Document:

Exhibit
10.1

 

 

SHARE
EXCHANGE AGREEMENT

 

by
and among

 

PLANET
GREEN HOLDINGS CORPORATION,

 

as the Parent,

 

HUBEI
BULAISI TECHNOLOGY CO., LTD.

as the Purchaser,

 

XIANNING
XIANGTIAN ENERGY HOLDINGS GROUP CO., LTD.

as
the Company

 

and

XIANGTIAN
(SHENZHEN) AERODYNAMIC ELECTIRCITY LTD.

as
the Seller

 

JIAN
ZHOU

FEI
WANG

as
the Registered Shareholders

 

Dated
as of July 15, 2022

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	I. the share exchange	1
	1.1. Purchase and Sale of Shares	1
	1.2. Consideration	1
	1.3. Company Shareholder Consent	1
	 	 
	IIi. CLOSING	2
	2.1. Closing	2
	 	 
	Iv. representations and warranties of THE purchaser	2
	3.1. Due Organization and Good Standing	2
	3.2. Authorization; Binding Agreement	2
	3.3. Governmental Approvals	3
	3.4. Non-Contravention	3
	3.5. Capitalization	3
	3.6. SEC Filings and Purchaser Financials	4
	3.7. Absence of Certain Changes	5
	3.8. Actions; Orders; Permits	5
	3.9. Investment Company Act	5
	3.10. Finders and Brokers	5
	3.11. Ownership of Exchange Shares	5
	3.12. Independent Investigation	5
	 	 
	v. representations and warranties of THE COMPANY, THE SELLER AND THE REGISTERED SHAREHOLDERS	6
	4.1. Due Organization and Good Standing	6
	4.2. Authorization; Binding Agreement	6
	4.3. Capitalization	7
	4.4. Subsidiaries	7
	4.5. Governmental Approvals	8
	4.6. Non-Contravention	8
	4.7. Financial Statements	9
	4.8. Absence of Certain Changes	10
	4.9. Compliance with Laws	10
	4.10. Company Permits	10
	4.11. Litigation	10
	4.12. Material Contracts	11
	4.13. Intellectual Property	12
	4.14. Taxes and Returns	14
	4.15. Real Property	15
	4.16. Personal Property	16
	4.17. Title to and Sufficiency of Assets	16
	4.18. Employee Matters	16
	4.19. Benefit Plans	17
	4.20. Environmental Matters	18
	4.21. Transactions with Related Persons	19
	4.22. Insurance	20
	4.23. Top Customers and Suppliers	20
	4.23. Books and Records	20
	4.25. Loans Receivable	20
	4.26. Certain Business Practices	21
	4.27. Finders and Investment Bankers	21

 

    i

     

    

 

	4.28. Independent Investigation	21
	4.29. Information Supplied	21
	4.30. PRC Compliance	22
	4.31. Disclosure	22
	 	 
	vI. representations and warranties of THE SELLER	23
	5.1. Due Organization and Good Standing	23
	5.2. Authorization; Binding Agreement	23
	5.3. Ownership	23
	5.4. Governmental Approvals	23
	5.5. Information Supplied	23
	5.6. No Litigation	24
	5.7. Investment Representations	24
	5.8. Finders and Investment Bankers	25
	5.9. Independent Investigation	25
	5.10. Information Supplied	25
	5.11. Disclosure	25
	 	 
	vII. COVENANTS	25
	6.1. Access and Information	25
	6.2. Conduct of Business of the Company	26
	6.3. Conduct of Business of the Purchaser	29
	6.4. Annual and Interim Financial Statements	30
	6.5. Purchaser Public Filings	30
	6.6. No Solicitation	31
	6.7. No Trading	31
	6.8. Notification of Certain Matters	32
	6.9. Efforts	32
	6.10. Further Assurances	32
	6.11. Public Announcements	33
	6.13. Confidential Information	33
	6.14. Litigation Support	34
	6.15. Documents and Information	34
	6.17. Supplemental Disclosure Schedules	34
	6.18. SOX 404(b) Compliance	35
	 	 
	vIiI. survival and indemnification	35
	7.1. Survival	35
	7.2. Indemnication by the Seller	35
	7.3. Limitations and General Indemnification Provisions	36
	7.4. Indemnification Procedures	36
	 	 
	ix. Closing conditions	38
	8.1. Conditions of Each Party’s Obligations	38
	8.2. Conditions to Obligations of the Company and the Seller	38
	8.3. Conditions to Obligations of the Purchaser	39
	8.4. Frustration of Conditions	40

 

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	x. TERMINATION AND EXPENSES	41
	9.1. Termination	41
	9.2. Effect of Termination	42
	9.3. Fees and Expenses	42
	9.4. Termination Fee	42
	 	 
	xI. WAIVERS and releases	43
	10.1. Release and Covenant Not to Sue	43
	 	 
	xII. MISCELLANEOUS	43
	11.1. Notices	43
	11.2. Binding Effect; Assignment	44
	11.3. Third Parties	44
	11.4. Arbitration	44
	11.5. Governing Law; Jurisdiction	45
	11.6. WAIVER OF JURY TRIAL	45
	11.7. Specific Performance	45
	11.8. Severability	46
	11.9. Amendment	46
	11.10. Waiver	46
	11.11. Entire Agreement	46
	11.12. Interpretation	46
	11.13. Counterparts	47
	 	 
	xIII. DEFINITIONS	47
	12.1. Certain Definitions	47
	12.2. Section References	54

 

INDEX
OF EXHIBITS

 

	Exhibit	Description
	Exhibit A	Form of Lock-Up Agreement

 

    iii

     

    

 

SHARE EXCHANGE AGREEMENT

 

This
Share Exchange Agreement (this “Agreement”) is made and entered into as of July 15, 2022 by and among (i) Planet
Green Holdings Corporation, a corporation incorporated in the State of Nevada (the “Parent”), (ii) Hubei
Bulaisi Technology Co., Ltd. (the “Purchaser”), a limited liability company registered in the People’s
Republic of China, (iii) Xianning Xiangtian Energy Holdings Group Co., Ltd., a limited liability company registered in the People’s
Republic of China (the “Company”, Company and its subsidiaries are hereinafter referred as “Company”),
(iv) Xiangtian (Shenzhen) Aerodynamic Electricity Ltd., the beneficiary shareholder of the Company (the
“Seller”); and (v) Jian Zhou and Fei Wang, the registered
shareholders of the Company (the “Registered Shareholders”). The Parent, the Purchaser,
the Company, the Seller and the Registered Shareholders are sometimes referred to herein individually as a “Party”
and, collectively, as the “Parties”. Capitalized terms, unless otherwise defined, shall have the meanings ascribed
to such terms in Article XII hereof. 

 

RECITALS:

 

WHEREAS, the Seller
owns 100% of the issued and outstanding shares and other equity interests in or of the Company;

 

WHEREAS, the Registered
Shareholder are registered shareholder of 100% equity of the Company and have entered VIE agreement with the Seller to transferred such
equity interest to the Seller;

 

WHEREAS, the Company
is a company registered as a limited liability company in Xianning City, Hubei Province, China;

 

WHEREAS, the Purchaser
is a 100% owned subsidiary of the Parent; and

 

WHEREAS, the Seller
desire to sell to the Purchaser, and the Purchaser desires to purchase from the Seller, 90,000,000 common shares, par value 1.00 RMB/share,
representing 30% of the issued and outstanding shares and any other equity interests in or of the Company in exchange for newly issued
Parent Shares, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and the representations,
warranties, covenants and agreements contained in this Agreement, and intending to be legally bound hereby, the Parties hereto agree as
follows:

 

Article
I 

THE SHARE EXCHANGE

 

1.1 Purchase and Sale of
Shares. At the Closing and subject to and upon the terms and conditions of this Agreement, the Seller shall sell, transfer, convey,
assign and deliver to the Purchaser, and the Purchaser shall purchase, acquire and accept from the Seller, shares and other equity interests
of the Company representing 30% of the total equity voting capital stock (collectively, the “Purchased Shares”),
free and clear of all Liens (other than potential restrictions on resale under applicable securities Laws).

 

1.2 Consideration.
At the Closing and subject to and upon the terms and conditions of this Agreement, in full payment for the Purchased Shares, the Parent
shall issue and deliver to the Sellers an aggregate of 12,000,000 Parent Shares (the “Exchange Shares”).

 

1.3 Company Shareholder
Consent. the Seller, as the sole shareholder of the Company, hereby approves, authorizes and consents to the Company’s execution
and delivery of this Agreement and the Ancillary Documents to which it is or is required to be a party or otherwise bound, the performance
by the Company of its obligations hereunder and thereunder and the consummation by the Company of the transactions contemplated hereby
and thereby. The Seller acknowledges and agrees that the consents set forth herein are intended and shall constitute such consent of the
Seller as may be required (and shall, if applicable, operate as a written shareholder resolution of the Company) pursuant to the Company
Charter, any other agreement in respect of the Company to which any Seller is a party and all applicable Laws.

 

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Article
II 

CLOSING

 

2.1 Closing. Subject
to the satisfaction or waiver of the conditions set forth in Article VIII, the consummation of the transactions contemplated by
this Agreement (the “Closing”) shall take place at the offices of the Parent, on the second (2nd)
Business Day after all the Closing conditions to this Agreement have been satisfied or waived at 10:00 a.m. local time, or at such other
date, time or place as the Purchaser and the Company may agree (the date and time at which the Closing is actually held being the “Closing
Date”).

 

Article
III 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER AND THE PARENT

 

Each of the Purchaser and,
where specified, the Parent represents and warrants to the Target Company, as of the date hereof and as of the Closing as follows:

 

3.1 Due Organization and
Good Standing. The Purchaser is a company duly incorporated, validly existing and in good standing under the Laws of China. The Parent
is a corporation duly incorporated, validly existing and in good standing under the Laws of the State of Nevada, United States of America.
Each of the Purchaser and the Parent has all requisite corporate power and authority to own, lease and operate its properties and to carry
on its business as now being conducted. Each of the Purchaser and the Parent is duly qualified or licensed and in good standing to conduct
business in each jurisdiction in which the character of the property owned, leased or operated by it or the nature of the business conducted
by it makes such qualification or licensing necessary, except for any deviations from any of the foregoing that would not reasonably be
expected to have a Material Adverse Effect on the Purchaser or the Parent. Each of the Purchaser and the Parent has heretofore made available
to the Company accurate and complete copies of the Organizational Documents of the Purchaser and the Parent, respectively, as currently
in effect.

 

3.2 Authorization; Binding
Agreement. Each of the Purchaser and the Parent has all requisite corporate power and authority to execute and deliver this Agreement
and each Ancillary Document to which it is a party, to perform the Purchaser’s and the Parent’s, respectively, obligations
hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement
and each Ancillary Document to which it is a party and the consummation of the transactions contemplated hereby and thereby (a) have
been duly and validly authorized by the board of directors of the Purchaser and the Parent, respectively, and (b) no other corporate proceedings,
other than as set forth elsewhere in the Agreement, on the part of the Purchaser or the Parent, respectively, are necessary to authorize
the execution and delivery of this Agreement and each Ancillary Document to which it is a party or to consummate the transactions contemplated
hereby and thereby. This Agreement has been, and each Ancillary Document to which the Purchaser or the Parent is a party shall be when
delivered, duly and validly executed and delivered by the Purchaser or the Parent, respectively, and, assuming the due authorization,
execution and delivery of this Agreement and such Ancillary Documents by the other parties hereto and thereto, constitutes, or when delivered
shall constitute, the valid and binding obligation of the Purchaser and the Parent, respectively, enforceable against the Purchaser or
the Parent, respectively, in accordance with its terms, except to the extent that enforceability thereof may be limited by applicable
bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application affecting the enforcement of creditors’
rights generally or by any applicable statute of limitation or by any valid defense of set-off or counterclaim, and the fact that equitable
remedies or relief (including the remedy of specific performance) are subject to the discretion of the court from which such relief may
be sought (collectively, the “Enforceability Exceptions”).

 

    2

     

    

 

3.3 Governmental Approvals.
No Consent of or with any Governmental Authority, on the part of the Purchaser or the Parent is required to be obtained or made in connection
with the execution, delivery or performance by the Purchaser or the Parent of this Agreement and each Ancillary Document to which it is
a party or the consummation by the Purchaser or the Parent of the transactions contemplated hereby and thereby, other than (a) such filings
as may be required in any jurisdiction where the Purchaser or the Parent is qualified or authorized to conduct business as a foreign corporation
in order to maintain such qualification or authorization, (b) such filings as contemplated by this Agreement, (c) any filings required
with NYSE with respect to the transactions contemplated by this Agreement, (d) applicable requirements, if any, of the Securities Act,
the Exchange Act, and/ or any state “blue sky” securities Laws, and the rules and regulations thereunder, and (e) where the
failure to obtain or make such Consents or to make such filings or notifications, would not reasonably be expected to have a Material
Adverse Effect on the Purchaser.

 

3.4 Non-Contravention.
The execution and delivery by the Purchaser or the Parent of this Agreement and each Ancillary Document to which it is a party, the consummation
by the Purchaser or the Parent of the transactions contemplated hereby and thereby, and compliance by the Purchaser or the Parent with
any of the provisions hereof and thereof, will not (a) conflict with or violate any provision of the Purchaser’s or the Parent’s,
respectively, Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities referred to in Section 3.3
hereof, and any condition precedent to such Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent
applicable to the Purchaser or the Parent, or any of their properties or assets, or (c) (i) violate, conflict with or result in a breach
of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result
in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance required by the Purchaser
or the Parent under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or
provide compensation under, (vii) result in the creation of any Lien upon any of the properties or assets of the Purchaser or the Parent
under, (viii) give rise to any obligation to obtain any third party consent or provide any notice to any Person or (ix) give any Person
the right to declare a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the
maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions
or provisions of, any Parent Material Contract, respectively, except for any deviations from any of the foregoing clauses (b) or (c) that
would not reasonably be expected to have a Material Adverse Effect on the Purchaser.

 

3.5 Capitalization.

 

(a) The Parent is authorized
to issue 12,000,000 Parent Shares, par value $0.001 per share. All outstanding Parent Shares are duly authorized, validly issued, fully
paid and non-assessable and not subject to or issued in violation of any purchase option, right of first refusal, preemptive right, subscription
right or any similar right under any provision of the NRS, the Parent Charter or any Contract to which the Parent is a party. None of
the outstanding Parent Shares has been issued in violation of any applicable securities Laws.

 

(b) Prior to giving effect to
the transactions contemplated by this Agreement, except as set forth in the SEC Reports, the Parent does not have any Subsidiaries or
own any equity interests in any other Person.

 

    3

     

    

 

(c) Except as set forth in the
SEC Reports, there are no (i) outstanding options, warrants, puts, calls, convertible securities, preemptive or similar rights, (ii) bonds,
debentures, notes or other Indebtedness having general voting rights or that are convertible or exchangeable into securities having such
rights or (iii) subscriptions or other rights, agreements, arrangements, Contracts or commitments of any character (A) relating to the
issued or unissued shares of the Parent, or (B) obligating the Parent to issue, transfer, deliver or sell or cause to be issued, transferred,
delivered, sold or repurchased any options or shares or securities convertible into or exchangeable for such shares, or (C) obligating
the Parent to grant, extend or enter into any such option, warrant, call, subscription or other right, agreement, arrangement or commitment
for such capital shares. Other than as expressly set forth in this Agreement, or in the SEC Reports, there are no outstanding obligations
of the Parent to repurchase, redeem or otherwise acquire any shares of the Parent or to provide funds to make any investment (in the form
of a loan, capital contribution or otherwise) in any Person. Except as set forth in the SEC Reports, there are no shareholders agreements,
voting trusts or other agreements or understandings to which the Parent is a party with respect to the voting of any shares of the Parent.

 

(d) Since January 1, 2021, and
except as contemplated by this Agreement or disclosed in the SEC Reports, the Parent has not declared or paid any distribution or dividend
in respect of its shares and has not repurchased, redeemed or otherwise acquired any of its shares, and the Parent’s board of directors
has not authorized any of the foregoing.

 

3.6 SEC Filings and Parent
Financials.

 

(a) The Parent, since January
1, 2021, has filed all forms, reports, schedules, statements, registration statements, prospectuses and other documents required to be
filed or furnished by the Parent with the SEC under the Securities Act and/or the Exchange Act, together with any amendments, restatements
or supplements thereto. Except to the extent otherwise available on the SEC’s web site through EDGAR, the Parent has delivered to
the Company and the Sellers copies in the form filed with the SEC of all of the following: (i) the Parent’s Annual Reports on Form
10-K for each fiscal year of the Parent beginning with the year ended December 31, 2021, (ii) the Parent’s Quarterly Reports on
Form 10-Q for each fiscal quarter that the Parent filed such reports to disclose its quarterly financial results in each of the fiscal
years of the Parent referred to in clause (i) above, (iii) all other forms, reports, registration statements, prospectuses and other documents
(other than preliminary materials) filed by the Parent with the SEC since the beginning of the first fiscal year referred to in clause
(i) above (the forms, reports, registration statements, prospectuses and other documents referred to in clauses (i), (ii) and (iii) above,
whether or not available through EDGAR, are, collectively, the “SEC Reports”) and (iv) all certifications and
statements required by (A) Rules 13a-14 or 15d-14 under the Exchange Act, and (B) 18 U.S.C. §1350 (Section 906 of SOX) with respect
to any report referred to in clause (i) above (collectively, the “Public Certifications”). The SEC Reports (y)
were prepared in all material respects in accordance with the requirements of the Securities Act and the Exchange Act, as the case may
be, and the rules and regulations thereunder and (z) did not, as of their respective effective dates (in the case of SEC Reports that
are registration statements filed pursuant to the requirements of the Securities Act) and at the time they were filed with the SEC (in
the case of all other SEC Reports) contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.
The Public Certifications are each true as of their respective dates of filing. As used in this Section 3.6, the term “file”
shall be broadly construed to include any manner permitted by SEC rules and regulations in which a document or information is furnished,
supplied or otherwise made available to the SEC. As of the date of this Agreement, (A) the Parent Shares are listed on NYSE, (B) the Parent
has not received any written deficiency notice from NYSE relating to the continued listing requirements of the Parent Shares, (C) there
are no Actions pending or, to the Knowledge of the Parent, threatened against the Parent with respect to any intention by such entity
to suspend, prohibit or terminate the quoting of the Parent Shares on NYSE and (D) the Parent Shares are in compliance with all of the
applicable listing and corporate governance rules of NYSE.

 

    4

     

    

 

(b) The financial statements
and notes contained or incorporated by reference in the SEC Reports (the “Parent Financials”), fairly present
in all material respects the financial position and the results of operations, changes in shareholders’ equity, and cash flows of
the Parent at the respective dates of and for the periods referred to in such financial statements, all in accordance with (i) GAAP methodologies
applied on a consistent basis throughout the periods involved and (ii) Regulation S-X or Regulation S-K, as applicable (except as may
be indicated in the notes thereto and for the omission of notes and audit adjustments in the case of unaudited quarterly financial statements
to the extent permitted by Regulation S-X or Regulation S-K, as applicable).

 

(c) Except as and to the extent
reflected or reserved against in the Parent Financials, the Parent has not incurred any Liabilities or obligations of the type required
to be reflected on a balance sheet in accordance with GAAP that is not adequately reflected or reserved on or provided for in the Parent
Financials, other than Liabilities of the type required to be reflected on a balance sheet in accordance with GAAP that have been incurred
since January 1, 2020 in the ordinary course of business.

 

3.7 Absence of Certain
Changes. As of the date of this Agreement, the Parent has, since March 31, 2022, not received a notice of a Material Adverse Effect.

 

3.8 Actions; Orders; Permits.
There is no pending or, to the Knowledge of the Parent, threatened Action to which the Parent is subject which would reasonably be expected
to have a Material Adverse Effect on the Parent. There is no material Action that the Parent has pending against any other Person. The
Parent is not subject to any material Orders of any Governmental Authority, nor are any such Orders pending. The Parent holds all Permits
necessary to lawfully conduct its business as presently conducted, and to own, lease and operate its assets and properties, all of which
are in full force and effect, except where the failure to hold such Permit or for such Permit to be in full force and effect would not
reasonably be expected to have a Material Adverse Effect on the Parent.

 

3.9 Investment Company
Act. The Parent is not an “investment company” or a Person directly or indirectly “controlled” by or acting
on behalf of an “investment company”, in each case within the meaning of the Investment Company Act of 1940, as amended.

 

3.10 Finders and Brokers.
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission from the Parent, the Target
Companies or any of their respective Affiliates in connection with the transactions contemplated hereby based upon arrangements made by
or on behalf of the Parent.

 

3.11 Ownership of Exchange
Shares. All Exchange Shares issued and delivered in accordance with Article I to the Seller shall be, upon issuance and delivery
of such Exchange Shares, fully paid and non-assessable, free and clear of all Liens, other than restrictions arising from applicable securities
Laws, the Lock-Up Agreement, and any Liens incurred by Seller, and the issuance and sale of such Exchange Shares pursuant hereto will
not be subject to or give rise to any preemptive rights or rights of first refusal.

 

3.12 Independent Investigation.
The Parent has conducted its own independent investigation, review and analysis of the business, results of operations, prospects, condition
(financial or otherwise) or assets of the Target Companies, and acknowledge that it has been provided adequate access to the personnel,
properties, assets, premises, books and records, and other documents and data of the Target Companies for such purpose. The Parent acknowledges
and agrees that: (a) in making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, it has
relied solely upon its own investigation and the express representations and warranties of the Company and the Seller set forth in Article
IV and Article V (including the related portions of the Company Disclosure Schedules and any Supplemental Disclosure Schedules
provided by the Company or the Seller); and (b) none of the Company, the Seller or their respective Representatives have made any representation
or warranty as to the Target Companies, the Seller or this Agreement, except as expressly set forth in Article IV and Article
V (including the related portions of the Company Disclosure Schedules and Supplemental Disclosure Schedules provided by the Company
or the Seller).

 

    5

     

    

 

Article
IV 

JOINT REPRESENTATIONS AND WARRANTIES OF THE COMPANY, THE SELLER AND 

THE REGISTERED SHAREHOLDERS

 

Except as set forth in the
disclosure schedules delivered by the Company to the Purchaser and the Parent on the date hereof (the “Company Disclosure
Schedules”), the Section numbers of which are numbered to correspond to the Section numbers of this Agreement to which they
refer, each of the Company the Seller and the Registered Shareholders hereby, jointly and severally, represents and warrants to the Purchaser
and the Parent as follows:

 

4.1 Due Organization and
Good Standing. The Company is a business company duly organized, validly existing and in good standing under the Laws of China and
has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Each
Subsidiary of the Company is a corporation or other entity duly formed, validly existing and in good standing under the Laws of its jurisdiction
of organization and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business
as now being conducted. Each Target Company is duly qualified or licensed and in good standing in the jurisdiction in which it is incorporated
or registered and in each other jurisdiction where it does business or operates to the extent that the character of the property owned,
or leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary. Schedule
4.1 lists all jurisdictions in which any Target Company is qualified to conduct business and all names other than its legal name under
which any Target Company does business. The Company has provided to the Purchaser and the Parent accurate and complete copies of its Organizational
Documents and the Organizational Documents of each of its Subsidiaries, each as amended to date and as currently in effect. No Target
Company is in violation of any provision of its Organizational Documents.

