Document:

Exhibit 10.1

 

STOCK
PURCHASE AGREEMENT

 

This
STOCK PURCHASE AGREEMENT (the “Agreement”) is made and entered into as of AUGUST 12, 2020, by and among Yuantong
Wang, (the “Purchaser”), and Yosef Yafe, an individual with his offices located at 4 Bet Israel, Jerusalem,
Israel, the record and beneficial owner of shares of common stock, par value $0.001 per share (the “Common Stock”),
of Adaiah Distribution Inc., a Nevada corporation (the “Company”) and an executive officer and sole director
of the Company (the “Seller”).

 

W
I T N E S S E T H:

 

WHEREAS,
Seller is the record and beneficial owners of an aggregate of 31,262,500 shares and is hereby selling 31,000,000 shares thereof
(the “Shares”) of Common Stock of the Company, which represents approximately 98% of the issued and outstanding
shares of the Company; and

 

WHEREAS,
Seller desires to sell to the Purchaser, and Purchaser desires to purchase from Seller, the Shares (31,000,000) pursuant to the
terms of this Agreement.

 

NOW,
THEREFORE, IT IS AGREED:

 

ARTICLE
I

SALE
OF THE SHARES

 

Section
1.1 Sale of the Shares. Subject to the terms and conditions herein stated, and in reliance upon the representations, warranties,
covenants and agreements contained in this Agreement, Seller agrees to sell, assign, transfer, and deliver to Purchaser on the
Closing Date, and Purchaser agrees to purchase from Seller on the Closing Date, all of the Shares for a total consideration of
$300,000 (Three Hundred Thousand Dollars) (the “Purchase Price”). The certificates representing the Shares
shall be duly endorsed in blank (the “Sale”), with each endorsement accompanied by a Medallion signature guarantee.

 

Section
1.2 Escrow. The Purchaser and Seller acknowledge that the Purchase Price will be delivered to McMurdo Law Group, as
escrow agent (“Escrow Agent”) in accordance with the escrow agreement dated July 16, 2020, by and among Seller,
Purchaser and Escrow Agent (the “Escrow Agreement”). Seller shall deliver the Documents (as defined below)
to the Escrow Agent prior to the Closing. The Escrow Agent shall hold the Purchase Price in escrow and disburse the funds held
in escrow to Seller in accordance with the Escrow Agreement. Provided, however, if the Closing as defined below has yet to occur
on August 11, 2020, the Purchase Price in the Escrow Account shall be delivered to the Purchaser and the Documents shall be delivered
to the Seller and this Agreement shall automatically terminate, unless the Purchaser and the Seller agree, in writing, to extend
the Closing to a different date.

 

Section
1.3 Closing.

 

(a)
The closing of the Sale referred to in Section 1.1 (the “Closing”) shall take place on at such date,
time and place as shall be determined by the Purchaser and the Seller. Such closing date is herein referred to as the “Closing
Date.”

 

(b)
At the Closing:

 

(i)
The Seller shall cause the Escrow Agent to deliver to Cleartrust LLC, the transfer agent of the Company (the “Transfer
Agent”), the original stock certificate representing the Shares, along with medallion guaranteed executed blank stock
power to the Shares, legal opinion acceptable to the Transfer Agent and any other documents required to effect the sale of such
Shares to Purchaser (collectively, the “Documents”).

 

(ii)
The Purchaser shall cause the Escrow Agent to disburse to the Seller the Purchase Price for the Shares by wire transfer of immediately
available funds upon written confirmation by the Transfer Agent that the Documents are acceptable and a new certificate representing
the Shares in the name of Purchaser will be issued immediately.

 

     

     

    

 

(c)
At and at any time after the Closing, the parties shall duly execute, acknowledge and deliver all such further assignments, conveyances,
instruments and documents, and shall take such other action consistent with the terms of this Agreement to carry out the transactions
contemplated by this Agreement.

 

(d)
All representations, covenants and warranties of the Purchaser and Seller contained in this Agreement shall be true and correct
on and as of the Closing Date with the same effect as though the same had been made on and as of such date.

 

Section
1.4 Taxes. All sales, transfer, income, or gain taxes applicable to the sale of the Shares by Seller as contemplated by
this Agreement shall be paid by Seller.

 

ARTICLE
II

REPRESENTATIONS
OF SELLER

 

The
Seller represents and warrants to the Purchaser, as of the date of execution of this Agreement and the Closing Date, that:

 

Section
2.1 Ownership of the Shares. Seller is the lawful owners of the Shares, free and clear of all security interests, liens,
encumbrances, equities and other charges. Seller further represents that he does not beneficially own any options or warrants
or other rights to purchase shares of Common Stock. There are no outstanding or authorized options, warrants, rights, calls, commitments,
conversion rights, rights of exchange or other agreements of any character, contingent or otherwise, providing for the purchase,
issuance or sale of any of the Shares, or any arrangements that require or permit any of the Shares to be voted by or at the discretion
of anyone other than the Seller, and there are no restrictions of any kind on the transfer of any of the Shares other than (a)
restrictions on transfer imposed by the Securities Act of 1933, as amended (the “Securities Act”) and (b) restrictions
on transfer imposed by applicable state securities or “blue sky” laws. The delivery by such Seller to Purchaser of
the Shares pursuant to the provisions of this Agreement will transfer to Purchaser valid title thereto, free and clear of any
and all Encumbrances. The Shares being transferred hereby have been validly issued, fully paid and are non-assessable. The Shares
are being sold to Purchaser in transactions exempt from registration.

 

Section
2.2 Authorization and Validity of Agreement. Seller has full power and authority to execute and deliver this Agreement,
to perform the obligations hereunder, and to consummate the transactions contemplated hereby. This Agreement has been duly executed
and delivered by Seller and, assuming the due execution of this Agreement by Purchaser, is a valid and binding obligation of Seller,
enforceable against Seller in accordance with its terms, except to the extent that its enforceability may be subject to applicable
bankruptcy, insolvency, reorganization, and similar laws affecting the enforcement of creditors’ rights generally and to
general equitable principles. Seller is not a party to any agreement, written or oral, creating rights in respect of any of the
Shares in any third party or relating to the voting of the Shares.

 

Section
2.3 No Brokers. No brokerage or finder’s fees or commissions are or will be payable by the Company or Purchaser to
any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to
the transactions contemplated by this Agreement, and the Company or Seller has not taken any action that would cause the Purchaser
to be liable for any such fees or commissions. The Seller agrees that the Purchaser shall have no obligation with respect to any
fees or with respect to any claims made by or on behalf of any Person, for fees of the type contemplated by this Section 2.3
and Seller shall indemnify and hold Purchaser and the Company harmless from any fees, costs or liabilities of any kind incurred
by Purchaser in connection therewith.

 

Section
2.4 Accuracy of Information. None of the representations and warranties of Seller contained herein, or in the documents
furnished by them pursuant hereto, contains any material misstatement of fact or omits to state any material fact necessary to
make the statements herein or therein in light of the circumstances in which they were made not misleading.

 

Section
2.5 No restriction on the Sale. There is no restriction or limitation on the execution and delivery of this Agreement
and the consummation or performance of the transactions contemplated hereby.

 

Section
2.6[Intentionally omitted].

 

    	 	2	 

     

    

 

Section
2.7Employee Matters. Seller, is the only employee of the Company. There are no outstanding employment obligations of
the Company owed to Seller of any kind. The Company shall have no obligations whatsoever, for any compensation or other amounts
payable to any employee, director, consultant, or independent contractor of the Company, including, but not limited to bonus,
salary, compensation, accrued vacation, fringe, pension or profit sharing benefits or severance paid or payable to any employee,
director, consultant or independent contractor of the Company relating to service with or for the Company at any time prior to
the Closing Date.

