Document:

Exhibit 4.1

 

STOCK PURCHASE AGREEMENT

 

AMONG

 

BIMI International
medical Inc., AS BUYER,

 

Phenix
bio inc., AS THE COMPANY,

 

AND

 

fnu oudom,
AS SELLER.

 

DATED

 

July 5, 2022

 

     

     

    

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT
(this “Agreement”) is made as of July 5, 2022 by and among BIMI International
Medical, Inc., a company organized under the laws of the state of Delaware (“Buyer”), Phenix
bio inc., a company organized under the laws of the state of California (the “Company”) and Mr. Fnu Oudom, a
citizen of Vanuatu ( “Seller”).

 

RECITALS

 

Whereas,
immediately prior to the Closing, Seller is the record and beneficial owner of all the issued and outstanding equity interests of the
Company (the “Shares”).

 

WHEREAS,
Buyer desires to purchase and acquire from Seller, and Seller desires to sell and transfer to Buyer, all the Shares for the consideration
and on the terms set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the mutual
representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, and upon the terms and subject to the conditions hereinafter set forth, the parties hereto,
intending to be legally bound, hereby agree as follows:

 

		1.	DEFINITIONS.

 

For purposes of this Agreement,
the following terms have the meanings specified or referred to in this Section 1:

 

“Accounts Receivable”
as defined in Section 4.8.

 

“Applicable Contract”
any Contract (a) under which the Company has or may acquire any rights, (b) under which the Company has or may become subject
to any obligation or liability, or (c) by which the Company or any of the assets owned or used by it is or may become bound.

 

“Benefit Plan” any employee
benefit plan that is maintained or contributed to by the Company for the benefit of the Company’s employees or with respect to which
the Company has or may have any liability.

 

“Best Efforts” the efforts
that a prudent Person desirous of achieving a result would use in similar circumstances to ensure that such result is achieved as expeditiously
as possible.

 

“Breach” a “Breach”
of a representation, warranty, covenant, obligation, or other provision of this Agreement or any instrument delivered pursuant to this
Agreement will be deemed to have occurred if there is or has been (a) any inaccuracy in or breach of, or any failure to perform or
comply with, such representation, warranty, covenant, obligation, or other provision, or (b) any claim (by any Person) or other
occurrence or circumstance that is or was inconsistent with such representation, warranty, covenant, obligation, or other provision, and
the term “Breach” means any such inaccuracy, breach, failure, claim, occurrence, or circumstance.

 

“Buyer” as defined in
the first paragraph of this Agreement.

 

“Buyer’s Advisors”
as defined in Section 6.1.

 

“Buyer Shares” newly-issued
shares of common stock, par value $0.001, of Buyer.

 

“Closing” as defined
in Section 2.4.

 

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“Closing Cash Payment”
as defined in Section 2.3.

 

“Closing Date” as defined
in Section 2.4.

 

“Common Stock” common
stock of Buyer, par value $0.001 per share.

 

“Company” as defined
in the first paragraph of this Agreement.

 

“Competing Business” as defined in Section
4.25.

 

“Confidential Information”
means all non-public, confidential or proprietary information of the Company, including the Intellectual Property Assets.

 

“Consent” any approval,
consent, ratification, waiver, or other authorization (including any Governmental Authorization).

 

“Contemplated Transactions”
means the purchase of the Shares by Buyer and the other transactions contemplated by this Agreement.

 

“Contract” any agreement,
contract, obligation, promise, or undertaking (whether written or oral and whether express or implied) that is legally binding.

 

“Damages” as defined
in Section 11.2.

 

“Deferred Payment” as
defined in Section 2.3.

 

“Distribution Compliance Period”
as defined in Section 4.27(c).

 

“Encumbrance” any charge,
claim, community property interest, condition, equitable interest, lien, option, pledge, security interest, right of first refusal, or
restriction of any kind, including any restriction on use, voting, transfer, receipt of income, or exercise of any other attribute of
ownership.

 

“Environment” soil,
land surface or subsurface strata, surface waters (including navigable waters, ocean waters, streams, ponds, drainage basins, and wetlands),
groundwaters, drinking water supply, stream sediments, ambient air (including indoor air), plant and animal life, and any other environmental
medium or natural resource.

 

“Environmental, Health, and Safety
Liabilities” any cost, damages, expense, liability, obligation, or other responsibility arising from or under Environmental
Law or Occupational Safety and Health Law and consisting of or relating to:

 

(a)
any environmental, health, or safety matters or conditions (including on- site or off-site contamination, occupational safety and
health, and regulation of chemical substances or products);

 

(b)
fines, penalties, judgments, awards, settlements, legal or administrative proceedings, damages, losses, claims, demands and response,
investigative, remedial, or inspection costs and expenses arising under Environmental Law or Occupational Safety and Health Law;

 

(c)
financial responsibility under Environmental Law or Occupational Safety and Health Law for cleanup costs or corrective action,
including any investigation, cleanup, removal, containment, or other remediation or response actions (“Cleanup”) required
by applicable Environmental Law or Occupational Safety and Health Law (whether or not such Cleanup has been required or requested by any
Governmental Body or any other Person) and for any natural resource damages; or

 

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(d)
any other compliance, corrective, investigative, or remedial measures required under Environmental Law or Occupational Safety and
Health Law.

 

“Environmental Law”
any Legal Requirement that requires or relates to:

 

(a)
advising appropriate authorities, employees, and the public of intended or actual releases of pollutants or hazardous substances
or materials, violations of discharge limits, or other prohibitions and of the commencements of activities, such as resource extraction
or construction, that could have significant impact on the Environment;

 

(b)
preventing or reducing to acceptable levels the release of pollutants or hazardous substances or materials into the Environment;

 

(c)
reducing the quantities, preventing the release, or minimizing the hazardous characteristics of wastes that are generated;

 

(d)
assuring that products are designed, formulated, packaged, and used so that they do not present unreasonable risks to human health
or the Environment when used or disposed of;

 

(e)
protecting resources, species, or ecological amenities;

 

(f)  
reducing to acceptable levels the risks inherent in the transportation of hazardous substances, pollutants, oil, or other potentially
harmful substances;

 

(g)
cleaning up pollutants that have been released, preventing the threat of release, or paying the costs of such clean up or prevention;
or

 

(h)
making responsible parties pay private parties, or groups of them, for damages done to their health or the Environment, or permitting
self-appointed representatives of the public interest to recover for injuries done to public assets.

 

“Facilities” any real
property, leaseholds, or other interests currently or formerly owned or operated by the Company and any buildings, plants, structures,
or equipment (including motor vehicles, tank cars, and rolling stock) currently or formerly owned or operated by the Company.

 

“Governmental Authorization”
any approval, consent, license, permit, waiver, or other authorization issued, granted, given, or otherwise made available by or under
the authority of any Governmental Body or pursuant to any Legal Requirement.

 

“Governmental Body”
any:

 

(i)  nation,
state, county, city, town, village, district, or other jurisdiction of any nature;

 

(j)  federal,
state, local, municipal, foreign, or other government;

 

(k)
governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or
entity and any court or other tribunal);

 

(l)  multi-national
organization or body; or

 

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(m) body exercising, or entitled
to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature.

 

“Gross Profit” the amount
by which the Revenue during a particular period exceeds the Cost of Revenue incurred during such period, calculated in accordance with
all applicable laws and accounting principles.

 

“Hazardous Activity”
the distribution, generation, handling, importing, management, manufacturing, processing, production, refinement, Release, storage, transfer,
transportation, treatment, or use (including any withdrawal or other use of groundwater) of Hazardous Materials in, on, under, about,
or from the Facilities or any part thereof into the Environment, and any other act, business, operation, or thing that increases the danger,
or risk of danger, or poses an unreasonable risk of harm to persons or property on or off the Facilities, or that may affect the value
of the Facilities or the Company.

 

“Hazardous Materials”
any waste or other substance that is listed, defined, designated, or classified as, or otherwise determined to be, hazardous, radioactive,
or toxic or a pollutant or a contaminant under or pursuant to any Environmental Law, including any admixture or solution thereof, and
specifically including petroleum and all derivatives thereof or synthetic substitutes therefor and asbestos or asbestos-containing materials.

 

“Indemnified Persons”
as defined in Section 11.2.

 

“Intellectual Property Assets”
as defined in Section 4.22.

 

“Knowledge” an individual
will be deemed to have “Knowledge” of a particular fact or other matter if:

 

(n)
such individual is actually aware of such fact or other matter; or

 

(o)
a prudent individual could be expected to discover or otherwise become aware of such fact or other matter in the course of conducting
a reasonably comprehensive investigation concerning the existence of such fact or other matter.

 

A Person (other than an individual) will
be deemed to have “Knowledge” of a particular fact or other matter if any individual who is a key employee or is serving,
or who has at any time served, as a director, officer, partner, executor, or trustee of such Person (or in any similar capacity) has,
or at any time had, Knowledge of such fact or other matter.

 

“Latest Balance Sheet”
as defined in Section 4.4.

 

“Legal Requirement”
any federal, state, local, municipal, foreign, international, multinational, or other administrative order, constitution, law, ordinance,
principle of common law, regulation, statute, or treaty.

 

“NASDAQ” the NASDAQ
Stock Market or any of its successor entities.

 

“Occupational Safety and Health Law”
any Legal Requirement designed to provide safe and healthful working conditions and to reduce occupational safety and health hazards,
and any program, whether governmental or private (including those promulgated or sponsored by industry associations and insurance companies),
designed to provide safe and healthful working conditions.

 

“Order” any award, decision,
injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made, or rendered by any court, administrative agency, or other
Governmental Body or by any arbitrator.

 

“Ordinary Course of Business”
an action taken by a Person will be deemed to have been taken in the “Ordinary Course of Business” only if:

 

(p)
such action is consistent with the past practices of such Person and is taken in the ordinary course of the normal day-to-day operations
of such Person;

 

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(q)
such action is not required to be authorized by the board of directors of such Person (or by any Person or group of Persons exercising
similar authority) and is not required to be specifically authorized by the parent company (if any) of such Person; and

 

(r)
such action is similar in nature and magnitude to actions customarily taken, without any authorization by the board of directors
(or by any Person or group of Persons exercising similar authority), in the ordinary course of the normal day-to-day operations of other
Persons that are in the same line of business as such Person.

 

“Organizational Documents”
(a) the articles or certificate of incorporation and the bylaws of a corporation; (b) the partnership agreement and any statement
of partnership of a general partnership; (c) the limited partnership agreement and the certificate of limited partnership of a limited
partnership; (d) any charter or similar document adopted or filed in connection with the creation, formation, or organization of
a Person; and (e) any amendment to any of the foregoing.

 

“Person” any individual,
corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint venture, estate,
trust, association, organization, labor union, or other entity or Governmental Body.

 

“Proceeding” any action,
arbitration, audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative, investigative, or informal) commenced,
brought, conducted, or heard by or before, or otherwise involving, any Governmental Body or arbitrator.

 

“Proprietary Rights Agreement”
as defined in Section 4.20(b).

 

“Purchase Price” as
defined in Section 2.2.

 

“Related Person” with
respect to a particular individual:

 

(a) each
other member of such individual’s Family;

 

(b) any
Person that is directly or indirectly controlled by such individual or one or more members of such individual’s Family;

 

(c) any
Person in which such individual or members of such individual’s Family hold (individually or in the aggregate) a Material Interest;
and

 

(d) any
Person with respect to which such individual or one or more members of such individual’s Family serves as a director, officer, partner,
executor, or trustee (or in a similar capacity).

 

With respect to a specified
Person other than an individual:

 

(a) any
Person that directly or indirectly controls, is directly or indirectly controlled by, or is directly or indirectly under common control
with such specified Person;

 

(b) any
Person that holds a Material Interest in such specified Person;

 

(c) each
Person that serves as a director, officer, partner, executor, or trustee of such specified Person (or in a similar capacity);

 

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(d) any
Person in which such specified Person holds a Material Interest;

 

(e) any
Person with respect to which such specified Person serves as a general partner or a trustee (or in a similar capacity); and

 

(f) any
Related Person of any individual described in clause (b) or (c).

 

For purposes of this definition,
(a) the “Family” of an individual includes (i) the individual, (ii) the individual’s spouse and
former spouses, (iii) any other natural person who is related to the individual or the individual’s spouse within the second
degree, and (iv) any other natural person who resides with such individual, and (b) “Material Interest” means
direct or indirect beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of voting securities
or other voting interests representing at least 5% of the outstanding voting power of a Person or equity securities or other equity interests
representing at least 5% of the outstanding equity securities or equity interests in a Person.

 

“Release” any spilling,
leaking, emitting, discharging, depositing, escaping, leaching, dumping, or other releasing into the Environment, whether intentional
or unintentional.

