Document:

Exhibit
10.1

 

RESOLUTION
OF PURCHASE, MUTUAL RELEASE, AND SETTLEMENT AGREEMENT

 

This
Resolution of Purchase, Mutual Release, and Settlement Agreement (“Agreement”) is entered into and effective
as of the date the last party hereto executes this Agreement (the “Effective Date”), by and among Stanley Hills,
LLC, a Nevada limited liability company (“Stanley”), together with AltCorp Trading, LLC, a Costa Rica limited
liability company (“AltCorp”), Glen Eagles Acquisition LP, a Delaware limited partnership (“Glen
Eagles”), GBT Technologies, Inc., a Nevada corporation (“GBT”), Igor 1 Corp., a Bermuda corporation
(“Igor,” together with Stanley, AltCorp, Glen Eagles, and GBT each a “Claimant” and
collectively the “Claimants”), SurgePays, Inc., a Nevada corporation formerly known as Surge Holdings, Inc.
(“Surge”), Kevin Brian Cox, individually and as a director and chief executive officer of Surge (“Cox”),
and ECS Prepaid LLC, a Missouri limited liability company and wholly owned subsidiary of Surge (“ECS,” together
with Surge and Cox the “Surge Parties”); with Stanley and AltCorp constituting the “AltCorp Plaintiffs,”
and the AltCorp Parties and Glen Eagles each referred to herein as a “Plaintiff” and collectively as the “Plaintiffs,”
and each above-identified entity or individual referenced herein individually as a “Party” and collectively
as the “Parties,” with respect to the litigation styled as AltCorp Trading, LLC, et al. v. Surge Holdings,
Inc., Case No. A-20-823039-B (the “AltCorp Lawsuit”) and SurgePays, Inc. v. Glen Eagles Acquisition
LP, Case No. A-21-831204-B (the “Glen Eagles Lawsuit,” together with the AltCorp Lawsuit each an “Action,”
and together, the “Actions”), pending in Department 13 and Department 16 of the Eighth Judicial District Court
for Clark County, Nevada (the “Court”). This Agreement is made pursuant to that certain Memorandum of Understanding
entered between and among the Parties on October 18, 2021 (the “MOU”).

 

I.
RECITALS

 

This
Agreement is made with reference to the following facts:

 

A.
WHEREAS, Surge is a fully reporting publicly traded company traded on the Nasdaq Capital Market (“NASDAQ”)
under the symbols SURG and SURGW and is registered with the Securities and Exchange Commission as an issuer of publicly traded securities.

 

B.
WHEREAS, VStock Transfer, LLC, a California limited liability company (“VStock”), is Surge’s sole stock
transfer agent.

 

C.
WHEREAS on September 27, 2019 Surge and GBT entered into an Asset Purchase Agreement for Surge to acquire all of the assets that constituted
the business of ECS for a total of Five Million Dollars and 00/100 Cents ($5,000,000) (the “APA”), whereby
Surge issued 3,333,333 shares of its common stock (66,667 shares of its common stock on a post Reverse Split (as defined in Recital U
below) basis) to GBT with a value of One Million Dollars and 00/100 Cents ($1,000,000) with certain adjustments for issuances of true
up shares, in consideration toward the APA, and the remaining Four Million Dollars and 00/100 Cents ($4,000,000) payable by a convertible
promissory note held by GBT (the “GBT Note”), which GBT could convert into Surge’s common stock under
certain circumstances.

 

    	 

    	 

    

 

D.
WHEREAS, a dispute arose between Surge and GBT regarding the APA and GBT Note, which restricted the shares of Surge common stock that
GBT could sell. In resolution of that dispute, GBT and Surge divided the obligations under the GBT Note into two exchange agreements
executed on June 23, 2020: Surge and AltCorp entered into an Exchange Agreement (the “AltCorp Exchange Agreement”)
that extinguished Two Million Seven Hundred Fifty Thousand Dollars and 00/100 Cents ($2,750,000) (the “AltCorp Exchange Balance”)
of the Four Million Dollars and 00/100 Cents ($4,000,000) due under the GBT Note in exchange for Five Million Five Hundred Thousand (5,500,000)
shares of Surge’s common stock (One Hundred Ten Thousand (110,000) shares of Surge’s common stock on a post Reverse Split
basis) and the reservation of Twenty-Two Million (22,000,000) shares of common stock (Four Hundred Forty Thousand (440,000) shares of
common stock on a post Reverse Split basis) (the “Reserve Shares”); Surge and Glen Eagles entered into an Exchange
and Assignment Agreement (the “Glen Eagles Exchange Agreement”) that extinguished the remaining One Million
Two Hundred Fifty Thousand Dollars and 00/100 Cents ($1,250,000) of the Four Million Dollars and 00/100 Cents ($4,000,000) due under
the GBT Note in exchange for Two Million Five Hundred shares of Surge’s common stock (Fifty Thousand shares of Surge’s common
stock on a post Reverse Split basis) and a right to a one-time true-up of shares, which has been exercised by Glen Eagles (without any
reservation of shares to issue this true-up).

 

E.
WHEREAS, due to alleged material changes in Surge’s risk profile, alleged defaults under the AltCorp Exchange Agreement, and decreasing
stock prices, in September of 2020, AltCorp demanded that Surge increase the quantity of Reserve Shares to fifty million (50,000,000)
shares of Surge’s common stock (one million (1,000,000) shares of Surge’s common stock on a post Reverse Split basis) to
assure AltCorp that the shares held in reserve would be sufficient to satisfy the AltCorp Exchange Balance; Surge declined AltCorp’s
requests to increase the number of Reserve Shares without notice.

 

F.
WHEREAS, on October 14, 2020, the AltCorp Plaintiffs filed their complaint against Surge and VStock, commencing the AltCorp Lawsuit.

 

G.
WHEREAS, on November 4, 2020, the AltCorp Plaintiffs filed an Ex Parte Motion to Appoint Receiver and Issue a Temporary Restraining
Order on an Order Shortening Time (the “Receivership Motion”).

 

H.
WHEREAS, the Court heard from the AltCorp Plaintiffs and Surge at the Receivership Motion’s November 12, 2020 hearing on shortened
time, and set a briefing schedule wherein Surge’s opposition to the Receivership Motion would be filed by November 17, 2020, and
AltCorp Plaintiffs’ reply filed by November 20, 2020; and the Court would resume its hearing on the Receivership Motion on November
23, 2020.

 

I.
WHEREAS, Surge and the AltCorp Plaintiffs timely filed their respective opposition and reply briefs, with Surge answering the Complaint
on November 17, 2020, and the Court heard further argument on the Receivership Motion on November 23, 2020.

 

J.
WHEREAS, on November 25, 2020, the Court entered a minute order (the “Minute Order”) granting in part AltCorp
Plaintiffs’ Receivership Motion, approving the appointment of a Receiver, and denying in part the Receivership Motion’s request
for injunctive relief. The Minute Order instructed AltCorp and Surge to submit up to three proposed receivers to the Court by 5:00 p.m.
on December 4, 2020, and to submit objections to such suggestions by 5:00 p.m. on December 9, 2020.

 

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K.
WHEREAS, On December 4, 2020, the Parties entered the Interim Agreement (the “Interim Agreement”), which set
forth the material terms of the AltCorp Plaintiffs’ and Surge’s settlement, and the AltCorp Plaintiffs and Surge further
notified the Court through a joint letter submitted by their respective counsel that they were pursuing settlement of his matter, thus
requesting that the deadlines set forth in the Minute Order be temporarily suspended.

 

L.
WHEREAS, on or about January 1, 2021, Surge, Stanley and AltCorp entered into a settlement agreement (the “AltCorp Settlement
Agreement”) to resolve the AltCorp Plaintiffs’ claims in the AltCorp Lawsuit. Based upon the alleged failure of Surge
to timely make certain payments under the AltCorp Settlement Agreement, AltCorp and Stanley Hills filed a motion to enforce the AltCorp
Settlement Agreement in the AltCorp Lawsuit, arguing that they were entitled to certain liquidated damages from Surge. The matter was
heard by the Court and the motion to enforce the settlement agreement was denied, subject to potential further proceedings by AltCorp
and Stanley Hills against Surge in the AltCorp Lawsuit.

 

M.
WHEREAS, on March 4, 2021, Glen Eagles alleged various wrongful acts against Surge in a letter from Glen Eagles’ counsel, demanding
Surge to pay One Million Dollars and 00/100 Cents ($1,000,000) or issue millions of dollars worth of common stock shares to Glen Eagles,
in addition to engaging in other curative conduct such as retaining a consultant to advise on public company reporting requirements.

 

N.
WHEREAS, on March 16, 2021, Surge filed an action for declaratory relief and breach of the implied covenant of good faith and fair dealing
against Glen Eagles in the case styled as SurgePays v. Glen Eagles Acquisition LP, Case No. A-21-831204-B, filed in Department
16 of the Eighth Judicial District Court for Clark County, Nevada (the “Glen Eagles Lawsuit”).

 

O.
WHEREAS, Glen Eagles asserted counterclaims against Surge and Cox in the Glen Eagles Lawsuit (the “Counterclaims”).

 

P.
WHEREAS, on November 12, 2020, GBT commenced suit against defendants Robert Warren Jackson, RWJ Advanced Marketing LLC, and Gregory Bauer
(the “RWJ Defendants”) in the case styled as GBT Technologies, Inc. v. Jackson et al., Case No. 2:20-cv-02078-APG-VCF,
filed in the United States District Court for the District of Nevada (the “GBT Lawsuit,” which together with
the Actions (including the Counterclaims in the Glen Eagles Lawsuit), shall be referred to herein as the “Lawsuits”).

 

Q.
WHEREAS, GBT served subpoenas duces tecum for documents and deposition testimony upon three employees of Surge and/or its wholly owned
subsidiaries, including Cox, with such depositions occurring on July 29 and 30, 2021, and August 11, 2021.

 

R.
WHEREAS, on September 9, 2021, GBT moved for a temporary restraining order in the GBT Lawsuit which potentially affected certain funds
processed through ECS, and on September 24, 2021, Surge and ECS filed and served a qualified notice of non-opposition to that motion
in the GBT Lawsuit as interested third parties.