 

ARTICLE
III 

REPRESENTATIONS
OF SELLER RELATING TO THE COMPANY

 

The
Seller represents and warrants to the Purchaser, as of the date of execution of this Agreement and the Closing Date, as follows:

 

Section
3.1 Existence and Good Standing. The Company is a corporation duly organized, validly existing, and in good standing under
the laws of the State of Nevada 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.

 

Section
3.2 Capital Stock.

 

(a)
The Company has an authorized capitalization consisting of 750,000,000 shares of Common Stock. As of the date hereof, 31,518,466
shares of Common Stock are issued and outstanding. All the outstanding shares of Common Stock have been duly authorized and validly
issued and are fully paid and non-assessable. All of the issued and outstanding shares of capital stock of the Company have been
offered, issued and sold by the Company in compliance with all applicable federal and state securities laws. No securities of
the Company are entitled to preemptive or similar rights, and no person or entity has any right of first refusal, preemptive right,
right of participation, or any similar right to participate in the transactions contemplated hereby. Except as a result of the
purchase and sale of the Shares, there are no outstanding options, warrants, script rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable for, or giving
any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements
by which the Company is or may become bound to issue additional shares of Common Stock, or securities or rights convertible or
exchangeable into shares of Common Stock. The sale of the Shares will not obligate the Company to issue shares of Common Stock
or other securities to any Person (other than the Purchaser) and shall not result in a right of any holder of Company securities
to adjust the exercise, conversion, exchange or reset price under such securities.

 

(b)
There are no outstanding obligations, contingent or otherwise, of the Company to redeem, purchase or otherwise acquire any capital
stock or other securities of the Company.

 

(c)
There are no shareholder agreements, voting trusts or other agreements or understandings to which the Company or Seller are a
party or by which any of them are bound relating to the voting of any shares of the capital stock of the Company.

 

Section
3.3 Subsidiaries. The Company has no subsidiaries.

 

Section
3.4Books and Records. The Company’s books and records, financial and otherwise, are in all material respects
complete and correct and are in the offices of Seller.

 

Section
3.5Litigation. There are no (a) actions, suits, or legal, equitable, arbitrative, or administrative proceedings pending
threatened against the Company, or (b) judgments, injunctions, writs, rulings, or orders by any governmental person against the
Company. Neither the Company, nor any officer, key employee or 5% stockholder of the Company in his, her or its capacity as such,
is in default with respect to any order, writ, injunction, decree, ruling or decision of any court, commission, board or any other
government agency. The SEC has not issued any stop order or other order suspending the effectiveness of any registration statement
filed by the Company under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or the Securities
Act.

 

    	 	3	 

     

    

 

Section
3.6 Taxes. The Company has duly and timely filed all federal, state, county, local and foreign tax returns required to
have been filed by it. There are no liens for taxes upon the assets of the Company except for statutory liens for current taxes
not yet due and payable or which may thereafter be paid without penalty or are being contested in good faith. The Company has
not received any notice of audit, is not undergoing any audit of its tax returns, or has received any notice of deficiency or
assessment from any taxing authority with respect to liability for taxes which has not been fully paid or finally settled. There
have been no waivers of statutes of limitations by the Company with respect to any tax returns. The Company has not filed a request
with the Internal Revenue Service for changes in accounting methods within the last three years which change would affect the
accounting for tax purposes, directly or indirectly, of its business. The Company has not executed an extension or waiver of any
statute of limitations on the assessment or collection of any taxes due (excluding such statutes that relate to years currently
under examination by the Internal Revenue Service or other applicable taxing authorities) that is currently in effect.

 

Section
3.7 Accuracy of Information. None of the representations and warranties of the Seller as an officer and director of the
Company contained herein, or in the documents furnished by Seller pursuant hereto, contains any material misstatement of fact
or omits to state any material fact necessary to make the statements herein or therein in light of the circumstances in which
they were made not misleading.

 

Section
3.8 Disclosure. Seller confirm that neither they nor any other Person acting on their behalf has provided the Purchaser
or his agents or counsel with any information that constitutes or might constitute material, nonpublic information concerning
the Company. Seller understand and confirm that the Purchaser will rely on the foregoing representations in effecting transactions
in securities of the Company. All disclosure provided to the Purchaser regarding the Company, its business and the transactions
contemplated hereby, furnished by or on behalf of the Seller with respect to the representations and warranties made herein are
true and correct with respect to such representations and warranties and do not contain any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under
which they were made, not misleading. Seller acknowledge and agree that the Purchaser has not made, nor is the Purchaser making,
any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth
herein.

 

Section
3.9 No Disagreements with Accountants and Lawyers. There are no disagreements of any kind presently existing, or reasonably
anticipated by the Company to arise, between the accountants and lawyers formerly or presently employed by the Company. The Company
does not owe any fees to its accountants and lawyers.

 

Section
3.10 No Conflicts. The execution, delivery and performance of this Agreement and the transactions contemplated hereby do
not and will not: (i) conflict with or violate any provision of the Company’s Articles of Incorporation, By-laws or other
organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of
time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of any agreement, credit facility, debt or other instrument (evidencing a Company
debt or otherwise) or other understanding to which the Company is a party or by which any property or asset of the Company is
bound or affected or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company is bound or affected.

 

Section
3.11 Filings, Consents and Approvals. Neither Seller nor the Company are required to obtain any consent, waiver, authorization
or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental
authority or other Person in connection with the execution, delivery and performance of this Agreement.

 

Section
3.12 Compliance. The Company: (i) is not in default under or in violation of (and no event has occurred that has not been
waived that, with notice or lapse of time or both, would result in a default by the Company under), nor has the Company received
notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other
agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or
violation has been waived), (ii) is not in violation of any order of any court, arbitrator or governmental body and (iii) is not
and has not been in violation of any statute, rule or regulation of any governmental authority.

 

    	 	4	 

     

    

 

Section
3.13 Transactions With Affiliates and Employees. Except as required to be set forth in the SEC Reports, none of the officers
or directors of the Company and none of the Affiliates or employees of the Company is presently a party to any transaction with
the Company (other than for services as employees, officers and directors), including any contract, agreement or other arrangement
providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from any officer, director or such employee or any entity in which any officer, director, or any such
employee has a substantial interest or is an officer, director, trustee or partner.

 

Section
3.14 Assets. The Company does not have or lease any assets.

 

Section
3.15Investment Company/Investment Advisor. The business of the Company does not require it to be registered as an investment
company or investment advisor; as such terms are defined under the Investment Company Act and the Investment Advisors Act of 1940.

 

Section
3.16 Environmental Matters. The Company has complied with all applicable state and federal environmental laws and regulations
(“Environmental Law”). There is no pending or threatened civil or criminal litigation, written notice of violation,
formal administrative proceeding or investigation, inquiry or information request by any state and federal governmental entity
relating to any Environmental Law involving the Company.

 

Section
3.17 Informed Decision. The Seller are aware of the Company’s business affairs and financial condition and have reached
an informed and knowledgeable decision to sell the Shares.

 

Section
3.18 No Liabilities or Debts. Except for the loans from Seller in the aggregate amount of $4,700.00 and accounts payable
in the amount of $6,000.00 (the “Payables”) as of the date hereof (collectively, the “Liabilities”),
which will be paid off at or prior to the Closing, there are no liabilities or debts of the Company of any kind whatsoever, whether
accrued, contingent, absolute, determined, determinable or otherwise and there is no existing condition, situation or set of circumstances
which could reasonably be expected to result in such a liability or debt. The Company is not a guarantor of any indebtedness of
any other person, firm or corporation. The Payables will be paid off at Closing out of the Purchase Price.

