Document:

Exhibit 10.1

 

 

SHARE EXCHANGE AGREEMENT

 

This Share Exchange Agreement (this
“Agreement”) dated as of December 31, 2018, is by and among General Steel Holdings, Inc., a Nevada Corporation (the
“Corporation” or “GSI”), Fresh Human Global Ltd., a Cayman Islands Corporation, and its subsidiaries
(the “FH”), and Hummingbird Holdings Limited, a British Virgin Island Corporation (“Hummingbird”,
“Selling Stockholder”) who is the owner of 100% of the capital stock of FH.

 

RECITALS

 

A.       Whereas,
GSI, headquartered in Beijing, China, is a non-state owned entity that was previously engaged in the business of steelmaking and
now is engaged in the steel trading business.

 

B.       Whereas,
FH, through its VIEs, is engaged in the cell-related business in China.

 

C.       Whereas,
GSI is a corporation presently subject to certain reporting requirements under the Securities Exchange Act of 1934 (the “Exchange
Act”).  The common stock of GSI is presently quoted under the symbol “GSIH” on OTC Pink.  

 

D.       Whereas,
the Selling Stockholder is the owner of 100% of the issued and outstanding shares of capital stock of FH.

 

E.       Whereas,
in order to transform GSI’s current business and implement their common long-term business and financial goals, the parties
to this Agreement desire to implement a consolidation strategy through an acquisition of FH by GSI.

 

F.       Whereas,
the value of FH is approximately $4,175,095.

 

G.       Whereas,
GSI will acquire shares of the capital stock of FH from the Selling Stockholder such that immediately thereafter, GSI will own
100% of the issued and outstanding capital stock of FH. Such shares will be acquired in a stock-for-stock exchange for 4,175,095
shares of Common stock of GSI newly issued by GSI at a price per share of $1.00, all as more fully set forth herein below.

 

H.       Whereas,
the Board of Directors of GSI have authorized its Officers to consummate the transactions contemplated herein.

 

AGREEMENT

 

NOW THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto hereby agree to the following terms and conditions:

 

     

     

    

 

ARTICLE 1

 

DEFINITIONS

 

1.1Definitions. The following
terms have the following meanings, unless the context indicates otherwise:

 

“Agreement” shall mean
this Agreement, and all the exhibits, schedules and other documents attached to or referred to in this Agreement, and all amendments
and supplements, if any, to this Agreement;

 

“FH Shares” shall mean
1 share of FH common stock held by the Selling Stockholder, which represents one hundred percent (100%) of the issued and outstanding
capital stock of FH;

 

“Closing” shall mean
the completion of the Transaction, in accordance with Article 8 hereof, at which the Closing Documents shall be exchanged by the
parties, except for those documents or other items specifically required to be exchanged at a later time;

 

“Closing Date” shall
mean a date mutually agreed upon by the parties hereto in writing and in accordance with Article 8, following the satisfaction
or waiver by GSI, the Selling Stockholder and FH of the conditions precedent set forth in Sections 5.1, 6.1 and 6.2 respectively;
the Closing Date shall be on or before December 31, 2018, or as soon thereafter as practicable, unless otherwise agreed to in writing
by all parties hereto;

 

“Closing Documents”
shall mean the papers, instruments and documents required to be executed and delivered at the Closing pursuant to this Agreement;

 

“Exchange Act” shall
mean the United States Securities Exchange Act of 1934, as amended;

 

“GAAP” shall mean United
States generally accepted accounting principles applied in a manner consistent with prior periods;

 

“GSI Material Adverse Effect”
is defined in section 4.1;

 

“GSI SEC Documents” is
defined in section 3.10;

 

“GSI Shares” shall
mean 4,175,095 restricted shares of fully paid and non-assessable common shares of GSI to be issued to the Selling
Stockholder by GSI on the Closing Date and held in escrow and subject to adjustment in accordance with the terms and
conditions hereof;

 

“SEC” shall mean the
Securities and Exchange Commission;

 

“Taxes” shall include
international, federal, state, provincial and local income taxes, capital gains tax, value-added taxes, franchise, personal property
and real property taxes, levies, assessments, tariffs, duties (including any customs duty), business license or other fees, sales,
use and any other taxes relating to the assets of the designated party or the business of the designated party for all periods
up to and including the Closing Date, together with any related charge or amount, including interest, fines, penalties and additions
to tax, if any, arising out of tax assessments;

 

    	 	2	 

     

    

 

“Transaction” shall mean
the acquisition of the FH Shares by GSI in exchange for the issuance of the GSI Shares (as hereinafter defined).

 

ARTICLE 2

 

EXCHANGE OF SHARES

 

2.1       Exchange
of Shares. Subject to all the terms and conditions set forth in this Agreement, in exchange for the acquisition consideration
(the “Acquisition Consideration”), as set forth in paragraph 2.2 hereof, issued by GSI to the Selling Stockholder,
the Seller Stockholder shall transfer the FH Shares to GSI.

 

2.2       Acquisition
Consideration. The total Acquisition Consideration to be paid by GSI for the FH Shares shall be a total of
4,175,095 shares of the previously authorized but unissued unregistered and restricted shares of the Common Stock,
$0.001 par value per share of GSI.   Subject to all the terms and conditions of this Agreement, GSI will issue the
Acquisition Consideration of 4,175,095 Shares in the name of the Selling Stockholder.

 

2.3       Exemption
from Registration. The parties hereto intend that the GSI Shares to be exchanged shall be exempt from the registration requirements
of the United States Securities Act of 1933, as amended (the “Act”), pursuant to Section 4(2) of the Act and/or in
reliance upon the provisions of Regulation S ("Regulation S") promulgated by the SEC under the Act and exempt
from the registration requirements of the applicable states. The Selling Stockholder agrees to abide by all applicable resale restrictions
and holding periods imposed by all applicable securities legislation.  

 

The Selling Stockholder understands and
agrees that the certificates evidencing GSI Shares issued to the Selling Stockholder will bear the following legend:

 

THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES
LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT
(1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, (2) TO A NON-U.S.
PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT
TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATIONS S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), OR (5) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO GSI
AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO GSI, THAT SUCH SECURITIES MAY BE OFFERED, SOLD,
PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

 

    	 	3	 

     

    

 

Other Legends. The certificate representing
such GSI Shares, and each certificate issued in transfer thereof, will also bear any other legend required under any applicable
Law, including, without limitation, any U.S. state corporate and state securities law, or contract.

 

2.4       Share
Exchange Procedure. At the Closing, the Selling Shareholder will exchange its certificate representing the FH Shares by
delivering such certificate to GSI, with the reverse side duly executed and endorsed in blank (or accompanied by a separate
duly executed Irrevocable Stock Power endorsed in blank), in each case in proper form for transfer, with signatures
guaranteed, and, if applicable, with all stock transfer and any other required documentary stamps affixed thereto and with
appropriate instructions to allow the transfer agent to issue certificate for the GSI Shares to the holder thereof. At the
Closing, GSI shall issue and deliver the GSI Shares in the Selling Shareholder’s name to the Selling Shareholder.

 

2.5       [INTENTIONALLY
OMITTED]

 

2.6       Closing
Date. The date on which the Closing occurs is referred to herein as the “Closing Date.” The closing of this transaction
(the “Closing”), unless the parties to this Agreement shall otherwise agree, shall take place by the delivery of all
required executed documents by the parties at the offices of Loeb and Loeb, LLP, 345 Park Avenue, New York, NY 10154 , on or prior
to December 31, 2018, or as soon as practicable thereafter, provided that this Agreement has not been terminated pursuant to Article
10, of this Agreement by any party.

 

2.7       Restricted
Shares. The Selling Stockholder acknowledges that the GSI Shares are being issued pursuant to the terms and conditions set
forth in this Agreement, including that the GSI Shares have not been registered under the Act or any state securities laws, and
as a result may not be sold, transferred or otherwise disposed, except pursuant to an effective registration statement under the
Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Act and in each
case only in accordance with all applicable securities laws. The Selling Shareholder agrees that it has sought and obtained independent
legal advice as to the resale restrictions applicable in their jurisdiction of residence, and under US securities laws generally.
GSI has not undertaken, and will have no obligation, to register any of the GSI Shares under the Act. Restricted Shares are acquired
in unregistered, private sales from an issuer or from an affiliate of the issuer.  Restricted Shares, as defined under Rule
144 of the Act (“Rule 144”), are not fully transferable until certain conditions have been met. Upon satisfaction of
those conditions, the shares become transferable by the person or entity holding them. If the Selling Stockholder wants to sell
its GSI Shares to the public, it can follow the conditions set forth in Rule 144. The rule is not the exclusive means for selling
the GSI Shares, but provides a “safe harbor” exemption to the Selling Stockholder. The parties further intend that
the issuance of the common stock by GSI to the Selling Stockholder shall be exempt from the provisions of Section 5 of the Act
pursuant to Section 4(2) or Regulation S of the Act as set forth herein.

 

 

    	 	4	 

     

    

 

ARTICLE 3

 

REPRESENTATIONS AND WARRANTIES OF GSI

 

GSI represents and warrants to FH and the
Selling Stockholder, and acknowledges that FH and the Selling Stockholder are relying upon such representations and warranties,
in connection with the execution, delivery and performance of this Agreement, as follows:

 

3.1       Corporate
Status. GSI is a corporation duly organized, validly existing and in good standing pursuant to the laws of the State of Nevada,
with all requisite power and authority to carry on its business as presently conducted in all jurisdictions where presently conducted,
to enter into this Agreement and to consummate the transactions set forth in this Agreement. Schedule 3.1 sets forth true, correct
and complete copies of the Articles of Incorporation and By-laws of GSI, and no action has been taken to amend or repeal such Organizational
Documents. GSI is not in violation or breach of any of the provisions of its Articles of Incorporation or By-laws, except for such
violations or breaches as would not have a Material Adverse Effect.

 

3.2       Capitalization.
GSI’s authorized capital stock consists of (i) 200,000,000 shares of Common Stock, $0.001 Par Value of which 41,838,864
shares were issued and outstanding as of December 10, 2018 and 494,462 are issued as treasury stock, and (ii) 50,000,000 shares
of Preferred Stock of which 3,092,899 shares are issued and outstanding. All shares of Common Stock have been validly issued,
fully paid and non-assessable. GSI has no option plans and there are no subscriptions, options, warrants, rights or other agreements
outstanding to acquire shares of stock of GSI or any other equity security or security convertible into an equity security. There
are no agreements or commitments to increase, decrease or otherwise alter the authorized capital stock of GSI prior to the Closing
Date. GSI has not granted any registration rights with respect to any shares of GSI Common Stock or any options to acquire shares
of GSI capital stock. Upon issuance in accordance with the terms of this Agreement, the GSI Common Stock will be validly issued,
fully paid and non-assessable.

