Document:

Exhibit 10.5

 

 

 

 

 

 

 

 

 

DATE: August [x], 2020

 

 

 

 

 

 

 

 

(1) LUDUSON ENTERTAINMENT LIMITED

and

(2) LAI CHI TONG

 

 

 

 

 

 

 

 

 

CONSULTANCY AGREEMENT

 

 

 

 

 

 

 

    	 	1	 

     

    

 

THIS AGREEMENT dated [x] August
2020

 

BETWEEN:

 

		(1)	LUDUSON ENTERTAINMENT LIMITED, a company incorporated under the laws of Hong Kong ("Company"),
whose address is 17/F, 80 Gloucester Road, Wanchai, Hong Kong; and

 

		(2)	LAI CHI TONG, whose Macau Identity Card number is 1321419(2) and address is Rua. Canal Novo,
Bl. 11 Fl. 5 D, Ed. Kam Hoi San, Macau ("Consultant").

 

 

WHEREAS

 

		(A)	The Consultant wishes to provide consultancy services to Luduson G Inc, a company organized and
existing under the laws of the state of Delaware in the United States of America ("LDSN"), and its subsidiaries (together,
"Group") for a period of 6 months in such terms and conditions hereinafter appearing.

 

	(B)	The Company, as a wholly owned subsidiary of LDSN, wishes to appoint the Consultant for Services (as defined in Clause 1.1 below)
in such terms and conditions hereinafter appearing.

 

 

IT IS HEREBY AGREED that:

 

		1.	Services

 

		1.1	The Company hereby appoints the Consultant to provide the following services ("Services"):

 

	 	(i)	to formulate the Group's online gaming strategy and plan;
	 	(ii)	to build and development an online portal and gaming/advertising platform for the Group;
	 	(iii)	to maintain and regulate the online gaming portal; and
	 	(iv)	to handle or assist in ad hoc projects as reasonably requested by the Group

 

		1.2	The Consultant shall report to the Vice President, Strategic Business Development of LDSN (or such
other person as shall be agreed between both parties).

 

		1.3	The Consultant shall perform the Services in Hong Kong. If the Company requires the Consultant
to perform the Services outside Hong Kong, the Company shall obtain the Consultant's prior written consent and shall reimburse
all the expenses incurred by the Consultant for and in relation to provision of the Services outside Hong Kong.

 

 

 

    	 	2	 

     

    

 

		2.	Fee

 

		2.1	Subject to Clause 4.3, the fee for the Services to be provided for the Tenure defined in Clause
4.1 shall be paid by the Company in a flat fee of HK$50,000 in cash. Also, the Consultant shall also be paid by the Company causing
LDSN to issue to the Consultant a total of 500,000 common shares of LDSN at a par value of US$0.001 each ("Shares") as
more fully described below:
		 	- within 30 days from the date
of this Agreement (or such longer period as shall be required to fulfill the requirements under the relevant laws, regulations and
rules in the United States of America for the issue of the Shares), provided that this Agreement is not terminated prior to any
of the issuances of Shares above.

 

		2.2	The Consultant acknowledges that none of the Shares may be offered or sold except pursuant to an
effective registration statement under the Securities Act of 1933 of the United States of America ("Securities Act"),
or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

 

		2.3	The Consultant has such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks in the Shares, and has the ability to bear the economic risks of its investment decision and
can afford the complete loss of such investment in the Shares.

 

		2.4	The Company shall pay all the costs incurred in connection with removal of the restrictive and
other legends on the certificates (or restrictions on transfer) of all the Shares issued to the Consultant, applying for and obtaining
an effective registration statement for all such Shares, delivery and transmission of the certificates without restrictive and
other legends (or of the registered Shares) to the Consultant's broker, and all such other actions and things required to enable
all such Shares to be tradeable in the Over-the-Counter Markets or such other stock exchange in the United States of America.

 

 

		3.	Expenses

 

The Company shall reimburse
the Consultant forthwith for all proper and reasonable expenses actually incurred, with the prior approval of the Vice President,
Strategic Business Development of LDSN, by the Consultant in the performance of his duties upon presentation of supporting statements,
receipts or vouchers. The Company shall make the reimbursement not later than the 7th day of the month immediately after
the supporting statements, receipts or vouchers are presented to the Company.

 

 

		4.	Tenure

 

		4.1	This Agreement commences on August [x], 2020 ("Commencement Date") and shall expire on
[x] February 2021 (or such later date as shall be agreed between both parties in writing) ("Expiry Date"). In this Agreement,
"Tenure" means the period from the Commencement Date to the Expiry Date (inclusive of both dates).

 

		4.2	Any party may terminate this Agreement before the Expiry Date by giving not less than one month
notice in writing to the other party, without prejudice to any right of the parties accrued before such notice of termination.

 

		4.3	If this Agreement is terminated before the end of the Tenure, the Consultant shall be entitled
to such number of Shares pro-rated for the duration during which he provides Services, and the remaining Shares issued to the Consultant
shall be forfeited to the Company, or the Consultant shall pay the Company a sum equal to the value of the remaining Shares at
the Issue Price, as of the effective date of such termination of the Agreement.

 

		4.4	Clauses 6, 7, 8, 9, 13 and 15 shall continue in force after the Expiry Date or termination of this
Agreement, as the case may be.