 

“Representative” with
respect to a particular Person, any director, officer, employee, agent, consultant, advisor, or other representative of such Person, including
legal counsel, accountants, and financial advisors.

 

“Securities Act” the
Securities Act of 1933 or any successor law, and regulations and rules issued pursuant to that Act or any successor law.

 

“Seller” as defined
in the first paragraph of this Agreement.

 

“Shares” as defined
in the Recitals of this Agreement.

 

“Shareholders’ Approval”
as defined in Section 2.3.

 

“Straddle Period” as
defined in Section 7.1.

 

“Subsidiary” with respect
to any Person (the “Owner”), any corporation or other Person of which securities or other interests having the power
to elect a majority of that corporation’s or other Person’s board of directors or similar governing body, or otherwise having
the power to direct the business and policies of that corporation or other Person (other than securities or other interests having such
power only upon the happening of a contingency that has not occurred) are held by the Owner or one or more of its Subsidiaries; when
used without reference to a particular Person, “Subsidiary” means a Subsidiary of the Company.

 

“Tax” any tax (including
any income tax, capital gains tax, value-added tax, sales tax, property tax, gift tax, or estate tax), levy, assessment, tariff, duty
(including any customs duty), deficiency, or other fee, and any related charge or amount (including any fine, penalty, interest, or addition
to tax), imposed, assessed, or collected by or under the authority of any Governmental Body or payable pursuant to any tax-sharing agreement
or any other Contract relating to the sharing or payment of any such tax, levy, assessment, tariff, duty, deficiency, or fee.

 

“Tax Return” any return
(including any information return), report, statement, schedule, notice, form, or other document or information filed with or submitted
to, or required to be filed with or submitted to, any Governmental Body in connection with the determination, assessment, collection,
or payment of any Tax or in connection with the administration, implementation, or enforcement of or compliance with any Legal Requirement
relating to any Tax.

 

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“Threat of Release”
a substantial likelihood of a Release that may require action in order to prevent or mitigate damage to the Environment that may result
from such Release.

 

“Threatened” a claim,
Proceeding, dispute, action, or other matter will be deemed to have been “Threatened” if any demand or statement has been
made (orally or in writing) or any notice has been given (orally or in writing), or if any other event has occurred or any other
circumstances exist, that would lead a prudent Person to conclude that such a claim, Proceeding, dispute, action, or other matter is likely
to be asserted, commenced, taken, or otherwise pursued in the future.

 

		2.	SALE AND TRANSFER OF SHARES; CLOSING.

 

2.1
Shares

 

Subject to the terms and conditions of this Agreement, at the Closing, Seller shall sell, convey, assign, transfer
and deliver to Buyer, and Buyer shall purchase, acquire and accept from Seller, all right, title and interest in and to the Shares, free
and clear of all Encumbrance.

 

2.2
Purchase Price

 

The aggregate purchase price (the “Purchase Price”) for the Shares is $1,800,000, payable
as set forth in Section 2.3.

 

2.3
Payment of Purchase Price

 

(a) Upon the
terms and subject to the conditions of this Agreement, in consideration of the aforesaid sale, conveyance, assignment, transfer and
delivery of the Shares, Buyer shall pay $180,000 in cash (the “Closing Cash Payment”) to Seller at the
Closing.

 

(b) Upon
the terms and subject to the conditions of this Agreement, the balance of the Purchase Price in the amount of $1,620,000 (the “Deferred
Payment”) shall be paid by Buyer in the form of 2,700,000 Buyer Shares (the “Deferred Payment Shares”), the value
of which the parties hereto agree to be $1,620,000, or $0.60 per share, to Seller, fifteen (15) days after the issuance of the Deferred
Payment Shares has been approved by the stockholders of the Company (the “Stockholders’ Approval”). Notwithstanding
the foregoing, if the Stockholders’ Approval has not been received by December 31, 2022, Buyer shall pay the Deferred Payment in
cash to Seller by January 15, 2023, or such earlier or later date as the parties hereto may agree.

 

(c) Method
of Payment.

 

All cash payments under this
Agreement shall be made by wire transfer of immediately available funds. No later than five (5) business days before the date that any
portion of the Purchase Price payable in cash is due to be paid to Seller, Seller shall deliver to Buyer a flow of funds schedule and
the wire instructions for the account into which the amount payable is to be paid.

 

2.4
Closing.

 

The purchase and sale (the
“Closing”) provided for in this Agreement will take place at such place and on such date as agreed upon by the parties,
which is no later than two business days after the date that all closing conditions set forth in Sections 8 and 9 have been
satisfied or waived, or on such other date as Buyer and Seller shall mutually agree (the “Closing Date”). The Closing
may also be consummated electronically or by other means satisfactory to Buyer, Seller and their respective counsel. The Closing shall
be deemed to occur as of midnight on the Closing Date.

 

2.5
Closing Obligations

 

At the Closing:

 

(a)
Seller will deliver to Buyer

 

(i)
certificates representing all of the Shares, free and clear of all Encumbrances, duly endorsed in blank or with a fully
executed stock power attached, or duly executed instrument of share transfer with respect to the Shares, all in proper form for transfer
and in form and substance satisfactory to Buyer;

 

(ii)
evidence that the records of the Company have been updated to reflect the transfer of ownership to the Buyer ; and

 

(iii)
all other agreements, documents, instruments or certificates required to be delivered by Seller at or prior to the Closing pursuant
to Section 8.6; and

 

(b)
Buyer will make the Closing Cash Payment at or prior to the Closing.

 

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		3.	REPRESENTATIONS AND WARRANTIES OF SELLER.

 

Seller represents and warrants
to Buyer as of the date hereof and as of the Closing Date as follows:

 

3.1
Title to the Shares

 

Seller is the lawful owner, of record and beneficially of the Shares and has good and marketable title
to the Shares, free and clear of all Encumbrances whatsoever. Except for this Agreement, there are no agreements or understandings between
either Seller and any other Person with respect to the acquisition, disposition or voting of or any other matters pertaining to the Shares
and no restriction on the voting rights and other incidents of record or beneficial ownership pertaining thereto. There are no Proceedings
or Orders pending or, to the Knowledge of each Seller, threatened by or against either Seller relating to the Shares.

 

3.2
Authority

 

Seller has all requisite power and authority to execute, deliver and perform such Seller’s obligations under
this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered
by the Seller, and constitutes a valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms.

 

3.3
Consents Required

 

No consent, permit, approval, Order or authorization of or by, registration, declaration or filing with,
or notification to any Governmental Body is required by or with respect to each Seller in connection with the execution and delivery of
this Agreement and consummation by such Seller of the transactions contemplated hereby.

 

		4.	REPRESENTATIONS AND WARRANTIES OF THE
COMPANY AND SELLER

 

Each of the Company and Seller
represents and warrants to Buyer as of the date hereof and as of the Closing Date as follows:

 

4.1
Organization and Good Standing.

 

(a)
The Company is duly organized, validly existing, and in good standing under the laws of its jurisdiction of formation, with full
corporate power and authority to conduct its business as it is now being conducted, to own or use the properties and assets that it purports
to own or use, and to perform all of its obligations in the Ordinary Course of Business and under its contracts. The Company is duly qualified
to do business as a foreign company and is in good standing under the laws of each country, territory, state or other jurisdiction in
which either the ownership or use of the properties owned or used by it, or the nature of the activities conducted by it, requires such
qualification.

 

(b)
Seller has delivered to Buyer copies of the Organizational Documents of the Company, as currently in effect.

 

4.2
Authority; No Conflict.

 

(a)
This Agreement constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance
with its terms. Seller and the Company have the absolute and unrestricted right, power, authority, and capacity to execute and deliver
this Agreement and the other documents required to be delivered hereunder and to perform their obligations under this Agreement.

 

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(b)
Neither the execution and delivery of this Agreement nor the consummation or performance of any of the Contemplated Transactions
will, directly or indirectly (with or without notice or lapse of time):

 

(i) contravene,
conflict with, or result in a violation of (A) any provision of the Organizational Documents of the Company, or (B) any
resolution adopted by the board of directors or the stockholders of the Company;

 

(ii)
contravene, conflict with, or result in a violation of, or give any Governmental Body or other Person the right to challenge any
of the Contemplated Transactions or to exercise any remedy or obtain any relief under, any Legal Requirement or any Order to which the
Company or Seller, or any of the assets owned or used by the Company, may be subject;

 

(iii)
contravene, conflict with, or result in a violation of any of the terms or requirements of, or give any Governmental Body the
right to revoke, withdraw, suspend, cancel, terminate, or modify, any Governmental Authorization that is held by the Company or that
otherwise relates to the business of, or any of the assets owned or used by, the Company;

 

(iv)
cause Buyer or the Company to become subject to, or to become liable for the payment of, any Tax;

 

(v)
contravene, conflict with, or result in a violation or breach of any provision of, or give any Person the right to declare
a default or exercise any remedy under, or to accelerate the maturity or performance of, or to cancel, terminate, or modify, any Applicable
Contract; or

 

(vi)
result in the imposition or creation of any Encumbrance upon or with respect to any of the assets owned or used by the Company.

 

Neither Seller nor the Company
is or will be required to give any notice to or obtain any consent from any Person in connection with the execution and delivery of this
Agreement or the consummation or performance of any of the Contemplated Transactions.

 

4.3
Capitalization.

 

Seller is and will be on the Closing Date the record and beneficial owner and holder of the Shares, free
and clear of all Encumbrances. All the outstanding equity securities of the Company have been duly authorized and validly issued and are
fully paid and nonassessable. There are no Contracts relating to the issuance, sale, or transfer of any equity securities or other securities
of the Company. None of the outstanding equity securities or other securities of the Company was issued in violation of the Securities
Act or any other Legal Requirement. The Company does not own, or has any Contract to acquire, any equity securities or other securities
of any Person (other than the Company) or any direct or indirect equity or ownership interest in any other business.

 

4.4 Financial
Statements

 

Seller has delivered to Buyer the unaudited consolidated balance sheets of the Company as at May 30, 2022 (the
“Latest Balance Sheet”), and the related consolidated statements of income, changes in stockholders’
equity, and cash flow for such period, including the notes thereto. Such financial statements and notes fairly present the financial
condition and the results of operations, changes in stockholders’ equity, and cash flow of the Company as at the respective
dates of and for the periods referred to in such financial statements. The financial statements referred to in this Section
4.4 reflect the consistent application of such accounting principles throughout the periods involved.

 

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4.5 Books
and Records

 

 The books of account, minute books, stock record books, and other records of the Company, all of which have been
made available to Buyer, are complete and correct. The minute books of the Company contain accurate and complete records of all
meetings held, and corporate action taken by, the stockholders, the Board of Directors, and committees of the Board of Directors of
the Company, and no meeting of any such stockholders, Board of Directors, or committee has been held for which minutes have not been
prepared and are not contained in such minute books. At the Closing, all those books and records will be in the possession of the
Company.

 

4.6 Title
to Properties; Encumbrances

 

Seller has delivered or made available to Buyer copies of the deeds and other instruments (as
recorded) by which the Company acquired all real property, leaseholds, or other interests owned by it, and copies of all title
insurance policies, opinions, abstracts, and surveys in the possession of Seller or the Company and relating to such property or
interests. The Company owns (with good and marketable title in the case of real property, subject only to the matters permitted by
the following sentence) all the properties and assets (whether real, personal, or mixed and whether tangible or
intangible) that they purport to own located in the facilities owned or operated by the Company or reflected as owned in the
books and records of the Company, including all of the properties and assets reflected in the Latest Balance Sheet (except for
personal property sold since the date of the Latest Balance Sheet, as the case may be, in the Ordinary Course of Business), and all
of the properties and assets purchased or otherwise acquired by the Company since the date of the Latest Balance Sheet (except for
personal property acquired and sold since the date of the Balance Sheet in the Ordinary Course of Business and consistent with past
practice). All material properties and assets reflected in the Latest Balance Sheet are free and clear of all Encumbrances and are
not, in the case of real property, subject to any rights of way, building use restrictions, exceptions, variances, reservations, or
limitations of any nature except, with respect to all such properties and assets, (a) mortgages or security interests shown on
the Latest Balance Sheet as securing specified liabilities or obligations, with respect to which no default (or event that, with
notice or lapse of time or both, would constitute a default) exists, (b) mortgages or security interests incurred in
connection with the purchase of property or assets after the date of the Latest Balance Sheet (such mortgages and security interests
being limited to the property or assets so acquired), with respect to which no default (or event that, with notice or lapse of time
or both, would constitute a default) exists, (c) liens for current taxes not yet due, and (d) with respect to real
property, (i) minor imperfections of title, if any, none of which is substantial in amount, materially detracts from the value
or impairs the use of the property subject thereto, or impairs the operations of the Company, and (ii) zoning laws and other
land use restrictions that do not impair the present or anticipated use of the property subject thereto. All buildings, plants, and
structures owned by the Company lie wholly within the boundaries of the real property owned by the Company and do not encroach upon
the property of, or otherwise conflict with the property rights of, any other Person.

