Document:

Exhibit 10.1

 

Note Purchase Agreement

 

This
Note Purchase Agreement (this “Agreement”), dated as of December 12, 2022, is entered into by and between Antelope
Enterprise Holdings Limited, a British Virgin Islands company (“Company”), and Atlas
Sciences, LLC, a Utah limited liability company, its successors and/or assigns (“Investor”).

 

A.            Company
and Investor are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded by the Securities
Act of 1933, as amended (the “1933 Act”), and the rules and regulations promulgated thereunder by the United States
Securities and Exchange Commission (the “SEC”).

 

B.             Investor
desires to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement, a Promissory Note,
in the form attached hereto as Exhibit A, in the original principal amount of $1,332,500.00 (the “Note”).

 

C.             This
Agreement, the Note, and all other certificates, documents, agreements, resolutions and instruments delivered to any party under or in
connection with this Agreement, as the same may be amended from time to time, are collectively referred to herein as the “Transaction
Documents”.

 

NOW, THEREFORE, in
consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Company and Investor hereby agree as follows:

 

1.            
Purchase and Sale of Note.

 

1.1.            
Purchase of Note. Company shall issue and sell to Investor and Investor shall purchase from Company the Note. In consideration
thereof, Investor shall pay the Purchase Price (as defined below) to Company.

 

1.2.            
Form of Payment. On the Closing Date, Investor shall pay the Purchase Price to Company via wire transfer of immediately
available funds against delivery of the Note.

 

1.3.            
Closing Date. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section 6 below,
the date of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be December 12,
2022, or another mutually agreed upon date. The closing of the purchase and sale of the Note (the “Closing”) shall
occur on the Closing Date by means of the exchange by email of signed .pdf documents, but will be deemed for all purposes to have occurred
at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

1.4.            
Collateral for the Note. The Note shall be unsecured.

 

1.5.            
Purchase Price. The Note carries an original issue discount of $62,500.00 (the “OID”). In addition, Company
agrees to pay $20,000.00 to Investor to cover Investor’s legal fees, accounting costs, due diligence, monitoring and other transaction
costs incurred in connection with the purchase and sale of the Note (the “Transaction Expense Amount”). The OID and
Transaction Expense amount will be included in the initial principal balance of the Note. The “Purchase Price”, therefore,
shall be $1,250,000.00, computed as follows: $1,332,500.00 initial principal balance, less the OID, less the Transaction Expense Amount.

 

    1

     

    

 

2.             
Investor’s Representations and Warranties. Investor represents and warrants to Company that as of the Closing Date:
(i) this Agreement has been duly and validly authorized; (ii) this Agreement constitutes a valid and binding agreement of Investor enforceable
in accordance with its terms; (iii) Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D of the 1933 Act; (iv) Investor has experience as an investor in securities of companies in the development stage and acknowledges that
Investor has such knowledge and experience in financial or business matters that Investor is capable of evaluating the merits and risks
of this investment in the Note and protecting its own interests in connection with this investment; (v) Investor understands that the
Note is characterized as a “restricted security” under the 1933 Act inasmuch as it is being acquired from Company in a transaction
not involving a public offering and that under the 1933 Act and applicable regulations thereunder such security may be resold without
registration under the 1933 Act only in certain limited circumstances; (vi) Investor represents that Investor is familiar with Rule 144
of the SEC, as presently in effect, and understands the resale limitations imposed thereby and by the 1933 Act; (vii) Investor understands
that the Company is under no obligation to register the Note; (viii) at no time was Investor presented with or solicited by any publicly
issued or circulated newspaper, mail, radio, television or other form of general or advertising or solicitation in connection with the
offer, sale and purchase of the Note; (ix) Investor has received or has had full access to all the information it considers necessary
or appropriate to make an informed investment decision with respect to the Shares; and (x) Investor further has had an opportunity to
ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Note and to obtain additional
information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary
to verify any information furnished to Investor or to which Investor had access.