 

Section
3.19 Employee Matters. The Seller is the only employee of the Company. There are no outstanding employment obligations
of the Company of any kind. The Company shall have no obligations whatsoever, for any compensation or other amounts payable to
any employee, director, consultant, or independent contractor of the Company, including, but not limited to bonus, salary, compensation,
accrued vacation, fringe, pension or profit sharing benefits or severance paid or payable to any employee, director, consultant
or independent contractor of the Company relating to service with or for the Company at any time prior to the Closing Date.

 

Section
3.20 SEC Reports. The Company has timely filed all reports, schedules, forms, statements and other documents required to
be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof (the
foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred
to herein as the “SEC Reports”). As of their respective dates, the SEC Reports complied in all material respects
with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. The consolidated
financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements
and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. The financial statements
included in the SEC Reports have been prepared in accordance with United States generally accepted accounting principles applied
on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial
statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP,
and fairly present in all material respects the financial position of the Company as of and for the dates thereof and the results
of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments. The agreements and documents described in the SEC Reports conform in all material aspects to the descriptions
thereof contained therein and there are no agreements or other documents required by the Securities Act and the rules and regulations
thereunder to be described in the SEC Reports or to be filed with the Commission as exhibits to the Registration Statement, that
have not been so described or filed.

 

    	 	5	 

     

    

 

Section
3.21 Free-Trading Shares. Of the total issued and outstanding shares of Common Stock of the Company, 31,455,290 shares
of Common Stock are “restricted securities” under applicable U.S. federal and state securities laws and the remaining
63,176 shares are non-restricted securities and their certificates do not contain a legend.

 

Section
3.22Trading, DTC Eligibility and Market Makers. The Common Stock of the Company is DTC (Depository Trust Corporation)
eligible and is being quoted on the OTC Pink Market under the trading symbol “ADAD”. The Company has one market makers
as of the date hereof.

 

ARTICLE
IV

REPRESENTATIONS
OF PURCHASER

 

Purchaser
represents and warrants as follows:

 

Section
4.1 Authorization of Purchaser. The Purchaser has full power and authority to execute and deliver this Agreement, to perform
its obligations hereunder, and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered
by the Purchaser and, assuming the due execution of this Agreement by Seller, will constitute a valid and binding obligation of
the Purchaser enforceable against such Purchaser in accordance with its terms, except to the extent that enforceability may be
subject to applicable bankruptcy, insolvency, reorganization, and similar laws affecting the enforcement of creditors’ rights
generally and to general equitable principles.

 

Section
4.2 Consents and Approvals; No Violations. The execution and delivery of this Agreement by Purchaser and the consummation
of the transactions contemplated hereby (a) will not violate any statute, rule, regulation, order or decree of any public body
or authority by which Purchaser is bound or by which any of his properties or assets are bound, (b) will not require any filing
with, or permit, consent or approval of, or the giving of any notice to, any governmental or regulatory body, agency or authority
on or prior to the Closing Date, and (c) will not result in a violation or breach of, conflict with, constitute (with or without
due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation, payment or acceleration)
under, or result in the creation of any Encumbrance upon any of the properties or assets of Purchaser under any of the terms,
conditions, or provisions of any note, bond, mortgage, indenture, license, franchise, permit, agreement, lease, franchise agreement,
or any other instrument or obligation to which Purchaser is a party, or by which he or any of his properties or assets may be
bound.

 

Section
4.3 Purchase for Investment. With regard to the Shares purchased from Seller, Purchaser and his assigns or designees will
acquire the Shares solely for his own account for investment purposes only and not with a view toward any resale or distribution
thereof. With regard to the Shares purchased from Seller, Purchaser agrees that the Shares may not be sold, transferred, offered
for sale, pledged, hypothecated, or otherwise disposed of without registration under the Securities Act, except pursuant to an
exemption from such registration available under such Securities Act, and without compliance with the securities laws of other
jurisdictions, to the extent applicable. Purchaser has such knowledge and experience in financial and business matters that he
is capable of evaluating the merits and risks of his purchase of the Shares. Purchaser confirms that the Company and Seller have
made available to Purchaser the opportunity to ask questions of the Company and to acquire additional information about the Company’s
business and financial condition.

 

Section
4.4 Available Funds. Purchaser will have on the Closing Date sufficient funds to perform all of his obligations under this
Agreement, including, without limitation, to make the payments required hereunder described in Section 1.2 hereto.

 

Section
4.5 Broker’s or Finder’s Fees. No agent, broker, firm or other Person acting on behalf of Purchaser is, or
will be, entitled to any commission or broker’s or finder’s fees from any of the parties hereto, or from any Person
controlling, controlled by or under common control with any of the parties hereto, in connection with any of the transactions
contemplated herein.

 

Section
4.6 Accuracy of Information. None of the representations and warranties of Purchaser contained herein, or in the documents
furnished pursuant hereto, contains any material misstatement of fact or omits to state any material fact necessary to make the
statements herein or therein in light of the circumstances in which they were made not misleading.

 

    	 	6	 

     

    

 

ARTICLE
V

CONDITIONS
TO SELLER'S OBLIGATIONS

 

The
sale of the Shares by Seller on the Closing Date is conditioned upon satisfaction or waiver, at or prior to the consummation of
the Sale, of the following conditions:

 

Section
5.1 Accuracy of Representations and Warranties. The representations and warranties of Purchaser contained in this Agreement
shall be true and correct in all material respects on and as of the Closing Date with the same effect as though such representations
and warranties had been made on and as of such date.

 

Section
5.2 Performance of Agreements. Each and all of the agreements of Purchaser to be performed at or prior to the Closing
Date pursuant to the terms hereof shall have been duly performed in all material respects.

 

Section
5.3 No Injunction. No court or other governmental body or public authority shall have issued an order that shall then
be in effect restraining or prohibiting the completion of the transactions contemplated hereby.

 

Section
5.4 Deposit of Purchase Price to Escrow Agent. The Purchaser shall have deposited the Purchase Price to the Escrow
Agent.

 

ARTICLE
VI

CONDITIONS
TO PURCHASER'S OBLIGATIONS

 

The
purchase of the Shares by Purchaser on the Closing Date is conditioned upon the satisfaction or waiver, at or prior to the consummation
of the Sale, of the following conditions:

 

Section
6.1Accuracy of Representations and Warranties. The representations and warranties of Seller contained in this Agreement
shall be true and correct in all material respects on and as of the Closing Date with the same effect as though such representations
and warranties have been made on and as of such date (except to the extent that any such representation and warranty is stated
in this Agreement to be made as of a specific date, in which case such representation and warranty shall be true and correct as
of such specified date).

 

Section
6.2Performance of Agreements. Each and all of the agreements of Seller to be performed at or prior to the Closing Date
pursuant to the terms hereof shall have been duly performed in all material respects.

 

Section
6.3No Injunction. No court or other government body or public authority shall have issued an order which shall then
be in effect restraining or prohibiting the completion of the transactions contemplated hereby.

 

Section
6.4Completion of Due Diligence. Purchaser has completed his due diligence investigation of the Shares and the Company,
and the results of such investigation are satisfactory to Purchaser in his sole discretion.