 

3.3       Authority
of GSI. GSI has the full corporate power and authority to execute, deliver, and perform this Agreement and has taken all corporate
action and has obtained all necessary consents and approvals required by law and its organizational documents to authorize the
execution and delivery of this Agreement and the consummation of the transactions set forth in this Agreement. This Agreement and
the consummation by GSI of the transactions set forth in this Agreement have been duly and validly authorized, executed, and delivered
by the Board of Directors of GSI, and this Agreement is valid and binding upon GSI and enforceable against GSI in accordance with
their terms (except as the enforceability thereof may be limited by bankruptcy, bank moratorium or similar laws affecting creditors’
rights generally and laws restricting the availability of equitable remedies and may be subject to general principles of equity
whether or not such enforceability is considered in a proceeding at law or in equity). The Board of Directors of GSI have unanimously
consented to, and authorized this Agreement and the transactions contemplated by this Agreement. No other corporate approvals are
required for GSI to execute, deliver and perform this Agreement.

 

    	 	5	 

     

    

 

3.4       Compliance
with the Law and Other Instruments.

 

(a)       The
business and operations of GSI have been and are being conducted in all material respects in accordance with all applicable laws,
rules and regulations of all authorities which affect GSI or its properties, assets, businesses or prospects.

 

(b)       GSI
shall has all material governmental licenses, permits, authorizations and approvals (the “Permits”) necessary and required
by GSI to conduct its business. To the knowledge of GSI, the Permits are validly held by GSI, and GSI is in compliance with the
Permits, except for instances of noncompliance that would not, individually or in the aggregate, have a material adverse effect.
To the knowledge of GSI, the Permits constitute all of the governmental licenses, permits, authorizations and approvals required
to carry on the business of GSI as such business is presently conducted, except where the failure to have any such license, permit,
authorization or approval would not, individually or in the aggregate, have a material adverse effect.

 

3.5       Absence
of Conflicts. The execution and delivery of this Agreement and the issuance of the securities of GSI, and the consummation
by GSI of the transactions set forth in this Agreement: (i) do not and shall not conflict with or result in a breach of any provision
of GSI’s Articles of Incorporation or By-Laws, (ii) do not and shall not result in any breach of, or constitute a default
or cause an acceleration under any arrangement, agreement or other instrument to which GSI is a party to or by which any of its
assets are bound, (iii) do not and shall not cause GSI to violate or contravene any provision of law or any governmental rule or
regulation, and (iv) will not and shall not result in the imposition of any lien, or encumbrance upon, any property of GSI. GSI
has performed in all material respects all of its obligations which are, as of the date of this Agreement, required to be performed,
pursuant to the terms of any such agreement, contract or commitment.

 

3.6       Financial
Statements. GSI’s financial statements contained in GSI’s Annual Reports on Form 10-K and Quarterly Reports on
Form 10-Q as filed with the SEC (collectively, the “GSI Financial Statements”) through the date hereof have been prepared
using generally accepted accounting principles (“GAAP”) applied on a consistent basis. The GSI Financial Statements
fairly present the financial condition and results of operations for GSI. Since the date of the Annual Report (as hereinafter defined)
there has not been any material adverse change in GSI’s financial condition, assets, liabilities or business, or any damage,
destruction or loss, whether or not covered by insurance, materially affecting GSI’s properties, assets or business, and
GSI has not incurred any indebtedness, liability or other obligation of any nature whatsoever except in the ordinary course of
business and GSI has not made any change in its accounting methods or practices.

 

3.7       Title
to Assets. GSI owns all right, title, and interest in and to each of its assets material to its business.

 

    	 	6	 

     

    

 

3.8       Litigation.
Except as set forth in GSI’s SEC Filings, there are no legal, administrative, arbitration, or other proceeding or governmental
investigations adversely affecting GSI or its properties, assets or businesses, or with respect to any matter arising out of the
conduct of GSI’s business pending or to its knowledge threatened, by or against, any officer or director of GSI in connection
with its affairs, whether or not covered by insurance. Except as set forth in the SEC Reports, neither GSI nor its officers or
directors are subject to any order, writ, injunction, or decree of any court, department, agency, or instrumentality affecting
GSI. Except as set forth in the SEC Reports GSI is not presently engaged in any legal action. The reserves for litigation set forth
on the GSI Financial Statements are adequate to cover the cost of any adverse judgment in any pending litigation and GSI will not
be obligated to pay the costs, including, without limitation, attorney’s fees, of any pending litigation after the Closing
Date.

 

3.9       Reporting
Company Status. GSI is a reporting company registered with the SEC whose common stock is quoted under the symbol “GSIH”.

 

3.10       SEC
Filings. GSI has not timely filed all forms, reports and documents required to be filed by GSI with the SEC (collectively,
the “SEC Reports”). As of the date hereof, GSI has not filed the following SEC Reports: (i) Quarterly Report on Form
10-Q for the quarter ended March 31, 2018, (ii) Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 and (iii) the
Quarterly Report on Form 10-Q for the quarter ended September 30, 2018. The SEC Reports that have been filed through the date hereof
(i) at the time filed, complied in all material respects with the applicable requirements of the Act and the Securities Exchange
Act of 1934, as amended, as the case may be, (ii) did not, to GSI’s knowledge, at the time they were filed (or if amended
or superseded by a filing prior to the date of this Agreement, then on the date of such filing) contain any untrue statement of
a material fact or omit to state a fact required to be stated in such SEC Reports or necessary in order to make the statements
in such SEC Reports, in the light of the circumstances under which they were made, not materially misleading and (iii) adequately
described all material transactions, which transactions were consummated on commercially reasonable terms and were in the best
interests of GSI’s stockholders.

 

3.11       Absence
of Changes. Except for transactions consummated on commercially reasonable terms and in the best interests of GSI’s stockholders,
subsequent to the date of the Form 10-K for the year ended December 31, 2017,which was filed on December 17, 2018 (the “Annual
Report”) and through the date of this Agreement, and except as in the ordinary course of business and with respect to any
items reserved by GSI and reflected in the GSI Financial Statements, there has not been any material adverse change in, or any
event or condition (financial or otherwise) affecting the business, properties, assets, liabilities, historical operations or prospects
of GSI, there are no liabilities or obligations of any nature, whether absolute, contingent or otherwise, whether due or to become
due (including, without limitation, liabilities for taxes with respect to or measured by income of GSI for any period prior to,
and/or subsequent to, the date of the Annual Report or arising out of any transaction of GSI prior to, and/or subsequent to, such
date). Subsequent to the date of the Annual Report there has not been any declaration, or setting aside, or payment of any dividend
or other distribution with respect to GSI securities, or any direct or indirect redemption, purchase, or other acquisition of any
of GSI securities. To GSI’s knowledge, there has not been an assertion against GSI of any liability of any nature or in any
amount not fully reflected or reserved against in the Annual Report.

 

    	 	7	 

     

    

 

3.12       No
Approvals. No approval of any governmental authority is required in connection with the consummation of the transactions set
forth in this Agreement.

 

3.13       Broker.
GSI represents that it has not had any dealing with respect to this transaction with any business broker, firm or salesman, or
any person or corporation, investment banker or financial advisor who is or shall be entitled to any broker’s or finder’s
fee or any other commission or similar fee with respect to the transactions set forth in this Agreement. GSI agrees to indemnify
and hold harmless FH from and against any and all claims for brokerage commissions or finder’s fees by any person, firm
or corporation on the basis of any act or statement alleged to have been made by GSI or its affiliates or agents.

 

3.14        No
Defense. It shall not be a defense to a suit for damages for any misrepresentation or breach of covenant or warranty that
FH/Selling Shareholder knew or had reason to know that any covenant, representation or warranty in this Agreement furnished or
to be furnished to FH/Selling Shareholder contained untrue statements. 

 

ARTICLE 4

 

REPRESENTATIONS AND WARRANTIES AND
COVENANTS OF FH

AND THE SELLING STOCKHOLDER

 

FH and the Selling Stockholder hereby jointly
and severally represent, warrant and covenant to GSI, and acknowledges that GSI is relying upon such representations, warranties
and covenants, in connection with the execution, delivery and performance of this Agreement, notwithstanding any investigation
made by or on behalf of GSI, as follows:

 

4.1       Corporate
Status. FH is a corporation duly organized, validly existing and in good standing pursuant to the laws of Cayman Islands with
all requisite power and authority to carry on its business as presently conducted in all jurisdictions where presently conducted,
to enter into this Agreement and to consummate the transactions set forth in this Agreement. Copies of the Memorandum and Articles
of Association of FH (the “Organizational Documents”) have been delivered to GSI prior to the execution of this Agreement
are true and complete and have not been amended or repealed. FH is not in violation or breach of any of the provisions of the Organizational
Documents, except for such violations or breaches as, in the aggregate, will not have a Material Adverse Effect.

 

4.2       Capitalization
and Value.

 

(a) FH’s authorized capital stock
consists of 50,000 shares of Common Stock, $1.00 Par Value of which 1 share is issued and outstanding and held by the Selling Stockholder.
All shares of Common Stock have been validly issued, fully paid and non-assessable. As of the date hereof no shares of Preferred
Stock are authorized, issued or outstanding. There are no subscriptions, options, warrants, rights or other agreements outstanding
to acquire shares of stock of FH or any other equity security or security convertible into an equity security. There are no agreements
or commitments to increase, decrease or otherwise alter the authorized capital stock of FH. FH has not granted any registration
rights with respect to any series of FH stock outstanding.

 

(b) The $4,175,095 approximate value
of FH, based on the materials provided by FH in support of such valuation were accurate and complete in all material respects
and there is no material agreement, document or fact which would result in such appraised value being lower had the appraisal
company been aware of the same.

 

    	 	8	 

     

    

 

4.3       Subsidiaries.
FH has one wholly owned subsidiary, Tuotuo River HK Limited, a limited liability company formed in Hong Kong of which it holds
all of the membership interests.

 

4.4       Authority
of FH. FH has the full corporate power and authority to execute, deliver, and perform this Agreement and has taken all corporate
action and has obtained all necessary consents and approvals required by law and its organizational documents to authorize the
execution and delivery of this Agreement and the consummation of the transactions set forth in this Agreement. This Agreement and
the consummation by FH of the transactions set forth in this Agreement have been duly and validly authorized, executed, and delivered
by the Board of Directors and the FH Stockholder, and this Agreement are valid and binding upon FH and enforceable against FH in
accordance with their terms (except as the enforceability thereof may be limited by bankruptcy, bank moratorium or similar laws
affecting creditors’ rights generally and laws restricting the availability of equitable remedies and may be subject to general
principles of equity whether or not such enforceability is considered in a proceeding at law or in equity).

 

4.5       Ownership.
The Selling Stockholder is record, beneficial and equitable owner of 100% of the issued and outstanding shares of Common Stock
of FH and such Selling Stockholder has the full right and authority to exchange its FH Common Stock for shares of GSI Common Stock.

