Document:

EX-10.13

 Exhibit 10.13 

 
 AMENDMENT TO THE SUBSCRIPTION AGREEMENT 

THIS AMENDMENT TO THE SUBSCRIPTION AGREEMENT (this “Amendment”), dated November 23, 2018, is made by and among MOGU Inc. (formerly known
as Meili Inc., the “Company”) and Windcreek Limited (the “Purchaser”). 
 Reference is made to that certain Subscription
Agreement, dated as of November 2, 2018, by and between the Company and the Purchaser (the “Subscription Agreement”), a copy of which is attached as Annex A. Capitalized terms used and not defined in this Amendment shall
have the meanings given to them in the Subscription Agreement, unless the context requires otherwise. 
 WHEREAS, each of the undersigned, being a
party to the Subscription Agreement, desires to effect certain amendments to the Subscription Agreement; and 
 WHEREAS, pursuant to Section 7.3
of the Subscription Agreement, the Subscription Agreement may be amended by a written agreement by the Parties. 
 NOW, THEREFORE, the Parties hereby
agree to amend and restate the Subscription Agreement as follows. 
  

	 	1.	 The Parties agree to amend the aggregate Purchase Price of the Purchaser as set forth in Exhibit A of the
Subscription Agreement to US$30,000,000; and 

  

	 	2.	 In the event that the Purchaser purchases, prior to or simultaneous with the Closing, any ADSs in the Offering,
the total number of Ordinary Shares that the Purchaser is obligated to purchase under the Subscription Agreement as Purchased Shares at the Closing shall be reduced by the same number of Ordinary Shares represented by the ADSs purchased in the
Offering. 

  

	 	3.	 The Parties agree that article VI (Observation Right) of the Subscription Agreement is hereby replaced with the
following: 

 “From and after the Closing or the closing of the Offering, during the period in which
the Purchaser or its affiliates hold any Shares or ADSs, the Purchaser shall have the right to appoint one (1) person as a representative to attend all meetings of the board of directors of the Company (the “Board”) and any committee of
the Board in a nonvoting observer capacity (the “Observer”), and the Company shall give the Observer notice of such meetings, invite the Observer to attend all such meetings and provide the Observer with copiesof all minutes, consents and
other meeting materials that it provides to its directors at the same time and in the same manner as provided to such directors.” 
  

	 	4.	 The Parties agree that section 7.9 (Fees and Expenses) of the Subscription Agreement is hereby replaced with
the following: 

 “Except as otherwise agreed to by the Parties, the Company and the Purchaser will
bear their respective expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby, includingfees and expenses of attorneys, accountants, consultants and financial
advisors, provided, however, that, if (i) the Closing occurs or (ii) thePurchaser purchases, prior to or simultaneous with the Closing, ADSs in the Offering according to above paragraph 2, theCompany shall promptly reimburse all reasonable costs and
expenses (including without limitation to fees and expenses for attorneys,accountants, consultants and financial advisors) (the “Transaction Expenses”) incurred by the Purchaser in connection with the negotiation, preparation and execution
of this Agreement and the transactions contemplated hereby in an aggregate amount not in excess of US$100,000 within fifteen (15) business days after the Purchaser has provided the Company with reasonable evidence of the Transaction Expenses.”

  

	 	5.	 For the avoidance of doubt, any ADSs purchased by the Purchaser in the Offering will have been registered under
the Securities Act for resale and, upon 180 days after the date of the final prospectus of the Company for the Offering, will not be subject to any restrictions on sale or otherwise transfer. 

 

	 	6.	 Except as expressly amended hereby, all terms and provisions of the Subscription Agreement are and shall remain
in full force and effect, and all references to the Subscription Agreement shall hereafter refer to the Subscription Agreement as amended by this Amendment, and as it may hereafter be further amended or restated. 

  
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page intentionally left blank] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment on the date first written above.

 The Company 
 For and on behalf of 

MOGU Inc. 
  

			
	By:	 	 /s/ CHEN Qi

	Name:	 	CHEN Qi
	Title:	 	Director

  
 [Signature Page to
Amendment to Subscription Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment on the date first written above.

 The Purchaser 
 For and on behalf of 

Windcreek Limited 
  

			
	By:	 	 /s/ WANG Nani

	Name:	 	WANG Nani
	Title:	 	Director

  
 [Signature Page to
Amendment to Subscription Agreement] 

 Annex A 

Subscription Agreement 

  
 1 

 SUBSCRIPTION AGREEMENT 

This Subscription Agreement (this “Agreement”) is made as of November 2, 2018 by and among: 

(1)    Meili Inc., a company incorporated in the Cayman Islands (the “Company”); and 

(2)    the party set forth in Exhibit A hereto (the “Purchaser”). The Purchaser and the Company
are sometimes herein referred to each as a “Party,” and collectively as the “Parties.” 

W I T N E S S E T H: 

WHEREAS, the Company intends to engage in an initial public offering (the “Offering”) by the Company of American Depositary
Shares (“ADS”) representing Class A ordinary shares (“Ordinary Shares”), and in connection with such Offering, the Company also desires to issue and sell to the Purchaser, and the Purchaser wishes to purchase
from the Company, the Purchased Shares (as defined below) in a transaction exempt from registration pursuant to Regulation S (“Regulation S”) of the U.S. Securities Act of 1933, as amended (the “Securities Act”)

 NOW, THEREFORE, in consideration of the above premises and the agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

PURCHASE AND SALE 

Section 1.1    Issuance, Sale and Purchase of Ordinary Shares. Upon the terms and subject to the conditions of
this Agreement, the Purchaser hereby agrees to purchase, and the Company hereby agrees to issue, sell and deliver to the Purchaser, at the Closing (as defined below), the number of Ordinary Shares determined pursuant to
Section 1.2 (the “Purchased Shares”) at a price per Ordinary Share equal to the Offer Price (as defined below), free and clear of all liens or encumbrances (except for restrictions arising under the
Securities Act or created by virtue of this Agreement or the Lock-up Agreement (as defined below)). The “Offer Price” means the price per ADS set forth on the cover of the Company’s final
prospectus in connection with the Offering (the “Final Prospectus”) divided by the number of Ordinary Shares represented by one ADS. The purchase, issuance, sale and delivery of the Purchased Shares shall be made pursuant to and in
reliance upon Regulation S. 
 Section 1.2    Closing. 

(a)    Closing. Subject to Section 1.3, the closing (the “Closing”) of
the sale and purchase of the Purchased Shares pursuant to Section 1.1 shall take place concurrently with the consummation of the Offering at the same offices for the closing of the Offering or at such other place as the
Company and the Purchaser may mutually agree. The total number of the Ordinary Shares that the Purchaser shall purchase as Purchased Shares at the Closing shall be equal to the quotient of the aggregate purchase price set forth opposite the
Purchaser’s name in Exhibit A hereto (as adjusted pursuant to clause (iii) below, the “Purchase Price”) divided by the Offer Price; provided, however, that (i) no fractional shares of Ordinary
Shares will be issued as Purchased Shares, (ii) any fractions shall be rounded down to the nearest whole number of Ordinary Shares, and (iii) the Purchase Price will be reduced by the value of any such fractional share (as calculated on
the basis of the Offer Price). The date and time of the Closing are referred to herein as the “Closing Date.” The Company will provide the Purchaser with a written notice of the Closing Date at least seven (7) business days
prior to the Closing Date. 

  
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 (b)    Payment and Delivery. At the Closing, the Purchaser shall
pay, or cause to be paid, the Purchase Price to the Company in U.S. dollars by wire transfer, or by such other method mutually agreeable to the Company and the Purchaser, of immediately available funds to such bank account designated in writing by
the Company and provided to the Purchaser at least seven (7) business days prior to the Closing Date, and the Company shall deliver to the Purchaser (i) one or more duly executed share certificates in original form, registered in the name
of the Purchaser, together with a certified true copy of the register of the members of the Company, evidencing the Purchased Shares being issued and sold to the Purchaser and the Purchaser as the legal and beneficial holder of the Purchased Shares
and (ii) a certified copy of the applicable resolutions of the Company in connection with entry into this Agreement and consummation of the transactions contemplated hereby. 

(c)    Restrictive Legend. Each certificate representing the Purchased Shares shall be endorsed with the following
legend: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES
LAWS OF ANY STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED: (A) UNLESS WITH (1) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (2) AN EXEMPTION OR QUALIFICATION UNDER THE ACT AND OTHER
APPLICABLE SECURITIES LAWS OR (3) DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED; AND (B) WITHIN THE UNITED STATES OR TO ANY U.S. PERSON, AS EACH OF THOSE
TERMS IS DEFINED IN REGULATION S UNDER THE ACT, DURING THE 40 DAYS FOLLOWING CLOSING OF THE PURCHASE. ANY ATTEMPT TO TRANSFER, SELL, PLEDGE OR HYPOTHECATE THIS SECURITY IN VIOLATION OF THESE RESTRICTIONS SHALL BE VOID. 

Section 1.3    Closing Conditions. 

(a)    Conditions to the Purchaser’s Obligations to Effect the Closing. The obligation of the Purchaser to
purchase and pay for the Purchased Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by the Purchaser in its sole discretion:

 (i)    All corporate and other actions required to be taken by the Company in connection with the issuance, sale and
delivery of the Purchased Shares (including registration of such issuance of the Purchased Shares in the register of the members of the Company) shall have been completed. 

(ii)    The representations and warranties of the Company to the Purchaser contained in
Section 2.1 of this Agreement shall have been true and correct in all respects on the date of this Agreement and true and correct in all material respects (or, if qualified by materiality or Material Adverse Effect (as
defined below), true and correct in all respects) on and as of the Closing Date as though made on and as of the Closing Date (except the representations and warranties contained in Section 2.1 (i) shall be true and correct
in all respects on and as of the Closing Date); and the Company shall have performed and complied with all, and not be in breach or default under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to
be performed or complied with on or before the Closing Date. There shall have been no event, occurrence, development or state of circumstances or facts that could have a Material Adverse Effect. 

  
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 (iii)    No governmental authority of competent jurisdiction shall have
enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by
this Agreement, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement; and no action, suit, proceeding or investigation shall have been instituted or threatened by a governmental authority of
competent jurisdiction or any third party that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement, or imposes any damages or penalties in connection with the
transactions contemplated by this Agreement. 
 (iv)    The Offering shall have been, or shall concurrently with the
Closing be, completed. 
 (v)    The ADSs shall have been listed on the New York Stock Exchange or Nasdaq. 

(vi)    The underwriting agreement relating to the Offering shall have been entered into and have become effective. 

(vii)    The Purchaser shall have received a certificate signed by an executive officer of the Company, certifying the
fulfillment of the conditions set forth in above items (i) – (iii) and the below item (viii). 
 (viii)    Each
Preferred Share shall have been or shall concurrently with the Closing be converted into one Ordinary Share, and the Company shall have no outstanding preferred shares. The post-IPO memorandum of association
and articles of association of the Company and any agreement between the Company and any of its shareholders or between any founders (or their affiliates) of the Company and any of the Company’s other shareholders shall not contain any
provisions with respect to any of the following or any other provisions with similar effect: 

(1)    Any restrictions on any transfer, sale or other disposal of any equity securities of the Company by
the Purchaser (other than the Lock-up Agreement and the existing restrictions under article 139 of the thirteenth amended and restated articles of association of the Company adopted on July 17, 2018). 

(2)    Any put/call option, redemption or repurchase right, valuation adjustment, performance or return
guarantee, anti-dilution, liquidation preference, preferred or special dividend or distribution or other similar rights granted to or otherwise enjoyed by any holder of the Company’s shares or other equity securities that are not granted to the
Purchaser upon the Closing. 
 (3)    Any preemptive right, right of participation, right to purchase or
acquire, right of first offer, co-sale right, right of first refusal, tag-along right, drag-along right or other similar rights granted to or otherwise enjoyed by any
holder of the Company’s shares (having an economic interest and voting power in the Company, immediately following the Closing, that are less than those of the Purchaser immediately following the Closing), that are not granted to the
Purchaser upon the Closing. 

  
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 (b)    Conditions to Company’s Obligations to Effect the
Closing. The obligation of the Company to issue and sell the Purchased Shares to the Purchaser as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, any of which may
be waived in writing by the Company in its sole discretion: 
 (i)    A Lock-up
Agreement in the form requested by the Company and the underwriters for the Offering and entered into by all other shareholders of the Company and with a lock-up period up to six (6) months after the
Closing Date (the “Lock-up Agreement”) shall have been executed and delivered by the Purchaser to the Company. 

(ii)    All corporate and other actions required to be taken by the Purchaser in connection with the purchase of the
Purchased Shares shall have been completed. 
 (iii)    The representations and warranties of the Purchaser contained
in Section 2.2 of this Agreement shall have been true and correct in all material respects on the date of this Agreement and on and as of the Closing Date; and the Purchaser shall have performed and complied in all material
respects with all, and not be in breach or default in any material respect under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date.

 (iv)    No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or
entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement with respect to the Purchaser,
or imposes any damages or penalties in connection with the transactions contemplated by this Agreement with respect to the Purchaser that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been
instituted by a governmental authority of competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement with respect to the
Purchaser, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement with respect to the Purchaser that are substantial in relation to the Company. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1    Representations and Warranties of the Company. The Company hereby represents and warrants to
the Purchaser, as of the date hereof and as of the Closing Date, as follows: 
 (a)    Due Formation. The Company
is a company duly incorporated as an exempted company with limited liability, validly existing and in good standing under the laws of the Cayman Islands. Each of the Company’s subsidiaries and consolidated affiliates (for the avoidance of
doubt, including any “variable interest entity” controlled by the Company) (each such subsidiary or consolidated affiliate, a “Subsidiary” and collectively the “Subsidiaries”) is duly formed, validly
existing and in good standing in the jurisdiction of its organization. Each of the Company and its Subsidiaries has all requisite power and authority to carry on its business and to own, lease and operate its property as currently conducted. 

  
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 (b)    Authority. The Company has full power and authority to
enter into, execute and deliver this Agreement and each agreement, certificate, document and instrument to be executed and delivered by the Company pursuant to this Agreement and to perform its obligations hereunder and thereunder. The execution and
delivery by the Company of this Agreement and any agreements, certificates, documents and instruments to be executed and delivered by the Company pursuant to this Agreement, and the performance by the Company of its obligations hereunder and
thereunder, have been duly authorized by all requisite actions on its part. 
 (c)    Valid Agreement. This
Agreement has been duly authorized, 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, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies. 
 (d)    Capitalization. 