 

4.2 Authorization; Binding
Agreement. The Company has all requisite corporate power and authority to execute and deliver this Agreement and each Ancillary Document
to which it is or is required to be a party, to perform the Company’s obligations hereunder and thereunder and to consummate the
transactions contemplated hereby and thereby. The execution and delivery of this Agreement and each Ancillary Document to which the Company
is or is required to be a party and the consummation of the transactions contemplated hereby and thereby, (a) have been duly and validly
authorized by the Company’s board of directors and the Company’s shareholders to the extent required by the Company’s
Organizational Documents, any other applicable Law or any Contract to which the Company or any of its shareholders is a party or by which
it or its securities are bound and (b) no other proceedings on the part of the Company are necessary to authorize the execution and delivery
of this Agreement and each Ancillary Document to which it is a party or to consummate the transactions contemplated hereby and thereby.
This Agreement has been, and each Ancillary Document to which the Company is or is required to be a party shall be when delivered, duly
and validly executed and delivered by the Company and assuming the due authorization, execution and delivery of this Agreement and any
such Ancillary Document by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the legal, valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions.

 

    6

     

    

 

4.3 Capitalization.

 

(a) Prior to giving effect to
the transactions contemplated by this Agreement, the Seller are the legal (registered) and beneficial owners of all of the issued and
outstanding shares and other equity interests in or of the Company, with each Seller owning the shares of the Company set forth on Schedule
4.3(a), all of which shares and other equity interests are owned free and clear of any Liens. The Purchased Shares to be delivered
by the Seller to the Purchaser at the Closing constitute all of the issued and outstanding shares and other equity interests in or of
the Company. All of the outstanding shares and other equity interests in or of the Company have been duly authorized, are fully paid and
non-assessable and not in violation of any purchase option, right of first refusal, preemptive right, subscription right or any similar
right under any provision of any applicable Law, the Company Charter or any Contract to which the Company is a party or by which it or
its securities are bound. The Company holds no shares or other equity interests in or of the Company in its treasury. None of the outstanding
shares or other equity interests in or of the Company were issued in violation of any applicable securities Laws.

 

(b) There are no options, warrants
or other rights to subscribe for or purchase any shares or other equity interests in or of the Company or securities convertible into
or exchangeable for, or that otherwise confer on the holder any right to acquire any shares or other equity interests in or of the Company,
or preemptive rights or rights of first refusal or first offer, nor are there any Contracts, commitments, arrangements or restrictions
to which the Company or any of its shareholders is a party or bound relating to any equity securities of the Company, whether or not outstanding.
There are no outstanding or authorized equity appreciation, phantom equity or similar rights with respect to the Company. There are no
voting trusts, proxies, shareholder agreements or any other agreements or understandings with respect to the voting of the Company’s
shares or other equity interests. There are no outstanding contractual obligations of the Company to repurchase, redeem or otherwise acquire
any shares or other equity interests or securities in or of the Company, nor has the Company granted any registration rights to any Person
with respect to the Company’s equity securities. All of the Company’s securities have been granted, offered, sold and issued
in compliance with all applicable securities Laws. As a result of the consummation of the transactions contemplated by this Agreement,
no shares or other equity interests in or of the Company are issuable and no rights in connection with any interests, warrants, rights,
options or other securities of the Company accelerate or otherwise become triggered (whether as to vesting, exercisability, convertibility
or otherwise). Upon consummation of the Closing and completion of the transactions contemplated herein, Purchaser shall own equity interest
of the Company representing 100% of the voting capital stock of the Company.

 

(c) Since January 1, 2020, the
Company has not declared or paid any distribution or dividend in respect of its shares or other equity interests and has not repurchased,
redeemed or otherwise acquired any shares or other equity interests in or of the Company, and the board of directors of the Company has
not authorized any of the foregoing.

 

4.4 Subsidiaries.

 

(a) Schedule 4.4(a) sets
forth the name of each Subsidiary of the Company, and with respect to each Subsidiary (a) its jurisdiction of organization, (b) its authorized
shares or other equity interests (if applicable), (c) the number of issued and outstanding shares or other equity interests and the record
holders and beneficial owners thereof and (d) its Tax election to be treated as a corporate or a disregarded entity under the Code and
any state or applicable non-U.S. Tax laws, if any. All of the outstanding equity securities of each Subsidiary of the Company are duly
authorized and validly issued, fully paid and non-assessable (if applicable), and were offered, sold and delivered in compliance with
all applicable securities Laws, and owned by the Company or one of its Subsidiaries free and clear of all Liens (other than those, if
any, imposed by such Subsidiary’s Organizational Documents). There are no Contracts to which the Company or any of its Affiliates
is a party or bound with respect to the voting (including voting trusts or proxies) of the shares or other equity interests of any Subsidiary
of the Company other than the Organizational Documents of any such Subsidiary. There are no outstanding or authorized options, warrants,
rights, agreements, subscriptions, convertible securities or commitments to which any Subsidiary of the Company is a party or which are
binding upon any Subsidiary of the Company providing for the issuance or redemption of any shares or other equity interests in or of any
Subsidiary of the Company. There are no outstanding equity appreciation, phantom equity, profit participation or similar rights granted
by any Subsidiary of the Company. No Subsidiary of the Company has any limitation on its ability to make any distributions or dividends
to its equity holders, whether by Contract, Order or applicable Law. Except for the equity interests of the Subsidiaries listed on Schedule
4.4(a), the Company does not own or have any rights to acquire, directly or indirectly, any shares or other equity interests of any
Person. None of the Company or its Subsidiaries is a participant in any joint venture, partnership or similar arrangement. There are no
outstanding material contractual obligations of the Company or its Subsidiaries to provide funds to, or make any investment (in the form
of a loan, capital contribution or otherwise) in, any other Person (other than loans to customers in the ordinary course of business).

 

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(b) Seller is the legal and
beneficial owners of one hundred percent (100%) of the issued and outstanding equity interests of the Company. There are no outstanding
options, warrants, rights (including conversion rights, preemptive rights, rights of first refusal or similar rights) or agreements to
purchase or acquire any equity interest, or any securities convertible into or exchangeable for an equity interest, of the Company.

 

(c) The capital and organizational
structure of each Target Company organized or registered in the PRC (each, a “PRC Target Company”) are valid
and in full compliance with the applicable PRC Laws. The registered capital of each PRC Target Company has been fully paid up in accordance
with the schedule of payment stipulated in its articles of association, approval documents, certificates of approval and legal person
business license (collectively, the “PRC Establishment Documents”) and in compliance with applicable PRC Laws,
and there is no outstanding capital contribution commitment. The Establishment Documents of each PRC Target Company has been duly approved
and filed in accordance with the laws of the PRC and are valid and enforceable. The business scope specified in the PRC Establishment
Documents of the PRC Target Companies complies in all material respects with the requirements of all applicable PRC Laws, and the operation
and conduct of business by, and the term of operation of the PRC Target Companies in accordance with the PRC Establishment Documents is
in compliance in all material respects with applicable PRC Laws.

 

4.5 Governmental Approvals.
No Consent of or with any Governmental Authority on the part of any Target Company is required to be obtained or made in connection with
the execution, delivery or performance by the Company of this Agreement or any Ancillary Documents to which it is a party or the consummation
by the Company of the transactions contemplated hereby or thereby other than such filings as contemplated by this Agreement.

 

4.6 Non-Contravention.
The execution and delivery by the Company (or any other Target Company, as applicable) of this Agreement and each Ancillary Document to
which any Target Company is a party or otherwise bound, and the consummation by any Target Company of the transactions contemplated hereby
and thereby and compliance by any Target Company with any of the provisions hereof and thereof, will not (a) conflict with or violate
any provision of any Target Company’s Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities
referred to in Section 4.5 hereof, and any condition precedent to such Consent or waiver having been satisfied, conflict with or
violate any Law, Order or Consent applicable to any Target Company or any of their properties or assets, or (c) (i) violate, conflict
with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute a
default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance
required by any Target Company under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation to
make payments or provide compensation under, (vii) result in the creation of any Lien upon any of the properties or assets of any Target
Company under, (viii) give rise to any obligation to obtain any third party consent or provide any notice to any Person or (ix) give any
Person the right to declare a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate
the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions
or provisions of, any Company Material Contract.

 

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4.7 Financial Statements.

 

(a) As used herein, the term
“Company Financials” means the (i) unaudited consolidated financial statements of the Target Companies (including,
in each case, any related notes thereto), consisting of the consolidated balance sheet of the Target Companies as of December 31, 2020,
and the related consolidated unaudited income statement, changes in shareholder equity and statement of cash flows for the years then
ended and (ii) the unaudited financial statements, consisting of the consolidated balance sheet of the Target Companies as of March 31,
2022 (the “Interim Balance Sheet Date”) and the related consolidated income statement, changes in shareholder
equity and statement of cash flows for the three (3) months then ended. The Company Financials (i) accurately reflect the books and records
of the Target Companies as of the times and for the periods referred to therein, (ii) were prepared in accordance with GAAP, consistently
applied throughout and among the periods involved (except that the unaudited statements exclude the footnote disclosures and other presentation
items required for GAAP and exclude year-end adjustments which will not be material in amount), and (iii) fairly present in all material
respects the financial position of the Target Companies as of the respective dates thereof and the results of the operations and cash
flows of the Target Companies for the periods indicated.

 

(b) Each Target Company maintains
accurate books and records reflecting its assets and Liabilities and maintains proper and adequate internal accounting controls that provide
reasonable assurance that (i) such Target Company does not maintain any off-the-book accounts and that such Target Company’s assets
are used only in accordance with the Target Company’s management directives, (ii) transactions are executed with management’s
authorization, (iii) transactions are recorded as necessary to permit preparation of the financial statements of such Target Company and
to maintain accountability for such Target Company’s assets, (iv) access to such Target Company’s assets is permitted only
in accordance with management’s authorization, (v) the reporting of such Target Company’s assets is compared with existing
assets at regular intervals and verified for actual amounts and (vi) accounts, notes and other receivables are recorded accurately, and
proper and adequate procedures are implemented to effect the collection of accounts, notes and other receivables on a current and timely
basis. No Target Company has been subject to or involved in any material fraud that involves management or other employees who have a
significant role in the internal controls over financial reporting of the Company and its Subsidiaries. Since January 1, 2020, no Target
Company or its Representatives has received any written complaint, allegation, assertion or claim regarding the accounting or auditing
practices, procedures, methodologies or methods of any Target Company or its internal accounting controls, including any material written
complaint, allegation, assertion or claim that any Target Company has engaged in questionable accounting or auditing practices.

 

(c) All material Indebtedness
of the Target Companies is disclosed in the financial statements and related notes previously delivered to the Purchaser and the Parent.
No Indebtedness of any Target Company contains any restriction upon (i) the prepayment of any of such Indebtedness, (ii) the incurrence
of Indebtedness by any Target Company, or (iii) the ability of the Target Companies to grant any Lien on their respective properties or
assets.

 

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(d) No Target Company is subject
to any Liabilities or obligations (whether or not required to be reflected on a balance sheet prepared in accordance with GAAP), except
for those that are either (i) adequately reflected or reserved on or provided for in the consolidated balance sheet of the Company and
its Subsidiaries as of the Interim Balance Sheet Date contained in the Company Financials or (ii) not material and that were incurred
after the Interim Balance Sheet Date in the ordinary course of business consistent with past practice (other than Liabilities for breach
of any Contract or violation of any Law).

 

(e) All financial projections
with respect to the Target Companies that were delivered by or on behalf of the Company to the Purchaser and the Parent or their Representatives
were prepared in good faith using assumptions that the Company believes to be reasonable and in compliance with U.S. GAAP and SEC accounting
standards.

 

4.8 Absence of Certain
Changes. Since January 1, 2020, each Target Company has (a) conducted its business only in the ordinary course of business consistent
with past practice, (b) not been subject to a Material Adverse Effect and (c) has not taken any action or committed or agreed to take
any action that would be prohibited by Section 6.2(b) if such action were taken on or after the date hereof without the consent
of the Purchaser and the Parent.

 

4.9 Compliance with Laws.
No Target Company is or has been in material conflict or non-compliance with, or in material default or violation of, nor has any Target
Company received, since January 1, 2020, any written or, to the Knowledge of the Company, oral notice of any material conflict or non-compliance
with, or material default or violation of, any applicable Laws by which it or any of its properties, assets, employees, business or operations
are or were bound or affected.

 

4.10 Company Permits.
Each Target Company (and its employees who are legally required to be licensed by a Governmental Authority in order to perform his or
her duties with respect to his or her employment with any Target Company), holds all Permits necessary to lawfully conduct in all material
respects its business as presently conducted and as currently contemplated to be conducted, and to own, lease and operate its assets and
properties (collectively, the “Company Permits”). The Company has made available to the Purchaser and the Parent
true, correct and complete copies of all material Company Permits. All of the Company Permits are in full force and effect, and no suspension
or cancellation of any of the Company Permits is pending or, to the Company’s Knowledge, threatened. No Target Company is in violation
in any material respect of the terms of any Company Permit. All filings and registrations with PRC Governmental Authorities required in
respect of each of the PRC Target Companies and its operations, including the registrations with the Ministry of Commerce, the State Administration
of Industry and Commerce, the State Administration for Foreign Exchange, tax bureau, customs authorities, product registration authorities
and health regulatory authorities, as applicable, have been duly completed in accordance with applicable PRC Law.

 

4.11 Litigation. Set
forth on Schedule 4.11 is a complete list of litigation matters. Except as disclosed in Schedule 4.11, there is no (a) Action of any nature
pending or, to the Company’s Knowledge, threatened, nor is there any reasonable basis for any Action to be made, or (b) Order pending
now or rendered by a Governmental Authority since January 1, 2020, in either case of (a) or (b) by or against any Target Company, its
current or former directors, officers or equity holders (provided, that any litigation involving the directors, officers or equity holders
of a Target Company must be related to the Target Company’s business, equity securities or assets), its business, equity securities
or assets. The items listed on Schedule 4.11, if finally determined adverse to the Target Companies, will not have, either individually
or in the aggregate, a Material Adverse Effect upon any Target Company. Since January 1, 2020, none of the current or former officers,
senior management or directors of any Target Company have been charged with, indicted for, arrested for, or convicted of any felony or
any crime involving fraud.

 

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4.12 Material Contracts.

 

(a) Schedule 4.12(a)
sets forth a true, correct and complete list of, and the Company has made available to the Purchaser and the Parent (including written
summaries of oral Contracts), true, correct and complete copies of, each Contract to which any Target Company is a party or by which any
Target Company, or any of its properties or assets are bound or affected (each contract required to be set forth on Schedule 4.12(a),
a “Company Material Contract”) that:

 

(i) contains covenants that
limit the ability of any Target Company (A) to compete in any line of business or with any Person or in any geographic area or to
sell, or provide any service or product or solicit any Person, including any non-competition covenants, employee and customer non-solicit
covenants, exclusivity restrictions, rights of first refusal or most-favored pricing clauses or (B) to purchase or acquire an interest
in any other Person;

 

(ii) involves any joint venture,
profit-sharing, partnership, limited liability company or other similar agreement or arrangement relating to the formation, creation,
operation, management or control of any partnership or joint venture;

 

(iii) involves any exchange
traded, over the counter or other swap, cap, floor, collar, futures contract, forward contract, option or other derivative financial instrument
or Contract, based on any commodity, security, instrument, asset, rate or index of any kind or nature whatsoever, whether tangible or
intangible, including currencies, interest rates, foreign currency and indices;

 

(iv) evidences Indebtedness
(whether incurred, assumed, guaranteed or secured by any asset) of any Target Company having an outstanding principal amount in excess
of $100,000;

 

(v) involves the acquisition
or disposition, directly or indirectly (by merger or otherwise), of assets with an aggregate value in excess of $25,000 (other than in
the ordinary course of business consistent with past practice) or shares or other equity interests in or of another Person;

 

(vi) relates to any merger,
consolidation or other business combination with any other Person or the acquisition or disposition of any other entity or its business
or material assets or the sale of any Target Company, its business or material assets;

 

(vii) by its terms, individually
or with all related Contracts, calls for aggregate payments or receipts by the Target Companies under such Contract or Contracts of at
least $50,000 per year or $150,000 in the aggregate;

 

(viii) obligates the Target
Companies to provide continuing indemnification or a guarantee of obligations of a third party after the date hereof in excess of $100,000;

 

(ix) is between any Target
Company and any Top Customer or Top Supplier (other than in the ordinary course of business);

 

(x) is between any Target
Company and any directors, officers or employees of a Target Company (other than at-will employment arrangements with employees entered
into in the ordinary course of business consistent with past practice), including all non-competition, severance and indemnification agreements,
or any Related Person;

 

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(xi) obligates the Target
Companies to make any capital commitment or expenditure in excess of $25,000 (including pursuant to any joint venture);

 

(xii) relates to a material
settlement entered into within three (3) years prior to the date of this Agreement or under which any Target Company has outstanding obligations
(other than customary confidentiality obligations or in the ordinary course of business);

 

(xiii) provides another Person
(other than another Target Company or any manager, director or officer of any Target Company) with a power of attorney;

 

(xiv) relates to the development,
ownership, licensing or use of any Intellectual Property by, to or from any Target Company, other than Off-the-Shelf Software Agreements;

 

(xv) relates to any real estates,
including, without limitation, leases, lease guarantees, agreements and documents related thereto;

 

(xvi) evidences any Liens;
or

 

(xvii) is otherwise material
to any Target Company and not described in clauses (i) through (xiv) above.

 

(b) With respect to each Company
Material Contract: (i) such Company Material Contract is valid and binding and enforceable in all respects against the Target Company
party thereto (subject to the Enforceability Exceptions) and, to the Knowledge of the Company, each other party thereto, and is in full
force and effect; (ii) neither the execution of this Agreement nor the consummation of the transactions contemplated by this Agreement
will affect the validity or enforceability of any Company Material Contract; (iii) no Target Company is in breach or default in any respect,
and no event has occurred that with the passage of time or giving of notice or both would constitute a breach or default by any Target
Company, or permit termination or acceleration by the other party thereto, under such Company Material Contract; (iv) to the Knowledge
of the Company, no other party to such Company Material Contract is in breach or default in any respect, and no event has occurred that
with the passage of time or giving of notice or both would constitute such a breach or default by such other party, or permit termination
or acceleration by any Target Company, under such Company Material Contract; (v) no Target Company has received written or, to the Knowledge
of the Company, oral notice of an intention by any party to any such Company Material Contract that provides for a continuing obligation
by any party thereto to terminate such Company Material Contract or amend the terms thereof, other than modifications in the ordinary
course of business that do not adversely affect any Target Company; and (vi) no Target Company has waived any rights under any such Company
Material Contract.

 

4.13 Intellectual Property.

 

(a) Schedule 4.13(a)(i)
sets forth: (i) all Patents, Trademarks, Internet Assets and Copyrights owned or licensed by a Target Company or otherwise used or held
for use by a Target Company in which a Target Company is the owner, applicant or assignee (“Company Registered IP”),
specifying as to each item, as applicable: (A) the nature of the item, including the title, (B) the owner of the item, (C) the jurisdictions
in which the item is issued or registered or in which an application for issuance or registration has been filed and (D) the issuance,
registration or application numbers and dates; and (ii) all material unregistered Intellectual Property owned or purported to be owned
by a Target Company. Schedule 4.13(a)(ii) sets forth all licenses, sublicenses and other agreements or permissions (“Company
IP Licenses”) (other than “shrink wrap,” “click wrap,” and “off the shelf” software
agreements and other agreements for Software commercially available on reasonable terms to the public generally with license, maintenance,
support and other fees of less than $5,000 per year (collectively, “Off-the-Shelf Software Agreements”), which
are not required to be listed, although such licenses are “Company IP Licenses” as that term is used herein), under which
a Target Company is a licensee or otherwise is authorized to use or practice any Intellectual Property, and describes (A) the applicable
Intellectual Property licensed, sublicensed or used and (B) any royalties, license fees or other compensation due from a Target Company,
if any. Each Target Company owns, free and clear of all Liens (other than Permitted Liens), has valid and enforceable rights in, and has
the unrestricted right to use, sell, license, transfer or assign, all Intellectual Property currently used, licensed or held for use by
such Target Company, and previously used or licensed by such Target Company, except for the Intellectual Property that is the subject
of the Company IP Licenses. For each Patent and Patent application in the Company Registered IP, the Target Companies have obtained valid
assignments of inventions from each inventor. Except as set forth on Schedule 4.13(a)(iii), all Company Registered IP is owned
exclusively by the applicable Target Company without obligation to pay royalties, licensing fees or other fees, or otherwise account to
any third party with respect to such Company Registered IP.

 

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(b) Each Target Company has
a valid and enforceable license to use all Intellectual Property that is the subject of the Company IP Licenses applicable to such Target
Company. The Company IP Licenses include all of the licenses, sublicenses and other agreements or permissions necessary to operate the
Target Companies as presently conducted. Each Target Company has performed all obligations imposed on it in the Company IP Licenses, has
made all payments required to date, and such Target Company is not, nor, to the Knowledge of the Company, is any other party thereto,
in breach or default thereunder, nor has any event occurred that with notice or lapse of time or both would constitute a default thereunder.
The continued use by the Target Companies of the Intellectual Property that is the subject of the Company IP Licenses in the same manner
that it is currently being used is not restricted by any applicable license of any Target Company. All registrations for Copyrights, Patents
and Trademarks that are owned by or exclusively licensed to any Target Company are valid and in force, and all applications to register
any Copyrights, Patents and Trademarks are pending and in good standing, all without challenge of any kind. No Target Company is party
to any Contract that requires a Target Company to assign to any Person all of its rights in any Intellectual Property developed by a Target
Company under such Contract.

 

(c) Schedule 4.13(c)
sets forth all licenses, sublicenses and other agreements or permissions under which a Target Company is the licensor (each, an “Outbound
IP License”), and for each such Outbound IP License, describes (i) the applicable Intellectual Property licensed, (ii) the
licensee under such Outbound IP License, and (iii) any royalties, license fees or other compensation due to a Target Company, if any.
Each Target Company has performed all obligations imposed on it in the Outbound IP Licenses, and such Target Company is not, nor, to the
Knowledge of the Company, is any other party thereto, in breach or default thereunder, nor has any event occurred that with notice or
lapse of time or both would constitute a default thereunder.

 

(d) No Action is pending or,
to the Company’s Knowledge, threatened that challenges the validity, enforceability, ownership, or right to use, sell, license or
sublicense any Intellectual Property currently licensed, used or held for use by the Target Companies in any material respect. No Target
Company has received any written or, to the Knowledge of the Company, oral notice or claim asserting or suggesting that any infringement,
misappropriation, violation, dilution or unauthorized use of the Intellectual Property of any other Person is or may be occurring or has
or may have occurred, as a consequence of the business activities of any Target Company, nor to the Knowledge of the Company is there
a reasonable basis therefor. There are no Orders to which any Target Company is a party or its otherwise bound that (i) restrict the rights
of a Target Company to use, transfer, license or enforce any Intellectual Property owned by a Target Company, (ii) restrict the conduct
of the business of a Target Company in order to accommodate a third Person’s Intellectual Property, or (iii) grant any third Person
any right with respect to any Intellectual Property owned by a Target Company. No Target Company is currently infringing, or has, in the
past, infringed, misappropriated or violated any Intellectual Property of any other Person in any material respect in connection with
the ownership, use or license of any Intellectual Property owned or purported to be owned by a Target Company or, to the Knowledge of
the Company, otherwise in connection with the conduct of the respective businesses of the Target Companies. To the Company’s Knowledge,
no third party is infringing upon, has misappropriated or is otherwise violating any Intellectual Property owned, licensed by, licensed
to, or otherwise used or held for use by any Target Company (“Company IP”) in any material respect.