 

Section
6.5Delivery of Documents. The Documents shall have been delivered to the Transfer Agent and Purchaser shall have received
written confirmation from the Transfer Agent that the Documents are acceptable and a new certificate representing the Shares in
the name of Purchaser will be issued immediately.

 

Section
6.6Certificate of Good Standing. A copy of the Certificate of Good Standing from the Company, dated no more than three
business days prior to the Closing Date, shall have been delivered to Purchaser prior to the Closing Date.

 

    	 	7	 

     

    

 

Section
6.7Delivery of Additional Closing Documents. Seller shall have delivered to the Escrow Agent the following items to
be delivered to Purchaser at Closing:

 

		(i)	a
                                         duly executed payoff letter, evidencing the payoff of the Liabilities, prior to the Closing
                                         Date;

 

		(ii)	all
                                         the Company’s books and records;

 

		(iii)	duly
                                         signed resignation letters from the Company’s current officer and director; and

 

		(iv)	duly
                                         executed board resolution approving the appointment of Purchaser Director and Purchaser
                                         Officer (as defined below).

 

ARTICLE
VII

CERTAIN
AGREEMENTS

 

Section
7.1 Reasonable Best Efforts. Each of the parties hereto agrees to use its reasonable best efforts to take or cause to be
taken all action, to do or cause to be done, and to assist and cooperate with the other party hereto in doing, all things necessary,
proper, or advisable to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated
by this Agreement, including, but not limited to, (a) the obtaining of all necessary waivers, consents, and approvals from governmental
or regulatory agencies or authorities and the making of all necessary registrations and filings and the taking of all reasonable
steps as may be necessary to obtain any approval or waiver from, or to avoid any action or proceeding by, any governmental agency
or authority, (b) the obtaining of all necessary consents, approvals, or waivers from third parties, and (c) the defending of
any lawsuits or any other legal proceedings, whether judicial or administrative, challenging this Agreement or the consummation
of the transactions contemplated hereby, including, without limitation, seeking to have any temporary restraining order entered
by any court or administrative authority vacated or reversed.

 

Section
7.2Board of Directors; Officers. At the Closing, (a) the Board of Directors shall consist of one director appointed
by Purchaser (the “Purchaser Director”), and (b) all officers and current directors of the Company shall resign
and the Board of Directors shall appoint the designees of Purchaser as the sole officers thereof (the “Purchaser Officer”).
Upon compliance by the Company with information statement delivery requirements pursuant to Rule 14f-1 under the Exchange Act,
if applicable, the Existing Director shall resign and the vacancy created thereby shall be filled by directors designated by the
Purchaser Director, in connection with the transactions contemplated hereby, provided that such information statement shall be
filed within one month after the Closing.

 

Section
7.3Further SEC Filings. Seller shall take all such further acts as shall be required to permit the Company to file
any SEC Reports to be filed at or following the Closing which reflect the business and operations of the Company prior to the
Closing, and shall execute and deliver all certifications required to be filed by the Company with respect to financial statements
of the Company reflecting in whole or in part the business and operations of the Company prior to the Closing. Seller acknowledges
that this covenant is a material inducement to the Buyer in entering into the transactions contemplated hereby and in connection
herewith.

 

ARTICLE
VIII

SURVIVAL
OF REPRESENTATIONS; INDEMNIFICATION

 

Section
8.1 Indemnities.

 

(a)
Seller hereby agree to jointly and severally indemnify and hold harmless the Purchaser from and against any and all damages, claims,
losses, or expenses (including reasonable attorneys’ fees and expenses) (“Damages”) actually suffered
or paid by Purchaser as a result of the breach of any representation or warranty made by the Seller in this Agreement. Seller
further agrees that Purchaser may be indemnified without first filing a lawsuit against the Seller or the Company. To the extent
that Seller’s undertakings set forth in this Section 8.1(a) may be unenforceable, Seller shall contribute the maximum
amount that he is permitted to contribute under applicable law to the payment and satisfaction of all Damages incurred by the
parties entitled to indemnification hereunder. In the event that Purchaser should raise a claim for damages pursuant to this Section
8.1(a), Seller shall have a fifteen (15) business day cure period, beginning upon notice received, to cure any such defect
to Purchaser’s satisfaction. All such indemnification amounts of Damages shall be paid out of the Purchase Price held in
escrow by the Escrow Agent.

 

    	 	8	 

     

    

 

(b)
Purchaser hereby agrees to indemnify and hold harmless Seller against Damages actually suffered or paid by Seller as a result
of the breach of any representation or warranty made by the Purchaser in this Agreement. To the extent that the Purchaser’s
undertakings set forth in this Section 8.1(b) may be unenforceable, the Purchaser shall contribute the maximum amount that
he is permitted to contribute under applicable law to the payment and satisfaction of all Damages incurred by the parties entitled
to indemnification hereunder.

 

(c)
Any party seeking indemnification under this Article VIII (an “Indemnified Party”) shall give each party
from whom indemnification is being sought (each, an “Indemnifying Party”) notice of any matter for which such
Indemnified Party is seeking indemnification, stating the amount of the Damages, if known, and method of computation thereof,
and containing a reference to the provisions of this Agreement in respect of which such right of indemnification is claimed or
arises. The obligations of an Indemnifying Party under this Article VIII with respect to Damages arising from any claims
of any third party that are subject to the indemnification provided for in this Article VIII (collectively, “Third-Party
Claims”) shall be governed by and contingent upon the following additional terms and conditions: if an Indemnified Party
shall receive, after the Closing Date, initial notice of any Third-Party Claim, the Indemnified Party shall give the Indemnifying
Party notice of such Third-Party Claim within such time frame as is necessary to allow for a timely response and in any event
within 30 days of the receipt by the Indemnified Party of such notice; provided, however, that the failure to provide such
timely notice shall not release the Indemnifying Party from any of its obligations under this Article VIII except to the
extent the Indemnifying Party is materially prejudiced by such failure. The Indemnifying Party shall be entitled to assume and
control the defense of such Third-Party Claim at its expense and through counsel of its choice if it gives notice of its intention
to do so to the Indemnified Party within 30 days of the receipt of such notice from the Indemnified Party; provided, however,
that if there exists or is reasonably likely to exist a conflict of interest that would make it inappropriate in the judgment
of the Indemnified Party (upon advice of counsel) for the same counsel to represent both the Indemnified Party and the Indemnifying
Party, then the Indemnified Party shall be entitled to retain its own counsel, at the expense of the Indemnifying Party, provided
that the Indemnified Party and such counsel shall contest such Third-Party Claims in good faith. In the event the Indemnifying
Party exercises the right to undertake any such defense against any such Third-Party Claim as provided above, the Indemnified
Party shall cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party, at the Indemnifying
Party’s expense, all witnesses, pertinent records, materials, and information in the Indemnified Party's possession or under
the Indemnified Party's control relating thereto as is reasonably required by the Indemnifying Party. Similarly, in the event
the Indemnified Party is, directly or indirectly, conducting the defense against any such Third-Party Claim, the Indemnifying
Party shall cooperate with the Indemnified Party in such defense and make available to the Indemnified Party, at the Indemnifying
Party’s expense, all such witnesses, records, materials, and information in the Indemnifying Party's possession or under
the Indemnifying Party's control relating thereto as is reasonably required by the Indemnified Party. The Indemnifying Party shall
not, without the written consent of the Indemnified Party, (i) settle or compromise any Third-Party Claim or consent to the entry
of any judgment that does not include as an unconditional term thereof the delivery by the claimant or plaintiff to the Indemnified
Party of a written release from all liability in respect of such Third-Party Claim, or (ii) settle or compromise any Third-Party
Claim in any manner that may adversely affect the Indemnified Party. Finally, no Third-Party Claim that is being defended in good
faith by the Indemnifying Party or that is being defended by the Indemnified Party as provided above in this Section 8.1(c)
shall be settled by the Indemnified Party without the written consent of the Indemnifying Party.

