paid by the Investors through the release by Mr.
Robert Tick (“Mr. Tick”) of certain obligations of the Company as
described in Section 5.10; and 

     WHEREAS, in connection with
procurement of the Loan, the Company desires to issue to the Investors the Notes
(as defined below) and the Purchased Shares (as defined below), and the
Investors desire to make the Loan and purchase the Purchased Shares, on the
terms and conditions set forth in this Agreement. 

     NOW, THEREFORE, in consideration
of the mutual promises, representations, warranties, covenants and conditions
set forth in this Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows: 

     1. Authorization and Sale of
Note and Purchased Shares. 

          1.1
Authorization of Notes and Issuance of Purchased Shares. The Company has
duly authorized the issuance of (a) promissory notes in the form of
Exhibit A hereto (each a “Note” and, collectively,
the “Notes”) in the aggregate principal amount of $1,100,000 (the
“Loan Amount”), and (b) 7,117,767 shares in the aggregate (the
“Purchased Shares”) of the Company’s common stock, $0.001 par
value per share (“Common Stock”) (the Purchased Shares and the
Notes, collectively, the “Securities”). 

          1.2
Issuance of Notes and Purchased Shares. In consideration of, and in
express reliance upon, the representations, warranties and covenants set forth
herein and subject to the terms and conditions set forth in this Agreement, at
the Closing: 

               (a)
the Company shall issue to each Investor, and such Investor shall procure from
the Company, in consideration for such Investor’s funding of its portion of the
Loan Amount, (i) a Note, duly executed by the Company, in the amount set forth
next to such Investor’s name on Exhibit B hereto and (ii) the
number of Purchased Shares set forth next to each Investor’s name on Exhibit B hereto, in each
case free and clear of any lien, adverse right or claim, charge, option, pledge,
covenant, title, defect, security interest or other encumbrance of any kind
(other than restrictions on transfer imposed by applicable securities laws or as
contemplated by this Agreement) (“Liens”), and, in the case of the
Purchased Shares, as evidenced by one or more certificates, duly executed by the
Company, dated the Closing Date (as defined below) and bearing the appropriate
legends as herein provided.

               (b)
each Investor shall deliver or cause to be delivered its portion of the Loan
Amount which is to be paid in cash at the Closing as set forth in Exhibit
B, by wire transfer of immediately available funds to the Company’s bank
account specified in writing; provided, that a portion of the total Loan Amount
is being delivered by Mr. Tick in accordance with Section 5.10 hereof.

          1.3
Closing. The closing of the issuance of the Securities pursuant to this
Agreement (the “Closing”) shall take place virtually by exchange
of electronic signatures (with originals followed by overnight courier) on the
date hereof, or at such other time, date and place as are mutually agreeable to
the Company and the Investors. The date of the Closing is hereinafter referred
to as the “Closing Date.” 

     2. Representations and
Warranties of the Company. As a material inducement to the Investors to
enter into and perform their respective obligations under this Agreement, the
Company represents and warrants to the Investors as of the date hereof as
follows: 

          2.1
Organization, Good Standing and Qualification. The Company is a
corporation duly incorporated, validly existing and in good standing under the
laws of the State of Nevada and has all requisite corporate power and authority
to carry on its business as now conducted and as currently proposed to be
conducted. The Company is duly qualified to transact business and is in good
standing in each jurisdiction in which the failure to so qualify is reasonably
likely to have a material adverse effect on the business, properties, or
financial condition of the Company or the ability of the Company to consummate
the transactions contemplated by this Agreement (a “Material Adverse
Effect”). 

          2.2
Authorization. All corporate action on the part of the Company and its
shareholders, directors and officers necessary for the authorization, execution
and delivery of, and performance under, this Agreement and the Securities has
been taken. 

          2.3
Enforceability. This Agreement and each of the Securities constitutes a
valid and legally binding obligation of the Company, enforceable in accordance
with its terms, except (a) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting
enforcement of creditors' rights generally or by equitable principles, (b) as
limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies, and (c) to the extent that the
enforceability of the indemnification provisions may be limited by applicable
laws; provided, however, in the case of subparagraphs (b) and (c), the Company
waives all such limitations to the maximum extent permitted by applicable law.

2 

          2.4
Issuance of the Securities.

               (a)
The Notes are duly authorized and, when issued and paid for in accordance with
this Agreement, will be free and clear of all Liens, other than Liens created or
imposed on the holders thereof through no action of the Company.

               (b)
The Purchased Shares are duly authorized and, when issued and paid for in
accordance with this Agreement, will be duly and validly issued, fully paid and
nonassessable, free and clear of all Liens, other than any Liens created by or
imposed on the holders thereof through no action of the Company. The Company has
reserved from its duly authorized capital stock the maximum number of shares of
Common Stock issuable as Purchased Shares pursuant to this Agreement. 

          2.5
Capitalization.

               (a)
The authorized and outstanding capitalization of the Company is as described in
the Company's most recent periodic report filed with the United States
Securities and Exchange Commission and any current reports filed thereafter (the
“SEC Filings”). The Company has not issued any capital stock since
such filings, other than pursuant to the exercise of employee stock options
under the Company's stock option plans and pursuant to the conversion or
exercise of Common Stock equivalents outstanding on the date thereof. All shares
of the Company’s issued and outstanding capital stock have been duly authorized,
are validly issued and outstanding, and are fully paid and nonassessable. No
securities issued by the Company from January 1, 2012 to the date hereof were
issued in violation of any statutory or common law preemptive rights. There are
no dividends which have accrued or been declared but are unpaid on the capital
stock of the Company. All taxes required to be paid by the Company in connection
with the issuance and any transfers of the Company’s capital stock have been
paid. All outstanding securities of the Company have been issued in all material
respects in accordance with the provisions of all applicable securities and
other laws. 

               (b)
No Person has any right of first refusal, preemptive right, right of
participation, or any similar right to participate in the transactions
contemplated by the this Agreement. Except as set forth in the SEC Filings or a
result of the purchase and sale of the Securities, there are no outstanding
options, warrants, rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities, rights or obligations convertible into or
exchangeable for, or giving any Person any right to subscribe for or acquire,
any shares of Common Stock, or contracts, commitments, understandings or
arrangements by which the Company or any subsidiary of the Company is or may
become bound to issue additional shares of Common Stock, or securities or rights
convertible or exchangeable into shares of Common Stock. Except as set forth in
the SEC filings, the issue and sale of the Securities will not obligate the
Company to issue shares of Common Stock or other securities to any Person (other
than the Investors) and will not result in a right of any holder of Company
securities to adjust the exercise, conversion, exchange or reset price under
such securities. 

          2.6
Consents. No consent, approval, order or authorization of, or
registration, qualification, designation, declaration or filing with, any
federal, state or local governmental authority or any other person or entity is
required in connection with the consummation of the transactions contemplated by this Agreement, except for
compliance with notice filing and other requirements under federal and
applicable state securities laws. 

3 

          2.7
Brokers. No broker, investment banker, financial advisor or other person
is entitled to any broker’s, finder’s or other similar fee or commission in
connection with this Agreement or the transactions contemplated hereby based
upon arrangements made by or on behalf of the Company.

          2.8
No Violation of Law. The execution, delivery and performance by the
Company of this Agreement, including the Company’s obligations with respect to
the Securities will not result in any violation of any agreement, indenture,
instrument, license, judgment, decree, order, law, statute, ordinance or other
governmental rule or regulation applicable to the Company. 

          2.9
No Actions. There are no pending or, to the best of the Company’s
knowledge after due and diligent inquiry, threatened actions or proceedings
before any court, judicial body, administrative agency or arbitrator which may
materially adversely affect the Company’s performance of its obligations with
respect to this Agreement and the Securities. 

