Document:

Exhibit 10.2

 

DEBT SETTLEMENT AGREEMENT AND RELEASE

 

THIS DEBT SETTLEMENT AGREEMENT
AND RELEASE (this “Agreement”) is made and entered into as of December 21, 2021 (the “Effective Date”), by and
between Wenzhao “Daniel” Lu (the “Creditor”) and Avalon GloboCare Corp., a Delaware corporation (the "Company").

 

RECITALS:

 

WHEREAS, the Creditor
and the Company have entered into that certain Revolving Line of Credit Agreement dated August 29, 2019 pursuant to which the Creditor
has provided the Company with $5.7 million in loans (the “Owed Amount”);

 

WHEREAS, the Creditor
has agreed to convert $3,000,000 of the Owed Amount (the “Converted Amount”) into 2,400,000 shares of Common Stock, par value
$0.0001 per share (the “Shares”) at a per share price of $1.25;

 

WHEREAS, the Creditor
has agreed to accept, and the Company has agreed to issue to the Creditor the Shares in full satisfaction of the Coverted Amount; and

 

WHEREAS, the Shares
have not been registered under the Securities Act of 1933, as amended (the “Securities Act”).

 

NOW, THEREFORE, in
consideration of the foregoing and of the agreements contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Payment in Full
of Converted Amount by Issuance of the Shares. The Creditor hereby agrees to accept the Shares as payment in full of the Converted
Amount and, upon issuance and delivery to the Creditor of the Shares, the Creditor agrees that any and all obligations that the Company
may have pursuant to the Converted Amount shall be satisfied in full and the Company shall have no further obligations to the Creditor
thereunder.

 

2. Representations
and Warranties of the Company. The Company hereby represents and warrants to the Creditor as of the Effective Date as follows:
(i) that the execution, delivery and performance of this Agreement by it will not violate, or result in a breach of, or constitute a default
under, any agreement, instrument, judgment, order or decree to which it is a party or to which it is subject; (ii) that it has the legal
capacity and power and authority to execute and deliver this Agreement and any other related agreements and instruments delivered in connection
herewith; (iii) that no further proceedings or actions are necessary to authorize the execution and delivery of this Agreement or the
performance by the Company of its obligations hereunder; and (iv) that this Agreement constitutes the legal and binding obligation of
the Company, enforceable against it in accordance with these terms.

 

3. Representations
and Warranties of the Creditor and the Company. The Creditor hereby represents and warrants to the Company as of the Effective
Date as follows: (i) that the execution, delivery and performance of this Agreement by it will not violate, or result in a breach of,
or constitute a default under, any agreement, instrument, judgment, order or decree to which it is a party or to which it is subject;
(ii) that it has the legal capacity and power and authority to execute and deliver this Agreement and any other related agreements and
instruments delivered in connection herewith; (iii) that no further proceedings or actions are necessary to authorize the execution and
delivery of this Agreement or the performance by the Creditor of its obligations hereunder; and (iv) that this Agreement constitutes the
legal and binding obligation of the Creditor, enforceable against it in accordance with these terms.

 

     

     

    

  

In addition, the Creditor
hereby represents and warrants to the Company as of the Effective Date as follows:

 

a. Creditor
is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

b. Creditor
is aware that the Shares to be issued to Creditor have not been registered under the Securities Act, and that the Shares are deemed to
constitute “restricted securities” under Rule 144 promulgated under the Securities Act (“Rule 144”). Creditor
also understands that the Shares are being offered and sold pursuant to an exemption from registration contained in the Securities Act
based in part upon Creditor’s representations contained in this Agreement.

 

c. Creditor
is obtaining the Shares for its own account and Creditor has no present intention of distributing or selling the securities except as
permitted under the Securities Act and applicable state securities laws.

 

d. Creditor
has sufficient knowledge and experience in business and financial matters to evaluate the Company, its proposed activities and the risks
and merits of this investment. Creditor has the ability to accept the high risk and lack of liquidity inherent in this type of investment.
Creditor has conducted its own independent investigation of the Company and has reached its own conclusions regarding the risks and merits
of this investment.

 

e. Creditor
had an opportunity to discuss the Company’s business, management and financial affairs with directors, officers and management of
the Company. Creditor has also had the opportunity to ask questions of and receive answers from the Company and its management regarding
the terms and conditions of this investment. Creditor understands the significant risks of this investment.