 

4.6       Compliance
with the Law and Other Instruments.

 

(a)        The
business and operations of FH have been and are being conducted in all material respects in accordance with all applicable laws,
rules and regulations of all authorities which affect FH or its properties, assets, businesses or prospects.

 

(b)       FH
has all material governmental licenses, permits, authorizations and approvals (the “Permits”) necessary and required
by FH to conduct its business. To the knowledge of FH, the Permits are validly held by FH, and FH is in compliance with the Permits,
except for instances of noncompliance that would not, individually or in the aggregate, have a material adverse effect. To the
knowledge of FH, the Permits constitute all of the governmental licenses, permits, authorizations and approvals required to carry
on the business of FH as such business is presently conducted, except where the failure to have any such license, permit, authorization
or approval would not, individually or in the aggregate, have a material adverse effect.

 

4.7       Absence
of Conflicts. The execution and delivery of this Agreement, the transfer of the securities of FH, and the consummation by FH
of the transactions set forth in this Agreement: (i) do not and shall not conflict with or result in a breach of any provision
of FH’s Certificate of Incorporation or By-Laws, (ii) do not and shall not result breach of, or constitute a default or cause
an acceleration under any arrangement, agreement or other instrument to which FH is a party to or by which any of its assets are
bound, (iii) do not and shall not cause FH to violate or contravene any provision of law or any governmental rule or regulation,
and (iv) will not and shall not result in the imposition of any lien, or encumbrance upon, any property of FH. FH has performed
in all material respects all of its obligations which are, as of the date of this Agreement, required to be performed, pursuant
to the terms of any such agreement, contract or commitment.

 

    	 	9	 

     

    

 

4.8       Compliance
with Occupational and Safety Laws; Employment Matters.

 

(a)       To
FH’s knowledge, it is in compliance with all applicable national, provincial and local laws, rules, regulations, codes, plans,
injunctions, judgments, orders, decrees, rulings, and charges thereunder and other governmental requirements relating to occupational
health and safety.

 

(b)       FH
does not owe any accrued but unpaid salary or other compensation or benefits to any officer, director, employee or consultant of
FH. Except as set forth on the disclosure schedule which has been provided to GSI in connection herewith (the “FH Disclosure
Schedule”), FH has no Benefit Plans. The FH Disclosure Schedule contains for each or its officers, directors, employees and
consultants his compensation and benefits for the last two years.

 

4.9       Financial
Statements. If the Form 8-k is required to be filed by GSI in accordance with applicable law, within the time prescribed in
Item 9.01 of Form 8-K, FH shall provide such financial statements for the filing of such amendment Report on Form 8-K, as required
therein.

 

4.10       Taxes.
FH has timely filed all required national, provincial, and local tax returns and has paid or made adequate provision for the payment
of all such taxes whether or not shown to be due on said returns.

 

4.11       Contracts.
FH’s Disclosure Schedule sets forth a complete list all of FH’s Material contracts including, but not limited to, license
agreements. All of the contracts so listed have been entered into in the ordinary course of business and neither FH nor any other
party to any such contract is in default under any such contract.

 

4.12       Litigation.
There are no legal, administrative, arbitration, or other proceeding or governmental investigations adversely affecting FH or its
properties, assets or businesses, or with respect to any matter arising out of the conduct of the FH’s business pending or
to its knowledge threatened, by or against, any officer or director of FH in connection with its affairs, whether or not covered
by insurance. Neither FH nor its officers or directors are subject to any order, writ, injunction, or decree of any court, department,
agency, or instrumentality, affecting FH. FH is not presently engaged in any legal action.

 

4.13       Absence
of Changes. There has not been any material adverse change in, or any event or condition (financial or otherwise) affecting
the business, properties, assets, liabilities, historical operations or prospects of FH, and except as in the ordinary course of
business and with respect to any items reserved by FH and there are no liabilities or obligations of any nature, whether absolute,
contingent or otherwise, whether due or to become due (including, without limitation, liabilities for taxes with respect to or
measured by income of FH or arising out of any transaction of FH prior to the date of this Agreement.

 

4.14       No
Approvals. No approval of any governmental authority is required in connection with the consummation of the transactions set
forth in this Agreement.

 

    	 	10	 

     

    

 

4.15       Broker;
Finder’s Fee. FH represents that it has not had any dealing with respect to this transaction with any business broker,
firm or salesman, or any person or corporation, investment banker or financial advisor who is or shall be entitled to any broker’s
or finder’s fee or any other commission or similar fee with respect to the transactions set forth in this Agreement, except
as otherwise indicated herein. FH agrees to indemnify and hold harmless GSI from and against any and all claims for brokerage commissions
or finder’s fees by any person, firm or corporation on the basis of any act or statement alleged to have been made by FH
or its affiliates or agents.

 

4.16       Complete
Disclosure. No representation or warranty of FH which is contained in this Agreement, or in a writing furnished or to be furnished
pursuant to this Agreement, to FH’s knowledge contains or shall contain any untrue statement of a material fact, omits or
shall omit to state any fact which is required to make the statements which are contained herein or therein, in light of the circumstances
under which they were made, not materially misleading. There is no fact relating to the business, affairs, operations, conditions
(financial or otherwise) or prospects of FH which would materially adversely affect same which has not been disclosed to GSI in
this Agreement.

 

4.17       No
Defense. It shall not be a defense to a suit for damages for any misrepresentation or breach of covenant or warranty that GSI
knew or had reason to know that any covenant, representation or warranty in this Agreement furnished or to be furnished to GSI
contained untrue statements.

 

ARTICLE 5

 

INVESTMENT

 

The Selling Stockholder hereby represents,
warrants and covenants to GSI, and acknowledges that GSI is relying upon such representations, warranties and covenants, in connection
with the execution, delivery and performance of this Agreement, as follows:

 

5.1       The
GSI Shares which are being acquired by the Selling Stockholder for the Selling Stockholder's own account and for investment and
not with a view to the public resale or distribution thereof.

 

5.2       The
Selling Stockholder will not sell, transfer or otherwise dispose of the GSI Shares unless, in the opinion of the GSI's counsel,
such disposition conforms with applicable securities laws requirements, which should not be unreasonably withheld.

 

5.3       The
Selling Stockholder is aware that the GSI Shares are “restricted securities” as that term is defined in the Rule promulgated
under the Act.

 

5.4       The
Selling Stockholder acknowledges that the Selling Stockholder has had an opportunity to ask questions of and receive answers from
duly designated representatives of GSI concerning the finances of GSI and the proposed business plan of GSI.

 

    	 	11	 

     

    

 

5.5       The
Selling Stockholder acknowledges and understands that the GSI Shares are unregistered and must be held indefinitely unless they
are subsequently registered under the Act or an exemption from such registration is available.

 

5.6       The
Selling Stockholder further acknowledges that the Selling Stockholder is fully aware of the applicable limitations on the resale
of the GSI Shares.  These restrictions for the most part are set forth in Rule 144.   Rule 144 permits sales of “restricted
securities” upon compliance with the requirements of such Rule 144.  If and when the Rule 144 is available to the Selling
Stockholder, the Selling Stockholder may make only sales of the GSI Shares in accordance with the terms and conditions of the rule
(which may limit the amount of GSI Shares that may be sold), as well as this Agreement.

 

5.7       By
reason of the Selling Stockholder's knowledge and experience in financial and business matters in general, and investments in particular,
the Selling Stockholder is capable of evaluating the merits and risks of an investment by the Selling Stockholder in the GSI Shares.

 

5.8       The
Selling Stockholder is capable of bearing the economic risks of an investment in the GSI Shares.  The Selling Stockholder
fully understands the speculative nature of the GSI Shares and the possibility of loss.

 

5.9       The
Selling Stockholder's present financial condition is such that the Selling Stockholder is under no present or contemplated future
need to dispose of any portion of the GSI Shares to satisfy any existing or contemplated undertaking, need, or indebtedness.

 

5.10       The
Selling Stockholder further agrees that GSI shall have the right to issue stop-transfer instructions to its transfer agent until
such time as sale is permitted under security laws and acknowledges that GSI has informed the Selling Stockholder of its intention
to issue such instructions.

 

ARTICLE 6

 

CLOSING CONDITIONS

 

6.1       Conditions
Precedent to Closing by GSI. The obligation of GSI to consummate the Transaction is subject to the satisfaction or written
waiver of the conditions set forth below by a date mutually agreed upon by the parties hereto in writing and in accordance with
Article 9. The Closing of the Transaction contemplated by this Agreement will be deemed to mean a waiver of all conditions to Closing.
These conditions of closing are for the benefit of GSI and may be waived by GSI in its sole discretion.

 

(a)       Representations
and Warranties of FH to be True. The representations and warranties of FH set forth in this Agreement shall be true in all
material respects on the Closing Date with the same effect as though made at such time, except to the extent waived or affected
by the transactions set forth in this Agreement.

 

(b)       Performance
of Obligations of FH. FH shall have performed all obligations and complied with all covenants set forth in this Agreement to
be performed or complied with in all material respects by it prior to the Closing Date.

 

    	 	12	 

     

    

 

(c)       No
Adverse Change. There shall not have occurred any material adverse change since the date of execution of this Agreement;

 

(d)       Statutory
Requirements. Any statutory requirement for the valid consummation by FH of the transactions set forth in this Agreement shall
have been fulfilled; any authorizations, consents and approvals of all federal, state and local governmental agencies and authorities
required to be obtained, in order to permit consummation by FH of the transactions set forth in this Agreement and to permit the
business presently carried on by FH to continue unimpaired following the Closing Date.

 

(e)       No
Governmental Proceedings. No action or proceeding shall have been instituted before a court or other governmental body by any
governmental agency or public authority to restrain or prohibit the transactions set forth in this Agreement.

 

(f)       Consents
Under Agreements. FH shall have obtained the consent or approval of each person whose consent or approval shall be required
in connection with the transactions set forth in this Agreement.

 

(g)       Shareholder
Approval. The approval of the transactions set forth in this Agreement by the current holders of a majority of the issued and
outstanding shares of the FH Common Stock.

 

(h)       Transfer
of FH Shares. The Selling Shareholder shall deliver at Closing its certificate representing the FH Shares, with the reverse
side duly executed and endorsed in blank (or accompanied by a separate duly executed Irrevocable Stock Power endorsed in blank),
in each case in proper form for transfer, with signatures guaranteed, and, if applicable, with all stock transfer and any other
required documentary stamps affixed thereto and with appropriate instructions to allow the FH transfer agent and registrar to
issue certificate for the FH Shares to GSI. GSI shall be entered in the stock registry of FH as the owner of the FH Shares.