 

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S.
WHEREAS, on June 24, 2021, GBT and AltCorp contends that it provided Surge and VStock a demand for issuance of shares pursuant to Section
4.4 of the AltCorp Exchange Agreement, and Surge disputes the sufficiency of AltCorp’s notice. On August 25, 2021, AltCorp sent
counsel for Surge a notice of default (“NOD”), claiming that neither Surge nor VStock responded to AltCorp’s
true-up demand and was therefore in default of the Settlement Agreement. On September 27, 2021, Surge responded to the NOD, disputing
having ever received proper notice to issue true-up shares to AltCorp and raising other claims and defenses.

 

T.
WHEREAS, on October 18, 2021, the Parties submitted the matter to mediation before Judge Betsy Gonzalez, which resulted in the Parties
agreeing to resolve the matter and enter the MOU.

 

U.
WHEREAS, on November 2, 2021, Surge effected a 1 for 50 Reverse Stock Split (the “Reverse Split”) of Surge’s
common stock. To the extent the Claimants own (i) shares of Surge’s common stock or (ii) securities that are convertible or exercisable
into shares of Surge’s common stock that are not specifically identified in this Agreement, the Claimants agree that such securities
were automatically Reverse Split adjusted on November 2, 2021.

 

V.
WHEREAS, the Parties without admission of liability desire to compromise and resolve fully and finally all disputes and controversies
among them arising out of, or in any way relating to the Plaintiffs’ Claims in the Actions against Surge, and the Claimants’
claims whether asserted or unasserted, on the terms and conditions set forth herein. Surge, even though the agreements dictate specific
performance, denies any and all liability to Claimants under any theory of liability. Claimants assert that they have valid claims against
Surge and are entitled to legal damages. Nonetheless, in order to avoid the costs of litigation, the Parties have agreed and determined
that it is in each of their best interests to settle and resolve the claims and contentions at issue, within and without the Actions,
as set forth in this Agreement.

 

W.
WHEREAS, the Parties now enter this Agreement, based on the material terms expressed within the MOU, to resolve their disputes as follows.

 

II.
AGREEMENT

 

For
good and valuable consideration, receipt of which is mutually acknowledged, the Parties, intending to be legally bound by this Agreement,
agree as follows:

 

1.
Adoption of Recitals. The recitals set forth above are adopted as part of the agreement of the Parties, and the facts set forth
therein are acknowledged and agreed to be true and correct.

 

2.
Surge’s Payments to Claimants.

 

2.1
By the third (3rd) Trading Day of each month after the Effective Date and until the Final Payment (defined below) is issued, Surge shall
pay One Hundred Thousand Dollars and 00/100 Cents ($100,000.00) (each a “Monthly Payment” and collectively
the “Monthly Payments”) to Stanley as AltCorp’s Designee under the AltCorp Settlement Agreement. Surge
shall make these payments by transferring the Monthly Payment amount to the trust account of Marquis Aurbach Coffing using wire instructions
that Stanley shall cause its attorneys to provide to Surge. Surge may make payments to Stanley other than, or in addition to, the Monthly
Payments, which Surge may make at intervals and in amounts determined in Surge’s sole and exclusive discretion. For the avoidance
of doubt, any payments made by Surge to Stanley after October 31, 2021, but prior to the Effective Date, shall be treated as Monthly
Payments made hereunder and credited toward the Payment, defined below.

 

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2.2
On or before Friday, January 7, 2022 (the “Final Payment Date”), Surge agrees to make payment due to Claimants
by transferring to the Marquis Aurbach Coffing Trust Account (the “Trust Account”) the amount of Three Million
Six Hundred Fifty Thousand and 00/100 Cents ($3,650,000.00), which is Four Million and Two Hundred Thousand Dollars and 00/100 Cents
($4,200,000.00) reduced by the amount of all payments, including Monthly Payments, Surge has made or makes to Stanley after October 31,
2021[1] prior to making the final payment (the “Payment”) in resolution of the claims against the
Surge Parties, whether asserted in the Lawsuits or otherwise, which are released hereunder.

 

2.3
Three Hundred Seventy-Five Thousand Dollars and 00/100 Cents ($375,000.00) from the Payment shall be held in escrow (the “Escrow
Amount”) by Marquis Aurbach Coffing and not released to Claimants until the conditions precedent to disbursal set forth
in Section 4 below are satisfied.

 

3.
The Emerald Shoals Transaction. As a part of the MOU, the Parties contemplated a transaction with Emerald Shoals for the sale
of Five Million Five Hundred Thousand (5,500,000) shares of Surge’s common stock (One Hundred Ten Thousand (110,000) shares of
Surge’s common stock on a post Reverse Split basis) held by Gary Shirinyan (“Shirinyan”), Igor’s
sole shareholder for the sum of Five Hundred Thousand Dollars ($500,000) (the “Emerald Shoals Transaction”).
In lieu of the Emerald Shoals Transaction, Shirinyan shall be responsible for removing any restrictive legends from the Igor Shares at
his own expense and shall be responsible for obtaining a legal opinion for the removal of such restrictive legend, for which Surge will
pay Seven Hundred Fifty Dollars and 00/100 Cents ($750.00) and no other amounts. In the event VStock does not remove any restrictive
legend on the Igor Shares by January 30, 2022, despite Igor’s reasonable efforts seeking removal of such restrictive legend, Surge
or its designee or designees shall purchase all of the Igor Shares for Five Hundred Thousand Dollars and 00/100 Cents ($500,000) within
five (5) Trading Days after January 30, 2022.

 

4. InComm
Agreement and GBT Lawsuit. Surge wishes to obtain that certain Master Distribution and Service Agreement between Interactive
Communications International, Inc. (“InComm”) and W.L. Petrey Wholesale Company, Inc., d/b/a UGO-HUB
(“Petrey”) dated August 29, 2016 (the “MDA”), as amended, which GBT asserts is
its sole and exclusive rightful property pursuant to certain asset purchases between and among Petrey, RWJ Advanced Marketing, LLC,
and GBT, and is the subject matter of the GBT Lawsuit against the RWJ Defendants.2 In the making of this Agreement,
Surge does not acquire any right, title, interest, or liability in any of GBT’s claims in the GBT Lawsuit, counterclaims
asserted against GBT, or any claims asserted against GBT in the California Action. GBT shall pursue the GBT Lawsuit using its best
efforts and being responsible for satisfying all attorney’s fees and costs incurred in litigating the GBT Lawsuit. Surge shall
reasonably cooperate with GBT’s prospection of the GBT Lawsuit, including by way of illustration, but not limitation,
responding to subpoenas, attending depositions, and appearing at trial in coordination with GBT’s counsel.

 

 

1
The final payment of Three Million Six Hundred Fifty Thousand and 00/100 Cents ($3,650,000.00) is reached by subtracting Surge’s
payments pursuant to Section 2.1 in the amounts of One Hundred Thousand Dollars and 00/100 ($100,000.00) paid on or about November 1,
2021, One Hundred Thousand Dollars and 00/100 ($100,000.00) paid on or about December 1, 2021, Two Hundred Fifty Thousand Dollars and
00/100 ($250,000.00) paid on or about December 14, 2021, and One Hundred Thousand Dollars and 00/100 ($100,000.00) paid on or about January
4, 2022, subtracted from Four Million and Two Hundred Thousand Dollars and 00/100 Cents ($4,200,000.00).

 

 

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If
GBT prevails or settles the GBT Lawsuit, or obtains any other outcome that results in an assignment of the MDA from Bauer or judicial
decree or order finding GBT or an Affiliate of GBT (including Ugopherservices or Lighthouse) to be the legal owner of the MDA, GBT or
such affiliate will forthwith assign the MDA to Surge and GBT shall be entitled to receive the Escrow Amount. If GBT prevails in or settles
the GBT Lawsuit by obtaining a monetary judgment without the assignment or legal decree of ownership of the MDA, GBT shall be entitled
to receive the Escrow Amount and shall assign and timely pay to Surge the first One Million Dollars and 00/100 Cents ($1,000,000) GBT
recovers from any or all of the RWJ Defendants, including the assignment of any judgment. In the event that GBT does not prevail in the
GBT Lawsuit then it shall be entitled to release of the Escrow Amount but shall be responsible for any fees and costs obligation sought
by the RWJ Defendants, provided that Surge shall not be responsible for any attorney’s fees, costs, or other damages that may be
awarded against GBT.

 

5.
Sale of Surge’s Common Stock by Certain Claimants and Related Entities. Alpine (“Alpine”) and
Glen Eagles must sell all of the remaining shares of Surge common stock in their possession or control totaling approximately One Hundred
Fifty Thousand (150,000) shares of Surge’s common stock (Three Thousand (3,000) shares of Surge’s common stock on a post
Reverse Split basis) (the “Glen Eagles Alpine Shares”); Alpine and Glen Eagles’ shares of Surge’s
common stock shall be sold on the open market within the thirty (30) days following the Effective Date. If for any reason the consideration
for these shares of Surge’s common stock sold on the open market by Alpine or Glen Eagles generates less than Fifteen Thousand
Dollars and 00/100 ($15,000) in proceeds for Alpine and Glen Eagles, Surge will have the obligation to compensate Glen Eagles for the
difference between the actual amount received from the sale of all the Glen Eagles Alpine Shares and the Fifteen Thousand Dollars and
00/100 ($15,000) expected by Glen Eagles for the sale of all Glen Eagles Alpine Shares, and such difference shall be paid within five
(5) days following Glen Eagles providing a written proof of sale showing the sale price for all of the Glen Eagles Alpine Shares and
demanding payment of the difference between that sale price and Fifteen Thousand Dollars and 00/100 ($15,000).

 

6.
Replacement of Prior Agreements. The Parties have entered into several prior agreements, including the Exchange Agreement, Interim
Agreement, and AltCorp Settlement Agreement. This Agreement supersedes and replaces in full any and all prior contracts and agreements
between the Surge Parties and the Claimants, replacing those prior agreements and obligations between the Surge Parties and Claimants
with those rights and obligations set forth herein, and this Agreement shall be the sole, final, and only binding document between and
among the Parties and their relationships.

 

 

2
All Parties acknowledge and understand that there is currently and action pending in the Superior Court of the State of California,
County of Los Angeles, Central District styled as RWJ Advanced Marketing, LLC et. Al v. Gopher Protocol, Inc., et. al., Case No
19 STCV 03320 in which claims have been made by the plaintiffs against, among others, GBT (the “California Action”).
All Parties agree and acknowledge that nothing in this Agreement including, but not limited to this Section 4, shall prejudice, impair,
impede, interfere or otherwise affect GBT’s defense of the California Action; shall not require any of the Surge Parties to indemnify
or defend GBT, any Subsidiary or Affiliate of GBT, or any other Claimant in the California Action; and shall not require any of the Surge
Parties to participate in any capacity in the California Action.