 

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(e) All employees and independent
contractors of a Target Company have assigned to the Target Companies all Intellectual Property arising from the services performed for
a Target Company by such Persons. No current or former officers, employees or independent contractors of a Target Company have claimed
any ownership interest in any Intellectual Property owned by a Target Company. To the Knowledge of the Company, there has been no violation
of a Target Company’s policies or practices related to protection of Company IP or any confidentiality or nondisclosure Contract
relating to the Intellectual Property owned by a Target Company. The Company has provided the Purchaser and the Parent with true and complete
copies of all written Contracts referenced in subsections under which employees and independent contractors assigned their Intellectual
Property to a Target Company. To the Company’s Knowledge, none of the employees of any Target Company is obligated under any Contract,
or subject to any Order, that would materially interfere with the use of such employee’s best efforts to promote the interests of
the Target Companies, or that would materially conflict with the business of any Target Company as presently conducted. Each Target Company
has taken reasonable security measures in order to protect the secrecy, confidentiality and value of the material Company IP.

 

(f) To the Knowledge of the
Company, no Person has obtained unauthorized access to third party information and data in the possession of a Target Company, nor has
there been any other compromise of the security, confidentiality or integrity of such information or data. Each Target Company has complied
with all applicable Laws relating to privacy, personal data protection, and the collection, processing and use of personal information
and its own privacy policies and guidelines. The operation of the business of the Target Companies has not and does not materially violate
any right to privacy or publicity of any third person, or constitute unfair competition or trade practices under applicable Law.

 

(g) The consummation of any
of the transactions contemplated by this Agreement will neither violate nor by their terms result in the material breach, material modification,
cancellation, termination, suspension of, or acceleration of any payments with respect to, or release of source code because of (i) any
Contract providing for the license or other use of Intellectual Property owned by a Target Company, or (ii) any Company IP License. Following
the Closing, the Company shall be permitted to exercise, directly or indirectly through its Subsidiaries, all of the Target Companies’
rights under such Contracts or IP Licenses described in the previous sentence to the same extent that the Target Companies would have
been able to exercise had the transactions contemplated by this Agreement not occurred, without the payment of any additional amounts
or consideration other than ongoing fees, royalties or payments which the Target Companies would otherwise be required to pay in the absence
of such transactions.

 

4.14 Taxes and Returns.

 

(a) Each Target Company has
or will have timely filed, or caused to be timely filed, all Tax Returns and reports required to be filed by it (taking into account all
available extensions), which Tax Returns are true, accurate, correct and complete in all material respects, and has paid, collected or
withheld, or caused to be paid, collected or withheld, all Taxes required to be paid, collected or withheld, other than such Taxes for
which adequate reserves in the Company Financials have been established in accordance with GAAP. Schedule 4.14(a) sets forth each
jurisdiction in which each Target Company files or is required to file a Tax Return. Each Target Company has complied with all applicable
Laws relating to Tax.

 

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(b) There is no current pending
or, to the Knowledge of the Company, threatened Action against a Target Company by a Governmental Authority in a jurisdiction where the
Target Company does not file Tax Returns that it is or may be subject to taxation by that jurisdiction.

 

(c) No Target Company is being
audited by any Tax authority or has been notified in writing or, to the Knowledge of the Company, orally by any Tax authority that any
such audit is contemplated or pending. There are no claims, assessments, audits, examinations, investigations or other Actions pending
against a Target Company in respect of any Tax, and no Target Company has been notified in writing of any proposed Tax claims or assessments
against it (other than, in each case, claims or assessments for which adequate reserves in the Company Financials have been established).

 

(d) There are no Liens with
respect to any Taxes upon any Target Company’s assets, other than Permitted Liens.

 

(e) Each Target Company has
collected or withheld all Taxes currently required to be collected or withheld by it, and all such Taxes have been paid to the appropriate
Governmental Authorities or set aside in appropriate accounts for future payment when due.

 

(f) No Target Company has any
outstanding waivers or extensions of any applicable statute of limitations to assess any amount of Taxes. There are no outstanding requests
by a Target Company for any extension of time within which to file any Tax Return or within which to pay any Taxes shown to be due on
any Tax Return.

 

(g) No Target Company has made
any change in accounting method or received a ruling from, or signed an agreement with, any taxing authority that would reasonably be
expected to have a material impact on its Taxes following the Closing.

 

(h) No Target Company has any
Liability for the Taxes of another Person (other than another Target Company) (i) under any applicable Tax Law, (ii) as a transferee or
successor, or (iii) by contract, indemnity or otherwise. No Target Company is a party to or bound by any Tax indemnity agreement, Tax
sharing agreement or Tax allocation agreement or similar agreement, arrangement or practice with respect to Taxes (including advance pricing
agreement, closing agreement or other agreement relating to Taxes with any Governmental Authority) that will be binding on the Company
or its Subsidiaries with respect to any period following the Closing Date.

 

(i) No Target Company has requested,
or is the subject of or bound by any private letter ruling, technical advice memorandum, closing agreement or similar ruling, memorandum
or agreement with any Governmental Authority with respect to any Taxes, nor is any such request outstanding.

 

4.15 Real Property.
Schedule 4.15 contains a complete and accurate list of all premises currently leased or subleased or otherwise used or occupied
by a Target Company for the operation of the business of a Target Company (the “Leased Premises”), and of all
current leases, lease guarantees, agreements and documents related thereto, including all amendments, terminations and modifications thereof
or waivers thereto (collectively, the “Company Real Property Leases”), as well as the current annual rent and
term under each Company Real Property Lease. The Company has provided to the Purchaser and the Parent a true and complete copy of each
of the Company Real Property Leases, and in the case of any oral Company Real Property Lease, a written summary of the material terms
of such Company Real Property Lease. The Company Real Property Leases are valid, binding and enforceable in accordance with their terms
and are in full force and effect. To the Knowledge of the Company, no event has occurred which (whether with or without notice, lapse
of time or both or the happening or occurrence of any other event) would constitute a default on the part of a Target Company or any other
party under any of the Company Real Property Leases, and no Target Company has received notice of any such condition. No Target Company
owns or has ever owned any real property or any interest in real property (other than the leasehold interests in the Company Real Property
Leases).

 

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4.16 Personal Property.
Each item of Personal Property which is currently owned, used or leased by a Target Company with a book value or fair market value of
greater than Twenty-Five Thousand Dollars ($25,000) is set forth on Schedule 4.16, along with, to the extent applicable, a list
of lease agreements and lease guarantees related thereto, including all amendments, terminations and modifications thereof or waivers
thereto (“Company Personal Property Leases”). All such items of Personal Property are in good operating condition
and repair (reasonable wear and tear excepted), and are suitable for their intended use in the business of the Target Companies. The operation
of each Target Company’s business as it is now conducted or presently proposed to be conducted is not dependent upon the right to
use the Personal Property of Persons other than a Target Company, except for such Personal Property that is owned by, or leased, licensed
or otherwise contracted to, a Target Company. The Company has provided to the Purchaser and the Parent a true and complete copy of each
of the Company Personal Property Leases, and in the case of any oral Company Personal Property Lease, a written summary of the material
terms of such Company Personal Property Lease. The Company Personal Property Leases are valid, binding and enforceable in accordance with
their terms and are in full force and effect. To the Knowledge of the Company, no event has occurred which (whether with or without notice,
lapse of time or both or the happening or occurrence of any other event) would constitute a default on the part of a Target Company or
any other party under any of the Company Personal Property Leases, and no Target Company has received notice of any such condition.

 

4.17 Title to and Sufficiency
of Assets. Each Target Company has good and marketable title to, or a valid leasehold interest in or right to use, all of its assets,
free and clear of all Liens other than (a) Permitted Liens, (b) the rights of lessors under leasehold interests and (c) Liens specifically
identified on the Interim Balance Sheet. The assets (including Intellectual Property rights and contractual rights) of the Target Companies
constitute all of the assets, rights and properties that are used in the operation of the businesses of the Target Companies as it is
now conducted and presently proposed to be conducted or that are used or held by the Target Companies for use in the operation of the
businesses of the Target Companies, and taken together, are adequate and sufficient for the operation of the businesses of the Target
Companies as currently conducted and as presently proposed to be conducted.

 

4.18 Employee Matters.

 

(a) No Target Company is a party
to any collective bargaining agreement or other Contract with any group of employees, labor organization or other representative of any
of the employees of any Target Company and the Company has no Knowledge of any activities or proceedings of any labor union or other party
to organize or represent such employees. There has not occurred or, to the Knowledge of the Company, been threatened any strike, slow-down,
picketing, work-stoppage, or other similar labor activity with respect to any such employees. There are no unresolved labor controversies
(including unresolved grievances and age or other discrimination claims), if any, that are pending or, to the Knowledge of the Company,
threatened between any Target Company and Persons employed by or providing services to a Target Company. No current officer or employee
of a Target Company has provided any Target Company written or, to the Knowledge of the Company, oral notice of his or her plan to terminate
his or her employment with any Target Company.

 

(b) Each Target Company (i) is
and has been in compliance in all material respects with all applicable Laws respecting employment and employment practices, terms and
conditions of employment, health and safety and wages and hours, and other Laws relating to discrimination, disability, labor relations,
hours of work, payment of wages and overtime wages, pay equity, immigration, workers compensation, working conditions, employee scheduling,
occupational safety and health, family and medical leave, and employee terminations, and have not received written notice, or any other
form of notice, that there is any pending Action involving unfair labor practices against a Target Company, (ii) is not liable for
any material arrears of wages or any material penalty for failure to comply with any of the foregoing, and (iii) is not liable for
any material payment to any Governmental Authority with respect to unemployment compensation benefits, social security or other benefits
or obligations for employees, independent contractors or consultants (other than routine payments to be made in the ordinary course of
business and consistent with past practice). There are no Actions pending or, to the Knowledge of the Company, threatened against a Target
Company brought by or on behalf of any applicant for employment, any current or former employee, any Person alleging to be a current or
former employee, or any Governmental Authority, relating to any such Law or regulation, or alleging breach of any express or implied contract
of employment, wrongful termination of employment, or alleging any other discriminatory, wrongful or tortious conduct in connection with
the employment relationship.

 

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(c) Schedule 4.18(c)
sets forth a complete and accurate list of all employees of the Target Companies showing for each as of that date (i) the employee’s
name, job title or description, employer, location, salary level (including any bonus, commission, deferred compensation or other remuneration
payable (other than any such arrangements under which payments are at the discretion of the Target Companies)), (ii) any bonus, commission
or other remuneration other than salary paid during the calendar year ending December 31, 2020, and (iii) any wages, salary, bonus, commission
or other compensation due and owing to each employee during or for the calendar year ending December 31, 2020. Except as disclosed in
Schedule 4.18(c), no employee is a party to a written employment Contract with a Target Company and each is employed with a “non-fixed
term” in accordance with the Chinese Labor Contract Law, and the Target Companies have paid in full to all such employees all wages,
salaries, commission, bonuses and other compensation due to its employees, including overtime compensation, and there are no severance
payments which are or could become payable by a Target Company to any such employees under the terms of any written or, to the Company’s
Knowledge, oral agreement, or commitment or any Law, custom, trade or practice. Each such employee has entered into the Company’s
standard form of employee non-disclosure, inventions and restrictive covenants agreement with the Company or its Subsidiaries (whether
pursuant to a separate agreement or incorporated as part of such employee’s overall employment agreement), a copy of which has been
provided to the Purchaser and the Parent by the Company.

 

(d) There are no independent
contractors (including consultants) currently engaged by any Target Company, along with the position, a description of responsibilities,
the entity engaging such Person, date of retention and rate of remuneration, most recent increase (or decrease) in remuneration and amount
thereof, for each such Person. Each such independent contractors are a party to a written Contract with a Target Company. Each such independent
contractor has entered into customary covenants regarding confidentiality, non-competition and assignment of inventions and copyrights
in such Person’s agreement with a Target Company, a copy of which has been provided to the Purchaser and the Parent by the Company.
For the purposes of applicable Law, including the Code, all independent contractors who are currently, or within the last six (6) years
have been, engaged by a Target Company are bona fide independent contractors and not employees of a Target Company. Each independent contractor
is terminable on fewer than thirty (30) days’ notice, without any obligation of any Target Company to pay severance or a termination
fee.

 

4.19 Benefit Plans.

 

(a) Set forth on Schedule
4.19(a) is a true and complete list of each Benefit Plan of a Target Company (each, a “Company Benefit Plan”).
No Target Company has ever maintained or contributed to (or had an obligation to contribute to) any “employee benefit plan”
(as defined in Section 3(3) of ERISA).

 

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(b) With respect to each Company
Benefit Plan which covers any current or former officer, director, consultant or employee (or beneficiary thereof) of a Target Company,
the Company has provided to the Purchaser and the Parent accurate and complete copies, if applicable, of: (i) all Company Benefit Plans
and related trust agreements or annuity Contracts (including any amendments, modifications or supplements thereto); (ii) the most recent
annual and periodic accounting of plan assets; (iii) the most recent actuarial valuation; and (iv) all communications with any Governmental
Authority concerning any matter that is still pending or for which a Target Company has any outstanding Liability or obligation.

 

(c) With respect to each Company
Benefit Plan: (i) such Company Benefit Plan has been administered and enforced in all material respects in accordance with its terms and
the requirements of any and all applicable Laws, and has been maintained, where required, in good standing with applicable regulatory
authorities and Governmental Authorities; (ii) no breach of fiduciary duty has occurred; (iii) no Action is pending, or to the Company’s
Knowledge, threatened (other than routine claims for benefits arising in the ordinary course of administration); and (iv) all contributions
and premiums required to be made with respect to a Company Benefit have been timely made. No Target Company has incurred any obligation
in connection with the termination of, or withdrawal from, any Company Benefit Plan.

 

(d) The present value of the
accrued benefit liabilities (whether or not vested) under each Company Benefit Plan, determined as of the end of the Company’s most
recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the
assets of such Company Benefit Plan allocable to such benefit liabilities.

 

(e) The consummation of the
transactions contemplated by this Agreement and the Ancillary Documents will not: (i) entitle any individual to severance pay, unemployment
compensation or other benefits or compensation; or (ii) accelerate the time of payment or vesting, or increase the amount of any compensation
due, or in respect of, any individual.

 

(f) Except to the extent required
by applicable Law, no Target Company provides health or welfare benefits to any former or retired employee or is obligated to provide
such benefits to any active employee following such employee’s retirement or other termination of employment or service.

 

(g) All Company Benefit Plans
can be terminated at any time as of or after the Closing Date without resulting in any liability to any Target Company, the Purchaser,
the Parent or their respective Affiliates for any additional contributions, penalties, premiums, fees, fines, excise taxes or any other
charges or liabilities.

 

4.20 Environmental Matters.

 

(a) Each Target Company is and
has been in compliance in all material respects with all applicable Environmental Laws, including obtaining, maintaining in good standing,
and complying with all Permits required for its business and operations by Environmental Laws (“Environmental Permits”),
no Action is pending or, to the Company’s Knowledge, threatened to revoke, modify, or terminate any such Environmental Permit, and,
to the Company’s Knowledge, no facts, circumstances, or conditions currently exist that could adversely affect such continued compliance
with Environmental Laws and Environmental Permits or require capital expenditures to achieve or maintain such continued compliance with
Environmental Laws and Environmental Permits.

 

(b) No Target Company is the
subject of any outstanding Order or Contract with any Governmental Authority or other Person in respect of any (i) Environmental Laws,
(ii) Remedial Action, or (iii) Release or threatened Release of a Hazardous Material. No Target Company has assumed, contractually or
by operation of Law, any Liabilities or obligations under any Environmental Laws.

 

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(c) No Action has been made
or is pending, or to the Company’s Knowledge, threatened against any Target Company or any assets of a Target Company alleging either
or both that a Target Company may be in material violation of any Environmental Law or Environmental Permit or may have any material Liability
under any Environmental Law.

 

(d) No Target Company has manufactured,
treated, stored, disposed of, arranged for or permitted the disposal of, generated, handled or released any Hazardous Material, or owned
or operated any property or facility, in a manner that has given or would reasonably be expected to give rise to any material Liability
or obligation under applicable Environmental Laws. No fact, circumstance, or condition exists in respect of any Target Company or any
property currently or formerly owned, operated, or leased by any Target Company or any property to which a Target Company arranged for
the disposal or treatment of Hazardous Materials that could reasonably be expected to result in a Target Company incurring any material
Environmental Liabilities.

 

(e) There is no investigation
of the business, operations, or currently owned, operated, or leased property of a Target Company or, to the Company’s Knowledge,
previously owned, operated, or leased property of a Target Company pending or, to the Company’s Knowledge, threatened that could
lead to the imposition of any Liens under any Environmental Law or material Environmental Liabilities.

 

(f) To the Knowledge of the
Company, there is not located at any of the properties of a Target Company any (i) underground storage tanks, (ii) asbestos-containing
material, or (iii) equipment containing polychlorinated biphenyls.

 

(g) The Company has provided
to the Purchaser and the Parent all environmentally related site assessments, audits, studies, reports and results of investigations that
have been performed in respect of the currently or previously owned, leased, or operated properties of any Target Company.

 

4.21 Transactions with
Related Persons. Except as set forth in the financial statements and related notes previously delivered to the Purchaser and the Parent,
no Target Company nor any of its Affiliates, nor any officer, director, manager, employee, trustee or beneficiary of a Target Company
or any of its Affiliates, nor any immediate family member of any of the foregoing (whether directly or indirectly through an Affiliate
of such Person) (each of the foregoing, a “Related Person”) is presently, or since January 1, 2019 has been,
a party to any transaction with a Target Company, including any Contract or other arrangement (a) providing for the furnishing of services
by (other than as officers, directors or employees of the Target Company), (b) providing for the rental of real property or Personal Property
from or (c) otherwise requiring payments to (other than for services or expenses as directors, officers or employees of the Target Company
in the ordinary course of business consistent with past practice), any Related Person or any Person in which any Related Person has an
interest as an owner, officer, manager, director, trustee or partner or in which any Related Person has any direct or indirect interest
(other than the ownership of securities representing no more than two percent (2%) of the outstanding voting power or economic interest
of a publicly traded company). Except as set forth in the financial statements and related notes previously delivered to the Purchaser
and the Parent, no Target Company has outstanding any Contract or other arrangement or commitment with any Related Person, and no Related
Person owns any real property or Personal Property, or right, tangible or intangible (including Intellectual Property) which is used in
the business of any Target Company. Schedule 4.21 specifically identifies all Contracts, arrangements or commitments subject to
this Section 4.21 that cannot be terminated upon sixty (60) days’ notice by the Target Companies without cost or penalty.

 

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4.22 Insurance.

 

(a) Schedule 4.22(a)
lists all insurance policies (by policy number, insurer, coverage period, coverage amount, annual premium and type of policy) held by
a Target Company relating to a Target Company or its business, properties, assets, directors, officers and employees, copies of which
have been provided to the Purchaser and the Parent. All premiums due and payable under all such insurance policies have been timely paid
and the Company and its Subsidiaries are otherwise in material compliance with the terms of such insurance policies. All such insurance
policies are in full force and effect, and to the Knowledge of the Company, there is no threatened termination of, or material premium
increase with respect to, any of such insurance policies. No Target Company has any self-insurance or co-insurance programs. Since January
1, 2019, no Target Company has received any notice from, or on behalf of, any insurance carrier relating to or involving any adverse change
or any change other than in the ordinary course of business, in the conditions of insurance, any refusal to issue an insurance policy
or non-renewal of a policy, or requiring or suggesting material alteration of any of assets of a Target Company, purchase of additional
equipment or material modification of any of methods of doing business by a Target Company.

 

(b) Schedule 4.22(b)
identifies each individual insurance claim in excess of $50,000 made by a Target Company since January 1, 2020. Each Target Company has
reported to its insurers all claims and pending circumstances that would reasonably be expected to result in a claim that could be covered
by any such insurance policies, except where such failure to report such a claim would not be reasonably likely to be material to the
Target Companies. No Target Company has made any claim against an insurance policy as to which the insurer is denying coverage.

 

4.23 Top Customers and
Suppliers. Schedule 4.23 lists, by dollar volume paid for each of (a) the twelve (12) months ended on December 31, 2021 and
(b) the three (3) months ended March 31, 2022, the key customers of the Target Companies (the “Top Customers”)
and the key suppliers of goods or services to the Target Companies (the “Top Suppliers”). The relationships
of each Target Company with such suppliers and customers are good commercial working relationships and (i) no Top Supplier or Top Customer
within the last twelve (12) months has cancelled or otherwise terminated, or, to the Company’s Knowledge, intends to cancel or otherwise
terminate, any relationships of such Person with a Target Company, (ii) no Top Supplier or Top Customer has during the last twelve (12)
months decreased materially or, to the Company’s Knowledge, threatened to stop, decrease or limit materially, or intends to modify
materially its relationships with a Target Company or intends to stop, decrease or limit materially its products or services to any Target
Company or its usage or purchase of the products or services of any Target Company, (iii) to the Company’s Knowledge, no Top Supplier
or Top Customer intends to refuse to pay any amount due to any Target Company or seek to exercise any remedy against any Target Company,
(iv) no Target Company has within the past two (2) years been engaged in any material dispute with any Top Supplier or Top Customer, and
(v) to the Company’s Knowledge, the consummation of the transactions contemplated in this Agreement and the other Ancillary Documents
will not affect the relationship of any Target Company with any Top Supplier or Top Customer.

 

4.24 Books and Records.
All of the financial books and records of the Target Companies are complete and accurate in all material respects and have been maintained
in the ordinary course consistent with past practice and in accordance with applicable Laws.

 

4.25 Accounts Receivable.
All accounts, notes and other receivables, whether or not accrued, and whether or not billed, of the Target Companies (the “Accounts
Receivable”) arose from sales actually made or services actually performed and represent valid obligations to a Target Company.
None of the Accounts Receivable are, to the Knowledge of the Company, subject to any right of recourse, defense, deduction, return of
goods, counterclaim, offset, or set off on the part of the obligor in excess of any amounts reserved therefor on the Company Financials.
All of the Accounts Receivable are, to the Knowledge of the Company, fully collectible according to their terms in amounts not less than
the aggregate amounts thereof carried on the books of the Target Companies (net of reserves) within ninety (90) days.

 

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4.26 Certain Business Practices.
No Target Company, nor any of their respective Representatives acting on their behalf has (i) used any funds for unlawful contributions,
gifts, entertainment or other unlawful expenses relating to political activity, (ii) made any unlawful payment to foreign or domestic
government officials or employees, to foreign or domestic political parties or campaigns or violated any provision of the Foreign Corrupt
Practices Act of 1977 or any comparable or similar Law of any other country or other jurisdiction, or (iii) made any other unlawful payment.
No Target Company, nor any of their respective Representatives acting on their behalf has directly or indirectly, given or agreed to give
any gift or similar benefit in any material amount to any customer, supplier, governmental employee or other Person who is or may be in
a position to help or hinder any Target Company or assist any Target Company in connection with any actual or proposed transaction. The
operations of each Target Company are and have been conducted at all times in compliance with laundering statutes in all applicable jurisdictions,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by
any Governmental Authority, and no Action involving a Target Company with respect to the any of the foregoing is pending or, to the Knowledge
of the Company, threatened. No Target Company or any of their respective directors or officers, or, to the Knowledge of the Company, any
other Representative acting on behalf of a Target Company is currently identified on the specially designated nationals or other blocked
person list or otherwise currently subject to any U.S. sanctions administered by OFAC, and no Target Company has, directly or indirectly,
used any funds, or loaned, contributed or otherwise made available such funds to any Subsidiary, joint venture partner or other Person,
in connection with any sales or operations in any country sanctioned by OFAC or for the purpose of financing the activities of any Person
currently subject to, or otherwise in violation of, any U.S. sanctions administered by OFAC in the last five (5) fiscal years. None of
the Target Companies has engaged in transactions with, or exported any of its products or associated technical data (i) into (or to a
national or resident of) Cuba, Iran, Iraq, Libya, North Korea, Syria or any other country to which the United States has embargoed goods
to or has proscribed economic transactions with or (ii) to the knowledge of the Company, to any Person included on the United States Treasury
Department’s list of Specially Designated Nationals or the U.S. Commerce Department’s Denied Persons List. No Target Company
has, since January 1, 2019, breached or been in violation of any Law regulating or covering conduct in, or the nature of, the workplace,
including regarding sexual harassment or, on any impermissible basis, a hostile work environment.