 

 

 

    	 	3	 

     

    

 

		5.	Independent Contractor

 

The Company and the Consultant
declare and agree that the Consultant shall act as an independent contractor in the performance of its duties under this Agreement.
Nothing in this Agreement creates a joint venture, partnership, or the relationship of principal and agent, or employee and employer
between the Company and the Consultant.

 

 

		6.	Non-Competition

 

		6.1	The Consultant covenants and agrees not to consult or provide any services in any manner or capacity
to a direct competitor of LDSN or any of its subsidiaries during the duration of this Agreement unless express written authorization
to do so is given by the Vice President, Strategic Business Development of LDSN. A direct competitor of LDSN or any of its subsidiaries
for purposes of this Agreement is defined as any individual, partnership, corporation, and/or other business entity that engages
in any of the businesses of LDSN or any of its subsidiaries.

 

		6.2	The Consultant shall not attempt in any way to solicit instructions, either in his own right or
on behalf of others, from any client, investor or partner of LDSN or any of its subsidiaries in respect of projects or jobs being
handled by LDSN or any of its subsidiaries, or in respect of which LDSN or any of its subsidiaries is pursuing instructions, during
the duration of this Agreement.

 

		6.3	The restrictions under Clauses 6.1 and 6.2 shall continue to apply for a period of one year after
the termination of this Agreement.

 

 

		7.	Intellectual property

 

		7.1	The Consultant shall give the Company full written details of all Inventions and of all works embodying
Intellectual Property Rights made wholly or partially by him at any time during the Tenure. The Consultant acknowledges that all
Intellectual Property Rights subsisting (or which may in the future subsist) in all such Inventions and works shall automatically,
on creation, vest in the Group absolutely. To the extent that they do not vest automatically, the Consultant holds them on trust
for the Group. The Consultant agrees promptly to execute all documents and do all acts as may, in the opinion of the Company, be
necessary to give effect to this Clause 7.1.

 

		7.2	The Consultant hereby irrevocably waives all moral rights (and all similar rights in any jurisdiction)
which he has or will have in any existing or future works referred to in Clause 7.1.

 

		7.3	The Consultant irrevocably appoints the Company to be his attorney in his name and on his behalf
to execute documents, use the Consultant's name and do all things which are necessary or desirable for the Group to obtain for
itself or its nominee the full benefit of this Clause 7. A certificate in writing, signed by any director or the secretary of the
Company, that any instrument or act falls within the authority conferred by this Agreement shall be conclusive evidence that such
is the case so far as any third party is concerned.

 

 

 

    	 	4	 

     

    

 

		7.4	The following definitions apply to Clauses 7 and 8:
		 	 
		 	Confidential Information:
information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) relating to
the business, products, affairs and finances of the Group for the time being confidential to the Group and trade secrets including,
without limitation, technical data and know-how relating to the business of the Group or any of its business contacts.
		 	 
		 	Intellectual Property Rights:
patents, rights to Inventions, copyright and related rights, trade marks, trade names and domain names, rights in get-up, rights
in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database rights,
topography rights, rights in Confidential Information (including know-how and trade secrets) and any other intellectual property
rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and renewals or
extensions of, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in
the future in any part of the world.
		 	 
		 	

Invention: any invention,
idea, discovery, development, improvement or innovation, whether or not patentable or capable of registration, and whether or not
recorded in any medium.

 

 

		8.	Confidentiality

 

		8.1	The Consultant agrees that, unless he has the prior written consent of the Company, he will:

		(i)	keep confidential at all times the Confidential Information of the Group; and

		(ii)	ensure that any personnel or professional advisor to whom the Consultant discloses the Group's
Confidential Information is aware of, and comply with, the provisions of this Clause 8.1.

 

		8.2	The obligations of confidentiality in Clause 8.1 do not apply to any disclosure:

	 	(i)	for the purpose of performing the Agreement;
	 	(ii)	required by law (including under the rules of any stock exchange); or
	 	(iii)	of Confidential Information which:

	 	(a)	is publicly available through no fault of the Consultant or his personnel; or
	 	(b)	was rightfully received from a third party without restriction or without breach of the Agreement.

 

		8.3	Except to the extent that the Consultant has ongoing rights to use Confidential Information, the
Consultant must, at the request of the other party following the expiry or termination of the Agreement, promptly return to the
Company or destroy all Confidential Information of the Group in the Consultant's possession or control.

 

 

 

    	 	5	 

     

    

 

		9.	Construction

 

In this Agreement,
unless the context otherwise requires:

	 	(i)	words and defined terms expressed in the singular number shall include the plural and vice versa, and words expressed in the masculine
shall include the feminine and neuter gender and vice versa;
	 	(ii)	the term "including" shall be interpreted to mean "including (without limitation)" whenever such term appears
in this Agreement (and the terms "include" and "includes" shall be similarly interpreted);
	 	(iii)	the words "hereof', "herein", "hereto" and "hereunder" and words of similar import, when used
in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; and
	 	(iv)	the recital and the schedule, if relevant, are part of this Agreement and shall have effect accordingly.

 

 

		10.	Entire agreement

 

This Agreement constitutes
the entire agreement and understanding between the parties to this Agreement and supersedes all previous agreements and understandings
(if any and whether in writing or not) between the parties in relation to the matters contemplated by this Agreement.