 

6.2       Conditions
Precedent to Closing by FH. The obligation of FH and the Selling Stockholder to consummate the Transaction is subject to the
satisfaction or written waiver of the conditions set forth below by a date mutually agreed upon by the parties hereto in writing
and in accordance with Article 9. The Closing of the Transaction will be deemed to mean a waiver of all conditions to Closing.
These conditions precedent are for the benefit of FH and the Selling Stockholder and may be waived by FH and the Selling Stockholder
in their discretion.

 

(a)       Representations
and Warranties of GSI to be True. To GSI’s knowledge, the representations and warranties of GSI set forth in this Agreement
shall be true in all material respects on the Closing Date with the same effect as though made at such time, except to the extent
waived or affected by the transactions set forth in this Agreement.

 

(b)       Performance
of Obligations of GSI. GSI shall have performed all obligations and complied with all covenants set forth in this Agreement
to be performed or complied with in all material respects by it prior to the Closing Date.

 

    	 	13	 

     

    

 

(c)       No
Adverse Change. There shall not have occurred any material adverse change since the Annual Report and through the date of the
Closing Date in the business, properties, results of operations or business or financial condition of GSI.

 

(d)       Statutory
Requirements. Any statutory requirement for the valid consummation by GSI of the transactions set forth in this Agreement shall
have been fulfilled; any authorizations, consents and approvals of all federal, state and local governmental agencies and authorities
required to be obtained, in order to permit consummation by GSI of the transactions set forth in this Agreement and to permit the
business presently carried on by GSI to continue unimpaired following the Closing Date, shall have been obtained.

 

(e)       No
Governmental Proceedings. No action or proceeding shall have been instituted before a court or other governmental body by any
governmental agency or public authority to restrain or prohibit the transactions set forth in this Agreement.

 

(f)       Consents
Under Agreements. GSI shall have obtained the consent or approval of each person whose consent or approval shall be required
in connection with the transactions set forth in this Agreement, including the Board of Directors of GSI.

 

(g)        Transfer
of GSI Shares. GSI shall deliver at Closing its certificate representing the GSI Shares to the Selling Shareholder.

 

ARTICLE 7

 

PRE-CLOSING AND POST-CLOSING COVENANTS

 

The Parties agree as follows with respect
to the period between the execution of this Agreement and the Closing:

 

7.1       General.
Each of the Parties will use its reasonable best efforts to take all actions and to do all things necessary and advisable in order
to consummate and make effective the transactions contemplated by this Agreement, including satisfaction, but not waiver, of the
Closing conditions set forth in Section 9 below.

 

7.2       Notices
and Consents. Each of the Parties will give any notices to, make any filings with, and use its reasonable best efforts to obtain
any authorizations, consents, and approvals of governments and governmental agencies in connection with the matters referred herein.

 

7.3       Operation
and Preservation of Business. GSI will continue to operate the GSI Business, including its present operations, working conditions,
and relationships with, licensors, suppliers, customers, and employees. Further, GSI will not engage in any practice, take any
action, or enter into any transaction outside the ordinary course of business. Without limiting the generality of the foregoing,
GSI will not (i) declare, set aside, or pay any dividend or make any distribution with respect to its capital stock or redeem,
purchase, or otherwise acquire any of its capital stock; or, (ii) pay any amount to any third party with respect to any liability
or obligation including any costs and expenses GSI has incurred or may incur in connection with this Agreement and the transactions
contemplated hereby.

 

    	 	14	 

     

    

 

7.4       Confidentiality.
All information regarding the business of GSI and FH provided to each other during due diligence investigation will be kept in
strict confidence and will not be used (except in connection with due diligence), dealt with, exploited or commercialized by either
party or disclosed to any third party (other than or GSI’s professional accounting and legal advisors) without the prior
written consent of the other party. If the Transaction contemplated by this Agreement does not proceed for any reason, then upon
receipt of a written request from either party, each party will immediately return to the requestor any information received regarding
the others business.

 

7.5       Full
Access. FH will permit representatives of GSI, including legal counsel and accountants, to have full access at all reasonable
times, and in a manner so as not to interfere with the normal business operations of FH to all premises, properties, personnel,
books, records, contracts, and documents of or pertaining to FH. GSI will treat and hold as such any Confidential Information it
receives from FH’s Stockholder and FH in confidence in the course of the reviews contemplated by this Section 7.5, will not
use any of the Confidential Information except in connection with this Agreement, and, if this Agreement is terminated for any
reason whatsoever, will return to FH’s Stockholder and FH all tangible embodiments of the Confidential Information that are
in its possession.

 

7.6       Notice
of Developments. Each Party will give prompt written notice to the other Party of any material adverse development causing
a breach of any of its own representations and warranties in Section 3 and Section 4 above. No disclosure by any Party pursuant
to this Section 7.6, however, shall be deemed to prevent or cure any misrepresentation, breach of warranty, or breach of covenant.

 

ARTICLE 8

 

ADDITIONAL COVENANTS OF THE PARTIES

 

8.1       Notification.
Between the date of this Agreement and the Closing Date, each of the parties to this Agreement will promptly notify the other parties
in writing if it becomes aware of any fact or condition that causes or constitutes a material breach of any of its representations
and warranties as of the date of this Agreement, if it becomes aware of the occurrence after the date of this Agreement of any
fact or condition that would cause or constitute a material breach of any such representation or warranty had such representation
or warranty been made as of the time of occurrence or discovery of such fact or condition. Should any such fact or condition require
any change in the Schedules relating to such party, such party will promptly deliver to the other parties a supplement to the Schedules
specifying such change. During the same period, each party will promptly notify the other parties of the occurrence of any material
breach of any of its covenant in this Agreement or of the occurrence of any event that may make the satisfaction of such conditions
impossible or unlikely.

 

8.2       Exclusivity.
Until such time, if any, as this Agreement is terminated pursuant to this Agreement, FH, the Selling Stockholder and GSI will not,
directly or indirectly solicit, initiate, entertain or accept any inquiries or proposals from, discuss or negotiate with, provide
any non-public information to, or consider the merits of any unsolicited inquiries or proposals from, any person or entity relating
to any transaction involving the sale of the business or assets (other than in the ordinary course of business), or any of the
capital stock of FH or GSI, as applicable, or any merger, consolidation, business combination, or similar transaction other than
as contemplated by this Agreement.

 

    	 	15	 

     

    

 

8.3       Conduct
of FH and GSI Business Prior to Closing. From the date of this Agreement to the Closing Date, and except to the extent that
GSI otherwise consents in writing, FH will operate its business substantially as presently operated and only in the ordinary course
and in compliance with all applicable laws, and use its best efforts to preserve intact its good reputation and present business
organization and to preserve its relationships with persons having business dealings with it. Likewise, from the date of this Agreement
to the Closing Date, and except to the extent that FH otherwise consents in writing, GSI will operate its business substantially
as presently operated and only in the ordinary course and in compliance with all applicable laws, and use its best efforts to preserve
intact its good reputation and present business organization and to preserve its relationships with persons having business dealings
with it.

 

8.4       Certain
Acts Prohibited. Except as expressly contemplated by this Agreement or for purposes in furtherance of this Agreement, between
the date of this Agreement and the Closing Date, neither FH nor GSI will not, without the prior written consent of the other:

 

(a)       amend
its Organizational Documents or other incorporation documents;

 

(b)       incur
any liability or obligation other than in the ordinary course of business or encumber or permit the encumbrance of any properties
or assets except in the ordinary course of business;

 

(c)       dispose
of or contract to dispose of any property or assets, including the Intellectual Property Assets, except in the ordinary course
of business consistent with past practice;

 

(d)       issue,
deliver, sell, pledge or otherwise encumber or subject to any lien any shares of the Common Stock, Preferred Stock, or any rights,
warrants or options to acquire, any such shares, voting securities or convertible securities;

 

(e)       (i) declare,
set aside or pay any dividends on, or make any other distributions in respect of the Common Stock; or (ii) split, combine or reclassify
any Common Stock or issue or authorize the issuance of any other securities in respect of, in lieu of or in substitution for shares
of Common Stock; or

 

(f)       materially increase benefits or compensation expenses, other than as contemplated by the terms of any employment agreement in existence
on the date of this Agreement, increase the cash compensation of any director, executive officer or other key employee or pay any
benefit or amount not required by a plan or arrangement as in effect on the date of this Agreement to any such person.

 

8.5       Public
Announcements. GSI and FH and the Selling Stockholder each agrees that they will not release or issue any reports or statements
or make any public announcements relating to this Agreement or the Transaction contemplated herein without the prior written consent
of the other party, except as may be required upon written advice of counsel to comply with applicable laws or regulatory requirements
after consulting with the other party hereto and seeking their reasonable consent to such announcement. FH and the Selling Stockholder
acknowledge that GSI must comply with securities laws requiring full disclosure of material facts and agreements in which it is
involved, and will co-operate to assist GSI in meeting its obligations.

 

    	 	16	 

     

    

 

ARTICLE 9

 

CLOSING

 

9.1       Closing.
The Closing shall take place on the Closing Date at the office of Loeb & Loeb, LLP, 345 Park Avenue, New York, NY 10154 or
at such other location as agreed to by the parties. Notwithstanding the location of the Closing, each party agrees that the Closing
may be completed by the exchange of undertakings between the respective legal counsel for Selling Shareholder, FH and GSI, provided
such undertakings are satisfactory to each party’s respective legal counsel.

 

9.2       Closing
Deliveries of FH and the Selling Stockholder. At Closing, FH and the Selling Stockholder will deliver or cause to be delivered
the following, fully executed and in the form and substance reasonably satisfactory to GSI:

 

(a)       copies
of all resolutions and/or consent actions adopted by or on behalf of the board of directors and shareholders of FH evidencing approval
of this Agreement and the Transaction;

 

(b)       share
certificate representing the FH Shares as required by Section 2.1 of this Agreement;

 

(c)       all
certificates and other documents required by Article 2, of this Agreement; and

 

(d)       any
other necessary documents, each duly executed by FH or the Selling Stockholder, as required to give effect to the Transaction.

 

9.3       Closing
Deliveries of GSI. At Closing, GSI will deliver or cause to be delivered the following, fully executed and in the form and
substance reasonably satisfactory to FH:

 

(a)       copies
of all resolutions and/or consent actions adopted by or on behalf of the board of directors of GSI evidencing approval of this
Agreement and the Transaction;

 

(b)       the
share certificates representing 4,175,095 restricted GSI Shares registered to the Selling Stockholder in such denominations
pursuant to Section 2.2;

 

(c)       all
certificates and other documents required by Article 2, of this Agreement; and

 

(d)       any
other necessary documents, each duly executed by GSI, as required to give effect to the Transaction.