          2.10
Offering Exemption. Subject to the accuracy of the representations of the
Investors set forth in Section 3 below, the offer, sale and issuance of
the Securities in conformity with the terms of this Agreement are exempt from
the registration requirements of the Securities Act of 1933, as amended (the
“Securities Act”) and are exempt from the qualification or
registration requirements of applicable state securities laws. Neither the
Company nor any agent on its behalf has solicited or will solicit any offers to
sell or has offered to sell or will offer to sell all or any part of the
Securities to any person or entity so as to bring the sale of such Securities by
the Company within the registration provisions of the Securities Act or any
state securities laws. 

     3. Representations and
Warranties of the Investors. As a material inducement to the Company to
enter into and perform its obligations under this Agreement, each Investor
represents and warrants to the Company, severally and not jointly, on behalf of
itself or himself only, with each reference to “Investor” referring to such
Investor only, as of the date hereof as follows: 

          3.1
Each Investor that is a corporate entity is duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization. The
Investor has all requisite power and authority to execute, deliver and perform
this Agreement on behalf of the Investor. All action on the part of the Investor
necessary for the authorization, execution, delivery and performance of all
obligations of the Investor under this Agreement has been taken. This Agreement
constitutes the valid and legally binding obligation of the Investor,
enforceable in accordance with its terms, except (a) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting enforcement of creditors' rights generally or by equitable
principles, (b) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies and (c) to the
extent that the enforceability of indemnification provisions may be limited by
applicable laws; provided, however, in the case of subparagraphs (b) and (c),
the Investor waives all such limitations to the maximum extent permitted by
applicable law. 

4 

          3.2
The Securities allocated to the Investor will be acquired by the Investor for
its own account for investment purposes and not with a view to, or for sale in
connection with, any distribution. The Investor does not presently have any
contract, undertaking or agreement with any person or entity to sell, transfer
or grant participation rights to any other person or entity with respect to any
of the Securities. 

          3.3
The Investor is an “accredited investor” within the meaning of Rule 501(a)
promulgated under the Securities Act and has provided the Company with a
completed questionnaire documenting such status. The Investor acknowledges and
agrees that the Securities must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such
registration is available. The Investor understands that no public market now
exists for the Notes and that a public market may never exist for the Notes.

          3.4
The Investor acknowledges that it has received all of the information it
considers necessary or appropriate for deciding whether to acquire the
Securities allocated to it. The Investor further represents that it has had an
opportunity to ask questions and receive answers from the Company regarding the
business, assets, prospects and financial condition of the Company and to obtain
any additional information necessary to verify the accuracy of the information
provided by the Company and the risks associated with its decision to acquire
the Securities. 

     4. Conditions to Closing.

          4.1
Conditions to Obligations of the Investors. The obligations of the
Investors under this Agreement are subject to the fulfillment, or the waiver by
the Investors, of the conditions set forth in this Section 4.1 on or
before the Closing Date: 

               (a)
The representations and warranties of the Company contained in Section 2
shall be true, correct and complete on and as of Closing with the same force and
effect as if they had been made at such time. 

               (b)
The Company shall have performed and complied in all material respects with all
conditions, covenants and agreements contained in this Agreement required to be
performed or complied with by it on or before the Closing. 

               (c)
All consents and approvals required for the consummation of the transactions
contemplated by this Agreement shall have been obtained. 

               (d)
The Company shall have delivered to the Investors the Notes and the Purchased
Shares in accordance with Section 1.2(a) above. 

          4.2
Conditions to Obligations of the Company. The obligations of the Company
under this Agreement are subject to the fulfillment, or the waiver in writing by
the Company, of the conditions set forth in this Section 4.2 on or before
the Closing Date: 

5 

               (a)
The representations and warranties of the Investors contained in Section
3 shall be true, correct and complete on and as of Closing with the same
force and effect as if they had been made at such time. 

               (b)
The Investors shall have performed and complied in all material respects with
all conditions, covenants and agreements contained in this Agreement required to
be performed or complied with by it on or before the Closing (including
providing a completed purchaser questionnaire). 

               (c)
All consents and approvals required for the consummation of the transactions
contemplated by this Agreement shall have been obtained. 

               (d)
The Investors shall have delivered to the Company the portion of Loan Amount
which is to be paid in cash at the Closing in accordance with Section
1.2(b) above. 

     5. Covenants.

          5.1
Certain Covenants of the Company. The Company hereby covenants and
agrees, that, except as otherwise required hereby, until the date upon which all
outstanding amounts under the Notes are fully repaid: 

               (a)
Maintenance of Properties and Leases. The Company shall keep its
properties in good repair, working order and condition, and from time to time
make all needed and proper, or legally required, repairs, renewals,
replacements, additions and improvements thereto; and the Company shall at all
times comply with each provision of all leases and agreements to which the
Company is a party or under which the Company occupies, or has possession of,
any property. 

               (b)
Accounts and Records. The Company shall keep true records and books of
account in which full, true and correct entries shall be made of all dealings or
transactions in relation to its business and affairs as required in accordance
with U.S. generally accepted accounting principles, and shall obtain and retain
the 2015 audit work papers of the Accountant (as defined below). 

               (c)
Compliance with Requirements of Governmental Authorities. The Company
shall duly observe and conform in all material respects to all requirements of
governmental authorities relating to the conduct of its business or to its
property or assets. 

          5.2
Certain Actions by the Board of Directors. The parties shall cause to be
convened a meeting of the board of directors of the Company (the “Board of
Directors”) not later than five (5) business days following the Closing
Date, (or, if the parties shall so mutually agree, cause to be executed a
unanimous written consent of the Board of Directors, to be effective not later
than five (5) business days following the Closing Date), for the purpose of
approving the following matters, in each case on terms and subject to conditions
reasonably satisfactory to the Investors: 

               (a)
removal of the current chairman of the Board of Directors and election of a
replacement non-executive chairman, in each case as promptly as practicable;

6 

               (b)
compelling Heilongjiang Shuaiyi and Heilongjiang Shuaiyi's two wholly-owned
Chinese subsidiaries, Daqing Shuaiyi Biotech Co., Ltd. (“DSB”) and
Harbin Shuaiyi Green & Specialty Food Trading LLC, to make an intercompany
term loan by DSB to the Company or one or more subsidiaries of the Company
having an initial principal amount (and resulting in US-dollar denominated
proceeds being available to the Company) of not less than one hundred percent
(100%) of DSB’s available cash as of the origination date of such term loan (and
at least $138 million), subject to DSB retaining an appropriate amount of
working capital for day-to-day operating requirements, and such loan to be
established not later than March 31, 2016; 

               (c)
removal of the directors of each subsidiary of the Company and replacement
thereof with directors satisfactory to Accretive not later than February 3, 2016
who shall implement the inter-company loan described in Section 5.2(b) above;
and 

               (d)
each of the payments described in Section 5.3 below. 