 

3.            
Company’s Representations and Warranties. Company represents and warrants to Investor that as of the Closing Date:
(i) Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation
and has the requisite corporate power to own its properties and to carry on its business as now being conducted; (ii) Company is duly
qualified as a foreign corporation to do business and is in good standing in each jurisdiction where the nature of the business conducted
or property owned by it makes such qualification necessary; (iii) Company has registered its common shares, $0.024 par value per share
(the “Common Shares”), under Section 12(b) or (g) of the Securities Exchange Act of 1934, as amended (the “1934
Act”), and is obligated to file reports pursuant to Section 13 or Section 15(d) of the 1934 Act; (iv) each of the
Transaction Documents and the transactions contemplated hereby and thereby, have been duly and validly authorized by Company and all necessary
actions have been taken; (v) this Agreement, the Note, and the other Transaction Documents have been duly executed and delivered by Company
and constitute the valid and binding obligations of Company enforceable in accordance with their terms; (vi) the execution and delivery
of the Transaction Documents by Company, the issuance of the Note in accordance with the terms hereof, and the consummation by Company
of the other transactions contemplated by the Transaction Documents do not and will not conflict with or result in a breach by Company
of any of the terms or provisions of, or constitute a default under (a) Company’s formation documents or bylaws, each as currently
in effect, (b) any indenture, mortgage, deed of trust, or other material agreement or instrument to which Company is a party or by which
it or any of its properties or assets are bound, including, without limitation, any listing agreement for the Common Shares, or (c) any
existing applicable law, rule, or regulation or any applicable decree, judgment, or order of any court, United States federal, state or
foreign regulatory body, administrative agency, or other governmental body having jurisdiction over Company or any of Company’s
properties or assets; (vii) no further authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory
organization, or stock exchange or market or the stockholders or any lender of Company is required to be obtained by Company for the issuance
of the Note to Investor or the entering into of the Transaction Documents; (viii) none of Company’s filings with the SEC contained,
at the time they were filed, any untrue statement of a material fact or omitted to state any material fact required to be stated therein
or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading; (ix) Company
has filed all reports, schedules, forms, statements and other documents required to be filed by Company with the SEC under the 1934 Act
on a timely basis or has received a valid extension of such time of filing and has filed any such report, schedule, form, statement or
other document prior to the expiration of any such extension; (x) there is no action, suit, proceeding, inquiry or investigation before
or by any court, public board or body pending or, to the knowledge of Company, threatened against or affecting Company before or by any
governmental authority or non-governmental department, commission, board, bureau, agency or instrumentality or any other person; (xi)
Company has not consummated any financing transaction that has not been disclosed in a periodic filing or current report with the SEC
under the 1934 Act; (xii) Company is not, nor has it been at any time in the previous twelve (12) months, a “Shell Company,”
as such type of “issuer” is described in Rule 144(i)(1) under the 1933 Act; (xiii) with respect to any commissions, placement
agent or finder’s fees or similar payments that will or would become due and owing by Company to any person or entity as a result
of this Agreement or the transactions contemplated hereby (“Broker Fees”), any such Broker Fees will be made in full
compliance with all applicable laws and regulations and only to a person or entity that is a registered investment adviser or registered
broker-dealer; (xiv) Investor shall have no obligation with respect to any Broker Fees or with respect to any claims made by or on behalf
of other persons for fees of a type contemplated in this subsection that may be due in connection with the transactions contemplated hereby
and Company shall indemnify and hold harmless each of Investor, Investor’s employees, officers, directors, stockholders, members,
managers, agents, and partners, and their respective affiliates, from and against all claims, losses, damages, costs (including the costs
of preparation and attorneys’ fees) and expenses suffered in respect of any such claimed Broker Fees; (xv) neither Investor nor
any of its officers, directors, stockholders, members, managers, employees, agents or representatives has made any representations or
warranties to Company or any of its officers, directors, employees, agents or representatives except as expressly set forth in the Transaction
Documents and, in making its decision to enter into the transactions contemplated by the Transaction Documents, Company is not relying
on any representation, warranty, covenant or promise of Investor or its officers, directors, members, managers, employees, agents or representatives
other than as set forth in the Transaction Documents; (xvi) Company acknowledges that the State of Utah has a reasonable relationship
and sufficient contacts to the transactions contemplated by the Transaction Documents and any dispute that may arise related thereto such
that the laws and venue of the State of Utah, as set forth more specifically in Section 10.2 below, shall be applicable to the Transaction
Documents and the transactions contemplated therein; (xvii) Company acknowledges that Investor is not registered as a ‘dealer’
under the 1934 Act; and (xviii) Company has performed due diligence and background research on Investor and its affiliates and has received
and reviewed the due diligence packet provided by Investor. Company, being aware of the matters and legal issues described in subsections
(xvii) and (xviii) above, acknowledges and agrees that such matters, or any similar matters, have no bearing on the transactions contemplated
by the Transaction Documents and covenants and agrees it will not use any such information or legal theory as a defense to performance
of its obligations under the Transaction Documents or in any attempt to avoid, modify, reduce, rescind or void such obligations.