(i)    The share capital of the Company shall be as set forth in Schedule I, setting forth, the capitalization
table of the Company as of the date hereof and as of the Closing Date (other than (x) the Ordinary Shares that will be registered by the Registration Statement (as defined below) and be issued by the Company in the Offering, (y) Purchased
Shares, and (z) shares of capital stock of the Company (A) that will be issued to persons other than a Purchaser Adverse Person (as defined below) and (B) of which the Company has notified the Purchaser in writing) respectively,
including without limitations to the number of issued and outstanding shares of capital stock of the Company (including the ordinary shares and each series of preferred shares (the “Preferred Shares”)) held by each shareholder of
the Company. Other than the share capital set forth in Schedule I, there are no authorized or outstanding equity interest in the Company, options, equity incentive plans, warrants and other rights to acquire equity interests in the Company or
stock appreciation, phantom stock, profit participation or similar rights with respect to the Company. All issued and outstanding ordinary shares and all issued and outstanding Preferred Shares are validly issued, fully paid and non-assessable. Other than the eleventh amended and restated shareholders agreement among the Company and its shareholders dated as of June 3, 2016, as amended on July 17, 2018 and the thirteenth amended and
restated articles of association of the Company adopted on July 17, 2018 (in each case, disregarding any amendment thereof, the “Shareholders Agreement and the Existing Articles”), there are no outstanding obligations of the Company
or any of its Subsidiaries to issue, repurchase, redeem or otherwise acquire any share capital or equity interests in the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries is a party to any voting agreement with
respect to the voting of any share capital, equity interests or other voting securities in the Company or any of its Subsidiaries. “Purchaser Adverse Persons” means any persons or entities designated by the Purchaser and notified to
the Company in writing on the date hereof. 
 (ii)    All outstanding shares of capital stock of the Company and all
outstanding shares of capital stock of each of the Company’s Subsidiaries have been issued and granted in compliance with (x) all applicable Securities Laws (as defined below) and other applicable laws and (y) all requirements set
forth in applicable plans or contracts, without violation of any preemptive rights, rights of first refusal or other similar rights. “Securities Laws” means the Securities Act, the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), the listing rules of, or any listing agreement with the New York Stock Exchange or Nasdaq and any other applicable law regulating securities or takeover matters. 

(iii)    Except as set forth in the Shareholders Agreement and the Existing Articles, there are no preemptive rights,
registration rights, rights of first offer, rights of first refusal, tag-along rights, director appointment rights, governance rights or other similar rights with respect to the Company’s capital stock or
that have been granted to any holder of the Company’s capital stock. 

  
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 (e)    Due Issuance of the Purchased Shares. The Purchased
Shares have been duly authorized and, when issued and delivered to and paid for by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of any
pledge, mortgage, security interest, encumbrance, lien, charge, assessment, right of first refusal, right of pre-emption, third party right or interest, claim or restriction of any kind or nature, except for
restrictions arising under the Securities Act or created by virtue of this Agreement or the Lock-up Agreement and upon delivery and entry into the register of members of the Company will transfer to the
Purchaser good and valid title to the Purchased Shares, free and clear of any encumbrance or restrictions (except for restrictions on transfer arising under the Securities Act or created by virtue of the
Lock-up Agreement). No shareholder vote or other approval are required for the issuance and sale of Purchased Shares to the Purchaser, other than those that have been obtained prior to the Closing Date. 

(f)    Noncontravention. Neither the execution and the delivery of this Agreement, nor the consummation of the
transactions contemplated hereby, will (i) violate any provision of the organizational documents of the Company or its Subsidiaries or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or
other restriction of any government, governmental entity or court to which the Company or its Subsidiaries is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an
encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Company or its Subsidiaries is a party or by which the Company or
its Subsidiaries is bound or to which any of the Company’s or its Subsidiaries’ assets are subject. There is no action, suit or proceeding, pending or threatened against the Company or its Subsidiaries that questions the validity of this
Agreement or the right of the Company to enter into this Agreement or to consummate the transactions contemplated hereby. 

(g)    Consents and Approvals. Neither the execution and delivery by the Company of this Agreement, nor the
consummation by the Company of any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or registration with, or the
giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date. 

(h)    Compliance with Laws. The business of the Company or its Subsidiaries is not being conducted and has not
been conducted at any time during the three years prior to the date hereof in violation of any law or government order applicable to the Company or its Subsidiaries except for violations which do not and would not have a Material Adverse Effect. As
used herein, “Material Adverse Effect” shall mean any event, fact, circumstance, condition, change, development or occurrence that, individually or in the aggregate with any other events, facts, circumstances, condition, change,
development or occurrences, has resulted in, results in or would reasonably be expected to result in a material adverse change in or a material adverse effect on any of (i) the financial or otherwise condition, assets, properties, employees,
liabilities, results of operations, prospects, business, or operations of the Company or its Subsidiaries taken as a whole, except to the extent that any such Material Adverse Effect results from (x) changes in generally accepted accounting
principles that are generally applicable to comparable companies (to the extent not materially disproportionately affecting the Company and its Subsidiaries) or (y) changes in general economic and market conditions (to the extent not materially
disproportionately affecting the Company and its Subsidiaries); or (ii) the ability of the Company to consummate the transactions contemplated by this Agreement and to timely perform its obligations under the Agreement. 

  
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 (i)    SEC Filings. Prior to the Closing, the registration
statement of the Company on Form F-1 to be filed with the United States Securities and Exchange Commission (the “SEC”), as supplemented or amended, (the “Registration
Statement”) shall have been declared effective by the SEC. The Company has filed with, or furnished to, the SEC, on a timely basis, all documents, forms, statements (including the Registration Statement and the prospectus therein),
certifications and reports required to be filed or furnished pursuant to the Securities Act in connection with the Offering (the “Securities Act Documents”). Each Securities Act Document (including the Registration Statement and the
prospectus therein) conforms and will conform, in all material respects to the requirements of the Securities Laws and the U.S. Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley Act”) and the rules and regulations of the SEC
thereunder and does not, as of the date hereof, and will not, as of the applicable effective date and the Closing Date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading. Except for pricing information for the Offering, the Registration Statement, in the form in which it is declared effective by the SEC, will not contain any information that describes a fact, event,
occurrence, circumstance, condition, change, development or result that is materially adverse to the Company or any of its Subsidiaries or would otherwise reasonably be expected to have a Material Adverse Effect. There are no contracts, agreements,
arrangements, transactions or documents which are required to be described or disclosed in the Securities Act Documents or to be filed as material contracts in the exhibits to the Securities Act Documents but have not been so described, disclosed or
filed. At the Closing, the Company will be in compliance with the Sarbanes-Oxley Act (if applicable) and the applicable listing and corporate governance rules and regulations of the stock exchange where its ADSs will be listed. 

(j)    Investment Company. The Company is not and, after giving effect to the offering and sale of the Purchased
Shares, the consummation of the Offering and the application of the proceeds hereof and thereof, will not be an “investment company,” as such term is defined in the U.S. Investment Company Act of 1940, as amended. 

(k)    Regulation S. No directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act)
have been made by any of the Company, any of its affiliates or any person acting on its or their behalf with respect to any Purchased Shares that are not registered under the Securities Act; and none of such persons has taken any actions that would
result in the sale of the Purchased Shares to the Purchaser under this Agreement requiring registration under the Securities Act or applicable state securities laws; and the Company is a “foreign issuer” (as defined in Regulation S). 

(l)    Events Subsequent to Most Recent Fiscal Period. Since December 31, 2017 until the date hereof and to
the Closing Date, (i) there has not been any event, fact, circumstance, condition, change, development or occurrence that has had, has or would reasonably be expected to have a Material Adverse Effect, and (ii) the Company and its
Subsidiaries have, in all material respects, conducted their business in the ordinary course of business consistent with past practice. 

(m)    Litigation. There are no actions, claims, demands, investigations, examinations, indictments, litigations,
suits or other criminal, civil or administrative or investigative proceedings by or against the Company or its Subsidiaries or any officer or director of the Company or any of its Subsidiaries in their capacities as such or affecting the business or
any of the assets of the Company or its Subsidiaries pending before any governmental authority, or, to the Company’s knowledge, threatened to be brought by or before any governmental authority, that has had or would reasonably be expected to
have a Material Adverse Effect. 

  
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 (n)    Brokers. Except as disclosed to the Purchaser in writing
prior to the date hereof, the Company has not dealt with any broker, finder, commission agent, placement agent or arranger in connection with the sale of the Purchased Shares, and the Company is not under any obligation to pay any broker’s fee
or commission in connection with the sale of the Purchased Shares. 
 Section 2.2    Representations and
Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company as of the date hereof and as of the Closing Date, as follows: 

(a)    Due Formation. The Purchaser is duly formed, validly existing and in good standing in the jurisdiction of
its organization. 
 (b)    Authority. The Purchaser has full power and authority to enter into, execute and
deliver this Agreement and each agreement, certificate, document and instrument to be executed and delivered by the Purchaser pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Purchaser of this
Agreement and any agreements, certificates, documents and instruments to be executed and delivered by the Purchaser pursuant to this Agreement, and the performance by the Purchaser of its obligations hereunder have been duly authorized by all
requisite actions on its part. 
 (c)    Valid Agreement. This Agreement has been duly executed and delivered by
the Purchaser and, assuming the due authorization, execution and delivery by the Company, constitutes the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies. 
 (d)    Noncontravention. Neither the execution
and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will violate any provision of the organizational documents of the Purchaser or violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity or court to which the Purchaser is subject. There is no action, suit or proceeding, pending or, to the knowledge of the Purchaser, threatened
against the Purchaser that questions the validity of this Agreement or the right of the Purchaser to enter into this Agreement or to consummate the transactions contemplated hereby. 

(e)    Consents and Approvals. Neither the execution and delivery by the Purchaser of this Agreement, nor the
consummation by the Purchaser of any of the transactions contemplated hereby, nor the performance by the Purchaser of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or registration with, or the
giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date. 

(f)    Status and Investment Intent. 

(i)    Experience. The Purchaser is either (i) an “accredited investor” within the meaning of
Securities and Exchange Commission Rule 501 of Regulation D, as presently in effect, under the Securities Act, or (ii) not a “U.S. person” as defined in Rule 902 of Regulation S of the Securities Act. The Purchaser has sufficient
knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in the Purchased Shares and is capable of bearing the economic risks of such investment. 

  
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 (ii)    Purchase Entirely for Own Account. The Purchaser is
acquiring the Purchased Shares for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution or other disposition thereof. The Purchaser does not have any direct or indirect arrangement, or
understanding with any other persons to distribute, or regarding the distribution of the Purchased Shares in violation of the Securities Act or any other applicable state securities law. 

(iii)    Solicitation. The Purchaser was not identified or contacted through the marketing of the Offering. The
Purchaser did not contact the Company as a result of any general solicitation or directed selling efforts. The purchase of the Purchased Shares by the Purchaser was not solicited by or through anyone other than the Company. 

(iv)    Offshore Transaction. The Purchaser has been advised and acknowledges that in issuing Purchased Shares to
the Purchaser pursuant hereto, the Company is relying upon the exemption from registration provided by Regulation S. The Purchaser is acquiring the Purchased Shares in an offshore transaction in reliance upon the exemption from registration provided
by Regulation S. 
 (v)    FINRA. The Purchaser does not, directly or indirectly, own more than five per cent of
the outstanding common stock (or other voting securities) of any member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or a holding company for a FINRA member, and is not otherwise a “restricted person” for
the purposes of the Free-Riding and Withholding Interpretation of FINRA. 
 ARTICLE III 

COVENANTS 

Section 3.1    Lock-up. If the Company or any underwriter for the
Offering releases any other shareholder of the Company from his, her or its sale restrictions undertaken in their respective lock-up agreement, then the Company shall notify the Purchaser prior to such release
and shall procure that the Purchaser is simultaneously released to the same proportional extent. 

Section 3.2    Distribution Compliance Period. The Purchaser agrees not to resell, pledge or transfer any
Purchased Shares within the United States or to any U.S. Person, as each of those terms is defined in Regulation S, during the 40 days following the Closing Date. 

Section 3.3    Further Assurances. From the date of this Agreement until the Closing Date, the Company and the
Purchaser shall use their reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated hereby. 

Section 3.4    Facilitation of Sale by Purchaser. The Company agrees that as and when requested by the
Purchaser in compliance with applicable U.S. securities laws, the Company shall promptly take all steps reasonably necessary to facilitate the conversion of any Purchased Shares into ADSs and removing any legends on such Purchased Shares, through
the customary processes to be established with the depositary for the ADSs. 

  
 10 

 ARTICLE IV 

INDEMNIFICATION 

Section 4.1    Indemnification. Each of the Company and the Purchaser (an “Indemnifying
Party”) shall indemnify and hold each other and their affiliates, directors, officers, employees, advisors and agents (collectively, the “Indemnified Party”) harmless from and against any losses, claims, damages, fines,
expenses and liabilities of any kind or nature whatsoever, including but not limited to any investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or
proceeding, and any taxes or levies that may be payable by such person by reason of the indemnification of any indemnifiable loss hereunder (collectively, “Losses”) resulting from or arising out of: (i) any breach or violation
of, or inaccuracy in, any representation or warranty of such Indemnifying Party contained in this Agreement or in any schedule or exhibit hereto or any claim by any third party alleging, constituting or involving such a breach, violation or
inaccuracy; or (ii) any violation or nonperformance, partial or total, of any covenant or agreement of such Indemnifying Party contained in this Agreement or any claim by any third party alleging, constituting or involving such a violation or
nonperformance. In calculating the amount of any Losses of an Indemnified Party hereunder, there shall be subtracted the amount of any insurance proceeds and third-party payments received by the Indemnified Party with respect to such Losses, if any.

 Section 4.2    Third Party Claims. 

(a)    If any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by
such third party (a “Third Party Claim”) which such Indemnified Party believes would give rise to a claim for indemnification against the Indemnifying Party under this Article IV, then the Indemnified Party shall promptly
(i) notify the Indemnifying Party thereof in writing within thirty (30) days of receipt of notice of such claim and (ii) transmit to the Indemnifying Party a written notice (“Claim Notice”) describing in reasonable
detail, to the extend reasonably practicable, the nature of the Third Party Claim, a copy of all papers served with respect to such claim (if any), and the basis of the Indemnified Party’s request for indemnification under this Agreement.
Notwithstanding the foregoing, no failure or delay in providing such notice shall constitute a waiver or otherwise modify the Indemnified Party’s right to indemnity hereunder, except to the extent that the Indemnifying Party shall have been
prejudiced by such failure or delay. 
 (b)    Upon receipt of a Claim Notice with respect to a Third Party Claim, the
Indemnifying Party shall have the right to assume the defense of any Third Party Claim by, within thirty (30) days of receipt of the Claim Notice, notifying the Indemnified Party in writing that the Indemnifying Party elects to assume the
defense of such Third Party Claim, and upon delivery of such notice by the Indemnifying Party, the Indemnifying Party shall have the right to fully control and settle the proceeding, provided, that, (i) any such settlement or compromise shall
be permitted hereunder only with the written consent of the Indemnified Party; and (ii) the Indemnifying Party shall keep the Indemnified Party reasonably informed of the progress of such defense on a regular basis. Notwithstanding the
foregoing, the Indemnifying Party shall not be entitled to assume the defense of any Third Party Claim if (i) the Third Party Claim relates to or arises in connection with any criminal action, (ii) the Third Party Claim seeks an injunction
or equitable relief against any Indemnified Party (other than immaterial equitable relief in connection with an award of monetary damages), or (iii) the Indemnifying Party has not acknowledged that such Third Party Claim is subject to
indemnification pursuant to this ARTICLE IV. If the Indemnifying Party assumes the defense of a Third Party Claim pursuant to this Section 4.2(b), the Indemnifying Party shall conduct such defense in good faith. 