 

f. Creditor
has the capacity to protect its own interests in connection with the purchase of the Shares by virtue of its business or financial expertise.

 

g. Creditor
understands that the Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption
from such registration is available. Creditor has been advised or is aware of the provisions of Rule 144, as in effect from time to time,
which permit limited resale of shares purchased in a private placement subject to the satisfaction of certain conditions, including, among
other things, the availability of certain current public information about the Company, the resale occurring following the required holding
period under Rule 144, and the number of shares being sold during any three month period not exceeding specified limitations.

 

h. Creditor
acknowledges and agrees that the Shares upon issuance shall bear customary restrictive legends referencing their restrictions on transfer
in accordance with the Securities Act.

 

i. Creditor
has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement
and fully understands all provisions of this Agreement. Creditor acknowledges that no other representations or warranties, oral or written,
have been made by the Company or any agent thereof except as set forth in this Agreement.

 

j. Creditor
is aware that the Company is relying on the accuracy of the above representations to establish compliance with federal and state securities
laws. If any such warranties or representations are not true and accurate in any respect as of the date hereof, Creditor shall so notify
Company in writing immediately and shall be cause for rescission by Company at its sole election.

  

4. Representations
of the Creditor with Respect to the Converted Amount. The Creditor hereby represents as to the Converted Amount as follows: (i)
the Converted Amount represents a bona fide outstanding claim against the Company, and is an enforceable obligation arising in the ordinary
course of business, for money due and payable to the Creditor for loans rendered; (ii) the Creditor is the sole owner of the Converted
Amount, and has not previously sold, transferred, encumbered or released any part of the Converted Amount; and (iii) there is no action
based on any of the Converted Amount that is currently pending in any court or other legal venue and no judgments based upon the Converted
Amount have been previously entered in any legal proceeding.

 

5. Release. Effective
upon delivery of the Shares to the Creditor, the Creditor hereby knowingly and voluntarily releases and forever discharges the Company
and its predecessors, successors, direct and indirect parent companies, direct and indirect subsidiary companies, companies under common
control with any of the foregoing, assigns, directors, officers, affiliates, agents and representatives (collectively, the “Released
Parties”), from all claims, liabilities, demands, costs, charges, expenses, actions, causes of action, judgments, and executions,
past, present or future, with respect to the Converted Amount. The parties agree that the foregoing release is not intended to release,
and shall not release, any claims between any of the parties that may arise under this Agreement or the Shares. Upon the execution of
this Agreement, the Creditor and the Company shall be deemed to have received sufficient consideration for the releases set forth in this
Section 5.

 

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6. Voluntary and Knowing
Agreement and Release. Each of the parties hereto acknowledges that they have entered into this Agreement of their own free will,
and that no promises or representations have been made to them by any person to induce them to enter into this Agreement other than the
express terms set forth herein. Each of the parties hereto further acknowledges that they have read this Agreement and understands all
of their respective terms.

 

7. Intentionally Left Blank.

 

8. Advice of Counsel. The
Creditor acknowledges that before entering into this Agreement, it has had the opportunity to consult with an attorney of its choice.

 

9. Attorneys’
Fees. Each party shall bear its own legal fees and expenses in connection with the negotiation, execution and delivery of this
Agreement.

 

10. Choice of Law
and Venue. This Agreement shall be governed by and construed according to the laws of the State of New Jersey, without giving effect
to its choice of law principles. The parties agree that all actions and proceedings arising out of or relating directly or indirectly
to this Agreement or any ancillary agreement or any other related obligations shall be litigated solely and exclusively in the state or
federal courts located in the New Jersey, and that such courts are convenient forums. Each party hereby submits to the personal jurisdiction
of such courts for purposes of any such actions or proceedings.

 

11. Severance of Provisions;
Survival of Representations and Warranties. If any of the provisions of this Agreement shall be held invalid, the remainder of
this Agreement shall not be affected thereby, and shall remain in full force and effect. The representations, warranties and agreements
of the Parties shall survive the delivery of the Shares under this Agreement.