          5.3
Use of Loan Proceeds. The Company shall use the cash proceeds of the Loan
as follows:

               (a)
not less than $100,000 shall be reserved for the purposes of engaging legal
counsel for certain dispute resolution matters in the People’s Republic of China
and for engaging legal counsel in Hong Kong; 

               (b)
not less than $50,000 shall be reserved for other costs and expenses (including
travel and reasonable and documented out-of-pocket expenses) incurred by the
Company and its representatives relating the dispute resolution matters
described above; 

               (c)
repayment in full of the outstanding promissory notes issued by the Company on
or about November 16, 2015 (in the amount of approximately $184,000) (the
“Prior Notes”); 

               (d)
$60,396.16 shall be reserved for a one-time payment to Mr. Robert Tick, the
Company’s chief financial officer, in satisfaction of the Company’s obligations
with respect to amounts due and unpaid to Mr. Tick other than with respect to
the Prior Notes; 

               (e)
$180,000 shall be reserved for the payment of Crowe Horwath LLP or its
applicable affiliate (the “Accountant”) for services rendered or
to be rendered in connection with the preparation of the Company’s audited
financial statements for the year ended December 31, 2015 (which amount shall be
paid upon completion of such audit); 

               (f)
$38,500 shall be withheld by Agent for the payment of the expense reimbursements
contemplated by Section 8.14 below; 

               (g)
$30,000 shall be reserved for payment to the Company’s counsel Pillsbury
Winthrop Shaw Pittman LLP for services with respect to this Loan and other
accrued and unpaid amounts; 

               (h)
$99,000 shall be reserved for payment of interest on the Notes; 

7 

               (i)
$175,000 shall be reserved for investment in the Company’s Hong Kong subsidiary
Oriental Global Holdings Limited (such investment to take place promptly upon
satisfaction of the covenant set forth in Section 5.2(c) with respect to such
entity); 

               (j)
$150,000 shall be reserved for additional dispute resolution expenses or other
expenses reasonably satisfactory to Agent; and 

               (k)
the remaining balance of the Loan Amount shall be reserved for use as may be
determined by the Board of Directors, which may include payment toward a
directors and officers insurance policy. 

          5.4
Acknowledgement of Accountants. Not later than thirty (30) days following
the filing of the Company’s Form 10-K for the year ended December 31, 2015, the
Company shall deliver to the Agent the written acknowledgement of the Accountant
to the effect that a portion of the payment contemplated by Section
5.3(e) was received in full satisfaction of the amounts due to the
Accountant for services rendered with respect to the Company’s financial
statements for all periods through December 31, 2015. 

          5.5
Guarantees and Collateral for the Notes.

               (a)
Each of the direct and indirect subsidiaries of the Company listed on
Schedule 5.5 (the “Subsidiary Guarantors”)
hereto shall guarantee the Company’s obligations under the Notes. Not later than
sixty (60) days following the Closing Date, the Company shall deliver or cause
to be delivered to the Investors (i) written guarantees of the Company’s
obligations under the Notes by each Subsidiary Guarantor (the “Guarantee
Agreements”) and (ii) written amendments to the Notes in order to add
each Subsidiary Guarantor as an additional borrower and obligor under the Notes
(the “Note Amendments”), in each case having customary terms and
conditions reasonably satisfactory to the Agent and together with such other
documentation as may be required in connection with the matters described in
this Section 5.5(a). 

               (b)
Not later than sixty (60) days following the Closing Date, the Company shall
deliver or cause to be delivered to the Investors a pledge and security
agreement having customary terms and conditions reasonably satisfactory to the
Investors (the “Pledge and Security Agreement”), pursuant to
which, among other things, (i) the Company shall pledge or shall cause to be
pledged 100% of the assets of the Company (including 100% of the issued and
outstanding equity of Oriental Global Holdings Limited (“Oriental
Global”)) as collateral to secure the Company’s obligations under the
Notes and (ii) Oriental Global shall pledge or shall cause to be pledged 100% of
the issued and outstanding equity interests of Harbin Baixin Biotech Development
Co., Ltd. as collateral to secure the Company’s obligations under the Notes, in
each case together with such other documentation as may be required in
connection with the pledges of collateral described in this Section
5.5(b). 

               (c)
Agent shall reserve a portion of the Loan proceeds described in Section
5.3(f) (up to an aggregate of $6,000) for the purpose of the Agent retaining
legal counsel in connection with the preparation, execution and performance of
the Guarantee Agreements, the Note Amendments, the Pledge and Security Agreement
and related documentation, and any costs and expenses in excess thereof shall be borne by the Company or
its subsidiaries, as the case may be. 

8 

          5.6
Liquidated Damages. The Company and the Investors agree that the
Investors will suffer damages if the Notes are not paid when due or any of the
covenants set forth in this Section 5 are not satisfied by the Company. The
Company and the Investors further agree that it would not be feasible to
ascertain the extent of such damages with precision. Accordingly, if the Notes
are not paid when due or any covenant of the Company in this Section 5 is
breached, (any such failure or breach being referred to as an
“Event”), the Company shall pay as liquidated damages for such
failure and not as a penalty to each Investor an amount of shares of Common
Stock equal to such Investor’s pro rata amount (based on the such Investor’s
shares of the total Loan Amount) of the then authorized but unissued Common
Stock of the Company (the “Damages Shares”). The parties agree
that the Damages Shares represent a reasonable estimate on the part of the
parties, as of the date of this Agreement, of the amount of damages that may be
incurred by the Investors if any Event as described herein has occurred.
Notwithstanding the foregoing, the Company shall remain obligated to cure the
breach or correct the condition that caused the Event, and the Agent shall have
the right to take any action necessary or desirable to enforce such obligation
in accordance with this Agreement. 

          5.7
Certain Matters with Respect to the Purchased Shares. 

               (a)
The Investors agree that all certificates or other instruments representing the
Purchased Shares subject to this Agreement will bear a legend substantially to
the following effect: 

“THE SECURITIES REPRESENTED BY THIS
INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR
OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS
IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS.” 

               (b)
In addition to any rights afforded to the Purchased Shares under the
organizational documents of the Company or at equity or law, if at any time
prior to the repayment in full of the Notes, the Company issues any shares of
Common Stock, or securities or rights convertible into or exchangeable or
exercisable for any shares of Common Stock, or any other equity securities of
the Company or any securities representing the right to purchase or otherwise
receive any shares of Common Stock (excluding any Excluded Securities issued or
sold or deemed to have been issued or sold) (any such issuance, a
“Dilutive Issuance”), then the Company shall, immediately
following such Dilutive Issuance, issue to the Investors additional shares of
Common Stock (the “Additional Shares”) in amounts such that (I)
the ratio of (x) the total number of Purchased Shares and Additional Shares
owned by all Investors immediately following such issuance of Additional Shares
to (y) the total number of all shares of Common Stock issued and outstanding
immediately following such issuance of Additional Shares, is the same as (II)
the ratio of (x) the total number of Purchased Shares and Additional Shares (if
any) owned by all Investors as of immediately prior to such Dilutive
Issuance to (y) the total number of all shares of Common Stock issued and
outstanding as of immediately prior to such Dilutive Issuance. Any such
Additional Shares shall have the same rights and be subject to the same
restrictions as the Purchased Shares. “Excluded Securities” means
(i) Common Stock or standard options to purchase Common Stock issued to
consultants, directors, officers or employees of the Company for services
rendered to the Company in their capacity as such pursuant to the 2009 Equity
Incentive Plan (as in effect on the date hereof), pursuant to which Common Stock
and standard options to purchase Common Stock may be issued to any employee,
consultant, officer or director for services provided to the Company in their
capacity as such; (ii) Common Stock issued upon the conversion or exercise of
convertible securities (other than standard options to purchase Common Stock
issued pursuant to an employee benefit plan that are covered by clause (i)
above) issued prior to the date hereof; (iii) Common Stock issued in connection
with strategic alliances, strategic mergers and acquisitions and strategic
partnerships, provided that the primary purpose of such issuance is not to raise
capital from person whose primary business is investing in securities. 