 

4.27 Finders and Investment
Bankers. No Target Company has incurred or will incur any Liability for any brokerage, finder’s or other fee or commission in
connection with the transactions contemplated hereby.

 

4.28 Independent Investigation.
The Company has conducted its own independent investigation, review and analysis of the business, results of operations, prospects, condition
(financial or otherwise) or assets of the Parent, and acknowledges that it has been provided adequate access to the personnel, properties,
assets, premises, books and records, SEC Reports and SEC Financial Statements and other documents and data of the Parent for such purpose.
The Company acknowledges and agrees that: (a) in making its decision to enter into this Agreement and to consummate the transactions contemplated
hereby, it has relied solely upon its own investigation and the express representations and warranties of the Purchaser and the Parent
set forth in Article III; and (b) neither the Purchaser, the Parent nor any of their Representatives have made any representation
or warranty as to the Parent or the Purchaser or this Agreement, except as expressly set forth in Article III.

 

4.29 Information Supplied.
None of the information supplied or to be supplied by the Company expressly for inclusion or incorporation by reference: (a) in any Current
Report on Form 8-K, and any exhibits thereto or any other report, form, registration or other filing made with any Governmental Authority
with respect to the transactions contemplated by this Agreement or any Ancillary Documents; or (b) in the mailings or other distributions
to the Parent’s shareholders and/or prospective investors with respect to the consummation of the transactions contemplated by this
Agreement or in any amendment to any of documents identified in (a) through (c), will, when filed, made available, mailed or distributed,
as the case may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. Notwithstanding
the foregoing, the Company makes no representation, warranty or covenant with respect to any information supplied by or on behalf of the
Parent or its Affiliates.

 

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4.30 PRC Compliance. 

 

(a) Each of the Target Companies
has complied, and has taken all steps to ensure compliance, in material aspect, by each of its shareholders, directors and officers that
is, or is directly or indirectly owned or controlled by, a PRC resident or citizen with any applicable rules and regulations of the relevant
PRC government agencies in effect on the Closing Date (including but not limited to the Ministry of Commerce, the National Development
and Reform Commission, the China Securities Regulatory Commission (“CSRC”) and the State Administration of Foreign
Exchange) (the “SAFE”) relating to overseas investment by PRC residents and citizens (the “PRC Overseas
Investment and Listing Regulations”), including, requesting each such person that is, or is directly or indirectly owned
or controlled by, a PRC resident or citizen to complete any registration and other procedures required under applicable PRC Overseas Investment
and Listing Regulations (including any applicable rules and regulations of the SAFE).

 

(b) The Company is aware of
and has been advised as to the content of the Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors and any official
clarifications, guidance, interpretations or implementation rules in connection with or related thereto in effect on the applicable Closing
Date (the “PRC Mergers and Acquisitions Rules”) jointly promulgated by the Ministry of Commerce, the State Assets
Supervision and Administration Commission, the State Tax Administration, the State Administration of Industry and Commerce, the CSRC and
the State Administration of Foreign Exchange on August 8, 2006, including the provisions thereof which purport to require offshore special
purpose entities formed for listing purposes and controlled directly or indirectly by PRC companies or individuals to obtain the approval
of the CSRC prior to the listing and trading of their securities on an overseas stock exchange. The Company has received legal advice
specifically with respect to the PRC Mergers and Acquisitions Rules from its PRC counsel, and the Company understands such legal advice.
In addition, the Company has communicated such legal advice in full to each of its directors that signed the Registration Statement and
each such director has confirmed that he or she understands such legal advice. The consummation of the transactions contemplated by this
Agreement, the Non-Competition Agreement and the Lock-up Agreement (A) are not and will not be, as of the date hereof or at the Closing
Date, as the case may be, adversely affected by the PRC Mergers and Acquisitions Rules and (B) do not require the prior approval of the
CSRC or any other Governmental Authority.

 

(c) Each of the Target Companies
holds, and is operating in compliance in all material respects with, all franchises, grants, authorizations, licenses, permits, easements,
consents, certificates and orders of any Governmental Authority or self-regulatory body required for the conduct of its business and all
such franchises, grants, authorizations, licenses, permits, easements, consents, certifications and orders are valid and in full force
and effect; and none of the Target Companies has received notice of any revocation or modification of any such franchise, grant, authorization,
license, permit, easement, consent, certification or order or has reason to believe that any such franchise, grant, authorization, license,
permit, easement, consent, certification or order will not be renewed in the ordinary course; and each of the Target Companies is in compliance
in all material respects with all applicable federal, state, local and foreign laws, regulations, orders and decrees.

 

4.31 Disclosure. No
representations or warranties by the Company in this Agreement (including the disclosure schedules hereto) or the Ancillary Documents,
(a) contains or will contain any untrue statement of a material fact, or (b) omits or will omit to state, when read in conjunction with
all of the information contained in this Agreement, the disclosure schedules hereto and the Ancillary Documents, any fact necessary to
make the statements or facts contained therein not materially misleading.

 

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Article
V 

REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

Except as set forth in the
Company Disclosure Schedules or in the schedules delivered by the Seller to the Purchaser and the Parent on the date hereof, the Section
numbers of which are numbered to correspond to the Section numbers of this Agreement to which they refer, the Sellers hereby jointly and
severally represent and warrant, as of the date hereof and as of the Closing, to the Purchaser and the Parent as follows:

 

5.1 Due Organization and
Good Standing. The Seller is an entity duly organized, validly existing and in good standing under the Laws of the jurisdiction of
its formation and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being
conducted.

 

5.2 Authorization; Binding
Agreement. The Seller has all requisite power, authority and legal right and capacity to execute and deliver this Agreement and each
Ancillary Document to which it is a party, to perform such Seller’s obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby. This Agreement has been, and each Ancillary Document to which a Seller is or is required to be a party
shall be when delivered, duly and validly executed and delivered by such Seller and assuming the due authorization, execution and delivery
of this Agreement and any such Ancillary Document by the other parties hereto and thereto, constitutes, or when delivered shall constitute,
the legal, valid and binding obligation of such Seller, enforceable against such Seller in accordance with its terms, subject to the Enforceability
Exceptions.

 

5.3 Ownership. The
Seller owns good, valid and marketable title to the Purchased Shares, free and clear of any and all Liens. There are no proxies, voting
rights, shareholders’ agreements or other agreements or understandings, to which the Seller is a party or by which a Seller is bound,
with respect to the voting or transfer of any of such Seller’s Purchased Shares other than this Agreement. Upon delivery of the
Purchased Shares to the Purchaser on the Closing Date in accordance with this Agreement, the entire legal and beneficial interest in the
Purchased Shares and good, valid and marketable title to the Purchased Shares, free and clear of all Liens (other than those imposed by
applicable securities Laws or those incurred by the Purchaser), will pass to the Purchaser.

 

5.4 Governmental Approvals.
No Consent of or with any Governmental Authority on the part of any Seller is required to be obtained or made in connection with the execution,
delivery or performance by such Seller of this Agreement or any Ancillary Documents or the consummation by a Seller of the transactions
contemplated hereby or thereby other than such filings as expressly contemplated by this Agreement.

 

5.5 Non-Contravention.
The execution and delivery by each Seller of this Agreement and each Ancillary Document to which it is a party or otherwise bound, and
the consummation by such Seller of the transactions contemplated hereby and thereby, and compliance by each Seller with any of the provisions
hereof and thereof, will not (a) conflict with or violate any provision of any Seller’s Organizational Documents, (b) subject to
obtaining the Consents from Governmental Authorities referred to in Section 5.4 hereof, and any condition precedent to such Consent or
waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to any Seller or any of its properties or
assets or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse
of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification
of, (iv) accelerate the performance required by any Seller under, (v) result in a right of termination or acceleration under, (vi) give
rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any Lien upon any of the properties
or assets of any Seller under, (viii) give rise to any obligation to obtain any third party consent or provide any notice to any Person
or (ix) give any Person the right to declare a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery
schedule, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any
of the terms, conditions or provisions of, any Contract to which a Seller is a party or a Seller or its properties or assets are otherwise
bound, except for any deviations from any of the foregoing clauses (a), (b) or (c) that has not had and would not reasonably be expected
to have a Material Adverse Effect on any Seller.

 

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5.6 No Litigation.
There is no Action pending or, to the Knowledge of such Seller, threatened, nor any Order is outstanding, against or involving any Seller
or any of its officers, directors, managers, shareholders, properties, assets or businesses, whether at law or in equity, before or by
any Governmental Authority, which would reasonably be expected to adversely affect the ability of such Seller to consummate the transactions
contemplated by, and discharge its obligations under, this Agreement and the Ancillary Documents to which such Seller is a party.

 

5.7 Investment Representations.
The Seller: (a) is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act;
(b) is acquiring its portion of the Exchange Shares for itself for investment purposes only, and not with a view towards any resale or
distribution of such Exchange Shares; (c) has been advised and understands that the Exchange Shares (i) are being issued in reliance upon
one or more exemptions from the registration requirements of the Securities Act and any applicable state securities Laws, (ii) have not
been and shall not be registered under the Securities Act or any applicable state securities Laws and, therefore, must be held indefinitely
and cannot be resold unless such Exchange Shares are registered under the Securities Act and all applicable state securities Laws, unless
exemptions from registration are available and (iii) are subject to additional restrictions on transfer pursuant to the Lock-Up Agreement;
(d) is aware that an investment in the Parent is a speculative investment and is subject to the risk of complete loss; and (e) acknowledges
that the Parent is under no obligation hereunder to register the Exchange Shares under the Securities Act. No Seller has any Contract
with any Person to sell, transfer, or grant participations to such Person, or to any third Person, with respect to the Exchange Shares.
By reason of such Seller’s business or financial experience, or by reason of the business or financial experience of such Seller’s
“purchaser representatives” (as that term is defined in Rule 501(h) under the Securities Act), each Seller is capable of evaluating
the risks and merits of an investment in the Parent and of protecting its interests in connection with this investment. Each Seller has
carefully read and understands all materials provided by or on behalf of the Parent or its Representatives to such Seller or such Seller’s
Representatives pertaining to an investment in the Parent, including without limitation the SEC Reports and SEC Financial Statements and
has consulted, as such Seller has deemed advisable, with its own attorneys, accountants or investment advisors with respect to the investment
contemplated hereby and its suitability for such Seller. Each Seller acknowledges that the Exchange Shares are subject to dilution for
events not under the control of such Seller. Each Seller has completed its independent inquiry and has relied fully upon the advice of
its own legal counsel, accountant, financial and other Representatives in determining the legal, tax, financial and other consequences
of this Agreement and the transactions contemplated hereby and the suitability of this Agreement and the transactions contemplated hereby
for such Seller and its particular circumstances, and, except as set forth herein, has not relied upon any representations or advice by
the Purchaser, the Parent or their Representatives. Each Seller acknowledges and agrees that Seller has not been guaranteed or represented
to by any Person, (i) any specific amount or the event of the distribution of any cash, property or other interest in the Parent or (ii)
the profitability or value of the Exchange Shares in any manner whatsoever. Seller: (A) has been represented by independent counsel (or
has had the opportunity to consult with independent counsel and has declined to do so); (B) has had the full right and opportunity to
consult with such Seller’s attorneys and other advisors and has availed itself of this right and opportunity; (C) has carefully
read and fully understands this Agreement, the SEC Reports and the SEC Financial Statements in their entirety and has had such documents
and filings and financial statements fully explained to it or him by such counsel; (D) is fully aware of the contents hereof and the meaning,
intent and legal effect thereof; and (E) is competent to execute this Agreement and has executed this Agreement free from coercion, duress
or undue influence.

 

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5.8 Finders and Investment
Bankers. No Seller, nor any of their respective Representatives on their behalf, has employed any broker, finder or investment banker
or incurred any liability for any brokerage fees, commissions, finders’ fees or similar fees in connection with the transactions
contemplated by this Agreement.

 

5.9 Independent Investigation.
Each Seller has conducted its own independent investigation, review and analysis of the business, results of operations, prospects, condition
(financial or otherwise) or assets of the Parent, and acknowledges that it has been provided adequate access to the personnel, properties,
assets, premises, books and records, SEC Reports and other documents and data of the Parent for such purpose. Each Seller acknowledges
and agrees that: (a) in making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, it has
relied solely upon its own investigation and the express representations and warranties of the Purchaser and the Parent set forth in Article
III; and (b) neither the Purchaser, the Parent nor any of their Representatives have made any representation or warranty as to the
Purchaser, the Parent or this Agreement, except as expressly set forth in Article III.

 

5.10 Information Supplied.
None of the information supplied or to be supplied by any Seller expressly for inclusion or incorporation by reference: (a) in any Current
Report on Form 8-K, and any exhibits thereto or any other report, form, registration or other filing made with any Governmental Authority
with respect to the transactions contemplated by this Agreement or any Ancillary Documents; or (b) in the mailings or other distributions
to the Parent’s shareholders and/or prospective investors with respect to the consummation of the transactions contemplated by this
Agreement or in any amendment to any of documents identified in (a) through (c), will, when filed, made available, mailed or distributed,
as the case may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. Notwithstanding
the foregoing, no Seller makes any representation, warranty or covenant with respect to any information supplied by or on behalf of the
Purchaser, the Parent or their Affiliates.

 

5.11 Disclosure. No
representations or warranties by any Seller in this Agreement (including the disclosure schedules hereto) or the Ancillary Documents,
(a) contains or will contain any untrue statement of a material fact, or (b) omits or will omit to state, when read in conjunction with
all of the information contained in this Agreement, the disclosure schedules hereto and the Ancillary Documents, any fact necessary to
make the statements or facts contained therein not materially misleading.

 

Article
VI 

COVENANTS

 

6.1 Access and Information.

 

(a) The Company shall give,
and shall direct its Representatives to give, the Purchaser and the Parent and their Representatives, at reasonable times during normal
business hours and upon reasonable intervals and notice, access to all offices and other facilities and to all employees, properties,
Contracts, agreements, commitments, books and records, financial and operating data and other information (including Tax Returns, internal
working papers, client files, client Contracts and director service agreements), of or pertaining to the Target Companies, as the Purchaser,
the Parent or their Representatives may reasonably request regarding the Target Companies and their respective businesses, assets, Liabilities,
financial condition, prospects, operations, management, employees and other aspects (including unaudited quarterly financial statements,
including a consolidated quarterly balance sheet and income statement, a copy of each material report, schedule and other document filed
with or received by a Governmental Authority pursuant to the requirements of applicable securities Laws, and independent public accountants’
work papers (subject to the consent or any other conditions required by such accountants, if any)) and instruct each of the Company’s
Representatives to cooperate with the Purchaser, the Parent and their Representatives in their investigation; provided, however,
that the Purchaser, the Parent and their Representatives shall conduct any such activities in such a manner as not to unreasonably interfere
with the business or operations of the Target Companies.

 

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(b) The Parent shall give, and
shall direct its Representatives to give, the Company and its Representatives, at reasonable times during normal business hours and upon
reasonable intervals and notice, access to all offices and other facilities and to all employees, properties, Contracts, agreements, commitments,
books and records, financial and operating data and other information (including Tax Returns, internal working papers, client files, client
Contracts and director service agreements), of or pertaining to the Parent or its Subsidiaries, as the Company or its Representatives
may reasonably request regarding the Parent, its Subsidiaries and their respective businesses, assets, Liabilities, financial condition,
prospects, operations, management, employees and other aspects (including unaudited quarterly financial statements, including a consolidated
quarterly balance sheet and income statement, a copy of each material report, schedule and other document filed with or received by a
Governmental Authority pursuant to the requirements of applicable securities Laws, and independent public accountants’ work papers
(subject to the consent or any other conditions required by such accountants, if any)) and instruct each of the Parent’s Representatives
to cooperate with the Company and its Representatives in their investigation; provided, however, that the Company and its
Representatives shall conduct any such activities in such a manner as not to unreasonably interfere with the business or operations of
the Parent or any of its Subsidiaries.

 

6.2 Conduct of Business
of the Company.

 

(a) Unless the Purchaser and
the Parent shall otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed), during the period
from the date of this Agreement and continuing until the earlier of the termination of this Agreement in accordance with Section 9.1
or the Closing (the “Interim Period”), except as expressly contemplated by this Agreement the Company shall,
and shall cause the Target Companies to, (i) conduct their respective businesses, in all material respects, in the ordinary course of
business consistent with past practice, (ii) comply with all Laws applicable to the Target Companies and their respective businesses,
assets and employees, and (iii) take all reasonable measures necessary or appropriate to preserve intact, in all material respects, their
respective business organizations, to keep available the services of their respective managers, directors, officers, employees and consultants,
to maintain, in all material respects, their existing relationships with all Top Customers and Top Suppliers, and to preserve the possession,
control and condition of their respective material assets, all as consistent with past practice.

 

(b) Without limiting the generality
of Section 6.2(a) and except as contemplated by the terms of this Agreement, during the Interim Period, without the prior written
consent of the Purchaser and the Parent (such consent not to be unreasonably withheld, conditioned or delayed), the Company shall not,
and shall cause the Target Companies to not:

 

(i) amend, waive or otherwise
change, in any respect, its Organizational Documents;

 

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(ii) authorize for issuance,
issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of its equity securities or any options,
warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity securities, or other securities, including
any securities convertible into or exchangeable for any of its shares or other equity securities or securities of any class and any other
equity-based awards, or engage in any hedging transaction with a third Person with respect to such securities;

 

(iii) split, combine, recapitalize
or reclassify any of its shares or other equity interests or issue any other securities in respect thereof or pay or set aside any dividend
or other distribution (whether in cash, equity or property or any combination thereof) in respect of its equity interests, or directly
or indirectly redeem, purchase or otherwise acquire or offer to acquire any of its securities;

 

(iv) incur, create, assume,
prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise), outside the ordinary course of business,
in excess of $100,000 (individually or in the aggregate), make a loan or advance to or investment in any third party, or guarantee or
endorse any Indebtedness, Liability or obligation of any Person;

 

(v) increase the wages, salaries
or compensation of any of its executive officers, or, in the case of employees other than executive officers, increase the wages, salaries
or compensation of any of such employees other than in the ordinary course of business, consistent with past practice, and in any event
not in the aggregate by more than five percent (5%), or make or commit to make any bonus payment (whether in cash, property or securities)
to any employee, or materially increase other benefits of employees generally, or enter into, establish, materially amend or terminate
any Company Benefit Plan with, for or in respect of any current consultant, officer, manager director or employee, in each case other
than as required by applicable Law, pursuant to the terms of any Company Benefit Plans or in the ordinary course of business consistent
with past practice;

 

(vi) make or rescind any material
election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration, investigation, audit or controversy relating
to Taxes, file any amended Tax Return or claim for refund, or make any material change in its accounting or Tax policies or procedures,
in each case except as required by applicable Law or in compliance with GAAP;

 

(vii) transfer or license
to any Person or otherwise extend, materially amend or modify, permit to lapse or fail to preserve any of the Company Registered IP, Company
Licensed IP or other Company IP, or disclose to any Person who has not entered into a confidentiality agreement any Trade Secrets;

 

(viii) terminate, or waive
or assign any material right under, any Company Material Contract outside of the ordinary course of business or enter into any Contract
(A) involving amounts reasonably expected to exceed $100,000 per year or $250,000 in the aggregate, (B) that would be a Company Material
Contract or (C) with a term longer than one year that cannot be terminated without payment of a material penalty and upon notice of sixty
(60) days or less;

 

(ix) fail to maintain its
books, accounts and records in all material respects in the ordinary course of business consistent with past practice;

 

(x) establish any Subsidiary
or enter into any new line of business;

 

(xi) fail to use commercially
reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance coverage with respect to
its assets, operations and activities in such amount and scope of coverage as are currently in effect;

 

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(xii) revalue any of its material
assets or make any change in accounting methods, principles or practices, except to the extent required to comply with GAAP and after
consulting with the Company’s outside auditors;

 

(xiii) waive, release, assign,
settle or compromise any claim, action or proceeding (including any suit, action, claim, proceeding or investigation relating to this
Agreement or the transactions contemplated hereby), other than waivers, releases, assignments, settlements or compromises that involve
only the payment of monetary damages (and not the imposition of equitable relief on, or the admission of wrongdoing by, the Company or
its Affiliates) not in excess of $100,000 (individually or in the aggregate), or otherwise pay, discharge or satisfy any Actions, Liabilities
or obligations, unless such amount has been reserved in the Company Financials;

 

(xiv) close or materially
reduce its activities, or effect any layoff or other personnel reduction or change, at any of its facilities;

 

(xv) acquire, including by
merger, consolidation, acquisition of stock or assets, or any other form of business combination, any corporation, partnership, limited
liability company, other business organization or any division thereof, or any material amount of assets outside the ordinary course of
business consistent with past practice;

 

(xvi) make capital expenditures
in excess of $100,000 (individually for any project (or set of related projects) or $250,000 in the aggregate);

 

(xvii) adopt a plan of complete
or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization;

 

(xviii) voluntarily incur
any Liability or obligation (whether absolute, accrued, contingent or otherwise) in excess of $100,000 individually or $250,000 in the
aggregate other than pursuant to the terms of a Company Material Contract or Company Benefit Plan;

 

(xix) sell, lease, license,
transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise dispose of any material
portion of its properties, assets or rights;

 

(xx) enter into any agreement,
understanding or arrangement with respect to the voting of equity securities of the Company;

 

(xxi) take any action that
would reasonably be expected to significantly delay or impair the obtaining of any consents or approvals of any Governmental Authority
to be obtained in connection with this Agreement;

 

(xxii) enter into, amend,
waive or terminate (other than terminations in accordance with their terms) any transaction with any Related Person (other than compensation
and benefits and advancement of expenses, in each case, provided in the ordinary course of business consistent with past practice);

 

(xxiii) make any payments
or transfer any assets to any affiliates; or

 

(xxiv) authorize or agree
to do any of the foregoing actions.

 

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6.3 Conduct of Business
of the Parent.