 

4.7 Condition
and Sufficiency of Assets

 

The buildings, plants, structures, and equipment of the Company are structurally sound, are in good
operating condition and repair, and are adequate for the uses to which they are being put, and none of such buildings, plants,
structures, or equipment is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not
material in nature or cost. The building, plants, structures, and equipment of the Company are sufficient for the continued conduct
of the Company’ businesses after the Closing in substantially the same manner as conducted prior to the Closing.

 

4.8 Accounts
Receivable

 

All accounts receivable of the Company that are reflected on the Latest Balance Sheet or on the accounting records of
the Company as of the Closing Date (collectively, the “Accounts Receivable”) represent or will represent valid
obligations arising from sales actually made or services actually performed in the Ordinary Course of Business. Unless paid prior to
the Closing Date, the Accounts Receivable are or will be as of the Closing Date current and collectible net of the respective
reserves shown on the Latest Balance Sheet or on the accounting records of the Company as of the Closing Date (which reserves are
adequate and calculated consistent with past practice and, in the case of the reserve as of the Closing Date, will not represent a
greater percentage of the Accounts Receivable as of the Closing Date than the reserve reflected in the Latest Balance Sheet
represented of the Accounts Receivable reflected therein and will not represent a material adverse change in the composition of such
Accounts Receivable in terms of aging). Subject to such reserves, each of the Accounts Receivable either has been or will be
collected in full, without any set-off, within ninety days after the day on which it first becomes due and payable. There is no
contest, claim, or right of set-off, other than returns in the Ordinary Course of Business, under any Contract with any obligor of
an Accounts Receivable relating to the amount or validity of such Accounts Receivable.

 

    11

     

    

 

4.9 Inventory

 

All
inventory of the Company, whether or not reflected in the Latest Balance Sheet, consists of a quality and quantity usable and
salable in the Ordinary Course of Business, except for obsolete items and items of below-standard quality, all of which have been
written off or written down to net realizable value in the Latest Balance Sheet or on the accounting records of the Company as of
the Closing Date, as the case may be. The quantities of each item of inventory (whether raw materials, work-in-process, or finished
goods) are not excessive, but are reasonable in the present circumstances of the Company.

 

4.10 No Undisclosed
Liabilities

 

The Company have no liabilities or obligations of any nature (whether known or unknown and whether absolute,
accrued, contingent, or otherwise) except for liabilities or obligations reflected or reserved against in the Latest Balance
Sheet and current liabilities incurred in the Ordinary Course of Business since the respective dates thereof.

 

4.11 Taxes.

 

(a)
The charges, accruals, and reserves with respect to Taxes on the respective books of the Company are adequate and are at least
equal to the Company’s liability for Taxes. There exists no proposed tax assessment against the Company except as disclosed in the
Latest Balance Sheet.

 

(b)
All Taxes that the Company is or was required by Legal Requirements to withhold or collect have been duly withheld or collected
and, to the extent required, have been paid to the proper Governmental Body or other Person.

 

(c)
There is no tax sharing agreement that will require any payment by the Company after the date of this Agreement.

 

(d)
The Company has not received any notice that any of its Tax Returns has been examined by any Governmental Body within the past
6 years.

 

4.12 No Material
Adverse Change

 

Since the date of the Latest Balance Sheet, there has not been any material adverse change in the business,
operations, properties, prospects, assets, or condition of the Company, and no event has occurred or circumstance exists that may
result in such a material adverse change.

 

4.13 Employee
Benefits

 

Seller has delivered to Buyer a complete list of each Benefit Plan. With respect to each Benefit Plan, the Company has
heretofore made available to Buyer correct and complete copies of each of the following documents: (a) the Benefit Plan and all
related documents (including all amendments thereto), (b) the summary plan description prepared for each such Benefit Plan
(including all amendments thereto) and (c) all Contracts with third-party administrators, actuaries, investment managers,
consultants or other independent contractors related to each such Benefit Plan. Each Benefit Plan has been administered and operated
in material compliance with its terms, and the requirements of all applicable Legal Requirements.

 

4.14 Compliance With
Legal Requirements; Governmental Authorizations.

 

(a)
The Company has been and is in full compliance with each Legal Requirement that is or was applicable to it or to the conduct or
operation of its business or the ownership or use of any of its assets;

 

    12

     

    

 

(b)
No event has occurred or circumstance exists that (with or without notice or lapse of time) (A) may constitute or result
in a violation by the Company of, or a failure on the part of the Company to comply with, any Legal Requirement, or (B) may give
rise to any obligation on the part of the Company to undertake, or to bear all or any portion of the cost of, any remedial action of any
nature; and

 

(c)
The Company has not received, any notice or other communication (whether oral or written) from any Governmental Body or any
other Person regarding (A) any actual, alleged, possible, or potential violation of, or failure to comply with, any Legal Requirement,
or (B) any actual, alleged, possible, or potential obligation on the part of the Company to undertake, or to bear all or any portion
of the cost of, any remedial action of any nature.

 

(d)
Each Governmental Authorization held or required to be held by the Company or that otherwise relates to the business of, or to
any of the assets owned or used by, the Company is valid and in full force and effect.

 

(e)
The Company has been and is in full compliance with all of the terms and requirements of each Governmental Authorization held or
required to be held by it or that otherwise relates to the business of, or to any of the assets owned or used by, it;

 

(f)  
No event has occurred or circumstance exists that may (with or without notice or lapse of time) (A) constitute or result
directly or indirectly in a violation of or a failure to comply with any term or requirement of any Governmental Authorization held or
required to be held by the Company or that otherwise relates to the business of, or to any of the assets owned or used by, it, or (B) result
directly or indirectly in the revocation, withdrawal, suspension, cancellation, or termination of, or any modification to, any Governmental
Authorization held or required to be held by the Company or that otherwise relates to the business of, or to any of the assets owned or
used by, it;

 

(g)
The Company has not received, any notice or other communication (whether oral or written) from any Governmental Body or any
other Person regarding (A) any actual, alleged, possible, or potential violation of or failure to comply with any term or requirement
of any Governmental Authorization, or (B) any actual, proposed, possible, or potential revocation, withdrawal, suspension, cancellation,
termination of, or modification to any Governmental Authorization; and

 

(h)
All applications required to have been filed for the renewal of the Governmental Authorizations referred to above have been duly
filed on a timely basis with the appropriate Governmental Bodies, and all other filings required to have been made with respect to such
Governmental Authorizations have been duly made on a timely basis with the appropriate Governmental Bodies.

 

The Company has been granted
all of the Governmental Authorizations necessary to permit the Company to lawfully conduct and operate their businesses in the manner
they currently conduct and operate such businesses and to permit the Company to own and use their assets in the manner in which they currently
own and use such assets.

 

4.15 Legal Proceedings;
Orders.

 

(a)
There is no pending Proceeding that has been commenced by or against the Company or that otherwise relates to or may affect the
business of, or any of the assets owned or used by, the Company; or that challenges, or that may have the effect of preventing, delaying,
making illegal, or otherwise interfering with, any of the Contemplated Transactions. To the Knowledge of each Seller and the Company,
(1) no such Proceeding has been Threatened, and (2) no event has occurred or circumstance exists that may give rise to or serve
as a basis for the commencement of any such Proceeding.

 

    13

     

    

 

(b)
There is no Order to which the Company, or any of the assets owned or used by the Company, is subject. Neither Seller is subject
to any Order that relates to the business of, or any of the assets owned or used by, the Company. To the Knowledge of each Seller and
the Company, no officer, director, agent, or employee of the Company is subject to any Order that prohibits such officer, director, agent,
or employee from engaging in or continuing any conduct, activity, or practice relating to the business of the Company.

 

(c)
The Company is, in full compliance with of the terms and requirements of each Order to which it, or any of the assets owned or
used by it, is or has been subject. No event has occurred or circumstance exists that may constitute or result in (with or without notice
or lapse of time) a violation of or failure to comply with any term or requirement of any Order to which the Company, or any of the
assets owned or used by the Company, is subject. The Company has not received, any notice or other communication (whether oral or written) from
any Governmental Body or any other Person regarding any actual, alleged, possible, or potential violation of, or failure to comply with,
any term or requirement of any Order to which the Company, or any of the assets owned or used by the Company, is or has been subject.

 

4.16 Absence of
Certain Changes and Events

 

Since the date of the Latest Balance Sheet, the Company has conducted their businesses
only in the Ordinary Course of Business and there has not been any:

 

(a)
change in the Company’s authorized or issued capital stock; grant of any stock option or right to purchase shares of capital
stock of the Company; issuance of any security convertible into such capital stock; grant of any registration rights; purchase, redemption,
retirement, or other acquisition by the Company of any shares of any such capital stock; or declaration or payment of any dividend or
other distribution or payment in respect of shares of capital stock;

 

(b)
amendment to the Organizational Documents of the Company;

 

(c)
payment or increase by the Company of any bonuses, salaries, or other compensation to any stockholder, director, officer, or (except
in the Ordinary Course of Business) employee or entry into any employment, severance, or similar Contract with any director, officer,
or employee;

 

(d)
adoption of, or increase in the payments to or benefits under, any profit sharing, bonus, deferred compensation, savings, insurance,
pension, retirement, or other employee benefit plan for or with any employees of the Company;

 

(e)
damage to or destruction or loss of any asset or property of the Company, whether or not covered by insurance, materially and adversely
affecting the properties, assets, business, financial condition, or prospects of the Company, taken as a whole;

 

(f) entry into, termination
of, or receipt of notice of termination of (i) any license, distributorship, dealer, sales representative, joint venture, credit,
or similar agreement, or (ii) any Contract or transaction involving a total remaining commitment by or to the Company of at least
$10,000.00;

 

(g)
sale (other than sales of inventory in the Ordinary Course of Business), lease, or other disposition of any asset or property of
the Company or mortgage, pledge, or imposition of any lien or other Encumbrance on any material asset or property of the Company, including
the sale, lease, or other disposition of any of the Intellectual Property Assets;

 

(h)
cancellation or waiver of any claims or rights with a value to the Company in excess of $10,000.00;

 

(i)
material change in the accounting methods used by the Company; or

 

(j) agreement, whether oral
or written, by the Company to do any of the foregoing.

 

    14

     

    

 

4.17  Contracts;
No Defaults.

 

Seller has delivered to Buyer
copies, including all schedules, exhibits and amendments, of all Contracts to which the Company is a party or to which the business of
the Company is subject involving either (a) obligations (contingent or otherwise) of, or the possibility of payments to, the
Company in excess of $10,000.00, (b) actual or purported restrictions on the ability of the Company to compete in any line of business
or with any Person or in any geographic area during any period of time, or (c) actual or purported restrictions on the prices the
Company may charge for its products or services. Each Material Contract is valid and binding on the Company in accordance with its terms
and is in full force and effect. The Company is not in material breach or violation of any Material Contract and no event has occurred
which, with the giving of notice or the passage of time, would result in a default or violation thereunder. To each Seller’s and
the Company’s Knowledge, no other party to any Material Contract is in material breach or violation of that Contract and no event
has occurred which, with the giving of notice or the passage of time, would result in a default or violation thereunder. Seller and the
Company have no reason to believe that there is a reasonable likelihood that any party to any Material Contract will be unable to or will
choose to not comply with the terms of any Material Contract. The Company has not received from any party to a Material Contract any notice
of any intention to terminate any Material Contract. All Contracts of the Company relating to the sale, design, manufacture, or provision
of products or services by the Company have been entered into in the Ordinary Course of Business and have been entered into without the
commission of any act alone or in concert with any other Person, or any consideration having been paid or promised, that is or would be
in violation of any Legal Requirement.

 

4.18 Insurance.

 

(a)
Seller has delivered to Buyer: true and complete copies of all policies of insurance to which the Company is a party or under which
the Company, or any director of the Company, is or has been covered at any time within the years preceding the date of this Agreement;
insurance; and true and complete copies of all pending applications for policies of any statement by the auditor of the Company’s
financial statements with regard to the adequacy of such entity’s coverage or of the reserves for claims.

 

(b)
All policies to which the Company is a party or that provide coverage to the Company, or any director or officer of the Company:
(A) are valid, outstanding, and enforceable; (B) are issued by an insurer that is financially sound and reputable; (C) taken
together, provide adequate insurance coverage for the assets and the operations of the Company for all risks to which the Company is normally
exposed; (D) are sufficient for compliance with all Legal Requirements and Contracts to which the Company is a party or by which
any of them is bound; (E) will continue in full force and effect following the consummation of the Contemplated Transactions; and
(F) do not provide for any retrospective premium adjustment or other experienced-based liability on the part of the Company.