  
 11 

 (c)    If requested by the Indemnifying Party, the Indemnified Party
shall, at the sole cost and expense of the Indemnifying Party, cooperate with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim
against the person asserting the Third Party Claim or any cross complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to any Third Party Claim, other than
any privileged communications between the Indemnifying Party and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not control, any defense
or settlement (except for its consent required under Section 4.2(b) above) of any Third Party Claim assumed by the Indemnifying Party pursuant to Section 4.2(b). 

(d)    In the event of a Third Party Claim for which the Indemnifying Party elects not to assume the defense or fails to
make such an election within the 30 days of the Claim Notice, the Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at the expense of the Indemnifying Party; provided, that, any such settlement or
compromise shall be permitted hereunder only with the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. 

Section 4.3    Other Claims. In the event any Indemnified Party should have a claim against the Indemnifying
Party hereunder which does not involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the “Indemnity Notice”) describing in reasonable detail the nature of the claim,
the Indemnified Party’s best estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party’s request for indemnification under this Agreement; provided, that no failure or delay in providing such notice
shall constitute a waiver or otherwise modify the Indemnified Party’s right to indemnity hereunder, except to the extent that the Indemnifying Party shall have been prejudiced by such failure or delay. If the Indemnifying Party does not notify
the Indemnified Party within thirty (30) days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim. 

Section 4.4    Cap. Notwithstanding the foregoing, the Indemnifying Party shall have no liability (for
indemnification or otherwise) with respect to any Losses in excess of the Purchase Price, other than with respect to fraud, willful misrepresentation or misconduct, or gross negligence. 

ARTICLE V 

REGISTRATION RIGHTS 

From and after the Closing, for each share in the share capital of the Company (the “Shares”) held by the Purchaser, (i) the
Purchaser shall be entitled to customary registration rights that are no less favorable than any registration rights enjoyed by any holder of any equity securities of the Company (including without limitation to the Shares) as set forth in section 2
of the eleventh amended and restated shareholders agreement among the Company and its shareholders dated as of June 3, 2016, as amended on July 17, 2018 (the “SHA Section 2”), including without limitation to the right to
participate in any registration under such SHA Section 2, (ii) the Company shall be obligated to the Purchaser (as if the Purchaser was a Holder in such SHA Section 2) for each and all the obligations, agreements and covenants of the
Company under such SHA Section 2, and (iii) the Company shall take all actions as necessary or appropriate for the Purchaser to perform and realize its registration rights hereunder. The SHA Section 2 shall apply to this Agreement
mutatis mutandis as though expressly incorporated herein, whereby the Purchaser shall be deemed as a Holder in such SHA Section 2. 

  
 12 

 All expenses and fees incurred in connection with any registration, filings, or
qualifications, accounting fees, printing expenses, fees and disbursements of counsel for the Company, “blue sky” fees and expenses and expenses of any special audits incident to or required by any registration pursuant to above the above
paragraph, and expenses incurred by the Purchaser upon the Company’s or an underwriter’s request, shall be borne and paid by the Company. 

ARTICLE VI 

OBSERVATION RIGHT 

From and after the Closing, during the period in which the Purchaser or its affiliates hold any Shares, the Purchaser shall have the right to
appoint one (1) person as a representative to attend all meetings of the board of directors of the Company (the “Board”) and any committee of the Board in a nonvoting observer capacity (the “Observer”), and the Company shall
give the Observer notice of such meetings, invite the Observer to attend all such meetings and provide the Observer with copies of all minutes, consents and other meeting materials that it provides to its directors at the same time and in the same
manner as provided to such directors. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1    Survival of the Representations and Warranties. All representations and warranties made by any
party hereto shall survive for two years after the Closing Date and shall terminate and be without further force or effect on the second anniversary of the Closing Date, except (i) that any representations and warranties by the Company
contained in Section 2.1(a) through and including Section 2.1(g) shall survive indefinitely or until the latest date permitted by law, (ii) that any claims hereunder for any breach of any representation or warranty in respect
of which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to this Section 5.1, if notice of the inaccuracy or breach thereof giving rise to such right of indemnity shall have
been given in writing to the party making such representations and warranties on or prior to such time and (iii) nothing contained in this Agreement shall limit or exclude any liability for fraud, willful misrepresentation or misconduct, or
gross negligence. 
 Section 7.2    Governing Law; Arbitration. This Agreement shall be governed and
interpreted in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof. Any dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or
termination (“Dispute”) shall be referred to and finally resolved by arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules then
in force. There shall be three arbitrators. Each Party has the right to appoint one arbitrator and the third arbitrator shall be appointed by the Hong Kong International Arbitration Centre. The language to be used in the arbitration proceedings
shall be English. Each of the Parties irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including without limitation sovereign immunity, immunity to pre-award
attachment, post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against it arising out of or based on this Agreement or the transactions contemplated hereby. 

Section 7.3    Amendment. This Agreement shall not be amended, changed or modified, except by another
agreement in writing executed by the parties hereto. 

  
 13 

 Section 7.4    Binding Effect. This Agreement shall inure to
the benefit of, and be binding upon, the Purchaser, the Company, and their respective heirs, successors and permitted assigns. 

Section 7.5    Assignment. Neither this Agreement nor any of the rights, duties or obligations hereunder may
be assigned by the Company or any Purchaser without the express written consent of the other Party, except that a Purchaser may assign all or any part of its rights and obligations hereunder to any affiliate of the Purchaser without the consent of
the Company, provided that no such assignment shall relieve the Purchaser of its obligations hereunder if such assignee does not perform such obligations. Any purported assignment in violation of the foregoing sentence shall be null and void. 

Section 7.6    Notices. All notices, requests, demands, and other communications under this Agreement shall be
in writing and shall be deemed to have been duly given on the date of actual delivery if delivered personally to the party hereto to whom notice is to be given, at the time of receipt if given by electronic mail to the
e-mail addresses set forth below, on the day after delivery to a nationally recognized overnight courier service during its business hours for overnight delivery against receipt, and properly addressed, or on
the third day after mailing if mailed by registered or certified mail, return receipt requested, postage paid, and properly addressed as follows: 
  

			
	If to the Company, at:	  	 Meili Inc.
 Zheshang Fortune Center Block 1,
99 Gudun Road,
 Xihu District, Hangzhou Zhejiang, China
 Email:
helen.t.wu@meili-inc.com
 Attention: Helen Ting Wu

		
	With a copy to (which shall not constitute notice):	  	 Meili Inc.
 Zheshang Fortune Center Block 1,
99 Gudun Road,
 Xihu District, Hangzhou Zhejiang, China
 Email:
geyan@meili-inc.com
 Attention: Geyan Liu

		
	With a copy to (which shall not constitute notice):	  	 Skadden, Arps, Slate, Meagher & Flom

42/F, Edinburgh Tower, The Landmark
 15 Queen’s Road Central,
Hong Kong
 Hong Kong
 Email: yilin.xu@skadden.com

Attention: Yilin Xu

		
	If to the Purchaser, at:	  	 Address:            JD.com Group Headquarters

21/F, Building A, 18 Kechuang Eleventh Street
 Yizhuang Economic
and Technological Development Zone
 Daxing District, Beijing, PRC

Email:               legalnotice@jd.com

Attention:          Legal Department (Mergers and Acquisitions Group)

		
	With a copy to (which shall not constitute notice):	  	 Address:            JD.com Group Headquarters

20/F ,Building A, 18 Kechuang Eleventh Street
 Yizhuang Economic
and Technological Development Zone
 Daxing District, Beijing, PRC

Email:                zhangdan11@jd.com

Attention:          Sharon Zhang

  
 14 

			
	With a copy to (which shall not constitute notice):	  	 Orrick, Herrington & Sutcliffe LLP

47/F Park Place
 1601 Nanjing Road West

Shanghai 200040 China
 Attention: Jie SUN (Jeffrey)

Email: jeffrey.sun@orrick.com

 Any party hereto may change its address for purposes of this Section 5.6 by giving
the other Party written notice of the new address in the manner set forth above. 
 Section 7.7    Entire
Agreement. This Agreement constitutes the entire understanding and agreement between the Parties with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between the Parties with
respect to the matters covered hereby are merged and superseded by this Agreement. 

Section 7.8    Severability. If any provisions of this Agreement shall be adjudicated to be illegal, invalid
or unenforceable in any action or proceeding whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to render the remainder of the Agreement
and any provision thereof both valid and enforceable, and all other provisions hereof shall be given effect separately therefrom and shall not be affected thereby. 

Section 7.9    Fees and Expenses. Except as otherwise agreed to by the Parties, the Company and the Purchaser
will bear their respective expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby, including fees and expenses of attorneys, accountants, consultants and financial
advisors, provided, however, that, if the Closing occurs, the Company shall promptly reimburse all reasonable costs and expenses (including without limitation to fees and expenses for attorneys, accountants, consultants and financial
advisors) (the “Transaction Expenses”) incurred by the Purchaser in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby in an aggregate amount not in excess of
US$100,000 within fifteen (15) business days after the Purchaser has provided the Company with reasonable evidence of the Transaction Expenses. 

Section 7.10    Confidentiality. Each party hereto shall keep in confidence, and shall not use (except for the
purposes of the transactions contemplated hereby) or disclose, any non-public information disclosed to it or its affiliates, representatives or agents in connection with this Agreement or the transactions
contemplated hereby. Each party hereto shall ensure that its affiliates, representatives and agents keep in confidence, and do not use (except for the purposes of the transactions contemplated hereby) or disclose, any such non-public information. 
 Section 7.11    Specific Performance. The
Parties agree that irreparable damage would occur in the event any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to
any other remedy at law or equity. 

  
 15 

 Section 7.12    Termination. This Agreement may be
terminated at any time prior to the Closing upon the mutual consent of both of the Parties. Either Party may terminate this Agreement if any of the following event occurs: (i) the first anniversary after the date hereof, if the Closing has not
occurred on or prior to such date, (ii) the withdrawal by the Company of the Registration Statement, and (iii) following the execution of the underwriting agreement relating to the Offering, the termination of such underwriting agreement
in accordance with its terms.    Upon any termination of this Agreement, this Agreement will have no further force or effect, except for the provisions of Article V hereof (except for
Section 5.1), which shall survive any termination under this Section 5.12; provided, that no termination of this Agreement shall relieve any Party hereto of liability for any breach of this
Agreement prior to such termination. 
 Section 7.13    Description of Purchaser. 

(a)    The Company shall afford the Purchaser a reasonable opportunity in which to review and comment on any description
of the transactions contemplated by this Agreement that is to be included in the Registration Statement filed after the date hereof, and the Company shall take such comments from the Purchaser. 

(b)    The Purchaser hereby consents and undertakes to, within thirty (30) days after the date hereof, provide a
description of its organization and business activities to the Company (the “Purchaser Description”) to be used solely in the Registration Statement and the prospectus therein, and hereby represents that the Purchaser Description
will be true and accurate in all material respects and will not be misleading in any material respect. Additionally, the Purchaser hereby consents to the filing of this Agreement as an exhibit to the Registration Statement. Other than the Purchaser
Description, the Company shall not include in the Registration Statement or the prospectus therein any information regarding the Purchaser without the Purchaser’s prior written consent. Notwithstanding anything hereunder to the contrary, the
Company shall not include in the Registration Statement or the prospectus therein or any other materials or statements any information regarding the Purchaser without the Purchaser’s prior written consent in the event that this Agreement is
terminated prior to the Closing according to Section 5.12. 
 (c)    The Purchaser
acknowledges that the Company will rely upon the truth and accuracy of the Purchaser Description, and it agrees to notify the Company promptly prior to the Closing in writing if any of the content contained therein ceases to be accurate and complete
or becomes misleading prior to the Closing. 
 Section 7.14    Headings. The headings of the various
articles and sections of this Agreement are inserted merely for the purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated. 

Section 7.15    Execution in Counterparts. For the convenience of the Parties and to facilitate execution,
this Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. Signatures in the form of facsimile or electronically imaged
“PDF” shall be deemed to be original signatures for all purposes hereunder. 

Section 7.16    Cumulative Remedies; Waiver. Except as specifically set forth herein, the rights and remedies
of the Parties are cumulative and not alternative. No waiver of any provision of this Agreement shall be effective unless set forth in a written instrument signed by the Party waiving such provision. No failure or delay by a Party in exercising any
right, power or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of the same preclude any further exercise thereof or the exercise of any other right, power or remedy. 

  
 16 

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

			
	Meili Inc.
		
	By:	 	/s/ CHEN Qi
	Name:	 	CHEN Qi
	Title:	 	Director

  
 17 

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

			
	Windcreek Limited
		
	By:	 	/s/ WANG Nani
	Name:	 	WANG Nani
	Title:	 	Director

  
 18 

 Strictly Confidential 

 
 Schedule I 

Capitalization table of the Company as of the date hereof and as of the Closing Date 

 

							
	 Name of Shareholder(s)
	  	 Class of Shares
	  	No. of Shares	 
	 Elevenhalf MG International Limited
	  	Ordinary (C)	  	 	220,151,966	 
	 Elevenhalf MG Holding Limited
	  	Ordinary (C)	  	 	83,082,038	 
	 Exceed Intelligence Limited
	  	Ordinary (A)	  	 	107,643,285	 
	 Plus Performance MG Limited
	  	Ordinary (A)	  	 	79,914,375	 
	 Image Future Investment (HK) Limited
	  	Ordinary (A)	  	 	27,094,060	 
	 Image Future Investment (HK) Limited
	  	A-1	  	 	3,078,326	 
	 Image Future Investment (HK) Limited
	  	A-3	  	 	3,140,970	 
	 Image Future Investment (HK) Limited
	  	A-5	  	 	1,973,792	 
	 Image Future Investment (HK) Limited
	  	A-6	  	 	101,078,277	 
	 Image Future Investment (HK) Limited
	  	B-2	  	 	39,573,983	 
	 Image Future Investment (HK) Limited
	  	C-2	  	 	111,899,688	 
	 Image Future Investment (HK) Limited
	  	C-3	  	 	157,047,506	 
	 Tencent Growth Holdings Limited
	  	Ordinary (A)	  	 	3,010,451	 
	 Tencent Growth Holdings Limited
	  	A-1	  	 	342,036	 
	 Tencent Growth Holdings Limited
	  	A-3	  	 	348,997	 
	 Tencent Growth Holdings Limited
	  	A-5	  	 	219,310	 
	 Tencent Growth Holdings Limited
	  	A-6	  	 	11,230,920	 
	 Hillhouse MGJ Holdings Limited
	  	B-1	  	 	81,508,317	 
	 Hillhouse MGJ Holdings Limited
	  	B-1	  	 	81,508,317	 
	 Hillhouse MLS Holdings Limited
	  	Ordinary (A)	  	 	3,933,865	 
	 Hillhouse MLS Holdings Limited
	  	B-2	  	 	94,223,756	 
	 Bertelsmann Asia Investments AG
	  	Ordinary (B)	  	 	19,380,900	 
	 Bertelsmann Asia Investments AG
	  	Ordinary (B)	  	 	41,767,800	 
	 Bertelsmann Asia Investments AG
	  	A-2	  	 	58,702,700	 
	 Bertelsmann Asia Investments AG
	  	A-4	  	 	35,238,100	 
	 Bertelsmann Asia Investments AG
	  	A-7	  	 	38,761,900	 
	 Bertelsmann Asia Investments AG
	  	A-7	  	 	14,535,700	 
	 Trustbridge Partners IV, L.P.
	  	Ordinary (B)	  	 	29,342,994	 
	 Trustbridge Partners IV, L.P.
	  	A-2	  	 	130,450,500	 
	 Trustbridge Partners IV, L.P.
	  	B-1	  	 	48,904,990	 
	 Roc Peace Limited
	  	C-1	  	 	67,369,985	 
	 Pingan eCommerce Limited Partnership
	  	C-1	  	 	36,276,146	 
	 Roc Peace Limited
	  	C-1	  	 	51,823,066	 
	 Roc Peace Limited
	  	C-1	  	 	4,976,340	 
	 Pingan eCommerce Limited Partnership
	  	C-1	  	 	1,514,538	 
	 Qiming Managing Directors Fund III, L.P.
	  	A-4	  	 	3,445,500	 
	 Qiming Managing Directors Fund III, L.P.
	  	A-7	  	 	888,300	 