 

 

		11.	Waiver

 

		11.1	The rights of a party may be waived by such party only in writing and, specifically, the conduct
of any one of the parties shall not be deemed a waiver of any of its rights pursuant to this Agreement and/or a waiver or consent
on its part as to any breach or failure to meet any of the terms of this Agreement or an amendment hereto. A waiver by a party
in respect of a breach by the other party of its obligations shall not be construed as a justification or excuse for a further
breach of its obligations.

 

		11.2	No delay or omission to exercise any right, power, or remedy accruing to any party upon any breach
or default by the other under this Agreement shall impair any such right or remedy nor shall it be construed to be a waiver of
any such breach or default, or any acquiescence therein or in any similar breach or default thereafter occurring.

 

 

		12.	Severance

 

If any provision or part-provision
of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary
to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be
deemed deleted. Any modification to or deletion of a provision

or part-provision under this
clause shall not affect the validity and enforceability of the rest of this Agreement.

 

 

 

    	 	6	 

     

    

 

		13.	Notices

 

		13.1	Any notice or certificate required to be given by the Company to the Consultant or by the Consultant
to the Company shall be in writing giving it shall be sufficiently given or served if delivered to the address and attention of
the other party set out in Clause 13.3 or as otherwise notified from time to time hereunder with specific reference to this Agreement.
All notices under this Agreement shall be in the English language.

 

		13.2	Any notice delivered personally shall be deemed to have been given at the time of such delivery.
Any notice despatched by letter postage prepaid shall be deemed to have been given two (2) Business Days after posting. Any notice
sent by e-mail shall be deemed to have been given upon the receipt of the sent confirmation by the e-mail account of the sender.

 

		13.3	The initial addresses and e-mail addresses of the Company and the Consultant for the purpose of
Clause 13.1 are as follows:-

 

	 	To the Company:	17/F, 80 Gloucester Road,
	 	 	Wanchai, Hong Kong
	 	 	Email:     wallis@luduson.com
	 	 	Attention:     Mr Wallis Wong
	 	 	 
	 	To the Consultant:	Rua.
Canal Novo, Bl. 11 Fl. 5 D,
	 	 	Ed.
Kam Hoi San,
	 	 	Macau
	 	 	Email:
	 	 	Attention:     LAI
Chi Tong

 

		13.4	Either party may change its address (or other details) to which notices can be sent to it by giving
written notice of such change of address (or details) to the other party with specific reference to this Agreement and in the manner
herein provided for giving notice.

 

 

		14.	Assignment

 

Neither party
shall have the right to assign or transfer any of its rights hereunder.

 

 

		15.	Laws and Arbitration

 

		15.1	This Agreement shall be interpreted and governed by the laws of the Hong Kong Special Administrative
Region.

 

		15.2	Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including
the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations
arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Hong Kong International
Arbitration Centre under the Hong Kong International Arbitration Centre Administered Arbitration rules in force when the Notice
of Arbitration is submitted. The seat of arbitration shall be in Hong Kong. The number of arbitrators shall be three: one arbitrator
shall be chosen by each party to the dispute and those two arbitrators shall choose the third arbitrator. The arbitration proceedings
shall be conducted in English.

 

 

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF the Company and the Consultant agree
to the terms hereof.

 

 

 

 

 

	For and on behalf of	)
	the Company	)
	and signed by,	)
	Director	) _____________________________________
	 	 

 

 

 

 

 

 

	Signed by	)
	the Consultant, LAI Chi Tong	) _____________________________________

 

 

 

 

 

 

 

 

 

 

    	 	8Exhibit 10.1

 

SHARE EXCHANGE AGREEMENT

  

This SHARE EXCHANGE
AGREEMENT, dated as of April 8, 2020 (the “Agreement”) by and among Intelligent Living Application Group Inc., an
exempted company incorporated under the laws of the Cayman Islands (“ILA
Cayman” or the “Company”), Intelligent Living Application Group Limited, a business company incorporated
under the laws of British Virgin Island (“ILA BVI”), and the holders of ordinary shares of ILA BVI, identified
on Exhibit A hereto (each an “BVI Shareholder” and collectively the “BVI Shareholders”).

 

WHEREAS, the BVI Shareholders
own 2,550,000 ordinary shares of ILA BVI, constituting 100% of the issued and outstanding ordinary shares, par value $1.00 per
share, of ILA BVI (the "BVI Shares"); and

 

WHEREAS, subject to
the terms and conditions of this Agreement, the BVI Shareholders believe it is in their best interests to exchange all of the BVI
Shares for an aggregate of 12,990,000 ordinary shares of the Company, par value $0.0001 per share of ILA Cayman
(the “Cayman Shares”) delivered on the Closing Date .

 

WHEREAS, the Company
believes it is in its best interests to acquire the BVI Shares in exchange for Cayman
Shares;

 

NOW, THEREFORE, in
consideration of the mutual terms, conditions and other agreements set forth herein, the parties hereto hereby agree as follows:

 

ARTICLE I 

EXCHANGE OF SHARES

  

Section 1.1
Agreement to Exchange Cayman Shares for BVI Shares. On the Closing Date (as
hereinafter defined) and upon the terms and subject to the conditions set forth in this Agreement, the BVI Shareholders shall sell,
assign, transfer, convey and deliver to the Company the BVI Shares set forth opposite their name on Exhibit A hereto (representing
100% of the issued and outstanding ordinary shares of ILA BVI), and the Company shall accept such BVI Shares from the BVI Shareholders
in exchange for the issuance to the designees of BVI Shareholders, set forth opposite their name on Exhibit B hereto, of the Cayman
Shares (such transaction, the “Share Exchange Transaction”).