 

(c)
Neither Seller nor the Company has received (A) any refusal of coverage or any notice that a defense will be afforded with
reservation of rights, or (B) any notice of cancellation or any other indication that any insurance policy is no longer in full force
or effect or will not be renewed or that the issuer of any policy is not willing or able to perform its obligations thereunder.

 

(d)
The Company has paid all premiums due, and have otherwise performed all their respective obligations, under each policy to which
the Company is a party or that provides coverage to the Company or director thereof.

 

(e)
The Company has given notice to the insurer of all claims that may be insured thereby.

 

4.19 Employees.

 

(a)
Seller has provided to Buyer a complete and accurate list of the following information for each employee, officer or director of
the Company, including each employee on leave of absence or layoff status: employer; name; job title; current compensation paid or payable
and any change in compensation since January 1, 2018; vacation accrued; and service credited for purposes of vesting and eligibility to
participate under the Company’s pension, retirement, profit-sharing, thrift-savings, deferred compensation, stock bonus, stock option,
cash bonus, employee stock ownership (including investment credit or payroll stock ownership), severance pay, insurance, medical, welfare,
or vacation plan or any other employee benefit plan).

 

    15

     

    

 

(b)
No employee or director of the Company is a party to, or is otherwise bound by, any agreement or arrangement, including any confidentiality,
noncompetition, or proprietary rights agreement, between such employee or director and any other Person (the “Proprietary Rights
Agreement”) that in any way adversely affects or will affect (i) the performance of his duties as an employee or director
of the Company, or (ii) the ability of the Company to conduct its business, including any Proprietary Rights Agreement with Seller
or the Company by any such employee or director. To each Seller’s Knowledge, no director, officer, or other key employee of the
Company intends to terminate his employment with the Company.

 

4.20 Labor Relations; Compliance

 

The
Company is not a party to any collective bargaining or other labor Contract. There is not presently pending or existing, and there is
not Threatened, (a) any strike, slowdown, picketing, work stoppage, or employee grievance process, (b) any Proceeding against
or affecting the Company relating to the alleged violation of any Legal Requirement pertaining to labor relations or employment matters,
including any charge or complaint filed by an employee or union with any relevant Governmental Body, organizational activity, or other
labor or employment dispute against or affecting the Company or its premises, or (c) any application for certification of a collective
bargaining agent. No event has occurred or circumstance exists that could provide the basis for any work stoppage or other labor dispute.
There is no lockout of any employees by the Company, and no such action is contemplated by the Company. The Company has complied in all
respects with all Legal Requirements relating to employment, equal employment opportunity, nondiscrimination, immigration, wages, hours,
benefits, collective bargaining, the payment of social security and similar taxes, occupational safety and health, and plant closing.
The Company is not liable for the payment of any compensation, damages, taxes, fines, penalties, or other amounts, however designated,
for failure to comply with any of the foregoing Legal Requirements.

 

4.21  Intellectual
Property.

 

(a)
Intellectual Property Assets. The term “Intellectual Property Assets” includes: (i) fictional business
names, trading names, registered and unregistered trademarks, service marks, and applications; (ii) all patents, patent applications,
and inventions and discoveries that may be patentable; (iii) all copyrights in both published works and unpublished works; (iv) all
rights in mask works; and (v) all know-how, trade secrets, confidential information, customer lists, software, technical information,
data, process technology, plans, drawings, and blue prints; owned, used, or licensed by the Company as licensee or licensor.

 

(b)
Agreements. Seller has provided to Buyer copies of all Contracts relating to the Intellectual Property Assets to which the
Company is a party or by which the Company is bound, except for any license implied by the sale of a product and perpetual, paid-up licenses
for commonly available software programs with a value of less than $10,000.00 under which the Company is the licensee. There are no outstanding
and no Threatened disputes or disagreements with respect to any such agreement.

 

(c)
Necessary for the Business. The Intellectual Property Assets are all those necessary for the operation of the Company’s
businesses as they are currently conducted. The Company is the owner of all right, title, and interest in and to each of the Intellectual
Property Assets, free and clear of all liens, security interests, charges, encumbrances, equities, and other adverse claims, and has the
right to use without payment to a third party all of the Intellectual Property Assets. All former and current employees of the Company
have executed written Contracts with the Company that assign to the Company all rights to any inventions, improvements, discoveries, or
information relating to the business of the Company. No employee of the Company has entered into any Contract that restricts or limits
in any way the scope or type of work in which the employee may be engaged or requires the employee to transfer, assign, or disclose information
concerning his work to anyone other than the Company.

 

4.23 Certain
Payments

 

Neither the Company or director, officer, agent, or employee of the Company, or to each Seller’s or the Company’s
Knowledge any other Person associated with or acting for or on behalf of the Company, has directly or indirectly (a) made any contribution,
gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any Person, private or public, regardless of form, whether
in money, property, or services (i) to obtain favorable treatment in securing business, (ii) to pay for favorable treatment
for business secured, (iii) to obtain special concessions or for special concessions already obtained, for or in respect of the Company
or any Affiliate of the Company, or (iv) in violation of any Legal Requirement, (b) established or maintained any fund or asset
that has not been recorded in the books and records of the Company.

 

    16

     

    

 

4.22 Disclosure.

 

(a)
No representation or warranty of Seller in this Agreement omits to state a material fact necessary to make the statements herein
or therein, in light of the circumstances in which they were made, not misleading.

 

(b)
There is no fact known to Seller that has specific application to Seller or the Company (other than general economic or industry
conditions) and that materially adversely affects or, as far as Seller can reasonably foresee, materially threatens, the assets,
business, prospects, financial condition, or results of operations of the Company (on a consolidated basis) that has not been set
forth in this Agreement.

 

4.23
Relationships With Related Persons

 

Neither Seller or any Related Person of Seller or of the Company has, or since the first
day of the next to last completed fiscal year of the Company has had, any interest in any property (whether real, personal, or mixed and
whether tangible or intangible), used in or pertaining to the Company’s business. Neither Seller or any Related Person of Seller
or of the Company is, or since the first day of the next to last completed fiscal year of the Company has owned (of record or as a beneficial
owner) an equity interest or any other financial or profit interest in, a Person that has (i) had business dealings or a material
financial interest in any transaction with the Company other than business dealings or transactions conducted in the Ordinary Course of
Business with the Company at substantially prevailing market prices and on substantially prevailing market terms, or (ii) engaged
in competition with the Company with respect to any line of the products or services of the Company (a “Competing Business”)
in any market presently served by the Company except for less than one percent of the outstanding capital stock of any Competing Business
that is publicly traded on any recognized exchange or in the over-the-counter market. Neither Seller or any Related Person of Seller or
of the Company is a party to any Contract with, or has any claim or right against, the Company.

 

4.24 Brokers or
Finders

 

Seller and his agents have incurred no obligation or liability, contingent or otherwise, for brokerage or finders’
fees or agents’ commissions or other similar payment in connection with this Agreement.

 

4.25 Investment Representations

 

Seller
represents that he is not a U.S. person, and further represents and warrants to Buyer as follows:

 

(a)
Seller is acquiring the Buyer Shares for Seller’s own account, for investment and not for distribution or resale to others
and is not purchasing the Buyer Shares for the account or benefit of any U.S. person, or with a view towards distribution to any U.S.
person, in violation of the registration requirements of the Securities Act.

 

(b)
Seller will make all subsequent offers and sales of the Buyer Shares either (x) outside of the United States in compliance with
Regulation S; (y) pursuant to a registration under the Securities Act; or (z) pursuant to an available exemption from registration under
the Securities Act. Specifically, Seller will not resell the Buyer Shares to any U.S. person or within the United States prior to the
expiration of a period commencing on the Closing Date and ending on the date that is one year thereafter (the “Distribution Compliance
Period”), except pursuant to registration under the Securities Act or an exemption from registration under the Securities Act.

 

(c)
Seller has no present intention to sell the Buyer Shares in the United States or to a U.S. person at any predetermined time, has
made no predetermined arrangements to sell the Buyer Shares and is not acting as a Distributor of such securities.

 

(d)
Seller, its Affiliates nor any Person acting on behalf of such person or entity, has entered into, has the intention of entering
into, or will enter into any put option, short position or other similar instrument or position in the U.S. with respect to the Buyer
Shares at any time after the Closing Date through the Distribution Compliance Period.

 

(e)
Seller consents to the placement of a legend on any certificate or other document evidencing the Buyer Shares substantially in
the form set forth in Section 6.14 of this Agreement.

 

    17

     

    

 

(f)
 Seller is not acquiring the Buyer Shares in a transaction (or an element of a series of transactions) that is part of any plan
or scheme to evade the registration provisions of the Securities Act.

 

(g)
Seller has sufficient knowledge and experience in finance, securities, investments and other business matters to be able to protect
such person’s or entity’s interests in connection with the transactions contemplated by this Agreement.

 

(h)
Seller has consulted, to the extent that it has deemed necessary, with its tax, legal, accounting and financial advisors concerning
its investment in the Buyer Shares.

 

(i) Seller understands the
various risks of an investment in the Buyer Shares and can afford to bear such risks for an indefinite period of time, including, without
limitation, the risk of losing its entire investment in the Buyer Shares.

 

(j) Seller has had access to
Buyer’s publicly filed reports with the SEC and has been furnished during the course of the transactions contemplated by this Agreement
with all other public information regarding the Buyer that such person or entity has requested and all such public information is sufficient
for such person or entity to evaluate the risks of investing in the Buyer Shares.

 

(k)
Seller has been afforded the opportunity to ask questions of and receive answers concerning Buyer and the terms and conditions
of the issuance of the Buyer Shares.

 

(l) Seller is not relying
on any representations and warranties concerning Buyer made by the Buyer or any officer, employee or agent of Buyer, other than
those contained in this Agreement.

 

(m) Seller will not sell or
otherwise transfer the Buyer Shares unless either (A) the transfer of such securities is registered under the Securities Act or (B) an
exemption from registration of such securities is available.

 

(n)
Seller represents that the address furnished on its signature page to this Agreement is the principal residence of Seller.

 

(o)
Seller understands and acknowledges that the Buyer Shares have not been recommended by any federal or state securities commission
or regulatory authority, that the foregoing authorities have not confirmed the accuracy or determined the adequacy of any information
concerning the Buyer that has been supplied to such person or entity and that any representation to the contrary is a criminal offense.

 

(p)
Seller is an Accredited Investor as that term is defined in Regulation D of the Securities Exchange Act, and is able to protect
its interests in connection with the acquisition of the Buyer Shares and can bear the economic risk of investment in such securities without
producing a material adverse change in respect of Seller’s financial condition. Seller has such knowledge and experience in financial
or business matters that Seller is capable of evaluating the merits and risks of the investment in the Buyer Shares.

 

    18

     

    

 

		5.	REPRESENTATIONS AND WARRANTIES OF BUYER.

 

Buyer represents and warrants
to Seller as of the date hereof and as of the Closing Date as follows:

 

5.1
Organization and Good Standing.

 

Buyer is a corporation organized, validly existing, and in good standing under the laws
of the state of Delaware, USA.

 

5.2
Authority; No Conflict.

 

(a)
This Agreement constitutes the legal, valid, and binding obligation of Buyer, enforceable against Buyer in accordance with its
terms. Buyer has the absolute and unrestricted right, power, and authority to execute and deliver this Agreement and to perform its obligations
under this Agreement.

 

(b)
Neither the execution and delivery of this Agreement by Buyer nor the consummation or performance of any of the Contemplated Transactions
by Buyer will give any Person the right to prevent, delay, or otherwise interfere with any of the Contemplated Transactions pursuant to:
(i) any provision of Buyer’s Organizational Documents; (ii) any resolution adopted by the board of directors or the stockholders
of Buyer; (iii) any Legal Requirement or Order to which Buyer may be subject or bound.

 

(c)
No consent, permit, approval, Order or authorization of or by, registration, declaration or filing with, or notification to any
Governmental Body is required by or with respect to Buyer in connection with the execution and delivery of this Agreement and consummation
by Buyer of the transactions contemplated hereby, except for such filings as may be required to be made to NASDAQ.

 

5.3
Certain Proceedings

 

There is no pending Proceeding that has been commenced against Buyer and that challenges, or may have
the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the Contemplated Transactions. To Buyer’s
Knowledge, no such Proceeding has been Threatened.

 

5.4
Brokers or Finders

 

Buyer and its officers and agents have incurred no obligation or liability, contingent or otherwise, for
brokerage or finders’ fees or agents’ commissions or other similar payment in connection with this Agreement.