 

(a) Except as contemplated by
the terms of this Agreement during the Interim Period, without the prior written consent of the Company (such consent not to be unreasonably
withheld, conditioned or delayed), the Parent shall not:

 

(i) amend, waive or otherwise
change, in any respect, its Organizational Documents;

 

(ii) except as contemplated
herein, authorize for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of its
equity securities or any options, warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity securities,
or other securities, including any securities convertible into or exchangeable for any of its equity securities or other security interests
of any class and any other equity-based awards, or engage in any hedging transaction with a third Person with respect to such securities;

 

(iii) split, combine, recapitalize
or reclassify any of its shares or other equity interests or issue any other securities in respect thereof or pay or set aside any dividend
or other distribution (whether in cash, equity or property or any combination thereof) in respect of its shares or other equity interests,
or directly or indirectly redeem, purchase or otherwise acquire or offer to acquire any of its securities;

 

(iv) incur, create, assume,
prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise) in excess of $100,000 (individually or in
the aggregate), make a loan or advance to or investment in any third party, or guarantee or endorse any Indebtedness, Liability or obligation
of any Person;

 

(v) make or rescind any material
election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration, investigation, audit or controversy relating
to Taxes, file any amended Tax Return or claim for refund, or make any material change in its accounting or Tax policies or procedures,
in each case except as required by applicable Law or in compliance with GAAP;

 

(vi) terminate, waive or assign
any material right under any material agreement to which it is a party;

 

(vii) [Intentionally Omitted]

 

(viii) [Intentionally Omitted]

 

(ix) fail to use commercially
reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance coverage with respect to
its assets, operations and activities in such amount and scope of coverage as are currently in effect;

 

(x) revalue any of its material
assets or make any change in accounting methods, principles or practices, except to the extent required to comply with GAAP and after
consulting the Parent’s outside auditors;

 

(xi) waive, release, assign,
settle or compromise any claim, action or proceeding (including any suit, action, claim, proceeding or investigation relating to this
Agreement or the transactions contemplated hereby), other than waivers, releases, assignments, settlements or compromises that involve
only the payment of monetary damages (and not the imposition of equitable relief on, or the admission of wrongdoing by, the Parent) not
in excess of $100,000 (individually or in the aggregate), or otherwise pay, discharge or satisfy any Actions, Liabilities or obligations,
unless such amount has been reserved in the Parent Financials;

 

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(xii) acquire, including by
merger, consolidation, acquisition of stock or assets, or any other form of business combination, any corporation, partnership, limited
liability company, other business organization or any division thereof, or any material amount of assets outside the ordinary course of
business;

 

(xiii) make capital expenditures
in excess of $100,000 individually for any project (or set of related projects) or $250,000 in the aggregate;

 

(xiv) adopt a plan of complete
or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization;

 

(xv) voluntarily incur any
Liability or obligation (whether absolute, accrued, contingent or otherwise) in excess of $100,000 individually or $250,000 in the aggregate
other than pursuant to the terms of a material Contract in existence as of the date of this Agreement or entered into in the ordinary
course of business or in accordance with the terms of this Section 6.3 during the Interim Period;

 

(xvi) sell, lease, license,
transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise dispose of any material
portion of its properties, assets or rights;

 

(xvii) enter into any agreement,
understanding or arrangement with respect to the voting of the Parent Shares;

 

(xviii) take any action that
would reasonably be expected to significantly delay or impair the obtaining of any consents or approvals of any Governmental Authority
to be obtained in connection with this Agreement; or

 

(xix) authorize or agree to
do any of the foregoing actions.

 

6.4 Annual and Interim
Financial Statements. From the date hereof through the Closing Date, within thirty (30) calendar days following the end of each three-month
quarterly period and each fiscal year, the Company shall deliver to the Parent an unaudited consolidated income statement and an unaudited
consolidated balance sheet for the period from the Interim Balance Sheet Date through the end of such quarterly period or fiscal year
and the applicable comparative period in the preceding fiscal year, in each case accompanied by a certificate of the Chief Financial Officer
of the Company to the effect that all such financial statements fairly present the consolidated financial position and results of operations
of the Target Companies as of the date or for the periods indicated, in accordance with GAAP, subject to year-end audit adjustments and
excluding footnotes. From the date hereof through the Closing Date, the Company will also promptly deliver to the Parent copies of any
audited consolidated financial statements of the Company and its Subsidiaries that the Company’s certified public accountants may
issue.

 

6.5 Parent Public Filings.
During the Interim Period, the Parent will keep current and timely file all of its public filings with the SEC and otherwise comply in
all material respects with applicable securities Laws and shall use its commercially reasonable efforts to maintain the listing of the
Parent Shares on NYSE.

 

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6.6 No Solicitation.

 

(a) For purposes of this Agreement,
(i) an “Acquisition Proposal” means any inquiry, proposal or offer, or any indication of interest in making
an offer or proposal, from any Person or group at any time relating to an Alternative Transaction, and (ii) an “Alternative
Transaction” means with respect to (A) the Company, the Sellers and their respective Affiliates and (B) the Parent and its
Affiliates, a transaction (other than the transactions contemplated by this Agreement) concerning the sale of (x) all or any material
part of the business or assets of any Target Companies or the Parent or (y) any of the shares or other equity interests or profits of
any Target Companies or the Parent, in any case, whether such transaction takes the form of a sale of shares or other equity, assets,
merger, consolidation, issuance of debt securities, management Contract, joint venture or partnership, or otherwise.

 

(b) During the Interim Period,
in order to induce the other Parties to continue to commit to expend management time and financial resources in furtherance of the transactions
contemplated hereby, each Party shall not, and shall cause its Representatives to not, without the prior written consent of the Company
and the Parent, directly or indirectly, (i) solicit, assist, initiate or facilitate the making, submission or announcement of, or intentionally
encourage, any Acquisition Proposal, (ii) furnish any non-public information regarding such Party or its Affiliates (or, with respect
to any Seller, any Target Company) or their respective businesses, operations, assets, Liabilities, financial condition, prospects or
employees to any Person or group (other than a Party to this Agreement or their respective Representatives) in connection with or in response
to an Acquisition Proposal, (iii) engage or participate in discussions or negotiations with any Person or group with respect to,
or that could be expected to lead to, an Acquisition Proposal, (iv) approve, endorse or recommend, or publicly propose to approve, endorse
or recommend, any Acquisition Proposal, (v) negotiate or enter into any letter of intent, agreement in principle, acquisition agreement
or other similar agreement related to any Acquisition Proposal, or (vi) release any third Person from, or waive any provision of, any
confidentiality agreement to which such Party is a party.

 

(c) Each Party shall notify
the others as promptly as practicable (and in any event within 48 hours) orally and in writing of the receipt by such Party or any of
its Representatives of (i) any bona fide inquiries, proposals or offers, requests for information or requests for discussions or negotiations
regarding or constituting any Acquisition Proposal or any bona fide inquiries, proposals or offers, requests for information or requests
for discussions or negotiations that could be expected to result in an Acquisition Proposal, and (ii) any request for non-public
information relating to such Party or its Affiliates (or with respect to any Seller, any Target Company), specifying in each case, the
material terms and conditions thereof (including a copy thereof if in writing or a written summary thereof if oral) and the identity of
the party making such inquiry, proposal, offer or request for information. Each Party shall keep the others promptly informed of the status
of any such inquiries, proposals, offers or requests for information. During the Interim Period, each Party shall, and shall cause its
Representatives to, immediately cease and cause to be terminated any solicitations, discussions or negotiations with any Person with respect
to any Acquisition Proposal and shall, and shall direct its Representatives to, cease and terminate any such solicitations, discussions
or negotiations.

 

6.7 No Trading. The
Company and the Sellers each acknowledge and agree that it is aware, and that their respective Affiliates are aware (and each of their
respective Representatives is aware or, upon receipt of any material nonpublic information of the Parent, will be advised) of the restrictions
imposed by the Federal Securities Laws and other applicable foreign and domestic Laws on a Person possessing material nonpublic information
about a publicly traded company. The Company and the Sellers each hereby agree that, while any of them are in possession of such material
nonpublic information, it shall not purchase or sell any securities of the Parent (other than acquire the Exchange Shares in accordance
with Article I), communicate such information to any third party, take any other action with respect to the Parent in violation of such
Laws, or cause or encourage any third party to do any of the foregoing.

 

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6.8 Notification of Certain
Matters. During the Interim Period, each of the Parties shall give prompt notice to the other Parties if such Party or its Affiliates
(or, with respect to the Company, any Seller): (a) fails to comply with or satisfy any covenant, condition or agreement to be complied
with or satisfied by it or its Affiliates (or, with respect to the Company, any Seller) hereunder in any material respect; (b) receives
any notice or other communication in writing from any third party (including any Governmental Authority) alleging (i) that the Consent
of such third party is or may be required in connection with the transactions contemplated by this Agreement or (ii) any non-compliance
with any Law by such Party or its Affiliates (or, with respect to the Company, any Seller); (c) receives any notice or other communication
from any Governmental Authority in connection with the transactions contemplated by this Agreement; (d) discovers any fact or circumstance
that, or becomes aware of the occurrence or non-occurrence of any event the occurrence or non-occurrence of which, would reasonably be
expected to cause or result in any of the conditions set forth in Article VIII to not being satisfied or the satisfaction of those
conditions being materially delayed; or (e) becomes aware of the commencement or threat, in writing, of any Action against such Party
or any of its Affiliates (or, with respect to the Company, any Seller), or any of their respective properties or assets, or, to the Knowledge
of such Party, any officer, director, partner, member or manager, in his, her or its capacity as such, of such Party or of its Affiliates
(or, with respect to the Company, any Seller) with respect to the consummation of the transactions contemplated by this Agreement. No
such notice shall constitute an acknowledgement or admission by the Party providing the notice regarding whether or not any of the conditions
to the Closing have been satisfied or in determining whether or not any of the representations, warranties or covenants contained in this
Agreement have been breached.

 

6.9 Efforts.

 

(a) Subject to the terms and
conditions of this Agreement, each Party shall use its commercially reasonable efforts, and shall cooperate fully with the other Parties,
to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable
Laws and regulations to consummate the transactions contemplated by this Agreement (including the receipt of all applicable consents of
Governmental Authorities) and to comply as promptly as practicable with all requirements of Governmental Authorities applicable to the
transactions contemplated by this Agreement.

 

(b) Prior to the Closing, each
Party shall use its commercially reasonable efforts to obtain any Consents of Governmental Authorities or other third Persons as may be
necessary for the consummation by such Party or its Affiliates of the transactions contemplated by this Agreement or required as a result
of the execution or performance of, or consummation of the transactions contemplated by, this Agreement by such Party or its Affiliates,
and the other Parties shall provide reasonable cooperation in connection with such efforts.

 

(c) Notwithstanding anything
herein to the contrary, no Party shall be required to agree to any term, condition or modification with respect to obtaining any Consents
in connection with the transactions contemplated by this Agreement that would result in, or would be reasonably likely to result in: (i)
a Material Adverse Effect to such Party or its Affiliates, or (ii) such Party having to cease, sell or otherwise dispose of any material
assets or businesses (including the requirement that any such assets or business be held separate).

 

6.10 Further Assurances.
The Parties hereto shall further cooperate with each other and use their respective commercially reasonable efforts to take or cause to
be taken all actions, and do or cause to be done all things, necessary, proper or advisable on their part under this Agreement and applicable
Laws to consummate the transactions contemplated by this Agreement as soon as practicable, including preparing and filing as soon as practicable
all documentation to effect all necessary notices, reports and other filings.

 

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6.11 [Intentionally Omitted]

 

6.12 Public Announcements.
The Parties agree that no public release, filing or announcement concerning this Agreement or the Ancillary Documents or the transactions
contemplated hereby or thereby shall be issued by any Party or any of their Affiliates without the prior written consent of the Parent
and the Company (which consent shall not be unreasonably withheld, conditioned or delayed), except as such release or announcement may
be required by applicable Law or the rules or regulations of any securities exchange, in which case the applicable Party shall use commercially
reasonable efforts to allow the other Parties reasonable time to comment on, and arrange for any required filing with respect to, such
release or announcement in advance of such issuance.

 

6.13 Confidential Information.

 

(a) The Company (prior to the
Closing) and each Seller hereby agree that they shall, and shall cause their respective Representatives to: (i) treat and hold in strict
confidence any Parent Confidential Information, and will not use it for any purpose (except in connection with the consummation of the
transactions contemplated by this Agreement or the Ancillary Documents, performing their obligations hereunder or thereunder, enforcing
their rights hereunder or thereunder, or in furtherance of their authorized duties on behalf of the Parent or its Subsidiaries), nor directly
or indirectly disclose, distribute, publish, disseminate or otherwise make available to any third party any of the Parent Confidential
Information without the Parent’s prior written consent; and (ii) in the event that the Company (prior to the Closing), any Seller
or any of the respective Representatives becomes legally compelled to disclose any Parent Confidential Information, (A) provide the Parent
with prompt written notice of such requirement so that the Parent or an Affiliate thereof may seek a protective order or other remedy
or waive compliance with this Section 6.13(a), and (B) in the event that such protective order or other remedy is not obtained,
or the Parent waives compliance with this Section 6.13(a), furnish only that portion of such Parent Confidential Information which
is legally required to be provided as advised in writing by outside counsel and to exercise its commercially reasonable efforts to obtain
assurances that confidential treatment will be accorded such Parent Confidential Information. In the event that this Agreement is terminated
and the transactions contemplated hereby are not consummated, the Company and the Sellers shall, and shall cause their respective Representatives
to, promptly deliver to the Parent any and all copies (in whatever form or medium) of Parent Confidential Information and destroy all
notes, memoranda, summaries, analyses, compilations and other writings related thereto or based thereon.

 

(b) Each of the Purchaser and
the Parent hereby agrees that during the Interim Period and, in the event this Agreement is terminated in accordance with Article IX,
for a period of two (2) years after such termination, it shall, and shall cause its Representatives to: (i) treat and hold in strict confidence
any Company Confidential Information, and will not use for any purpose (except in connection with the consummation of the transactions
contemplated by this Agreement or the Ancillary Documents, performing its obligations hereunder or thereunder or enforcing its rights
hereunder or thereunder), nor directly or indirectly disclose, distribute, publish, disseminate or otherwise make available to any third
party any of the Company Confidential Information without the Company’s prior written consent; and (ii) in the event that the Purchaser,
the Parent or any of their Representatives becomes legally compelled to disclose any Company Confidential Information, (A) provide the
Company with prompt written notice of such requirement so that the Company, any Seller or an Affiliate of any of them may seek a protective
order or other remedy or waive compliance with this Section 6.13(b), and (B) in the event that such protective order or other remedy
is not obtained, or the Company waives compliance with this Section 6.13(b), furnish only that portion of such Company Confidential
Information which is legally required to be provided as advised in writing by outside counsel and to exercise its commercially reasonable
efforts to obtain assurances that confidential treatment will be accorded such Company Confidential Information. In the event that this
Agreement is terminated and the transactions contemplated hereby are not consummated, the Purchaser and the Parent shall, and shall cause
their Representatives to, promptly deliver to the Company any and all copies (in whatever form or medium) of Company Confidential Information
and destroy all notes, memoranda, summaries, analyses, compilations and other writings related thereto or based thereon. Notwithstanding
the foregoing, the Purchaser, the Parent and their Representatives shall be permitted to disclose any and all Company Confidential Information
to the extent required by the Federal Securities Laws.

 

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6.14 Litigation Support.
Following the Closing, in the event that and for so long as any Party is actively contesting or defending against any third party or Governmental
Authority Action in connection with any fact, situation, circumstance, status, condition, activity, practice, plan, occurrence, event,
incident, action, failure to act or transaction that existing on or prior to the Closing Date involving the Purchaser, the Parent or any
Target Company, each of the other Parties will (i) reasonably cooperate with the contesting or defending party and its counsel in the
contest or defense, (ii) make available its personnel at reasonable times and upon reasonable notice and (iii) provide (A) such testimony
and (B) access to its non-privileged books and records as may be reasonably requested in connection with the contest or defense, at the
sole cost and expense of the contesting or defending party.

 

6.15 Documents and Information.
After the Closing Date, the Parent, the Purchaser and the Target Companies shall, and shall cause their respective Subsidiaries to, until
the seventh (7th) anniversary of the Closing Date, retain all books, records and other documents pertaining to the business
of the Target Companies in existence on the Closing Date.

 

6.16 [Intentionally Omitted.]

 

6.17 Supplemental Disclosure
Schedules.

 

(a) During the Interim Period,
each of the Company and each Seller shall have the right, by providing one or more written supplemental disclosure schedules (“Supplemental
Disclosure Schedules”) to the others, to update its disclosure schedules: (a) to reflect changes in the ordinary course
of business first existing or occurring after the date of this Agreement, which if existing or occurring on or prior to the date of this
Agreement, would have been required to be set forth on such schedules, and (b) which updates do not result from any breach of a covenant
made by such disclosing Party or its Affiliates in this Agreement. Other than any updates permitted by the prior sentence, no Supplemental
Disclosure Schedule shall affect any of the conditions to the Parties’ respective obligations under the Agreement (including for
purposes of determining satisfaction or waiver of the conditions set forth in Article VIII), or any other remedy available to the
Parties arising from a representation or warranty that was or would be inaccurate, or a warranty that would be breached, without qualification
by the update.

 

(b) For the purposes of the
Company Disclosure Schedules, any information, item or other disclosure set forth in any part of such disclosure schedules (or, to the
extent applicable, any Supplemental Disclosure Schedule) shall be deemed to have been set forth in all other applicable parts of such
disclosure schedules (or, to the extent applicable, Supplemental Disclosure Schedules) to the extent that the applicability of such disclosure
to such other parts is reasonably apparent on the face of such disclosure. Inclusion of information in any disclosure schedule or Supplemental
Disclosure Schedule shall not be construed as an admission by such party that such information is material to the business, properties,
financial condition or results of operations of, as applicable, the Company, any Seller or their respective Affiliates. Matters reflected
in any disclosure schedule or Supplemental Disclosure Schedule is not necessarily limited to matters required by this Agreement to be
reflected therein and the inclusion of such matters shall not be deemed an admission that such matters were required to be reflected in
such disclosure schedule or Supplemental Disclosure Schedule. Such additional matters are set forth for informational purposes only and
do not necessarily include other matters of a similar nature.

 

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6.18 SOX 404(b) Compliance.
From and after the Closing, the Sellers agree to engage the Parent’s audit firm to complete an attestation, to the extent required
pursuant to Section 404(b) of SOX and Item 308(b) of Regulation S-K, of the Parent’s internal control over financial reporting effective
no later than December 31, 2021, or such earlier date as is required by SEC rules or other applicable Law, with such audit firm’s
attestation report to be included in the Parent’s applicable annual report, if required by SEC rules or other applicable Law.

 

Article
VII 

SURVIVAL 

 

7.1 Survival.

 

(a) All representations and
warranties of the Company and the Sellers contained in this Agreement (including all schedules and exhibits hereto and all certificates,
documents, instruments and undertakings furnished pursuant to this Agreement) shall survive the Closing through and until the second (2nd)
anniversary of the Closing Date; provided, however, that (a) the representations and warranties contained in Sections
4.14 (Taxes and Returns), 4.19 (Benefit Plans), 4.20 (Environmental Matters), 4.30 (Information Supplied) and
5.10 (Information Supplied) shall survive until sixty (60) days after the expiration of the applicable statute of limitations,
and (b) the representations and warranties contained in Sections 4.1 (Due Organization and Good Standing), 4.2 (Authorization;
Binding Agreement), 4.3 (Capitalization), 4.4 (Subsidiaries), 4.27 (Finders and Investment Bankers), 4.28
(Independent Investigation), 5.1 (Due Organization and Good Standing), 5.2 (Authorization; Binding Agreement), 5.3
(Ownership), 5.8 (Finders and Investment Bankers) and 5.9 (Independent Investigation) will survive indefinitely. Additionally,
Fraud Claims against the Company or the Sellers shall survive indefinitely. If written notice of a claim for breach of any representation
or warranty has been given before the applicable date when such representation or warranty no longer survives in accordance with this
Section 7.1(a), then the relevant representations and warranties shall survive as to such claim, until the claim has been finally
resolved. All covenants, obligations and agreements of the Company and the Sellers contained in this Agreement (including all schedules
and exhibits hereto and all certificates, documents, instruments and undertakings furnished pursuant to this Agreement) shall survive
the Closing and continue until fully performed in accordance with their terms.

 

(b) The representations and
warranties of the Purchaser and the Parent contained in this Agreement or in any certificate or instrument delivered pursuant to this
Agreement shall not survive the Closing, and from and after the Closing, each of the Purchaser and the Parent and their Representatives
shall not have any further obligations, nor shall any claim be asserted or action be brought against the Purchaser, the Parent or their
Representatives with respect thereto. The covenants and agreements made by the Purchaser or the Parent in this Agreement or in any certificate
or instrument delivered pursuant to this Agreement, including any rights arising out of any breach of such covenants or agreements, shall
not survive the Closing, except for those covenants and agreements contained herein and therein that by their terms apply or are to be
performed in whole or in part after the Closing.

 

7.2 Indemnification by
the Sellers. Subject to the terms and conditions of this Article VII, from and after the Closing, the Sellers and their respective
successors and assigns (the “Indemnifying Parties”) will jointly and severally indemnify, defend and hold harmless
the Purchaser, the Parent and their Affiliates and their respective officers, directors, managers, employees, successors and permitted
assigns (the “Indemnified Parties”) from and against any and all losses, Actions, Orders, Liabilities, damages
(including consequential damages), diminution in value, Taxes, interest, penalties, Liens, amounts paid in settlement, costs and expenses
(including reasonable expenses of investigation and court costs and reasonable attorneys’ fees and expenses), (any of the foregoing,
a “Loss”) paid, suffered or incurred by, or imposed upon, any Indemnified Party to the extent arising in whole
or in part out of or resulting directly or indirectly from (whether or not involving a Third Party Claim): (i) the breach of any representation
or warranty made by the Company or any Seller set forth in this Agreement or in any certificate delivered by the Company or any Seller
pursuant to this Agreement; (ii) the breach of any covenant or agreement on the part of any Seller or the Company set forth in this Agreement
or in any certificate delivered by the Company or any Seller pursuant to this Agreement; (iii) any Action by Person(s) who were holders
of equity securities of a Target Company, including options, warrants, convertible debt or other convertible securities or other rights
to acquire equity securities of a Target Company, prior to the Closing arising out of the sale, purchase, termination, cancellation, expiration,
redemption or conversion of any such securities; or (iv) any Fraud Claims.

 

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7.3 General Indemnification
Provisions.

 

(a) Solely for purposes
of determining the amount of Losses under this Section 7.3 (and, for the avoidance of doubt, not for purposes of determining whether
there has been a breach giving rise to the indemnification claim), all of the representations, warranties and covenants set forth in this
Agreement (including the disclosure schedules hereto) or any Ancillary Document that are qualified by materiality, Material Adverse Effect
or words of similar import or effect will be deemed to have been made without any such qualification.

 

(b) No investigation
or knowledge by an Indemnified Party or its Representatives of a breach of a representation, warranty, covenant or agreement of an Indemnifying
Party shall affect the representations, warranties, covenants and agreements of the Indemnifying Party or the recourse available to the
Indemnified Parties under any provision of this Agreement, including this Section 7.3, with respect thereto.

 

(c) The amount of
any Losses suffered or incurred by any Indemnified Party shall be reduced by the amount of any insurance proceeds paid to the Indemnified
Party or any Affiliate thereof as a reimbursement with respect to such Losses (and no right of subrogation shall accrue to any insurer
hereunder, except to the extent that such waiver of subrogation would prejudice any applicable insurance coverage), net of the costs of
collection and the increases in insurance premiums resulting from such Loss or insurance payment.

 

7.4 Indemnification Procedures.

 

(a) The Parent shall have the
sole right to act on behalf of the Indemnified Parties with respect to any indemnification claims made pursuant to this Article VII,
including bringing and settling any claims hereunder and receiving any notices on behalf of the Indemnified Parties. The Sellers shall
have the sole right to act on behalf of the Indemnifying Parties with respect to any indemnification claims made pursuant to this Article
VII, including defending and settling any claims hereunder and receiving any notices on behalf of the Indemnifying Parties.

 

(b) In order to make a claim
for indemnification hereunder, the Parent on behalf of an Indemnified Party must provide written notice (a “Claim Notice”)
of such claim to the Sellers on behalf of the Indemnifying Parties, which Claim Notice shall include (i) a reasonable description of the
facts and circumstances which relate to the subject matter of such indemnification claim to the extent then known and (ii) the amount
of Losses suffered by the Indemnified Party in connection with the claim to the extent known or reasonably estimable (provided, that the
Parent may thereafter in good faith adjust the amount of Losses with respect to the claim by providing a revised Claim Notice to the Sellers).