 

    	 	17	 

     

    

 

ARTICLE 10

 

TERMINATION

 

10.1       Termination.
This Agreement may be terminated at any time prior to the Closing Date contemplated hereby by:

 

(a)       mutual
agreement of GSI and FH;

 

(b)       GSI,
if there has been a material breach by FH or the Selling Stockholder of any material representation, warranty, covenant or agreement
set forth in this Agreement on the part of FH or the Selling Stockholder that is not cured, to the reasonable satisfaction of GSI,
within ten (10) business days after notice of such breach is given by GSI (except that no cure period will be provided for a breach
by FH or the Selling Stockholder that by its nature cannot be cured);

 

(c)       FH
or Selling Shareholder, if there has been a material breach by GSI of any material representation, warranty, covenant or agreement
set forth in this Agreement on the part of GSI that is not cured by the breaching party, to the reasonable satisfaction of FH
and Selling Shareholder, within ten (10) business days after notice of such breach is given by FH (except that no cure period
will be provided for a breach by GSI that by its nature cannot be cured);

 

(d)       GSI
or FH if any injunction or other order of a governmental entity of competent authority prevents the consummation of the Transaction
contemplated by this Agreement.

 

10.2       Effect
of Termination. In the event of the termination of this Agreement as provided in Section 10.1, this Agreement will be of no
further force or effect, provided, however, that no termination of this Agreement will relieve any party of liability for any breaches
of this Agreement that are based on a wrongful refusal or failure to perform any obligations.

 

ARTICLE 11

 

INDEMNIFICATION

 

11.1       Indemnification
by GSI. In order to induce FH and the Selling Stockholder to enter into and perform this Agreement, GSI hereby indemnifies,
protects, defends and saves and holds harmless FH and its stockholder, affiliates, officers, directors, control persons, employees,
attorneys, agents, partners and trustees and personal representatives of any of the foregoing (“FH Indemnified Parties”),
from and against any loss resulting to any of them from any loss, liability, cost, damage, or expense in excess of $50,000 (the
“Threshold”), which the FH Indemnified Parties may suffer, sustain or incur arising out of or due to a breach by GSI
of the representations, warranties and covenants set forth in Article 2, of, and elsewhere in, this Agreement or in any documents
delivered pursuant hereto or of a breach by GSI of any of its obligations pursuant to this Agreement or in any documents delivered
pursuant hereto.

 

    	 	18	 

     

    

 

11.2       Indemnification
by the Selling Stockholder. In order to induce GSI to enter into and perform this Agreement, the Selling Stockholder (and FH,
provided FH’s obligations hereunder shall cease upon the Closing) hereby jointly and severally indemnify, protect, defend
and save and hold harmless GSI and each of its stockholders, affiliates, officers, directors, control persons, employees, attorneys,
agents, partners and trustees and personal representatives of any of the foregoing (“GSI Indemnified Parties”), from
and against any loss resulting to any of them from any loss, liability, cost, damage, or expense in excess of the Threshold, which
the GSI Indemnified Parties may suffer, sustain or incur arising out of or due to a breach by FH or the Selling Stockholder of
the representations, warranties and covenants set forth in Article 4, of, and elsewhere in, this Agreement or in any documents
delivered pursuant hereto or of a breach by FH or the Selling Stockholder of any of their obligations pursuant to this Agreement.

 

11.3       Reasonable
Costs, Etc. The indemnification, which is set forth in this Article 11, of this Agreement shall be deemed to include not only
the specific liabilities or obligation with respect to which such indemnity is provided, but also all counsel fees, reasonable
costs, expenses and expenses of settlement relating thereto, whether or not any such liability or obligation shall have been reduced
to judgment; provided, however, that, there shall be a threshold of $50,000 in the aggregate which must be exceeded before GSI
or the Selling Stockholder, as the case may be, may recover any damages or costs pursuant this Article 11. Once the Threshold
has been exceeded, however, the party seeking indemnity is entitled to recover all damages suffered or costs incurred, and not
just those damages suffered or costs incurred in excess of the Threshold.

 

11.4       Third
Party Claims. If any demand, claim, action or cause of action, suit, proceeding or investigation (collectively, the “Claim”)
is brought against an Indemnified Party for which the Indemnified Party intends to seek indemnity from the other party hereto (the
“Indemnifying Party”), then the Indemnified Party within ten (10) days after such Indemnified Party’s receipt
of the Claim, shall notify the Indemnifying Party pursuant to this Article 11, which notice shall contain a reasonably thorough
description of the nature and amount of the Claim (the “Claim Notice”). The Indemnifying Party shall have the option
to undertake, conduct and control the defense of such claim or demand. Such option to undertake, conduct and control the defense
of such claim or demand shall be exercised by notifying the Indemnified Party within ten (10) days after receipt of the Claim Notice
pursuant to the terms of this Agreement (such notice to control the defense is hereinafter referred to as the “Defense Notice”).
The failure of the Indemnified Party to notify the Indemnifying Party of the Claim shall not relieve the Indemnifying Party from
any liability which the Indemnifying Party may have pursuant to this Article 11, except to the extent that such failure to notify
the Indemnifying Party prejudices the Indemnifying Party. The Indemnified Party shall use all reasonable efforts to assist the
Indemnifying Party in the vigorous defense of the Claim. All costs and expenses incurred by the Indemnified Party in defending
the Claim shall be paid by the Indemnifying Party. If, however, the Indemnified Party desires to participate in any such defense
or settlement, it may do so at its sole cost and expense (it being understood that the Indemnifying Party shall be entitled to
control the defense). The Indemnified Party shall not settle the Claim. If the Indemnifying Party does not elect to control the
defense of the Claim, within the aforesaid ten (10) day period by proper notice pursuant to the terms of this Agreement, then the
Indemnified Party shall be entitled to undertake, conduct and control the defense of the Claim (a failure by the Indemnifying Party
to send the Defense Notice to the Indemnified Party within the aforesaid ten (10) day period by proper notice pursuant to this
Article 11, shall be deemed to be an election by the Indemnifying Party not to control the defense of the Claim); provided, however,
that the Indemnifying Party shall be entitled, if it so desires, to participate therein (it being understood that in such circumstances,
the Indemnified Party shall be entitled to control the defense). Regardless of which party has undertaken to defend any claim,
the Indemnifying Party may, without the prior written consent of the Indemnified Party, settle, compromise or offer to settle or
compromise any such claim or demand; provided however, that if any settlement would result in the imposition of a consent order,
injunction or decree which would restrict the future activity or conduct of the Indemnified Party, the consent of the Indemnified
Party shall be a condition to any such settlement. Notwithstanding the foregoing provisions of this Article 11, as a condition
to the Indemnifying Party either having the right to defend the Claim, or having control over settlement as indicated in this Article
11, the Indemnifying Party shall execute an agreement, satisfactory to the other party acknowledging its liability for indemnification
pursuant to this Article 11. Whether the Indemnifying Party shall control and assume the defense of the Claim or only participate
in the defense or settlement of the Claim, the Indemnified Party shall give the Indemnifying Party and its counsel access, during
normal business hours, to all relevant business records and other documents, and shall permit them to consult with its employees
and counsel.

 

    	 	19	 

     

    

 

ARTICLE 12

 

MISCELLANEOUS

 

12.1       Headings.
Headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

12.2       Enforceability.
If any provision which is contained in this Agreement, should, for any reason, be held to be invalid or unenforceable in any respect
under the laws of any State of the United States, such invalidity or unenforceability shall not affect any other provision of this
Agreement and in this Agreement shall be construed as if such invalid or unenforceable provision had not been contained herein.

 

12.3       Notices.
All notices, requests, demands and other communications under this Agreement, shall be in writing and shall be deemed to have been
duly given on the date of service if served personally on the party to whom notice is to be given or within five (5) business days
if mailed to the party to whom notice is to be given, by first-class mail, registered, or certified, postage prepaid (or similar
mailing methods with respect to foreign jurisdictions) and properly addressed as follows:

 

If to GSI:

 

General Steel Holdings, Inc.

Suite 106, Building H, Shuguangxili, Phoenix Place,

Chaoyang District, Beijing, China 100020

 

 

With a copy to:

 

Tahra Wright, Esq.

Loeb & Loeb, LLP

345 Park Avenue

New York, NY 10154

E-mail: twright@loeb.com

Tel. No. :212-407-4122

 

    	 	20	 

     

    

 

If to FH:

 

Fresh Human Global Ltd.

The Offices of Forbes Hare Trust Company Limited, Cassia Court,
Suite 716,

10 Market Street, Camana Bay, Grand Cayman KY1-9006

Cayman Islands

 

 

If to the Selling Security Holder:

 

Humming Bird Holdings Limited: 

Start Chambrs, Wickham;s Cay II

POB 2221, Road Town

Tortola, British Virgin Island

 

 

Any notice mailed to any party hereunder
will be deemed effective within five (5) business days of deposit in the United States or other applicable foreign mail.

 

12.4       Governing
Law: Disputes. This Agreement shall in all respects be construed, governed, applied and enforced under the internal laws of
the State of Nevada without giving effect to the principles of conflicts of laws and be deemed to be an agreement entered into
in the State of Nevada and made pursuant to the laws of the State of Nevada.

 

12.5       Expenses.
Each party to this Agreement shall bear and pay its own costs and expenses incurred in connection with the preparation, execution,
and delivery of this Agreement and the transactions set forth in this Agreement.

 

12.6       Construction.
Each of the parties hereto hereby further acknowledges and agrees that each has been advised by counsel during the course of negotiations
and had significant input in the development of this Agreement and this Agreement shall not, therefore, be construed more strictly
against any party responsible for its drafting regardless of any presumption or rule requiring construction against the party whose
attorney drafted this agreement.

 

12.7       Entire
Agreement. This Agreement and all documents and instruments referred to herein (a) constitute the entire agreement and supersedes
all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof and
thereof, and (b) except as provided in Section 12.11 of this Article 12, are not intended to confer upon any person other than
the parties hereto any rights or remedies hereunder. Each party hereto agrees that, except for the representations and warranties
contained in this Agreement, neither GSI or FH or the Selling Stockholder makes any other representations or warranties, and each
hereby disclaims any other representations and warranties made by itself or any of its officers, directors, employees, agents,
financial and legal advisors or other representatives, with respect to the execution and delivery of this Agreement or the transactions
contemplated hereby, notwithstanding the delivery or disclosure to the other or the other’s representatives of any documentation
or other with respect to any one or more of the foregoing.

 

    	 	21	 

     

    

 

12.8       Further
Assurances. The parties agree to execute any and all such other further instruments and documents, and to take any and all
such further actions which are reasonably required to effectuate this Agreement and the intents and purposes hereof.

 

12. 9Binding Agreement. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors
and assigns.

 

12.10       Non-Waiver.
Except as otherwise expressly provided herein, no waiver of any covenant, condition, or provision of this Agreement shall be deemed
to have been made unless expressly in writing and signed by the party against whom such waiver is charged; and (i) the failure
of any party to insist in any one or more cases upon the performance of any of the provisions, covenants or conditions of this
Agreement or to exercise any option herein contained shall not be construed as a waiver or relinquishment for the future of any
such provisions, covenants or conditions, (ii) the acceptance of performance of anything required by this Agreement to be performed
with knowledge of the breach or failure of a covenant, condition or provision hereof shall not be deemed a waiver of such breach
or failure, and (iii) no waiver by any party of one breach by another party shall be construed as a waiver of any other or subsequent
breach.