  

12. Notices. All
notices and other communications shall be in writing and shall be provided to the recipient party to the addresses set forth on the signature
page hereto. All notices and communications shall be deemed made and effective as follows: (i) if transmitted for overnight delivery via
a nationally recognized delivery service, the first business day after being delivered by the transmitting party to such overnight delivery
service, (ii) if faxed, when transmitted in legible form by facsimile machine to the recipient party’s correct facsimile machine
number, (iii) if by e-mail, when transmitted by e-mail, or (iv) if mailed via regular mail, upon delivery. Any party may designate a superseding
notice contact name, street address, e-mail address or fax number by providing the other parties with written notice pursuant to the provisions
hereof.

 

13. Entire Agreement. This
Agreement sets forth the entire understanding of the parties and supersedes any and all prior agreements, oral or written, relating to
the subject matter hereof. The parties attest that no other representations were made regarding this Agreement other than those contained
herein.

 

14. Confidentiality.
Each of the parties hereby agrees, without the prior written consent of the other, to not disclose, and to otherwise keep confidential,
the transactions contemplated hereby, except to the extent that disclosure thereof is required by law, rule or regulation; provided, however,
that each of the parties may disclose information regarding such sale to their respective accountants, attorneys, shareholders and other
interest holders.

 

15. No Third Party
Beneficiaries. This Agreement is intended for the benefit of the Creditor and the Company and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

16. Modifications. This
Agreement may not be modified except by a writing, signed by each of the parties hereto. This Agreement shall be binding upon the parties
and their respective successors and assigns.

 

17. Counterparts. This
Agreement may be signed in counterparts, and said counterparts shall be treated as though signed as one document. Facsimile or other electronic
signatures to this Agreement shall be treated as original signatures.

 

(SIGNATURES APPEAR ON THE FOLLOWING PAGE)

 

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IN WITNESS WHEREOF,
the Creditor and the Company have caused this Settlement Agreement and Release to be signed by their respective duly authorized officers
or representatives as of the date first above written.

 

	 	CREDITOR:
	 	 
	 	/s/ Wenzhao Lu
	 	Wenzhao “Daniel” Lu 

 

	 	Address for delivery of notice:
	 	 
	 	COMPANY:
	 	 
	 	AVALON GLOBOCARE CORP.
	 	 
	 	By:	/s/ David Jin
	 	Name: David Jin
	 	Title: Chief Executive Officer
	 	 
	 	Address for delivery of notice:
	 	 
	 	
    4400 Route 9 South, Suite 3100

    Freehold, New Jersey 07728

 

 

4Exhibit 10.1

 

EXECUTION VERSION

 

Twenty-Eighth Amendment to

the First Amended and Restated Agreement of Limited Partnership of

SL Green Operating Partnership, L.P.

 

This Amendment is made as of December 20, 2021,
by SL Green Realty Corp., a Maryland corporation, as managing general partner (the “Company” or the “Managing
General Partner”) of SL Green Operating Partnership, L.P., a Delaware limited partnership (the “Partnership”),
and as attorney-in-fact for the Persons named on Exhibit A to the First Amended and Restated Agreement of Limited Partnership of SL Green
Operating Partnership, L.P., dated as of August 20, 1997, as amended from time to time (the “Partnership Agreement”),
for the purpose of amending the Partnership Agreement. Capitalized terms used herein and not defined shall have the meanings given to
them in the Partnership Agreement.

 

WHEREAS, (i) on April 7, 2021, the New York State
Assembly passed the New York State 2021/2022 Budget Act (the “Act”), which Governor Andrew Cuomo signed into law on
April 19, 2021, and (ii) Part C, section 1 of the Act amended the Tax Law by adding Article 24-A (the “PTET Provisions”);

 

WHEREAS, pursuant to Section 14.1.B of the Partnership
Agreement, the Managing General Partner has the power, without the Consent of the Limited Partners, to amend the Partnership Agreement
to reflect a change that does not adversely affect any of the Limited Partners in any material respect, or to cure any ambiguity, correct
or supplement any provision in the Partnership Agreement not inconsistent with law or with other provisions, or make other changes with
respect to matters arising under the Partnership Agreement that will not be inconsistent with law or with the provisions of this Agreement
or as may be expressly provided by any other provisions of the Partnership Agreement; and

 

WHEREAS, the Managing General Partner has determined
that it is necessary and desirable to amend the Partnership Agreement to allow the Partnership to make an election pursuant the PTET Provisions
and make certain PTET Payments (as defined below).

