Document:

Exhibit 10.1

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Corporate Address Fannin South Professional Building, Suite 140
7707 Fannin Street
Houston, Texas 77054
t: 832.968.4888
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December 27, 2022
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Daniel Clark
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Re:Terms of Separation 
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Dear Mr. Clark:
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This letter sets forth the terms of the agreement (the “Agreement”) between you and Kiromic BioPharma, Inc. (the “Company”) (you and the Company will be referred to collectively as the “Parties” and individually as a “Party”) arising out of your departure from the Company. 
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1.Separation Date.  On December 23, 2022 (the “Separation Date”), you, Daniel Clark, Chief Financial Officer, notified the Company of your decision to resign from your position at the Company, effective immediately. Under the terms of this Agreement, you acknowledge that your resignation from the Company was not for “good reason,” as that term is defined in the Executive Employment Agreement by and between you and the Company, dated February 14, 2022, but was voluntary and did not relate to any disagreement with the operations, policies or practices of the Company on any matters.
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2.Acknowledgment of Payment of Wages. On the next regularly scheduled payroll, we will provide you a paycheck representing all wages, salary, bonuses, commissions, reimbursable expenses, and accrued PTO (balance as of 12/23/2022) and any similar payments due you from the Company as of the Separation Date. On the first regularly scheduled payroll date for salaried employees in January 2023, the Company will provide you with a final paycheck representing any accrued and unused paternity leave due to you from the Company as of the Separation Date.  By signing below, you acknolwedge and agree that, excepting payment for accrued and unused paternity leave, you have received, as of the Separation Date, all wages, salary, bonuses, commission payments, and vacation and/or paid time off payments due you for work performed and services rendered by you during your employment through the Separation Date and, further, that you have received reimbursement for any and all business expenses incurred during and in connection with your employment with the Company.
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3.Review Period; Revocation Period.  You understand and acknowledge that you have twenty-one (21) calendar days from December 27, 2023 (the “Delivery Date”) to decide whether or not to sign this Agreement (the “Consideration Period”), during which time you may seek counsel. The Parties agree that any changes to this Agreement, whether material or 

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immaterial, will not restart the running of the Consideration Period. You can accept this Agreement at any time before the close of business on the 21st day after the Delivery Date by signing and returning it via federal express to Kiromic BioPharma, Inc; Attn: Pietro Bersani; 7707 Fannin Street; Suite 200; Houston, TX 77054, or via electronic mail to Pietro Bersani. You acknowledge and understands that you may revoke or cancel your acceptance of this Agreement by so notifying Pietro Bersani via email, within seven (7) days after you return an executed version of this Agreement (the “Revocation Period”). If you revoke your acceptance of this Agreement within the Revocation Period, you understand and acknowledge that you will not receive any of the consideration set forth in this Agreement, and this Agreement will be void. If you do not revoke your acceptance within the Revocation Period, this Agreement will become effective and enforceable on the eighth calendar day after you return an executed version of the Agreement to Pietro Bersani (the “Effective Date”).
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4.Consideration. Although the Company has no obligation to do so, if you sign this Agreement, which contains a release of claims (see Section 9), return this Agreement to the Company, allow it to become effective and do not revoke it within the time specified in this Agreement, and comply with your obligations under this Agreement, then the Company will enter into a consulting agreement with you and allow you to remain enrolled in the Company’s medical, dental, and vision plans on the same terms and conditions applicable to your current participation in any such plans as of the Separation Date, so long as the consulting agreement between you and the Company remains in effect.
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5.Return of Company Property.  By signing this Agreement, you acknolwedge and agree that all tangible materials (whether originals or duplicates and whether in hard or electronic form), including, but not limited to, drawings, notebooks, reports, proposals, list of actual or potential customers or suppliers, formulae, prototypes, tools, equipment, specifications, methodologies, blueprints, financial data, contracts, agreements, correspondence, documents, computer disks, computer printouts, information stored electronically on a computer, memoranda, and notes, in your possession or control that in any way relate to the Company’s business and that were furnished to you by the Company or which were prepared, compiled or acquired by you while employed by the Company shall be the sole property of the Company (collectively, “Recipient Materials”). You do not have to return Receipient Materials until the Consulting Agreement referenced in Section 4 is no longer in effect.  Upon the termination of the Consulting Agreement, you agree to deliver all Recipient Materials that are your possession, custody or control to the Company, regardless of whether such Materials are located in your office or automobile, or on your office, home or personal computer, and you agree that you will not retain any originals or copies of such Recipient Materials. You agree not to copy or remove from the Company’s place of business property or information belonging to the Company or entrusted to the Company or provide any Recipient Materials to any competitor of the Company without the express written consent of the Company. You also agree to authorize and permit the Company to inspect all computer drives used or maintained by you during your employment at or association with the Company and, if necessary, to permit the Company to delete any Recipient Materials or Proprietary Information (as that term is defined herein) contained on such drives.  Further, except as provided for in the Company’s Records Retention Policy, you agree not to take any steps to delete, destroy, or take any other actions that would cause the Company’s property to be deleted, destroyed or otherwise wiped or obfuscated at any time, including but 