 

12.11       Third
Party Beneficiaries. This Agreement and all documents and instruments referred to herein are not intended to confer upon any
person other than the parties hereto any rights or remedies hereunder.

 

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

 

12.13       Exhibits.
All Exhibits and schedules annexed or attached to this Agreement are incorporated into this Agreement by reference thereto and
constitute an integral part of this Agreement.

 

12.14       Severability.
The provisions of this Agreement shall be deemed separable. Therefore, if any part of this Agreement is rendered void, invalid
or unenforceable, such rendering shall not affect the validity or enforceability of the remainder of this Agreement; provided,
however, that if the part or parts which are void, invalid or unenforceable as aforesaid shall substantially impair the value of
this whole Agreement to any party, that party may cancel and terminate this Agreement by giving written notice to the other party.

 

    	 	22	 

     

    

 

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

 

GENERAL STEEL HOLDINGS, INC.

A Nevada Corporation

 

 

/s/ Zuosheng Yu                   

By:     Zuosheng Yu

Title:  Chairman and CEO

 

 

FRESH HUMAN GLOBAL LTD.

A Cayman Islands Corporation

 

 

/s/ Bao Ning Shi,                   

By:      Bao Ning Shi,

Title:   Director 

 

SELLING STOCKHOLDERS

 

 

Hummingbird Holdings Limited

 

 

By:  /s/ Bao
Ning Shi            

Name:  Bao Ning Shi

Title:    DirectorExhibit

EXHIBIT 10.1

TD AMERITRADE HOLDING CORPORATION 
EXECUTIVE DEFERRED COMPENSATION PROGRAM
Article I
Establishment of Program
1.1    Purpose.  The TD Ameritrade Holding Corporation Executive Deferred Compensation Program, hereinafter referred to as the “Program,” is to provide deferred compensation benefits to selected executives of TD Ameritrade Holding Corporation.  The benefits provided under the Program are intended to be in addition to other employee benefits programs offered by the Corporation, including but not limited to tax-qualified employee benefit plans.
1.2    Effective Date and Term.  TD Ameritrade Holding Corporation originally established the Program on October 1, 2000, amended and restated the Program on September 25, 2004, and hereby amends and restates the Program effective as of November 13, 2008, in order to comply with Section 409A of the Code.  This Program shall only apply to amounts deferred on or after January 1, 2005, and all amounts (if any) deferred under the predecessor program prior to that date shall remain governed by the terms and conditions of the predecessor program document and applicable elections.  
1.3    Applicability of ERISA and the Code.  This Program is intended to be a “top-hat” plan.  This Program is an unfunded plan maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees within the meaning of ERISA.  This Program is intended to comply with Section 409A of the Code.
Article II
Definitions
As used within this document, the following words and phrases have the meanings described in this Article II unless a different meaning is required by the context.  Some of the words and phrases used in the Program are not defined in this Article II, but for convenience, are defined as they are introduced into the text.  Words in the masculine gender shall be deemed to include the feminine gender.  Any headings used are included for ease of reference only and are not to be construed so as to alter any of the terms of the Program.
2.1    Annual Deferral.  The amount of Annual Incentive which the Participant elects to defer in each Deferral Period pursuant to Article 4.1 of the Program Document.
2.2    Annual Incentive.  The amount of any incentive compensation actually earned and scheduled to be paid to a Participant pursuant to the Corporation’s Management Incentive Compensation Plan or any such other compensation plan designated by the Program Administrator.
2.3    Beneficiary.  An individual or entity designated by a Participant in accordance with Section 12.6.
2.4    Board or Board of Directors.  The Board of Directors of the Corporation.

2.5    Code.  The Internal Revenue Code of 1986, as amended.  
2.6    Committee.  A Committee of one or more individuals appointed by the Board of Directors to administer the Program.
2.7    Corporation.  TD Ameritrade Holding Corporation, a Delaware Corporation.
2.8    Deferral Account.  The account established for a Participant pursuant to Section 5.1 of the Program Document.
2.9    Deferral Election.  The election made by the Participant pursuant to Section 4.1 of the Program Document.
2.10    Deferral Period.  The Program Year, or in the case of a newly hired or promoted employee who becomes an Eligible Employee during a Program Year, the remaining portion of the Program Year.
2.11    Disability.  “Disability” shall mean a condition of the Participant whereby he or she either: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan, if any, covering employees of the Participant’s employer.
2.12    Eligible Employee.  An employee of the Corporation who is designated by the Committee.
2.13    ERISA.  The Employee Retirement Income Security Act of 1974, as amended.
2.14    IRS.  The Internal Revenue Service. 
2.15    Participant.  Any individual who becomes eligible to participate in the Program pursuant to Article III of the Program Document.
2.16    Participant Agreement and Election Form.  The written agreement to defer Annual Incentive made by the Participant.  Such written agreement shall be in a format designated by the Corporation.
2.17    Performance-Based Compensation.  Is any compensation to be paid to an Eligible Employee where the amount of, or entitlement to, the compensation is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least twelve (12) consecutive months.  Organizational or individual performance criteria are considered pre-established if established in writing by not later than ninety (90) days after the commencement of the period of service to which the criteria relate, provided that the outcome is substantially uncertain at the time the criteria are established.  The determination of whether

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compensation, including specifically any Annual Incentive, shall be made in accordance with Treasury Regulation Section 1.409A-1(e) and any applicable subsequent guidance.  
2.18    Program.  This TD Ameritrade Holding Corporation Deferred Compensation Program, as may be amended from time to time.
2.19    Program Administrator.  The Corporation unless the Corporation designates another individual or entity to hold the position of the Program Administrator.
2.20    Program Year.  The “Program Year” means a period of time beginning on January 1st through December 31st of each calendar year.
2.21    Rabbi Trust.  The Rabbi Trust, which the Corporation may, in its discretion, establish for the Program, as amended from time to time.
2.22    Separation from Service.  A “Separation from Service” is a termination of a Participant’s employment with the Company that meets the requirements of Treasury Regulation Section 1.409A-1(h).
2.23    Share Valuation.  Shall mean the average of the closing market composite price for one share of the Corporation’s common stock as reported on the Nasdaq for each trading day during the three calendar months prior to the date such amounts are credited to the Participant’s Deferral Account as specified in Section 5.2.
2.24    Stock Unit Credit.  Is a bookkeeping entry representing the right to receive one share of Corporation common stock for each credit as described in Section 5.2.
2.25    Unforeseeable Emergency.  An Unforeseeable Emergency means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse or the Participant’s dependent (as defined in Section 152 of the Code, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B); loss of the Participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  The types of events which may qualify as an Unforeseeable Emergency may be limited by the Program Administrator in administrative documents or forms.
Article III
Eligibility and Participation
3.1    Participation – Eligibility and Initial Period.  Participation in the Program is open only to Eligible Employees of the Corporation.  Any employee becoming an Eligible Employee after the beginning of any Program Year, e.g., new hires or promoted employees, may become a Participant for the Deferral Period commencing on or after he becomes an Eligible Employee if he submits a properly completed Participant Agreement and Deferral Election within thirty days after becoming eligible for participation.
3.2    Participation – Subsequent Entry into Program.  An Eligible Employee who does not elect to participate at the time of initial eligibility as set forth in Section 3.1 shall remain eligible to 

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become a Participant in subsequent Program Years as long as he continues his status as an Eligible Employee.  In such event, the Eligible Employee may become a Participant by submitting a properly executed Participant Agreement and Deferral Election Form prior to the applicable date required for such election as specified in Article IV below.  
Article IV
Contributions
4.1    Deferral Election.  Before the first day of each Program Year, a Participant may file with the Committee, a Deferral Election Form indicating the amount of Annual Incentive which the Participant wishes to defer for that Program Year.  A Participant shall not be obligated to make a Deferral Election in each Program Year.  After a Program Year commences, such Deferral Election shall continue for only that Program Year and a Participant shall be required to make a new Deferral Election for subsequent Program Years.
4.2    Performance-Based Compensation Deferral Election.  Notwithstanding the timing requirements for Deferral Elections specified in Section 4.1 above, a Participant may file a Deferral Election with respect to Performance-Based Compensation no later than the date that is six (6) months before the end of the performance period, provided that: (A) the Participant performs services continuously from the later of the beginning of the performance period or the date the performance criteria are established through the date the Deferral Election is submitted; and (B) the Annual Incentive is not readily ascertainable as of the date the Deferral Election is filed.
4.3    Irrevocability of Deferral Elections.  All Deferral Elections become irrevocable as of the day immediately following the latest date for filing such elections pursuant to this Article IV.  
4.4    Maximum Deferral Election.  A Participant may elect to defer up to one hundred percent (100%) of an Annual Incentive earned.  A Deferral Election may be automatically reduced if the Committee determines that such action is necessary to meet Federal, FICA or State tax withholding obligations. 
4.5    Discretionary Contributions.  The Corporation, in its sole discretion, may from time to time, make additional contributions to the Program on behalf of any Eligible Employee.  In addition, in the absolute discretion of the Corporation, certain Eligible Employee’s may also be able to defer other compensation (including specifically, without limitation, base salary, sign-on bonuses and severance) pursuant to such terms and conditions as the Corporation may impose.
4.6    Cancellation of Deferrals.  The Program Administrator may cancel a Participant’s Deferral Election: (i) for the balance of the Program Year in which an Unforeseeable Emergency occurs; (ii) if the Participant receives a hardship distribution under the Corporation’s tax-qualified 401(k) plan, through the end of the Plan Year in which the six (b) month anniversary of the hardship distribution falls; and (iii) during period in which the Participant is unable to perform the duties of his or her position or any substantially similar position due to a mental or physical impairment that can be expected to result in death or last for a continuous period of at least six (6) months, provided cancellation occurs by the later of the end of the taxable year of the Participant or the fifteenth day of the third month following the date the Participant incurs such a mental or physical impairment.