 

NOW, THEREFORE, in consideration of the premises
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Managing General Partner
hereby amends the Partnership Agreement as follows:

 

1.                 
Section 10.5 of the Partnership Agreement is hereby amended and restated to provide as follows (with additions in underline):

 

“Section 10.05. Withholding

 

Each Limited Partner hereby authorizes the Partnership
to withhold from or pay on behalf of or with respect to such Limited Partner any amount of federal, state, local, or foreign taxes
that the General Partner determines that the Partnership is required to withhold or pay with respect to any amount distributable or
allocable to such Limited Partner pursuant to this Agreement, including, without limitation, any taxes required to be withheld or
paid by the Partnership pursuant to Section 1441, 1442, 1445, or 1446 of the Code. Any amount paid on behalf of or with respect to a
Limited Partner shall constitute a recourse loan by the Partnership to such Limited Partner, which loan shall be repaid by such
Limited Partner within fifteen (15) days after notice from the General Partner that such payment must be made unless (i) the
Partnership withholds such payment from a distribution which would otherwise be made to the Limited Partner or (ii) the General
Partner determines, in its sole and absolute discretion, that such payment may be satisfied out of the available funds of the
Partnership which would, but for such payment, be distributed to the Limited Partner. Any amounts withheld pursuant to the foregoing
clauses (i) or (ii) shall be treated as having been distributed to such Limited Partner. Each Limited Partner hereby unconditionally
and irrevocably grants to the Partnership a security interest in such Limited Partner’s Partnership Interest to secure such
Limited Partner’s obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.5. In the
event that a Limited Partner fails to pay any amounts owed to the Partnership pursuant to this Section 10.5 when due, the General
Partner may, in its sole and absolute discretion, elect to make the payment to the Partnership on behalf of such defaulting Limited
Partner, and in such event shall be deemed to have loaned such amount to such defaulting Limited Partner and shall succeed to all
rights and remedies of the Partnership as against such defaulting Limited Partner (including, without limitation, the right to
receive distributions). Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans
at large United States money center commercial banks, as published from time to time in the Wall Street Journal, plus four
(4) percentage points (but not higher than the maximum lawful rate) from the date such amount is due (i.e., fifteen (15) days after
demand) until such amount is paid in full. Each Limited Partner shall take such actions as the Partnership or the General Partner
shall request in order to perfect or enforce the security interest created hereunder. Any PTET Payment made by the Partnership
and any withholding made by the Partnership with respect to any PTET Deficit shall be governed by Section 10.6 and not this Section
10.5 and shall not constitute a loan to any Partner except as provided in Section 10.6.”

 

     

     

    

 

2.                 
The following is added as a new Section 10.6 of the Partnership Agreement:

 

“Section 10.06. PTET Election

 

		A.	The General Partner is hereby authorized to make or cause to be made an election described in New York Tax Law Section 861 with respect
to 2021 and any subsequent taxable year of the Partnership (a “PTET Election”). With respect to any taxable year in
which a PTET Election has been or will be made (a “PTET Year”), it is intended that each eligible Partner receive its
applicable credit against New York tax described in New York Tax Law Section 606(kkk) (the “PTET Credit”).

 

		B.	The Partnership is hereby authorized to pay with respect to any PTET Year any tax imposed by New York Tax Law Section 862 (“PTET”)
and any estimates thereof (together, “PTET Payments”). If any Partner has a PTET Deficit at any time, or if the General
Partner determines in its sole discretion that such Partner may have a PTET Deficit in the future in whole or in part as the result of
any amount otherwise distributable or allocable to such Partner, the Partnership may withhold with respect to such amount pursuant to
this Agreement an amount necessary to eliminate such PTET Deficit. Any amounts withheld pursuant to the foregoing shall be treated as
having been distributed to such Partner. “PTET Deficit” with respect to a Partner means the aggregate amount of all PTET Payments made by
the Partnership multiplied, in each case, by the PTET Share of the Partner for the PTET Year of the applicable PTET Payment, less any
amounts withheld from such Partner pursuant to this Section 10.6.B. A Partner’s PTET Share for any PTET Year shall be equal to the
quotient of (i) such Partner’s PTET Credit for such PTET Year and (ii) the PTET for such PTET Year, as reasonably determined by
the General Partner; provided that if such PTET Credit or PTET for such PTET Year have not been determined at the time a Partner’s
PTET Share must be calculated for purposes of this Section 10.6, the General Partner shall reasonably estimate such PTET Share. Notwithstanding
anything in this Agreement to the contrary, any amounts withheld pursuant to this Section 10.6.B shall be governed by this Section 10.6
and not by Section 10.5 hereof.