 

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7.
Resolution of the Actions. Within three (3) Trading Days of the Effective Date, counsel for the Parties shall notify the Court
that the Parties have resolved the AltCorp Lawsuit and Glen Eagles Lawsuit, and that a stipulation and order for dismissal of these Actions
shall be forthcoming from the parties to those Actions. Within three (3) Trading Days of the earlier of (i) the Final Payment Date or
(ii) Surge making the Payment as specified in Section 2.2, the Parties shall enter stipulations and orders as necessary to dismiss the
AltCorp Lawsuit and Glen Eagles Lawsuit (including Glen Eagles’ Counterclaim against Surge and Cox) with prejudice as to all parties
named in those lawsuits, whether or not Parties to this Agreement, with each party to such Actions to bear its own attorney’s fees
and costs.

 

8.
Releases.

 

8.1
Claimants’ Releases. As consideration for this Agreement and as of the Effective Date, Claimants, their shareholders, owners,
members, officers, directors, managers, employees, successors, heirs, Affiliates, and assigns, expressly including without limitation
GBT, AltCorp, Stanley, Glen Eagles, Igor, Lighthouse, Ugopherservices, Darren Dunckel, individually; Mo Jacob, individually; Yossi Attia,
individually; Anat Attia, individually; Shirinyan, individually; and Har Adir Moshe, individually, and all representatives, agents and
attorneys of the foregoing, do hereby release, waive, relinquish, disavow and forever discharge each of the Surge Parties, VStock, and
each of their respective shareholders, members, officers, directors, managers, employees, successors, heirs, and assigns, and all representatives,
agents, and attorneys of the foregoing, of and from any and all claims, actions, or causes of action (including, without limitation,
any claims for contract or tort damages, punitive damages, misrepresentation, violation of any state or federal law, statute, or administrative
regulation, contribution, apportionment, equitable indemnity, express and/or contractual indemnity, unasserted claims, counter claims,
or cross claims, and any other damages or loss or other form of relief), debts, demands, payments, rights, obligations, loss, judgments,
awards, attorneys’ fees, costs, interests, damages, lawsuits, liabilities, claims for reimbursement for costs or expenses, offsets,
counterclaims, and defenses to collection or enforcement, benefits and causes of action of whatever kind, nature or character, known
or unknown, suspected, fixed or contingent, past, present, or future, in law or in equity, from the beginning of time through the Effective
Date of this Agreement. Notwithstanding the foregoing, this release will not be applicable to the obligations contained in this Agreement.

 

8.2
Surge’s Releases. As further consideration for this Agreement and as of the Effective Date, the Surge Parties and each of
their respective shareholders, members, officers, directors, managers, employees, successors, heirs, Affiliates, and assigns, and all
representatives, agents, and attorneys of the foregoing, do hereby release, waive, relinquish, disavow and forever discharge Claimants,
their shareholders, owners, members, officers, directors, managers, employees, successors, heirs, and assigns, expressly including without
limitation GBT, AltCorp, Stanley, Glen Eagles, Igor, Lighthouse, Ugopherservices, Darren Dunckel, individually; Mo Jacob, individually;
Yossi Attia, individually; Anat Attia, individually; Shirinyan, individually; and Har Adir Moshe, individually, and all representatives,
agents and attorneys of the foregoing, of and from any and all claims, actions, or causes of action (including, without limitation, any
claims for contract or tort damages, punitive damages, misrepresentation, violation of any law, statute, or administrative regulation,
contribution, apportionment, equitable indemnity, express and/or contractual indemnity, unasserted claims, counter claims, or cross claims,
and any other damages or loss or other form of relief), debts, demands, payments, rights, obligations, loss, judgments, awards, attorneys’
fees, costs, interests, damages, lawsuits, liabilities, claims for reimbursement for costs or expenses, offsets, counterclaims, and defenses
to collection or enforcement, benefits and causes of action of whatever kind, nature or character, known or unknown, suspected, fixed
or contingent, past, present, or future, in law or in equity, from the beginning of time through the Effective Date of this Agreement.
Notwithstanding the foregoing, this release will not be applicable to the obligations contained in this Agreement.

 

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9.
Unknown Claims. The releases by each Party set forth in Sections 8.1 and 8.2 of this Agreement are executed with the full knowledge
and understanding by the Parties that there may be more serious consequences or damages as a result of Claimants’ claims or the
Lawsuits, which are now not known, and that more serious and permanent consequences may result from or against any Party within those
Lawsuits. The Parties knowingly, voluntarily, and expressly waive, to the fullest extent permitted by law, any and all rights they may
have under any statute or any common law principle that would limit the effect of the foregoing releases based upon their knowledge at
the time they execute this Agreement. The Parties understand the provisions of this Section 9 and knowingly and voluntarily enter into
this waiver with the intention of executing this Agreement to discharge the claims released herein against one another, and in Claimants’
case to grant such a release to VStock as well.

 

10.
No Admission of Liability. This Agreement is intended as a compromise of claims and shall be privileged as such a compromise to
the maximum extent permitted by law. The Parties execute this Agreement with the express intention that this Agreement is not intended
and shall not be construed as an admission of liability by any such Party.

 

11.
Mutual Representations and Warranties. The Parties, and each of them, represent, warrant to, and agree with each other as follows:

 

11.1
Each Party has received or have had the opportunity to receive independent legal advice from attorneys of his or her choice with respect
to the advisability of making the settlement and release provided herein, and with respect to the advisability of executing this Agreement.

 

11.2
Except as expressly stated in this Agreement, no Party has made any statement or representation to any other Party regarding any fact
relied upon by any other Party in entering into this Agreement, and each Party specifically does not rely upon any statement, representation,
or promise of any other Party in executing this Agreement, or in making the settlement provided for herein, except as expressly stated
in this Agreement.

 

11.3
Each Party has made such investigation of the facts pertaining to this settlement and this Agreement, and all the matters pertaining
thereto, as each Party deems necessary.

 

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11.4
The terms of this Agreement are contractual, not a mere recital, and are the result of negotiation among all the Parties.

 

11.5
This Agreement has been carefully read by, the contents hereof are known and understood by, and it is signed freely by, each Person executing
this Agreement on behalf of a Party; and each Person executing this Agreement on behalf of a Party in a representative capacity is authorized
and empowered to do so in compliance with all applicable laws.

 

11.6
This Agreement has been drafted by both Parties and is to be construed neutrally and not for or against any Party.

 

11.7
Each Party agrees that such Party will not take any action which would interfere with the performance of this Agreement by any of the
Parties or which would adversely affect any of the rights provided for herein.

 

11.8
Each Party will cooperate and work together in good faith to obtain the consent and approval of any necessary third parties. The Parties
agree to cooperate in the resolution of their respective claims in pending litigation against Gregory Bauer.

 

12.
Individual Representations and Warranties. One or more Parties to this Agreement make further and specific representations and
warranties that are true and correct as of the Effective Date and shall remain true and correct until the time of performance contemplated
under this Agreement is completed, unless otherwise specified below:

 

12.1
Surge’s Representations and Warranties.

 

12.1.1
Surge is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Surge is not in violation
nor default of any of the provisions of its certificate of incorporation, bylaws or other organizational or charter documents. Surge
is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which
the nature of the business conducted or property owned by it makes such qualification necessary, and no claim, action or proceeding of
any kind has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power
and authority or qualification.

 

12.1.2
Surge has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement
and to otherwise to carry out its obligations hereunder and thereunder. This Agreement have been duly and validly authorized, executed
and delivered on behalf of Surge and shall constitute the legal, valid and binding obligations of Surge enforceable against Surge in
accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors’ rights and remedies. The execution, delivery and performance by Surge of this Agreement and the consummation by Surge
of the transactions contemplated hereby and thereby will not: (a) conflict with or violate any provision of Surge’s or any Subsidiary’s
certificate of incorporation, bylaws or other organizational or charter documents; (b) conflict with, or constitute a default (or an
event which with notice or lapse of time or both would become a default) under, result in the creation of any options, contracts, agreements,
liens, security interests, or other encumbrances (“Liens”) upon any of the properties or assets of Surge or
any of its Subsidiaries, or give to others any rights of termination, amendment, acceleration or cancellation of (with or without notice,
lapse of time or both), any agreement, credit facility, debt, indenture or other instrument to which Surge or any of its Subsidiaries
is a party or by which any property or asset of Surge or any of its Subsidiaries is bound or affected; or (c) result in a violation of
any law, rule, regulation, order, judgment, decree or other restriction of any court or governmental authority (including federal and
state securities or “blue sky” laws) applicable to Surge or any of its Affiliates, including its subsidiaries, or by which
any property or asset of Surge or any of its Affiliates, including its subsidiaries, is bound or affected.

 

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12.1.3
Surge has filed all reports, schedules, forms, statements and other documents required to be filed by Surge under the Securities Act
and the Exchange Act, including pursuant to Section 13(a) or 15(d) of the Exchange Act (the foregoing materials, including the exhibits
thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”).
As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange
Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. The financial statements of Surge included in the SEC Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing.
Such financial statements have been prepared in accordance with GAAP applied on a consistent basis during the periods involved, except
as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not
contain all footnotes required by GAAP, and fairly present in all material respects the financial position of Surge and its consolidated
Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the
case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

12.2
Claimants’ Representations and Warranties and Covenants.

 

12.2.1
Each Claimant has the power and authority to bind itself and its shareholders, members, officers, directors, managers, employees, agents,
affiliates, successors, heirs, and assigns as necessary to make the representations and warranties contemplated under this Section 12.2
on the behalf of each Claimant and each individual bound by the releases granted herein by each Claimant.

 

12.2.2
Each Claimant has identified and disclosed in writing to Surge, and identified within this Agreement, all known claims against Surge
and identified all suspected or potential claims against Surge, including disclosure of the facts and circumstances that any Claimant
contends may constitute or give rise to any claim against Surge.

 

12.2.3
GBT has disclosed in writing to Surge all relevant information regarding the GBT Claims and GBT Lawsuit, including the claims, defenses,
deadlines, discovery conducted, and documents and information obtained from the RWJ Defendants therein.