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Article V
Accounts
5.1    Deferral Accounts.  Solely for recordkeeping purposes, the Program Administrator shall establish a Deferral Account for each Participant.  A Participant’s Deferral Account shall be credited with the contributions made by him or on his behalf by the Corporation under Article VI and shall be credited (or charged, as the case may be) with the hypothetical or deemed investment earnings and losses determined pursuant to Section 5.3, if any, and charged with distributions made to or with respect to the Participant.
5.2    Crediting of Deferral Accounts.  On the date a Participant would normally receive the payment of any Annual Incentive if such payment had not been deferred, a Participant shall receive a Stock Unit Credit to his or her Deferral Account.  The credit shall be made in stock units with each stock unit corresponding to one share of the Corporation’s common stock.  The number of stock units credited to his or her Deferral Account shall be equal to that number of units (rounded to the nearest whole share of Corporation common stock) determined by dividing the amount of the Participant’s Annual Incentive which was deferred by the Share Valuation. Contributions under Section 4.5, if any, shall be credited to the Participant’s Deferral Account on the date declared by the Corporation.  Any distribution with respect to a Deferral Account shall be charged as of the date such payment is made by the Corporation or the trustee of the Rabbi Trust which is established for the Program.
5.3    Earnings, Credits or Losses.  Amounts credited to a Deferral Account pursuant to Section 4.5 shall be credited with deemed net income, gain and loss, including the deemed net unrealized gain and loss based on hypothetical investment directions made with respect to such Deferral Account, in accordance with investment options and procedures adopted by the Corporation in its sole discretion, from time to time.  Stock Unit Credits shall not be entitled to any earnings or other credits other than those specified in Section 5.4.
5.4    Dividend Credit.  Each time a dividend is paid by the Corporation with respect to its shares of common stock, if any, a Participant shall be eligible to receive a credit to his or her Deferral Account.  The amount of the credit shall be the number of stock units (rounded to the nearest whole share of Corporation common stock) determined by multiplying the dividend amount per share by the number of stock units credited to the Participants Deferral Account as of the record date for the dividend and dividing the product by the closing price of one share of the Corporation’s common stock as reported on Nasdaq on the dividend payment date, or if the Corporation’s common stock is not traded on the dividend date, the next preceding date on which it is traded.
5.5    Stock Units.  Each Participant who is awarded a Stock Unit Credit shall be deemed to have been awarded a performance unit under and in accordance with the terms of the Corporation’s 1996 Long-Term Incentive Plan (or any other equity incentive plan established or sponsored by the Corporation) as of the last day of the applicable performance period.  These performance units shall be considered fully vested from and after the date of grant and shall be governed by the terms and conditions of this Program and the specific provisions of the Corporation’s 1996 Long-Term Incentive Plan (including specifically the adjustment provisions of Section 5.3 of such plan).

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5.6    Hypothetical Nature of Accounts.  The Program constitutes a mere promise by the Corporation to make payments in the future.  Any Deferral Account established for a Participant under this Article V shall be hypothetical in nature and shall be maintained for the Corporation’s recordkeeping purposes only, so that any contributions can be credited and so that deemed investment earnings and losses on such amounts can be credited (or charged, as the case may be).  Neither the Program nor any of the Accounts (or subaccounts) shall hold any actual funds or assets.  The right of the Participant, a Beneficiary, or any other individual or entity to receive one or more payments under the Program shall be an unsecured claim against the general assets of the Corporation.  Any liability of the Corporation to any Participant, former Participant, or Beneficiary with respect to a right to payment shall be based solely upon contractual obligations created by the Program.  The Corporation, the Board of Directors, the Committee and any individual or entity shall not be deemed to be a trustee of any amounts to be paid under the Program.  Nothing contained in the Program, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Corporation and a Participant, former Participant, Beneficiary, or any other individual or entity.  The Corporation may, in its sole discretion, use a Rabbi Trust as a vehicle in which to place funds with respect to this Program.  The Corporation does not in any way guarantee any Participant’s Deferral Account against loss or depreciation, whether caused by poor investment performance, insolvency of a deemed investment or by any other event or occurrence.  In no event shall any employee, officer, director, or stockholder of the Corporation be liable to any individual or entity on account of any claim arising by reason of the Program provisions or any instrument or instruments implementing its provisions, or for the failure of any Participant, Beneficiary or other individual or entity to be entitled to any particular tax consequences with respect to the Program or any credit or payment thereunder.
5.7    Statement of Deferral Accounts.  The Program Administrator shall provide to each Participant annual statements setting forth the value of the Deferral Account maintained for such Participant.
Article VI
Vesting
6.1    Vesting.  The Corporation’s contributions credited as a Stock Unit Credit under the Program shall be one hundred percent (100%) vested or nonforfeitable at all times.  Any other contributions to the Program on the behalf of any Participant shall be subject to such vesting schedule as established by the Corporation immediately prior to such contribution.  In addition, a Participant shall be one hundred percent (100%) vested in the Corporation’s contributions, including any deemed investment earnings attributable to these contributions, upon his death or Disability while he is actively employed by the Corporation.  
Article VII
Benefits
7.1    Payment of Benefits.  As soon as reasonably practicable after the date elected by the Participant pursuant to his Participant Agreement and Deferral Election Form (as determined in accordance with uniform rules established by the Program Administrator), that number of shares of the Corporation’s common stock equal to the total whole number of Stock Unit Credits and

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Dividend Credits to be distributed to the Participant as of such date shall be distributed to the Participant (or in the event of his death, his beneficiary); provided, however, that if the Participant has elected installment payments, the number of shares of Corporation common stock to be distributed as of the first distribution date and each subsequent installment shall be equal to that number of Stock Unit Credits and Dividend Credits then credited to the Participant’s Deferral Account divided by the number of installment payments remaining (rounded down to the next whole share of Corporation common stock).  Payment of benefits, if any, as specified in Section 4.5, shall be made pursuant to the applicable terms and conditions of such discretionary contribution as established by the Corporation.
7.2    Disability.  If a Participant suffers a Disability while employed with the Corporation and before he is entitled to benefits under this Article, he shall receive the entire amount credited to his Deferral Account in a single lump sum payment within thirty (30) days of when the Committee determines the existence of the Participant’s Disability.
7.3    Change in Control.  If a Change of Control occurs before a Participant becomes entitled to receive benefits by reason of any of the above Sections or before the Participant has received complete payment of his benefits under this Article, and provided that the Participant has elected payment of his benefits upon such a Change of Control in an applicable Participant Agreement and Deferral Election, then he shall receive payment of the amount credited to his Deferral Account as of the date immediately following the date on which the Change in Control occurs.  Payment of any amount under this Section shall commence within thirty (30) days of when the Change in Control occurs and be in accordance with the payment method elected by the Participant on his Participant Agreement and Deferral Election Form.  For the purposes of the Program, “Change in Control” shall have the same meaning as set forth in the Corporation’s 1996 Long-Term Incentive Plan.
Notwithstanding the above, the definition of Change of Control shall comply with the definition provided by the Internal Revenue Service in its regulations, as amended from time to time with regard to Section 409A.
7.4    Specified Employee.  “Specified Employee” shall mean a key employee (as defined by Internal Revenue Code Section 416(i) without regard to paragraph (5) thereof), and as further defined in Treasury Regulation 1.409A-(1)(i),) of a Corporation the stock of which is publicly traded on an established securities market or otherwise within the meaning of Section 409A(2)(B)(i). Notwithstanding other provisions of this Program to the contrary, distributions pursuant to Article VII by the Corporation to Specified Employees (if any) may not be made before the date which is six (6) months after the date of Separation from Service (or, if earlier, the date of death of the Specified Employee).  If payments to a Specified Employee are to be made in installments no installment payment to which a Specified Employee is entitled upon a Separation from Service may be paid until the passage of six (6) months from the date of such Separation from Service.  A Participant meeting the definition of Specified Employee on December 31 or during a 12 month period ending December 31 will be treated as a Specified Employee for the 12 month period commencing the following April 1.

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7.5    Payment Methods.  Unless otherwise provided in this Article VII, a Participant may elect to receive payment of the amount credited to his Deferral Account in a lump sum or in annual installments not exceeding ten (10) years.  This election must be made on the initial Participant Agreement and Election Form.  Any installment payments shall be paid annually on the first practicable day after the distributions are scheduled to commence.  Each installment payment shall be determined by multiplying the Deferral Account Balance by a fraction, the numerator of which is one and the denominator of which is the number of remaining installment payments.
7.6    No Accelerations.  Notwithstanding anything in this Program to the contrary, no change submitted on a Participant Election Form shall be accepted by the Corporation if the change accelerates the time over which distributions shall be made to the Participant (except as otherwise permitted by Section 409A), and the Corporation shall deny any change made to an election if the Corporation determines that the change violates the requirement under Section 409A.  The Corporation may, however, accelerate certain distributions under the Program to the extent permitted under Treasury Regulation Section 1.409A-3(j)(4).
7.7    Unforeseeable Emergency Payments.  A Participant who experiences an Unforeseeable Emergency may submit a written request to the Program Administrator to receive payment of all or any portion of his or her vested Deferral Account Balance.  Whether a Participant is faced with an Unforeseeable Emergency permitting an emergency payment shall be determined by the Program Administrator based on the relevant facts and circumstances of each case, but, in any case, a distribution on account of Unforeseeable Emergency may not be made to the extent that such emergency is or may be reimbursed through insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of deferrals under this Program.  If an emergency payment is approved by the Program Administrator, the amount of the payment shall not exceed the amount reasonably necessary to satisfy the need, taking into account the additional compensation that is available to the Participant as the result of cancellation of deferrals to the Plan, including amounts necessary to pay any taxes or penalties that the Participant reasonably anticipates will result from the payment.  Emergency payments shall be paid in a single lump sum within the ninety (90) day period following the date the payment is approved by the Program Administrator.
Article VIII
Establishment of Trust
8.1    Establishment of Trust.  The Corporation established a Rabbi Trust for the Program.  If the Corporation so desires, all benefits payable under this Program to a Participant shall be paid directly by the Corporation from the Rabbi Trust.  To the extent that such benefits are not paid from the Rabbi Trust, the benefits shall be paid from the general assets of the Corporation.  The Rabbi Trust, if any, shall be an irrevocable grantor trust which conforms to the terms of the model trust as described in IRS Revenue Procedure 92-64, I.R.B. 1992-33.  The assets of the Rabbi Trust are subject to the claims of the Corporation’s creditors in the event of its insolvency.  Except as provided under a Rabbi Trust, the Corporation shall not be obligated to set aside, earmark or escrow any funds or other assets to satisfy its obligations under this Program, and the Participant and/or his designated Beneficiaries shall not have any property interest in any specific assets of the Corporation other than the unsecured right to receive payments from the Corporation, as provided in this Program. 