9 

               (c)
If during any period when a shelf registration statement is not effective or
available, the Company proposes to register any of its securities and the
registration form to be filed may be used for the registration or qualification
for distribution of Purchased Shares, the Company shall give prompt written
notice to the Investors of its intention to effect such a registration (but in
no event less than ten (10) business days prior to the anticipated filing date)
and shall include in such registration all Purchased Shares with respect to
which the Company has received written requests for inclusion therein within ten
(10) business days after the date of the Company’s notice (a “Piggyback
Registration”). Any such person that has made such a written request may
withdraw its Purchased Shares from such Piggyback Registration by giving written
notice to the Company and the managing underwriter, if any, on or before the
fifth (5th) business day prior to the planned effective date of such Piggyback
Registration. The Company may terminate or withdraw any registration under this
section prior to the effectiveness of such registration, whether or not the
Investors have elected to include Purchased Shares in such registration. 

          5.8
Public Announcements. The Company shall, not later than four (4) business
days after the Closing Date, file a Form 8-K and/or issue a press release
describing (i) the purpose and rationale for (A) the Loan hereunder and (B) the
Company seeking the intercompany term loan described in Section 5.2(b),
(ii) the Board’s intention to change its chairman in accordance with Section
5.2(a), and (iii) such other material matters set forth in this Agreement as
may be required to be disclosed therein. The Company shall timely file any
subsequent Forms 8-K and/or issue press releases as may be required from time to
time following the completion of any of the matters set forth in this Agreement.

          5.9
Further Assurances. At any time, and from time to time, upon the written
request of the Investors, the Company execute and deliver such further documents
and do such further acts and things as the Investors may reasonably request in
order to effect the purposes of this Agreement. 

          5.10
Release of Certain Claims. The Company acknowledges and agrees as
follows: (i) the amounts listed under the heading “Total Claims” on
Schedule 5.10 are due and payable to Mr. Tick by the Company as of immediately prior to
the Closing; (ii) the non-cash portion of the Loan Amount described in
Exhibit B hereto shall by funded by Mr. Tick (on a
dollar-for-dollar basis) through the release by Mr. Tick of certain claims in
the amounts listed under the heading “Released Amounts” on Schedule
5.10, which shall reduce such “Total Claims” on a dollar-for-dollar
basis in the amount of such released claims; and (iii) following the payment
contemplated by Section 5.3(d) above, the amount of such “Total Claims”
for Mr. Tick shall be further reduced on a dollar-for-dollar basis in the amount
of such payment. 

10 

     6. Agent. With respect to
the enforcement or waiver of any covenants of the Company contained in this
Agreement or the Notes (other than, for the avoidance of doubt, any payment
obligations under the Notes, in which instance of a payment default each
Investor shall have the right to pursue its remedies without reference to this
Section 6) each Investor hereby designates and appoints the Agent to serve in
accordance with the terms and conditions of this Agreement, and the Agent hereby
agrees to act as such, upon the terms and conditions provided in this Agreement.
The Agent may execute any of its duties under this Agreement by or through
agents, employees or attorneys-in-fact and shall be entitled to advice of
counsel concerning all matters pertaining to such duties. The Agent shall be
entitled to rely, and shall be fully protected in relying, upon any writing,
resolution, notice, consent or other document or conversation believed by it to
be genuine and correct. The Agent shall be fully justified in failing or
refusing to take any action unless it first receives such advice or concurrence
from the Required Secured Parties. The Agent shall be under no obligation to
take any action to protect, preserve or enforce any rights or interests of the
Note holders or to take any action toward the execution or enforcement of the
rights and remedies hereunder, whether on its own motion or on the request of
any other Person, which in the opinion of the Agent may involve loss, liability
or expense to it, unless the Company and/or one or more Investors shall offer
and furnish security or indemnity, reasonably satisfactory to the Agent, against
loss, liability and expense to the Agent. As used herein, “Required
Secured Parties” means, as of any date, the Investors holding at least a
majority of the outstanding principal amount of the Notes on such date. The
Agent shall in all cases be fully protected in acting or refraining from acting
in accordance with a request or consent of the Required Secured Parties and such
request and any action taken or failure to act pursuant thereto shall be binding
upon all of the Investors. The Agent will not be deemed to have knowledge or
notice of the occurrence of any Event of Default except with respect to payment
default required to be paid to the Agent in its individual capacity, unless the
Agent shall have received written notice from an Investor or the Company
describing such default. The Agent shall use its best efforts to notify all
Investors and the Company of any such notice. The Agent shall take such action
with respect to such default as may be reasonably and lawfully requested by the
Required Secured Parties in accordance with the terms of this Agreement subject
to the requirements set forth above for indemnification and further subject to
its right to resign at any time upon five (5) days prior written notice to the
Investors. In addition to any other indemnification provided for hereunder or
otherwise in favor of the Agent, each of the Investors shall indemnify upon
demand the Agent and its agents, pro rata, from and against any and all actions,
causes of actions, suits, losses, liabilities, damages and expenses, including
reasonable attorney's fees, other than those resulting from the Agent or its
agents gross negligence or willful misconduct. The Agent shall not be required
to advance, expend or risk its own funds or otherwise incur personal liability
in the performance of its duties or in the exercise of any rights or remedies
hereunder. All funds expended by the Agent hereunder (including, without
limitation, funds expended for reasonable attorney’s fees) shall be promptly
reimbursed by the Company and/or the Investors upon demand from the Agent (together with interest thereon at a rate per
annum equal to the rate of interest on the Notes from ten days following the
date of demand). Nothing shall limit or restrict the right of the Agent in its
individual capacity to be a holder of Notes and to exercise its rights
thereunder, including, without limitation, its right to vote as a Note holder as
part of the Required Secured Parties. The Agent shall not be liable or
responsible in any way for any diminution in the value of the collateral or
other rights of the Investors hereunder or any act or default of any
warehouseman, carrier, forwarding agency, or other Person whomsoever, but the
same shall be at the sole risk of the Company and/or the Investors. 

11 

     7. Board Representation.

               (a)
The Company shall take all requisite action such that on the Closing Date
hereof, the size of the Board shall be set at seven (7) members, and two (2)
individuals designated by Accretive (each director designated by Accretive under
this Agreement, an “Accretive Designee”, and collectively, the “Accretive
Designees”) as Board nominees shall be appointed to the Board; provided,
however, Accretive shall be permitted, in its discretion, to defer
appointment of one or more of the Accretive Designees to one or more subsequent
dates and in such case one Board vacancy shall be left to be filled by an
Accretive Designee; and provided, further, that Robert Tick shall
submit his irrevocable resignation from the Board to the President or Secretary
of the Company, which resignation shall specify that it shall take effect only
at the sole discretion of Accretive as to timing to appoint such second
Accretive Designee, and shall not be subject to acceptance by the Board or the
Company (provided that the foregoing shall not impair Mr. Tick’s ability to
resign at any time without acceptance or consent from Accretive, the Company or
any other party). The rights of Accretive under this Article 7 shall
continue in effect as long as either: (i) any obligations under the Notes remain
due and outstanding or (ii) Accretive is the beneficial owner (as defined by the
regulations of the SEC) of at least five percent (5%) of the common stock of the
Company. 

               (b)
From and after the date hereof, the Company shall cause two (2) Accretive
Designees to be nominated by the Company to serve on the Board and the total
number of members of the Board shall be seven (7) or fewer to the extent certain
of the Accretive Designees have not been appointed to the Board (as permitted
above). Any Accretive Designees shall be appointed to the Board on the Closing
Date or to the extent designated following the Closing Date, shall be appointed
to the Board promptly following notice from Accretive and in any event, within
one (1) Business Day. 

               (c)
Solely with respect to those Accretive Designees that Accretive is entitled to
designate pursuant to Article 7 (and solely as long as Accretive remains
entitled to so designate such Accretive Designees): 

          (i)
The Company shall use its reasonable best efforts to have such Accretive
Designees elected as directors of the Company, including, without limitation,
including such Accretive Designees in the Company’s proxy statement for the
election of directors as part of “management’s slate”, soliciting proxies for
such Accretive Designees to the same extent as it does for any of its nominees
to the Board, and including the recommendation of the Board in favor of election
of the Accretive Designees. In the event an Accretive
Designee is not elected at a stockholders meeting at which such designee is up
for election, the Company shall cause such Accretive Designee to be appointed to
the Board. 