 

    	10

    	 

    

 

12.2.4
GBT, individually and on behalf of Lighthouse and Ugopherservices, with GBT being authorized to make such representations and warranties
for itself and on behalf of Lighthouse and Ugopherservices, represents and warrants that the MDA is a valid, enforceable contract currently
in place between Ugopherservices and InComm, and that Ugopherservices possesses all right, title, and interest necessary to assign to
Surge the MDA referenced in Section 4 of this Agreement.

 

12.2.5
Claimants will not interfere with Surge’s listing of its stock on NASDAQ.

 

12.2.6
This Agreement has been duly and validly authorized, executed and delivered on behalf of Claimants and shall constitute the legal, valid
and binding obligation of each Claimant enforceable against each Claimant in accordance with its terms, except as such enforceability
may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other
similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies. The execution,
delivery and performance of this Agreement by Claimants and the consummation by each Claimant of the transactions contemplated hereby
and thereby will not: (a) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become
a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or
instrument to which AltCorp and/or its designee is a party or by which it is bound; or (b) result in a violation of any law, rule, regulation,
order, judgment or decree (including federal and state securities or “blue sky” laws) applicable to Claimants and their respective
successors, heirs, and assigns.

 

13.
Non-Disparagement. The Parties agrees not to make, or cause any third parties to make at their direction, any disparaging statements
that would cast any of the Parties or their respective owners, officers, directors, managers, and employees in a negative light, provided
that the foregoing shall not prevent any Party from testifying truthfully in any legal proceeding.

 

14.
Confidentiality and Non-Disclosure of This Agreement. The negotiations leading up to and the terms of this Agreement shall be
confidential. No Party shall disclose nor permit the disclosure of the negotiations leading up to this Agreement, except that the Parties
may disclose the terms of this Agreement to their attorneys, tax advisors, spouse; or as shall be required pursuant to statute, regulation
or court order, including as may be required in any SEC Reports. In the event any Party breaches the confidentiality or non-disclosure
provisions of this paragraph, the other Parties shall be entitled to pursue any and all remedies available to it, including those set
forth below in this Agreement. GBT and Surge will each report this Agreement on Form 8-K, where the Agreement will be attached as an
exhibit to such Form 8-K.

 

15.
Modification and Counterpart Copies. This Agreement may only be changed or modified by a written instrument executed by all the
Parties, and any oral modification hereof shall be ineffective until reduced to such a writing. No covenants, agreements, representations,
or warranties of any kind whatsoever have been made by any Party, except as specifically set forth in this Agreement. All prior discussion
and negotiations have been and are merged and integrated into, and are superseded by, this Agreement. So long as both Parties execute
this Agreement, a copy of this Agreement, whether signed by one Party or both parties, shall have the same force, effect, and validity
as an original Agreement executed by both Parties.

 

    	11

    	 

    

 

16.
Attorneys’ Fees. Each Party shall bear its own attorney’s fees and costs related to the resolution of the Actions,
the negotiation and drafting of this Agreement, and any other matters related to the settlement contemplated within and memorialized
by this Agreement. Notwithstanding the foregoing, in the event suit is brought or an attorney is retained by any Party to this Agreement
to enforce its terms, or to collect any damages due for breach hereof, each Party shall be solely and exclusively responsible for its
own attorneys’ fees, court costs, costs of investigation, and other related expenses incurred in connection therewith. The Parties
acknowledge and agree that each Party shall bear their own attorney fees, court costs, and other expenses that pertain in any way to
the Dispute, the matters released above, and/or the negotiations for and the drafting of this Agreement.

 

17.
Caption and Titles. The captions and titles contained in this Agreement are inserted herein only as a matter of convenience and
for reference and in no way define, limit, extend, or describe the scope of this Agreement or the intent of any provision hereof.

 

18.
Construction of Agreement. Each of the Parties has read and agreed to the terms of the Agreement after consulting with counsel,
and the language of this Agreement shall, therefore, not be presumptively construed either in favor of or against any of the Parties.

 

19.
Waiver of Jury Trial. THE PARTIES EACH IRREVOCABLY WAIVE THEIR RIGHT TO TRIAL BY JURY ON ANY CLAIM OR ACTION, OR ANY LEGAL PROCEEDING,
INCLUDING THOSE DIRECTLY OR INDIRECTLY ARISING FROM THIS AGREEMENT AND THE OTHER CONTRACTS OR CLAIMS REFERENCED HEREIN, INCLUDING ANY
CLASS ACTION, TO THE FULLEST EXTENT PERMITTED BY LAW.

 

20.
Governing Law and Forum. This Agreement shall be construed under, governed, and enforced in all respects, including interpretation,
by the substantive laws of the State of Nevada without regard to Nevada’s choice-of-law provisions. In the event any Party seeks
to enforce this Agreement or assert a claim for breach, each of the Parties hereby expressly consents to a mediation with Judge Betsy
Gonzalez (“Gonzalez”) to enforce the terms of this Agreement and to remedy any violation thereof, and if those
efforts are unsuccessful, through a binding arbitration conducted by Gonzalez under the commercial arbitration rules of the American
Arbitration Association unless Gonzalez specifies in writing other rules to govern such arbitration.

 

21.
Parties Bound. This Agreement shall be binding upon and inure to the benefit of the Parties, their respective agents, attorneys,
executors, guardians, companies and Affiliates, partners, members, managers, officers, employees, heirs, successors, and assigns.

 

22.
Assignment. No Party may assign its rights under this Agreement to any third party without the prior written consent of all other
Parties to this Agreement. In the event any such assignment is permitted, the assignee of any rights hereunder must be an “accredited
investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act, in which event such assignee shall be
deemed to stand in the place of the assignor with respect to such specific assigned rights and have made and affirmed the representations
contained within Sections 11 and 12.2 hereof to the Surge Parties.

 

    	12

    	 

    

 

23.
Relationship of Parties. Nothing in this Agreement shall be deemed or construed to constitute or create any agency, partnership,
or affiliation agreement among or between any of the Parties; no Party shall have any power to obligate or bind the other Party in any
manner whatsoever.

 

24.
Purpose and Effect of Agreement. This Agreement is being entered into in compromise and resolution of claims, and nothing contained
herein shall be deemed or construed to be an admission or acknowledgment of liability.

 

25.
Waiver. No waiver by either Party of a breach or a default hereunder shall be deemed a waiver of a subsequent breach or default
of a like or similar nature.

 

26.
Currency. All statements of monetary value expressed within this Agreement shall be in United States Dollars unless otherwise
specified.

 

27.
Severability. If any term, clause, or provision hereof is held invalid or unenforceable by a court of competent jurisdiction,
such invalidity shall not affect the validity or operation of any other term, clause, or provision and such invalid term, clause, or
provision shall be deemed to be severed from the Agreement.

 

28.
Definitions. For the purposes of this Agreement, the capitalized terms used herein not previously defined shall have the following
meanings:

 

28.1
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by, or is under common control with, such Person, it being understood for purposes of this definition that “control” of a
Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of
directors of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

28.2
“Current Subsidiary” means any Person in which any Party, on the Effective Date, directly or indirectly, (i)
owns any of the outstanding capital stock or holds any equity or similar interest of such Person; or (ii) controls or operations all
or any part of the business, operations or administration of such Person, and all of the foregoing, collectively, “Current
Subsidiaries.”

 

28.3
“New Subsidiary” means, as of the date of any determination, any Person in which any Party, after the Effective
Date, directly or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest of such
Person, or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all of the foregoing,
collectively, “New Subsidiaries.”

 

28.4
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

28.5
“Securities Act” means the Securities Act of 1933, as amended.

 

    	13

    	 

    

 

28.6
“Subsidiary” means, as of any date of determination, all Current Subsidiaries and New Subsidiaries, and each
of the foregoing, individually, a “Subsidiary.”

 

28.7
“Trading Day” means, as applicable, (a) with respect to all price or trading volume determinations relating
to Surge’s common stock, any day on which such stock is traded on NASDAQ or such other market where Surge’s shares of common
stock may be traded, or, if the NASDAQ is not the principal trading market for the Common Stock, then on the principal securities exchange
or securities market on which Surge’s shares of common stock are then traded, provided that “Trading Day” shall not
include any day on which Surge’s common stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day
that Surge’s common stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange
or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 p.m.,
New York time) unless such day is otherwise designated as a Trading Day in writing by the Investor or (b) with respect to all determinations
other than price determinations relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto)
is open for trading of securities.

 

Signature
page follows.

 

    	14

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have duly executed this Agreement to be effective as of the Effective Date.

 

	STANLEY
    HILLS, LLC	 	 
	 	 	 	 
	Signature:	 	 	 
	Name:	 	 	Date
	Title:	 	 	 
	 	 	 	 
	ALTCORP
    TRADING LLC	 	 
	 	 	 	 
	Signature:	 	 	 
	Name:	 	 	Date
	Title:	 	 	 
	 	 	 	 
	GLEN
    EAGLES ACQUISITION, LP	 	 
	 	 	 	 
	Signature:	 	 	 
	Name:	 	 	Date
	Title:	 	 	 
	 	 	 	 
	GBT
    TECHNOLOGIES, INC.	 	 
	 	 	 	 
	Signature:	 	 	 
	Name:	 	 	Date
	Title:	 	 	 
	 	 	 	 
	IGOR
    1 CORP.	 	 
	 	 	 	 
	Signature:	 	 	 
	Name:	 	 	Date
	Title:	 	 	 
	 	 	 	 
	COUNSEL
    FOR CLAIMANTS and Representative of Marquis Aurbach Coffing
	 	 	 	 
	Signature:	 	 	 
	Name:	Brian
    R. Hardy	 	Date
		Marquis
    Aurbach Coffing	 	 

 

    	15

    	 

    

 

SURGEPAYS,
INC. f/k/a SURGE HOLDINGS, INC.