 

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(c) In the case of any claim
for indemnification under this Article VII arising from a claim of a third party (including any Governmental Authority) (a “Third
Party Claim”), the Parent must give a Claim Notice with respect to such Third Party Claim to the Sellers promptly (but in
no event later than thirty (30) days) after the Indemnified Party’s receipt of notice of such Third Party Claim; provided,
that the failure to give such notice will not relieve the Indemnifying Party of its indemnification obligations except to the extent that
the defense of such Third Party Claim is materially and irrevocably prejudiced by the failure to give such notice. The Sellers will have
the right to defend and to direct the defense against any such Third Party Claim, at its expense and with counsel selected by the Sellers,
unless (i) the Sellers fail to acknowledge fully to the Parent the obligations of the Indemnifying Party to the Indemnified Party within
twenty (20) days after receiving notice of such Third Party Claim or contests, in whole or in part, their indemnification obligations
therefor or (ii) at any time while such Third Party Claim is pending, (A) there is a conflict of interest between the Sellers on behalf
of the Indemnifying Party and the Parent on behalf of the Indemnified Party in the conduct of such defense, (B) the applicable third party
alleges a Fraud Claim or (C) such claim is criminal in nature, could reasonably be expected to lead to criminal proceedings, or seeks
an injunction or other equitable relief against the Indemnified Party. If the Sellers on behalf of the Indemnifying Party elect, and are
entitled, to compromise or defend such Third Party Claim, they will within twenty (20) days (or sooner, if the nature of the Third Party
Claim so requires) notify the Parent of their intent to do so, and the Parent and the Indemnified Party will, at the request and expense
of the Sellers, cooperate in the defense of such Third Party Claim. If the Sellers on behalf of the Indemnifying Party elect not to, or
at any time are not entitled under this Section 7.4 to, compromise or defend such Third Party Claim, fail to notify the Parent
of their election as herein provided or refuse to acknowledge or contest their obligation to indemnify under this Agreement, the Parent
on behalf of the Indemnified Party may pay, compromise or defend such Third Party Claim. Notwithstanding anything to the contrary contained
herein, the Indemnifying Party will have no indemnification obligations with respect to any such Third Party Claim which is settled by
the Indemnified Party or the Parent without the prior written consent of the Sellers on behalf of the Indemnifying Party (which consent
will not be unreasonably withheld, delayed or conditioned); provided, however, that notwithstanding the foregoing, the Indemnified
Party will not be required to refrain from paying any Third Party Claim which has matured by a final, non-appealable Order, nor will it
be required to refrain from paying any Third Party Claim where the delay in paying such claim would result in the foreclosure of a Lien
upon any of the property or assets then held by the Indemnified Party or where any delay in payment would cause the Indemnified Party
material economic loss. The Sellers’ right on behalf of the Indemnifying Party to direct the defense will include the right to compromise
or enter into an agreement settling any Third Party Claim; provided, that no such compromise or settlement will obligate the Indemnified
Party to agree to any settlement that requires the taking or restriction of any action (including the payment of money and competition
restrictions) by the Indemnified Party other than the execution of a release for such Third Party Claim and/or agreeing to be subject
to customary confidentiality obligations in connection therewith, except with the prior written consent of the Parent on behalf of the
Indemnified Party (such consent to be withheld, conditioned or delayed only for a good faith reason). Notwithstanding the Sellers’
right on behalf of the Indemnifying Party to compromise or settle in accordance with the immediately preceding sentence, the Sellers on
behalf of the Indemnifying Party may not settle or compromise any Third Party Claim over the objection of the Parent on behalf of the
Indemnified Party; provided, however, that consent by the Parent on behalf of the Indemnified Party to settlement or compromise will not
be unreasonably withheld, delayed or conditioned. The Parent on behalf of the Indemnified Party will have the right to participate in
the defense of any Third Party Claim with counsel selected by it subject to the Sellers’ right on behalf of the Indemnifying Party
to direct the defense.

 

(d) With respect to any direct
indemnification claim that is not a Third Party Claim, the Sellers on behalf of the Indemnifying Party will have a period of thirty (30)
days after receipt of the Claim Notice to respond thereto. If the Sellers on behalf of the Indemnifying Party do not respond within such
thirty (30) days, the Sellers on behalf of the Indemnifying Party will be deemed to have accepted responsibility for the Losses set forth
in such Claim Notice subject to the limitations on indemnification set forth in this Article VII and will have no further right
to contest the validity of such Claim Notice. If the Sellers on behalf of the Indemnifying Party respond within such thirty (30) days
after the receipt of the Claim Notice and reject such claim in whole or in part, the Parent on behalf of the Indemnified Party will be
free to pursue such remedies as may be available under this Agreement (subject to Section 11.4), any Ancillary Documents or applicable
Law.

 

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Article
VIII

CLOSING CONDITIONS

 

8.1 Conditions to Each Party’s
Obligations. The obligations of each Party to consummate the transactions described herein shall be subject to the satisfaction or written
waiver (where permissible) by the Company, the Parent and the Purchaser of the following conditions:

 

(a) Requisite Regulatory
Approvals. All Consents required to be obtained from or made with any Governmental Authority in order to consummate the transactions
contemplated by this Agreement, shall have been obtained or made.

 

(b) Requisite Consents.
The Consents required to be obtained from or made with any third Person (other than a Governmental Authority) in order to consummate the
transactions contemplated by this Agreement as set forth in Schedule 8.1(c) shall have each been obtained or made.

 

(c) No Law. No Governmental
Authority shall have enacted, issued, promulgated, enforced or entered any Law (whether temporary, preliminary or permanent) or Order
that is then in effect and which has the effect of making the transactions or agreements contemplated by this Agreement illegal or which
otherwise prevents or prohibits consummation of the transactions contemplated by this Agreement.

 

(d) No Litigation. There
shall not be any pending Action brought by a third-party non-Affiliate to enjoin or otherwise restrict the consummation of the Closing.

 

8.2 Conditions to Obligations
of the Company and the Sellers. In addition to the conditions specified in Section 8.1, the obligations of the Company and
the Sellers to consummate the transactions contemplated by this Agreement are subject to the satisfaction or written waiver (by the Company)
of the following conditions:

 

(a) Representations and Warranties.
All of the representations and warranties of the Purchaser and the Parent set forth in this Agreement and in any certificate delivered
by the Purchaser or the Parent pursuant hereto shall be true and correct on and as of the date of this Agreement and on and as of the
Closing Date as if made on the Closing Date, except for (i) those representations and warranties that address matters only as of a particular
date (which representations and warranties shall have been accurate as of such date), and (ii) any failures to be true and correct that
do not materially and adversely affect the Purchaser’s or the Parent’s ability to consummate the transactions contemplated
hereby.

 

(b) Agreements and Covenants.
The Purchaser and the Parent shall have performed in all material respects all of the Purchaser’s and the Parent’s, respectively,
obligations and complied in all material respects with all of the Purchaser’s and Parent’s agreements and covenants under
this Agreement to be performed or complied with by the Purchaser or Parent on or prior to the Closing Date.

 

(c) No Material Adverse Effect.
No Material Adverse Effect shall have occurred with respect to the Purchaser or the Parent (excluding the Subsidiaries of the Purchaser
or the Parent (other than the Purchaser)) since the date of this Agreement.

 

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(d) Closing Deliveries.

 

(i) Officer Certificate.
The Parent shall have delivered to the Company a certificate, dated the Closing Date, signed by an executive officer of the Parent in
such capacity, certifying as to the satisfaction of the conditions specified in Sections 8.2(a), 8.2(b) and 8.2(c).

 

(ii) Secretary Certificate.
The Parent shall have delivered to the Company a certificate from its secretary certifying as to (A) copies of the Parent’s Organizational
Documents as in effect as of the Closing Date, (B) the resolutions of the Parent’s board of directors authorizing the execution,
delivery and performance of this Agreement and each of the Ancillary Documents to which it is a party or by which it is bound, and the
consummation of the transactions contemplated hereby and thereby and (C) the incumbency of officers authorized to execute this Agreement
or any Ancillary Document to which the Parent is or is required to be a party or otherwise bound.

 

(iii) Share Certificates
and Transfer Instruments. The Purchaser shall have received from Sellers share certificates representing the Purchased Shares (or
duly executed affidavits of lost stock certificates and indemnities in forms and substance reasonably acceptable to the Purchaser), together
with executed instruments of transfer in respect of the Purchased Shares in favor of the Purchaser (or its nominee) and in form reasonably
acceptable for transfer on the books of the Company.

 

(e) Effectiveness of Certain
Ancillary Documents.

 

Lock-Up Agreement. The
Lock-Up Agreement to be entered into by and among the Sellers and the Parent (the “Lock-Up Agreement”), the
form of which is attached as Exhibit B hereto, shall be duly executed and delivered and in full force and effect in accordance
with the terms thereof as of the Closing.

 

8.3 Conditions to Obligations
of the Purchaser and the Parent. In addition to the conditions specified in Section 8.1, the obligations of the Purchaser and
the Parent to consummate the transactions contemplated by this Agreement are subject to the satisfaction or written waiver (by the Purchaser
and the Parent, respectively) of the following conditions:

 

(a) Representations and Warranties.
All of the representations and warranties of the Company and the Sellers set forth in this Agreement and in any certificate delivered
by the Company or Sellers pursuant hereto shall be true and correct on and as of the date of this Agreement and on and as of the Closing
Date as if made on the Closing Date, except for (i) those representations and warranties that address matters only as of a particular
date (which representations and warranties shall have been accurate as of such date), and (ii) any failures to be true and correct that
(without giving effect to any qualifications or limitations as to materiality or Material Adverse Effect), individually or in the aggregate,
have not had and would not reasonably be expected to have a Material Adverse Effect on, or with respect to, any Target Company or adversely
affects the Company’s or Sellers’ ability to consummate the transactions contemplated hereby.

 

(b) Agreements and Covenants.
The Company and Sellers shall have performed in all material respects all of such Party’s obligations and complied in all material
respects with all of such Party’s agreements and covenants under this Agreement to be performed or complied with by it on or prior
to the Closing Date.

 

(c) No Material Adverse Effect.
No Material Adverse Effect shall have occurred with respect to any Target Company since the date of this Agreement.

 

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(d) Closing Deliveries.

 

(i) Officer Certificate.
The Purchaser and the Parent shall have received a certificate from the Company, dated as the Closing Date, signed by an executive officer
of the Company in such capacity, certifying as to the satisfaction of the conditions specified in Sections 8.3(a), 8.3(b)
and 8.3(c).

 

(ii) Seller Certificate.
The Purchaser and the Parent shall have received a certificate from each Seller, dated as of the Closing Date, signed by such Seller,
certifying as to the satisfaction of the conditions specified in Sections 8.3(a) and 8.3(b) with respect to such Seller.

 

(iii) Secretary Certificate.
The Company shall have delivered to the Purchaser and the Parent a certificate from its secretary certifying as to (A) copies of the
Company’s Organizational Documents as in effect as of the Closing Date, (B) the resolutions of the Company’s board of directors
and shareholders authorizing the execution, delivery and performance of this Agreement and each of the Ancillary Documents to which it
is a party or by which it is bound, and the consummation of the transactions contemplated hereby and thereby, and (C) the incumbency
of officers authorized to execute this Agreement or any Ancillary Document to which the Company is or is required to be a party or otherwise
bound.

 

(iv) Good Standing.
The Company shall have delivered to the Purchaser and the Parent good standing certificates (or similar documents applicable for such
jurisdictions) for each Target Company certified as of a date no later than five (5) days prior to the Closing Date from the proper Governmental
Authority of the Target Company’s jurisdiction of organization and from each other jurisdiction in which the Target Company is
qualified to conduct business as a foreign corporation or other entity as of the Closing, in each case to the extent that good standing
certificates or similar documents are generally available in such jurisdictions.

 

(v) Certified Charter.
The Company shall have delivered to the Purchaser and the Parent a copy of the Company Charter, as in effect as of the Closing, certified
by the appropriate Governmental Authority as of a date no more than ten (10) Business Days prior to the Closing Date.

 

(vi) [Intentionally Omitted]

 

(vii) [Intentionally Omitted]

 

(viii) Share Certificates
and Transfer Instruments. The Purchaser shall have received from Sellers share certificates representing the Purchased Shares (or
duly executed affidavits of lost stock certificates and indemnities in forms and substance reasonably acceptable to the Purchaser), together
with executed instruments of transfer in respect of the Purchased Shares in favor of the Purchaser (or its nominee) and in form reasonably
acceptable for transfer on the books of the Company.

 

(ix) Board Resolutions. The Purchaser and
the Parent shall have received duly executed written resolutions of the board of directors of the Company, in the agreed form, approving:
the transfer of the Purchased Shares to the Purchaser (or its nominee) at Closing; and the appointment of such persons as directors and/or
officers of the Company as the Parent may request prior to Closing.

 

(x) Effectiveness of Certain
Ancillary Documents. Each of the Non-Competition Agreements and the Lock-Up Agreement shall be duly executed and delivered and in
full force and effect in accordance with the terms thereof as of the Closing.

 

8.4 Frustration of Conditions.
Notwithstanding anything contained herein to the contrary, no Party may rely on the failure of any condition set forth in this Article
VIII to be satisfied if such failure was caused by the failure of such Party or its Affiliates (or with respect to the Company, any
Target Company or any Seller) to comply with or perform any of its covenants or obligations set forth in this Agreement.

 

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Article
IX 

TERMINATION AND EXPENSES

 

9.1 Termination. This
Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the Closing as follows:

 

(a) by mutual written consent
of the Purchaser, the Parent and the Company;

 

(b) by written notice by the
Purchaser, the Parent or the Company if any of the conditions to the Closing set forth in Article VIII have not been satisfied
or waived by the six (6) month anniversary of the date of this Agreement (the “Outside Date”); provided,
however, the right to terminate this Agreement under this Section 9.1(b) shall not be available to a Party if the breach
or violation by such Party or its Affiliates (or with respect to the Company, the Sellers) of any representation, warranty, covenant or
obligation under this Agreement was the cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;

 

(c) by written notice by either
the Purchaser, the Parent or the Company if a Governmental Authority of competent jurisdiction shall have issued an Order or taken any
other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement, and such Order
or other action has become final and non-appealable; provided, however, that the right to terminate this Agreement pursuant
to this Section 9.1(c) shall not be available to a Party if the failure by such Party or its Affiliates (or with respect to the
Company, the Sellers) to comply with any provision of this Agreement has been a substantial cause of, or substantially resulted in, such
action by such Governmental Authority;

 

(d) by written notice by the
Company, if (i) there has been a breach by the Purchaser or the Parent of any of its representations, warranties, covenants or agreements
contained in this Agreement, or if any representation or warranty of the Purchaser or the Parent shall have become untrue or inaccurate,
in any case, which would result in a failure of a condition set forth in Section 8.2(a) or Section 8.2(b) to be satisfied
(treating the Closing Date for such purposes as the date of this Agreement or, if later, the date of such breach), and (ii) the breach
or inaccuracy is incapable of being cured or is not cured within the earlier of (A) twenty (20) days after written notice of such breach
or inaccuracy is provided by the Company or (B) the Outside Date; provided, that the Company shall not have the right to terminate
this Agreement pursuant to this Section 9.1(d) if at such time the Company or any Seller is in material uncured breach of this
Agreement;

 

(e) by written notice by the
Purchaser or the Parent, if (i) there has been a breach by the Company or any Seller of any of their respective representations, warranties,
covenants or agreements contained in this Agreement, or if any representation or warranty of such Parties shall have become untrue or
inaccurate, in any case, which would result in a failure of a condition set forth in Section 8.3(a) or Section 8.3(b) to
be satisfied (treating the Closing Date for such purposes as the date of this Agreement or, if later, the date of such breach), and (ii)
the breach or inaccuracy is incapable of being cured or is not cured within the earlier of (A) twenty (20) days after written notice of
such breach or inaccuracy is provided by the Purchaser or the Parent or (B) the Outside Date; provided, that the Purchaser or Parent
shall not have the right to terminate this Agreement pursuant to this Section 9.1(e) if at such time the Purchaser or Parent is
in material uncured breach of this Agreement; or

 

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(f) by written notice by the
Purchaser or the Parent if there shall have been a Material Adverse Effect on the Target Companies following the date of this Agreement
which is uncured and continuing.

 

9.2 Effect of Termination.
This Agreement may only be terminated in the circumstances described in Section 9.1 and pursuant to a written notice delivered
by the applicable Party to the other applicable Parties, which sets forth the basis for such termination, including the provision of Section
9.1 under which such termination is made. In the event of the valid termination of this Agreement pursuant to Section 9.1,
this Agreement shall forthwith become void, and there shall be no Liability on the part of any Party or any of their respective Representatives,
and all rights and obligations of each Party shall cease, except: (i) Sections 6.11, 6.13, 9.3, 9.4,
Article XI and this Section 9.2 shall survive the termination of this Agreement, and (ii) nothing herein shall relieve any
Party from Liability for any willful breach of any representation, warranty, covenant or obligation under this Agreement or any Fraud
Claim against such Party, in either case, prior to termination of this Agreement (in each case of clauses (i) and (ii) above). Without
limiting the foregoing, and except as provided in Sections 9.3 and 9.4 and this Section 9.2, the Parties’ sole
right prior to the Closing with respect to any breach of any representation, warranty, covenant or other agreement contained in this Agreement
by another Party or with respect to the transactions contemplated by this Agreement shall be the right, if applicable, to terminate this
Agreement pursuant to Section 9.1.

 

9.3 Fees and Expenses.
Subject to Section 9.4, all Expenses incurred in connection with this Agreement and the transactions contemplated hereby shall
be paid by the Party incurring such expenses. As used in this Agreement, “Expenses” shall include all out-of-pocket
expenses (including all fees and expenses of counsel, accountants, investment bankers, financial advisors, financing sources, experts
and consultants to a Party hereto or any of its Affiliates) incurred by a Party or on its behalf in connection with or related to the
authorization, preparation, negotiation, execution or performance of this Agreement or any Ancillary Document related hereto and all other
matters related to the consummation of this Agreement.

 

9.4 Termination Fee.
Notwithstanding Section 9.3 above, in the event that there is a termination of this Agreement (a) by the Purchaser or the Parent
pursuant to Section 9.1(e) or Section 9.1(f) or (b) by the Company pursuant to Section 9.1(d), the breaching Party
shall pay to the other Party a termination fee equal to the Expenses actually incurred by or on behalf of such other Party or any of its
Affiliates in connection with the authorization, preparation, negotiation, execution or performance of this Agreement or the transactions
contemplated hereby, including any related SEC filings (the “Termination Fee”). The cap of the Termination Fee
shall be $300,000. The Termination Fee shall be paid by wire transfer of immediately available funds to an account designated in writing
by the Purchaser or the Company, respectively, within ten (10) Business Days after such Party delivers to the other Party the amount of
such Expenses, along with reasonable documentation in connection therewith. Notwithstanding anything to the contrary in this Agreement,
the Parties expressly acknowledge and agree that, with respect to any termination of this Agreement in circumstances where the Termination
Fee is payable, the payment of the Termination Fee shall, in light of the difficulty of accurately determining actual damages, constitute
liquidated damages with respect to any claim for damages or any other claim which any Party would otherwise be entitled to assert against
the other Party or its Affiliates or any of their respective assets, or against any of their respective directors, officers, employees
or shareholders with respect to this Agreement and the transactions contemplated hereby and shall constitute the sole and exclusive remedy
available to the Parties, provided, that the foregoing shall not limit the rights of any Party to seek specific performance or
other injunctive relief in lieu of terminating this Agreement.

 

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Article
X 

RELEASES 

 

10.1 Release and Covenant
Not to Sue. Effective as of the Closing, to the fullest extent permitted by applicable Law, each Seller, on behalf of itself and its
Affiliates and any Person that owns any share or other equity interest in or of such Seller (the “Releasing Persons”),
hereby releases and discharges the Target Companies from and against any and all Actions, obligations, agreements, debts and Liabilities
whatsoever, whether known or unknown, both at law and in equity, which such Releasing Person now has, has ever had or may hereafter have
against the Target Companies arising on or prior to the Closing Date or on account of or arising out of any matter occurring on or prior
to the Closing Date, including any rights to indemnification or reimbursement from a Target Company, whether pursuant to its Organizational
Documents, Contract or otherwise, and whether or not relating to claims pending on, or asserted after, the Closing Date. From and after
the Closing, each Releasing Person hereby irrevocably covenants to refrain from, directly or indirectly, asserting any Action, or commencing
or causing to be commenced, any Action of any kind against the Target Companies or their respective Affiliates, based upon any matter
purported to be released hereby. Notwithstanding anything herein to the contrary, the releases and restrictions set forth herein shall
not apply to any claims a Releasing Person may have against any party other than the Company pursuant to the terms and conditions of this
Agreement or any Ancillary Document.

 

Article
XI 

MISCELLANEOUS

 

11.1 Notices. All notices,
consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered (i)
in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business Day after being sent,
if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed, if sent by registered
or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following addresses (or at such
other address for a Party as shall be specified by like notice):

 

	
    If to the Company, to:

     

    Attention: Xin Cheng

     

    Xianning Xiangtian Energy Holdings Group Co., Ltd.

    Fuqiao Village, Henggouqiao Town, Xian’an District, Xianning City, Hubei Province, China

     

    Telephone No.: +86 (751) 871 9907

     

     

     
	
    If to Parent, to 

     

    Planet Green Holdings Corporation

     

    36-10 Union St. 2nd Floor

     

    Flushing, NY 11354

     

    Telephone No.: (718) 799 0380

     

    With copies to (which shall not constitute notice):

     

    Becker & Poliakoff LLP

    45 Broadway, 17th Floor

    New York, New York 10006

    Attention: Bill Huo

    Telephone No.: (212) 599-3322 Email:bhuo@beckerlawyers.com

     

 

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    If to the Seller, to:

     

    Attention: Xue Liang Zhang

     

    Xiangtian (Shenzhen) Aerodynamic Electricity Ltd.

     

    Floor 18, Donghu Tower, Aiguo Road, Luohu District

     

    Shenzhen, China

     

     

     

    If to the Registered Shareholders, to:

     

    Attention: Jian Zhou

     

    No. 467, Building 21, Huangjingling Road

     

    Lushuihu, Chibi City, Hubei Province, China

    
	
    If to Purchaser, to

     

    Hebei Bulaisi Technology Co., Ltd.

     

    36-10 Union St. 2nd Floor

     

    Flushing, NY 11354

     

    Telephone No.: (718) 799 0380

     

     

     

    With copies to (which shall not constitute notice):

     

    Becker & Poliakoff LLP

    45 Broadway, 17th Floor

    New York, New York 10006

    Attention: Bill Huo

    Telephone No.: (212) 599-3322 Email:bhuo@beckerlawyers.com

     

 

11.2 Binding Effect; Assignment.
This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties hereto and their respective
successors and permitted assigns. This Agreement shall not be assigned by operation of Law or otherwise without the prior written consent
of the Purchaser, the Parent and the Company, and any assignment without such consent shall be null and void; provided that no
such assignment shall relieve the assigning Party of its obligations hereunder.

 

11.3 Third Parties.
Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions contemplated
hereby shall create any rights in, or be deemed to have been executed for the benefit of, any Person that is not a Party hereto or thereto
or a successor or permitted assign of such a Party.