  

Section 1.2 Capitalization. On
the Closing Date, immediately before the Share Exchange Transaction, ILA Cayman shall have an authorized share capital of US$50,000
divided into 500,000,000 Cayman Shares, of which 10,000 Cayman Shares are issued and outstanding, all of which are duly authorized,
validly issued and fully paid.

 

Section 1.3 Closing.
The closing of the Share Exchange Transaction (the "Closing") shall take place at 10:00 a.m. E.S.T. on the business
day after which each of the parties hereto has executed this Agreement, or at such other time and date as the parties hereto shall
agree in writing (the "Closing Date"). The BVI Shareholders shall deliver to ILA Cayman the following items: (a),
within five (5) business days after the Closing, the original share certificates representing the BVI Shares, accompanied by instruments
of transfer duly executed in blank, and (b) within ten (10) business days after the Closing, a copy of the register of members,
certified by the registered agent of the Company and a certificate of incumbency duly recording the registered members of ILA BVI
to reflect the ownership of ILA Cayman as a result of the Share Exchange Transaction. In full consideration for the BVI Shares,
ILA Cayman (i) shall issue the Cayman Shares to the designees of BVI Shareholders as listed on the Exhibit B hereto within ten
(10) business days of the Closing Date, (ii) write up the register of members of the Company to reflect such allotment and issue
and (if so requested) issue certificates in respect of such Cayman Shares to the BVI Shareholders.

 

    1

     

    

  

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF ILA
CAYMAN

 

ILA Cayman hereby represents,
warrants and agrees as follows:

 

Section 2.1 Corporate
Organization

 

a.    
ILA Cayman is a corporation duly incorporated, validly existing and in good standing under the laws of Cayman, and has all requisite
corporate power and authority to own its properties and assets and to conduct its business as now conducted and is duly qualified
to do business in good standing in each jurisdiction in which the nature of the business conducted by ILA Cayman or the ownership
or leasing of its properties makes such qualification and being in good standing necessary, except where the failure to be so qualified
and in good standing will not have a material adverse effect on the business, operations, properties, assets, condition or results
of operation of ILA Cayman (a "ILA Cayman Material Adverse Effect");

  

b.   
Copies of the Memorandum and Articles of Association of ILA Cayman, with all amendments thereto to the date hereof, have been furnished
to ILA BVI and the BVI Shareholders, and such copies are accurate and complete as of the date hereof. The minute books of ILA Cayman
are current as required by law, contain the minutes of all meetings of the Board of Directors and shareholders of ILA Cayman from
its date of incorporation to the date of this Agreement, and adequately reflect all material actions taken by the Board of Directors
and shareholders of ILA Cayman.

 

Section 2.2 Capitalization
of ILA Cayman.

 

a.     The
authorized share capital of ILA Cayman immediate prior to the Closing Date is US$50,000 divided into 500,000,000 ordinary shares
of par value $.0001 per share, of which 10,000 Cayman Shares are issued and outstanding, all of which are duly authorized, validly
issued and fully paid. All of the Cayman Shares to be issued on the Closing Date pursuant to this Agreement have been duly authorized
and will be validly issued, fully paid and non-assessable and no personal liability will attach to the ownership thereof. As of
the Closing Date, there are, no outstanding options, warrants, agreements, commitments, conversion rights, preemptive rights or
other rights to subscribe for, purchase or otherwise acquire any shares or any un-issued or treasury shares of ILA Cayman.

 

    2

     

    

  

Section 2.3
Authorization and Validity of Agreements. ILA Cayman has all corporate power and authority to execute and deliver this Agreement,
to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this
Agreement by ILA Cayman and the consummation by ILA Cayman of the transactions contemplated hereby have been duly authorized by
all necessary corporate action of ILA Cayman, and no other corporate proceedings on the part of ILA Cayman are necessary to authorize
this Agreement or to consummate the transactions contemplated hereby.

 

Section 2.4 No
Conflict or Violation. The execution, delivery and performance of this Agreement by ILA Cayman does not and will not violate
or conflict with any provision of its Articles and Memorandum of Association, and does not and will not violate any provision of
law, or any order, judgment or decree of any court or other governmental or regulatory authority, nor violate or result in a breach
of or constitute (with due notice or lapse of time or both) a default under, or give to any other entity any right of termination,
amendment, acceleration or cancellation of, any contract, lease, loan agreement, mortgage, security agreement, trust indenture
or other agreement or instrument to which ILA Cayman is a party or by which it is bound or to which any of their respective properties
or assets is subject, nor will it result in the creation or imposition of any lien, charge or encumbrance of any kind whatsoever
upon any of the properties or assets of ILA Cayman, nor will it result in the cancellation, modification, revocation or suspension
of any of the licenses, franchises, permits to which ILA Cayman is bound.