 

5.5
Stock Exchange Listing

 

The Buyer Shares, upon the
issuance thereof to Seller under this Agreement, will be duly authorized for listing on NASDAQ, subject to all necessary regulatory approvals.
Buyer is not in default in any material respect of any of the listing or other requirements of NASDAQ.

 

5.6
SEC Filings

 

Buyer has filed with or furnished
to, as applicable, the SEC all registration statements, prospectuses, reports, schedules, forms, statements and other documents (including
exhibits and all other information incorporated by reference) required to be filed or furnished by it with the SEC since January 1, 2019,
not necessarily on a timely basis.

 

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		6.	COVENANTS OF SELLER

 

6.1
Access and Investigation

 

Between the date of this Agreement and the Closing Date, Seller will, and will cause the Company
and its Representatives to, (a) afford Buyer and its Representatives and prospective lenders and their Representatives (collectively,
“Buyer’s Advisors”) full and free access to the Company’s personnel, properties (including subsurface testing),
contracts, books and records, and other documents and data, (b) furnish Buyer and Buyer’s Advisors with copies of all such
contracts, books and records, and other existing documents and data as Buyer may reasonably request, and (c) furnish Buyer and Buyer’s
Advisors with such additional financial, operating, and other data and information as Buyer may reasonably request.

 

6.2
Operation of the Businesses of the Company

 

Between the date of this Agreement and the Closing Date, Seller will, and will
cause the Company to:

 

(a)
conduct the business of the Company only in the Ordinary Course of Business;

 

(b)
not enter into (i) any transaction other than in the Ordinary Course of Business, (ii) any transaction which is not at
arms-length with unaffiliated third Persons or (iii) any transaction with any Affiliate;

 

(c)
use their Best Efforts to preserve intact the current business organization of the Company, keep available the services of the
current officers, employees, and agents of the Company, and maintain the relations and good will with suppliers, customers, landlords,
creditors, employees, agents, and others having business relationships with the Company;

 

(d)
confer with Buyer concerning operational matters of a material nature; and

 

(e)
otherwise report periodically to Buyer concerning the status of the business, operations, and finances of the Company.

 

6.3
Negative Covenant

 

Except as otherwise expressly permitted by this Agreement, between the date of this Agreement and the Closing
Date, Seller will not, and will cause the Company not to, without the prior consent of Buyer, take any affirmative action, or fail to
take any reasonable action within their or its control, as a result of which any of the changes or events listed in Section 4.16
is likely to occur.

 

6.4
Required Approvals

 

As promptly as practicable after the date of this Agreement, Seller will, and will cause the Company to,
obtain any consents and approvals of, or effect the notification of or filing with, each Person, whether private or governmental, whose
consent or approval is required in order to permit the consummation of the Contemplated Transactions, to obtain any consent that may be
required from a party to an agreement with the Company that may give such party a right to cancel such agreement as a result of the Contemplated
Transactions. Between the date of this Agreement and the Closing Date, Seller will, and will cause the Company to, cooperate with Buyer
with respect to all consents, approvals or filings that Buyer elects to make or obtain or is required by Legal Requirements to make or
obtain in connection with the Contemplated Transactions.

 

6.5
Notification

 

Between the date of this Agreement and the Closing Date, Seller will promptly notify Buyer in writing if Seller
or the Company becomes aware of any fact or condition that causes or constitutes a Breach of any of Seller’s or the Company’
representations and warranties as of the date of this Agreement, or if Seller or the Company becomes aware of the occurrence after the
date of this Agreement of any fact or condition that would (except as expressly contemplated by this Agreement) cause or constitute
a 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.

 

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6.6
Payment of Indebtedness by Related Persons

 

Except as expressly provided in this Agreement, Seller will cause all indebtedness
owed to the Company by Seller or any Related Person of Seller to be paid in full prior to Closing.

 

6.7
No Negotiation

 

Until such time, if any, as
this Agreement is terminated pursuant to Section 10, Seller will not, and will cause the Company and each of their Representatives
not to, directly or indirectly solicit, initiate, or encourage 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 (other than Buyer) relating
to any transaction involving the sale of the business or assets (other than in the Ordinary Course of Business) of the Company,
or any of the capital stock of the Company, or any merger, consolidation, business combination, or similar transaction involving the
Company.

 

6.8
Proprietary Information

 

All confidential or proprietary information or work product relating to the Company or business of
the Company that is known to Seller as of the Closing Date shall be the sole property of Buyer and the Company. Seller shall not use or
disclose such information or work product except for the benefit of Buyer or the Company and their respective successors and assigns,
and Seller shall take reasonable steps to protect such information and work product from misuse, loss, theft or accidental disclosure.

 

6.9
Public Announcements

 

Seller shall not issue any such press release or make any such public statement without the prior consent
of Buyer, except as may be required by applicable law.

 

6.10 Stockholder
Covenant

 

Seller shall not (i) sell, transfer, assign, tender, create an Encumbrance upon or otherwise dispose of, or enter
into any contract, option or other arrangement with respect to the sale, transfer, assignment, tender, Encumbrance or other
disposition of any of the Shares or (ii) grant any proxies with respect to any of the Shares, deposit any of the Shares into a
voting trust or enter into a voting or option agreement with respect to any of the Shares.

 

6.11 Best Efforts

 

Between
the date of this Agreement and the Closing Date, Seller will use his Best Efforts to cause the conditions in Section 8 to be satisfied.

 

6.12 Release

 

After the
Closing Date, (a) none of Buyer, any Related Party of Buyer nor the Company will have any debt, obligation or liability to either
Seller, and (b) Seller on behalf of himself and all of its Related Parties, hereby unconditionally releases and discharges Buyer, all
of Buyer’s Related Parties and the Company from any and all claims, debts, obligations and liabilities, whether known or unknown,
contingent or non-contingent, at law or in equity, in each case arising from or in connection with such Seller’s ownership of the
Company or resulting from Seller or any of its Related Parties having been a director, officer or employee of the Company; provided,
however, that nothing in this Section 6.12 shall terminate or release Buyer’s obligations to Seller under this Agreement.

 

6.13 Confidentiality

 

From
and after the Closing Date, Seller will, and will cause each of its Related Parties to (a) protect and safeguard the confidentiality
of all of the Confidential Information with at least the same degree of care as a reasonably prudent person would exercise to protect
its own Confidential Information, (b) not use Confidential Information, or permit it to be accessed or used, for any purpose, and
(c) not disclose any Confidential Information to any Person except as required by applicable law or legal process. Seller hereby
assume full responsibility and liability for the compliance of all of Seller’s Related Parties with the terms of this Section
6.13. Prior to making any disclosure of any Confidential Information required by applicable law or legal process, a Seller shall
provide Buyer with (i) if and to the extent legally permitted, prompt written notice of such requirement so that Buyer may seek
a protective order or other remedy; and (ii) reasonable assistance in opposing such disclosure or seeking a protective order or
other remedy.

 

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6.14 Securities Laws; Restrictions
on Transfers

 

Seller acknowledges and understands that until such time as the same is no longer required under the requirements of
the Securities Act or applicable state securities laws, the certificates representing the Buyer Shares, and all certificates representing
any securities issued in exchange thereof or in substitution therefor, will bear the following legend:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS.  THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF BIMI
international Medical inc. (THE “CORPORATION”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY: (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES
ACT (“REGULATION S”), (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT OR (2) RULE 144 UNDER
THE U.S. SECURITIES ACT, IF AVAILABLE, OR (D) PURSUANT TO ANOTHER EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES
ACT, AND IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS, AFTER, IN THE CASE OF TRANSFERS PURSUANT TO CLAUSE (C)(2)
OR (D) (OR IF REQUIRED BY THE CORPORATION, OR ITS TRANSFER AGENT, CLAUSE (B)) ABOVE, THE HOLDER HAS PROVIDED TO THE CORPORATION A LEGAL
OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE CORPORATION, TO THE EFFECT THAT THE SALE OF
SUCH SECURITIES IS NOT REQUIRED TO BE REGISTERED UNDER THE U.S. SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS.”

 

		7.	Tax MAtters

 

7.1
Responsibility for Filing Tax Returns.

 

(a)
Seller shall prepare, or cause to be prepared, in a timely manner, all income Tax Returns of the Company that are due after the
Closing with respect to any taxable period ending prior to or ending on and including the Closing Date; provided, however,
that any such Tax Return shall be prepared by treating items on that Tax Return in a manner consistent with the prior Tax Returns of the
Company. Seller shall deliver to Buyer draft copies of each such Tax Return prior to the date for filing that Tax Return. Seller shall
make all changes in each such Tax Return reasonably requested by Buyer. Buyer shall cause each such Tax Return to be appropriately signed
and filed, and Seller shall pay to the Company any Taxes due from the Company on that Tax Return.

 

(b)
Buyer shall after the Closing prepare and file, or cause to be prepared and filed, Tax Returns of the Company for any period beginning
prior to the Closing Date and ending after the Closing Date (a “Straddle Period”). Any such Tax Return shall be prepared
by treating items on that Tax Return in a manner consistent with the prior Tax Returns of the Company. Buyer shall deliver to Seller draft
copies of each such Tax Return at least thirty (30) days prior to the date for filing that Tax Return. Buyer shall make all changes
in each such Tax Return reasonably requested by Seller. Seller shall pay to the Company the Taxes due for the period prior to and including
the Closing Date from the Company on that Tax Return.

 

7.2
Cooperation on Tax Matters

 

Commencing on the Closing Date, Buyer, on the one hand, and Seller, on the other hand, shall cooperate
fully, as and to the extent reasonably requested by the other party, in connection with the filing and execution of Tax Returns and any
audit, litigation or other proceeding with respect to Taxes, in each case, in respect of any period ending prior to or on the Closing
Date or any Straddle Period.

 

7.3
Sales and Transfer Taxes

 

All sales, transfer and other Taxes (including all stock transfer Taxes, if any) incurred in
connection with this Agreement and the transactions contemplated hereby will be borne by Seller, and Seller shall, at Seller’s own
expense, file all necessary Tax Returns and other documentation with respect to all such sales and transfer Taxes.

 

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		8.	CONDITIONS PRECEDENT TO BUYER’S
OBLIGATION TO CLOSE.

 

Buyer’s obligation to
purchase the Shares and to take the other actions required to be taken by Buyer at the Closing is subject to the satisfaction, at or prior
to the Closing, of each of the following conditions (any of which may be waived by Buyer, in whole or in part):

 

8.1
Accuracy of Representations.

 

(a)
All of Seller’s representations and warranties in this Agreement (considered collectively), and each of those representations
and warranties (considered individually)(without giving effect to any qualification contained therein as to materiality, including the
phrases “material”, “in all material respects” and “material adverse change”), must have been accurate
in all material respects as of the date of this Agreement, and must be accurate in all material respects as of the Closing Date as if
made on the Closing Date.

 

(b)
Each of Seller’s representations and warranties in Sections 3, 4.3, 4.4, 4.12, and 4.24
must have been accurate in all respects as of the date of this Agreement, and must be accurate in all respects as of the Closing Date
as if made on the Closing Date.

 

8.2
Seller’s Performance

 

All of the covenants and obligations that Seller is required to perform or to comply with pursuant
to this Agreement at or prior to the Closing (considered collectively), and each of these covenants and obligations (considered individually),
must have been duly performed and complied with in all material respects.

 

8.3
Authorization

 

All action necessary to authorize the execution, delivery and performance of this Agreement by Seller and the
consummation of the transactions contemplated hereby, shall have been duly and validly taken by each of them, and Seller shall have full
power and authority or capacity to enter into this Agreement and to consummate the transactions contemplated hereby on the terms provided
herein.

 

8.4
Consents and Approvals

 

Buyer shall have received duly executed copies of all consents and approvals required for or in connection
with the execution and delivery by Seller of this Agreement, for the consummation of the transactions contemplated hereby, and the continued
conduct of the business of the Company as previously conducted, each in form and substance satisfactory to Buyer.

 

8.5
Government Consents, Authorizations, Etc

 

All consents, authorizations, orders and approvals of, filings or registrations
with and the expiration of all waiting periods imposed by, any third Person, including any Governmental Body, which are required for or
in connection with the execution and delivery by the parties of this Agreement and the consummation by the parties of the transactions
contemplated hereby and in order to permit or enable the Company to conduct their business after the Closing in substantially the same
manner as previously conducted shall have been obtained or made, in form and substance reasonably satisfactory to Buyer, and shall be
in full force and effect.

 

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8.6
Additional Documents

 

Each of the following documents must have been delivered to Buyer:

 

(a)
such documents as Buyer may reasonably request for the purpose of (i) evidencing the accuracy of any of Seller’s representations
and warranties, (ii) evidencing the performance by Seller of, or the compliance by Seller with, any covenant or obligation required
to be performed or complied with by Seller, (iii) evidencing the satisfaction of any condition referred to in this Section 8,
or (iv) otherwise facilitating the consummation or performance of any of the Contemplated Transactions.