  
 19 

 Strictly Confidential 

 

							
	 Name of Shareholder(s)
	  	 Class of Shares
	  	No. of Shares	 
	 Qiming Managing Directors Fund III, L.P.
	  	A-7	  	 	296,100	 
	 Qiming Managing Directors Fund III, L.P.
	  	B-1	  	 	249,053	 
	 Qiming Venture Partners III, L.P.
	  	A-4	  	 	109,316,400	 
	 Qiming Venture Partners III, L.P.
	  	A-7	  	 	28,183,100	 
	 Qiming Venture Partners III, L.P.
	  	A-7	  	 	9,394,400	 
	 Qiming Venture Partners III, L.P.
	  	B-1	  	 	7,901,779	 
	 Sequoia Capital 2010 CV Holdco, Ltd.
	  	Ordinary (A)	  	 	5,531,561	 
	 Sequoia Capital 2010 CV Holdco, Ltd.
	  	A-3	  	 	76,996,388	 
	 Sequoia Capital 2010 CV Holdco, Ltd.
	  	A-5	  	 	721,043	 
	 SC China Growth III Co-Investment 2014-B, L.P.
	  	B-2	  	 	32,978,319	 
	 Bluerun Ventures IV, L.P.
	  	A-1	  	 	65,675,573	 
	 Bluerun Ventures IV, L.P.
	  	A-3	  	 	12,672,327	 
	 Bluerun Ventures IV, L.P.
	  	A-5	  	 	5,407,817	 
	 Bluerun Ventures IV, L.P.
	  	B-2	  	 	4,711,186	 
	 BRV Lotus Fund 2012, L.P.
	  	Ordinary (A)	  	 	5,961,337	 
	 BRV Lotus Fund 2012, L.P.
	  	B-2	  	 	4,711,186	 
	 EasyBeauties Holdings Limited
	  	Ordinary (A)	  	 	59,835,539	 
	 EasyBeauties Holdings Limited
	  	A-1	  	 	19,974,315	 
	 GGV Capital IV Enterpreneurs Fund L.P.
	  	A-5	  	 	631,058	 
	 GGV Capital IV Entrepreneurs Fund L.P.
	  	Ordinary (A)	  	 	52,132	 
	 GGV Capital IV Entrepreneurs Fund L.P.
	  	A-6	  	 	101,396	 
	 GGV Capital IV Entrepreneurs Fund L.P.
	  	B-2	  	 	234,764	 
	 GGV Capital IV L.P.
	  	Ordinary (A)	  	 	2,458,626	 
	 GGV Capital IV L.P.
	  	A-5	  	 	29,761,627	 
	 GGV Capital IV L.P.
	  	A-6	  	 	4,781,614	 
	 GGV Capital IV L.P.
	  	B-2	  	 	11,072,086	 
	 GGV Capital Select L.P.
	  	C-3	  	 	19,630,938	 
	 IDG-Accel China Growth Fund III L.P.
	  	A-7	  	 	45,244,900	 
	 IDG-Accel China Growth Fund III L.P.
	  	B-1	  	 	7,611,247	 
	 IDG-Accel China III Investors L.P.
	  	A-7	  	 	3,207,500	 
	 IDG-Accel China III Investors L.P.
	  	B-1	  	 	539,585	 
	 Tiantu Capital Management Company (Cayman)
	  	C-1	  	 	41,458,453	 
	 Tiantu Capital Management Company (Cayman)
	  	C-1	  	 	1,730,901	 
	 Tiantu China Consumer Fund I, L.P.
	  	C-1	  	 	10,364,613	 
	 Tiantu China Consumer Fund I, L.P.
	  	C-1	  	 	432,725	 
	 Tira Company Limited
	  	B-1	  	 	48,904,990	 
	 Roydswell Noble Limited
	  	Ordinary (A)	  	 	6,509,578	 
	 Roydswell Noble Limited
	  	A-1	  	 	2,219,368	 
	 Roydswell Noble Limited
	  	A-3	  	 	2,739,958	 
	 Roydswell Noble Limited
	  	A-5	  	 	2,163,130	 
	 Cornerstone Venture Limited
	  	Ordinary (A)	  	 	7,550,312	 
	 SCC Lyra Venture Limited
	  	Ordinary (A)	  	 	5,182,307	 
	 Magic Stone Alternative Private Equity Fund, L.P.
	  	C-3	  	 	9,815,469	 

  
 20 

 Strictly Confidential 

 

							
	 Name of Shareholder(s)
	  	 Class of Shares
	  	No. of Shares	 
	 Banyan Partners Fund I, L.P.
	  	B-1	  	 	8,150,832	 
	 All-Stars Investment Master Fund
	  	B-2	  	 	7,066,787	 
	 Cherubic Ventures Inc.
	  	Ordinary (A)	  	 	6,400,149	 
	 AIMEI Tech Co. Ltd.
	  	Ordinary (A)	  	 	5,048,270	 
	 G ERP LLC
	  	B-1	  	 	489,050	 
	 G HSP LLC
	  	B-1	  	 	652,066	 
	 G JBD LLC
	  	B-1	  	 	978,100	 
	 G LTP LLC
	  	B-1	  	 	2,771,283	 
	 DWK Tech Limited
	  	Ordinary (A)	  	 	4,060,423	 
	 Zero2IPO China Fund II, L.P.
	  	Ordinary (A)	  	 	169,737	 
	 Zero2IPO China Fund II, L.P.
	  	A-5	  	 	2,384,770	 
	 VISION PLUS CAPITAL FUND LP
	  	Ordinary (A)	  	 	2,072,923	 
	 Purple Mountain Holding Ltd.
	  	Ordinary (A)	  	 	1,048,461	 
	 SBCVC Fund IV, L.P.
	  	Ordinary (A)	  	 	996,522	 
	 Morningside China TMT Fund II, L.P.
	  	Ordinary (A)	  	 	786,339	 
	 Spring Wu, Inc.
	  	Ordinary (A)	  	 	274,598	 
	 ESOP
	  	N/A	  	 	228,327,161	 
	 TOTAL OUTSTANDING
	  	N/A	  	 	2,553,650,704	 
	 TOTAL (INCLUDING ESOP)
	  	N/A	  	 	2,781,977,865	 

  
 21 

 Strictly Confidential 

 
 Authorized Share Capital as of the Date of this Agreement

 The authorized share capital of the Company is US$50,000, divided into 5,000,000,000 shares, including: 

 

	 	(a)	 3,175,609,844 ordinary shares of a par value of US$0.00001 each; 

 

	 	(b)	 91,289,618 Series A-1 preferred shares of a par value of US$0.00001
each; 

  

	 	(c)	 189,153,200 Series A-2 preferred shares of a par value of US$0.00001
each; 

  

	 	(d)	 95,898,640 Series A-3 preferred shares of a par value of US$0.00001
each; 

  

	 	(e)	 148,000,000 Series A-4 preferred shares of a par value of US$0.00001
each; 

  

	 	(f)	 43,262,547 Series A-5 preferred shares of a par value of US$0.00001
each; 

  

	 	(g)	 117,192,207 Series A-6 preferred shares of a par value of US$0.00001
each; 

  

	 	(h)	 140,511,900 Series A-7 preferred shares of a par value of US$0.00001
each; 

  

	 	(i)	 290,169,609 Series B-1 preferred shares of a par value of US$0.00001
each; 

  

	 	(j)	 194,572,067 Series B-2 preferred shares of a par value of US$0.00001
each; 

  

	 	(k)	 215,946,767 Series C-1 preferred shares of a par value of US$0.00001
each; 

  

	 	(l)	 111,899,688 Series C-2 preferred shares of a par value of US$0.00001
each; and 

  

	 	(m)	 186,493,913 Series C-3 preferred shares of a par value of US$0.00001
each. 

  
 22 

 Strictly Confidential 

 
 Exhibit A 

Purchaser 
  

			
	Purchaser	  	Purchase Price
	Windcreek Limited	  	An amount equal to the lesser of (i) US$100,000,000 and (ii) an amount that will cause the Purchase Price to be equal to 20% of the sum of the Purchase Price and the gross proceeds received by the Company for issuance
of new Ordinary Shares represented by ADSs in the Offering (excluding (x) any proceeds to any selling shareholders of the Company in the Offering and (y) any proceeds received by the Company from any private financing prior to, concurrent
with or after the Offering) (the “Offering Proceeds”), which amount, for the avoidance of doubt, shall be 25% of the Offering Proceeds.

  
 23EXHIBIT 10.1

  
    

    

    LIMITED WAIVER, JOINDER AND SECOND AMENDMENT TO

    LOAN AND SECURITY AGREEMENT

    

    

    This Limited Waiver, Joinder and Second Amendment to Loan and Security Agreement (the “Second Amendment”) is made as of this 20th day of November, 2018, by and among:

    

    

    SANTANDER BANK, N.A., a national bank having a place of business at 28 State Street, Boston, Massachusetts 02109 (the “Lender”);

    

    

    JANEL GROUP, INC., a New York corporation (“Janel”), THE JANEL GROUP OF GEORGIA, INC., a Georgia corporation (“Georgia”, and together
        with Janel, individually and collectively, and jointly and severally referred to herein as “Borrower”);

    

    

    JANEL CORPORATION, a Nevada corporation (“Parent”), and AVES LABS, INC., an Oregon corporation (“Aves”), each as a Loan Party Obligor; and

    

    

    HONOR WORLDWIDE LOGISTICS LLC, a Texas limited liability company (“Honor WW”), HWL BROKERAGE LLC, a Texas limited liability company (“HWL”),

        GLOBAL TRADING RESOURCES, INC., an Oregon corporation (“Global”, and together with Honor WW and HWL, each, a “New Borrower”).

    

    

    in consideration of the mutual covenants herein contained and benefits to be derived herefrom.

    

    

    W I T N E S S E T H:

    

    

    WHEREAS, Janel, Georgia, the Parent, certain other Subsidiaries of the Parent, and the Lender entered into that certain Loan and
        Security Agreement dated as of October 17, 2017, as amended pursuant to that certain Limited Waiver, Joinder and First Amendment to Loan and Security Agreement, dated as of March 21, 2018 (together with any further modifications, amendments, and
        restatements thereof, the “Agreement”);

    

    

    WHEREAS, the Loan Parties have requested that the Lender waive on a limited basis, and modify and amend, certain terms and
        conditions of the Agreement; and

    

    

    WHEREAS, in connection therewith, among other things, each New Borrower desires to become a party to, and to be bound by, the
        terms of the Agreement and the other Loan Documents and to become a Borrower in the same capacity and to the same extent as the existing Borrowers thereunder and, in connection therewith, the parties desire to amend the Agreement as set forth
        herein; and

    

    

    WHEREAS, the Lender has agreed to waive on a limited basis, and modify and amend, certain terms and conditions of the Agreement,
        all as provided for herein.

    

    

    NOW, THEREFORE, it is hereby agreed among the parties hereto as follows:

    

    

    
      
        	1.	
                Capitalized Terms. All capitalized terms used herein and not otherwise defined shall have the
                    same meaning herein as in the Agreement.

              

         

        

      

    

    
      
        

    

    
    
      
        	2.	
                Release of Aves. For good and valuable consideration, the receipt and sufficiency of which is
                    hereby acknowledged by the Lender, the Lender hereby releases Aves from any and all of its Obligations, except for those that survive pursuant to the provisions of Section 6.3 of the Agreement. The Lender hereby agrees to execute and
                    deliver to Aves, at the Borrower’s cost and expense, UCC termination statements to terminate the Lender’s Lien on the Collateral owned by Aves.

              

      

    

    

    

    
      
        	3.	
                Mergers/Oaxaca Warrant.

              

      

    

    

    

    
      
        	 	a.	
                The Loan Parties hereby warrant and represent to the Lender that prior to the Second Amendment Effective Date (i) each of (a) PCL, (b) Alpha, and (c) Byrnes have
                    merged with and in and to Janel as permitted by Section 5.27(a)(i) of the Agreement, with Janel being the surviving corporation, (ii) such mergers have been completed in compliance with all applicable laws, and (iii) the Loan Parties
                    have provided the Lender with true and complete copies of the documents evidencing such mergers, including such documents filed with the applicable Governmental Authorities.

              

      

    

    

    

    
      
        	

              	b.	
                The Loan Parties hereby covenant with the Lender that, on or before April 30, 2019, (i) they shall provide Lender with evidence that Liberty has merged with and in and to
                    Janel as permitted by Section 5.27(a)(i) of the Agreement, with Janel being the surviving corporation, and that such merger has been completed in compliance with all applicable laws, and (ii) the Loan Parties shall provide the Lender
                    with true and complete copies of the documents evidencing such merger, including, but not limited to, such documents filed with the applicable Governmental Authorities of the State of Rhode Island.

              

      

    

    

    

    
      
        	

              	c.	
                The Loan Parties hereby warrant and represent to the Lender that (i) prior to the Second Amendment Effective Date, Oaxaca fully exercised its warrant rights pursuant to the
                    Oaxaca Warrant and that as of the Second Amendment Effective Date, the Oaxaca Warrant is no longer in force or effect, and (ii) a portion of the September 2018 Distribution (defined below) in the amount of $1,000,000 was used by Oaxaca
                    to acquire the 250,000 shares of common stock of the Parent at $4.00 per share pursuant to the terms and conditions of the Oaxaca Warrant.