 

Section 2.5 Consents
and Approvals. No consent, waiver, authorization or approval of any governmental or regulatory authority, domestic or foreign,
or of any other person, firm or corporation, is required in connection with the execution and delivery of this Agreement by ILA
Cayman or the performance by ILA Cayman of its obligations hereunder.

  

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF BVI
AND THE BVI STOCKHOLDERS

 

ILA BVI and each BVI
Shareholder, jointly and severally, represent, warrant and agree as follows:

  

Section 3.1 Corporate
Organization.

  

a.     ILA
BVI is duly incorporated, validly existing and in good standing under the laws of the British Virgin Islands and has all requisite
corporate power and authority to own its properties and assets and to conduct its business as now conducted and is duly qualified
to do business in good standing in each jurisdiction in where the nature of the business conducted by ILA BVI or the ownership
or leasing of its properties makes such qualification and being in good standing necessary, except where the failure to be so qualified
and in good standing will not have a material adverse effect on the business, operations, properties, assets, condition or results
of operation of ILA BVI (a "BVI Material Adverse Effect").

  

    3

     

    

  

b.     Copies
of the Certificate of Incorporation and Memorandum and Articles of Association of ILA BVI, with all amendments thereto to the date
hereof, have been furnished to ILA Cayman, and such copies are accurate and complete as of the date hereof. The minute books of
ILA BVI are current as required by law, contain the minutes of all meetings of the Board of Directors and Shareholder of ILA BVI,
and committees of the Board of Directors of ILA BVI from the date of incorporation to the date of this Agreement, and adequately
reflect all material actions taken by the Board of Directors, shareholders and committees of the Board of Directors of ILA BVI.

  

Section 3.2 Capitalization
of ILA BVI; Title to the BVI Shares. On the Closing Date, immediately before the transactions to be consummated pursuant to
this Agreement, ILA BVI shall be authorized to issue a maximum of 2,550,000 ordinary shares, par value $1.00 per share, all of
which are issued and outstanding. Except as set forth on Schedule 3.2 attached hereto, there are no outstanding options, warrants,
agreements, commitments, conversion rights, preemptive rights or other rights to subscribe for, purchase or otherwise acquire any
shares or any unissued or treasury shares of ILA BVI. As of the date of this Agreement, the BVI Shareholders hold the BVI Shares
as set forth on Exhibit A, free of any lien or encumbrance.

 

Section 3.3 [Reserved].

  

Section 3.4 Authorization
and Validity of Agreements. ILA BVI has all corporate power and authority to execute and deliver this Agreement, to perform
its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement
by ILA BVI and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action
and no other corporate proceedings on the part of ILA BVI are necessary to authorize this Agreement or to consummate the transactions
contemplated hereby. The execution and delivery of this Agreement by each BVI Shareholder which is not a natural person (“Entity
Shareholder”) and the consummation of the transactions contemplated hereby by each Entity Shareholder have been duly
authorized by all necessary action by the Entity Shareholder and no other proceedings on the part of ILA BVI or any BVI Shareholder
are necessary to authorize this Agreement or to consummate the transactions contemplated hereby.

 

Section 3.5 No
Conflict or Violation. The execution, delivery and performance of this Agreement by ILA BVI or any BVI Shareholder does not
and will not violate or conflict with any provision of the constituent documents of ILA BVI, and does not and will not violate
any provision of law, or any order, judgment or decree of any court or other governmental or regulatory authority, nor violate,
result in a breach of or constitute (with due notice or lapse of time or both) a default under or give to any other entity any
right of termination, amendment, acceleration or cancellation of any contract, lease, loan agreement, mortgage, security agreement,
trust indenture or other agreement or instrument to which ILA BVI or any BVI Shareholder is a party or by which it is bound or
to which any of its respective properties or assets is subject, nor result in the creation or imposition of any lien, charge or
encumbrance of any kind whatsoever upon any of the properties or assets of ILA BVI or any BVI Shareholder, nor result in the cancellation,
modification, revocation or suspension of any of the licenses, franchises, permits to which ILA BVI or any BVI Shareholder is bound.

  

    4

     

    

  

Section 3.6 Investment
Representations.

 

a.     The
Cayman Shares will be acquired hereunder by each BVI Shareholder solely for the account of such BVI Shareholder, for investment,
and not with a view to the resale or distribution thereof, without prejudice, however, to each BVI Shareholder’ right at
all times to sell or otherwise dispose of all or any part of such shares in compliance with Regulation S promulgated under the
Securities Act of 1933, as amended and other applicable federal and state securities laws. Each BVI Shareholder understands and
is able to bear any economic risks associated with such BVI Shareholder’s investment in the Cayman Shares. Each BVI Shareholder
has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect
to the Cayman Shares to be acquired under this Agreement. Each BVI Shareholder further has had an opportunity to ask questions
and receive answers from ILA Cayman’s management regarding ILA Cayman and to obtain additional information (to the extent
ILA Cayman’s management possessed such information or could acquire it without unreasonable effort or expense) necessary
to verify any information furnished to such BVI Shareholder or to which the BVI Shareholder had access.