 

8.7
No Proceedings

 

Since the date of this Agreement, there must not have been commenced or Threatened against Buyer, or against
any Person affiliated with Buyer, any Proceeding (a) involving any challenge to, or seeking damages or other relief in connection
with, any of the Contemplated Transactions, or (b) that may have the effect of preventing, delaying, making illegal, or otherwise
interfering with any of the Contemplated Transactions.

 

8.8
No Claim Regarding Stock Ownership or Sale Proceeds

 

There must not have been made or Threatened by any Person any claim asserting
that such Person (a) is the holder or the beneficial owner of, or has the right to acquire or to obtain beneficial ownership of,
any stock of, or any other voting, equity, or ownership interest in the Company, or (b) is entitled to all or any portion of the
Purchase Price payable for the Shares.

 

8.9
No Prohibition

 

Neither the consummation nor the performance of any of the Contemplated Transactions will, directly or indirectly
(with or without notice or lapse of time), materially contravene, or conflict with, or result in a material violation of, or cause Buyer
or any Person affiliated with Buyer to suffer any material adverse consequence under, (a) any applicable Legal Requirement or Order,
or (b) any Legal Requirement or Order that has been published, introduced, or otherwise proposed by or before any Governmental Body.

 

8.10 Absence of
Material Adverse Change

 

Since the date of this Agreement, in the reasonable judgment of Buyer, there shall have been no material
adverse change in the assets, financial condition, operating results, customer, supplier or employee relations or liabilities of the
Company including any material casualty loss or damage to the assets of the Company, whether or not covered by insurance.

 

		9.	CONDITIONS PRECEDENT TO SELLER’S
OBLIGATION TO CLOSE.

 

Seller’s obligation
to sell the Shares and to take the other actions required to be taken by Seller at the Closing is subject to the satisfaction, at or prior
to the Closing, of each of the following conditions (any of which may be waived by Seller, in whole or in part):

 

9.1
Accuracy of Representations

 

All of Buyer’s representations and warranties in this Agreement (considered collectively),
and each of these representations and warranties (considered individually), must have been accurate in all material respects as of the
date of this Agreement and must be accurate in all material respects as of the Closing Date as if made on the Closing Date.

 

9.2
Buyer’s Performance

 

All the covenants and obligations that Buyer is required to perform or to comply with pursuant
to this Agreement at or prior to the Closing (considered collectively), and each of these covenants and obligations (considered individually),
must have been performed and complied with in all material respects.

 

9.3
No Injunction

 

There must not be in effect any Legal Requirement or any injunction or other Order that (a) prohibits
the sale of the Shares by Seller to Buyer, and (b) has been adopted or issued, or has otherwise become effective, since the date
of this Agreement.

 

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		10.	TERMINATION.

 

10.1 Termination Events

 

This
Agreement may, by notice given prior to or at the Closing, be terminated:

 

(a)
by either Buyer or Seller if a material Breach of any provision of this Agreement has been committed by the other party and such
Breach has not been waived;

 

(b)
(i) by Buyer if any of the conditions in Section 8 has not been satisfied as of the Closing Date or if satisfaction of such
a condition is or becomes impossible (other than through the failure of Buyer to comply with its obligations under this Agreement) and
Buyer has not waived such condition on or before the Closing Date; or

 

(ii)
by Seller, if any of the conditions in Section 9 has not been satisfied of the Closing Date or if satisfaction of
such a condition is or becomes impossible (other than through the failure of Seller to comply with his obligations under this Agreement) and
Seller has not waived such condition on or before the Closing Date;

 

(c)
by mutual consent of Buyer and Seller; or

 

(d)
either by Buyer or by Seller if the Closing has not occurred (other than through the failure of any party seeking to terminate
this Agreement to comply fully with its obligations under this Agreement) on or before December 31, 2022 or such later date as the
parties may agree upon.

 

10.2  Effect
of Termination

 

Each party’s right of termination under Section 10.1 is in addition to any other rights it may have
under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies. If this Agreement
is terminated pursuant to Section 10.1, all further obligations of the parties under this Agreement will terminate, except
that the obligations in Sections 12.1 and 12.3 will survive; provided, however, that if this Agreement
is terminated by a party because of the Breach of the Agreement by the other party or because one or more of the conditions to the
terminating party’s obligations under this Agreement is not satisfied as a result of the other party’s failure to comply
with its obligations under this Agreement, the terminating party’s right to pursue all legal remedies will survive such
termination unimpaired.

 

		11.	INDEMNIFICATION; REMEDIES.

 

11.1 Survival; Right
to Indemnification Not Affected By Knowledge

 

All representations, warranties, covenants, and obligations in this Agreement and
any other certificate or document delivered pursuant to this Agreement will survive the Closing. The right to indemnification,
payment of Damages or other remedy based on such representations, warranties, covenants, and obligations will not be affected by any
investigation conducted with respect to, or any Knowledge acquired (or capable of being acquired) at any time, whether before
or after the execution and delivery of this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or
compliance with, any such representation, warranty, covenant, or obligation. The waiver of any condition based on the accuracy of
any representation or warranty, or on the performance of or compliance with any covenant or obligation, will not affect the right to
indemnification, payment of Damages, or other remedy based on such representations, warranties, covenants, and obligations.

 

11.2
Indemnification and Payment of Damages by Seller

 

Seller will indemnify and hold harmless Buyer, the Company, and their respective
Representatives, stockholders, controlling persons, and affiliates (collectively, the “Indemnified Persons”) for, and
will pay to the Indemnified Persons the amount of, any loss, liability, claim, damage (including incidental and consequential damages),
expense (including costs of investigation and defense and reasonable attorneys’ fees) or diminution of value, whether or not
involving a third-party claim (collectively, “Damages”), arising, directly or indirectly, from or in connection with:

 

(a)
any Breach of any representation or warranty made by Seller or the Company in this Agreement or any other certificate or document
delivered by Seller or the Company pursuant to this Agreement;

 

    25

     

    

 

(b)
any Breach by Seller of any covenant or obligation of Seller in this Agreement;

 

(c)
any Taxes owed by the Company relating to any period prior to the Closing Date; and

 

(d)
any claim by any Person for brokerage or finder’s fees or commissions or similar payments based upon any agreement or understanding
alleged to have been made by any such Person with Seller or the Company (or any Person acting on their behalf) in connection with
any of the Contemplated Transactions.

 

The remedies provided in this
Section 11.2 will not be exclusive of or limit any other remedies that may be available to Buyer or the other Indemnified Persons.

 

11.3 Indemnification and
Payment of Damages by Buyer

 

Buyer will indemnify and hold harmless Seller, and will pay to Seller the amount of any Damages arising,
directly or indirectly, from or in connection with (a) any Breach of any representation or warranty made by Buyer in this Agreement
or in any certificate delivered by Buyer pursuant to this Agreement, (b) any Breach by Buyer of any covenant or obligation of Buyer
in this Agreement, or (c) any claim by any Person for brokerage or finder’s fees or commissions or similar payments based
upon any agreement or understanding alleged to have been made by such Person with Buyer (or any Person acting on its behalf) in
connection with any of the Contemplated Transactions.

 

11.4 Right of Set-Off

 

Upon
notice to Seller specifying in reasonable detail the basis for such set-off, Buyer may set off any amount to which it may be entitled
under this Section 11 against amounts otherwise payable by it under this Agreement. Neither the exercise of nor the failure to
exercise such right of set-off will constitute an election of remedies or limit Buyer in any manner in the enforcement of any other remedies
that may be available to it.

 

11.5 Procedure for Indemnification
Third Party Claims.

 

(a)
Promptly after receipt by an indemnified party under Section 11.2, or 11.3 of notice of the commencement of any Proceeding
against it, such indemnified party will, if a claim is to be made against an indemnifying party under such Section, give notice to the
indemnifying party of the commencement of such claim, but the failure to notify the indemnifying party will not relieve the indemnifying
party of any liability that it may have to any indemnified party, except to the extent that the indemnifying party demonstrates that the
defense of such action is prejudiced by the indemnifying party’s failure to give such notice.

 

(b)
If any Proceeding referred to in Section 11.5(a) is brought against an indemnified party and it gives notice to the indemnifying
party of the commencement of such Proceeding, the indemnifying party will, unless the claim involves Taxes, be entitled to participate
in such Proceeding and, to the extent that it wishes (unless (i) the indemnifying party is also a party to such Proceeding and the
indemnified party determines in good faith that joint representation would be inappropriate, or (ii) the indemnifying party fails
to provide reasonable assurance to the indemnified party of its financial capacity to defend such Proceeding and provide indemnification
with respect to such Proceeding), to assume the defense of such Proceeding with counsel satisfactory to the indemnified party and, after
notice from the indemnifying party to the indemnified party of its election to assume the defense of such Proceeding, the indemnifying
party will not, as long as it diligently conducts such defense, be liable to the indemnified party under this Section 11 for any
fees of other counsel or any other expenses with respect to the defense of such Proceeding, in each case subsequently incurred by the
indemnified party in connection with the defense of such Proceeding, other than reasonable costs of investigation. If the indemnifying
party assumes the defense of a Proceeding, (i) it will be conclusively established for purposes of this Agreement that the claims
made in that Proceeding are within the scope of and subject to indemnification; (ii) no compromise or settlement of such claims may
be effected by the indemnifying party without the indemnified party’s consent unless (A) there is no finding or admission of
any violation of Legal Requirements or any violation of the rights of any Person and no effect on any other claims that may be made against
the indemnified party, and (B) the sole relief provided is monetary damages that are paid in full by the indemnifying party; and
(iii) the indemnified party will have no liability with respect to any compromise or settlement of such claims effected without its
consent. If notice is given to an indemnifying party of the commencement of any Proceeding and the indemnifying party does not, within
ten days after the indemnified party’s notice is given, give notice to the indemnified party of its election to assume the defense
of such Proceeding, the indemnifying party will be bound by any determination made in such Proceeding or any compromise or settlement
effected by the indemnified party.

 

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(c)
Notwithstanding the foregoing, if an indemnified party determines in good faith that there is a reasonable probability that a Proceeding
may adversely affect it or its affiliates other than as a result of monetary damages for which it would be entitled to indemnification
under this Agreement, the indemnified party may, by notice to the indemnifying party, assume the exclusive right to defend, compromise,
or settle such Proceeding, but the indemnifying party will not be bound by any determination of a Proceeding so defended or any compromise
or settlement effected without its consent (which may not be unreasonably withheld).

 

(d)
Seller hereby consents to the non-exclusive jurisdiction of any court in which a Proceeding is brought against any Indemnified
Person for purposes of any claim that an Indemnified Person may have under this Agreement with respect to such Proceeding or the matters
alleged therein, and agree that process may be served on Seller with respect to such a claim anywhere in the world.

 

11.6 Procedure For
Indemnification for Other Claims

 

A claim for indemnification for any matter not involving a third-party claim may be asserted by
notice to the party from whom indemnification is sought.

 

		12.	GENERAL PROVISIONS.

 

12.1 Expenses

 

Except
as otherwise expressly provided in this Agreement, each party to this Agreement will bear its respective expenses incurred in
connection with the preparation, execution, and performance of this Agreement and the Contemplated Transactions, including all fees
and expenses of agents, representatives, counsel, and accountants. In the event of termination of this Agreement, the obligation of
each party to pay its own expenses will be subject to any rights of such party arising from a breach of this Agreement by another
party.

 

12.2 Public
Announcements

 

Any public announcement or similar publicity with respect to this Agreement or the Contemplated Transactions will
be issued, if at all, at such time and in such manner as Buyer determines. Unless consented to by Buyer in advance or required by
Legal Requirements, prior to the Closing, Seller shall, and shall cause the Company to, keep this Agreement strictly confidential
and may not make any disclosure of this Agreement to any Person. Seller and Buyer will consult with each other concerning the means
by which the Company’s employees, customers, and suppliers and others having dealings with the Company will be informed of the
Contemplated Transactions, and Buyer will have the right to be present for any such communication.

 

12.3 Confidentiality

 

Between
the date of this Agreement and the Closing Date, Buyer and Seller will maintain in confidence, and will cause the directors,
officers, employees, agents, and advisors of Buyer and the Company to maintain in confidence, any written, oral, or other
information obtained in confidence from another party or the Company in connection with this Agreement or the Contemplated
Transactions, unless (a) such information is already known to such party or to others not bound by a duty of confidentiality or
such information becomes publicly available through no fault of such party, (b) the use of such information is necessary or
appropriate in making any filing or obtaining any consent or approval required for the consummation of the Contemplated
Transactions, or (c) the furnishing or use of such information is required by legal proceedings. If the Contemplated
Transactions are not consummated, each party will return or destroy as much of such written information as the other party may
reasonably request. Whether or not the Closing takes place, Seller waives, and will upon Buyer’s request cause the Company to
waive, any cause of action, right, or claim arising out of the access of Buyer or its representatives to any trade secrets or other
confidential information of the Company except for the intentional competitive misuse by Buyer of such trade secrets or confidential
information.