 

	Signature:	 	 	 
	Name:	Kevin
    Brian Cox	 	Date
	Title:	Chief
    Executive Officer	 	 
	 	 	 	 
	ECS
    PREPAID LLC	 	 
	 	 	 	 
	Signature:	 	 	 
	Name:	Kevin
    Brian Cox	 	Date
	Title:	Chief
    Executive Officer of Parent, SurgePays, Inc.,	 	 
	 	and
    Authorized Representative	 	 
	 	 	 	 
	KEVIN
    BRIAN COX	 	 
	 	 	 	 
	Signature:	 	 	 
	Name:	Kevin
    Brian Cox	 	Date
	Title:	Individually	 	 
	 	 	 	 
	COUNSEL
    FOR SURGE PARTIES	 	 
	 	 	 	 
	Signature:	 	 	 
	Name:	J.
    Malcolm DeVoy	 	Date
	 	Holland
    & Hart LLP	 	 

 

    	16Exhibit 10.1

 

SHARE PURCHASE/ EXCHANGE AGREEMENT

 

This Share Purchase/ Exchange
Agreement (the “Agreement”) is made and entered into as of December 23, 2021 (the “Effective Date”),
by and among Tengjun Biotechnology Corp. (“Tengjun” or the “Parent”) a Nevada corporation, Tengjunxiang
Biotechnology Ltd. (the “Company”), a Cayman Islands corporation, and the Company’s eleven shareholders (the
“Selling Shareholders”): Min Xing Biotechnolgy Ltd, Pastoral Technology Co., Ltd., Shu Zhilin Trading Co., Ltd., Teng
Rui Xiang Bio-Tech Ltd., Aihua Trading Co., Ltd, Rock Climbing Technology, Langtaosha Trading Co., Ltd., Min Cheng Biotechnology Ltd,
Kangfan Technology Co., Ltd., Chaorong Technology Co., Ltd., and Shengrui Biotechnology Co., Ltd. The Company together with the Selling
Shareholders are sometimes hereinafter collectively referred to as the “Sellers” and each as a “Seller.”
The Parent, the Company, and the Selling Shareholders are sometimes hereinafter collectively referred to as the “Parties”
and each as a “Party.”

 

RECITALS

 

WHEREAS, the Company is in
the business of developing and producing a variety of traditional Chinese teas and other Chinese food products in China;

 

WHEREAS, Tengjun seeks to
acquire five hundred million (500,000,000) ordinary shares of the Company, representing one hundred percent (100%) of the issued and outstanding
shares of the Company;

 

WHEREAS, the Selling Shareholders
collectively own 100% of all issued and outstanding shares of the Company (the “Company Shares”); and

 

WHEREAS, the Selling Shareholders
have jointly agreed to sell or transfer to Tengjun one hundred percent (100%) of the Company Shares in exchange for a total of 19,285,714
shares of Tengjun’s common stock, par value $0.001 per share (the “Tengjun Shares”) in the respective amounts
opposite the names of the Selling Shareholders as set forth on Exhibit A, at $0.19 per share for the total valuation of $3,675,000
of the Company as agreed by the Tengjun, Company and the Selling Shareholders.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual promises, representations, warranties, covenants and agreements herein contained, the Parties hereto,
intending to be legally bound, hereby agree as follows:

 

ARTICLE 1

THE TRANSACTIONS

 

1.1 Share Purchase/ Exchange.
At the Closing, each of the Selling Shareholders shall sell, transfer, convey, assign and deliver to Tengjun all of the Company Shares
free and clear of all Liens in exchange for an aggregate of 19,285,714 shares of Tengjun Shares (the “New Issuance”),
which is valued at $0.19 per share as agreed by all the Parties. As a result of such exchange (the “Stock Exchange”),
the Company shall become a wholly-owned subsidiary of Tengjun and the Selling Shareholders shall collectively own 19,285,714 Tengjun Shares,
representing approximately 29.53% of the then issued and outstanding shares of Tengjun Shares on a fully diluted basis. Each Selling Shareholder
shall receive the respective amount of Tengjun Shares set opposite to their names as set forth on Exhibit A.

 

     

     

    

 

ARTICLE 2

REPRESENTATIONS AND WARRANTIES OF THE SELLING SHAREHOLDERS

 

Each Selling Shareholder jointly
and severally represents and warrants to the Parent and Company, as follows:

 

2.1.   Organization
Standing and Corporate Power. Each Selling Shareholder is duly organized, validly existing and in good standing under the Laws of
British Virgin Islands or the jurisdiction where it was incorporated or formed and has the requisite corporate power and authority and
all government licenses, authorizations, permits, consents and approvals required to own, lease and operate its properties and carry on
its business as now being conducted in various jurisdictions.

 

2.2.   Authority.
Each Selling Shareholder has all requisite authority and power to enter into and deliver this Agreement and any other ancillary documents
to which it is a party, and any other certificate, agreement, document or instrument to be executed and delivered by such Selling Shareholder
in connection with the transactions contemplated hereby and thereby and to perform its obligations hereunder and thereunder and to consummate
the transactions contemplated hereby and thereby. This Agreement has been, and each of the documents to which each Selling Shareholder
is a party will be, duly and validly authorized and approved, executed and delivered by such Selling Shareholder.

 

2.3.   No
Conflicts. The execution and delivery of this Agreement by each Selling Shareholder (i) will not require the consent of any Governmental
Entity under any Laws; (ii) will not violate any Law, regulations or ordinances applicable to the Company; and (iii) will not violate
or breach any contractual obligations of any Selling Shareholder based on any Contract to which any of the Selling Shareholders is a party
and which prohibits the Stock Exchange contemplated hereby.

 

2.4.   No
Finder’s Fee. Neither the Selling Shareholders, nor their agent(s) or representative(s) has engaged any broker or finder or
incurred any liability for any brokerage fees, commissions or finders’ fees in connection with the Stock Exchange contemplated herein.

 

2.5.   Ownership
of Shares. Each of the Selling Shareholders owns, of record and beneficially, and has
good, valid and indefeasible title to and the right to transfer to Tengjun pursuant to this Agreement, the Company Shares held by Selling
Shareholders, free and clear of any and all Liens. There are no options, rights, voting trusts, stockholder agreements or any other Contracts
or understandings to which any Selling Shareholder is a party or by which any Selling Shareholder, or such Company Shares held by Selling
Shareholders, are bound with respect to the issuance, sale, transfer, voting or registration of such Company Shares held by any Selling
Shareholder. At the Closing Date, Tengjun will acquire good, valid and marketable title to all of the Company Shares held by Selling
Shareholders free and clear of any and all Liens.

 

    2

     

    

 

2.6.   Purchase
Entirely for Own Account. The Tengjun Shares to be acquired by each of the Selling Shareholders will be acquired for their own account,
and not with a view to the resale or distribution of any part thereof, and none of the Selling Shareholders has any present intent of
selling or otherwise distributing any part or all of the Tengjun Shares, except in compliance with applicable securities laws.

 

2.7.   Restricted
Securities. Each Selling Shareholder understands that the Tengjun Shares are characterized as “restricted securities”
under the Securities Act in as much as this Agreement contemplates that, if acquired by the Selling Shareholder pursuant hereto, the Tengjun
Shares would be acquired in a transaction not involving a public offering. The issuance of any of the Tengjun Shares hereunder is being
effected in reliance upon an exemption from registration afforded under Section 4(a)(2) of the Securities Act. Each Selling Shareholder
further acknowledges that if the Tengjun Shares are issued to such Selling Shareholder in accordance with the provisions of this Agreement,
such Tengjun Shares may not be resold without registration under the Securities Act or the existence of an exemption therefrom. Each Selling
Shareholder represents that they are familiar with Rule 144 promulgated under the Securities Act, as presently in effect, and understands
the resale limitations imposed thereby and by the Securities Act.

 

2.8.   Acknowledgement
of Non-Registration. Each Selling Shareholder understands and agrees that the Tengjun Shares to be issued pursuant to this
Agreement have not been registered under the Securities Act or the securities Laws of any State of the U.S.

 

2.9.   Available
Information. Each Selling Shareholder has such knowledge and experience in financial and business matters that he or she is capable
of evaluating the merits and risks of an investment in the Parent and has had an opportunity to ask questions of and receive answers from
the management team of the Parent relative to the financial condition and affairs thereof.

 

ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents and
warrants to the other Parties that:

 

3.1. Organization, Standing
and Corporate Power. The Company is a corporation duly organized, validly existing and
in good standing under the Laws of the Cayman Islands and has the requisite corporate power and authority and all government licenses,
authorizations, permits, consents and approvals required to own, lease and operate its properties and carry on its business as now being
conducted in various jurisdictions.

 

3.2.
Authority. The Company has all requisite authority and power (corporate and other),
licenses, authorizations, consents and approvals to enter into and deliver this Agreement and any of the other ancillary documents
to which the Company is a party and any other certificate, agreement, document or instrument to be executed and delivered by the
Company in connection with the Transactions contemplated hereby and thereby and to perform its obligations hereunder and thereunder
and to consummate the Transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the other
ancillary documents by the Company and the performance by the Company of its obligations hereunder and thereunder and the
consummation by the Company of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on
the part of the Company. The Company does not need to give any notice to, make any filing with, or obtain any authorization, consent
or approval of any Person or Governmental Authority in order for the Parties to execute, deliver or perform this Agreement or the
transactions contemplated hereby. This Agreement has been, and any ancillary documents to which the Company is a party will be, duly
and validly authorized and approved, executed and delivered by the Company.

 

    3

     

    

 

 

The execution and delivery
of this Agreement by the Company and the consummation of the Stock Exchange by this Agreement will not result in any Material violation
of the Company’s memorandum and articles of association (the “M&A”), as amended from time to time, or any
applicable Law or Material Agreement, as defined below, to which the Company is a party.

 

3.3. Capital Structure
of the Company. As of the date of this Agreement, all outstanding shares of ordinary shares of
the Company are duly authorized, validly issued, fully paid and nonassessable and not subject to preemptive rights. As of the date hereof,
Selling Shareholders collectively own five hundred million (500,000,000) shares of the Company Shares, constituting 100% of the Company
Shares issued and outstanding. As soon as practicable after the Closing, the Company shall update its share registration record to reflect
Tengjun as the sole owner of the Company Shares purchased or exchanged pursuant to this Agreement.

 

3.4. Governmental Authorization.
No consent, approval, Order or authorization of, or registration, declaration or filing with, or
notice to, any Governmental Entity, is required in connection with the execution and delivery of this Agreement or the consummation of
the Stock Exchange contemplated hereby.