 

11.4 Arbitration. Any
and all disputes, controversies and claims (other than applications for a temporary restraining order, preliminary injunction, permanent
injunction or other equitable relief or application for enforcement of a resolution under this Section 11.4) arising out of, related
to, or in connection with this Agreement or the transactions contemplated hereby (a “Dispute”) shall be governed
by this Section 11.4. A party must, in the first instance, provide written notice of any Disputes to the other parties subject
to such Dispute, which notice must provide a reasonably detailed description of the matters subject to the Dispute. The parties involved
in such Dispute shall seek to resolve the Dispute on an amicable basis within ten (10) Business Days of the notice of such Dispute being
received by such other parties subject to such Dispute (the “Resolution Period”); provided, that if any
Dispute would reasonably be expected to have become moot or otherwise irrelevant if not decided within sixty (60) days after the occurrence
of such Dispute, then there shall be no Resolution Period with respect to such Dispute. Any Dispute that is not resolved during the Resolution
Period may immediately be referred to and finally resolved by arbitration pursuant to the then-existing Expedited Procedures of the Commercial
Arbitration Rules (the “AAA Procedures”) of the American Arbitration Association (the “AAA”).
Any party involved in such Dispute may submit the Dispute to the AAA to commence the proceedings after the Resolution Period. To the extent
that the AAA Procedures and this Agreement are in conflict, the terms of this Agreement shall control. The arbitration shall be conducted
by one arbitrator nominated by the AAA promptly (but in any event within five (5) Business Days) after the submission of the Dispute to
the AAA and reasonably acceptable to each party subject to the Dispute, which arbitrator shall be a commercial lawyer with substantial
experience arbitrating disputes under acquisition agreements. The arbitrator shall accept his or her appointment and begin the arbitration
process promptly (but in any event within five (5) Business Days) after his or her nomination and acceptance by the parties subject to
the Dispute. The proceedings shall be streamlined and efficient. The arbitrator shall decide the Dispute in accordance with the substantive
law of the state of New York. Time is of the essence. Each party shall submit a proposal for resolution of the Dispute to the arbitrator
within twenty (20) days after confirmation of the appointment of the arbitrator. The arbitrator shall have the power to order any party
to do, or to refrain from doing, anything consistent with this Agreement, the Ancillary Documents and applicable Law, including to perform
its contractual obligation(s); provided, that the arbitrator shall be limited to ordering pursuant to the foregoing power (and, for the
avoidance of doubt, shall order) the relevant party (or parties, as applicable) to comply with only one or the other of the proposals.
The arbitrator’s award shall be in writing and shall include a reasonable explanation of the arbitrator’s reason(s) for selecting
one or the other proposal. The seat of arbitration shall be in New York County, State of New York. The language of the arbitration shall
be English.

 

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11.5 Governing Law; Jurisdiction.
This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of New York without regard to the
conflict of laws principles thereof. Subject to Section 11.4, all Actions arising out of or relating to this Agreement shall be
heard and determined exclusively in any state or federal court located in New York, New York (or in any court in which appeal from such
courts may be taken) (the “Specified Courts”). Subject to Section 11.4, each Party hereto hereby (a) submits
to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought
by any Party hereto and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement
or the transactions contemplated hereby may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in any
Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law.
Each Party irrevocably consents to the service of the summons and complaint and any other process in any other action or proceeding relating
to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process
to such Party at the applicable address set forth in Section 11.1. Nothing in this Section 11.5 shall affect the right of
any Party to serve legal process in any other manner permitted by Law.

 

11.6
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 11.6.

 

11.7 Specific Performance.
Each Party acknowledges that the rights of each Party to consummate the transactions contemplated hereby are unique, recognizes and affirms
that in the event of a breach of this Agreement by any Party, money damages may be inadequate and the non-breaching Parties may have not
adequate remedy at law, and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not
performed by an applicable Party in accordance with their specific terms or were otherwise breached. Accordingly, each Party shall be
entitled to seek an injunction or restraining order to prevent breaches of this Agreement and to seek to enforce specifically the terms
and provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate,
this being in addition to any other right or remedy to which such Party may be entitled under this Agreement, at law or in equity.

 

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11.8 Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified
or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity,
legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity,
legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the Parties will substitute for any invalid, illegal or unenforceable provision
a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid,
illegal or unenforceable provision.

 

11.9 Amendment. This
Agreement may be amended, supplemented or modified only by execution of a written instrument signed by the Purchaser, the Parent and the
Company.

 

11.10 Waiver. The Parent
on behalf of itself and its Affiliates, on the one hand, and the Company on behalf of itself and its Affiliates, may in its sole discretion
(i) extend the time for the performance of any obligation or other act of any other non-Affiliated Party hereto, (ii) waive any inaccuracy
in the representations and warranties by such other non-Affiliated Party contained herein or in any document delivered pursuant hereto
and (iii) waive compliance by such other non-Affiliated Party with any covenant or condition contained herein. Any such extension or waiver
shall be valid only if set forth in an instrument in writing signed by the Party or Parties to be bound thereby. Notwithstanding the foregoing,
no failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise of any other right hereunder.

 

11.11 Entire Agreement.
This Agreement and the documents or instruments referred to herein, including any exhibits and schedules attached hereto, which exhibits
and schedules are incorporated herein by reference, together with the Ancillary Documents, embody the entire agreement and understanding
of the Parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties,
covenants or undertakings, other than those expressly set forth or referred to herein or the documents or instruments referred to herein,
which collectively supersede all prior agreements and the understandings among the Parties with respect to the subject matter contained
herein.

 

11.12 Interpretation.
The table of contents and the Article and Section headings contained in this Agreement are solely for the purpose of reference, are not
part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement. In this Agreement,
unless the context otherwise requires: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter
forms, and words in the singular, including any defined terms, include the plural and vice versa; (b) reference to any Person includes
such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement, and
reference to a Person in a particular capacity excludes such Person in any other capacity; (c) any accounting term used and not otherwise
defined in this Agreement or any Ancillary Document has the meaning assigned to such term in accordance with GAAP; (d) “including”
(and with correlative meaning “include”) means including without limiting the generality of any description preceding or succeeding
such term and shall be deemed in each case to be followed by the words “without limitation”; (e) the words “herein,”
“hereto,” and “hereby” and other words of similar import in this Agreement shall be deemed in each case to refer
to this Agreement as a whole and not to any particular Section or other subdivision of this Agreement; (f) the word “if” and
other words of similar import when used herein shall be deemed in each case to be followed by the phrase “and only if”; (g)
the term “or” means “and/or”; (h) any reference to the term “ordinary course” or “ordinary course
of business” shall be deemed in each case to be followed by the words “consistent with past practice”; (i) any agreement,
instrument, insurance policy, Law or Order defined or referred to herein or in any agreement or instrument that is referred to herein
means such agreement, instrument, insurance policy, Law or Order as from time to time amended, modified or supplemented, including (in
the case of agreements or instruments) by waiver or consent and (in the case of statutes, regulations, rules or orders) by succession
of comparable successor statutes, regulations, rules or orders and references to all attachments thereto and instruments incorporated
therein; (j) except as otherwise indicated, all references in this Agreement to the words “Section,” “Article”,
“Schedule”, and “Exhibit” are intended to refer to Sections, Articles, Schedules and Exhibits to this Agreement;
and (k) the term “Dollars” or “$” means United States dollars. Any reference in this Agreement to a Person’s
directors shall include any member of such Person’s governing body and any reference in this Agreement to a Person’s officers
shall include any Person filling a substantially similar position for such Person. Any reference in this Agreement or any Ancillary Document
to a Person’s shareholders shall include any applicable owners of the equity interests of such Person, in whatever form, including
with respect to the Parent its shareholders under the NRS or its Organizational Documents. The Parties have participated jointly in the
negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any provision of this Agreement. To the extent that any Contract, document, certificate
or instrument is represented and warranted to by the Company to be given, delivered, provided or made available by the Company, in order
for such Contract, document, certificate or instrument to have been deemed to have been given, delivered, provided and made available
to the Parent or its Representatives, such Contract, document, certificate or instrument shall have been posted to the electronic data
site maintained on behalf of the Company for the benefit of the Parent and its Representatives and the Parent and its Representatives
have been given access to the electronic folders containing such information.

 

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11.13 Counterparts.
This Agreement may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts, and
by the different Parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which
taken together shall constitute one and the same agreement.

 

Article
XII 

DEFINITIONS 

 

12.1 Certain Definitions.
For purpose of this Agreement, the following capitalized terms have the following meanings:

 

“Action”
means any notice of noncompliance or violation, or any claim, demand, charge, action, suit, litigation, audit, settlement, complaint,
stipulation, assessment or arbitration, or any request (including any request for information), inquiry, hearing, proceeding or investigation,
by or before any Governmental Authority.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such
Person.

 

“Ancillary Documents”
means each agreement, instrument or document attached hereto as an Exhibit, including the Non-Competition Agreements and the Lock-Up Agreement
and the other agreements, certificates and instruments to be executed or delivered by any of the Parties in connection with or pursuant
to this Agreement.

 

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“Benefit Plans”
of any Person means any and all deferred compensation, executive compensation, incentive compensation, equity purchase or other equity-based
compensation plan, employment or consulting, severance or termination pay, holiday, vacation or other bonus plan or practice, hospitalization
or other medical, life or other insurance, supplemental unemployment benefits, profit sharing, pension, or retirement plan, program, agreement,
commitment or arrangement, and each other employee benefit plan, program, agreement or arrangement, including each “employee benefit
plan” as such term is defined under Section 3(3) of ERISA, maintained or contributed to or required to be contributed to by a Person
for the benefit of any employee or terminated employee of such Person, or with respect to which such Person has any Liability, whether
direct or indirect, actual or contingent, whether formal or informal, and whether legally binding or not.

 

“Business Day”
means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in New York, New York are authorized
to close for business.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute thereto, as amended. Reference to a specific section of
the Code shall include such section and any valid treasury regulation promulgated thereunder.

 

“Company Charter”
means the business license and bylaws of the Company, as amended and effective under applicable Laws.

 

“Company Confidential
Information” means all confidential or proprietary documents and information concerning the Target Companies or the Sellers
or any of their respective Representatives, furnished in connection with this Agreement or the transactions contemplated hereby; provided,
however, that Company Confidential Information shall not include any information which, (i) at the time of disclosure by the Purchaser,
the Parent or their Representatives, is generally available publicly and was not disclosed in breach of this Agreement or (ii) at the
time of the disclosure by the Company, the Sellers or their respective Representatives to the Purchaser, the Parent or their Representatives
was previously known by such receiving party without violation of Law or any confidentiality obligation by the Person receiving such Company
Confidential Information.

 

“Company Ordinary
Shares” means the shares of par value $1.00 each in the Company.

 

“Consent”
means any consent, approval, waiver, authorization or Permit of, or notice to or declaration or filing with any Governmental Authority
or any other Person.

 

“Contracts”
means all contracts, agreements, binding arrangements, bonds, notes, indentures, mortgages, debt instruments, purchase order, licenses
(and all other contracts, agreements or binding arrangements concerning Intellectual Property), franchises, leases and other instruments
or obligations of any kind, written or oral (including any amendments and other modifications thereto).

 

“Control”
of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting securities, by contract, or otherwise. “Controlled”, “Controlling”
and “under common Control with” have correlative meanings. Without limiting the foregoing a Person (the “Controlled
Person”) shall be deemed Controlled by (a) any other Person (the “10% Owner”) (i) owning beneficially,
as meant in Rule 13d-3 under the Exchange Act, securities entitling such Person to cast ten percent (10%) or more of the votes for election
of directors or equivalent governing authority of the Controlled Person or (ii) entitled to be allocated or receive ten percent (10%)
or more of the profits, losses, or distributions of the Controlled Person; (b) an officer, director, general partner, partner (other than
a limited partner), manager, or member (other than a member having no management authority that is not a 10% Owner) of the Controlled
Person; or (c) a spouse, parent, lineal descendant, sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law,
or brother-in-law of an Affiliate of the Controlled Person or a trust for the benefit of an Affiliate of the Controlled Person or of which
an Affiliate of the Controlled Person is a trustee.

 

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“Copyrights”
means any works of authorship, mask works and all copyrights therein, including all renewals and extensions, copyright registrations and
applications for registration and renewal, and non-registered copyrights.

 

“Environmental Law”
means any Law in any way relating to (a) the protection of human health and safety, (b) the protection, preservation or restoration of
the environment and natural resources (including air, water vapor, surface water, groundwater, drinking water supply, surface land, subsurface
land, plant and animal life or any other natural resource), or (c) the exposure to, or the use, storage, recycling, treatment, generation,
transportation, processing, handling, labeling, production, release or disposal of Hazardous Materials.

 

“Environmental Liabilities”
means, in respect of any Person, all Liabilities, obligations, responsibilities, Remedial Actions, Losses, damages, costs, and expenses
(including all reasonable fees, disbursements, and expenses of counsel, experts, and consultants and costs of investigation and feasibility
studies), fines, penalties, sanctions, and interest incurred as a result of any claim or demand by any other Person or in response to
any violation of Environmental Law, whether known or unknown, accrued or contingent, whether based in contract, tort, implied or express
warranty, strict liability, criminal or civil statute, to the extent based upon, related to, or arising under or pursuant to any Environmental
Law, Environmental Permit, Order, or Contract with any Governmental Authority or other Person, that relates to any environmental, health
or safety condition, violation of Environmental Law, or a Release or threatened Release of Hazardous Materials.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Foreign Plan”
means any plan, fund (including any superannuation fund) or other similar program or arrangement established or maintained outside the
United States by the Company or any one or more of its Subsidiaries primarily for the benefit of employees of the Company or such Subsidiaries
residing outside the United States, which plan, fund or other similar program or arrangement provides, or results in, retirement income,
a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject
to ERISA or the Code.

 

“Fraud Claim”
means any claim based in whole or in part upon fraud, willful misconduct or intentional misrepresentation.

 

“GAAP”
means generally accepted accounting principles as in effect in the United States of America.

 

“Governmental Authority”
means any federal, state, local, foreign or other governmental, quasi-governmental or administrative body, instrumentality, department
or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel
or body.

 

“Hazardous Material”
means any waste, gas, liquid or other substance or material that is defined, listed or designated as a “hazardous substance”,
“pollutant”, “contaminant”, “hazardous waste”, “regulated substance”, “hazardous
chemical”, or “toxic chemical” (or by any similar term) under any Environmental Law, or any other material regulated,
or that could result in the imposition of Liability or responsibility, under any Environmental Law, including petroleum and its by-products,
asbestos, polychlorinated biphenyls, radon, mold, and urea formaldehyde insulation.

 

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“Indebtedness”
of any Person means (a) all indebtedness of such Person for borrowed money (including the outstanding principal and accrued but unpaid
interest) or for the deferred purchase price of property or services, (b) any other indebtedness of such Person that is evidenced by a
note, bond, debenture, credit agreement or similar instrument, (c) all obligations of such Person under leases that should be classified
as capital leases in accordance with GAAP, (d) all obligations of such Person for the reimbursement of any obligor on any line or letter
of credit, banker’s acceptance, guarantee or similar credit transaction, in each case, that has been drawn or claimed against, (e)
all obligations of such Person in respect of acceptances issued or created, (f) all interest rate and currency swaps, caps, collars and
similar agreements or hedging devices under which payments are obligated to be made by such Person, whether periodically or upon the happening
of a contingency, (g) all obligations secured by an Lien on any property of such Person and (h) any premiums, prepayment fees or other
penalties, fees, costs or expenses associated with payment of any Indebtedness of such Person and (h) all obligation described in clauses
(a) through (g) above of any other Person which is directly or indirectly guaranteed by such Person or which such Person has agreed (contingently
or otherwise) to purchase or otherwise acquire or in respect of which it has otherwise assured a creditor against loss.

 

“Intellectual Property”
means all of the following as they exist in any jurisdiction throughout the world: Patents, Trademarks, Copyrights, Trade Secrets, Internet
Assets, Software and other intellectual property, and all licenses, sublicenses and other agreements or permissions related to the preceding
property.

 

“Internet Assets”
means any all domain name registrations, web sites and web pages and related rights, items and documentation related thereto.

 

“Knowledge”
means, with respect to (i) the Company, the actual knowledge of the executive officers or directors of any Target Company, including Bin
Zhou, after due inquiry or (ii) any other Party, the actual knowledge of its directors and executive officers, after due inquiry.

 

“Law”
means any federal, state, local, municipal, foreign or other law, statute, legislation, principle of common law, ordinance, code, edict,
decree, proclamation, treaty, convention, rule, regulation, directive, requirement, writ, injunction, settlement, Order or Consent that
is or has been issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into effect by or under the
authority of any Governmental Authority.

 

“Liabilities”
means any and all liabilities, Indebtedness, Actions or obligations of any nature (whether absolute, accrued, contingent or otherwise,
whether known or unknown, whether direct or indirect, whether matured or unmatured and whether due or to become due), including Tax liabilities
due or to become due.

 

“Lien”
means any mortgage, pledge, security interest, attachment, right of first refusal, option, proxy, voting trust, encumbrance, lien or charge
of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof), restriction (whether on
voting, sale, transfer, disposition or otherwise), any subordination arrangement in favor of another Person, any filing or agreement to
file a financing statement as debtor under the Uniform Commercial Code or any similar Law.

 

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“Material Adverse
Effect” means, with respect to any specified Person, any fact, event, occurrence, change or effect that has had, or would
reasonably be expected to have, individually or in the aggregate, a material adverse effect upon (a) the business, assets, Liabilities,
results of operations, prospects or condition (financial or otherwise) of such Person and its Subsidiaries, taken as a whole, or (b) the
ability of such Person or any of its Subsidiaries on a timely basis to consummate the transactions contemplated by this Agreement or the
Ancillary Documents to which it is a party or bound or to perform its obligations hereunder or thereunder; provided, however,
that any changes or effects directly or indirectly attributable to, resulting from, relating to or arising out of the following (by themselves
or when aggregated with any other, changes or effects) shall not be deemed to be, constitute, or be taken into account when determining
whether there has or may, would or could have occurred a Material Adverse Effect: (i) general changes in the financial or securities markets
or general economic or political conditions in the country or region in which such Person or any of its Subsidiaries do business; (ii)
changes, conditions or effects that generally affect the industries in which such Person or any of its Subsidiaries principally operate;
(iii) changes in GAAP or other applicable accounting principles or mandatory changes in the regulatory accounting requirements applicable
to any industry in which such Person and its Subsidiaries principally operate; (iv) conditions caused by acts of God, terrorism, war (whether
or not declared) or natural disaster; (v) any failure in and of itself by such Person and its Subsidiaries to meet any internal or published
budgets, projections, forecasts or predictions of financial performance for any period (provided that the underlying cause of any such
failure may be considered in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur to the
extent not excluded by another exception herein); provided further, however, that any event, occurrence, fact, condition,
or change referred to in clauses (i) - (iv) immediately above shall be taken into account in determining whether a Material Adverse Effect
has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition, or change has a disproportionate
effect on such Person or any of its Subsidiaries compared to other participants in the industries in which such Person or any of its Subsidiaries
primarily conducts its businesses.

 

“NRS”
means Nevada Revised Statutes, as amended.

 

“NYSE”
means the NYSE American exchange.

 

“Organizational
Documents” means, with respect to the Parent, the Parent Charter, and with respect to any other Party, its Certificate of
Incorporation and Bylaws or similar organizational documents, in each case, as amended.

 

“Order”
means any order, decree, ruling, judgment, injunction, writ, determination, binding decision, verdict, judicial award or other action
that is or has been made, entered, rendered, or otherwise put into effect by or under the authority of any Governmental Authority.

 

“Parent Charter”
means the articles of incorporation of the Parent, as amended and effective under the NRS.

 

“Parent Confidential
Information” means all confidential or proprietary documents and information concerning the Parent, its Subsidiaries or
any of its Representatives; provided, however, that Parent Confidential Information shall not include any information which,
(i) at the time of disclosure by the Company, Sellers or their respective Representatives, is generally available publicly and was not
disclosed in breach of this Agreement or (ii) at the time of the disclosure by the Parent or its Representatives to the Company, Sellers
or their respective Representatives was previously known by such receiving party without violation of Law or any confidentiality obligation
by the Person receiving such Parent Confidential Information. For the avoidance of doubt, from and after the Closing, Parent Confidential
Information will include the confidential or proprietary information of the Target Companies.

 

“Parent Shares”
means the shares of common stock, par value $0.001 per share, of the Parent.

 

    51

     

    

 

“Parent Share Price”
shall mean the average closing trade price of each Parent Share (or any successor equity security, including equity securities of a successor
entity issued in exchange for Parent Shares) as listed by NYSE (or any successor exchange or quotation system on which such shares are
listed or quoted) for the twenty (20) day trading period ending on the trading day immediately prior to the date of determination.

 

“Patents”
means any patents, patent applications and the inventions, designs and improvements described and claimed therein, patentable inventions,
and other patent rights (including any divisionals, provisionals, continuations, continuations-in-part, substitutions, or reissues thereof,
whether or not patents are issued on any such applications and whether or not any such applications are amended, modified, withdrawn,
or refiled).

 

“Permits”
means all federal, state, local or foreign or other third-party permits, grants, easements, consents, approvals, authorizations, exemptions,
licenses, franchises, concessions, ratifications, permissions, clearances, confirmations, endorsements, waivers, certifications, designations,
ratings, registrations, qualifications or orders of any Governmental Authority or any other Person.

 

“Permitted Liens”
means (a) Liens for Taxes or assessments and similar governmental charges or levies, which either are (i) not delinquent or (ii) being
contested in good faith and by appropriate proceedings, and adequate reserves have been established with respect thereto, (b) other Liens
imposed by operation of Law arising in the ordinary course of business for amounts which are not due and payable and as would not in the
aggregate materially adversely affect the value of, or materially adversely interfere with the use of, the property subject thereto, (c)
Liens incurred or deposits made in the ordinary course of business in connection with social security, (d) Liens on goods in transit incurred
pursuant to documentary letters of credit, in each case arising in the ordinary course of business, or (v) Liens arising under this Agreement
or any Ancillary Document.

 

“Person”
means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or political
subdivision thereof, or an agency or instrumentality thereof.

 

“Personal Property”
means any machinery, equipment, tools, vehicles, furniture, leasehold improvements, office equipment, plant, parts and other tangible
personal property.

 

“PRC”
means the People’s Republic of China.

 

“Release”
means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, or leaching into the indoor
or outdoor environment, or into or out of any property.

 

“Remedial Action”
means all actions to (i) clean up, remove, treat, or in any other way address any Hazardous Material, (ii) prevent the Release of any
Hazardous Material so it does not endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (iii)
perform pre-remedial studies and investigations or post-remedial monitoring and care, or (iv) correct a condition of noncompliance with
Environmental Laws.

 

“Representative”
means, as to any Person, such Person’s Affiliates and its and their managers, directors, officers, employees, agents and advisors
(including financial advisors, counsel and accountants).

 

    52

     

    

 

“RMB”
means Renminbi of the People’s Republic of China.

 

“SEC”
means the Securities and Exchange Commission (or any successor Governmental Authority).

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Software”
means any computer software programs, including all source code, object code, and documentation related thereto and all software modules,
tools and databases.

 

“SOX”
means the Sarbanes-Oxley Act of 2002, as amended.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, association or other business entity of which (i) if a corporation, a
majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election
of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business entity, a majority
of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person
or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a
majority ownership interest in a partnership, association or other business entity if such Person or Persons will be allocated a majority
of partnership, association or other business entity gains or losses or will be or control the managing director, managing member, general
partner or other managing Person of such partnership, association or other business entity.

 

“Target Company”
means each of the Company and its direct and indirect Subsidiaries (if any).

 

“Tax Return”
means any return, declaration, report, claim for refund, information return or other documents (including any related or supporting schedules,
statements or information) filed or required to be filed in connection with the determination, assessment or collection of any Taxes or
the administration of any Laws or administrative requirements relating to any Taxes.

 

“Taxes”
means (a) all direct or indirect federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, value-added,
ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, social security and
related contributions due in relation to the payment of compensation to employees, excise, severance, stamp, occupation, premium, property,
windfall profits, alternative minimum, estimated, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever,
together with any interest and any penalties, additions to tax or additional amounts with respect thereto, (b) any Liability for payment
of amounts described in clause (a) whether as a result of being a member of an affiliated, consolidated, combined or unitary group for
any period or otherwise through operation of law and (c) any Liability for the payment of amounts described in clauses (a) or (b) as a
result of any tax sharing, tax group, tax indemnity or tax allocation agreement with, or any other express or implied agreement to indemnify,
any other Person.