 

ARTICLE
IX 

MISCELLANEOUS

 

Section
9.1 Expenses. The parties hereto shall pay all of their own expenses relating to the transactions contemplated by this
Agreement, including, without limitation, the fees and expenses of their respective counsel, financial advisors, and accountants.

 

Section
9.2 Governing Law; Consent to Jurisdiction.

 

(a)
The interpretation and construction of this Agreement, and all matters relating hereto, shall be governed by the laws of the State
of New York applicable to contracts made and to be performed entirely within the State of New York.

 

    	 	9	 

     

    

 

(b)
Each of the parties agrees that any legal action or proceeding with respect to this Agreement shall be brought and enforced in
the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereto hereby irrevocably
waives any objection that it may now or thereafter have to the laying of venue of any of the aforesaid actions or proceedings
arising out of or in connection with this Agreement brought in the courts referred to in the preceding sentence. Each party hereto
hereby consents to process being served in any such action or proceeding by the mailing of a copy thereof to the address set forth
opposite its name below and agrees that such service upon receipt shall constitute good and sufficient service of process or notice
thereof. Nothing in this paragraph shall affect or eliminate any right to serve process in any other manner permitted by law.

 

Section
9.3 Captions. The article and section captions used herein are for reference purposes only, and shall not in any way affect
the meaning or interpretation of this Agreement.

 

Section
9.4 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via e-mail attachment at the email address set forth below at or prior to 5:30 p.m. (New York City time) on a business
day, (b) the next business day after the date of transmission, if such notice or communication is delivered via e-mail attachment
at the e-mail address as set forth below on a day that is not a business day or later than 5:30 p.m. (New York City time) on any
business day, (c) the second (2nd) business day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service or (d) upon actual receipt by the party to whom such notice is required to be given.

 

if
to Purchaser, to:

 

[insert
address]

 

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

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas, 11th Floor

New
York, New York 10105

Attn:
Richard Anslow, Esq.

Email:
ranslow@egsllp.com

Telephone:
(212) 370-1300

 

and
if to Seller, to:

 

Yosef
Yafe

Bet
Israel 4

		Jerusalem	

		Israel	

972-52-5408519

 

or
such other addresses or numbers as shall be furnished in writing by any such party in the manner for giving notices hereunder.

 

    	 	10	 

     

    

 

Section
9.5 Parties in Interest. This Agreement may not be transferred, assigned, pledged, or hypothecated by any party hereto,
other than by operation of law. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and permitted assigns.

 

Section
9.6 Counterparts. This Agreement may be executed in two or more counterparts, all of which taken together shall constitute
one instrument.

 

Section
9.7 Entire Agreement. This Agreement, including its exhibits, schedules, and other documents referred to herein that form
a part hereof, contain the entire understanding of the parties hereto with respect to the subject matter contained herein and
therein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

Section
9.8 Third-Party Beneficiaries. Each party hereto intends that this Agreement shall not benefit or create any right or cause
of action in or on behalf of any person other than the parties hereto.

 

 

[SIGNATURE
PAGE FOLLOWS]

    	 	11	 

     

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be executed by their respective officers thereunto duly
authorized, all as of the day and year first above written.

 

	 	PURCHASER:
	 	 
	 	Yuantong Wang
	 	By:	 
	 	Title:	              
	 	 	 
	 	SELLER:
	 	 
	 	Yosef Yafe

 

IN
WITNESS WHEREOF, the undersigned officers and directors of the Company confirm the warranties and representations made in
ARTICLE III hereto as being true and correct.

 

	 	Yosef Yafe, Sole DirectorEX-10.1

 Exhibit 10.1 

AGREEMENT OF INDEMNITY 
 This Agreement of
Indemnity (hereinafter referred to as the “Agreement”) is made and entered into this 17th day of August, 2020, with and in favor of United States Fire Insurance Company, and their affiliated, associated and subsidiary companies, successors
and assigns (hereinafter collectively referred to as the “Surety”) and executed by: 
  

			
	Name	 	Federal Employer
Identification Number
	 	 
	
ICS Holdings LLC
	 	04-3781605
	 	 
	
IES Communications, LLC
	 	45-2010815
	 	 
	
IES Commercial, Inc.
	 	16-1664197
	 	 
	
IES Consolidation, LLC
	 	26-0733980
	 	 
	
IES Management, LP
	 	76-0569183
	 	 
	
IES Management ROO, LP
	 	52-2114914
	 	 
	
IES Operations Group, Inc.
	 	52-2110684
	 	 
	
IES Residential, Inc.
	 	74-1774028
	 	 
	
IES Shared Services, Inc.
	 	26-0655112
	 	 
	
IES Subsidiary Holdings, Inc.
	 	46-2276549
	 	 
	
Integrated Electrical Finance, Inc.
	 	76-0559059
	 	 
	
IES Holdings, Inc.
	 	76-0542208
	 	 
	
Key Electrical Supply, Inc.
	 	76-0285442
	 	 
	
Magnetech Industrial Services, Inc.
	 	35-2114582
	 	 
	
Southern Industrial Sales and Services, Inc.
	 	58-1702287
	 	 
	
Calumet Armature and Electric, L.L.C.
	 	36-4184053
	 	 
	
STR Mechanical, LLC
	 	20-8664049
	 	 
	
IES Infrastructure Solutions, LLC
	 	81-2722853
	 	 
	
Technibus, Inc.
	 	26-2991322
	 	 
	
Freeman Enclosure Systems, LLC
	 	27-2477644
	 	 
	
Technical Services II, LLC
	 	54-1447615
	 	 
	
NEXT Electric, LLC
	 	45-4876996
	 	 
	
Azimuth Communications, Inc.
	 	93-1297544
	 	 
	
Aerial Lighting & Electric, Inc.
	 	06-1123512
	 	 
	
Hotchkiss Alarms, LLC
	 	84-1729400
	 	 
	
Plant Power and Control Systems, L.L.C.
	 	63-1193474

 together with any partnerships, associations, corporations, successors, assigns, affiliates other than
shareholders of IES Holdings, Inc., related entities, subsidiaries and/or divisions of the Indemnitor whether now existing or hereafter formed or acquired, whether alone or in joint venture with others not named herein (hereinafter collectively
referred to as the “Indemnitor(s)”). 

 

  RECITALS 

WHEREAS, the Indemnitor, in the performance of contracts and the fulfillment of obligations generally, whether in its own name solely or as
co-venturer with others, may desire or be required to give or procure certain surety bonds, undertakings or instruments of guarantee, and to renew, or continue or substitute from time to time the same, or new bonds, undertakings or instruments of
guarantee with the same or different penalties, and/or conditions (hereinafter referred to as “Bonds”); the Indemnitor to request the Surety to refrain from canceling said Bonds; and 

WHEREAS, at the request of the Indemnitor and upon the express understanding that this Agreement be given, the Surety has executed or procured
to be executed, and may from time to time hereafter execute or procure to be executed, said Bonds on behalf of the Indemnitor; and 

WHEREAS, the Indemnitor have a substantial, material and beneficial interest in the obtaining of the Bonds or in the Surety’s refraining
from canceling the Bonds. 
 NOW, THEREFORE, in consideration of the premises set forth herein, the Indemnitor jointly and severally hereby
covenant and agree with the Surety, as follows: 

 

  I - PREMIUMS 

The Indemnitor will pay to the Surety in such manner as may be agreed upon all premiums and charges of the Surety for the Bonds in accordance
with its rate filings, its manual of rates, or as otherwise agreed upon, until the Indemnitor shall serve evidence satisfactory to the Surety of its discharge or release from the Bonds and all liability by reason thereof; provided that such premiums
shall be notified and agreed to by the Indemnitors. 