12 

          (ii)
Any vacancy in the position of an Accretive Designee shall only be filled with
another Accretive Designee. Any vacancy created by any removal of an Accretive
Designee or an election of Accretive to defer appointing one or more Accretive
Designees shall also only be filled with another Accretive Designee. The Company
shall not take any action to remove any Accretive Designee or fill a vacancy
reserved for an Accretive Designee without the consent of Accretive. Any
replacement Accretive Designees shall be appointed to the Board promptly
following notice from Accretive and in any event, within two (2) Business
Days.

          (iii)
Each Accretive Designee shall be given notice of (in the same manner that notice
is given to other members of the Board) all meetings (whether in person,
telephonic or otherwise) of the Board, including all committee meetings with
respect to committees on which such Accretive Designee serves. Each Accretive
Designee shall receive a copy of all notices, agendas and other materials
distributed to the Board, whether provided to directors in advance or during or
after any meeting, regardless of whether such Accretive Designee will be in
attendance at the meeting. 

               (d)
Except as specified in Section 5.2(c) to the contrary, the provisions of
this Article 7 shall apply mutatis mutandis to the right of
Accretive to appoint subsidiary directors set forth in Section 5.2(c)
hereof. 

     8. Miscellaneous. 

          8.1
Survival. All representations and warranties made by the Company and the
Investors in this Agreement or pursuant hereto shall survive the Closing. The
covenants and agreements set forth in this Agreement shall survive the Closing
and shall continue in effect as long as either: (i) any obligations under the
Notes remain due and outstanding or (ii) Accretive is the beneficial owner (as
defined by the regulations of the SEC) of at least five percent (5%) of the
common stock of the Company. 

          8.2
Successors and Assigns. Except as otherwise expressly provided herein,
the terms and conditions of this Agreement shall inure to the benefit of and be
binding upon the respective successors and permitted assigns of the parties
(including transferees of any Securities). Neither this Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by the Company. Any
attempted assignment made in contravention of this Agreement shall be null and
void and of no force or effect. 

          8.3
Entire Agreement. This Agreement and the documents, schedules and
exhibits referred to herein constitute the entire agreement between the parties
and supersede all prior communications, representations, understandings and
agreements of the parties with respect to the subject matter hereof and thereof.
No party shall be liable or bound to any other party in any manner by any
warranties, representations or covenants except as specifically set forth herein
or therein. All schedules and exhibits hereto are hereby incorporated herein by
reference. Nothing in this Agreement, express or implied, is intended to confer
upon any third party any rights, remedies, obligations or liabilities under or
by reason of this Agreement, except as expressly provided in this Agreement.
Upon payment in full of the Prior Notes, this Agreement also supersedes the Note
and Common Stock Purchase Agreement executed in conjunction with the issuance of
the Prior Notes. 

13 

          8.4
General Interpretation. The terms of this Agreement have been negotiated
by the parties hereto and the language used in this Agreement shall be deemed to
be the language chosen by the parties hereto to express their mutual intent.
This Agreement shall be construed without regard to any presumption or rule
requiring construction against the party causing such instrument or any portion
thereof to be drafted, or in favor of the party receiving a particular benefit
under this Agreement. No rule of strict construction will be applied against any
person or entity. 

          8.5
Jury Trial Waiver. To the fullest extent permitted by law, and as
separately bargained-for-consideration, each party hereby waives any right to
trial by jury in any action, suit, proceeding or counterclaim of any kind
arising out of or relating to this Agreement. 

          8.6
Governing Law. This Agreement shall be governed by and construed under
the laws of the State of Nevada, without regard to its body of law controlling
conflicts of law. 

          8.7
Section Headings. The section headings are for the convenience of the
parties and in no way alter, modify, amend, limit or restrict the contractual
obligations of the parties. 

          8.8
Severability. If any term of provision of this Agreement is determined to
be illegal, unenforceable or invalid in whole or in part for any reason, such
illegal, unenforceable or invalid provisions or party thereof shall be stricken
from this Agreement, and such provision shall not affect the legality,
enforceability or validity of the remainder of this Agreement. If any provision
or part thereof of this Agreement is stricken in accordance with the provisions
of this Section 8.8, then such stricken provision shall be replaced, to extent
possible, with a legal, enforceable and valid provision that is as similar in
tenor to the stricken provision as is legally possible. 

          8.9
Notices. All notices required or permitted under this Agreement or the
Notes shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified, (b) when sent by confirmed
facsimile or electronic mail if sent during normal business hours of the
recipient, if not, then on the next business day, (c) five (5) days after having
been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) business day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of
receipt. All such communications shall be sent to the Company at the address as
set forth on the signature page hereof and to any Investor at the addresses set forth on Exhibit B
hereof or at such other address as the Company or any Investor may designate by
three (3) days advance written notice to the other party hereto. 

14 

          8.10
Amendments and Waivers. Except as otherwise expressly set forth in this
Agreement, any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), with the written consent of
the Company and the Investors. 

          8.11
Pronouns; Construction. Whenever the context may require, any pronouns
used in this Agreement shall include the corresponding masculine, feminine or
neutral forms, and the singular form of nouns and pronouns shall include the
plural, and vice versa. The words “include,” “includes” and “including” shall be
deemed to be followed by the words “without limitation”; (b) the word “or” is
not exclusive; and (c) the words “herein,” “hereof,” “hereby,” “hereto” and
“hereunder” refer to this Agreement as a whole (which shall include the
exhibits, schedules, annexes and appendices hereto). 

          8.12
No Waiver. No waiver of any provision or consent to any action shall
constitute a waiver of any other provision or consent to any other action,
whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a party to provide a waiver in the future except to
the extent specifically set forth in writing. 

          8.13
Counterparts. This Agreement may be executed and delivered (including by
facsimile or other electronic transmission) in any number of counterparts, each
of which shall be deemed to be an original, and all of which together shall
constitute one and the same document. 

          8.14
Expenses. Except as otherwise expressly provided herein, all costs and
expenses, including fees and disbursements of counsel, financial advisors and
accountants, incurred in connection with the preparation, negotiation execution
and performance of this Agreement and the Notes and the documents and
transactions contemplated hereby and thereby shall be paid by the party
incurring such costs and expenses, whether or not the Closing shall have
occurred; provided, however, the Company shall be responsible for
the payment of Agent’s due diligence costs and legal fees relating to the
preparation, execution and performance of this Agreement and the Note and the
other transaction documents contemplated hereby and thereby and the consummation
of the transactions contemplated herein and therein, in the amount of $38,500,
which payment may be made directly from the payment proceeds described herein.

[Remainder of page intentionally left blank. Signatures on
following page.]

15 

     IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed and delivered by their
proper and duly authorized officers as of the date first written above. 

	 	COMPANY: 
	 	 
	 	NUTRASTAR
      INTERNATIONAL INC. 
	 	a Nevada corporation
  
	 	 	 	  
	 	 	 	  
	 	By: 	 	
	 	 	 Name: 	Robert Tick 
	 	 	 Title: 	Chief Financial Officer 
	 	 	 	  
	 	Address:
    	4/F Yushan Plaza, 51 Yushan Road 
	 	 	 	Nangang District, Harbin 
	 	 	 	China 150090 
	 	 	 	Attn: Chief Financial Officer

[Signature Page to Note and Common Stock Purchase
Agreement] 

	 	AGENT: 
	 	 
	 	ACCRETIVE CAPITAL PARTNERS, LLC 
	 	 
	 	By: ACCRETIVE CAPITAL MANAGEMENT, 
	 	LLC, its Manager 
	 	  
	 	By:
  
	 	Richard E. Fearon, Jr. 
	 	Managing Partner 
	 	 
	 	Address: 16 Wall Street, 2nd Floor
    
	 	                 
      Madison, CT 06443 
	 	  
	 	  
	 	INVESTOR: 
	 	 
	 	 

[Signature Page to Note and Common Stock Purchase
Agreement] 

EXHIBIT A 

THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS
NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR (B) AN OPINION OF COUNSEL, IN A FORM ACCEPTABLE TO THE COMPANY, THAT
REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS
OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT. 