  

b.     BVI
Shareholder Status

 

(i)       Each
BVI Shareholder hereby agrees and acknowledges that it was not, a “U.S. Person” (as defined below) at the time the
BVI Shareholder was offered the Cayman Shares and as of the date hereof. For the purpose of this Agreement, a “U.S. Person”
means:

 

(A)  Any
natural person resident in the United States;

  

(B)  Any
partnership or corporation organized or incorporated under the laws of the United States;

  

(C)  Any
estate of which any executor or administrator is a U.S. person;

  

(D)  Any
trust of which any trustee is a U.S. person;

  

(E)  Any
agency or branch of a foreign entity located in the United States;

  

(F) Any non-discretionary
account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a
U.S. person;

 

    5

     

    

  

(G) Any discretionary
account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if
an individual) resident of the United States; or

 

(H) Any partnership
or corporation if (i) organized or incorporated under the laws of any foreign jurisdiction and (ii) formed by a U.S. person principally
for the purpose of investing in securities not registered under the 1933 Act, unless it is organized or incorporated, and owned,
by accredited investor(s) (as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act) who are not natural persons,
estates or trusts.

  

“United
States” or “U.S.” means the United States of America, its territories and possessions, any State of the United
States, and the District of Columbia.

   

(ii)       Each
BVI Shareholder understands that no action has been or will be taken in any jurisdiction by ILA Cayman to register the Cayman Shares
in any country or jurisdiction where action for that purpose is required.

  

(iii)       Each
BVI Shareholder (i) as of the date of this Agreement is not located within the United States, and (ii) is not purchasing the Cayman
Shares for the account or benefit of any U.S. Person, except in accordance with one or more available exemptions from the registration
requirements of the 1933 Act or in a transaction not subject thereto.

 

(iv)       Each
BVI Shareholder agrees not resell the Cayman Shares except in accordance with the provisions of Regulation S (Rule 901 through
905 and Preliminary Notes thereto), pursuant to a registration statement under the 1933 Act, or pursuant to an available exemption
from registration; and agrees not to engage in hedging transactions with regard to such securities unless in compliance with the
1933 Act.

 

(v)       Each
BVI Shareholder agrees: (i) to not engage in hedging transactions with regard to shares of ILA Cayman prior to the expiration of
the distribution compliance period specified in Category 2 or 3 (paragraph (b)(2) or (b)(3)) in Rule 903 of Regulation S, as applicable,
unless in compliance with the 1933 Act; and (ii) as applicable, to include statements in any documentation with regard to Cayman
Shares to the effect that the securities have not been registered under the 1933 Act and may not be offered or sold in the United
States or to U.S. persons (other than distributors) unless the securities are registered under the 1933 Act, or an exemption from
the registration requirements of the 1933 Act is available.

 

(vi)       No
form of “directed selling efforts” (as defined in Rule 902 of Regulation S under the 1933 Act), general solicitation
or general advertising in violation of the 1933 Act has been or will be used nor will any offers by means of any directed selling
efforts in the United States be made by any BVI Shareholder or any of their representatives in connection with the offer and sale
of the Cayman Shares.

 

    6

     

    

  

c.    To
the best knowledge of each BVI Shareholder, this Agreement and the transactions contemplated herein are not part of a plan or scheme
to evade the registration provisions of the Securities Act, and the Cayman Shares are being acquired by each BVI Shareholder for
investment purposes.

 

d.    The
BVI Shareholder hereby agrees that the Cayman Shares, upon issuance, shall bear the following or similar legend:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT
TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"). NONE OF THE SECURITIES REPRESENTED
HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED
OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS
OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE 1933 ACT.  "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION
S UNDER THE 1933 ACT.”

 

Section 3.7 Brokers’
Fees. No BVI Shareholder has any liability to pay any fees or commissions or other consideration to any broker,
finder, or agent with respect to the transactions contemplated by this Agreement.

 

ARTICLE IV

COVENANTS

 

Section 4.1 Consents
and Approvals. Without limitation of the foregoing, the parties shall:

 

a.    use
their reasonable commercial efforts to obtain all necessary consents, waivers, authorizations and approvals of all governmental
and regulatory authorities, domestic and foreign, and of all other persons, firms or corporations required in connection with the
execution, delivery and performance by them of this Agreement; and

 

    7

     

    

  

b.    diligently
assist and cooperate with each party in preparing and filing all documents required to be submitted by a party to any governmental
or regulatory authority, domestic or foreign, in connection with such transactions and in obtaining any governmental consents,
waivers, authorizations or approvals which may be required to be obtained connection in with such transactions.

 

Section 4.2 Share
Issuance. From and after the date of this Agreement until the Closing Date, neither ILA Cayman nor ILA BVI shall issue any
additional shares.

  

ARTICLE V

CONDITIONS TO OBLIGATIONS OF ILA BVI
AND THE BVI STOCKHOLDERS

  

The obligations of
BVI and each BVI Shareholder to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or
before the Closing Date, of the following conditions, any one or more of which may be waived by both ILA BVI and each BVI Shareholder
in their sole discretion:

 

Section 5.1 Representations
and Warranties of ILA Cayman. All representations and warranties made by ILA Cayman in this Agreement shall be true and
correct on and as of the Closing Date as if again made by ILA Cayman as of such date.

 

Section 5.2 Agreements
and Covenants. ILA Cayman shall have performed and complied in all material respects to all agreements and covenants required
by this Agreement to be performed or complied with by it on or prior to the Closing Date.