 

  II - INDEMNITY; DISCHARGE 

The Indemnitor shall exonerate, hold harmless and indemnify the Surety from and against any and all liability, loss, costs, damages, reasonably
incurred fees of attorneys and consultants, and other expenses, including reasonable interest, which the Surety may sustain and incur: (i) by reason of, or in consequence of, having executed or procured the execution of the Bonds, including,
without limitation, making any investigation in connection with any Bond, prosecuting or defending any action and obtaining the release of any Bond; (ii) by reason of the failure of the Indemnitor to perform or comply with the covenants and
conditions of this Agreement; or (iii) in enforcing any of the covenants and conditions of this Agreement. Payment by reason of the aforesaid causes shall be made to the Surety by the Indemnitor upon notice of Surety in writing as soon as
liability exists or is asserted against the Surety, whether or not the Surety shall have made any payment therefor. An itemized statement sworn to by the Surety, or the voucher or vouchers or other evidence of payment, compromise or liability shall
be prima facie evidence of the fact and amount of the Indemnitor’s’ liability under this Agreement. The Indemnitor will, upon no less than thirty (30) days’ notice, at the request of the Surety, procure the discharge of the
Surety from any Bond and all liability by reason thereof. Upon such discharge or release, the Surety shall return to the Indemnitor any portion of any premium paid which is unearned as a result of such discharge or release. Any payments made by the
Indemnitor hereunder shall be held by Surety and are to be used by Surety only for purposes of satisfying incurred losses and expenses associated with a Bond, and any payments in excess of such losses and expenses shall be promptly returned to
Indemnitors. 
  

  III - ASSIGNMENT 

The Indemnitor hereby assign, transfer and set over, to the Surety, as collateral to secure the obligations in any and all of the paragraphs of
this Agreement and any other indebtedness and liabilities of the Indemnitor to the Surety, whether heretofore or hereafter incurred, the assignment in the case of each contract to become effective as of the date of the Bond covering such

 
contract: (a) all of the Indemnitor’s rights, title and interest in, and arising in any manner out of, all contracts referred to in the Bonds whether or not bonded, or in, or arising in
any manner out of the Bonds; (b) any and all sums that may be due or hereafter become due on account of any and all contracts referred to in the Bonds including, but not limited to, all percentages retained, progress payments, deferred
payments, compensation for extra work and proceeds of damage claims; (c) all of the Indemnitor’s rights, title and interest in and to all machinery, supplies, equipment, plant, tools and materials of every nature and description which are
now, or may hereafter be, about or upon the site or sites of any and all of the contractual work referred to in the Bonds or elsewhere, including material purchased for or chargeable to any and all contracts referred to in the Bonds, materials which
may be in process of construction, in storage elsewhere, or in transportation to any and all of said sites; (d) all proprietary systems, software or any other assets of a similar nature which are employed by the Indemnitor in connection with
any and all contractual work referred to in the Bonds; (e) all of the Indemnitor’s rights, title and interest in and to all subcontracts let or to be let in connection with any and all contracts referred to in the Bonds, and in and to all
surety bonds supporting such subcontracts; (f) all actions, causes of actions, claims and demands whatsoever which the Indemnitor may have or acquire against any subcontractor, laborer or materialman, or any person furnishing or agreeing to
furnish or supply labor, material supplies, machinery, tools or other equipment in connection with or on account of any and all contracts referred to in the Bonds; and all actions, causes of actions, claims and demands whatsoever which the
Indemnitor may have or acquire against any surety or sureties of any subcontractor, laborer, or materialman and (g) all proceeds of the foregoing. This assignment shall be enforceable only in the event of a default hereunder by Indemnitor of
its obligations pursuant to Section II hereunder not cured upon five (5) days’ notice (an “Event of Default”). 

 

  IV - TRUST FUND 

If any of the Bonds are executed in connection with a contract which by its terms or by law prohibits the assignment of the contract’s
proceeds, or any part thereof, the Indemnitor covenant and agree that all payments received for or on account of said contract shall be held as a trust fund in which the Surety has an interest, for the payment of obligations incurred in the
performance of the contract and for labor, materials, and services furnished in the prosecution of the work provided in said contract or any authorized extension or modification thereof; and, further, it is expressly understood and declared that all
monies due and to become due under any contract or contracts covered by the Bonds are trust funds, whether in the possession of the Indemnitor or otherwise, for the benefit of and for payment of all such obligations in connection with any such
contract or contracts for which the Surety would be liable under any of said Bonds, which said trust also inures to the benefit of the Surety for any liability or loss it may have or sustain under any said Bonds, and this Agreement and declaration
shall also constitute notice of such trust. 
  

  V - UNIFORM COMMERCIAL CODE 

This Agreement shall constitute a Security Agreement to the Surety and also a Financing Statement, both in accordance with the provisions of
the Uniform Commercial Code of every jurisdiction wherein such Code is in effect, and may be so used by the Surety without in any way abrogating, restricting or limiting the rights of the Surety under this Agreement or under law, or in equity. 

 

  VI - TAKEOVER 

In the event of any breach or default asserted by the obligee in any Bonds, or the Indemnitor has abandoned the work on or forfeited any
contract or contracts covered by any Bonds, or has failed to pay obligations incurred in connection therewith, or in the event of the death, disappearance, Indemnitor’s conviction for a felony, imprisonment, incompetency, insolvency, or
bankruptcy of the Indemnitor, or the appointment of a receiver or trustee for the Indemnitor, or the property of the Indemnitor, or in the event of an assignment for the benefit of creditors of the Indemnitor, or if any action is taken by or against
the Indemnitor under or by virtue of Title 11 of the United States Code (the “Act”), as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, or should
reorganization or arrangement proceedings be filed by or against the Indemnitor under said Act, or if any action is taken by or against the Indemnitor under the insolvency laws of any state, possession, or territory of the United States, the Surety
shall have the right, at its option and in its sole discretion and is hereby authorized, with or without exercising any other right or option conferred upon it by law or in the terms of this Agreement, after two (2) days’ written notice to
and an opportunity to cure by the Indemnitors, to take possession of any part or all of the work under any contract or contracts covered by any Bonds, and at the expense of the Indemnitor to complete or arrange for the completion of the same, and
the Indemnitor shall promptly upon demand pay to the Surety all losses, and expenses so reasonably incurred. 

 
  VII - CHANGES 

In the event of any breach or default asserted by the obligee in any Bonds, the Surety is authorized and empowered, upon notice to the
Indemnitor to assent to any change whatsoever in the Bonds, and/or any contracts referred to in the Bonds, and/or in the general conditions, plans and/or specifications accompanying said contracts, including, but not limited to, any change in the
time for the completion of said contracts and to payments or advances thereunder before the same may be due; to assent to or take any assignment or assignments; to execute or consent to the execution of any continuations, extensions or renewals of
the Bonds; and to execute any substitute or substitutes therefor, with the same or different conditions, provisions and obligees and with the same or larger or smaller penalties, it being expressly understood and agreed that the Indemnitor shall
remain bound under the terms of this Agreement even though any such assent by the Surety does or might substantially increase the liability of said Indemnitor. 