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not limited to prior to return of such property to the Company.  Additionally, no later than the date upon which the consulting agreement terminates, you agree to return to the Company any equipment or other tangible property that you received from the Company during your employment or association with the Company, including, but not limited to, desktop and laptop computers, printers, monitors, cellular telephones, blackberries or other personal communication devices, credit cards, access cards, security cards, keys, and company vehicles that are in your possession, custody or control, and shall disclose any and all passwords or codes required to gain access to such devices.  If requested by the Company, you will provide the Company with written confirmation that all Recipient Materials have been delivered to the Company or have been destroyed and, further, you agree to take all appropriate steps to safeguard Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft.
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6.Proprietary Information. You hereby acknowledge that you are bound and will abide by the terms of the Employee Invention Assignment and Confidentiality Agreement that you signed during your employment with the Company, and that as a result of your employment with the Company, you have had access to the Company’s Proprietary Information (as defined in the agreement), that you will hold all Proprietary Information in strictest confidence and that you will not make use of such Proprietary Information on behalf of anyone. 
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7.Restricted Stock Units. All RSUs awarded to you have vested and been distributed to you.  You acknowledge and agree you are not entitled to any additional RSUs by virtue of your employment with the Company or any agreement between you and the Company.
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8.Stock Options. Pursuant to a Stock Option Agreement between you and the Company,  dated June 8, 2020, and the Company's 2017 Equity Incentive Plan (hereinafter referred to as the “SOA”), your stock options contain an exercise price of $17.47. Any vested stock options will be considered terminated and canceled within ninety (90) days of your signing this Agreement. Your rights concerning the stock options will continue to be governed by the SOA.
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9.General Release and Waiver of Claims.
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a.The payments and promises set forth in this Agreement are in full satisfaction of all accrued salary, vacation pay, bonus and commission pay, profit-sharing, stock, stock options or other ownership interest in the Company, termination benefits or other compensation to which you may be entitled by virtue of your employment with the Company or your separation from the Company. To the fullest extent permitted by law, you hereby release and waive any other claims you may have against the Company and its owners, agents, officers, shareholders, employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors and assigns (collectively “Releasees”), whether known or not known, including, without limitation, claims arising under or related to any employment agreement(s) between you and the Company, claims under any employment laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, physical injury, emotional distress, claims for additional compensation or benefits arising out of your employment or your separation of 

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employment, claims under Title VII of the 1964 Civil Rights Act, as amended, the Texas Labor Code and any other laws and/or regulations relating to employment or employment discrimination, including, without limitation, claims based on age or under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act, and/or claims based on disability or under the Americans with Disabilities Act.
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b.You hereby acknowledge that you are aware of the principle that a general release does extend to claims that the releasor does not know or suspect to exist in his or her favor at the time of executing the release, which, if known by him or her, may have materially affected his or her settlement with the releasee. With knowledge of this principle, you hereby agree to expressly waive any rights you may have to that effect.
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c.You and the Company do not intend to release claims that you may not release as a matter of law, including but not limited to claims for indemnity, or any claims for enforcement of this Agreement. To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be determined by an arbitrator under the procedures set forth in the arbitration clause below.
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10.Covenant Not to Sue:
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a.To the fullest extent permitted by law, at no time subsequent to the execution of this Agreement will you pursue, or cause or knowingly permit the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, of any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which you may now have, have ever had, or may in the future have against Releasees, which is based in whole or in part on any matter released by this Agreement.
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b.Nothing in this paragraph shall prohibit you from filing a charge or complaint with a government agency where, as a matter of law, the parties may not restrict your ability to file such administrative complaints. However, you understand and agree that, by entering into this Agreement, you are releasing any and all individual claims for relief, and that any and all subsequent disputes between you and the Company shall be resolved through arbitration as provided below.
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c.Nothing in this paragraph shall prohibit or impair you or the Company from complying with all applicable laws, nor shall this Agreement be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.
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11.Nondisparagement.  You agree that you will not make any disparaging, critical, and/or negative remarks about the Company and any of its products, services, owners, agents, officers, shareholders, employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them, with any written or oral statement, including without limitation posting on social media applications such as YouTube, Facebook, Twitter, blogs, or other public forums, or otherwise take any action that could reasonably be anticipated to cause damage to the reputation, goodwill, 