 

3.5.   Absence
of Certain Changes or Events. As of the date of this Agreement, the Company has conducted its business
only in the ordinary course consistent with past practice, and there is not and has not been any:

 

 3.5.1 Material Adverse Change with respect to the Company;

 

3.5.2   condition,
event or occurrence which could reasonably be expected to prevent, hinder or Materially delay the ability of the Company to consummate
the Stock Exchange;

 

3.5.3   incurrence,
assumption or guarantee by the Company of any indebtedness for borrowed money other than those disclosed in subsection 3.9 or in the ordinary
course and in amounts and on terms consistent with past practices;

 

    4

     

    

 

3.5.4 creation
or other incurrence by the Company of any Lien on any Asset other than those disclosed in subsection 3.9 or in the ordinary course consistent
with past practices;

 

3.5.5 labor
dispute, other than routine, individual grievances, or, to the knowledge of the Company, any activity or proceeding by a labor union or
representative thereof to organize any employees of the Company to conduct any lockouts, strikes, slowdowns, work stoppages or threats
by or with respect to such employees;

 

3.5.6 payment,
prepayment or discharge of liability other than in the ordinary course of business or any failure to pay any liability when due;

 

3.5.7 Material
write-offs or write-downs of any Assets of the Company;

 

3.5.8 transactions
or commitments made, or any Contract or agreement entered into, by the Company relating to its Assets or business (including the acquisition
or disposition of any Assets) or any relinquishment by the Company or any Contract or other right, in either case, Material to the Company,
other than transactions and commitments in the ordinary course consistent with past practices and those contemplated in this Agreement;

 

3.5.9 damages,
destruction or losses having, or reasonably expected to have, a Material Adverse Change on the Company; or

 

3.5.10 other
conditions, events or occurrence which individually or collectively could reasonably be expected to have a Material Adverse Change to
the Company.

 

3.6.   Certain
Proceedings. There is no Action pending against, or to the Knowledge of Company, threatened against or affecting, the Company by any
Governmental Authority or other Person with respect to the Company that challenges, or may have the effect of preventing, delaying, making
illegal, or otherwise interfering with, the Stock Exchange contemplated by this Agreement.

 

3.7. Certain Fees.
No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other person with respect to the Transactions.

 

3.8. Tax Returns and
Tax Payments. The Company has timely filed with the appropriate taxing authorities all Tax Returns required to be filed by it
(taking into account all applicable extensions). All such Tax Returns are true, correct and complete in all respects. All Taxes due
and owing by the Company have been paid (whether or not shown on any Tax Return and whether or not any Tax Return was required). No
claim has ever been made in writing or otherwise addressed to the Company by a taxing authority in a jurisdiction where the Company
does not file Tax Returns that it is or may be subject to taxation by that jurisdiction. The unpaid Taxes of the Company have not,
as of the Company’s Balance Sheet Date, exceeded the reserve for Tax liability (excluding any reserve for deferred Taxes
established to reflect timing differences between book and Tax income) set forth on the face of the financial statements (rather
than in any notes thereto). As of the Closing Date, the unpaid Taxes of the Company will not exceed the reserve for Tax liability
(excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the
books and records of the Company.

 

    5

     

    

 

 

No Material claim for unpaid
Taxes has been made or become a Lien against the property of the Company or is being asserted against the Company, no audit of any Tax
Return of the Company is being conducted by a tax authority, and no extension of the statute of limitations on the assessment of any Taxes
has been granted by the Company and is currently in effect.

 

As used herein, “Taxes”
shall mean all taxes of any kind, including, without limitation, those on or measured by or referred to as income, gross receipts, sales,
use, ad valorem, franchise, profits, license, withholding, payroll, employment, excise, severance, stamp, occupation, premium, value
added, property or windfall profits taxes, customs, duties or similar fees, assessments or charges of any kind whatsoever, together with
any interest and any penalties, additions to tax or additional amounts imposed by any governmental authority, domestic or foreign. As
used herein, “Tax Return” shall mean any return, report or statement required to be filed with any governmental authority
with respect to Taxes.

 

3.9. Material Agreements.
Schedule 3.9 lists the following Contracts and other agreements (“Material Agreements”) to which the Company
is a party: (i) any agreement (or group of related agreements) for the ownership or lease of real property; (ii) any agreement forming
a partnership, strategic alliances, collaboration, profit sharing or joint venture; (iii) any agreement (or group of related agreements)
under which it has created, incurred, assumed, or guaranteed any indebtedness for borrowed money in excess of $75,000, or under which
a security interest has been imposed on any of its Assets, tangible or intangible; (iv) any agreements relating to the acquisition (by
merger, purchase of units or assets or otherwise) by the Company of any operating business or Material Assets or the capital stock of
any other person; (v) any agreements for the sale of any of the Material Assets of the Company, other than in the ordinary course of
business; (vi) any outstanding agreements of guaranty, surety or indemnification, direct or indirect, by the Company; and (vii) any other
agreement under which the consequences of a default or termination could reasonably be expected to have a Material Adverse Change on
the Company.

 

The Company has made available
to Tengjun either an original or a correct and complete copy of each written Material Agreement. Except as set forth on Schedule 3.9,
with respect to each Material Agreement to which the Company is a party thereto: (i) the agreement is the legal, valid, binding, enforceable
obligation of the Company, as the case may be, and is in full force and effect in all Material respects, subject to bankruptcy and equitable
remedies exceptions; (ii) (A) the Company is not in Material breach or default thereof and (B) no event has occurred which, with notice
or lapse of time, would constitute a Material breach or default of, or permit termination, modification, or acceleration under, the Material
Agreement; and (iii) the Company has not repudiated any Material provision of any of the Material Agreements.

 

    6

     

    

 

3.10.   Properties.
The Company has good, clear and marketable title to all the tangible properties and tangible Assets
reflected in the latest consolidated financial statements (the “Consolidated Financial Statements”)
as being owned by the Company or acquired after the date thereof which are, individually or in the aggregate, Material to their business
(except properties sold or otherwise disposed of since the date thereof in the ordinary course of business). A list of Material Assets
is set forth in Schedule 3.10 attached hereto. The Company has provided the Consolidated Financial Statements to Tengjun. 

 

3.11. Board Recommendation.
The board of directors of the Company (the “Company Board”) has determined that the terms of the Stock Exchange are
fair to and in the best interests of the shareholders of the Company. The Company Board shall deliver written resolutions to approve
and authorize the Stock Exchange contemplated herein on or before the Closing Date.

 

3.12. Undisclosed Liabilities.
The Company has no liabilities or monetary obligations of any nature (whether fixed or unfixed, secured or unsecured, known or unknown
and whether absolute, accrued, contingent, or otherwise) except for such liabilities or obligations reflected or reserved against in
the Consolidated Financial Statements.

 

3.12 Good Title.
Parent is the record and beneficial owner, and has good and marketable title to its Company Shares, with the right and authority to sell
and deliver such Company Shares to Tengjun as provided herein. Upon registering Tengjun as the new owner of the Company Shares in the
share register of the Company, Tengjun shall receive good title to such Company Shares, free and clear of all Liens.

 

3.13 No
Conflicts. The execution and delivery of this Agreement by the Company (i) will not violate any Law, regulations or ordinances
applicable to the Company; and (ii) will not violate or breach any contractual obligations of the Company based on any Contract to
which the Company is a party and which prohibits the Transactions contemplated hereby.

 

3.14   Maintain
Assets. Consistent with past practice, the Company shall maintain and keep its properties and assets in at least as good condition
and repair, reasonable wear and tear excepted, as the condition and repair the properties and assets are in as of the date hereof.

 

3.15   Conduct
of Business in Ordinary Course. The Company will carry on its business in the ordinary course in substantially the same manner as
heretofore conducted and, to the extent consistent with such business, use all reasonable best efforts consistent with past practice and
policies to preserve intact its present business organization, keep available the services of its present officers, consultants and employees
and preserve its relationships with customers, suppliers and distributors and others having business dealings with it.

 

    7

     

    

 

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF TENGJUN

 

Tengjun hereby represents, warrants, covenants
and agrees as follows:

 

4.1.   Organization,
Standing and Corporate Power.   Tengjun is a corporation duly organized, validly existing
and in good standing under the Laws of the State of Nevada, has all requisite corporate authority and power, license, authorizations,
consents and approvals to carry on its business as presently conducted and to own, hold and operate its properties and assets as now owned,
held and operated by it, and is duly qualified to do business and in good standing in each jurisdiction in which the failure to be so
qualified would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect on Tengjun.

 

4.2   Authority.
Tengjun has all requisite authority and power, license, authorizations, consents and approvals to enter into and deliver this Agreement
and any of the other ancillary documents to which Tengjun is a party and any other certificate, agreement, document or instrument to be
executed and delivered by Tengjun in connection with the Transactions contemplated hereby and thereby and to perform its obligations hereunder
and thereunder and to consummate the Transactions contemplated hereby and thereby. The execution and delivery of this Agreement and any
other ancillary documents by Tengjun and the performance Tengjun of its obligations hereunder and thereunder and the consummation by Tengjun
of the Transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of Tengjun. Except filing
with the Securities and Exchange Commission (the “SEC”) as required by the applicable securities laws, Tengjun does not need
to give any notice to, make any filing with, or obtain any authorization, consent or approval of any Person or Governmental Authority
in order for the Parties to execute, deliver or perform this Agreement or the transactions contemplated hereby. This Agreement has
been, and ancillary documents to which Tengjun is a party will be, duly and validly authorized and approved, executed and delivered by
Tengjun.

 

4.3.   Shares
of Common Stock and Capitalization. Tengjun Shares, when issued pursuant to this Agreement, will be duly and validly authorized and
issued, fully paid and non-assessable. The authorized capital of Tengjun consists of 75,000,000 shares of capital stock, consisting of
70,000,000 shares of Common Stock, par value $0.001 per share, and 5,000,000 shares of Preferred Stock, par value $0.001. As of September
30, 2021, 46,023,459 shares of Common Stock were issued and outstanding and 0 share of Preferred Stock were issued and outstanding.

 

4.4.
Compliance. Tengjun has complied with, is not in violation of, and has not received any notices of violation of any federal,
state, local or foreign Law, judgment, decree, injunction or order, applicable to it, with respect to the conduct of its business or
the ownership or operation of its business.

 

4.5.   Tax
Liabilities. Tengjun has timely filed with the appropriate taxing authorities all Tax Returns required to be filed by it (taking into
account all applicable extensions). All such Tax Returns are true, correct and complete in all respects. All Taxes due and owing by Tengjun
have been paid (whether or not shown on any Tax Return and whether or not any Tax Return was required). No claim has ever been made in
writing or otherwise addressed to Tengjun by a taxing authority in a jurisdiction where Tengjun does not file Tax Returns that it is or
may be subject to taxation by that jurisdiction. As of the Closing Date, the unpaid Taxes of Tengjun will not exceed the reserve for Tax
liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on
the books and records of Tengjun.

 

No Material claim for unpaid Taxes has been made
or become a Lien against the property of Tengjun or is being asserted against Tengjun, no audit of any Tax Return of Tengjun is being
conducted by a tax authority, and no extension of the statute of limitations on the assessment of any Taxes has been granted by Tengjun
and is currently in effect.