 

  VIII - ADVANCES 

In the event of any breach or default asserted by the obligee in any Bonds, the Surety is authorized and empowered to guarantee loans, to
advance or lend to the Indemnitor any money, which the Surety may see fit, for the purpose of any contracts referred to in, or guaranteed by the Bonds; and all money expended in the completion of any such contracts by the Surety, or lent or advanced
from time to time to the Indemnitor, or guaranteed by the Surety for the purposes of any such contracts, and all costs, and expenses incurred by the Surety in relation thereto, unless repaid with legal interest by the Indemnitor to the Surety when
due, shall be presumed to be a loss by the Surety for which the Indemnitor shall be responsible, notwithstanding that said money or any part thereof should not be so used by the Indemnitor. 

 

  IX - REPORTING; BOOKS & RECORDS 

At any time during business hours and until such time as the liability of the Surety under a Bond is terminated and the Surety is fully
reimbursed for all of its losses, costs and expenses as a result of having executed, provided or procured said Bond on behalf of the Indemnitor, the Surety shall have reasonable access during normal business hours to the books, records, software,
data bases, computer stored information, contract documents, drawings, and accounts of the Indemnitor, wherever located, for the purpose of inspection, copying and reproduction. 

The Indemnitor authorize the Surety or its designee to investigate the financial condition of the Indemnitor, the status of work under
contracts being performed by the Indemnitor, the condition of the performance of such contracts, the status of payment of accounts of the Indemnitor and all other matters deemed appropriate by the Surety for the purpose of determining whether or not
to execute the Bond on the Indemnitor’s behalf or in investigating claims made against the Bond or in investigating the Surety’s exposure to loss generally. When requested by the Surety, banks, depositories, accountants, attorneys, credit
reporting agencies, obligees on a Bond, architects, materialmen, subcontractors, supply houses, prior and subsequent sureties, and joint venturers are hereby authorized and directed by the Indemnitor to furnish the Surety any information requested.
The Surety and every such person from whom such information is requested hereby are and shall be released and discharged of any and all claim, liability and responsibility which they or any of them might otherwise incur or be subject to for or by
reason of any such receipt or disclosure of any information respecting the Indemnitor which is obtained or utilized pursuant hereto. 

 

  X - BOND EXECUTION 

Unless otherwise specifically agreed in writing, the Surety may decline to execute any Bond and the Indemnitor agree to make no claim to the
contrary in consideration of the Surety’s receiving this Agreement; and if the Surety shall execute a bid or proposal bond, it shall have the right to decline to execute any and all of the bonds that may be required in connection with any award
that may be made under the proposal for which the bid or proposal bond is given and such declination shall not diminish or alter the liability that may arise by reason of having executed the bid or proposal bond. The Indemnitor hereby waive notice
of the execution of said Bonds and of the acceptance of this Agreement, and the Indemnitor hereby waive all notice of any default, or any other act or acts giving rise to any claim under said Bonds, as well as notice of any and all liability of the
Surety under said Bonds, and any and all liability on their part hereunder, to the end and effect that, the Indemnitor shall be and continue liable hereunder, notwithstanding any notice of any kind to which they might have been or be entitled, and
notwithstanding any defenses they might have been entitled to make. Surety will make good faith efforts to notify Indemnitor of such actions. 

 
  XI - SETTLEMENTS 

In the event of any breach or default asserted by the obligee in any Bonds, the Surety shall have the exclusive right for itself and for the
Indemnitor to adjust, settle or compromise any claim, demand, suit or judgment upon the Bonds. In the event of any payment by the Surety, the Indemnitor agree that in any accounting between the Surety and the Indemnitor, the Surety shall be entitled
to charge for any and all disbursements made by it in good faith in and about the matters contemplated by this Agreement under the belief that it is or was liable for the sums and the amounts so disbursed, or that it was necessary or expedient to
make such disbursements, whether or not such liability, necessity or expediency existed. 
 If the Indemnitor request the Surety to litigate any claim or
demand, or to defend any suit, or to appeal any judgment, it shall upon request from the Surety deposit with the Surety, at the time of such request, cash or collateral satisfactory to the Surety in kind and amount, to be used in paying any judgment
or judgments rendered or that may be rendered, with interest, costs, expenses and attorney’s fees, including those of the Surety. 

 

  XII - SURETIES 

In the event the Surety procures the execution of the Bonds by other sureties, or executes the Bonds with
co-sureties, or reinsures any portion of said Bonds with reinsuring sureties, then all the terms and conditions of this Agreement shall inure to the benefit of such other sureties, co-sureties and reinsuring sureties, as their interest may appear. 

 

  XIII - SUITS 

Separate suits may be brought hereunder as causes of action accrue, and the bringing of suit or the recovery of judgment upon any cause of
action shall not prejudice or bar the bringing of other suits, upon other causes of action, whether theretofore or thereafter arising. 

 

  XIV - OTHER INDEMNITY 

The Indemnitor shall continue to remain bound under the terms of this Agreement even though the Surety may have from time to time heretofore or
hereafter, with or without notice to or knowledge of the Indemnitor, accepted or released other agreements of indemnity or collateral in connection with the execution or procurement of said Bonds, from the Indemnitor or others, it being expressly
understood and agreed by the Indemnitor that any and all other rights which the Surety may have or acquire against the Indemnitor and/or others under any such other or additional agreements of indemnity or collateral shall be in addition to, and not
in lieu of, the rights afforded the Surety under this Agreement. 

 

  XV - INVALIDITY 

If any of the parties mentioned in this Agreement fail to execute the same, or if the execution hereof by any of the parties is defective or
invalid for any reason, such failure, defect or invalidity shall not in any manner affect the validity of this Agreement or the liability hereunder of any of the parties executing the same, but each and every party so executing shall be and remain
fully bound and liable hereunder to the same extent as if such failure, defect or invalidity had not existed. It is understood and agreed by the Indemnitor that the rights, powers, and remedies given the Surety under this Agreement shall be and are
in addition to, and not in lieu of, any and all other rights, powers, and remedies which the Surety may have or acquire against the Indemnitor or others, whether by the terms of any other agreement or by operation of law or otherwise. 

 

  XVI - ATTORNEY IN FACT 

The Indemnitor hereby irrevocably nominate, constitute, appoint and designate the Surety as their attorney-in-fact with the right, but not the obligation, to exercise all of the rights of the Indemnitor assigned, transferred and set over to the Surety in this Agreement, and in the name of the Indemnitor
to make, execute, and deliver any and all additional or other assignments, documents or papers deemed necessary and proper by the Surety in order to give full effect not only to the intent and meaning of this within assignments, but also to the full
protection intended to be herein given to the Surety under all other provisions of this Agreement. The Indemnitor hereby ratify and confirm all acts and actions taken and done by the Surety as such attorney-in-fact. 

 
  XVII - TERMINATION 

This Agreement may be terminated by the Indemnitor upon thirty (30) day’s written notice sent by email with receipt acknowledged by Surety or
registered mail to the Surety at its offices at 305 Madison Avenue, Morristown NJ 07960, but any such notice of termination shall not operate to modify, bar, or discharge the Indemnitor as to Bonds that may have been theretofore executed, or with
respect to Bonds executed after the date of termination, upon the award of a contract to an Indemnitor on a bid or proposal with respect to which Surety has executed a bid or proposal or similar bond prior to the date of termination shall operate
only with respect to those Indemnitor upon whose behalf such notice of termination shall have been given. 