 

Section 5.3 Consents
and Approvals. Consents, waivers, authorizations and approvals of any governmental or regulatory authority, domestic or foreign,
and of any other person, firm or corporation, required in connection with the execution, delivery and performance of this Agreement
shall be in full force and effect on the Closing Date.

 

Section 5.4 No
Violation of Orders. No preliminary or permanent injunction or other order issued by any court or governmental or regulatory
authority, domestic or foreign, nor any statute, rule, regulation, decree or executive order promulgated or enacted by any government
or governmental or regulatory authority, which declares this Agreement invalid in any respect or prevents the consummation of the
transactions contemplated hereby, or which materially and adversely affects the assets, properties, operations, prospects, net
income or financial condition of ILA Cayman shall be in effect; and no action or proceeding before any court or governmental or
regulatory authority, domestic or foreign, shall have been instituted or threatened by any government or governmental or regulatory
authority, domestic or foreign, or by any other person, or entity which seeks to prevent or delay the consummation of the transactions
contemplated by this Agreement or which challenges the validity or enforceability of this Agreement.

  

Section 5.5 Other
Closing Documents. ILA BVI shall have received such other certificates, instruments and documents in confirmation of the representations
and warranties of ILA Cayman or in furtherance of the transactions contemplated by this Agreement as ILA BVI or its counsel may
reasonably request.

 

    8

     

    

  

ARTICLE VI

CONDITIONS TO OBLIGATIONS OF ILA CAYMAN

  

The obligations of
ILA Cayman to consummate the transactions contemplated by this Agreement are subject to the fulfillment, at or before the Closing
Date, of the following conditions, any one or more of which may be waived by ILA Cayman in its sole discretion:

  

Section 6.1 Representations
and Warranties of ILA BVI. All representations and warranties made by ILA BVI in this Agreement shall be true and correct on
and as of the Closing Date as if again made by ILA BVI on and as of such date.

 

Section 6.2 Agreements
and Covenants. ILA BVI shall have performed and complied in all material respects to all agreements and covenants required
by this Agreement to be performed or complied with by it on or prior to the Closing Date.

  

Section 6.3 Consents
and Approvals. All consents, waivers, authorizations and approvals of any governmental or regulatory authority, domestic or
foreign, and of any other person, firm or corporation, required in connection with the execution, delivery and performance of this
Agreement, shall have been duly obtained and shall be in full force and effect on the Closing Date.

  

Section 6.4 No
Violation of Orders. No preliminary or permanent injunction or other order issued by any court or other governmental or regulatory
authority, domestic or foreign, nor any statute, rule, regulation, decree or executive order promulgated or enacted by any government
or governmental or regulatory authority, domestic or foreign, that declares this Agreement invalid or unenforceable in any respect
or which prevents the consummation of the transactions contemplated hereby, or which materially and adversely affects the assets,
properties, operations, prospects, net income or financial condition of ILA BVI, taken as a whole, shall be in effect; and no action
or proceeding before any court or government or regulatory authority, domestic or foreign, shall have been instituted or threatened
by any government or governmental or regulatory authority, domestic or foreign, or by any other person, or entity which seeks to
prevent or delay the consummation of the transactions contemplated by this Agreement or which challenges the validity or enforceability
of this Agreement.

 

Section 6.5. Other
Closing Documents. ILA Cayman shall have received such other certificates, instruments and documents in confirmation of the
representations and warranties of ILA BVI or in furtherance of the transactions contemplated by this Agreement as ILA Cayman or
its counsel may reasonably request.

 

ARTICLE VII

TERMINATION AND ABANDONMENT

 

Section 7.1 Methods
of Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time before
May 20, 2020 by notice of one party to the others.

 

    9

     

    

  

ARTICLE VIII

MISCELLANEOUS PROVISIONS

  

Section 8.1 Survival
of Provisions. The respective representations, warranties, covenants and agreements of each of the parties to this Agreement
(except covenants and agreements which are expressly required to be performed and are performed in full on or before the Closing
Date) shall survive the Closing Date and the consummation of the transactions contemplated by this Agreement. In the event of a
breach of any of such representations, warranties or covenants, the party to whom such representations, warranties or covenants
have been made shall have all rights and remedies for such breach available to it under the provisions of this Agreement or otherwise,
whether at law or in equity, regardless of any disclosure to, or investigation made by or on behalf of such party on or before
the Closing Date.

 

Section 8.2 Publicity.
No party shall cause the publication of any press release or other announcement with respect to this Agreement or the transactions
contemplated hereby without the consent of the other parties, unless a press release or announcement is required by law. If any
such announcement or other disclosure is required by law, the disclosing party agrees to give the non-disclosing parties prior
notice and an opportunity to comment on the proposed disclosure.

 

Section 8.3 Successors
and Assigns. This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors
and assigns; provided, however, that no party shall assign or delegate any of the obligations created under this Agreement without
the prior written consent of the other parties.

 

Section 8.4 Fees
and Expenses. Except as otherwise expressly provided in this Agreement, all legal and other fees, costs and expenses incurred
in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such fees, costs
or expenses.

 

Section 8.5 Notices.
All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been given or
made if in writing and delivered personally or sent by registered or certified mail (postage prepaid, return receipt requested)
to the parties at the following addresses:

  

If to ILA BVI or the
BVI Shareholders, to:

 

Intelligent
Living Application Group Limited

 

Address: Unit 02, 5/F, Block
A, Profit Industrial Building, 1-15 Kwai Fung Crescent, Kwai Chung, N.T., Hong Kong

Attention: Lau Yu Bong

  

    10

     

    

  

If to ILA Cayman, to:

 

Intelligent
Living Application Group Inc.