NUTRASTAR INTERNATIONAL INC. 

PROMISSORY NOTE 

	$[________] 	January 29, 2016 

     This Note is issued pursuant to
that certain Note and Common Stock Purchase Agreement, dated as of the date
hereof (the “Purchase Agreement”). Capitalized terms used herein
but not otherwise defined herein shall have the respective meanings ascribed to
such terms in the Purchase Agreement. 

     1. Principal and Interest.

          NUTRASTAR
INTERNATIONAL INC., a Nevada corporation (the “Company”), for
value received, hereby promises to pay to [____________]
(“Payee”), in lawful money of the United States at the address of
Payee the principal amount of [_____________] ($[_____________]) on the Maturity
Date (as defined below), together with interest (computed on the basis of a
360-day year for the actual number of days elapsed) accruing and payable monthly
from the date hereof, in arrears, on the unpaid balance of such principal amount
from time to time outstanding at a rate equal to twelve percent (12%) per
annum until paid in full as provided herein. 

          This
Note is one of a duly authorized issue of Promissory Notes of the Company, in
aggregate principal amount of One Million One Hundred Thousand Dollars
($1,100,000) (the “Bridge Notes”) issued pursuant to the Purchase
Agreement and is subject to the terms thereof. The Bridge Notes rank equally and
ratably without priority over one another. No payment, including any prepayment,
shall be made hereunder unless payment, including any prepayment, is offered
with respect to the other Bridge Notes in an amount which bears the same ratio
to the then unpaid principal amount of such Bridge Notes as the payment made
hereon bears to the then unpaid principal amount under this Note. 

          Subject
to the terms hereof, the principal of, and all accrued but unpaid interest on, this Note are due and payable on the earliest of the
following (such date, “Maturity Date”): 

     (a)
within five (5) days after the consummation by the Company of any debt or equity
financing in one transaction or series of related transactions, which sale
results in gross proceeds to the Company of at least $1,100,000 (provided, that
upon the consummation by the Company of any debt or equity financing in one
transaction or series of related transactions, which sale results in gross
proceeds to the Company of at least $200,000 but less than $1,100,000, the
Company shall partially prepay the Bridge Notes using any and all such
proceeds); 

     (b) upon
(i) the sale or other disposition of all or substantially all of the Company’s
assets or (ii) the acquisition of the Company by another entity by means of any
transaction or series of related transactions to which the Company is party
(including, without limitation, any stock acquisition, reorganization, merger or
consolidation but excluding any sale of stock for capital raising purposes)
other than a transaction or series of transactions in which the holders of the
voting securities of the Company outstanding immediately prior to such
transaction continue to retain (either by such voting securities being converted
into voting securities of the surviving entity), as a result of shares in the
Company held by such holders prior to such transaction, at least fifty percent
(50%) of the total voting power represented by the voting securities of the
Company or such surviving entity outstanding immediately after such transaction
or series of transactions; 

     (c)
within five (5) days after the Company or any of its direct or indirect
subsidiaries or affiliates makes a payment (other than as contemplated by
Section 5.3 of the Purchase Agreement) to any of the creditors of the
Company in the schedule of entities and individuals to be acknowledged and
agreed in writing by the Company and the Agent on the date hereof; or 

     (d)
October 29, 2016. 

          Upon payment in full of all
amounts payable hereunder, this Note shall be surrendered to the Company for
cancellation. 

     2. Prepayment. This Note
may be prepaid in whole or in part at any time without the payment of any
unearned interest, penalty or premium, upon five (5) days’ prior written notice
to Payee. Each and every payment (including all partial payments or prepayments)
received by the Payee under this Note shall be applied first to costs due in
connection with this Note, then to outstanding interest and then to outstanding
principal. 

     3. Event of Default. The
outstanding principal of, and all accrued but unpaid interest on, this Note
shall become immediately due and payable, at the election of Payee, if (a) the
Company commences any proceeding in bankruptcy or for dissolution, liquidation,
winding-up, composition or other relief under state or federal bankruptcy laws;
(b) any such proceeding is commenced against the Company, or a receiver or
trustee is appointed for the Company or a substantial part of its property; (c)
the Company breaches any representation, warranty, covenant or agreement set
forth in the Purchase Agreement or this Note and such breach remains uncured for
a period of seven (7) days after the Company receives written notice thereof
(each, an “Event of Default”). Interest shall accrue after an
Event of Default at the rate of fifteen percent (15%) per annum until this Note
is paid in full or such Event of Default is cured (the “Default
Rate”). 

A-2 

     4. Waivers. The Company
hereby waives presentment, demand for performance, notice of non-performance,
protest, notice of protest and notice of dishonor. No waiver of any provision or
consent to any action shall constitute a waiver of any other provision or
consent to any other action, whether or not similar. No waiver or consent shall
constitute a continuing waiver or consent or commit a party to provide a waiver
in the future except to the extent specifically set forth in writing. The Payee
shall not be deemed, by any act of omission or commission, to have waived any of
its rights or remedies hereunder unless such waiver is in writing and signed by
the Payee and then only to the extent specifically set forth in writing. THE
COMPANY ACKNOWLEDGES THAT THE OBLIGATION EVIDENCED BY THIS NOTE IS A COMMERCIAL
TRANSACTION AND WAIVES ITS RIGHTS TO NOTICE AND HEARING UNDER APPLICABLE LAW, OR
AS OTHERWISE ALLOWED BY ANY STATE OR FEDERAL LAW WITH RESPECT TO ANY PREJUDGMENT
REMEDY WHICH THE PAYEE MAY DESIRE TO USE. 

     5. No Shorting. Payee
agrees that so long as this Note from the Company to Payee remains outstanding,
Payee will not enter into or effect “short sales” of the Purchased Shares or
hedging transaction which establishes a net short position with respect to the
Purchased Shares. 

     6. Attorney’s Fees. Should
this Note or any part thereof be collected at law or in equity, or in
bankruptcy, receivership or any other court proceeding (whether at the trial or
appellate level), or should this Note be placed in the hands of attorneys for
collection following any Event of Default, the Company agrees to pay, in
addition to the principal, any late payment charge and interest due and payable
hereunder, all costs of collecting or attempting to collect this Note, including
reasonable attorneys' fees and expenses and court costs, regardless of whether
any legal proceeding is commenced hereunder, together with interest thereon at
the Default Rate from the date paid by Payee until such expenses are repaid to
Payee. 

     7. Governing Law. This
Note shall be governed by and construed under the laws of the State of Nevada,
without regard to its body of law controlling conflicts of law. 