 

  XVIII - PLACE IN FUNDS 

Immediately upon demand, the Indemnitor will deposit with Surety, as collateral security, money or other collateral satisfactory to Surety,
equal to: (1) the liability of Surety, if established; (2) the liability asserted against Surety; or (3) the reserve established by Surety, or any increase thereof, to cover any liability for loss or expense for which the Indemnitor
may be obligated to indemnify Surety under the terms of the Agreement. Surety shall have the right to use the collateral, or any part thereof, in payment of settlement of any liability, loss or expense for which the Indemnitor is or would be
obligated to indemnify Surety under the terms of this Agreement. Such collateral shall be promptly returned to Indemnitor upon discharge of the Surety’s liability under the Bond, payment of a claim, or cancellation of the Bond with no further
claim made upon Surety. 
 At the Surety’s sole option, such collateral shall be in addition to and not in lieu of any other collateral
that has been previously provided by the Surety. 

 

  XIX - GOVERNING LAW: JURISDICTION 

This Agreement shall be governed by and construed in accordance with the law of the State of New York without regard to conflict of laws
principles. As to any legal action or proceeding related to this Agreement, the Indemnitor shall be subject to the jurisdiction of the federal courts, or if such courts do not have jurisdiction then the state courts, located in the Borough of
Manhattan in the State of New York, and shall waive any claim or defense in any such action or proceeding based on any alleged lack of personal jurisdiction, improper venue, forum non conveniens or any similar basis. The Indemnitor further
waive personal service of any and all process. 

 

  XX - OTHER SURETIES 

The Indemnitor agree to notify the Surety of any change to the security and collateral terms agreed to by the Indemnitor for the benefit of
another Surety. 
  

  XXI – REPRESENTATIONS & WARRANTIES 

The Indemnitor hereby makes the following representation and warranties to the Surety on and as of the effective date of this Agreement, and
the Surety shall be entitled to rely upon the truth, accuracy and completeness of the following representations and warranties without regard to any other information that may be now or hereafter known by or disclosed to the Surety: (i) the
Indemnitor has all necessary corporate or other power, authority or legal right to execute, deliver and perform the Indemnitor’s obligations under this Agreement; (ii) the execution, delivery and performance of this Agreement has been duly
authorized by all necessary corporate or other action on the Indemnitor’s part (including any required shareholder approvals), (iii) this Agreement has been duly and validly executed and delivered by the Indemnitor and constitutes when executed
and delivered by the Indemnitor a legal valid and binding obligation, enforceable against each of the Indemnitor in accordance with its terms. 

 IN WITNESS WHEREOF, this AGREEMENT is executed by the parties to be effective on the day and date first set
forth above. 
 INDEMNITORS: 
  

					
	 ATTEST:
	 		 	 IES HOLDINGS, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A.
McLauchlin                                        
                 (seal)

		 		 	 Title: Senior Vice President, CFO &
Treasurer

  

					
	 ATTEST
	 		 	 ICS HOLDINGS, LLC

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: President &
Treasurer

  

					
	 ATTEST
	 		 	 IES COMMERCIAL, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President &
Treasurer

  

					
	 ATTEST
	 		 	 IES COMMUNICATIONS, LLC

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President &
Treasurer

  

					
	 ATTEST
	 		 	 IES RESIDENTIAL, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President, CFO &
Treasurer

  

					
	 ATTEST
	 		 	 INTEGRATED ELECTRICAL FINANCE, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: President &
Treasurer

					
	 ATTEST
	 		 	 IES MANAGEMENT LP

By: INTEGRATED ELECTRICAL FINANCE, INC. its General Partner

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: President &
Treasurer

  

					
	 ATTEST
	 		 	 IES MANAGEMENT ROO, LP

By: IES OPERATIONS GROUP, INC. its General Partner

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: President &
Treasurer

  

					
	 ATTEST
	 		 	 IES SUBSIDIARY HOLDINGS, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President,
CFO &Treasurer

  

					
	 ATTEST
	 		 	 MAGNETECH INDUSTRIAL SERVICES, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President,
CFO &Treasurer

  

					
	 ATTEST
	 		 	 SOUTHERN INDUSTRIAL SALES AND SERVICES, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President,
CFO &Treasurer

  

					
	 ATTEST
	 		 	 CALUMET ARMATURE AND ELECTRIC, L.L.C.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President,
CFO &Treasurer

  

					
	 ATTEST
	 		 	 IES INFRASTRUCTURE SOLUTIONS, LLC

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President,
CFO &Treasurer

					
	 ATTEST
	 		 	 TECHNIBUS, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President,
CFO &Treasurer

  

					
	 ATTEST
	 		 	 IES CONSOLIDATION, LLC

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: President &
Treasurer

  

					
	 ATTEST
	 		 	 IES SHARED SERVICES, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Senior Vice President, CFO &
Treasurer

  

					
	 ATTEST
	 		 	 KEY ELECTRICAL SUPPLY, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: President

 

					
	 ATTEST
	 		 	 IES OPERATIONS GROUP, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: President &
Treasurer

  

					
	 ATTEST
	 		 	 FREEMAN ENCLOSURES SYSTEMS, LLC

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President, CFO &
Treasurer

  

					
	 ATTEST
	 		 	 STR MECHANICAL LLC

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President &
Treasurer

  

					
	 ATTEST
	 		 	 TECHNICAL SERVICES II, LLC

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President &
Treasurer

					
	 ATTEST
	 		 	 NEXT ELECTRIC, LLC

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President &
Treasurer

  

					
	 ATTEST
	 		 	 AZIMUTH COMMUNICATIONS, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President &
Treasurer

  

					
	 ATTEST
	 		 	 AERIAL LIGHTING AND ELECTRIC, INC.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President, CFO &
Treasurer

  

					
	 ATTEST
	 		 	 HOTCHKISS ALARMS, LLC

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President, CFO &
Treasurer

  

					
	 ATTEST
	 		 	 PLANT POWER AND CONTROL SYSTEMS, L.L.C.

			
	 By: /s/ Milagros Arroyo
	 		 	 By: /s/ Tracy A. McLauchlin

		 		 	 Name: Tracy A. McLauchlin

		 		 	 Title: Vice President, CFO &
Treasurer

 CORPORATE AND LIMITED LIABILITY COMPANY ACKNOWLEDGEMENT 

 

									
	 State of:
	 	 Texas
	 		 		 	
					
	 County of:    
	 	 Harris
	 		 		 	

 On this 17th day of August in the year 2020 before me personally comes Tracy A. McLauchlin to me known, who
being by me duly sworn, deposes and says that she resides in the City of Houston, Texas, that she is an officer of the corporations and limited liability companies described in and which executed the foregoing instrument, and that she is authorized
to execute the foregoing instrument and so bind such corporations and limited liability companies. 
  

	
	 /s/ Laverne Sczepanski

	 (Signature of Notary Public)

	
	 My Commission expires

	
	 8/22/2023

 PARTNERSHIP ACKNOWLEDGEMENT 

 

									
	 State of:
	 	 Texas
	 		 		 	
					
	 County of:
	 	 Harris
	 		 		 	

 On this 17th day of August in the year 2020 before me
personally comes Tracy A. McLauchlin to me known, who being by me duly sworn, deposes and says that she resides in the City of Houston, Texas, that she is an officer of the general partner of each of the partnerships described in and which executed
the foregoing instrument, and that she is authorized to execute the foregoing instrument and so bind such partnerships. 
  

	
	 /s/ Laverne Sczepanski

	 (Signature of Notary Public)

	
	 My Commission expires

	
	 8/22/2023

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