Address: Unit 02, 5/F, Block A,
Profit Industrial Building, 1-15 Kwai Fung Crescent, Kwai Chung, N.T., Hong Kong

Attention:
Lau Yu Bong

 

or to such other persons or at such other
addresses as shall be furnished by any party by like notice to the others, and such notice or communication shall be deemed to
have been given or made as of the date so delivered or mailed.

 

Section 8.6 Entire
Agreement. This Agreement, together with the exhibits hereto, represents the entire agreement and understanding of the parties
with reference to the transactions set forth herein and no representations or warranties have been made in connection with this
Agreement other than those expressly set forth herein or in the exhibits, certificates and other documents delivered in accordance
herewith. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements
between the parties relating to the subject matter of this Agreement and all prior drafts of this Agreement, all of which are merged
into this Agreement. No prior drafts of this Agreement and no words or phrases from any such prior drafts shall be admissible into
evidence in any action or suit involving this Agreement.

  

Section 8.7 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible so as to be valid and enforceable.

 

Section 8.8 Titles
and Headings. The Article and Section headings contained in this Agreement are solely for convenience of reference and shall
not affect the meaning or interpretation of this Agreement or of any term or provision hereof.

 

Section 8.9 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall be considered one and the same agreement.

 

Section 8.10 Convenience
of Forum; Consent to Jurisdiction. The parties to this Agreement, acting for themselves and for their respective successors
and assigns, without regard to domicile, citizenship or residence, hereby expressly and irrevocably elect as the sole judicial
forum for the adjudication of any matters arising under or in connection with this Agreement, and consent and subject themselves
to the jurisdiction of, the courts of the Cayman Islands, in respect of any matter arising under this Agreement. Service of process,
notices and demands of such courts may be made upon any party to this Agreement by personal service at any place where it may be
found or giving notice to such party as provided in Section 8.5.

 

    11

     

    

  

Section 8.11 Enforcement
of the Agreement. The parties hereto agree that irreparable damage would occur if any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall
be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions
hereto, this being in addition to any other remedy to which they are entitled at law or in equity.

 

Section 8.12 Governing
Law. This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the Cayman Islands without
giving effect to the choice of law provisions thereof.

 

Section 8.13 Amendments
and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed
by all of the parties hereto. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder,
whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty
or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

Section 8.14 Relationships
Between ILA BVI and ILA Cayman. The parties of this Agreement understand the BVI Shareholders are the major shareholders of
ILA Cayman. Prior to the date of this Agreement, BVI Shareholders collectively own 72% of the total outstanding shares of ILA Cayman.

 

[Signature Page Follows]

 

    12

     

    

  

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

  

Intelligent
Living Application Group Inc.

 

	By: 	      	 
	Name: Lau Yu Bong	 
	Title: Chief Executive Officer	 

 

Intelligent Living Application Group
Limited

 

	By: 	    	 
	Name: Lau Yu Bong	 
	Title: Chief Executive Officer  	 
	 	 

 

BVI STOCKHOLDERS 

 

	 	 
	Name: Po Wang Hui	 

 

	 	 
	Name: Yu Bong Lau	 
	 	 
	 	 
	Name: Yu Bun Lau	 
		 
	 	 

Name: Shun Hong Hui

  

    13

     

    

 

EXHIBIT A

BVI SHAREHOLDERS

 

	Name	 	BVI Shares	 
	Po Wang Hui	 	 	637,500	 
	Yu Bong Lau	 	 	637,500	 
	Yu Bun Lau	 	 	637,500	 
	Shun Hong Hui	 	 	637,500	 

 

Exhibit
B

Designees
oF BVI SHAREHOLDERS AND NUMBER OF CAYMAN SHARES TO BE ISSUED

 

	Name	 	Cayman Shares to be Issued 
Under This Agreement	 	 	Number of ILA Cayman shares

 owned before this Agreement	 	 	Post-Closing ILA Cayman
 Shares Percentage	 
	Po Wang Hui	 	 	2,338,200	 	 	 	1,800	 	 	 	18	%
	Yu Bong Lau	 	 	2,338,200	 	 	 	1,800	 	 	 	18	%
	Yu Bun Lau	 	 	2,338,200	 	 	 	1,800	 	 	 	18	%
	Shun Hong Hui	 	 	2,338,200	 	 	 	1,800	 	 	 	18	%
	Ho Paul Yun Man	 	 	584,550	 	 	 	450	 	 	 	4.5	%
	Choi Chin Yu	 	 	584,550	 	 	 	450	 	 	 	4.5	%
	Mok Shing Hoi Jacky	 	 	584,550	 	 	 	450	 	 	 	4.5	%
	Yip Chung Yin	 	 	584,550	 	 	 	450	 	 	 	4.5	%
	Lee Kam Wah	 	 	519,600	 	 	 	400	 	 	 	4	%
	Wong Mang Hon	 	 	389,700	 	 	 	300	 	 	 	3	%
	Chau Fung	 	 	389,700	 	 	 	300	 	 	 	3	%

 

    14

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