     8. Legal Interest.
Notwithstanding anything heretofore set forth to the contrary, in no event shall
any interest payable under this Note exceed the maximum interest rate permitted
under law or the rate that could subject Payee to either civil or criminal
liability as a result of being in excess of the maximum interest rate that the
Company is permitted by applicable law to contract or agree to pay. If by the
terms of this Note, the Company is at any time required or obligated to pay
interest on the principal balance due hereunder at a rate in excess of such
maximum rate, the interest rate hereinabove set forth or the Default Rate, as
the case may be, shall be deemed to be immediately reduced to such maximum rate
and all previous payments in excess of the maximum rate shall be deemed to have
been payments in reduction of principal and not on account of the interest due
hereunder. All sums paid or agreed to be paid to the Payee for the use,
forbearance, or detention of the indebtedness hereunder, shall, to the extent
permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full stated term of this Note until payment in full so that the
rate or amount of interest on account of the indebtedness hereunder does not
exceed the maximum lawful rate of interest from time to time in effect and
applicable to the Loan for so long as the Loan is outstanding. The Company
agrees to an effective rate of interest that is the rate stated herein plus any
additional rate of interest resulting from any other charges in the nature of
interest paid or to be paid by or on behalf of the Company, or any benefit
received or to be received by Payee, in connection with this Note. 

A-3 

     9. Amendment. Except as
otherwise set forth in the Purchase Agreement, any term of this Note may be
amended and the observance of any term of this Note may be waived (either
generally or in a particular instance and either retroactively or
prospectively), with the written consent of the Company and Payee. 

     10. Remedies Cumulative.
The rights, powers and remedies of the Payee, available at law, in equity or as
stated herein, shall be cumulative and concurrent and may be exercised or
otherwise pursued by the Payee singly, successively or concurrently against the
Company at the sole discretion of the Payee, and may be exercised as often as
occasion therefor shall incur. The failure to exercise any such right or remedy
shall in no event be construed as a waiver or release thereof. 

     11. Jury Trial Waiver. To
the fullest extent permitted by law, and as separately
bargained-for-consideration, each party hereby waives any right to trial by jury
in any action, suit, proceeding or counterclaim of any kind arising out of or
relating to this Note. 

[Remainder of page intentionally left blank. Signature on
following page.] 

A-4 

     IN WITNESS WHEREOF, the Company has caused this Note to
be duly executed and delivered by its proper and duly authorized officer as of
the date first written above. 

	 	NUTRASTAR
      INTERNATIONAL INC. 
	 	a Nevada corporation
  
	 	 
	 	 	  
	 	 	  
	 	By: 	
	 	 	Name: Robert Tick 
	 	 	Title: Chief Financial Officer

[Exhibit B – Allocation of Loan Amount and Purchased Shares]

SCHEDULE 5.5 
Subsidiary Guarantors 

Oriental Global Holdings Limited 

Harbin Baixin Biotech Development Co., Ltd. 

[Schedule 5.5 – Subsidiary Guarantors] 

SCHEDULE 5.10 
Certain Claims Against the
Company 

	Obligor: 	Claimant: 	Total Claims: 	Released Claims: 
	Nutrastar 
International Inc. 	Robert Tick 
	$35,000 
	$35,000 

[Schedule 5.10 – Certain Claims Against the Company]Exhibit

Exhibit 10.1

RESTRICTED STOCK UNIT AGREEMENT
PURSUANT TO THE
JASON INDUSTRIES, INC. 2014 OMNIBUS INCENTIVE PLAN
(ROIC-Vesting With Stock Payment)
*  *  *  *  *

Participant:  ____________________________________                            

Grant Date:  ____________________________________                            

Target Number of ROIC-Vesting Restricted Stock Units Granted:  _________________

*  *  *  *  *

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between Jason Industries, Inc. (f/k/a/ Quinpario Acquisition Corp.), a corporation organized in the State of Delaware (the “Company”), and the Participant specified above, pursuant to the Jason Industries, Inc. 2014 Omnibus Incentive Plan, as amended from time to time (the “Plan”).

WHEREAS, the Company believes it to be in the best interests of the Company and its stockholders for Participant to obtain or increase the Participant’s equity-based interest in the Company in order to strengthen the mutuality of interests between the Participant and the Company’s stockholders; and

WHEREAS, the Committee and the Board have authorized this grant of restricted stock units (“RSUs”) relating to shares of the Common Stock of the Company.

NOW, THEREFORE, in consideration of the mutual covenants and promises herein set forth, the parties mutually covenant and agree as follows:
1.Incorporation By Reference; Plan Document Receipt.  This Agreement is subject to the terms and provisions of the Plan, which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein.  Any capitalized term not defined in this Agreement shall have the meaning as set forth in the Plan.  The Participant hereby acknowledges that the Participant has received a copy of the Plan and has read the Plan carefully and fully understands its contents.  In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.

2.Grant of Restricted Stock Unit Award.  The Company hereby grants to the Participant, as of the Grant Date specified above, the number of Target ROIC-Vesting RSUs specified above, subject to the vesting criteria set forth in Section 3 below.  Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of the shares of Common Stock underlying the RSUs, except as otherwise specifically provided for in the Plan or this Agreement.

1

3.Vesting.

(a)ROIC-Vesting.  The RSUs shall become vested based upon the Company’s achievement of Average ROIC relative to the Target ROIC for the period beginning ______________and ending on _____________ (the “Measurement Period”), as follows, provided that the Participant has not incurred a Termination of Employment prior to the last day of the Measurement Period:
	
		
	Achievement of Average ROIC relative 
to Target ROIC
	Vested Percentage of 
ROIC-Vesting RSUs

	Less than ___%
	___% of RSUs

	__% (Threshold)
	___% of Target RSUs 

	____% (Target)
	____% of Target RSUs 

	___% and above (Maximum)
	___% of Target RSUs 

If the actual Average ROIC achieved for the Measurement Period is between Threshold and Target or between Target and Maximum in the table above, then the vested percentage of ROIC-Vesting RSUs shall be determined using linear interpolation between the two applicable vested percentages.  For example, if the actual Average ROIC achieved is equal to ____% of the Target ROIC then ___% of Target Number of ROIC-Vesting RSUs shall vest.  The Company will provide a supplemental communication to the Participant setting forth the Target ROIC goals for the Measurement Period. 
“Average ROIC” shall mean ___________________________________.
The foregoing provisions of this Section 3(a) are subject to the provisions of Sections 3(b) through 3(f) hereof.

(b)Termination in Connection with a Change in Control.  Notwithstanding the foregoing, in the event of the Participant’s Termination of Employment (i) by the Company without Cause, (ii) by voluntary resignation by the Participant with Good Reason, or (iii) due to the Participant’s death or Disability, in each case, during the period beginning ninety (90) days prior to the consummation of a Change in Control and ending two years following the date of consummation of a Change in Control, then any unvested RSUs that would have been forfeited on the date of the Participant’s Termination of Employment shall become fully vested at 100% of Target RSUs, as of the date of such Termination of Employment (or if the termination occurs prior to a Change in Control, on the date of the Change in Control), and the remaining RSUs shall be forfeited.  For purposes of this Agreement, “Good Reason” means the occurrence of any of the following events, without the Participant’s advance written consent: (i) any reduction in the Participant’s base salary; (ii) any reduction in the Participant’s percentage of base salary available as incentive compensation or bonus opportunity,  unless such reduction occurs in connection with a corresponding increase in base salary; (iii) a good faith determination by the Participant that there has been a material adverse change in the Participant’s working conditions or status with the Company or an Affiliate, including but not limited to (A) a significant negative change in the nature or scope of the Participant’s authority, powers, functions, duties or responsibilities, or (B) a significant reduction in the level of support services, staff, secretarial and other assistance, office space and accoutrements, or (C) a significant reduction in the authority, duties or responsibilities of the supervisor to whom the Participant is required to report; or (iv) the relocation of the Participant’s principal place of employment to a location more than fifty (50) miles from the Participant’s then-current principal place of employment with the Company or an Affiliate. Notwithstanding the foregoing, a Participant’s termination shall not be considered to have occurred for “Good Reason” unless (A) within ninety (90) days following the occurrence of one of the events listed above the Participant provides written notice to the Company setting forth the specific event constituting Good Reason, (B) the Company fails to 

2

remedy the event constituting Good Reason within thirty (30) days following its receipt of the Participant’s notice, and (C) the Participant actually terminates his or her employment with the Company and its Affiliates within thirty (30) days following the end of the Company’s remedy period.