              

      

    

    

    

    
      
        	4.	
                Amendments to Agreement.

              

      

    

    

    

    
      
        	 	a.	
                Schedule B of the Agreement (Definitions) is hereby amended as follows:

              

      

    

    

    

    
      
        	 	i.	
                By inserting the following new definitions in their correct alphabetical order:

              

      

    

    

    

    
      
        	 	A)	
                “Antibodies” means Antibodies Incorporated, a California
                    corporation, successor by merger with AB Merger Sub, Inc., a California corporation. Antibodies is a wholly owned Subsidiary of Parent.”

              

         

        

      

    

    
      -2-

      
        

    

    
      
        	

              	B)	
                “Antibodies Guaranty” means that certain Commercial Guaranty
                    dated June 14, 2018 pursuant to which the Parent has guaranteed the obligations and liabilities (as defined therein) of Antibodies to First Northern Bank of Dixon Sacramento Branch.”

              

      

    

    

    

    
      
        	

              	C)	
                “Global” means Global Trading Resources, Inc., an Oregon
                    corporation.

              

      

    

    

    

    
      
        	

              	D)	
                “Honor Earn-Out” means the term “Basic Earn-Out” as defined in
                    the Honor WW Acquisition Documentation.

              

      

    

    

    

    
      
        	

              	E)	
                “Honor Interests” means the term “Honor Interests” as defined
                    in the Honor WW Acquisition Documentation.

              

      

    

    

    

    
      
        	

              	F)	
                “Honor WW” means Honor Worldwide Logistics LLC, a Texas limited
                    liability company.

              

      

    

    

    

    
      
        	

              	G)	
                “Honor WW Acquisition” means the acquisition by Janel of all of
                    the Honor Interests in accordance with the provisions of this Agreement and the Honor WW Acquisition Documentation.

              

      

    

    

    

    
      
        	

              	H)	
                “Honor WW Acquisition Documentation” means that certain
                    Membership Interest Purchase Agreement dated as of November 20, 2018 by and among Janel, as purchaser, and Honor, Onor Group LLC and Biehl Logistics LLC, as sellers, together with any other documents executed and delivered in connection
                    therewith.

              

      

    

    

    

    
      
        	

              	I)	
                “HWL” means HWL BROKERAGE LLC, a Texas limited liability
                    company, and a wholly owned Subsidiary of Honor WW.

              

      

    

    

    

    
      
        	

              	J)	
                “Onor Closing Note” means the promissory note, dated on or
                    about the Second Amendment Effective Date, in the principal amount of $456,813.35 payable to John Onorato in twelve consecutive quarterly installments of principal plus accrued interest at the rate of 6.75% per annum.

              

      

    

    

    

    
      
        	

              	K)	
                “Sea Cargo” means Sea Cargo Inc., a California corporation.

              

      

    

    

    

    
      
        	

              	L)	
                “Sea Cargo Acquisition” means the acquisition by Janel of all
                    of the Sea Cargo Assets in accordance with the provisions of this Agreement and the Sea Cargo Acquisition Documentation.

              

      

    

    

    

    
      
        	

              	M)	
                “Sea Cargo Acquisition Documentation” means that certain Asset
                    Purchase Agreement dated as of September 21, 2018, and amended on October 15, 2018, by and among Janel, as purchaser, and Sea Cargo, and the stockholders of Sea Cargo, Shane J. Kennedy and Joseph E. Kennedy, together with any other
                    documents executed and delivered in connection therewith.

              

         

        

      

    

    
      -3-

      
        

    

    
      
        	

              	N)	
                “Sea Cargo Assets” means the term “Sea Cargo Assets” as defined
                    in the Sea Cargo Acquisition Documentation.

              

         

        

      

    

    
      
        	

              	O)	
                “Sea Cargo Earn-Out” means the term “Earn-Out” as defined in
                    the Sea Cargo Acquisition Documentation.

              

      

    

    

    

    
      
        	

              	P)	
                “Second Amendment” means that certain Limited Waiver, Joinder
                    and Second Amendment to Loan and Security Agreement dated as of the Second Amendment Effective Date by and among the Lender and the Borrowers, Honor WW, HWL and Global as Borrowers, Aves, and the Parent.

              

      

    

    

    

    
      
        	

              	Q)	
                “Second Amendment Designated Deposit Accounts” means the
                    following deposit accounts ending with the following numbers and identified in Section 3 of the Disclosure Schedule: U.S. Bank National Association: xxx7587 and Bank of America, N.A.: xxx6622.

              

      

    

    

    

    
      
        	

              	R)	
                “Second Amendment Effective Date” means November 20, 2018.

              

      

    

    

    

    
      
        	

              	S)	
                “September 2018 Distribution” means the one-time distribution
                    made on September 27, 2018 by Janel to Parent in the amount of $1,078,298.13, of which (i) $1,000,000 was in turn distributed by Parent to Oaxaca, as a holder of
                    shares of Parent’s Series C Cumulative Preferred Stock (the “Series C Stock”), to fund the purchase by Oaxaca of the 250,000 shares of common stock of the Parent at $4.00 per share pursuant to the terms and conditions of the Oaxaca
                    Warrant, and (ii) $78,298.13 was in turn distributed by Parent to the other holders of the Series C Stock.

              

      

    

    

    

    
      
        	

              	T)	
                “Subject Acquisitions” means the Honor WW Acquisition and the
                    Sea Cargo Acquisition.”

              

      

    

    

    

    
      
        	

              	ii.	
                By amending the following definitions:

              

      

    

    

    

    
      
        	

              	A)	
                The definition of “Debt Service Coverage Ratio” is hereby
                    restated as follows:

              

      

    

    

    

    ““Debt Service
          Coverage Ratio” means, for the applicable period, for the Loan Parties and their Subsidiaries on a consolidated basis, the ratio of (i) EBITDA minus

        Cash Taxes minus distributions and dividends paid minus unfinanced Capital Expenditures to (ii) CMLTD plus Interest Expense paid. Notwithstanding the foregoing subclause (i),
        the First Amendment Distribution and the September 2018 Distribution will not be included in the total of distributions and dividends paid for purposes of the calculation set forth in subclause (i).”

     

      

    
      -4-

      
        

    

    
      
        	

              	B)	
                The definition of “Debt Service Coverage Ratio (Borrower Group)”
                    is hereby restated as follows:

              

      

    

    

    

    “Debt Service
          Coverage Ratio (Borrower Group)” means, for the applicable period, for the Borrower and its Subsidiaries on a consolidated basis, the ratio of (i) EBITDA minus Cash Taxes minus distributions and dividends paid minus unfinanced Capital Expenditures to (ii) CMLTD plus Interest Expense paid.

    Notwithstanding the foregoing subclause (i), the First Amendment Distribution and the September 2018 Distribution will not be
        included in the total of distributions and dividends paid for purposes of the calculation set forth in subclause (i).”

    

    

    
      
        	

              	b.	
                Section 3.3 of the Agreement (Further Assurances) is hereby amended by
                    adding the following new paragraph at the end thereof:

              

      

    

    

    

    “On or before December 20, 2018 (or such longer period of time as may be agreed in writing by Lender in its sole discretion),
        the Borrower shall deliver to Lender updated evidence of the insurance coverage required by Section 5.14, amended to add as named insureds the New Borrowers.”

    

    

    
      
        	

              	c.	
                Section 4.1 of the Agreement (Lock Boxes and Blocked Accounts) is hereby
                    amended by adding the following new paragraph at the end thereof:

              

      

    

    

    

    “Notwithstanding anything in this Agreement to the contrary, the Loan Party Obligors may, until April 19, 2019 (the “Second Amendment Designated Deposit Accounts Expiration Date”), maintain the Second Amendment Designated Deposit Accounts with the
        current depository institutions subject to the terms of this paragraph. The outstanding principal balance of each Second Amendment Designated Deposit Accounts shall not at any time exceed $250,000, and the Loan Party Obligors shall, at Lender’s
        request, provide the Lender with written evidence to confirm the same. Not later than the Second Amendment Designated Deposit Accounts Expiration Date, the Loan Party Obligors shall provide Lender with evidence that such Second Amendment Designated
        Deposit Accounts have been closed, and any and all remaining funds have been transferred to one or more bank accounts subject to a Blocked Account control agreement in favor of Lender. Further, prior to the Second Amendment Designated Deposit
        Accounts Expiration Date, each Loan Party Obligor agrees to execute, and to cause its depository banks and other account holders to execute, such Lock Box and Blocked Account control agreements and other documentation regarding the Second Amendment
        Designated Deposit Accounts as Lender shall reasonably require from time to time in connection with the foregoing, all in form and substance reasonably acceptable to Lender.”

     

      

    
      -5-

      
        

    

    
      
        	

              	d.	
                Section 5.27 of the Agreement (Negative Covenants) is hereby amended as
                    follows:

              

      

    

    

    

    
      
        	

              	i.	
                Clause (ii) of subclause (a) is hereby deleted in its entirety and the following substituted in its stead:

              

      

    

    

    

    “(ii) new Subsidiaries of a Loan Party Obligor may be formed so long as such Subsidiary is joined as a Loan Party Obligor
        hereunder, provided that with respect to a Subsidiary formed by the Parent, such Subsidiary shall be joined as Loan Party Obligor if such Subsidiary was formed or acquired by the Parent directly or indirectly with the proceeds of the Revolving
        Loans, and”

    

    

    
      
        	

              	ii.	
                Clause (iv) of subclause (e) (for avoidance of doubt, as most recently amended by the First Amendment) is hereby deleted in its entirety and the following substituted in
                    its stead:

              

      

    

    

    

    “(iv) Reserved.”

    

    

    
      
        	

              	iii.	
                Subclause (f) (for avoidance of doubt, as most recently amended by the First Amendment) is hereby deleted in its entirety and the following substituted in its stead:

              

      

    

    

    

    “(f) incur any Indebtedness other than (i) the Obligations, (ii) Permitted Indebtedness, and (iii) other Indebtedness which is
        unsecured and does not exceed $250,000 in the aggregate at any one time;”

    

    

    
      
        	

              	iv.	
                Clause (iii) of subclause (h) is hereby deleted in its entirety and the following substituted in its stead:

              

      

    

    

    

    “(iii) as to Parent only, Parent may guaranty
        or otherwise become liable for the foregoing (A) as to INDCO, and (B) pursuant to the Antibodies Guaranty.”

    

    

    
      
        	

              	v.	
                Subclause (m) (for avoidance of doubt, as most recently amended by the First Amendment) is amended by deleting the following text:

              

      

    

    

    

    “(except (i) as to Parent as to which the foregoing shall not apply, and (ii) as to Aves, as to which the foregoing shall not
        apply as Aves is in the business of producing high-affinity custom chicken antibodies)”

    

    

    and substituting the following in its stead:

    

    

    “(except as to Parent as to which the foregoing shall not apply)”

    

    

    
      
        	

              	vi.	
                Subclause (q) is hereby deleted in its entirety and the following substituted in its stead:

              

         

        

      

    

    
      -6-

      
        

    

    “(q) agree, consent, permit or otherwise undertake to amend or otherwise modify any of the terms or provisions of (i) any Loan
        Party Obligor’s Organic Documents, (ii) the Honor WW Acquisition Documentation relating to the Honor Earn-Out, (iii) Sea Cargo Acquisition Documentation relating to the Sea Cargo Earn-Out, or (iv) the Onor Closing Note, except, in each instance,
        for such amendments or other modifications required by applicable law or that are not adverse to Lender, and then, only to the extent such amendments or other modifications are fully disclosed in writing to Lender no less than five (5) Business
        Days prior to being effectuated;”

    

    

    
      
        	

              	vii.	
                The following is hereby added as a new subclause (t):

              

      

    

    

    

    “(t) make any payment on account of the Honor Earn-Out, the Sea Cargo Earn-Out, or the Onor Closing Note, unless, in each
        instance, the Restricted Payment Conditions are satisfied.”

    

    

    
      
        	

              	e.	
                Schedule A (Description of Terms) is hereby amended as follows:

              

      

    

    

    

    
      
        	

              	i.	
                by deleting the reference to “$11,000,000” in row 1 (a) thereof (Maximum Revolving
                    Facility Amount) (for avoidance of doubt, as most recently amended by the First Amendment), and substituting “$17,000,000” in its stead;

              

      

    

    

    

    
      
        	

              	ii.	
                by deleting the reference to “$2,000,000” in row 1 (c) thereof (Foreign Accounts
                    Sublimit) (for avoidance of doubt, as most recently amended by the First Amendment), and substituting “$2,500,000” in its stead;

              

      

    

    

    

    
      
        	

              	iii.	
                by deleting the reference to “$500,000” in row 1 (e) (sic) thereof (Letter of
                    Credit Limit), and substituting the following in its stead:

              

      

    

    

    

    “(d) Letter of Credit Limit: $1,000,000”

    

    

    
      
        	

              	f.	
                Schedule B (Definitions) is hereby amended as follows:

              

      

    

    

    

    
      
        	

              	i.	
                The definition of “Loan Party” is hereby restated in its
                    entirety as follows:

              

      

    

    

    

    ““Loan Party”
        means, individually, Parent, Borrower, or any Subsidiary; and “Loan Parties” means, collectively, Parent, Borrower and all Subsidiaries; provided however, excluding INDCO and its Subsidiaries, Aves, and Antibodies, and their respective
        Subsidiaries, each of which are wholly-owned Subsidiaries of Parent.”

    

    

    
      
        	

              	ii.	
                The definition of “Permitted Acquisition” is hereby amended by
                    deleting the reference to “$2,500,000” in clause (c) thereof, and substituting “$4,000,000” in its stead.

              

         

        

      

    

    
      -7-

      
        

    

    
      
        	

              	iii.	
                The definition of “Permitted Indebtedness” is hereby amended by
                    deleting the reference to “$500,000” in clause (g) thereof, and substituting “$1,000,000” in its stead.

              

      

    

    

    

    
      
        	

              	g.	
                The Disclosure Schedule is hereby amended and restated as set forth on the Disclosure Schedule attached hereto.

              

      

    

    

    

    
      
        	

              	h.	
                Additional Representations, Warranties and Covenants Regarding Subject Acquisitions and Global.

              

      

    

    

    

    In addition to the representations, warranties and covenants set forth in Article 5 of the Agreement, the Loan
        Party Obligors make the following representations, warranties and covenants as of the Second Amendment Effective Date with respect to the Subject Acquisitions, which representations, warranties and covenants are made on the terms and conditions set
        forth in the preamble paragraph of Article 5:

    

    

    
      
        	

              	i.	
                Loan Party Obligors have delivered to Lender a complete and correct copy of the Honor WW Acquisition Documents and the Sea Cargo Acquisition Documents, including all
                    schedules and exhibits thereto. The execution, delivery and performance of each of the Honor WW Acquisition Documents and the Sea Cargo Acquisition Documents, have been duly authorized by all necessary action on the part of Janel. Each
                    Honor WW Acquisition Document and each Sea Cargo Acquisition Document is the legal, valid and binding obligation of Janel, enforceable against Janel in accordance with its terms, in each case, except (i) as may be limited by applicable
                    bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting generally the enforcement of creditors’ rights and (ii) the availability of the remedy of specific performance or injunctive or other
                    equitable relief is subject to the discretion of the court before which any proceeding therefor may be brought. Janel is not in default in the performance or compliance with any provisions thereof. All representations and warranties
                    made by Janel in the Honor WW Acquisition Documents and the Sea Cargo Acquisition Documents and in the certificates delivered in connection therewith are true and correct in all material respects. To Janel’s knowledge, none of the
                    seller’s representations or warranties in the Honor WW Acquisition Documents or the Sea Cargo Acquisition Documents contain any untrue statement of a material fact or omit any fact necessary to make the statements therein not
                    misleading, in any case that could reasonably be expected to result in a Material Adverse Effect. Each of Honor Earn-Out and the Sea Cargo Earn-Out are unsecured Indebtedness.