 

		C.	If any Partner at any time has a PTET Deficit in excess of one million dollars ($1,000,000), such Partner shall, upon written notice
from the General Partner (a “PTET Deficit Notice”), promptly pay to the Partnership the amount of such PTET Deficit
to be paid as indicated by the General Partner in such PTET Deficit Notice. Each Limited Partner hereby unconditionally and irrevocably
grants to the Partnership a security interest in such Limited Partner’s Partnership Interest to secure such Limited Partner’s
obligation to pay to the Partnership any amounts required to be paid pursuant to this Section 10.6.C (provided that, for the avoidance
of doubt, no Limited Partner shall have any such obligation under this Section 10.6.C unless and until the General Partner provides a
PTET Deficit Notice to such Limited Partner). In the event that a Limited Partner fails to pay any amounts owed to the Partnership pursuant
to this Section 10.6.C within fifteen (15) days after the General Partner provides a PTET Deficit Notice to such Limited Partner that
such payment must be made, such amounts shall bear interest at the base rate on corporate loans at large United States money center commercial
banks, as published from time to time in the Wall Street Journal, plus four (4) percentage points (but not higher than the maximum lawful
rate) from such date (i.e., fifteen (15) days after the date the PTET Deficit Notice is provided) until such amount is paid in full. Each
Limited Partner shall take such actions as the Partnership or the General Partner shall request in order to perfect or enforce the security
interest created hereunder.

 

		D.	If, following the exercise by a Partner of the Redemption Right or any other redemption, repurchase or conversion right with respect
to any Partnership Units held by such Partner, or the distribution or allocation of any other amount to such Partner pursuant to terms
of this Agreement, such Partner would otherwise have a PTET Deficit in excess of fifty percent (50%) of the aggregate Value of the Partnership
Units held by such Partner after such exercise, distribution or allocation (the amount of such excess, the “Excess PTET Deficit”),
(i) the Redemption Amount or such other amount to which such Partner would otherwise be entitled pursuant to such exercise, distribution
or allocation shall be reduced by the Excess PTET Deficit and (ii) such Partner’s PTET Deficit shall be reduced by the Excess PTET
Deficit.

 

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		E.	Notwithstanding any provision to the contrary in this Agreement, (i) any gross items of loss, credit, or deduction arising from
                                                               a PTET Payment in any taxable year shall be specially allocated to each Partner pro rata in accordance with the relative PTET Shares of the Partners for such taxable year and (ii) all
Net Income and Net Loss of the Partnership (including any gross items thereof) shall be allocated to the Partners without regard to the
allocations described in clause (i) and as if such allocations described in clause (i) had not so been made.”

 

3.                 
 The definitions of any capitalized terms defined in this Amendment and used in any of the amendments set forth above shall be
deemed to be added to Article I. – Defined Terms of the Partnership Agreement.

 

4.                 
Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms
and conditions the Managing General Partner hereby ratifies and confirms.

 

5.                 
This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard
to conflicts of law.

 

6.                 
If any provision of this Amendment is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability
of the remaining provisions contained herein shall not be affected thereby.

 

IN WITNESS WHEREOF, the undersigned has executed this Amendment as
of the date first set forth above.

  

	 	SL GREEN REALTY CORP., a Maryland

 corporation,
	 	 
	 	as Managing General Partner of SL Green

 Operating Partnership, L.P.
	 	 
	 	and on behalf of existing Limited Partners
	 	 
		By: 	/s/ Andrew Levine
	 	 	Name:  Andrew Levine
	 	 	Title:  Executive Vice President
	 	 

 

[Signature Page to Amendment to Partnership
Agreement in respect of PTET Election]

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