 

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12.4 Notices

 

All
notices, amendments, waivers, or other communications under this Agreement shall be in writing and shall be deemed to be sufficient
if delivered personally, sent electronically, sent by nationally-recognized overnight or second day delivery courier or mailed by
registered or certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such
other address for a party as shall be specified by like notice):

 

If to the Company prior to Closing or
Seller, to:

 

	 	Name:	 	Phenix Biotech Inc.
	 	Address:	 	1104 Corporate Way, Sacramento, CA 95831
	 	Attention:	 	Fnu Oudom
	 	Telephone:	 	(1) 626 495 5950
	 	Email:	 	fnu.oudom@gmail.com

 

If to the Company following the Closing
or Buyer, to:

 

	 	Name:	 	BIMI International Medical Inc.
	 	Address:	 	Room 3601, Building A, Harbour View Place, No. 2 Wuwu Road, 

Zhongshan District, Dalian, Liaoning Province, PRC, 116000
	 	Attention:	 	Mr. Tiewei Song
	 	Telephone:	 	(0086)18804085858
	 	Email:	 	18804085858@139.com

 

All such notices and other communications shall
be deemed to have been delivered and received (i) in the case of personal delivery or delivery electronically, on the date of that
delivery if delivered during business hours on a Business Day or, if not delivered during business hours on a Business Day, the first
Business Day thereafter, (ii) in the case of delivery by nationally-recognized overnight or second day delivery courier, on the Business
Day delivered, and (iii) in the case of mailing, on the sixth Business Day following that mailing. A copy of any notice or other
communication sent electronically shall also be sent on the same day by registered or certified mail (return receipt requested) or
by nationally recognized overnight or second day delivery courier.

 

12.5 Further
Assurances

 

The parties agree (a) to furnish upon request to each other such further information, (b) to execute and
deliver to each other such other documents, and (c) to do such other acts and things, all as the other party may reasonably
request for the purpose of carrying out the intent of this Agreement and the documents referred to in this Agreement.

 

12.6  Waiver

 

The
rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any
party in exercising any right, power, or privilege under this Agreement or the documents referred to in this Agreement will operate
as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will
preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege.
To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement or the documents
referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or renunciation of the claim or right
unless in writing signed by the other party; (b) no waiver that may be given by a party will be applicable except in the
specific instance for which it is given; and (c) no notice to or demand on one party will be deemed to be a waiver of any
obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand
as provided in this Agreement or the documents referred to in this Agreement.

 

12.7  Entire
Agreement and Modification

 

This Agreement supersedes all prior agreements between the parties with respect to its subject matter
and constitutes (along with the documents referred to in this Agreement) a complete and exclusive statement of the terms of the
agreement between the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement
executed by the party to be charged with the amendment.

 

    28

     

    

 

12.8 Assignments,
Successors, and no Third-Party Rights

 

Neither party may assign any of its rights under this Agreement without the prior consent
of the other parties, except that Buyer may assign any of its rights under this Agreement to any Subsidiary of Buyer. Subject to the
preceding sentence, this Agreement will apply to, be binding in all respects upon, and inure to the benefit of the successors and
permitted assigns of the parties. Nothing expressed or referred to in this Agreement will be construed to give any Person other than
the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any
provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the
parties to this Agreement and their successors and assigns.

 

12.9 Severability

 

If
any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of
this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or
degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

12.10
Section Headings, Construction

 

(a)All words used in this Agreement will be construed to be of such gender or number as the
circumstances require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms.
The words “herein”, “hereof”, “hereunder”, “hereby”, “hereto”, “hereinafter”,
and other words of similar import refer to this Agreement as a whole, including any schedules and exhibits, as the same may from time
to time be amended, modified, supplemented or restated, and not to any particular article, section, subsection, paragraph, subparagraph
or clause contained in this Agreement. All references to articles, sections, subsections, clauses, paragraphs, schedules and exhibits
mean such provisions of this Agreement and the schedules and exhibits attached to this Agreement, except where otherwise stated. The title
of and the article, section and paragraph headings in this Agreement are for convenience of reference only and shall not govern or affect
the interpretation of any of the terms or provisions of this Agreement.

 

(b)
Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be
deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in
this Agreement has been chosen by the parties to express their mutual intent, each party has been represented by legal counsel with respect
to, and has had substantial input in, the drafting of this Agreement, and no rule of strict construction shall be applied against any
party. Unless expressly provided otherwise, the measure of a period of one month or year for purposes of this Agreement shall be that
date of the following month or year corresponding to the starting date, provided that if no corresponding date exists, the measure shall
be that date of the following month or year corresponding to the next day following the starting date. For example, one month following
February 18 is March 18, and one month following March 31 is May 1.

 

12.11
Time of Essence

 

With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.

 

12.12
Governing Law; Waiver of Jury Trial; Jurisdiction.

 

(a)
All questions concerning the construction, interpretation and validity of this Agreement shall be governed by and construed and
enforced in accordance with the domestic laws of the State of New York, without giving effect to any choice or conflict of law provision
or rule (whether in the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New York. In furtherance of the foregoing, the internal law of the State of New York shall control the interpretation
and construction of this Agreement, even if under the State of New York’s choice of law or conflict of law analysis, the substantive
law of some other jurisdiction would ordinarily or necessarily apply.

 

(b)
BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES
BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM,
EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BASED UPON OR ARISING OUT OF THIS AGREEMENT
OR THE RELATED DOCUMENTS OR ANY DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER
OF THIS AGREEMENT OR THE RELATED DOCUMENTS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS
REVIEWED THIS WAIVER WITH ITS RESPECTIVE LEGAL COUNSEL, AND KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH SUCH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

    29

     

    

 

(c)
EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR HIMSELF OR ITSELF AND HIS OR ITS PROPERTY, TO THE JURISDICTION OF
ANY NEW YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN NEW YORK COUNTY IN THE STATE OF NEW YORK, AND, EFFECTIVE
AS OF THE CLOSING, TO THE JURISDICTION OF ANY OTHER COURT IN ANY OTHER JURISDICTION IN WHICH AN ACTION IS BROUGHT AGAINST A PARTY TO THIS
AGREEMENT BY A THIRD PARTY ASSERTING A CLAIM AGAINST WHICH THE DEFENDANT IS ENTITLED UNDER THIS AGREEMENT TO BE INDEMNIFIED, IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE RELATED DOCUMENTS OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT.
EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN ANY SUCH NEW YORK STATE OR FEDERAL COURT. EACH PARTY AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL
BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

(d)
EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT SUCH PARTY MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION
THAT SUCH PARTY MAY HAVE OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE RELATED DOCUMENTS IN ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK COUNTY IN THE STATE OF NEW YORK OR SUCH
OTHER COURT AS IS PROVIDED FOR IN THE PRECEDING PARAGRAPH. EACH PARTY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

12.13
Counterparts; Facsimile and Electronic Signatures

 

This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimile and electronic counterpart
signatures to this Agreement shall be acceptable and binding.

 

12.14
Representation by Counsel

 

Each of the parties hereto has been represented or has had the opportunity to be represented by
legal counsel of their own choice.

 

[Signature Pages Follow]

 

    30

     

    

 

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

 

	BUYER:
	 
	BIMI INTERNATIONAL MEDICAL INC.
	 
	By:	/s/ Tiewei Song	 
	Name:	Tiewei Song	 
	Title:	CEO	 
	 	 	 
	SELLER:
	 
	fnu oudom
	 	 	 
	By:	/s/ Fnu Oudom	 
	Name:	Fnu Oudom	 
	Address:	1104 Corporate Way, Sacramento, CA 95831	 
	 	 	 
	COMPANY:
	 
	Phenix  bio inc.
	 	 	 
	By:	/s/ Fnu Oudom	 
	Name:	Fnu Oudom	 
	Title:	President	 

 

 

31Exhibit 10.1

 

Joinder
and FIRST AMENDMENT TO LOAN Documents

 

THIS JOINDER AND FIRST AMENDMENT
TO LOAN DOCUMENTS (the “Amendment”), is made and entered into as of June 30, 2022 (the “First Amendment
Effective Date”), by and among  Benson Hill, Inc., a Delaware corporation (the “Parent”), Benson
Hill Holdings, Inc., a Delaware corporation (“BH Holdings”), BHB Holdings, LLC, a North Carolina limited liability
company (“BHB Holdings”), DDB Holdings, Inc., a Delaware corporation “DDB Holdings”), Dakota
Dry Bean Inc., a North Dakota corporation (“Dakota Dry Bean”), Benson Hill Ingredients, LLC, a Delaware limited liability
company “BHI”), Benson Hill Seeds Holding, Inc., a Delaware corporation (“BHS Holding”), Benson
Hill Seeds, Inc., a Delaware corporation (“BHS”), Benson Hill Fresh, LLC, a Delaware limited liability company
(“BHF”), J&J Produce, Inc., a Florida corporation (“JJP”), J&J Southern Farms, Inc.,
a Florida corporation (“JSF”), and Trophy Transport, LLC, a Florida limited liability company (“Trophy Transport”)
(Parent and each of BH Holdings, BHB Holdings, DDB Holdings, Dakota Dry Bean, BHI, BHS Holding, BHS, BHF, JJP, JSF, and Trophy Transport
are each individually referred to as a “Borrower” and all collectively as the “Borrowers”);  Avenue
Capital Management II, L.P., a Delaware limited partnership, as administrative agent and collateral agent (the “Agent”);
and  Avenue Venture Opportunities Fund, L.P., a Delaware limited partnership, Avenue Venture Opportunities Fund II, L.P., a Delaware
limited partnership, Avenue Sustainable Solutions Fund, L.P., a Delaware limited partnership, Avenue Global Dislocation Opportunities
Fund, L.P., a Delaware limited partnership, and Avenue Global Opportunities Master Fund LP, a Delaware limited partnership (each individually
referred to as a “Lender” and all collectively as the “Lenders”);

 

Recitals:

 

	A.	Borrowers (other than BHI), Agent, and Lenders are parties to those certain Loan Documents, dated as of
December 29, 2021, including the Loan and Security Agreement (as amended from time to time, the “Agreement”) and
the Supplement to Loan and Security Agreement (as amended from time to time, the “Supplement”);

 

	B.	Benson Hill Fresh Holdings, LLC, a Delaware limited liability company (“BHF Holdings”)
was a party to the Loan and Security Agreement, as a “Borrower” therein, but with the consent of Agent was dissolved on March 16,
2022;

 

	C.	Pursuant to the Loan and Security Agreement, the Borrowers (other than BHI) and BHF Holdings delivered
to the Lenders their Promissory Notes dated December 29, 2021, made payable to the Lenders in the aggregate original principal amount
of $80,000,000 (each individually a “Note” and all collectively the “Notes”);

 

	D.	Pursuant to the Loan and Security Agreement, the Parent delivered to the Lenders its Stock Purchase Warrants
dated December 29, 2021, each exercisable for an aggregate “Applicable Number” (as defined therein) of shares of the
Parent’s Common Stock, par value $0.0001 per share (each individually a “Warrant” and all collectively the “Warrant”);

 

     

     

    

 

	E.	Pursuant to Subscription Agreements dated March 24, 2022 (the “Subscription Agreements”),
on March 25, 2022 Parent issued to investors an aggregate of 26,150,000 shares of Parent’s Common Stock, par value $0.0001
per share (the “PIPE Shares”), and 39 Warrants (the “PIPE Warrants”) exercisable for an aggregate
of up to 8,716,661 shares of Parent’s Common Stock, par value $0.0001 per share (the “PIPE Warrant Shares”);

 

	F.	The parties desire to effect the joinder of BHI as a co-Borrower to the Agreement; and

 

	G.	The parties desire to amend the Agreement, the Supplement and the Warrant in accordance with the terms
of this Amendment.

 

Agreement:

 

NOW, THEREFORE, for and in
consideration of the premises, and the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.            Definition
of Terms. All capitalized terms contained herein and not otherwise defined shall be defined as provided in the Agreement, as supplemented
by the Supplement.