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or business of any of the Company Released Parties, or otherwise make remarks that may reflect negatively upon any of the Company Released Parties. The Company agrees to provide a neutral reference to any potential new employer identifying the position held by you upon the Separation Date and the starting and ending dates of your employment with the Company. Nothing in this Section shall prohibit you or the Company's employees from providing truthful information in response to a subpoena or other legal process.
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12.Non-Compete Provision Waiver: The Company shall waive section 6 of the Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement component of your Executive Employment Agreement.  Except as otherwise provided herein, the Parties acknowledge and agree that this Agreement does not amend, modify, restrict, alter or change in any way the other terms and provisions set forth in the Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement.
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13.Arbitration: Except for any claim for injunctive relief arising out of a breach or violation of any provision in the Employee Invention Assignment and Confidentiality Agreement, the parties agree to arbitrate, in Houston, Texas through the American Arbitration Association (“AAA”) before a single arbitrator, in accordance with the AAA’s National Rules for the Resolution of Employment Disputes then in effect, any and all disputes or claims arising out of or related to the validity, enforceability, interpretation, performance or breach of this Agreement, whether sounding in tort, contract, statutory violation or otherwise, or involving the construction or application or any of the terms, provisions, or conditions of this Agreement. Any arbitration may be initiated by a written demand to the other party. The arbitrator’s decision shall be final, binding, and conclusive. Except as otherwise provided herein, the parties further agree that this Agreement is intended to be strictly construed to provide for arbitration as the sole and exclusive means for resolution of all disputes hereunder to the fullest extent permitted by law. The parties expressly waive any entitlement to have such controversies decided by a court or a jury.
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14.Attorneys’ Fees: If any action is brought to enforce the terms of this Agreement, the prevailing party will be entitled to recover its reasonable attorneys’ fees, costs and expenses from the other party, in addition to any other relief to which the prevailing party may be entitled.
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15.Confidentiality.  You and your representatives and agents agree that the terms of this Agreement are to remain strictly confidential and shall not be disclosed unless required by law or the judicial process, as explained below. Notwithstanding the foregoing restriction, you may disclose the terms of this Agreement to your immediate family members, tax and financial advisors, and attorneys, if any, so long as such persons agree to be bound by the confidentiality terms of this Agreement, and to the IRS in response to an inquiry, and you may disclose any restrictive covenants and your compensation to potential and/or actual employers and/or executive recruiters. You acknowledge and agree that you will be responsible and liable for any disclosure prohibited by this Section 14 made by you, your representatives, and/or your family members that you authorized, facilitated, and/or directed, or failed to prevent with reasonable diligence.  If you are served with a court order, subpoena, or other legal process that calls for disclosure of this Agreement or its terms, you must promptly provide the Company with written notice thereof by e-mail, along with a copy of the order, subpoena, or other legal process. The 

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breach of this Section 15 shall not affect the continuing validity or enforceability of this Agreement. The restrictions in this Section 15 shall not apply to any responses the Company is required to make in compliance with applicable law.  Further, the Company agrees that the terms of this Agreement are to remain strictly confidential and shall not be disclosed except that the Company may disclose the Agreement and the  terms set forth herein (i) to officers, members, managers, and/or partners of the Company with a business reason to know; (ii) under the compulsion of subpoena, provided that you are given reasonable notice and the opportunity to resist or impose conditions upon disclosure; (iii) with prior written consent by you; (iv) pursuant to a court order or other judicial process; (v) to enforce this Agreement; and/or (vi) as otherwise required by law.
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16.No Admission of Liability: This Agreement is not and shall not be construed or contended by you to be an admission or evidence of any wrongdoing or liability on the part of Releasees, their representatives, heirs, executors, attorneys, agents, partners, officers, shareholders, directors, employees, subsidiaries, affiliates, divisions, successors or assigns. This Agreement shall be afforded the maximum protection allowable under the Federal Rules of Evidence 408 and/or any other state or federal provisions of similar effect.
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17.Complete and Voluntary Agreement: This Agreement, the Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement, and the RSU Agreement together constitute the entire agreement between you and Releasees with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter. You acknowledge that neither Releasees nor their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Agreement for the purpose of inducing you to execute the Agreement, and you acknowledge that you have executed this Agreement in reliance only upon such promises, representations and warranties as are contained herein, and that you are executing this Agreement voluntarily, free of any duress or coercion.
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18.Severability: The provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable. Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant not to sue above shall otherwise remain effective to release any and all other claims.
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19.Modification; Counterparts; Facsimile/PDF Signatures: It is expressly agreed that this Agreement may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by authorized representatives of each of the parties to this Agreement. This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. Execution of a facsimile or PDF copy shall have the same force and effect as execution of an original and a copy of a signature will be equally admissible in any legal proceeding as if an original.
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20.Governing Law: It is the intention of the Parties that the laws of the State of Texas 

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should govern the validity of this Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto without regard to any contrary conflicts of laws principles or provisions of any state or jurisdiction. It is stipulated that Texas has a compelling state interest in the subject matter of this Agreement, and that Employee has had regular contact with Texas in the performance of Employee’s job duties and this Agreement.
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If you agree to abide by the terms outlined in this letter, please sign this letter below and also sign the attached copy and return it to me. I wish you the best in your future endeavors.
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Sincerely,
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Kiromic BioPharma, Inc.
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By:​ ​/s/ Pietro Bersani​ ​ Pietro Bersani
CEO
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READ, UNDERSTOOD AND AGREED:
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/s/ Daniel Clark

Date: December 27, 2022​ ​
Daniel ClarkExhibit 10.24

 

EXECUTION
VERSION

 

STOCK
PURCHASE AGREEMENT (this “Agreement”), dated as of December 30, 2022, by and among HWGC Holdings Limited, a
Nevada corporation (the “Seller”), with an address at Portman House, 2 Portman Street, London, W1H 6DU, United
Kingdom, Leong Yee Ming (the “Purchaser”), a resident of the Country of Malaysia, with an address at 11-2-3,
Menara Antara, Jalan Bukit Ceylon Menara Antara, Federal Territory of Kuala Lumpur, 50200, Malaysia, and Vitaxel Sdn Bhd, a company
incorporated under the laws of the Country of Malaysia (“Vitaxel”).