 

“Trade Secrets”
means any trade secrets, confidential business information, concepts, ideas, designs, research or development information, processes,
procedures, techniques, technical information, specifications, operating and maintenance manuals, engineering drawings, methods, know-how,
data, mask works, discoveries, inventions, modifications, extensions, improvements, and other proprietary rights (whether or not patentable
or subject to copyright, trademark, or trade secret protection).

 

    53

     

    

 

“Trademarks”
means any trademarks, service marks, trade dress, trade names, brand names, internet domain names, designs, logos, or corporate names
(including, in each case, the goodwill associated therewith), whether registered or unregistered, and all registrations and applications
for registration and renewal thereof.

 

12.2 Section References.
The following capitalized terms, as used in this Agreement, have the respective meanings given to them in the Section as set forth below
adjacent to such terms:

 

	Term	 	Section
	AAA	 	11.4
	AAA Procedures	 	11.4
	Accounts Receivable	 	4.25
	Acquisition Proposal	 	6.6(a)
	Agreement	 	Preamble
	Alternative Transaction	 	6.6(a)
	Closing	 	2.1
	Closing Date	 	2.1
	Company	 	Preamble
	Company Benefit Plan	 	4.19(a)
	Company Disclosure Schedules	 	Article IV
	Company Financials	 	4.7(a)
	Company IP	 	4.13(d)
	Company IP Licenses	 	4.13(a)
	Company Material Contract	 	4.12(a)
	Company Permits	 	4.10
	Company Personal Property Leases	 	4.16
	Company Real Property Leases	 	4.15
	Company Registered IP	 	4.13(a)
	CSRC	 	4.31(a)
	Dispute	 	11.4
	Enforceability Exceptions	 	3.2
	Environmental Permit	 	4.20(a)
	Exchange Shares	 	1.2
	Expenses	 	9.3
	Interim Balance Sheet Date	 	4.7(a)
	Interim Period	 	6.2(a)
	Lock-Up Agreement	 	8.2(e)(ii)

	Term	 	Section
	Non-Competition Agreement	 	8.2(e)(i)
	Off-the-Shelf Software Agreements	 	4.13(a)
	Outbound IP License	 	4.13(c)
	Outside Date	 	9.1(b)
	Parent	 	Preamble
	Party(ies)	 	Preamble
	PRC Establishment Document	 	4.4(c)
	PRC Mergers and Acquisitions Rules	 	4.32(b)
	PRC Overseas Investment and Listing Regulations	 	4.32(a)
	PRC Target Company	 	4.4(c)
	Pro Rata Share	 	1.2
	Public Certifications	 	3.6(a)
	Purchased Shares	 	1.1
	Purchaser	 	Preamble
	Parent Financials	 	3.6(b)
	Parent Material Contracts	 	 
	Related Person	 	4.21
	Releasing Persons	 	10.1
	Resolution Period	 	11.4
	SAFE	 	4.31(a)
	SEC Reports	 	3.6(a)
	Sellers	 	Preamble
	Specified Courts	 	11.5
	Supplemental Disclosure Schedules	 	6.17(a)
	Termination Fee	 	9.4
	Top Customers	 	4.23

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, each Party
hereto has caused this Agreement to be signed and delivered by its respective duly authorized officer as of the date first written above.

 

	 	The Parent:
	 	 
	 	PLANET GREEN HOLDINGS CORPORATION
	 	a Nevada corporation
	 	 	 
	 	By:	 
	 	 	Name: 	Bin Zhou
	 	 	Title:	CEO
	 	 
	 	The Purchaser:
	 	 
	 	HUBEI BULAISI TECHNOLOGY CO., LTD.
	 	a Chinese limited liability company
	 	 	 
	 	By:	 
	 	 	Name:	Bin Zhou
	 	 	Title:	CEO
	 	 
	 	The Company:
	 	 
	 	XIANNING XIANGTIAN ENERGY HOLDINGS GROUP CO., LTD.
	 	a Chinese limited liability company
	 	 	 
	 	By:	 
	 	 	Name:	Xin Cheng
	 	 	Title:	CEO

 

     

     

    

 

	 	The Sellers:
	 	 
	 	XIANGTIAN (SHENZHEN) AERODYNAMIC ELECTRICITY LTD.
	 	 
	 	 
	 	Name: 	Xue Lian Zhang
	 	Title: 	CEO
	 	 
	 	The Registered Shareholders:
	 	 
	 	JIAN ZHOU
	 	 
	 	 
	 	Jian Zhou
	 	 
	 	FEI WANG
	 	 
	 	 
	 	Fei WangEX-10.13

 Exhibit 10.13 

INDEMNIFICATION AND ADVANCEMENT AGREEMENT 

This Indemnification and Advancement Agreement (“Agreement”) is made as of
            , 20     by and between Nogin, Inc., a Delaware corporation (the “Company”), and
                    , a member of the Board of Directors of the Company (“Indemnitee”). This Agreement supersedes and replaces any and all
previous Agreements between the Company and Indemnitee covering indemnification and advancement of expenses. 
 RECITALS 

WHEREAS, the Board of Directors of the Company (the “Board”) believes that highly competent persons have become more reluctant to
serve publicly-held corporations as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification and advancement of expenses against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of the corporation; 
 WHEREAS, the Board has determined that,
in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although
the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be
available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and
time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Company’s Bylaws and Certificate of Incorporation of the Company require
indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”). The Bylaws, Certificate of Incorporation, and
the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with
respect to indemnification and advancement of expenses; 
 WHEREAS, the uncertainties relating to such insurance, to indemnification, and to
advancement of expenses may increase the difficulty of attracting and retaining such persons; 
 WHEREAS, the Board has determined that the
increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection
in the future; 
 WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to
advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified; 

 WHEREAS, this Agreement is a supplement to and in furtherance of the Bylaws, Certificate of
Incorporation and any resolutions adopted pursuant thereto, as well as any rights of Indemnitee under any directors’ and officers’ liability insurance policy, and is not a substitute therefor, and does not diminish or abrogate any rights
of Indemnitee thereunder; and 
 WHEREAS, Indemnitee does not regard the protection available under the Bylaws, Certificate of
Incorporation, and insurance as adequate in the present circumstances, and may not be willing to serve or continue to serve as an officer or director without adequate additional protection, and the Company desires Indemnitee to serve or continue to
serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and advanced expenses. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree
as follows: 
 Section 1.    Services to the Company. Indemnitee agrees to serve as a director of the
Company. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law). This Agreement does not create any obligation on the Company to continue
Indemnitee in such position and is not an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. 

Section 2.    Definitions. As used in this Agreement: 

(a)    “Agent” means any person who is authorized by the Company or an Enterprise to act for or represent the
interests of the Company or an Enterprise, respectively. 
 (b)    A “Change in Control” occurs upon the
earliest to occur after the date of this Agreement of any of the following events: 
 i.    Acquisition of Stock by
Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then
outstanding securities unless the change in relative beneficial ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the
election of directors; 
 ii.    Change in Board of Directors. During any period of two (2) consecutive years (not
including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the
Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to
constitute at least a majority of the members of the Board; 

  
 -2- 

 iii.    Corporate Transactions. The effective date of a merger or
consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and
with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; 

iv.    Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an
agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and 

v.    Other Events. There occurs any other event of a nature that would be required to be reported in response to Item
6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement. 

vi.    For purposes of this Section 2(b), the following terms have the following meanings: 

 

	 	1	 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

  

	 	2	 “Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided,
however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any entity owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company. 

  

	 	3	 “Beneficial Owner” has the meaning given to such term in Rule
13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company
with another entity. 

 (c)    “Corporate Status” describes the status of a person who is or
was acting as a director, officer, employee, fiduciary, or Agent of the Company or an Enterprise. 

(d)    “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee. 

  
 -3- 

 (e)    “Enterprise” means any other corporation, limited
liability company, partnership, joint venture, trust, employee benefit plan or other entity for which Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent. 

(f)    “Expenses” includes all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees
and other costs of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as
a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements, obligations, or expenses of the types customarily incurred in connection with prosecuting, defending,
preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding,
including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) only, Expenses incurred by Indemnitee in
connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written
demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel will be presumed conclusively
to be reasonable. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

(g)    “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under
this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” does not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel. 

(h)    The term “Proceeding” includes any threatened, pending or completed action, suit, claim, counterclaim,
cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether
of a civil, criminal, administrative, legislative, regulatory, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party,
non-party witness or otherwise by reason of Indemnitee’s Corporate Status or by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on
Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of
Expenses can be provided under this Agreement. A Proceeding also includes a situation the Indemnitee believes in good faith may lead to or culminate in the institution of a Proceeding. 

  
 -4- 

 Section 3.    Indemnity in Third-Party Proceedings. The
Company will indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to
procure a judgment in its favor. Pursuant to this Section 3, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding had no
reasonable cause to believe that Indemnitee’s conduct was unlawful. 
 Section 4.    Indemnity in
Proceedings by or in the Right of the Company. The Company will indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in
the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.
The Company will not indemnify Indemnitee for Expenses under this Section 4 related to any claim, issue or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company, unless, and only to the
extent that, the Court of Chancery of the state of Delaware (the “Delaware Court”) or any court in which the Proceeding was brought determines upon application by Indemnitee that, despite the adjudication of liability but in view of all
the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification. 

Section 5.    Indemnification for Expenses of a Party Who is Wholly or Partly Successful. To the fullest
extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding to the extent that Indemnitee is successful, on the merits or otherwise.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section 5 and without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue or matter. 

Section 6.    Indemnification for Expenses of a Witness. To the fullest extent permitted by applicable law,
the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee is a witness,
deponent, interviewee, or otherwise asked to participate or provide information. 

  
 -5- 

 Section 7.    Partial Indemnification. If Indemnitee is
entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee is
entitled. 
 Section 8.    Additional Indemnification. Notwithstanding any limitation in Sections 3, 4, or
5, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law (including but not limited to, the DGCL and any amendments to or replacements of the DGCL adopted after the date of this Agreement that expand the
Company’s ability to indemnify its officers and directors) if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor). 

Section 9.    Exclusions. Notwithstanding any provision in this Agreement, the Company is not obligated under
this Agreement to make any indemnification payment to Indemnitee in connection with any Proceeding: 
 (a)    for which
payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except to the extent provided in Section 16(b) and except with respect to any excess beyond the amount paid under any
insurance policy or other indemnity provision; or 
 (b)    for (i) an accounting of profits made from the purchase
and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law or common law,
(ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under
the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of
profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation
recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act;
or 
 (c)    initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee
against the Company or its directors, officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to indemnification or advancement, of Expenses, including a Proceeding
(or any part of any Proceeding) initiated pursuant to Section 14 of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (iii) the Company provides the indemnification, in
its sole discretion, pursuant to the powers vested in the Company under applicable law. 

  
 -6- 

 Section 10.    Advances of Expenses. 

(a)    The Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection
with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee or any Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s rights to
obtain indemnification or advancement of Expenses from the Company or Enterprise, including a proceeding initiated pursuant to Section 14 or (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation.
The Company will advance the Expenses within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. 

(b)    Advances will be unsecured and interest free. Indemnitee hereby undertakes to repay any amounts so advanced
(without interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the execution of this Agreement and delivery to the Company. No other
form of undertaking is required other than the execution of this Agreement. The Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to
indemnification under the other provisions of this Agreement. 
 Section 11.    Procedure for Notification of
Claim for Indemnification or Advancement. 
 (a)    Indemnitee will notify the Company in writing of any Proceeding
with respect to which Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee will include in the written
notification to the Company a description of the nature of the Proceeding and the facts underlying the Proceeding and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Indemnitee’s failure to notify the Company will not relieve the Company from any obligation it may have to Indemnitee under
this Agreement, and any delay in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company will, promptly upon receipt of such a request for indemnification or advancement,
advise the Board in writing that Indemnitee has requested indemnification or advancement. 
 (b)    The Company will be
entitled to participate in the Proceeding at its own expense. 
 Section 12.    Procedure Upon Application for
Indemnification. 
 (a)    Unless a Change of Control has occurred, the determination of Indemnitee’s
entitlement to indemnification will be made: 
 i.    by a majority vote of the Disinterested Directors, even though
less than a quorum of the Board; 
 ii.    by a committee of Disinterested Directors designated by a majority vote of
the Disinterested Directors, even though less than a quorum of the Board; 

  
 -7- 

 iii.    if there are no such Disinterested Directors or, if such
Disinterested Directors so direct, by written opinion provided by Independent Counsel selected by the Board; or 

iv.    if so directed by the Board, by the stockholders of the Company. 

(b)    If a Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be
made by written opinion provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board) 

(c)    The party selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will
provide written notice of the selection to the other party. The notified party may, within ten (10) days after receiving written notice of the selection of Independent Counsel, deliver to the selecting party a written objection to such
selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this
Agreement, and the objection will set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If such written objection is so made and substantiated,
the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit. If, within thirty (30) days after the later of
submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of the Proceeding, Independent Counsel has not been selected or, if selected, any objection to has not been resolved,
either the Company or Indemnitee may petition the Delaware Court for resolution of any objection made by the Company or Indemnitee to the other’s selection or Independent Counsel and/or for the appointment as Independent Counsel of a person
selected by such court or by such other person as such court designates. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel will be discharged and relieved of any
further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 

(d)    Indemnitee will cooperate with the person, persons or entity making the determination with respect to
Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination. The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making the indemnification determination
irrespective of the determination as to Indemnitee’s entitlement to indemnification and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing of the determination
that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied and providing a copy of any written opinion provided to the Board by Independent Counsel. 

(e)    If it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee
within thirty (30) days after such determination. 

  
 -8- 

 Section 13.    Presumptions and Effect of Certain
Proceedings. 
 (a)    In making a determination with respect to entitlement to indemnification hereunder, the person
or persons or entity making such determination will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with
Section 11(a) of this Agreement, and the Company will, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including by its directors or Independent Counsel) to
have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the
Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

(b)    If the determination of the Indemnitee’s entitlement to indemnification has not been made pursuant to
Section 12 within sixty (60) days after the later of (i) receipt by the Company of Indemnitee’s request for indemnification pursuant to Section 11(a) and (ii) the final disposition of the Proceeding for which Indemnitee
requested Indemnification (the “Determination Period”), the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee will be entitled to such
indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or
(ii) a prohibition of such indemnification under applicable law. The Determination Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with
respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, the Determination Period will not apply (i) if
the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a)(iv) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such
determination the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or
(B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and
such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel. 

(c)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that
Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that
Indemnitee’s conduct was unlawful. 
 (d)    For purposes of any determination of good faith, Indemnitee will be
deemed to have acted in good faith if Indemnitee acted based on the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information 

  
 -9- 

 
supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties, or on the advice of legal counsel for the Company, its
subsidiaries, or an Enterprise or on information or records given or reports made to the Company or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other expert selected with reasonable care by or
on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will be deemed to have acted in a manner “not opposed to the best interests of the Company,” as referred to in this Agreement if Indemnitee acted in good
faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan. The provisions of this Section 13(d) is not exclusive and do not limit in any way the other
circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 

(e)    The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member,
fiduciary, agent or employee of the Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under this Agreement. 

Section 14.    Remedies of Indemnitee. 

(a)    Indemnitee may commence litigation against the Company in the Delaware Court to obtain indemnification or
advancement of Expenses provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company does
not advance Expenses pursuant to Section 10 of this Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of this Agreement within the Determination Period, (iv) the Company does
not indemnify Indemnitee pursuant to Section 5 or 6 or the second to last sentence of Section 12(d) of this Agreement within thirty (30) days after receipt by the Company of a written request therefor, (v) the Company does not
indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other
person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be
provided to the Indemnitee hereunder. Indemnitee must commence such Proceeding seeking an adjudication or an award in arbitration within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence
such Proceeding pursuant to this Section 14(a); provided, however, that the foregoing clause does not apply in respect of a Proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 5 of this
Agreement. The Company will not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 

(b)    If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 will be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee may not be prejudiced by reason of that
adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and
will not introduce evidence of the determination made pursuant to Section 12 of this Agreement. 

  
 -10- 

 (c)    If a determination is made pursuant to Section 12 of this
Agreement that Indemnitee is entitled to indemnification, the Company will be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a
material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 (d)    The Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will stipulate in any such court or before any such arbitrator that the Company is
bound by all the provisions of this Agreement. 
 (e)    It is the intent of the Company that, to the fullest extent
permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and
expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company, to the fullest extent permitted by law, will (within thirty (30) days after receipt by the Company of a written
request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection with any action concerning this Agreement, Indemnitee’s right to indemnification or advancement of Expenses from the Company, or concerning any
directors’ and officers’ liability insurance policies maintained by the Company, and will indemnify Indemnitee against any and all such Expenses unless the court determines that Indemnitee’s claims in such action were made in bad
faith or were frivolous or are prohibited by law. 

Section 15.    Non-exclusivity; Survival of Rights; Insurance;
Subrogation. 
 (a)    The indemnification and advancement of Expenses provided by this Agreement are not exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. The indemnification and
advancement of Expenses provided by this Agreement may not be limited or restricted by any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee in Indemnitee’s Corporate Status
occurring prior to any amendment, alteration or repeal of this Agreement. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded
currently under the Bylaws, Certificate of Incorporation, or this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other right or remedy. 

  
 -11- 

 (b)    The Company hereby acknowledges that Indemnitee may have certain
rights to indemnification, advancement of Expenses and/or insurance provided by one or more other Persons with whom or which Indemnitee may be associated. The relationship between the Company and such other Persons, other than an Enterprise, with
respect to the Indemnitee’s rights to indemnification, advancement of Expenses, and insurance is described by this subsection, subject to the provisions of subsection (d) of this Section 16 with respect to a Proceeding concerning
Indemnitee’s Corporate Status with an Enterprise. 
 i.    The Company hereby acknowledges and agrees: 

1)    the Company’s obligations to Indemnitee are primary and any obligation of any other Persons, other than an
Enterprise, are secondary (i.e., the Company is the indemnitor of first resort) with respect to any request for indemnification or advancement of Expenses made pursuant to this Agreement concerning any Proceeding; 

2)     the Company is primarily liable for all indemnification and indemnification or advancement of Expenses obligations
for any Proceeding, whether created by law, the Bylaws, the Certificate of Incorporation, contract (including this Agreement) or otherwise; 

3)    any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee and/or
advance Expenses to Indemnitee in respect of any proceeding are secondary to the obligations of the Company’s obligations; 

4)    the Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided
herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or insurer of any such Person; and 

ii.    the Company irrevocably waives, relinquishes and releases (A) any other Person with whom or which Indemnitee
may be associated from any claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to this Agreement and (B) any right
to participate in any claim or remedy of Indemnitee against any Person, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any
Person, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right. 

iii.    In the event any other Person with whom or which Indemnitee may be associated or their insurers advances or
extinguishes any liability or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this Agreement. In no event
will payment by any other Person with whom or which Indemnitee may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company’s obligation to indemnify or advance of Expenses to
any other Person with whom or which Indemnitee may be associated. 

  
 -12- 

 iv.    Any indemnification or advancement of Expenses provided by any
other Person with whom or which Indemnitee may be associated is specifically in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance (including but not limited to any malpractice
insurance or professional errors and omissions insurance) provided by the Company. 
 (c)    To the extent that the
Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage
available for any such director, officer, employee or agent under such policy or policies, including coverage in the event the Company does not or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If,
at the time of the receipt of a notice of a claim pursuant to this Agreement, the Company has director and officer liability insurance in effect, the Company will give prompt notice of such claim or of the commencement of a Proceeding, as the case
may be, to the insurers in accordance with the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a
result of such Proceeding in accordance with the terms of such policies. Indemnitee agrees to assist the Company efforts to cause the insurers to pay such amounts and will comply with the terms of such policies, including selection of approved panel
counsel, if required. 
 (d)    The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee
for any Proceeding concerning Indemnitee’s Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise. The Company and Indemnitee intend
that any such Enterprise (and its insurers) be the indemnitor of first resort with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status with such Enterprise. The
Company’s obligation to indemnify and advance Expenses to Indemnitee is secondary to the obligations the Enterprise or its insurers owe to Indemnitee. Indemnitee agrees to take all reasonably necessary and desirable action to obtain from an
Enterprise indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee’s Corporate Status with such Enterprise. 

(e)    In the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent
of such payment to all of the rights of recovery of Indemnitee from any Enterprise or its insurance carrier. Indemnitee will execute all papers required and take all action necessary to secure such rights, including execution of such documents as
are necessary to enable the Company to bring suit to enforce such rights. 
 Section 16.    Duration of
Agreement. This Agreement continues until and terminates upon the later of: (a) ten (10) years after the date that Indemnitee ceases to have a Corporate Status or (b) one (1) year after the final termination of any Proceeding then
pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto. The indemnification and
advancement of Expenses rights provided by or granted pursuant to this Agreement are binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger,

  
 -13- 

 
consolidation or otherwise to all or substantially all of the business or assets of the Company), continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the
Company or of any other Enterprise, and inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. 

Section 17.    Severability. If any provision or provisions of this Agreement is held to be invalid, illegal
or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and remain enforceable to the fullest extent permitted by law; (b) such provision or
provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent
manifested thereby. 
 Section 18.    Interpretation. Any ambiguity in the terms of this Agreement will be
resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement of Expenses permitted by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted by law for
indemnification and advancement in excess of that expressly provided, without limitation, by the Certificate of Incorporation, the Bylaws, vote of the Company stockholders or disinterested directors, or applicable law. 

Section 19.    Enforcement. 

(a)    The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations
imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as a director or officer of the
Company. 
 (b)    This Agreement constitutes the entire agreement between the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in
furtherance of the Certificate of Incorporation, the Bylaws, any directors’ and officers’ insurance maintained by the Company and applicable law, and is not a substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder. 
 Section 20.    Modification and Waiver. No supplement, modification or amendment of this
Agreement is binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement will be deemed or constitutes a waiver of any other provisions of this Agreement nor will any waiver constitute a continuing
waiver. 

  
 -14- 

 Section 21.    Notice by Indemnitee. Indemnitee agrees
promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of
Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise. 

Section 22.    Notices. All notices, requests, demands and other communications under this Agreement will be
in writing and will be deemed to have been duly given if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent by facsimile transmission or electronic mail, with receipt of
oral confirmation that such communication has been received: 
 (a)    If to Indemnitee, at the address indicated on the
signature page of this Agreement, or such other address as Indemnitee provides to the Company. 
 (b)    If to the
Company to: 
 Name: Nogin, Inc. 

Address: 1775 Flight Way STE 40 

    Tustin, CA 92782 

Attention: Michael Bassiri 

Email: mbassiri@nogin.com 
 or to any other
address as may have been furnished to Indemnitee by the Company. 
 Section 23.    Contribution. To the
fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by
Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed
fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding;
and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

Section 24.    Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the
parties are governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any
action, claim, or proceeding between the parties arising out of or in connection with this Agreement may be brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other
country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action, claim, or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of
any such action, claim, or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action, claim, or proceeding brought in the Delaware Court has been brought in an improper or inconvenient
forum. 

  
 -15- 

 Section 25.    Identical Counterparts. This Agreement may be
executed in one or more counterparts, each of which will for all purposes be deemed to be an original but all of which together constitutes one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is
sought needs to be produced to evidence the existence of this Agreement. 
 Section 26.    Headings. The
headings of this Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction thereof. 

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

 

									
	COMPANY	 		 	INDEMNITEE
				
	By:	 	  
	 		 	  

	Name:	 		 		 	Name:	 	
	Office:	 		 		 	Address:	 	  

		 		 		 		 	  

		 		 		 		 	  

  
 -16-

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