 

2.            Joinder.
(a) BHI hereby is added and joined as a co-Borrower to the Agreement and the other Loan Documents, and as of the First Amendment
Effective Date, for all purposes under the Agreement and the other Loan Documents, the term “Borrower” shall in all cases
include, individually and collectively, jointly and severally, BHI; (b) BHI hereby acknowledges, agrees and confirms that, by its
execution of this Amendment, BHI shall have all of the obligations of a co-Borrower under the Agreement and the Loan Documents as if it
had executed the Agreement and the Loan Documents on the Closing Date; (c) BHI hereby ratifies, as of the First Amendment Effective
Date, and agrees to be bound by, all of the terms, provisions and conditions contained in the Agreement and the Loan Documents; and (d) to
secure the prompt payment and performance to Lenders of the Obligations, BHI hereby assigns, pledges and grants to Lenders, a continuing
security interest in and to and Lien on all of its Collateral, whether now owned or existing or hereafter created, acquired or arising
and wheresoever located, as further set forth in Section 2.10 of the Agreement.

 

3.             Agreement
and Supplement Amendments. The Agreement and Supplement hereby are amended, or amended and restated, as follows:

 

a.            Part 1
of the Supplement is amended to add the following definition:

 

“Gross
Margin” means gross margin, as determined in accordance with GAAP, but without the financial impact from any “qualified”
derivative hedging transactions, where such transactions are “qualified” by reason of the hedging impact thereof being temporal
in nature, meaning any negative impact to gross margin in a prior period becomes a positive impact to gross margin in a future period
where such future period is within 12 months from the initial hedging contract date; provided, however, that any derivative hedging
transactions with any current hedging transaction provider to any Borrower which are in effect during a relevant period shall be conclusively
considered as “qualified” and as such shall not positively or negatively impact the calculation of Gross Margin.

 

    	 	2	 

     

    

 

b.            “Conversion
Price” as defined in Part 1 of the Supplement is amended and restated in its entirety to read as follows:

 

“Conversion
Price” means the lowest of (i) such amount as was confirmed in that certain Proposal from Agent to Parent dated June 17,
2022; (ii) in the case of any “equity purchase commitments” and/or “at-the-market” or similar transactions
which result in the realization by Parent of gross proceeds of Twenty Million Dollars ($20,000,000) or more over any period of fourteen
(14) consecutive Trading Days prior to September 30, 2022, the VWAP for such fourteen (14) day period; and (iii) the effective
price per share of any bona fide equity offering which closes after the First Amendment Effective Date and prior to September 30,
2022, and in the case of any such bona fide equity offering which consists of the sale of units consisting of capital stock and warrants
the methodology for calculating the “effective price per share” shall be as provided in Appendix A attached hereto.

 

c.            “Milestone 1”
as defined in Part 1 of the Supplement is amended and restated in its entirety to read as follows:

 

“Milestone
1” means Parent has achieved (i) at least eighty-five percent (85%) of its projected consolidated Revenue (“T3M
Revenue”) for the three (3) months ending March 31, 2022; (ii) Gross Margin for the three (3) months ending
March 31, 2022 greater than negative one and one-half percent (-1.50%); and (iii) Market Cap Threshold 1 during the trailing
thirty (30) days prior to the First Amendment Effective Date; provided that, for purposes of this Amendment, and funding of Tranche 2
only, Agent and the Lenders have agreed to waive the requirements of clause (iii) of this Milestone 1.

 

4.            Warrant
Amendment. The Warrants are each amended to amend and restate in its entirety the definition of Exercise Price to read as follows:

 

“Exercise
Price” means the lowest of (i) such amount as was confirmed in that certain Proposal from Agent to Parent dated June 17,
2022; (ii) in the case of any “equity purchase commitments” and/or “at-the-market” or similar transactions
which result in the realization by the Company of gross proceeds of Twenty Million Dollars ($20,000,000) or more over any period of fourteen
(14) consecutive Trading Days prior to September 30, 2022, the VWAP for such fourteen (14) day period; and (iii) the effective
price per share of any bona fide equity offering which closes after the First Amendment Effective Date and prior to September 30,
2022, and in the case of any such bona fide equity offering which consists of the sale of units consisting of capital stock and warrants
the methodology for calculating the “effective price per share” shall be as provided in Appendix A attached hereto.

 

5.            No
Waiver. No course of dealing on the part of any Lender, nor any failure or delay in the exercise of any right by any Lender, shall
operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right.
A Lender’s failure at any time to require strict performance by any Borrower of any provision of the Loan Documents shall not affect
any right of any Lender thereafter to demand strict compliance and performance of the Loan Documents. Any suspension or waiver of a right
under the Loan Documents must be in writing signed on behalf of each Lender by an authorized person thereof.

 

    	 	3	 

     

    

 

6.            Full
Force and Effect. The Loan Documents, as amended hereby, shall be and remain in full force and effect in accordance with their respective
terms and hereby are ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance
of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of any Lender under the Loan Documents,
as in effect prior to the date hereof.

 

7.            Due
Power and Authority. Each Borrower hereby represents that (a) such Borrower has the power and due authority to execute and deliver
this Amendment and to perform its obligations under the Loan Documents, as amended by this Amendment; and (b) the organizational
documents of such Borrower delivered to Agent on the Closing Date, and updated pursuant to subsequent deliveries by such Borrower to Agent,
remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect.

 

8.           Conditions
Precedent. As a condition to the effectiveness of this Amendment, Lenders shall have received, in form and substance reasonably satisfactory
to Lenders, the following:

 

a.            this
Amendment, duly executed by Borrower;

 

b.           an
amendment fee equal to Thirty Thousand Dollars ($30,000.00), fully earned and non-refundable, the receipt of Fifteen Thousand Dollars
($15,000.00) towards which Agent hereby confirms;

 

c.            all
reasonable Lender expenses incurred through the date of this Amendment, which Borrower shall remit via wire transfer on the date of execution
of this Amendment per the instructions set forth on Annex I hereto; and

 

d.           such
other documents, and completion of such other matters, as Lender may reasonably deem necessary or appropriate (and Lender’s funding
of Tranche 2 of Lender’s Commitment shall constitute confirmation that this condition has been satisfied).

 

9.            Conditions
Subsequent. Unless otherwise provided in writing (email being sufficient), within thirty (30) days after the First Amendment Effective
Date, Agent shall have received, in form and substance satisfactory to Agent:

 

a.            account
control agreements, in favor of agent, and in form and content reasonably acceptable to Agent, for each Deposit Account and securities/investment
accounts maintained by BHI (as required under Section 6.11 of the Agreement);

 

b.             insurance
certificates and endorsements from BHI satisfactory to Agent which include Agent as loss payable and/or additional insured endorsements
in favor of Agent (as required under Section 5.5 of the Agreement); and

 

c.            an
Intellectual Property Security Agreement executed by BHI, which such agreement shall be similar in form and substance to the Intellectual
Property Security Agreements executed by the other Borrowers on the Closing Date.

 

    	 	4	 

     

    

 

10.          Entire
Agreement. The Loan Documents, as amended by this Amendment, (a) represent the entire agreement among the parties with respect
to the subject matter hereof, and are intended to be an integration of, and (b) supersede all prior or contemporaneous agreements,
conditions, or undertakings between the parties hereto with respect to the subject matter hereof, including without limitation that certain
Proposal between the parties dated June 17, 2022 (other than the confirmation contained therein of the “effective price per
share” of the bona fide equity offering on March 28, 2022).

 

11.          Electronic
Signatures and Delivery. Delivery of an executed counterpart of this Agreement by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of an original, and execution by use of an electronic signature or digital
signature shall be valid for all purposes, but all of which together shall constitute one instrument.

 

12.          Successors
and Assigns. This Amendment shall apply to, inure to the benefit of, and be binding upon the parties hereto and upon their respective
legal representatives, successors and permitted assigns, except as otherwise provided herein.

 

[Signature Page Follows]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, this Amendment has been executed
by the parties hereto, in duplicate originals, as of the First Amendment Effective Date.

 

	BORROWERS:	 
	 	 
	BENSON HILL, INC.	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	 Dean Freeman	 
	Title:	Authorized Officer	 
	 	 
	BENSON HILL HOLDINGS, INC.	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	 Dean Freeman	 
	Title:	Authorized Officer	 
	 	 
	BHB HOLDINGS, LLC	 
	 	 
	By:	Benson Hill, Inc.	 
	Its:	Sole Member	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	 Dean Freeman	 
	Title:	Authorized Officer	 
	 	 
	DDB HOLDINGS, INC.	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	 Dean Freeman	 
	Title:	Authorized Officer	 

 

Signature Page

to

Joinder and First Amendment to Loan Documents

 

    	 	 	 

     

    

 

	DAKOTA DRY BEAN INC.	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	 Dean Freeman	 
	Title:	Authorized Officer	 
	 	 
	BENSON HILL INGREDIENTS LLC	 
	 	 
	By:	DDB Holdings, Inc.	 
	Its:	Sole Member	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	 Dean Freeman	 
	Title:	Authorized Officer	 
	 	 
	BENSON HILL SEEDS HOLDING, INC.	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	 Dean Freeman	 
	Title:	Authorized Officer	 
	 	 
	BENSON HILL SEEDS, INC.	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	 Dean Freeman	 
	Title:	Authorized Officer	 
	 	 
	BENSON HILL FRESH, LLC	 
	 	 
	By:	 Benson Hill Holdings, Inc.	 
	Its:	Sole Member	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	 Dean Freeman	 
	Title:	Authorized Officer	 

 

Signature Page

to

Joinder and First Amendment to Loan Documents

 

    	 	 	 

     

    

 

	J&J PRODUCE, INC.	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	 Dean Freeman	 
	Title:	Authorized Officer	 
	 	 
	J&J SOUTHERN FARMS, INC.	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	Dean Freeman	 
	Title:	Authorized Officer	 
	 	 
	TROPHY TRANSPORT, LLC	 
	 	 
	By:	J&J Produce, Inc.	 
	Its:	Sole Member	 
	 	 
	By:	/s/ Dean Freeman	 
	Name:	Dean Freeman	 
	Title:	Authorized Officer	 

 

Signature Page

to

Joinder and First Amendment to Loan Documents

 

    	 	 	 

     

    

 

	AGENT:	 
	 	 
	AVENUE CAPITAL MANAGEMENT II, L.P.	 
	 	 
	By:	Avenue Capital Management II GenPar, LLC	 
	Its:	General Partner	 
	 	 
	By:	/s/ Sonia Gardner	 
	Name:	Sonia Gardner	 
	Title:	 Member	 
	 	 
	LENDERS:	 
	 	 
	AVENUE VENTURE OPPORTUNITIES FUND, L.P.	 
	 	 
	By:	Avenue Venture Opportunities Partners, LLC	 
	Its:	General Partner	 
	 	 
	By:	/s/ Sonia Gardner	 
	Name:	Sonia Gardner	 
	Title:	Authorized Signatory	 
	 	 
	AVENUE VENTURE OPPORTUNITIES FUND II, L.P.	 
	 	 
	By:	Avenue Venture Opportunities Partners II, LLC	 
	Its:	General Partner	 
	 	 
	By:	/s/ Sonia Gardner	 
	Name:	Sonia Gardner	 
	Title:	Authorized Signatory	 

 

Signature
Page

to

Joinder and First Amendment to Loan Documents

 

    	 	 	 

     

    

 

	AVENUE SUSTAINABLE SOLUTIONS FUND, L.P.	 
	 	 
	By:	Avenue Sustainable Solutions Partners, LLC	 
	Its:	General Partner	 
	 	 
	By:	GL Sustainable Solutions Partners, LLC	 
	Its:	Managing Member	 
	 	 
	By:	/s/ Sonia Gardner	 
	Name:	Sonia Gardner	 
	Title:	Member	 
	 	 
	AVENUE GLOBAL DISLOCATION OPPORTUNITIES FUND, L.P.	 
	 	 
	By:	Avenue Global Dislocation Opportunities GenPar, LLC	 
	Its:	General Partner	 
	 	 
	By:	GL Global Dislocation Opportunities Partners, LLC	 
	Its:	Managing Member	 
	 	 
	By:	/s/ Sonia Gardner	 
	Name:	Sonia Gardner	 
	Title:	Member	 
	 	 
	AVENUE GLOBAL OPPORTUNITIES MASTER FUND LP	 
	 	 
	By:	Avenue Global Opportunities GenPar Holdings Ltd	 
	Its:	General Partner	 
	 	 
	By:	/s/ Sonia Gardner	 
	Name:	Sonia Gardner	 
	Title:	Director	 

 

Signature Page

to

Joinder and First Amendment to Loan Documents

 

    	 	 	 

     

    

 

Appendix A

Effective Price Per Share Calculation Methodology

 

[Appendix A to Joinder
and First Amendment to Loan Documents]

 

    	 	 	 

     

    

 

Annex I

Barnes & Thornburg Wire Instructions

 

[Annex I to Joinder and
First Amendment to Loan Documents]

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