              

      

    

    

    

    
      
        	

              	ii.	
                No Default or Event of Default exists as of the Second Amendment Effective Date (other than Defaults or Events of Default being waived pursuant to Section 4 hereof) or
                    would arise from the consummation of such Honor WW Acquisition or such Sea Cargo Acquisition;

              

      

    

    

    
      -8-

      
        

    

    

    

    
      
        	

              	iii.	
                After giving effect to the completion of the Honor WW Acquisition and the Sea Cargo Acquisition, the Loan Party Obligors shall have complied with the definition of
                    Permitted Acquisition unless any provision thereof has previously been waived by the Lender;

              

      

    

    

    

    
      
        	

              	iv.	
                After giving effect to the Honor WW Acquisition and this Second Amendment, Janel will own, directly, 100% of the equity interests of Honor WW and shall control all of the
                    voting interests or shall otherwise control the governance of Honor WW, will have good title to the assets acquired pursuant to the Honor WW Acquisition Agreement, free and clear of all Liens other than Permitted Liens, and Lender shall
                    have a first priority Lien in all of the assets of Honor WW, subject to Permitted Liens;

              

      

    

    

    

    
      
        	

              	v.	
                After giving effect to the Sea Cargo Acquisition and the Second Amendment, Janel will have good title to the Sea Cargo Assets acquired pursuant to the Sea Cargo Acquisition
                    Agreement, free and clear of all Liens other than Permitted Liens, and Lender shall have a first priority Lien in the Sea Cargo Assets, subject to Permitted Liens;

              

      

    

    

    

    
      
        	

              	vi.	
                When completed, the Honor WW Acquisition and the Sea Cargo Acquisition will each have been consummated in all material respects, in accordance with all applicable laws and
                    this Agreement and all requisite approvals by Governmental Authorities having jurisdiction over Janel and Honor WW and Sea Cargo and, to Janel’s knowledge, the seller, with respect to the Honor WW Acquisition, have been obtained
                    (including filings or approvals required under the Hart-Scott-Rodino Antitrust Improvements Act), except for any approval the failure to obtain could not reasonably be expected to be material to the interests of the Lender.

              

      

    

    

    

    
      
        	

              	vii.	
                The acquisition of the equity interests of Global has been consummated in all material respects, in accordance with all applicable laws and this Agreement and all requisite
                    approvals by Governmental Authorities having jurisdiction over the Janel and Global, and, to Janel’s knowledge, the seller, with respect to the acquisition by Janel of the equity interests of Global, have been obtained (including
                    filings or approvals required under the Hart-Scott-Rodino Antitrust Improvements Act), except for any approval the failure to obtain could not reasonably be expected to be material to the interests of the Lender.

              

      

    

    

    

    
      
        	5.	
                Limited Waivers. The Loan Party Obligors have requested that the Lender provide the following
                    limited waivers (the “Limited Waivers”) and amend the Agreement to reflect the same, and the Lender has agreed to provide such
                    Limited Waivers and amend the Agreement to reflect the same, but only on the terms and conditions set forth herein:

              

         

        

      

    

    
      -9-

      
        

    

    
      
        	

              	a.	
                The Loan Party Obligors have advised the Lender that (i) Order Logistics, Inc. (“Logistics”), a Subsidiary of the Parent, and (ii) Janel Ferrara Logistics, LLC (“Ferrara”), a
                    Subsidiary of the Parent, each of which are not Loan Party Obligors, are defunct and inactive corporations. Parent intends to merge each of Logistics and Ferrara in
                    and to Janel, in accordance with applicable law, with Janel being the surviving corporation in each instance (each, a “Subject Merger”).

                    Pursuant to Section 5.27(a) of the Agreement, among other things, the Loan Party Obligors are prohibited from merging and consolidating or acquiring any interest in any Person other than another Loan Party Obligor. On the Second
                    Amendment Effective Date, the Lender hereby waives the provisions of said Section 5.27(a), and consent to the Subject Mergers. The Limited Waiver of the foregoing provisions of Section 5.27(a) is a one-time waiver only, which relates
                    solely to the Subject Mergers and shall not be deemed to constitute an agreement by the Lender to waive the provisions of Section 5.27(a) (or any other provision of the Agreement) in the future. The Loan Party Obligors shall provide the
                    Lender with written evidence of the completion of each Subject Merger within ten (10) Business Days after the effectiveness thereof.

              

      

    

    

    

    
      
        	

              	b.	
                Pursuant to Section 5.27(h) of the Agreement, among other things, the Parent is prohibited from guarantying the obligations of others, as more particularly provided for
                    therein. Notwithstanding the foregoing, the Loan Party Obligors have requested that the Lender waive the provisions of said Section 5.27(h) that prohibit the Parent from guarantying the obligations of others, and allow the Parent to
                    execute and deliver the Antibodies Guaranty. On the Second Amendment Effective Date, the Lender hereby waives the provisions of Section 5.27(h), retroactive to June 14, 2018, that prohibit the Parent from executing and delivering the
                    Antibodies Guaranty. The Limited Waiver of the foregoing provisions of Section 5.27(h) is a one-time waiver only, which relates solely to the Antibodies Guaranty and shall not be deemed to constitute an agreement by the Lender to waive
                    the provisions of Section 5.27(h) (or any other provision of the Agreement) in the future.

              

      

    

    

    

    
      
        	

              	c.	
                Pursuant to Section 5.27(i)(a) of the Agreement, among other things, the Loan Party Obligors are prohibited from paying or declaring dividends or distributions on any Loan
                    Party’s stock or other equity interest except for Permitted Dividends. Notwithstanding the foregoing, the Loan Party Obligors have requested that the Lender waive the provisions of said Section 5.27(i)(a) solely with respect to the
                    September 2018 Distribution. On the Second Amendment Effective Date, the Lender hereby waives the provisions of Section 5.27(i)(a), retroactive to September 27, 2018, that prohibit the making of the September 2018 Distribution. The
                    Limited Waiver of the foregoing provisions of Section 5.27(i)(a) is a one- time waiver only, which relates solely to the September 2018 Distribution and shall not be deemed to constitute an agreement by the Lender to waive the
                    provisions of Section 5.27(i)(a) (or any other provision of the Agreement) in the future.

              

      

    

    

    

    
      
        	6.	
                Joinder and Assumption of Obligations. As of the Second Amendment Effective Date, each New
                    Borrower hereby acknowledges that it has received and reviewed a copy of the Agreement and the other Loan Documents, and hereby:

              

         

        

      

    

    
      -10-

      
        

    

    
      
        	 	a.	
                joins in the execution of, and becomes a party to, the Agreement and the other Loan Documents as a Borrower thereunder, as indicated with its signature below;

              

      

    

    

    

    
      
        	

              	b.	
                covenants and agrees to be bound by all covenants, agreements, liabilities and acknowledgments of a Borrower under the Agreement and the other Loan Documents as of the date
                    hereof (other than covenants, agreements, liabilities and acknowledgments that relate solely to an earlier date), in each case, with the same force and effect as if such New Borrower was a signatory to the Agreement and the other Loan
                    Documents and was expressly named as a Borrower therein;

              

      

    

    

    

    
      
        	

              	c.	
                makes all representations, warranties, and other statements of a Borrower under the Agreement and the other Loan Documents, as of the date hereof (other than
                    representations, warranties and other statements that relate solely to an earlier date), in each case, with the same force and effect as if such New Borrower was a signatory to the Agreement and the other Loan Documents and was
                    expressly named as a Borrower therein;

              

      

    

    

    

    
      
        	

              	d.	
                assumes and agrees to perform all applicable duties and Obligations of a Borrower under the Agreement and the other Loan Documents; and

              

      

    

    

    

    
      
        	

              	e.	
                without limiting the provisions of subparagraph a above, each New Borrower hereby agrees as follows:

              

      

    

    

    

    To secure the full payment and performance of all of the Obligations, New Borrower hereby assigns to Lender and grants to Lender
        a continuing security interest in all property of such New Borrower, whether tangible or intangible, real or personal, now or hereafter owned, existing, acquired or arising and wherever now or hereafter located, and whether or not eligible for
        lending purposes, including: (i) all Accounts (whether or not Eligible Accounts) and all Goods whose sale, lease or other disposition by such New Borrower has given rise to Accounts and have been returned to, or repossessed or stopped in transit
        by, such New Borrower; (ii) all Chattel Paper (including Electronic Chattel Paper), Instruments, Documents, and General Intangibles (including all patents, patent applications, trademarks, trademark applications, trade names, trade secrets,
        goodwill, copyrights, copyright applications, registrations, licenses, software, franchises, customer lists, tax refund claims, claims against carriers and shippers, guarantee claims, contracts rights, payment intangibles, security interests,
        security deposits and rights to indemnification); (iii) all Inventory; (iv) all Goods (other than Inventory), including Equipment, Farm Products, Health-Care-Insurance Receivables, vehicles, and Fixtures; (v) all Investment Property, including all
        rights, privileges, authority, and powers of such New Borrower as an owner or as a holder of Pledged Equity, including all economic rights, all control rights, authority and powers, and all status rights of such New Borrower as a member, equity
        holder or shareholder, as applicable, of each Issuer; (vi) all Deposit Accounts, bank accounts, deposits and cash; (vii) all Letter-of-Credit Rights; (viii) all Commercial Tort Claims; (ix) all Supporting Obligations; (x) any other property of such
        New Borrower now or hereafter in the possession, custody or control of Lender or any agent or any parent, Affiliate or Subsidiary of Lender or any Participant with
        Lender in the Loans, for any purpose (whether for safekeeping, deposit, collection, custody, pledge, transmission or otherwise); and (xi) all additions and accessions
        to, substitutions for, and replacements, products and Proceeds of the foregoing property, including proceeds of all insurance policies insuring the foregoing property, and all of such New Borrower’s books and records relating to any of the
        foregoing and to such New Borrower’s business.

     

      

    
      -11-

      
        

    

    
      
        	7.	
                Ratification of Loan Documents/Waiver. Except as provided for herein, all terms and conditions
                    of the Agreement or the other Loan Documents remain in full force and effect. Each Loan Party Obligor each hereby ratifies, confirms, and reaffirms all representations, warranties, and covenants contained therein and acknowledges and
                    agrees that the Obligations, as amended hereby, are and continue to be secured by the Collateral. Each Loan Party Obligor acknowledges and agrees that each such Loan Party Obligor does not have any offsets, defenses, or counterclaims
                    against the Lender arising out of the Agreement or the other Loan Documents, and to the extent that any such offsets, defenses, or counterclaims arising out of the Agreement or the other Loan Documents may exist, each such Loan Party
                    Obligor hereby WAIVES and RELEASES the Lender therefrom.

              

      

    

    

    

    
      
        	8.	
                Amendment Fee. In consideration of Lender’s agreement to enter into this Second Amendment, the
                    Borrowers hereby acknowledge that the Lender has earned an amendment fee in the amount of $7,500 (the “Amendment Fee”). The Amendment Fee shall be fully earned
                    as of the Second Amendment Effective Date hereof and shall not be subject to refund or rebate under any circumstances.

              

      

    

    

    

    
      
        	9.	
                Conditions to Effectiveness. This Second Amendment shall not be effective until each of the
                    following conditions precedent have been fulfilled to the satisfaction of the Lender:

              

      

    

    

    

    
      
        	

              	a.	
                This Second Amendment shall have been duly executed and delivered by the respective parties hereto and, shall be in full force and effect and shall be in form and substance
                    satisfactory to the Lender.

              

      

    

    

    

    
      
        	

              	b.	
                New Borrower and the other Loan Party Obligors shall have executed and delivered such documents and agreements set forth on the Closing Checklist as required by Lender.

              

      

    

    

    

    
      
        	

              	c.	
                The Borrower shall have paid to the Lender all other fees and expenses then due and owing pursuant to the Agreement and this Second Amendment, including, without
                    limitation, the Amendment Fee.

              

      

    

    

    

    
      
        	

              	d.	
                The Subject Acquisitions shall occur contemporaneously with the execution and delivery of this Second Amendment.

              

      

    

    

    

    
      
        	

              	e.	
                No Default or Event of Default shall exist.

              

      

    

    

    

    
      
        	10.	
                Miscellaneous.

              

         

        

      

    

    
      -12-

      
        

    

    
      
        	

              	a.	
                This Second Amendment may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an
                    original, and all of which together shall constitute one instrument.

              

         

        

      

    

    

    

    
      
        	

              	b.	
                The provisions of Section 10.15 (Governing Law) and 10.16 (Consent to Jurisdiction; Waiver of Jury Trial) are specifically incorporated herein by reference.

              

      

    

    

    

    
      
        	

              	c.	
                This Second Amendment expresses the entire understanding of the parties with respect to the transactions contemplated hereby. No prior negotiations or discussions shall
                    limit, modify, or otherwise affect the provisions hereof.

              

      

    

    

    

    
      
        	

              	d.	
                Any determination that any provision of this Second Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not
                    affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality or enforceability of any other provisions of this Second Amendment.

              

      

    

    

    

    
      
        	

              	e.	
                The Borrower shall pay on demand all costs and expenses of the Lender, including, without limitation, reasonable attorneys’ fees in connection with the preparation,
                    negotiation, execution and delivery of this Second Amendment.

              

      

    

    

    

    
      
        	

              	f.	
                The Loan Party Obligors each warrants and represents that such Person has consulted with independent legal counsel of such Person’s selection in connection with this Second
                    Amendment and is not relying on any representations or warranties of the Lender or its counsel in entering into this Second Amendment.

              

      

    

    

    

    [remainder of page left intentionally blank]

     

      

    
      -13-

      
        

    

    IN WITNESS WHEREOF, the parties have hereunto caused this

          Second Amendment to be executed and their seals to be hereto affixed as of the date first above written.

    

    

    	

          	 	
            LENDER

          	 
	

          	 	 	 
	

          	 	
            SANTANDER BANK, N.A.