 

WHEREAS,
the Seller owns all the issued and outstanding ordinary shares, par value RM1.00 per share (the “Shares”) of
Vitaxel and Vitaxel Online Mall Sdn Bhd, a company incorporated under the laws of the Country of Malaysia (“Vionmall”;
and together with Vitaxel, the “Subsidiaries”);

 

WHEREAS,
as a result of two recent acquisitions consummated by the Seller, the Seller is no longer in the e-commerce business which has
been operated by the Subsidiaries since 2014;

 

WHEREAS,
the Seller wishes to sell to the Purchaser, and the Purchaser wishes to purchase and accept from the Seller, the Shares, upon
the terms and subject to the conditions set forth herein; and

 

WHEREAS,
as consideration for the purchase of the Shares, the Purchaser wishes to assume, and Vitaxel wishes to assign to the Purchaser,
certain debt owed by the Seller to Vitaxel, upon the terms and subject to the conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements and covenants hereinafter set forth, and intending to be
legally bound, the Seller and the Purchaser hereby agree as follows:

 

Article
I

DEFINITIONS

 

SECTION
1.01.  Certain Defined Terms. For purposes of this Agreement:

 

“Action”
means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority.

 

“Affiliate”
means, with respect to any specified Person, any other Person that, directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such specified Person.

 

“Encumbrance”
means any security interest, pledge, hypothecation, mortgage, lien (including environmental and Tax liens), violation, charge,
lease, license, encumbrance, servient easement, adverse claim, reversion, reverter, preferential arrangement, restrictive covenant,
condition or restriction of any kind, including any restriction on the use, voting, transfer, receipt of income or other exercise
of any attributes of ownership.

 

    

     

    

 

EXECUTION
VERSION

 

“Governmental
Authority” means any federal, national, supranational, state, provincial, local, or similar government, governmental,
regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any
Governmental Authority.

 

“Law”
means any federal, national, foreign, supranational, state, provincial, local or administrative statute, law, ordinance, regulation,
rule, code, order, requirement or rule of law (including common law) or a legally binding directive of, or issued by, a Governmental
Authority.

 

“Person”
means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization
or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended.

 

“Tax”
means any and all income, capital, capital gains, franchise, windfall profits, transfer, stamp, property, excise, net worth and
similar taxes, fees, levies, duties, tariffs and other charges of any kind (together with any and all interest, penalties, additions
to tax and additional amounts imposed with respect thereto) imposed by any Governmental Authority.

 

“Tax
Return” means any and all returns, reports and forms (including elections, declarations, amendments, schedules, information,
returns, or attachments thereto) required to be filed with a Governmental Authority, or provided for under applicable Law, with
respect to Taxes.

 

SECTION
1.02.  Interpretation and Rules of Construction.

 

(a)         
In this Agreement, except to the extent otherwise provided or that the context otherwise requires:

 

(i)           
when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section
of, or a Schedule or Exhibit to, this Agreement unless otherwise indicated;

 

(ii)          
the section headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation
of this Agreement;

 

(iii)         
whenever the words “include,” “includes” or “including” are used in this Agreement, they are
deemed to be followed by the words “without limitation”;

 

(iv)         
the words “hereof,” “herein” and “hereunder” and words of similar import, when used in this
Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement;

 

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EXECUTION
VERSION

 

(v)          
all terms defined in this Agreement have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto, unless otherwise defined therein;

 

(vi)         
the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms;

 

(vii)        
any Law defined or referred to herein or in any agreement or instrument that is referred to herein means such Law or statute as
from time to time amended, modified or supplemented, including by succession of comparable successor Laws;

 

(viii)       
references to a Person are also to its successors and permitted assigns;

 

(ix)         
the use of “or” is not intended to be exclusive unless expressly indicated otherwise; and

 

(x)          
references to sums of money are expressed in lawful currency of the Malaysian Federation, unless otherwise stated, and “RM”
refers to Malaysian Ringgit.

 

Article
II

PURCHASE AND SALE

 

SECTION
2.01.  Purchase and Sale of the Shares. Upon the terms and subject to the conditions of this Agreement, upon the execution
and delivery of this Agreement (the “Closing”), the Seller shall sell, assign, transfer, convey, and deliver,
or cause to be sold, assigned, transferred, conveyed, and delivered, to the Purchaser the Shares, and the Purchaser shall purchase
and accept the Shares. The date of the Closing shall hereinafter be referred to as the “Closing Date”.

 

SECTION
2.02.  Purchase Price. The aggregate purchase price for the Shares shall be RM4,500,002 (the “Purchase Price”),
with RM4,500,000 allocated for the purchase of Vitaxel and RM2 for the purchase of Vionmall. The entire Purchase Price shall be
payable to the Seller by the Purchaser’s assumption of that certain amount of debt owed by the Seller to Vitaxel as further
described in Section 2.03.

 

SECTION
2.03.  Payment of Purchase Price with Debt Assumption. The Seller, the Purchaser and Vitaxel acknowledge that the
Seller owes approximately RM4,950,000 to Vitaxel in intercompany loans. The Seller and Vitaxel will assign, and the Purchaser
will assume, subject to the terms and conditions contained in this Agreement, a portion of such intercompany loans in the amount
equal to the Purchase Price (the “Assumed Debt”) and in full satisfaction of the Purchase Price.

 

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EXECUTION
VERSION

 

SECTION
2.04.  Closing. Subject to the terms and conditions of this Agreement, the Closing is taking place remotely, by electronic
exchange of documents or, if or to the extent such an exchange is not practicable, at the offices of the Crone Law Group P.C.
in New York, New York.