(c)Involuntary Termination Without Cause; Voluntary Resignation For Good Reason.  Subject to Section 3(b), if the Participant incurs a Termination of Employment by the Company without Cause or there is a voluntary Termination of Employment by the Participant with Good Reason, then a pro-rated portion of the ROIC-Vesting RSUs (determined by multiplying the number of such ROIC-Vesting RSUs by a fraction, the numerator of which is the number of days during the period beginning on the Grant Date and ending on the date of Termination and the denominator of which is 1,095) shall continue to be eligible to vest in accordance with the achievement of the vesting conditions set forth in Section 3(a) hereof.

(d)Termination by Death or Disability. Subject to Section 3(b), if the Participant’s Termination of Employment is due to the Participant’s death or Disability, then a pro-rated portion of the ROIC-Vesting RSUs (determined by multiplying the number of such ROIC-Vesting RSUs by a fraction, the numerator of which is the number of days during the period beginning on the Grant Date and ending on the date of Termination and the denominator of which is 1,095) shall continue to be eligible to vest in accordance with the achievement of the vesting conditions set forth in Section 3(a) hereof.

(e)Voluntary Resignation. If the Participant’s Termination of Employment is voluntary other than with Good Reason, all RSUs that are held by such Participant that are unvested shall terminate and expire as of the date of such Participant’s Termination.

(f)Termination for Cause. If the Participant’s Termination (i) is for Cause or (ii) is a voluntary Termination (as provided in Section 3(e)) after the occurrence of an event that is then grounds for a Termination for Cause, then all of the ROIC-Vesting RSUs, whether vested or not vested, that are held by such Participant shall thereupon be forfeited and cancelled for no value without any consideration as of the date of such Termination.

(g)Termination of Unvested RSUs; Forfeiture.  Any portion of the RSUs that does not become vested in accordance with the provisions of this Section 3 shall be automatically forfeited and cancelled for no value without any consideration being paid therefor and otherwise without any further action of the Company whatsoever.

4.Delivery of Shares.  The Company shall issue to the Participant the number of shares of Common Stock, free and clear of all restrictions (other than as may apply under Section 9) that correspond to the number of RSUs that have become so vested on the applicable vesting date as follows: (a) as soon as administratively practicable after the Committee certifies the extent of achievement of the RIOC goals, but in no event later than the March 15 immediately following the end of the Measurement Period, or (b) as soon as administratively practicable (but not more than thirty (30) days) after the RSUs vest pursuant to Section 3(b) or 3(c).

5.Dividends; Rights as Stockholder.  Cash dividends paid (for dividend record dates occurring during the period from the Grant Date to the date Shares are issued hereunder pursuant to Section 4) on shares of Common Stock issuable hereunder shall be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant, provided that such cash dividends shall not be deemed to be reinvested in shares of Common Stock and shall be held uninvested and without 

3

interest and paid in cash at the same time that the shares of Common Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof.  Stock dividends on shares of Common Stock shall be credited to a dividend book entry account on behalf of the Participant with respect to each RSU granted to the Participant, provided that such stock dividends shall be paid in shares of Common Stock at the same time that the shares of Common Stock underlying the RSUs are delivered to the Participant in accordance with the provisions hereof.  For the sake of clarity, in the event any portion of the unvested RSUs is forfeited and cancelled in accordance with this Agreement or the Plan, any accrued dividends on shares of Common Stock underlying such forfeited RSUs shall be automatically forfeited for no value without any consideration being paid therefor and otherwise without any further action of the Company whatsoever.  Except as otherwise provided herein, the Participant shall have no rights as a stockholder with respect to any shares of Common Stock underlying any RSU unless and until the Participant has become the holder of record of such shares.

6.Non-Transferability.  No portion of the RSUs may be sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to the Company as a result of forfeiture of the RSUs as provided herein, unless and until payment is made in respect of vested RSUs in accordance with the provisions hereof and the Participant has become the holder of record of shares of Common Stock issuable hereunder.

7.Governing Law.  All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof.

8.Withholding of Tax.  The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the RSUs and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement.  The foregoing provisions of this Section 8 to the contrary notwithstanding, the Participant may direct the Company to satisfy any such required withholding obligation with regard to the Participant by reducing the amount of cash or shares of Common Stock, having an aggregate Fair Market Value equal to the statutory minimum withholding obligation, otherwise deliverable to the Participant pursuant to Section 4.

9.Legend.  The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates representing shares of Common Stock issued pursuant to this Agreement, or may enter stop transfer orders consistent with the foregoing in the case of shares represented by book entry.  The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing shares of Common Stock acquired pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Section 9.

10.Securities Representations.  This Agreement is being entered into by the Company in reliance upon the following express representations and warranties of the Participant.  The Participant hereby acknowledges, represents and warrants that:

4

(a)The Participant has been advised that the Participant may be an “affiliate” within the meaning of Rule 144 under the Securities Act and in this connection the Company is relying in part on the Participant’s representations set forth in this Section 10.

(b)If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the shares of Common Stock issued hereunder may be sold only in compliance with Rule 144.

(c)If the Participant is deemed an affiliate within the meaning of Rule 144 of the Securities Act, the Participant understands that (i) the exemption from registration under Rule 144 will not be available unless (A) a public trading market then exists for the Common Stock of the Company, (B) adequate information concerning the Company is then available to the public, and (C) other terms and conditions of Rule 144 are complied with, and (ii) any sale of the shares of Common Stock issuable hereunder may be made only in limited amounts in accordance with the terms and conditions of Rule 144.

11.Entire Agreement; Amendment.  This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter.  The Committee shall have the right to modify or amend this Agreement to the extent permitted by the Plan.  

12.Notices.  Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel of the Company.  Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on the payroll files with the Company.

13.No Right to Employment.  Any questions as to whether and when there has been a Termination and the cause of such Termination shall be determined in the sole discretion of the Committee.  Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without Cause.

14.Transfer of Personal Data.  The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the RSUs awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan).  This authorization and consent is freely given by the Participant.

15.Compliance with Laws.  The grant of RSUs and the issuance of shares of Common Stock hereunder shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule regulation or exchange requirement applicable thereto.  The Company shall not be obligated to issue the RSUs or any shares of Common Stock pursuant to this Agreement if any such issuance would violate any such requirements; provided, in such event as the Company is prohibited from issuing shares of Common Stock, the Company shall pay to the Participant (unless otherwise prohibited by law), within thirty (30) days following the date of vesting of RSUs, cash in an amount equal to the aggregate Fair Market Value of shares of Common Stock represented by such vested RSUs.  As a condition to the 

5

settlement of the RSUs, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation.

16.Binding Agreement; Assignment.  This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns and the Participant and the Participant’s heirs, executors, administrators, legal representatives and permitted assigns.  The Participant shall not assign (except in accordance with Section 6 hereof) any part of this Agreement without the prior express written consent of the Company.

17.Headings.  The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

18.Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

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

20.Severability.  The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

21.Acquired Rights.  The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time in accordance with the terms thereof as in effect on the Grant Date and not inconsistent with the provisions of Section 11 hereof; (b) the award of RSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the RSUs awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation.

*  *  *  *  *

    

6

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

JASON INDUSTRIES, INC.

By:  ____________________                        

Name:  __________________                        

Title:  ___________________                        

PARTICIPANT

_____________________________    

Name:  __________________    

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]