          	 
	

          	 	 	 	 
	

          	 	
            By:

          	 	
            /s/ Pierre A. Desbiens

          	 
	

          	 	
            Name:

          	
            Pierre A. Desbiens

          	 
	

          	 	
            Its:

          	
            Senior Vice President

          	 
	

          	 	 	 	 
	

          	 	
            By:

          	 	
            /s/ Jeffrey G. Millman

          	 
	

          	 	
            Name:

          	
            Jeffrey A. Millman

          	 
	

          	 	
            Its:

          	
            Regional Credit Manager

          	 
	

          	 	 	 	 
	

          	 	 	 	 
	

          	 	 	 	 
	

          	 	
            BORROWER

          	 
	

          	 	 	 
	

          	 	
            JANEL GROUP, INC., a New York corporation

          	 
	

          	 	 	 	 
	

          	 	
            By:

          	 	
            /s/ Dominique Schulte

          	 
	

          	 	
            Name:

          	
            Dominique Schulte

          	 
	

          	 	
            Its:

          	
            Vice President

          	 
	

          	 	 	 	 
	

          	 	 	 	 
	

          	 	 	 	 
	

          	 	
            THE JANEL GROUP OF GEORGIA, INC., a Georgia corporation

          	 
	

          	 	 	 	 
	

          	 	
            By:

          	 	
            /s/ Dominique Schulte

          	 
	

          	 	
            Name:

          	
            Dominique Schulte

          	 
	

          	 	
            Its:

          	
            Vice President

          	 
	

          	 	 	 	 
	

          	 	 	 	 
	

          	 	 	 	 
	

          	 	
            GLOBAL TRADING RESOURCES, INC., an Oregon corporation

          	 
	

          	 	 	 
	

          	 	
            By:

          	
            /s/ Dominique Schulte

          	 
	

          	 	
            Name:

          	
            Dominique Schulte

          	 
	

          	 	
            Its:

          	
            Vice President

          	 
	

          	 	 	 	 
	

          	 	 	 	 

    

    

    
      Signature Page to Limited Waiver, Joinder and Second Amendment to
          Loan and Security Agreement

    

    

    

    
      
        

    

    	

          	 	
            HONOR WORLDWIDE LOGISTICS LLC, a Texas limited liability
                company

          	 
	

          	 	 	 	 
	

          	 	
            By:

          	 	
            /s/ Dominique Schulte

          	 
	

          	 	
            Name:

          	
            Dominique Schulte

          	 
	

          	 	
            Its:

          	
            Vice President

          	 
	

          	 	 	 	 
	

          	 	 	 	 
	

          	 	 	 	 
	

          	 	
            HWL BROKERAGE LLC, a Texas limited liability company

          	 
	

          	 	 	 	 
	

          	 	
            By:

          	 	
            /s/ Dominique Schulte

          	 
	

          	 	
            Name:

          	
            Dominique Schulte

          	 
	

          	 	
            Its:

          	
            Vice President

          	 
	

          	 	 	 	 
	

          	 	 	 	 
	

          	 	 	 
	

          	 	 	 
	

          	 	
            LOAN PARTY OBLIGORS

          	 
	

          	 	 	 
	

          	 	
            JANEL CORPORATION, a Nevada corporation

          	 
	

          	 	 	 	 
	

          	 	
            By:

          	 	
            /s/ Dominique Schulte

          	 
	

          	 	
            Name:

          	
            Dominique Schulte

          	 
	

          	 	
            Its:

          	
            President and Chief Executive Officer

          	 
	

          	 	 	 	 
	

          	 	 	 	 
	

          	 	
            AVES LABS, INC., an Oregon corporation

            (which shall be deemed to be released as  Loan Party Obligor in accordance with the provisions of this Second Amendment)

          	 
	

          	 	 	 	 
	

          	 	
            By:

          	 	
            /s/ Dominique Schulte

          	 
	

          	 	
            Name:

          	
            Dominique Schulte

          	 
	

          	 	
            Its:

          	
            President

          	 
	

          	 	 	 	 

    

    

    
      Signature Page to Limited Waiver, Joinder and Second Amendment to Loan and Security Agreement

       

        

    

    
      
        

    

  

  
    Disclosure Schedule

    

    

    Section 1

    

    

    
      	 	
              (a)

            	
              Jurisdictions of Formation; Foreign Business Qualifications:

            

    

    

    

    	
            LOAN PARTY

          	
            
              JURISDICTION

              OF FORMATION

            

          	
            FOREIGN BUSINESS QUALIFICATIONS

          
	
            Janel Corporation

          	
            NV

          	
            NV, NY

          
	
            Janel Group, Inc.

          	
            NY

          	
            AZ, CA, GA, IL, MA, NJ, NY, OR, PA and RI

          
	
            
              The Janel Group of

              Georgia, Inc.

            

          	
            GA

          	
            GA

          
	
            
              Global Trading

              Resource, Inc.

            

          	
            OR

          	
            OR

          
	
            Honor Worldwide Logistics LLC

          	
            TX

          	
            TX

          
	
            
              HWL Brokerage

              LLC

            

          	
            TX

          	
            TX

          

    

    

    
      	 	
              (b)

            	
              Names:

            

    

    

    

    	
            
              LOAN PARTY

              
                OBLIGOR

                LEGAL NAME

              

            

          	
            
              PRIOR LEGAL

              NAMES

            

          	
            EXISTING TRADE NAMES

          	
            PRIOR TRADE NAMES

          
	
            Janel Corporation

          	
            Janel World Trade, Ltd.

          	 	 
	
            Janel Group, Inc.

          	
            The Janel Group of New York

          	 	 

    

    

    
      	 	
              (c)

            	
              Collateral Locations1:

            

    

    

    

    	
            
              LOAN PARTY

              OBLIGOR

            

          	
            
              COLLATERAL

              DESCRIPTION

            

          	
            
              COLLATERAL LOCATION

              OR PLACE OF BUSINESS (INCLUDING

              CHIEF EXECUTIVE OFFICE)

            

          	
            
              OWNER/LESSOR

              (IF LEASED)

            

          

    

    

    
      

    1 Limit representation to chief executive office and offices
          where there is equipment valued in the aggregate at more than $25,000

    

    

    
       Disclosure Schedule - 1

       

        

    

    
      
        

    

    	
            Janel Group, Inc.

          	
            Books and Records

          	
            303 Merrick Road, Suite 400, Lynbrook, NY 11563

          	
            303 Merrick, LLC

          
	
            Global Trading Resources, Inc.

          	
            Books and Records

          	
            
              5933 NE 80th Avenue Portland, OR 97218

            

          	
            Columbia/80 LLC

          
	
            Honor Worldwide Logistics, LLC

          	
            Books and Records

          	
            5200 Hollister St, STE 101, Houston, TX 77040

          	
            Sid Gaudet, Biehl Real Estate Ltd.

          

    

    

    
      	 	
              (d)

            	
              Collateral in Possession of Lessor, Bailee, Consignee, or Warehouseman:

            

    

    

    

    None

    

    

    
      	 	
              (e)

            	
              Litigation:

            

    

    

    
      	 	
              (f)

            	
              Capitalization of Loan Parties:

            

    

    

    

    	
            Loan Party

          	
            Equity-holder

          	
            Equity Description

          	
            
              Percentage of

              
                Outstanding Equity

                Issued by Loan Party

              

            

          	
            Certificate

            (Indicate No.)

          
	
            Janel Corporation

          	
            Public Company

          	
            
              4,500,000 Common Shares 100,000 Preferred 5,700 Preferred B 20,000 Preferred C

            

          	
            
              
                18% (817,951 Common Stock)

                
                  22% (1,270 Preferred B) (100%) 20,000 Preferred C

                

              

            

          	 
	
            Janel Group, Inc.

          	
            
              100% Janel Corporation

            

          	
            2,000 Shares

          	
            5% (100 shares)

          	 
	
            
              The Janel Group of Georgia, Inc.

            

          	
            
              100% Janel Corporation

            

          	
            1,000 Shares

          	
            
              100% Janel Corporation

            

          	 
	
            
              Global Trading Resources, Inc.

            

          	
            
              100% Janel Corporation

            

          	
            100,000 Shares

          	
            (11.6%) 11,600 Shares

          	 
	
            Honor Worldwide Logistics, LLC

          	
            
              100% Janel Group, Inc.

            

          	
            None

          	
            None

          	 
	
            HWL Brokerage LLC

          	
            
              100% Honor Worldwide

              Logistics, LLC

            

          	
            None

          	
            None

          	 

    

    

    
      Disclosure Schedule - 2

    

    

    

    
      
        

    

    
      	 	
              
                (g)

              

            	
              
                Other Investment Property

              

            	
              None

            
	 	 	 	 
	 	
              
                (h)

              

            	
              
                Material Contracts

              

            	None
	 	 	 	 
	
              2.

            	
              Commercial Tort Claims

            	None

      

      

    

    
      	
              3.

            	
              Deposit Accounts / Other accounts:

            

    

    

    

    	
            Loan Party Obligor

          	
            
              Name of Financial

              Institution

            

          	
            
              Account Number

              
                (* indicates account is

                
                  approved for funding of

                  loan proceeds)

                

              

            

          	
            Purpose of Account

          	
            
              Is the Account a

              
                “Restricted

                
                  Account” as

                  
                    defined in

                    
                      Schedule B (Yes

                      or No?)

                    

                  

                

              

            

          
	
            Janel Corporation

          	[Redacted]	
            [Redacted]

          	 [Redacted]

          	 
	
            Janel Group, Inc.

          	[Redacted]	[Redacted]	 [Redacted]

          	 
	
            Janel Group, Inc.

          	[Redacted]	
            [Redacted]

          	
             [Redacted]

          	 
	
            Janel Group, Inc.

          	[Redacted]	
            [Redacted]

          	
             [Redacted]

          	 
	
            Janel Group, Inc.

          	[Redacted]	[Redacted]	
             [Redacted]

          	 
	
            
              Janel Corp – Global

              Trading Resources, Inc.

            

          	
            [Redacted]

          	[Redacted]	
             [Redacted]

          	 
	
            
              Honor Worldwide

              Logistics LLC

            

          	[Redacted]	[Redacted]	
             [Redacted]

          	 

    

    

    
      
        	
                4.

              	
                Intellectual Property:

              

      

       

        

    

    	 	
            (a)

          	
            Patents and Patent Licenses:

          	
            None

          
	 	 	 	 
	 	
            (b)

          	
            Trademarks and Trademark Licenses:

          	None
	 	 	 	 
	 	(c)	
            
              Copyrights and Copyright Licenses:

            

          	
            None

          

    

    

    
      Disclosure Schedule - 3

    

    

    

    
      
        

    

    
      	
              5.

            	
              Insurance:

            

    

    

    

    Janel Corporation management liability policy insured by Continental Casualty Company (attached)

      

    Janel Group, Inc. general, property and vehicle liability policy insured by Great American Insurance Group (attached)

      

    

    

    Disclosure Schedule - 4 

    
      
        

    

    
      
        	6.	
                Permitted Indebtedness:

              

      

    

    
       

    

    
       

    

    
       

    

    

    

    
      
        	7.	
                Permitted Liens: None

              

      

    

    

    

    
      
        1(h). Material Contracts

      

    

    

    

    
      
        	(i)	
                Employment Agreements

              

      

    

    
       

    

    

    

    
      
        	(ii)	
                Collective Bargaining

                  

              

      

    

    

    

    NONE

    

    

    
      
        	(iii)	
                Managerial or Consulting Agreements

              

      

    

    

    

    
       

    

    
      
        	(iv)	
                Agreement regarding assets or operations

              

      

    

    

    

    NONE

    

    

    
      
        	(v)	
                Patent, Trademark, Copyright Licenses

                  

              

      

    

     

      

    NONE

     

      

    
      
        	(vi)	
                Distribution or Supply Agreements

                  

              

      

    

     

      

    NONE

     

      

    
      
        	(vii)	
                Customer agreements

              

      

    

    

    

    NONE

    

    

    
      
        	(viii)	
                LLC Agreements

              

      

    

    

    

    
      
        	 	•	
                Honor Worldwide Logistics, LLC

              

      

    

    

      Disclosure Schedule - 5

       

        

    

    
      
        

    

    
      
        	(ix)	
                Real Estate Leases

              

      

    

    

    

    
      
        	

              	•	
                303 Merrick Road, Suite 400, Lynbrook, NY 11563 (office)

                  

              

      

    

    Lessee: Janel Group, Inc.

    Lessor:  303 Merrick, LLC

    
      
        	

              	•	
                510 Thornall Street, Suite 390, Edison, NJ 08837 (office)

                  

              

      

    

    Lessee: Janel Group, Inc.

    Lessor:  Bergman Real Estate Group, LLC

    
      
        	

              	•	
                108D Erickson Avenue, Essington, PA 19029 (office)

                  

              

      

    

    Lessee: Janel Group, Inc.

    Lessor: H&H Associates

    
      
        	

              	•	
                510 Plaza Drive Suite 2285 Atlanta, GA 30349 (office)

                  

              

      

    

    Lessee: Janel Group, Inc.

    Lessor: Associates Equity Fund, LLC

    
      
        	

              	•	
                1099 Pratt Boulevard, Elk Grove Village, IL 60007 (office)

                  

              

      

    

    Lessee: Janel Group, Inc.

    Lessor: Axis Warehouse, LLC

    
      
        	

              	•	
                369 Van Ness Way, Suite 701, Torrance, CA 90501 (office)

                  

              

      

    

    Lessee: Janel Group, Inc.

    Lessor: 357 Van Ness Way, LLC

    
      
        	

              	•	
                2 Pleasant Street Pawtucket, RI 02860 (office)

                  

              

      

    

    Lessee: Janel Group, Inc.

    Lessor: EB Properties, Inc.

    
      
        	

              	•	
                40 Salem Street, Building 1, Suite 1, Lynnfield, MA 01940 (office)

                  

              

      

    

    Lessee: Janel Group, Inc.

    Lessor: Stone-Lynnfield, LLC

    
      
        	

              	•	
                3401 Quebec Street, Suite 6000, Denver, CO 80702 (aka “1 Stapleton Plaza Office Building,

                  

              

      

    

    Denver, CO 80702”) (office)

    Lessee: Janel Group, Inc.

    Lessor: Holualoa Stapleton Office, LLC

    
      
        	

              	•	
                455 Hickey Boulevard, Suite 330, Daly City, CA 94015 (office)

                  

              

      

    

    Lessee: Janel Group, Inc.

    Lessor: HBC Associates, LP

    
      
        	

              	•	
                4455 South Park Avenue, Suite 113, Tucson, AZ 85714 (office)

                  

              

      

    

    Lessee: Janel Group, Inc.

    Lessor: Gateway Properties, LLC

    
      
        	

              	•	
                5933 NE 80th Avenue Portland, OR 97218 (office)

                  

              

      

    

    Lessee: Janel Group Inc.

    Lessor: Columbia/80 LLC

    
      
        	

              	•	
                5200 Hollister St, STE 101, Houston, TX 77040 (office)

                  

              

      

    

    Lessee: Honor Worldwide Logistics, LLC

    Lessor: Sid Gaudet, Biehl Real Estate Ltd.

    
      
        	 	•	
                1400 Pierside St. Unit 190 Suite B, North Charleston, SC 29405 (office)

                  

              

      

    

    Lessee: Honor Worldwide Logistics, LLC

    Lessor: Biehl & Co South Carolina LLC

     

      

    
      
        	(x)	
                Agreements which breach of such agreement could result in a Material Adverse Effect

              

      

    

    

    

    None

    

    

    Disclosure Schedule - 6

    

    

    
      
        

    

    Exhibit A

    

    

    FORM OF NOTICE OF BORROWING

    

    

    Santander Bank, N.A.