 

SECTION
2.05.  Deliveries by the Seller. Simultaneously with the execution of this Agreement, the Seller shall deliver or
cause to be delivered to the Purchaser:

 

(a)          
a true and complete copy of the resolutions duly and validly adopted by the Board of Directors of the Seller evidencing their
authorization of the execution and delivery of this Agreement and the consummation of the transaction contemplated hereby; and

 

(b)          
a copy of the transfer agent instruction letter from the Seller that instructs the Seller’s stock transfer agent to transfer
the Shares in book entry form to the Purchaser.

 

Article
III

REPRESENTATIONS AND WARRANTIES

OF THE SELLER

 

As
an inducement to the Purchaser to enter into this Agreement, the Seller hereby represents and warrants to the Purchaser as follows:

 

SECTION
3.01.  Organization, Authority and Qualification of the Seller. The Seller is a corporation duly organized, validly
existing and in good standing under the laws of the State of Nevada and has all necessary power and authority to enter into this
Agreement and to carry out its obligations hereunder and to consummate the transaction contemplated hereby. The execution and
delivery of this Agreement by the Seller, the performance by the Seller of its obligations hereunder and the consummation by the
Seller of the transaction contemplated hereby have been duly authorized by all requisite corporate action on the part of the Seller
and its stockholders. This Agreement has been duly executed and delivered by the Seller, and assuming due authorization, execution
and delivery by the Purchaser and Vitaxel, this Agreement constitutes legal, valid and binding obligations of the Seller, enforceable
against the Seller in accordance with its terms.

 

    4

     

    

 

EXECUTION
VERSION

 

SECTION
3.02.  Capitalization. None of the issued and outstanding Shares was issued in violation of any preemptive rights.
There are no options, warrants, convertible securities or other rights, agreements, arrangements, or commitments of any character
relating to the Shares or obligating either the Seller or either Subsidiary to issue or sell any Shares, or any other interest
in, either Subsidiary. The Shares constitute all of the issued and outstanding capital stock of the Subsidiaries and are owned
of record and beneficially by the Seller free and clear of all Encumbrances. Upon consummation of the transaction contemplated
by this Agreement and registration of the Shares in the name of the Purchaser in the stock records of each Subsidiary, the Purchaser,
assuming it shall have purchased the Shares for value in good faith and without notice of any adverse claim, will own all the
issued and outstanding capital stock of each Subsidiary free and clear of all Encumbrances. The Shares are fully paid and nonassessable.
There are no voting trusts, stockholder agreements, proxies or other agreements or understandings in effect with respect to the
voting or transfer of any of the Shares.

 

SECTION
3.03.  No Conflict. Assuming compliance with and obtaining of all filings, notifications, consents, approvals, authorizations
and other required actions except as may result from any facts or circumstances relating solely to the Purchaser, the execution,
delivery and performance by the Seller of this Agreement will not (a) violate, conflict with or result in the breach of any
provision of the certificate of incorporation or by-laws (or similar organizational documents) of the Seller or the Company, (b) conflict
with or violate any material Law or Governmental Order applicable to the Seller or the Subsidiaries or any of their respective
assets, properties or businesses, conflict with, result in any breach of, constitute a default (or event which with the giving
of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of
termination, amendment, acceleration, suspension, revocation or cancellation of, or result in the creation of any Encumbrance
on any of the Shares or any of the assets of the Seller or the Subsidiaries pursuant to, any note, bond, mortgage or indenture,
contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which the Company is a
party or by which any of the Shares or any of such assets or properties is bound or affected, except to the extent that such conflicts,
breaches, defaults or other matters would not (i) adversely affect the ability of the Seller to carry out its obligations
under, and to consummate the transaction contemplated by, this Agreement or (ii) adversely affect the ability of either Subsidiary
to conduct its respective business.

 

Article
IV

representations and warranties

of the purchaser

 

As
an inducement to the Seller to enter into this Agreement, the Purchaser hereby represents and warrants to the Seller as follows:

 

SECTION
4.01.  Authority and Qualification of the Purchaser. The execution and delivery of this Agreement by the Purchaser,
the performance by the Purchaser of his obligations hereunder and the consummation by the Purchaser of the transaction contemplated
hereby have been duly authorized on the part of the Purchaser. This Agreement has been duly executed and delivered by the Purchaser,
and assuming due authorization, execution and delivery by the Seller and Vitaxel, this Agreement constitutes legal, valid and
binding obligations of the Purchaser, enforceable against him in accordance with its terms.

 

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EXECUTION
VERSION

 

SECTION
4.02.  No Conflict. The execution, delivery and performance by the Purchaser of this Agreement will not (a) conflict
with or violate any Law or Governmental Order applicable to the Purchaser, or (b) conflict with, or result in any breach
of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require
any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation or cancellation
of, any note, bond, mortgage or indenture, contract, agreement, lease, sublease, license, permit, franchise or other instrument
or arrangement to which the Purchaser is a party, which would adversely affect the ability of the Purchaser to carry out its obligations
under, and to consummate the transaction contemplated by this Agreement.

 

SECTION
4.03.  Governmental Approval. The execution, delivery and performance by the Purchaser of this Agreement does not
require any consent, approval, authorization or other order of, action by, filing with, or notification to any Governmental Authority
or any other third party.

 

SECTION
4.04.  Investment Purpose. The Purchaser is acquiring the Shares solely for the purpose of investment and not with
a view to or for offer or sale in connection with any distribution there of other than in compliance with all applicable laws,
including United States federal securities laws.