 

    8

     

    

 

4.6.   Undisclosed
Liabilities. Tengjun has no liabilities or monetary obligations of any nature (whether fixed or unfixed, secured or unsecured,
known or unknown and whether absolute, accrued, contingent, or otherwise) except for such liabilities or obligations reflected or
reserved against in Tengjun’s Financial Statements.

 

4.7.   Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable by Tengjun to any
broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the Stock
Exchange.

 

4.8.   Board
Determination. The board of directors of Tengjun (“Tengjun Board”) deems that the terms of the Stock Exchange
to be fair to and in the best interests of Tengjun and its shareholders and will deliver a written consent with respect to the
contemplated Stock Exchange to the Company before the Closing.

 

ARTICLE 5

CONDUCT PRIOR TO CLOSING

 

5.1 Conduct of Business.
At all times during the period commencing with the execution and delivery of this Agreement and continuing until the earlier of the termination
of this Agreement pursuant to the terms hereof or the Closing, the Company and the Selling Shareholders shall cause the Company to, (a)
carry on its business diligently and in the usual, regular and Ordinary Course of Business, in substantially the same manner as heretofore
conducted and in compliance with all applicable Laws, (b) pay or perform its material obligations when due, (c) use its commercially reasonable
efforts, consistent with past practices and policies, to preserve intact its present business organization, keep available the services
of its present officers and employees and preserve its relationships with customers, suppliers, distributors, licensors, licensees and
others with which it has business dealings, and (d) keep its business and properties substantially intact, including its present operations,
physical facilities and working conditions. In furtherance of the foregoing and subject to applicable Law, the Selling Shareholders and
Company shall confer with Tengjun, as promptly as practicable, prior to taking any material actions or making any material management
decisions with respect to the conduct of the business of Tengjun.

 

5.2   Maintain
Assets. Consistent with past practice, Selling Shareholders and the Company shall cause Company to maintain and keep its properties
and assets in at least as good condition and repair, reasonable wear and tear excepted, as the condition and repair the properties and
assets are in as of the date hereof.

 

ARTICLE 6 

CHANGE OF MANAGEMENT

 

6.1. Change of Management.
 Upon the closing of the Stock Exchange , the Parent shall use its best efforts to cause Qiuping Lu, the Chief Executive Officer and
Chief Financial Officer of the Company and a member of the Board, resign from her Executive positions and from Tengjun Board.

 

6.2 Appointment
of Officers. Upon the closing of the Stock Exchange, the Parent shall use its best efforts to cause Tengjun Board appoint Xianchang
Ma, the sole shareholder of Min Xing Biotechnolgy Ltd., as the Chief Executive Officer (the “CEO”) and Chief Financial Officer
(the “CFO”) of the Company.

 

ARTICLE 7

CONDITIONS TO CLOSING

 

7.1 Closing Conditions.
The following events described herein must occur or be caused to occur before the Closing, not including the Closing Date, unless any
of the events is waived by all of the Parties collectively:

 

7.1.1 the
representations and warranties of the Selling Shareholders, Company and Tengjun described respectively in Articles 2, 3, and 4 shall be
true and correct in all Material respects on and as of the Closing Date with the same force and effect as if made on such a date;

 

7.1.2 the
Parties shall have executed and delivered this Agreement and any ancillary documents necessary to effect the contemplated Stock Exchange;

 

7.1.3  Tengjun
shall have completed its legal, accounting and business due diligence of the Selling Shareholders and the Company and the results thereof
shall be satisfactory to Tengjun in its sole and absolute discretion;

 

7.1.4 The
Sellers shall have completed their legal, accounting and business due diligence of Tengjun and the results thereof shall be satisfactory
to the Selling Shareholders and Company in their sole and absolute discretion;

 

7.1.5 no
Material Adverse Change in the business or financial condition of Tengjun and the Company shall have occurred or be threatened to occur
since the date of this Agreement, and no action, suit or proceedings shall be threatened or pending before any court, governmental agency,
authority or regulatory body seeking to restrain, prohibit or obtain damages or other relief in connection with this Agreement or the
consummation of the transactions contemplated by this Agreement or that, if adversely decided, has or may have a Material Adverse Change;

 

    9

     

    

 

7.1.6  reserved;

 

7.1.7  reserved;

 

7.1.8  reserved;

 

7.1.10 The
Parties shall have received all necessary regulatory approvals of the Stock Exchange contemplated by this Agreement, all notice and waiting
periods required by law to pass shall have passed, no proceeding to enjoin, restrain, prohibit or invalidate such the Stock Exchange contemplated
by this Agreement shall have been instituted or threatened, and any conditions of any regulatory approval shall have been met.

 

ARTICLE 8

CLOSING DELIVERIES

 

8.1.   Closing.
The closing (the “Closing”) of the transactions contemplated by this Agreement (the “Transactions”),
shall take place remotely at the offices of Tengjun’s counsel’s office with the primary business address at 1185 Avenue of
Americas, 31st Floor, New York, NY 10036, commencing upon the satisfaction or waiver of all conditions and obligations of the
Parties to consummate the Transactions on the Effective Date or another date as the Parties shall mutually agree (the “Closing
Date”).

 

8.2.    Deliveries
from Tengjun. On the Closing Date, the Tengjun shall complete and deliver the following to the Company and Selling Shareholders:

 

8.2.1 a board
resolution of Tengjun’s Board to approve and ratify this Agreement, the New Issuance, and the appointment of Xianchang Ma as the
CEO and CFO of Tengjun and all the ancillary documents and actions to consummate the Transactions contemplated herein;

 

8.2.2 reserved;
and

 

8.2.3 a transmittal
letter (the “Transmittal letter”) to Tengjun’s transfer agent Securities Transfer Corporation (or its successor)
to issue Tengjun Shares to Selling Shareholder’s.

 

8.3. Deliveries
from the Company. On the Closing Date except as specified below, the Company shall deliver or cause to be delivered to Tengjun
the following:

 

8.3.1 a board
resolution of the Company Board to approve and ratify this Agreement and all of the ancillary documents and actions to consummate the
Transactions contemplated herein;

 

    10

     

    

 

8.3.2 reserved;
and

 

8.3.3 promptly
after the Closing, an updated register of members (the “ROM”) of the Company to reflect Tengjun’s ownership in
the Company, which will be equal to 100% of the issued and outstanding equity interest in the Company.

 

8.4. Deliveries from
the Selling Shareholders.On or prior to the Closing Date, each Selling Shareholder shall deliver or cause to be delivered to
the Company and Tengjun the following:

 

8.4.1 any
documents or instruments necessary to effect the Share Exchange and the transactions contemplated herein.

 

ARTICLE 9

POST CLOSING DELIVERIES

 

9.1. Change of the
Tengjun’s Shareholder Record and the Company’s Shareholder Registration.As soon as practicable after the
Closing, Tengjun shall cause its transfer agent to update the shareholder record based on the Transmittal Letter and the Company
shall have its ROM updated to show that Tengjun has become the sole member of the Company. 

 

ARTICLE 10

TERMINATION

 

10.1. Termination. This
Agreement may be terminated and rescinded at any time (the “Termination Date”)
prior to the Closing Date:

 

10.1.1 by
mutual written agreement of the Company and Tengjun duly authorized by the Company Board and Tengjun Board;

 

10.1.2 by
either the Company or Tengjun, if any of the two Parties (which, in the case of Company, shall mean the Company or Selling Shareholder’s)
has breached any Material representation or warranty set forth in this Agreement and such breach has resulted or can reasonably be expected
to result in a Material Adverse Change on such other Parties or would prevent or Materially delay the consummation of the Transactions;
or

 

10.1.3 by
any Party, if a permanent injunction or other Order by any court which would make illegal or otherwise restrain or prohibit the consummation
of the Transactions shall have been issued and shall have become final and non-appealable.

 

10.2. Notice of Termination.
Any termination of this Agreement under Sections 10.1.2 and 10.1.3 will be effective immediately upon the delivery of written notice
of the terminating Party to the other Parties hereto specifying with reasonable particularity the reason for such termination.

 

    11

     

    

 

ARTICLE 11

MISCELLANEOUS 

 

11.1.   Entire
Agreement.  This Agreement constitutes the entire agreement among the Parties relating to the subject matter hereof, superseding
any and all prior or contemporaneous oral and prior written agreements, understandings and letters of intent. This Agreement may not be
modified or amended nor may any right be waived except by a writing which expressly refers to this Agreement, states that it is a modification,
amendment or waiver and is signed by all Parties with respect to a modification or amendment or the Party granting the waiver with respect
to a waiver. Neither course of conduct or dealing nor trade custom or usage shall modify any provisions of this Agreement.

 

11.2. Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy,
all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the Transactions contemplated hereby is not affected in any manner adverse to any Party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the Parties as closely as possible, in a mutually acceptable manner, to the end
that Transactions are fulfilled to the extent possible.

 

11.3. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, regardless of
the conflicts of law principles.

 

11.4. Parties in
Interest. This Agreement shall be binding upon and inure to the benefits of the Parties hereto.

 

11.5. Counterparts. This
Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one
Party, but all such counterparts taken together will constitute one and the same Agreement. This Agreement, to the extent delivered by
means of a facsimile machine or electronic mail (any such delivery, an “Electronic Delivery”), shall be treated in
all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it
were the original signed version thereof delivered in person. At the request of any Party hereto, each other Party hereto shall re-execute
original forms hereof and deliver them in person to all other Parties.

 

11.6. Liquidated
Damages. The Parties hereto acknowledge and agree that one million ($1,000,000) dollars shall constitute liquidated damages and
not penalties and are in addition to all other equitable rights of each Party, including the right to claim a default. The Parties
further acknowledge that (i) the amount of loss or damages likely to be incurred is incapable or is difficult to precisely estimate,
(ii) the amounts specified in such subsections bear a reasonable relationship to, and are not plainly or grossly disproportionate
to, the probable loss likely to be incurred in connection with any failure by the non-performance of a Party, (iii) one of the
reasons for all of the Parties reaching an agreement as to such amounts was the uncertainty and cost of litigation regarding the
question of actual damages, and (iv) the Parties are sophisticated business parties and have negotiated this Agreement at
arm’s length.

 

    12

     

    

 

ARTICLE 12

DEFINITIONS 

 

The following terms, as used
in the Agreement, have the following meanings:

 

“Agreement”
shall have the meaning set forth in the Preamble.