    28 State Street, 10th Floor Boston, MA 02109

    
      Attention: [              ]

      Dear [                ]:

      

    

    Please refer to that certain Loan and Security Agreement, dated as of October 17, 2017, by and among, among others, JANEL
        GROUP, INC. (“Janel”), THE JANEL GROUP OF GEORGIA, INC. (“Georgia”, and together with Janel, the “Existing Borrowers”), JANEL CORPORATION
        (“Parent”), and SANTANDER BANK, N.A. (the “Lender”), as amended by that certain Limited Waiver, Joinder and First Amendment to Loan and Security Agreement dated as of March 21, 2018, by and among, among others, the Existing Borrowers, Parent, and Lender,
        as further amended by that certain Limited Waiver, Joinder and Second Amendment to Loan and Security Agreement dated as of November 20, 2018, by and among Parent, the Existing Borrowers, GLOBAL TRADING RESOURCES, INC. (“Global”), HONOR WORLDWIDE   LOGISTICS LLC (“Honor WW”), HWL BROKERAGE LLC (“HWL”, together with Honor WW, Global, and the Existing Borrowers, each, a “Borrower” and collectively, the “Borrowers”),

        and the Lender (as the same may be further amended from time to time, the “Loan Agreement”). Capitalized terms used herein and
        not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement. This notice is given pursuant to Section 1.4 and Section 2.6 of the Loan Agreement and constitutes a representation by the undersigned that the conditions
        specified in Section 1.6 of the Loan Agreement have been satisfied. Without limiting the foregoing, (i) each of the representations and warranties set forth in the Loan Agreement and in the other Loan Documents is true and correct in all respects
        as of the date hereof (or to the extent any representations or warranties are expressly made solely as of an earlier date, such representations and warranties shall be true and correct as of such earlier date), both before and after giving effect
        to the Loans requested hereby, and (ii) no Default or Event of Default is in existence, both before and after giving effect to the Loans requested hereby.

    

    

    Administrative Borrower hereby requests a borrowing under the Loan Agreement as follows:

     

      

    The aggregate amount of the proposed borrowing  is [               

                    ]. The requested borrowing date for the proposed borrowing (which is a
          Business Day) is [                      ], [           ].1

     

      

    The proposed borrowing is to be a Base Rate Loan or LIBOR Rate Loan with an Interest Period of 1, 2 or 3 month(s).

    

      

      

    

    

    
      

    1 Note: For a LIBOR Rate Loan,
        notice needs to be given at least 3 Business Days prior to the commencement of the proposed Interest Period.

     

      

    
      
        

    

    
    Administrative Borrower has caused this Notice of Borrowing to be executed and delivered by its officer thereunto duly authorized on [                             ].

    
      

      

      	 	
              Administrative Borrower:

            
	 	 	 
	 	
              JANEL GROUP, INC., a New York corporation

            
	 	 	 
	 	
              By:

            	 	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    
      

      

    

    
      2

      
        

    

    Exhibit B

    

    

    FORM OF LIBOR NOTICE

    

    

    Santander Bank, N.A.

    28 State Street, 10th Floor Boston, MA 02109

    Attention: [                         ]

    
      

      

       

    Dear[             ]:

     

      

    Please refer to that certain Loan and Security Agreement, dated as of October 17, 2017, by and among, among others, JANEL
        GROUP, INC. (“Janel”), THE JANEL GROUP OF GEORGIA, INC. (“Georgia”, and together with Janel, the “Existing Borrowers”), JANEL CORPORATION
        (“Parent”), and SANTANDER BANK, N.A. (the “Lender”), as amended by that certain Limited Waiver, Joinder and First Amendment to Loan and Security Agreement dated as of March 21, 2018, by and among, among others, the Existing Borrowers, Parent, and Lender,
        as further amended by that certain Limited Waiver, Joinder and Second Amendment to Loan and Security Agreement dated as of November 20, 2018, by and among Parent, the Existing Borrowers, GLOBAL TRADING RESOURCES, INC. (“Global”), HONOR WORLDWIDE   LOGISTICS LLC (“Honor WW”), HWL BROKERAGE LLC (“HWL”, together with Honor WW, Global, and the Existing Borrowers, each, a “Borrower” and collectively, the “Borrowers”),

        and the Lender (as the same may be further amended from time to time, the “Loan Agreement”). Capitalized terms used herein and
        not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement. This notice is given pursuant to Section 2.6 of the Loan Agreement and constitutes a representation by the undersigned that (i) each of the representations and
        warranties set forth in the Loan Agreement and in the other Loan Documents is true and correct in all respects as of the date hereof (or to the extent any representations or warranties are expressly made solely as of an earlier date, such
        representations and warranties shall be true and correct as of such earlier date), both before and after giving effect to the Loans requested hereby, and (ii) no Default or Event of Default is in existence, both before and after giving effect to
        the Loans requested hereby.

    

    

    This LIBOR Notice represents Administrative Borrower’s request to elect the LIBOR Option with respect to outstanding Revolving
        Loans in the amount of $          (the “LIBOR Rate Loan”)[, and is a written confirmation of the telephonic notice of such
        election given to Lender].

    

    

    The LIBOR Rate Loan will have an Interest Period of 1, 2, or 3 month(s) commencing on _________.

     

      

    
      
        

    

    
    	 	
            Administrative Borrower:

          
	 	 
	 	
            JANEL GROUP, INC., a New York corporation

          
	 	 	 
	 	
            By:

          	 	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    
      2

      
        

    

    Exhibit D

      

    

    

    SANTANDER BANK, N.A.

    AUTHORIZED ACCOUNTS FORM

    

    

    Borrowers’ Names:          JANEL GROUP, INC., a New York corporation
        (“Janel”), THE JANEL GROUP OF GEORGIA, INC., a Georgia corporation (“Georgia”, and together with Janel, individually and collectively, and jointly and severally referred to herein as “Existing Borrowers”), GLOBAL TRADING RESOURCES, INC., an Oregon corporation (“Global”),

        HONOR WORLDWIDE LOGISTICS LLC, a Texas limited liability company (“Honor WW”), and HWL BROKERAGE LLC, a Texas limited liability
        company (“HWL”, together with the Existing Borrowers, Global, and Honor WW, individually and collectively, and jointly and
        severally referred to herein as “Borrower”).

    

    

    Loan and Security Agreement Date:  As of October 17, 2017, as amended

    

    

    I, being an authorized signor of the above Borrower, refer to the above Loan and Security Agreement, as amended by a certain Limited Waiver,
        Joinder and First Amendment to Loan and Security Agreement dated as of March 21, 2018 between, inter alia, JANEL CORPORATION, a Nevada corporation
        (“Parent”), the Existing Borrowers, and Santander Bank, N.A. (“Lender”), and as further amended by that certain Limited Waiver, Joinder and Second Amendment to Loan and Security Agreement dated as of November 20, 2018, by and among Parent, the
        Borrowers, and Lender (as the same may be further amended from time to time, the “Loan Agreement”). This is the Authorized
        Account Form, referring to authorized operating bank accounts of the Company. Capitalized terms used but not defined herein shall have the meanings given to them  in the Loan Agreement.

    

    

    Being duly authorized by the Borrower, I confirm that the following operating bank accounts of the Company are the accounts into which proceeds of
        any Loan may be paid:

    

    

    	 	
            Bank

          	
            Routing Number

          	
            Account Number

          	 	
            Account Name

          
	 	
            Santander Bank, N.A.

          	 	 	 	
            JANEL GROUP, INC.

          
	 	
            Santander Bank, N.A.

          	 	 	 	
            THE JANEL GROUP OF GEORGIA, INC.

          
	 	
            Santander Bank, N.A.

          	 	 	 	
            GLOBAL TRADING RESOURCES, INC.

          
	 	
            Santander Bank, N.A.

          	 	 	 	
            HONOR WORLDWIDE LOGISTICS LLC

          
	 	
            Santander Bank, N.A.

          	 	 	 	
            HWL BROKERAGE LLC

          

    

    

    
      
        

    

    
    JANEL GROUP, INC.

    THE JANEL GROUP OF GEORGIA, INC.

    GLOBAL TRADING RESOURCES, INC.

    HONOR WORLDWIDE LOGISTICS LLC

    HWL BROKERAGE LLC

    

    

    

    
      	

            	
               

            
	
              Authorized Signor

            	 
	
               

            	
               

            	
               

            
	Name:	 	 
	
              
                Title:

              

            	
               

            	
               

            
	Date:	
               

            	
               

            

    

    

    

    
      2

      
        

    

    Exhibit E

      

     

      

    FORM OF ACCOUNT DEBTOR NOTIFICATION

    

    

    [Borrower Letterhead]

     

      

    
      [Date]

      

      

      VIA CERTIFIED MAIL, RETURN RECEIPT REQUESTED

      

      

      	 	 
	 	 
	 	 

      

      

      Re: Loan Transaction with Santander Bank, N.A. Ladies and Gentlemen:

      Please be advised that we and certain of our affiliates have entered into certain financing arrangements (along with any other financing
          agreements that we or any of our affiliates may enter into with Lender in the future, the “Financing Arrangements”) with
          Santander Bank, N.A. (“Lender”), pursuant to which we have granted to Lender a security interest in, among other things, any
          and all Accounts and Chattel Paper (as those terms are defined in the Uniform Commercial Code) owing by you to us, whether now existing or hereafter arising.

      

      

      You are authorized and directed to respond to any inquiries that Lender may direct to you from time to time pertaining to the validity, amount,
          and other matters relating to such Accounts and Chattel Paper. In the event that Lender requests that payment for any Accounts and/or Chattel Paper be made directly to Lender, you are hereby authorized and directed to comply with such
          instructions, without further authorization or instruction from us.

      

      

      This authorization and directive shall be continuing and irrevocable until all of the Financing Agreements have been terminated and all
          obligations thereunder by us and our affiliates have indefeasibly been paid in full in cash.

       

        

      Very truly yours,

       

        

       JANEL GROUP, INC.

      THE JANEL GROUP OF GEORGIA, INC.

       HONOR WORLDWIDE LOGISTICS LLC 

      HWL BROKERAGE LLC

      GLOBAL TRADING RESOURCES, INC.

      

      

      	
              By:

            	 	 
	
              Name:

            	 	 
	
              Title:

            	 	 
	 	 	 
	
              cc: Santander Bank, N.A.

            	 

      

      

    

    
      
        

    

    
    Mail Code: MA2-6560-CB16

    28 State Street, 16th Floor Boston, MA 02109

    Attention: John P. Nuzzo, Vice President

    2386136.2

     

      

    
      2

      
        

    

    Exhibit F

        

    

     

      

    FORM OF COMPLIANCE CERTIFICATE

    

    

    [Letterhead of Borrower]

    

    

    To:      Santander Bank, N.A.

    Mail Code: MA2-6560-CB16

    28 State Street, 16th Floor Boston, MA 02109

    Attention: John P. Nuzzo, Vice President

     

      

    Re: Compliance Certificate dated _____________

      

     

      

    Ladies and Gentlemen:

     

      

    Reference is hereby made to that certain Loan and Security Agreement, dated as of October 17, 2017, by and among, among others, JANEL GROUP, INC.
        (“Janel”), THE JANEL GROUP OF GEORGIA, INC. (“Georgia”, and together with
        Janel, the “Existing Borrowers”), JANEL CORPORATION (“Parent”), and
        SANTANDER BANK, N.A. (the “Lender”), as amended by that certain Limited Waiver, Joinder and First Amendment to Loan and Security Agreement dated as of March 21,
        2018, by and among, among others, the Existing Borrowers, Parent, and Lender, as further amended by that certain Limited Waiver, Joinder and Second Amendment to Loan and Security Agreement dated as of November 20, 2018, by and among Parent, the
        Existing Borrowers, GLOBAL TRADING RESOURCES, INC. (“Global”), HONOR WORLDWIDE    LOGISTICS LLC (“Honor WW”), HWL BROKERAGE LLC (“HWL”, together with Honor WW, Global, and the Existing Borrowers, each, a “Borrower” and collectively, the “Borrowers”), and the Lender (as the same may be further amended
        from time to time, the “Loan Agreement”). All capitalized terms used herein and not otherwise defined shall have the same meaning herein as in the Loan
        Agreement.

    

    

    Pursuant  to  Section  5.15  of  the  Loan  Agreement, the undersigned _____________of Borrower hereby certifies (solely in his capacity as an officer of Borrower and not in his individual capacity) that:

    

    

    1.           The financial statements of the
        Loan Party Obligors for the  -month period   ending __________attached hereto have been prepared in accordance with GAAP,  and fairly present the financial condition of the Loan Party Obligors for the periods and as of the dates specified herein.

    

    

    
      
        
          2.            As of the date hereof, there does not exist any Default or Event of
              Default.

        

      

    

    

    

    3.          The Loan Party Obligors are in
        compliance with the applicable financial covenants contained in Section 5.28 of the Loan Agreement for the periods covered by this Compliance Certificate. Attached hereto are statements of all relevant facts and computations in reasonable detail
        sufficient to evidence the Loan Party Obligors’ compliance with such financial covenants, which computations were made in accordance with GAAP.

    

    

    [Signature page follows]

    

    

    
      
        

    

    IN WITNESS WHEREOF, this Compliance Certificate is executed by the undersigned this ________day of_________________,________.

    

    

    	 	
            Borrower:

          
	 	 	 	 
	 	
            JANEL GROUP, INC., a New York corporation

          
	 	 	 	 
	 	
            By:

          	 	 	 
	 	
            Name:

          	 	 
	 	
            Title:

          	 	 
	 	 	 	 
	 	
            THE  JANEL  GROUP  OF  GEORGIA,  INC., a

            Georgia corporation

          
	 	 	 	 
	 	
            By:

          	 	 	 
	 	
            Name:

          	 	 
	 	
            Title:

          	 	 
	 	 	 	 
	 	
            HONOR  WORLDWIDE  LOGISTICS  LLC,  a

            Texas limited liability company

          
	 	 	 	 
	 	
            By:

          	 	 	 
	 	
            Name:

          	 	 
	 	
            Title:

          	 	 
	 	 	 	 
	 	
            HWL BROKERAGE LLC, a Texas limited liability company

          
	 	 	 	 
	 	
            By:

          	 	 	 
	 	
            Name:

          	 	 
	 	
            Title:

          	 	 
	 	 	 	 
	 	
            GLOBAL  TRADING  RESOURCES,  INC.,  an

            Oregon corporation

          
	 	 	 	 
	 	
            By:

          	 	 	 
	 	
            Name:

          	 	 
	 	
            Title:

          	 	 

    

    

    
      Signature Page to Compliance Certificate

    

    

    

    
      
        

    

    	 	
            Loan Party Obligors:

          
	 	 
	 	
            JANEL CORPORATION, a Nevada corporation

          
	 	 
	 	
            By:

          	 	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    
      Signature Page to Compliance Certificate

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