 

SECTION
4.05.  Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of
the Purchaser.

 

Article
V

ADDITIONAL AgreementS

 

SECTION
5.01.  Assignment and Assumption of Debt.

 

(a)           Vitaxel
and the Seller hereby irrevocably transfer and assign to the Purchaser, and the Purchaser hereby accepts such transfer and assignment,
all of the Seller’s interests in, and obligations under, the Assumed Debt. Hereafter, the Seller disclaims any further interest
in, or obligations under, the Assumed Debt and Vitaxel agrees to look solely to the Purchaser for satisfaction of the Assumed
Debt. In connection with this assignment, the Seller and Vitaxel represent and warrant that (i) Vitaxel is the sole party to whom
the Seller owes the Assumed Debt, and (ii) no promissory note was issued pursuant to the Assumed Debt, or in relation to any of
the intercompany loans from Vitaxel to the Seller. The execution and delivery of this Agreement shall effect a release and discharge
by Vitaxel and its affiliates and past, present and future officers, directors, shareholders, employees, agents, successors and
assigns from all manner of action, cause and causes of action, suits, debts, sums of money, accounts, covenants, controversies,
agreements, promises, damages, judgments, executions, costs, expenses, rights, claims or demands whatsoever, existing at the date
hereof, at any time before the date hereof, or hereafter arising, both anticipated and unanticipated, known and unknown, contingent
and non-contingent, liquidated and non-liquidated, that Vitaxel has had, now has, then had or may have against the Seller or its
past, present or future officers, directors, shareholders, employees, agents, successors or assigns by reason of any cause or
thing, arising or to arise, out of the Assumed Debt; provided, however that this release and discharge does not apply to
the Purchaser in any manner, including in relation to his status as a past, present, or future officer, director, or shareholder
of the Seller.

 

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SECTION
5.02.  Tax and Financial Statement Cooperation.

 

(a)          
Following the Closing, the Seller and the Purchaser shall
provide each other with such cooperation and information as either of them reasonably may request of the other in filing any
Tax Return, amended Tax Return or claim for refund, determining a liability for Taxes or a right to a refund of Taxes or
participating in or conducting any audit or other proceeding in respect of Taxes relating to the sale and transfer of the
Shares. Such cooperation and information shall include providing copies of relevant Tax Returns or portions thereof, together
with related work papers and documents relating to rulings or other determinations by taxing authorities. The Seller and the
Purchaser shall make themselves (and their respective employees) reasonably available on a mutually convenient basis to
provide explanations of any documents or information provided under this Section 5.02. Each of the Seller and the
Purchaser shall retain all Tax Returns, work papers and all material records or other documents in its possession (or in the
possession of its Affiliates) relating to Tax matters relevant to the Shares or the Company for any taxable period that
includes the Closing Date and for all prior taxable periods until the later of (i) the expiration of the statute of
limitations of the taxable periods to which such Tax Returns and other documents relate; or (ii) six (6) years following the
due date (without extension) for such Tax Returns. After such time, before the Seller or the Purchaser shall dispose of any
such documents in its possession (or in the possession of its Affiliates), the other party shall be given an opportunity,
after ninety (90) days’ prior written notice, to remove and retain all or any part of such documents as such other
party may select (at such other party’s expense). Any information obtained under this Section 5.02 shall be kept
confidential, except as may be otherwise necessary in connection with the filing of Tax Returns or claims for refund or in
conducting an audit or other proceeding.

 

(b)          
Following the Closing, the Purchaser shall cooperate with the Seller in connection with the Seller’s preparation of financial
statements, and, if necessary, any audits of the financial performance of either Company, for all periods required in connection
with the Seller’s reporting obligations under the United States securities laws. Such cooperation shall include, providing
full access to the books and records of either Company, any work papers generated in connection therewith, Company personnel,
outside auditors, and assisting the Seller in obtaining any required consent of such outside auditors in connection with the Seller’s
reporting obligations under the United Stated securities laws.

 

SECTION
5.03.  Evidence of Share Transfer. As soon as practicable after the date hereof, the Seller shall deliver copies of
the instrument of transfer or other required documentation evidencing the transfer of the Shares in book entry form to the Purchaser.

 

SECTION
5.04.  Further Action. Each of the parties hereto shall use all reasonable efforts to take, or cause to be taken,
all appropriate action, do or cause to be done all things necessary, proper, or advisable under applicable Law, and to execute
and deliver such documents and other papers, as may be required to carry out the provisions of this Agreement and consummate and
make effective the transaction contemplated hereby.

 

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Article
VI

INDEMNIFICATION

 

SECTION
6.01.  Survival of Representations, Warranties and Covenants. The representations and warranties of the Purchaser
and the Seller contained in this Agreement or in any certificates delivered pursuant to this Agreement shall terminate as of the
Closing. None of the covenants or agreements contained in this Agreement shall survive the Closing other than those which by their
terms contemplate performance after the Closing and such surviving covenants and agreements shall survive the Closing only until
the expiration of the term of the undertaking set forth in such covenants and agreements.

 

SECTION
6.02.  Indemnification. The Seller, its officers, directors, employees and agents (each, a “Seller Indemnified
Party”) shall from and after the Closing be indemnified and held harmless by the Purchaser for and against any and all
losses, damages, claims, costs and expenses, interest, awards, judgments and penalties (including reasonable attorneys’
and consultants’ fees and expenses) actually suffered or incurred by them (hereinafter a “Loss”), arising
out of or resulting from the assets, the operations, or the financial condition of the business of, or any direct or indirect
liabilities of or relating to, the Company, after the Closing, whether or not such Losses arose before or after the Closing.