 

“Assets”
shall mean all of the assets, properties, businesses and rights of such Person of every kind, nature, character and description, whether
real, personal or mixed, tangible or intangible, accrued or contingent, or otherwise relating to or utilized in such Person’s business,
directly or indirectly, in whole or in part, whether or not carried on the books and records of such Person, and whether or not owned
in the name of such Person or any Affiliate of such Person and wherever located.

 

“Closing”
shall have the meaning set forth in Section 8.1 of the Agreement.

 

“Closing Date”
shall have the meaning set forth in Section 8.1 of the Agreement.

 

“Common Stock”
shall mean the common stock of Tengjun.

 

“Company”
shall have the meaning set forth in the Preamble.

 

“Company Board”
shall have the meaning set forth in Section 3.11 of the Agreement.

 

“Company Share(s)”
shall have the meaning set forth in the Recitals of the Agreement.

 

“Company’s
Balance Sheet Date” shall refer to December 31, 2020.

 

“Consolidated Financial
Statements” shall have the meaning set forth in Section 3.10 of the Agreement.

 

“Contract”
means any written or oral agreement, arrangement, commitment, contract, indenture, instrument, lease, obligation, plan, restriction,
understanding or undertaking of any kind or character, or other document to which any Person is a party or by which such Person is bound

 

“Dollars”
shall mean the lawful currency of the United States unless otherwise defined.

 

“Electronic Delivery”
shall have the meaning set forth in Section 11.5 of the Agreement.

 

    13

     

    

 

“Governmental Entity”
shall mean any government or any agency, bureau, board, directorate, commission, court, department, official, political subdivision,
tribunal, or other instrumentality of any government, whether federal, local, domestic or foreign.

 

“Knowledge”
means the actual knowledge of the officers of a party, and knowledge that a reasonable person in such capacity should have after due
inquiry.

 

“Law”
means any code, law, ordinance, regulation, reporting or licensing requirement, rule, or statute applicable to a Person or its Assets,
liabilities or business, including those promulgated, interpreted or enforced by any Governmental Entity.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interests or encumbrance of any kind in respect to such
asset, other than any encumbrances created by the Parent.

 

“Material”
and “Materially” for purposes of this Agreement shall be determined in light of the facts and circumstances of the
matter in question; provided that any specific monetary amount stated in this Agreement shall determine Materiality in that instance.

 

“Material Agreements”
shall have the meaning set forth in Section 3.9 of the Agreement.

 

“Material Adverse
Change” means, with respect to any Person or Party, a material adverse change on the condition (financial or otherwise), business,
Assets, liabilities or the reported or reasonably anticipated future results or prospects of such Person taken as a whole; provided,
however, that any adverse change, event, development or effect arising from or relating to any of the following shall not be taken into
account in determining whether there has been a material adverse change: (a) general business or economic conditions, (b) national or
international political or social conditions, including the engagement by or Taiwan in hostilities, whether or not pursuant to the declaration
of a national emergency or war, or the occurrence of any military or terrorist attack upon Taiwan, or any of its territories, possessions,
or diplomatic or consular offices or upon any military installation, equipment or personnel of Taiwan, (c) financial, banking, or securities
markets (including any disruption thereof and any decline in the price of any security or any market index), (d) changes in generally
accepted accounting principles, (e) changes in laws, rules, regulations, orders, or other binding directives issued by any Governmental
Entity or (f) the taking of any action required by this Agreement and the other agreements contemplated hereby.

 

“Order”
means any administrative decision or award, decree, injunction, judgment, order, quasi-judicial decision or award, ruling, or writ of
any Governmental Entity.

 

“Party”
or “Parties” shall have the meaning set forth in the Preamble.

 

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

 

    14

     

    

 

“Preferred Stock”
shall mean the preferred stock of Tengjun.

 

“Selling Shareholder”
or “Selling Shareholders” shall have the meaning set forth in the Preamble.

 

“Tax”
or “Taxes” shall have the meaning set forth in Section 3.8 of the Agreement.

 

“Tax Return(s)”
shall have the meaning set forth in Section 3.8 of the Agreement.

 

“Tengjun Board” shall have the
meaning set forth in Section 4.8.

 

“Tengjun Shares” shall have
the meaning set forth in the preamble.

 

“Termination Date”
shall have the meaning set forth in Section 10.1 of the Agreement.

 

“Transactions”
shall mean the transactions contemplated by the Parties under this Agreement and the related documents.

 

[Remainder of this page intentionally left blank.]

 

    15

     

    

 

【Signature
Page for the Share Purchase/ Exchange Agreement】

 

IN WITNESS WHEREOF, each of the Parties has caused this Agreement to
be executed as of the date first written above by their respective officers thereunto duly authorized.
 

 

 

	 	TENGJUN BIOTECHNOLOGY CORP.
	 	 	 
	 	By:	/s/ Qiuping Lu 
	 	Name:	Qiuping Lu
	 	Title:	Chief Executive Officer
	 	 	 
	 	COMPANY: Tengjunxiang Biotechnology Co. Ltd. 
	 	 	 
	 	By:	/s/ Xianchang Ma
	 	Name: 	Xianchang Ma
	 	Title:	 
	 	 	 
	 	SELLING SHAREHOLDERS:
	 	 	 
	 	Min Xing Biotechnolgy Ltd
	 	 	 
	 	By:	/s/ Xianchang Ma
	 	Name:	Xianchang Ma
	 	Title: 	Director, Sole Shareholder

 

    16

     

    

 

	 	Pastoral Technology Co., Ltd.
	 	 	 
	 	By:	/s/ Jin Tian
	 	Name:	Jin Tian
	 	Title:	Director, Sole Shareholder
	 	 	 
	 	Shu Zhilin Trading Co., Ltd.
	 	 	 
	 	By:	/s/ Shuxin Zhang
	 	Name:	Shuxin Zhang
	 	Title:	Director, Sole Shareholder
	 	 	 
	 	Teng Rui Xiang Bio-Tech Ltd.
	 	 	 
	 	By:	/s/ Ruiming Zhou
	 	Name:	Ruiming Zhou
	 	Title:	Director, Sole Shareholder
	 	 	 
	 	Aihua Trading Co., Ltd
	 	 	 
	 	By: 	/s/ Huannai Gao
	 	Name:	Huannai Gao
	 	Title:	Director, Sole Shareholder
	 	 	 
	 	Rock Climbing Technology
	 	 	 
	 	By:	/s/ Pan Shi
	 	Name: 	Pan Shi
	 	Title:	Director, Sole Shareholder

 

    17

     

    

 

	 	Langaosha Trading Co., Ltd.
	 	 
	 	By:	 /s/ Meilin Chu
	 	Name: 	Meilin Chu
	 	Title:  	Director, Sole Shareholder
	 	 
	 	Min Cheng Biotechnology Ltd
	 	 
	 	By:  	/s/ Zhenguo Li
	 	Name:	Zhenguo Li
	 	Title:  	Director, Sole Shareholder
	 	 
	 	Kangfan Technology Co., Ltd
	 	 
	 	By:  	/s/ Fenfen Li
	 	Name:	Fenfen Li
	 	Title:  	Director, Sole Shareholder
	 	 
	 	Chaorong Technology Co., Ltd
	 	 
	 	By:	/s/ Xuewei Cui
	 	Name:	Xuewei Cui
	 	Title:	Director, Sole Shareholder
	 	 
	 	Shengrui Biotechnology Co., Ltd.
	 	 
	 	By:	/s/ Liuhong Liu
	 	Name:	Liuhong Liu
	 	Title:	Director, Sole Shareholder

 

    18

     

    

 

Exhibit A

 

	Name of Selling Shareholders	 	Ordinary

 Shares Held

 in the

 Company

 Prior to

 Closing	 	 	Ordinary

 Shares

 Held in the

 Company

 After

 Closing	 	 	Common

 Shares

 Held in

 Parent

 Prior to

 Closing	 	 	Common

 Shares Held

 in Parent

 After

 Closing	 	 	Percentage

 of Common

 Shares

 Held in

 Parent

After

 Closing	 
	Min Xing Biotechnolgy Ltd (wholly-owned and controlled by Xianchang Ma)	 	 	350,000,000	 	 	 	0	 	 	 	0
	 	 	 	13,500,000	 	 	 	20.67	%
	 	 	 	 	 	 	 	 	 	 	 	(excluding Xianchang Ma’s holding of 2,500,000 Tengjun Shares)	 	 	 	 	 	 	 	 	 
	Pastoral Technology Co., Ltd.	 	 	15,000,000	 	 	 	0	 	 	 	0	 	 	 	578,571	 	 	 	0.89	%
	Shu Zhilin Trading Co., Ltd.	 	 	15,000,000	 	 	 	0	 	 	 	0	 	 	 	578,571	 	 	 	0.89	%
	Teng Rui Xiang Bio-Tech Ltd.	 	 	15,000,000	 	 	 	0	 	 	 	0	 	 	 	578,571	 	 	 	0.89	%
	Aihua Trading Co., Ltd	 	 	15,000,000	 	 	 	0	 	 	 	0	 	 	 	578,571	 	 	 	0.89	%
	Rock Climbing Technology	 	 	15,000,000	 	 	 	0	 	 	 	0	 	 	 	578,571	 	 	 	0.89	%
	Langtaosha Trading Co., Ltd.	 	 	15,000,000	 	 	 	0	 	 	 	0	 	 	 	578,571	 	 	 	0.89	%
	Min Cheng Biotechnology Ltd	 	 	15,000,000	 	 	 	0	 	 	 	0	 	 	 	578,571	 	 	 	0.89	%
	Kangfan Technology Co., Ltd.	 	 	 	 	 	 	0	 	 	 	0	 	 	 	578,571	 	 	 	0.89	%
	Chaorong Technology Co., Ltd.	 	 	15,000,000	 	 	 	0	 	 	 	0	 	 	 	578,571	 	 	 	0.89	%
	Shengrui Biotechnology Co., Ltd.	 	 	15,000,000	 	 	 	0	 	 	 	0	 	 	 	578,571	 	 	 	0.89	%
	TOTAL	 	 	500,000,000	 	 	 	0	 	 	 	0	 	 	 	19,285,714	 	 	 	29.53	%
	Tengjun Biotechnology Corp. (the “Parent”)	 	 	0	 	 	 	500,000,000	 	 	 	-	 	 	 	-	 	 	 	-	 

 

 

19

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