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Article IX
Program Administration
9.1    Program Administration.  The Program shall be administered by the Committee, and such Committee may designate an agent to perform the recordkeeping duties.  The Committee shall construe and interpret the Program, including disputed and doubtful terms and provisions and, in its sole discretion, decide all questions of eligibility and determine the amount, manner and time of payment of benefits under the Program.  The determinations and interpretations of the Committee shall be consistently and uniformly applied to all Participants and Beneficiaries, including but not limited to interpretations and determinations of amounts due under this Program, and shall be final and binding on all parties.  The Program at all times shall be interpreted and administered as an unfunded deferred compensation plan, and no provision of the Program shall be interpreted so as to give any Participant or Beneficiary any right in any asset of the Corporation which is a right greater than the right of a general unsecured creditor of the Corporation.
Article X
Nonalienation of Benefits
10.1    Nonalienation of Benefits.  The interests of Participants and their Beneficiaries under this Program are not subject to the claims of their creditors and may not be voluntarily or involuntarily sold, transferred, alienated, assigned, pledged, anticipated, or encumbered, attached or garnished.  Any attempt by a Participant, his Beneficiary, or any other individual or entity to sell, transfer, alienate, assign, pledge, anticipate, encumber, attach, garnish, charge or otherwise dispose of any right to benefits payable shall be void.  The Corporation may cancel and refuse to pay any portion of a benefit which is sold, transferred, alienated, assigned, pledged, anticipated, encumbered, attached or garnished.  The benefits which a Participant may accrue under this Program are not subject to the terms of any Qualified Domestic Relations Order (as that term is defined in Section 414(p) of the Code) with respect to any Participant, and the Program Administrator, Board of Directors, Committee and Corporation shall not be required to comply with the terms of such order in connection with this Program.  The withholding of taxes from Program payments, the recovery of Program overpayments of benefits made to a Participant or Beneficiary, the transfer of Program benefit rights from the Program to another plan, or the direct deposit of Program payments to an account in a financial institution (if not actually a part of an arrangement constituting an assignment or alienation) shall not be construed as assignment or alienation under this Article. 
Article XI
Amendment and Termination
11.1    Program Termination.  The Corporation reserves the right to terminate the Program in accordance with one of the following; subject to the restrictions imposed by 409A and associated Treasury Regulations:
(a)    Corporation Dissolution or Bankruptcy.  Distributions will be made if the Program is terminated within twelve (12) months of a Corporation dissolution taxed under IRC Section 331, or with the approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A), 

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provided that the amounts deferred under the Program are included in the Participant’s gross income in the latest of:
(i)    The calendar year in which the Program termination occurs;
(ii)    The calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or
(iii)    The first calendar year in which the payment is administratively practicable.
(b)    Change of Control. Distributions will be made if the Corporation terminates the Program within the thirty (30) days preceding or the twelve (12) months following a Change in Control (as defined above or as defined by Section 409A of the Code and its applicable regulations). The Program will then be treated as terminated only if all substantially similar arrangements sponsored by the Corporation are terminated so that all Participants in all similar arrangements are required to receive all amounts of Compensation deferred under the terminated arrangements within twelve (12) months of the date of termination of the arrangements.
(c)    Discretionary Termination.  The Corporation may also terminate the Program and make distributions provided that:
(i)    All plans sponsored by the Corporation that would be aggregated with any terminated arrangements under Section 409A of the Code that are terminated;
(ii)    No payments other than payments that would be payable under the terms of the Program if the termination had not occurred are made within twelve (12) months of the Program termination;
(iii)    All payments are made within twenty-four (24) months of the Program termination; and
(iv)    The Corporation does not adopt a new plan that would be aggregated with any terminated plan if the same Participant participated in both arrangements, at any time within five (5) years following the date of termination of the Program.
The Corporation also reserves the right to suspend the operation of the Program, in compliance with Section 409A of the Code, for a fixed or indeterminate period of time.
11.2    Amendment.  The Corporation may, at any time, amend or modify this Program in whole or in part; provided, however, that, except to the extent necessary to bring the Program into compliance with Section 409A(a)(2),(3), or (4) of the Code: (i) no amendment or modification shall be effective to decrease the value or vested percentage of a Participant’s Deferral Account balance, in existence at the time an amendment or modification is made, and (ii) no amendment or modification shall materially and adversely affect the Participant’s rights to be credited with additional amounts on such Deferral Account balance, or otherwise materially and adversely affect the Participant’s rights with respect to such Deferral Account balance. The amendment or 

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modification of this Program shall have no effect on any Participant or Beneficiary who has become entitled to the payment of benefits under this Program as of the date of the amendment or modification. 
Article XII
General Provisions
12.1    Good Faith Payment.  Any payment made in good faith in accordance with provisions of the Program shall be a complete discharge of any liability for the making of such payment under the provisions of this Program.
12.2    No Right to Employment / Stockholder Status.  This Program does not constitute a contract of employment, and participation in the Program shall not give any Participant the right to be retained in the employment of the Corporation.  Participation in the Program shall not create any rights in a Participant (or any other person) as a stockholder of the Corporation until shares of Corporation common stock are registered in the name of the Participant (or such other person).
12.3    Binding Effect.  The provisions of this Program shall be binding upon the Corporation and its successors and assigns and upon every Participant and his heirs, Beneficiaries, estates and legal representatives.
12.4    Participant Change of Address.  Each Participant entitled to benefits shall file with the Program Administrator, in writing, any change of post office address.  Any check representing payment and any communication addressed to a Participant or a former Participant at this last address filed with the Program Administrator, or if no such address has been filed, then at his last address as indicated on the Corporation’s records, shall be binding on such Participant for all purposes of the Program, and neither the Program Administrator nor the Corporation or other payer shall not be obliged to search for or ascertain the location of any such Participant.  If the Program Administrator is in doubt as to the address of any Participant entitled to benefits or as to whether benefit payments are being received by a Participant, it shall, by registered mail addressed to such Participant at his last known address, notify such Participant that:
(a)    All unmailed and future Program payments shall be withheld until Participant provides the Program Administrator with evidence of such Participant’s continued life and proper mailing address; and
(b)    Participant’s right to any Program payment shall, at the option of the Committee, be canceled forever, if, at the expiration of five (5) years from the date of such mailing, such Participant shall not have provided the Committee with evidence of his continued life and proper mailing address.
12.5    Notices.  Each Participant shall furnish to the Program Administrator any information the Program Administrator deems necessary for purposes of administering the Program, and the payment provisions of the Program are conditional upon the Participant furnishing promptly such true and complete information as the Program Administrator may request.  Each Participant shall submit proof of his age when required by the Program Administrator.  The Program Administrator 

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shall, if such proof of age is not submitted as required, use such information as is deemed by it to be reliable, regardless of the lack of proof, or the misstatement of the age of individuals entitled to benefits.  Any notice or information which, according to the terms of the Program or requirements of the Program Administrator, must be filed with the Program Administrator, shall be deemed so filed if addressed and either delivered in person or mailed to and received by the Program Administrator, in care of the Corporation at:
TD Ameritrade Holding Corporation
4211 South 102nd Street
Omaha, NE  68127
12.6    Designation of Beneficiary.  Each Participant shall designate, by name, on Beneficiary designation forms provided by the Program Administrator, the Beneficiary(ies) who shall receive any benefits which might be payable after such Participant’s death.  A Beneficiary designation may be changed or revoked without such Beneficiary’s consent at any time or from time to time in the manner as provided by the Program Administrator, and the Program Administrator shall have no duty to notify any individual or entity designated as a Beneficiary of any change in such designation which might affect such individual or entity’s present or future rights.  If the designated Beneficiary does not survive the Participant, all amounts which would have been paid to such deceased Beneficiary shall be paid to any remaining Beneficiary in that class of beneficiaries, unless the Participant has designated that such amounts go to the lineal descendants of the deceased Beneficiary.  If none of the designated primary Beneficiaries survive the Participant, and the Participant did not designate that payments would be payable to such Beneficiary’s lineal descendants, amounts otherwise payable to such Beneficiaries shall be paid to any successor Beneficiaries designated by the Participant, or if none, to the Participant’s spouse, or, if the Participant was not married at the time of death, the Participant’s estate.  No Participant shall designate more than five (5) simultaneous beneficiaries, and if more than one (1) beneficiary is named, Participant shall designate the share to be received by each Beneficiary.  Despite the limitation on five (5) Beneficiaries, a Participant may designate more than five (5) beneficiaries provided such beneficiaries are the surviving spouse and children of the Participant.  If a Participant designates alternative, successor, or contingent beneficiaries, such Participant shall specify the shares, terms and conditions upon which amounts shall be paid to such multiple, alternative, successor or contingent beneficiaries.  Except as provided otherwise in this Section, any payment made under this Program after the death of a Participant shall be made only to the Beneficiary or Beneficiaries designated pursuant to this Section.
12.7    Claims.  Any claim for benefits must initially be submitted in writing to the Program Administrator.  If such claim is denied (in whole or in part), the claimant shall receive notice from the Program Administrator, in writing, setting forth the specific reasons for denial, with specific reference to applicable provisions of this Program.  Such notice shall be provided within ninety (90) days of the date the claim for benefits is received by the Program Administrator, unless special circumstances require an extension of time for processing the claim, in which event notification of the extension shall be provided to the claimant prior to the expiration of the initial ninety (90) day period.  The extension notification shall indicate the special circumstances requiring the extension of time and the date by which the Program Administrator expects to render its decision.  Any such extension shall not exceed ninety (90) days.  Any disagreements about such interpretations and 

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construction may be appealed in writing by the claimant to the Program Administrator within sixty (60) days.  After receipt of such Appeal, the Program Administrator shall respond to such appeal within sixty (60) days, with a notice in writing fully disclosing its decision and its reasons.  If special circumstances require an extension of time to process the appealed claim, notification of the extension shall be provided to the claimant prior to the commencement of the extension.  Any such extension shall not exceed sixty (60) days.  No member of the Board of Directors, or any committee thereof, or any employee or officer of the Corporation, shall be liable to any individual or entity for any action taken hereunder, except those actions undertaken with lack of good faith.
12.8    Action by Board of Directors.  Any action required to be taken by the Board of Directors of the Corporation pursuant to the Program provisions may be performed by a committee of the Board, to which the Board of Directors of the Corporation delegates the authority to take actions of that kind.
12.9    Governing Law.  To the extent not superseded by the laws of the United States, the laws of the State of Nebraska shall be controlling in all matters relating to this Program.
12.10    Severability.  In the event any provision of this Program shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Program, and the Program shall be interpreted and enforced as if such illegal and invalid provisions had never been set forth.
12.11    Code Section 409A.  The Program is intended to comply with Section 409A of the Code and all applicable Treasury Regulations and IRS guidance issues with respect to Section 409A of the Code and shall be administered and interpreted in all respects as to ensure compliance with Section 409A of the Code.  This Program will be deemed amended to the extent necessary to avoid imposition of any additional tax or income recognition under Section 409A of the Code and any temporary or final Treasury Regulations and guidance promulgated thereunder prior to any payment of benefits under the Program to any Participant.
IT WITNESS WHEREOF, TD Ameritrade Holding Corporation has adopted the foregoing instrument effective as of November 13, 2008.

	
					
	 
	 
	 
	TD Ameritrade Holding Corporation

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Karen Ganzlin

	 
	 
	 
	 
	 

	 
	 
	 
	Title:
	Executive Vice President, Chief Human Resources Officer

	 
	 
	 
	 
	 

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