 

SECTION
6.03.  Limitations on Indemnification. (a) No claim may be asserted nor may any Action be commenced against the Purchaser
unless written notice of such claim or Action is received by the Purchaser describing in reasonable detail the facts and circumstances
with respect to the subject matter of such claim or Action on or prior to the date on which the representation, warranty, covenant
or agreement on which such claim or Action is based ceases to survive as set forth in Section 6.01.

 

(b)          
Notwithstanding anything to the contrary contained in this Agreement, after the Closing, none of the parties hereto and none of
their respective Affiliates shall have any liability under any provision of this Agreement for any punitive, incidental, consequential,
special or indirect damages, including loss of future profits, revenue or income, diminution in value or loss of business reputation
or opportunity relating to the breach or alleged breach of this Agreement, regardless of whether such damages were foreseeable.

 

(c)          
For all purposes of this Article VI, “Losses” shall be net of any recovery or benefit (including insurance)
payable to the Seller Indemnified Party or any of its Affiliates in connection with the facts giving rise to the right of indemnification
and, if the Seller Indemnified Party or any of its Affiliates receives such recovery or benefit after receipt of payment from
the Purchaser, then the amount of such recovery or benefit, net of reasonable expenses incurred in obtaining such recovery or
benefit, shall be paid to the Purchaser. No Seller Indemnified Party shall be entitled to any payment, adjustment or indemnification
more than once with respect to the same matter.

 

SECTION
6.04.  Notice of Loss; Third-Party Claims. (a) A Seller Indemnified Party shall give the Purchaser notice in reasonable
detail of any matter which a Seller Indemnified Party has determined has given or could give rise to a right of indemnification
under this Agreement, within thirty (30) days of such determination, stating the amount of the Loss, if known, and method of computation
thereof, and containing a reference to the provisions of this Agreement in respect of which such right of indemnification is claimed
or arises.

 

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(b)          
If a Seller Indemnified Party shall receive notice of any Action, audit, claim, demand or assessment against it (each, a “Third-Party
Claim”), which may give rise to a claim for Loss under this Article VI, within thirty (30) days of the receipt
of such notice (or within such shorter period as may be required to permit the Purchaser to respond to any such claim), the Seller
Indemnified Party shall give the Purchaser notice of such Third-Party Claim together with copies of all notices and documents
served on or received by the Seller Indemnified Party in respect thereof. The Purchaser shall be entitled to assume and control
the defense of such Third-Party Claim at its expense and through counsel of its choice, if it gives notice of its intention to
do so to the Seller Indemnified Party within thirty (30) days of the receipt of such notice from the Seller Indemnified Party,
it being understood that such election shall be without prejudice to the rights of the Purchaser to dispute whether such claim
involves recoverable or indemnifiable Losses under this Article VI. If the Purchaser elects to undertake any such
defense against a Third-Party Claim, the Seller Indemnified Party may participate in such defense at its own expense. The Seller
Indemnified Party shall cooperate with the Purchaser in such defense and make available to the Purchaser, at the Seller Indemnified
Party’s expense, all witnesses, pertinent records, materials, and information in the Seller Indemnified Party’s possession
or under the Seller Indemnified Party’s control relating thereto (or in the possession or control of any of its representatives)
as is reasonably requested by the Purchaser or its counsel. If the Purchaser elects to direct the defense of any such Third-Party
Claim, the Seller Indemnified Party shall not pay, or permit to be paid, any part of such Third-Party Claim unless (i) the Purchaser
consents in writing to such payment; (ii) the Purchaser withdraws from the defense of such Third-Party Claim; or (iii) a final
judgment from which no appeal may be taken by or on behalf of the Purchaser is entered against the Seller Indemnified Party for
such Third-Party Claim. If the Seller Indemnified Party assumes the defense of any such Third-Party Claim pursuant to this Section 6.04 and proposes to settle such Third-Party Claim prior to a final judgment thereon or to forgo any appeal with respect thereto,
then the Seller Indemnified Party shall give the Purchaser prompt written notice thereof and the Purchaser shall have the right
to participate in the settlement or assume or reassume the defense of such Third-Party Claim. The Seller Indemnified Party shall
not admit any liability with respect to, or settle, compromise or discharge any Third-Party Claim without the Purchaser’s
prior written consent. The Purchaser shall have the right to settle any Third-Party Claim for which it obtains a full release
of the Seller Indemnified Party in respect of such Third-Party Claim or to which settlement the Seller Indemnified Party consents
in writing, such consent not to be unreasonably withheld or delayed.

 

SECTION
6.05.  Remedies. Each of the parties hereto acknowledges and agrees that following the Closing, other than as provided
in Section 7.07 and except with respect to claims for fraud, the indemnification provisions of this Article VI shall
be the sole and exclusive remedies of the parties hereto for any breach of the representations and warranties contained in this
Agreement and for any failure to perform and comply with any covenant or agreement in this Agreement.

 

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Article
VII

GENERAL PROVISIONS

 

SECTION
7.01.  Expenses. Except as otherwise specified in this Agreement, all costs, and expenses, including fees and disbursements
of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transaction contemplated by
this Agreement shall be paid by the party incurring such costs and expenses.

 

SECTION
7.02.  Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and
shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally
recognized overnight courier service, by facsimile or registered or certified mail (postage prepaid, return receipt requested)
to the respective parties hereto at the following addresses (or at such other address for a party as shall be specified in a notice
given in accordance with this Section 7.02), to the address of the respective party indicated above.

 

SECTION
7.03.  Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto and thereto with respect
to the subject matter hereof and thereof and supersedes all prior agreements and undertakings, both written and oral, between
the Seller, Vitexel and the Purchaser with respect to the subject matter hereof and thereof.

 

SECTION
7.04.  Severability. If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced
by any Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect
for so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any party hereto. 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 an acceptable manner in order that the transactions contemplated hereby are consummated as originally
contemplated to the greatest extent possible.

 

SECTION
7.05.  Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York applicable to contracts executed in and to be performed in that State without giving effect to any choice or conflict
of law provision or rule. Each of the parties hereto hereby (a) submits to the exclusive jurisdiction of any federal or state
court sitting in the State of New York for the purpose of any Action, directly or indirectly, arising out of, relating to, or
in connection with this Agreement brought by any party hereto; (b) agrees that service of process will be validly effected by
sending notice in accordance with Section 7.02; (c) irrevocably waives and releases, and agrees not to assert by way of
motion, defense, or otherwise, in or with respect to any such Action, any claim, whether actual or potential, known or unknown,
suspected or unsuspected, based upon past or future events, now existing or coming into existence in the future, that (i) such
Action is not subject to the subject matter jurisdiction of at least one of the above-named courts; (ii) its property is exempt
or immune from attachment or execution in the State of New York; (iii) such Action is brought in an inconvenient forum; (D) that
the venue of such Action is improper; or (iv) this Agreement or the transactions contemplated by this Agreement may not be enforced
in or by any of the above-named courts; and (d) agrees not to move to transfer any such Action to a court other than any of the
above-named courts. THE PARTIES HERETO IRREVOCABLY WAIVE ANY AND ALL RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
ACTION, PROCEEDING OR CLAIM OF ANY NATURE DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS THIS AGREEMENT OR UNDER ANY
OTHER DOCUMENT EXECUTED IN CONNECTION WITH THIS AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. THE PARTIES HERETO
ACKNOWLEDGE THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, AND (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY.

 

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SECTION
7.06.  Specific Performance. The parties hereto acknowledge and agree that the parties hereto would be irreparably
damaged if any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise
breached and that any non-performance or breach of this Agreement by a party hereto could not be adequately compensated by monetary
damages alone and that the parties hereto would not have any adequate remedy at law. Accordingly, in addition to any other right
or remedy to which any party hereto may be entitled, at law or in equity (including monetary damages), such party shall be entitled
to enforce any provision of this Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive
relief to prevent breaches or threatened breaches of any of the provisions of this Agreement without posting any bond or other
undertaking. The parties hereto agree that they will not contest the appropriateness of specific performance as a remedy.

 

SECTION
7.07.  Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or
more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to
be an original, but all of which taken together shall constitute one and the same agreement.

 

SECTION
7.08.  Assignment. This Agreement may not be assigned by operation of law or otherwise without the express written
consent of the Seller and the Purchaser (which consent may be granted or withheld in the sole discretion of the Seller or the
Purchaser).

 

SECTION
7.09.  Amendment. This Agreement may not be amended or modified except (a) by an instrument in writing signed
by, or on behalf of, the Seller and the Purchaser or (b) by a waiver in accordance with Section 7.10.

 

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SECTION
7.10.  Waiver. Any party to this Agreement may (a) extend the time for the performance of any of the obligations
or other acts of the other party, (b) waive any inaccuracies in the representations and warranties of the other party contained
herein or in any document delivered by the other party pursuant hereto or (c) waive compliance with any of the agreements
of the other party or conditions to such party’s obligations contained herein. Any such extension or waiver shall be valid
only if set forth in an instrument in writing signed by the party to be bound thereby. Any waiver of any term or condition shall
not be construed as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any
other term or condition of this Agreement. The failure of any party hereto to assert any of its rights hereunder shall not constitute
a waiver of any of such rights. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of,
any rights or remedies otherwise available.

 

SECTION
7.11.  No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties
hereto and their respective successors and permitted assigns and nothing herein, express, or implied, is intended to or shall
confer upon any other Person, any legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of
employment for any specified period, under or by reason of this Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    12

     

    

 

IN
WITNESS WHEREOF, the Seller, the Purchaser and Vitaxel have caused this Agreement to be executed as of the date first written
above.

	 	 	 	 
	 	HWGC Holdings Limited	 
	 	 	 	 
	 	By:	/s/ Lim
    Chun Hoo	 
	 	 	Name: Lim Chun Hoo	 
	 	 	Title: Director	 
	 	 	 	 
	 	THE PURCHASER	 
	 	 	 	 
	 	/s/
    Leong Yee Ming 	 
	 	Leong Yee Ming	 
	 	 	 	 
	 	VITAXEL SDN BHD	 
	 	 	 	 
	 	By:	/s/ Lim
    Wee Kiat	 
	 	 	Name: Lim Wee Kiat	 
	 	 	Title: Director	 

 

[Signature
Page to the Stock Purchase Agreement]

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