 

    2

     

    

 

4.            
Company Covenants. Until all of Company’s obligations under the Note are paid and performed in full, or within the
timeframes otherwise specifically set forth below, Company will at all times comply with the following covenants: (i) Company will timely
file on the applicable deadline all reports required to be filed with the SEC pursuant to Sections 13 or 15(d) of the 1934 Act, and
will take all reasonable action under its control to ensure that adequate current public information with respect to Company, as required
in accordance with Rule 144 of the 1933 Act, is publicly available, and will not terminate its status as an issuer required to file reports
under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would permit such termination; (ii) the Common Shares
will be listed or quoted for trading on NYSE or NASDAQ; (iii) trading in Company’s Common Shares will not be suspended, halted,
chilled, frozen, reach zero bid or otherwise cease trading on Company’s principal trading market; (iv) from the date that Company
issues an aggregate of $1,000,000.00 in Restricted Issuances (as defined below) (calculated beginning on the Closing Date) until five
(5) days after the Note is satisfied in full, Company will not make any Restricted Issuance without Investor’s prior written consent,
which consent may be granted or withheld in Investor’s sole and absolute discretion; and (v) Company will not enter into any agreement
or otherwise agree to any covenant, condition, or obligation that locks up, restricts in any way or otherwise prohibits Company: (a) from
entering into a variable rate transaction with Investor or any affiliate of Investor, or (b) from issuing Common Shares, preferred stock,
warrants, convertible notes, other debt securities, or any other Company securities to Investor or any affiliate of Investor. For purposes
hereof, the term “Restricted Issuance” means the issuance, incurrence or guaranty of any debt obligations other than
trade payables in the ordinary course of business, or the issuance of any securities that (1) have or may have conversion rights of any
kind, contingent, conditional or otherwise, in which the number of shares that may be issued pursuant to such conversion right varies
with the market price of the Common Shares, (2) are or may become convertible into Common Shares (including without limitation convertible
debt, warrants or convertible preferred shares), with a conversion price that varies with the market price of the Common Shares, even
if such security only becomes convertible following an event of default, the passage of time, or another trigger event or condition; or
(3) have a fixed conversion price, exercise price or exchange price that is subject to being reset at some future date at any time after
the initial issuance of such debt or equity security (A) due to a change in the market price of Company’s Common Shares since the
date of the initial issuance or (B) upon the occurrence of specified or contingent events directly or indirectly related to the business
of Company. For the avoidance of doubt, the issuance of Common Shares under, pursuant to, in exchange for or in connection with any contract
or instrument, whether convertible or not, is deemed a Restricted Issuance for purposes hereof if the number of Common Shares to be issued
is based upon or related in any way to the market price of the Common Shares, including, but not limited to, Common Shares issued in connection
with a Section 3(a)(9) exchange, a Section 3(a)(10) settlement, or any other similar settlement or exchange. For the further avoidance
of doubt, the term Restricted Issuance does not include ATMs (as defined below), Public Offerings (as defined in Nasdaq Rule IM-5635-3),
or warrants with no variable price components or reset provisions. For purposes hereof, the term “ATM” means a continuous
primary offering, whereby Company, with the help of a FINRA-registered broker-dealer as an agent, sells newly issued equity securities,
registered off a shelf-registration statement, into a securities exchange at prevailing market prices.

 

    3

     

    

 

5.            
Conditions to Company’s Obligation to Sell. The obligation of Company hereunder to issue and sell the Note to Investor
at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions:

 

5.1.            
Investor shall have executed this Agreement and delivered the same to Company.

 

5.2.            
Investor shall have delivered the Purchase Price to Company in accordance with Section 1.2 above.

 

6.            
Conditions to Investor’s Obligation to Purchase. The obligation of Investor hereunder to purchase the Note at the
Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, provided that these conditions
are for Investor’s sole benefit and may be waived by Investor at any time in its sole discretion:

 

6.1.            
Company shall have executed this Agreement and the Note and delivered the same to Investor.

 

6.2.            
Company shall have delivered to Investor a fully executed Officer’s Certificate substantially in the form attached hereto
as Exhibit B evidencing Company’s approval of the Transaction Documents.

 

    4

     

    

 

7.            
Most Favored Nation. So long as the Note is outstanding, upon any issuance by Company of any indebtedness with any term
or condition more favorable to the holder of such indebtedness or with a term in favor of the holder of such indebtedness that was not
similarly provided to Investor in the Transaction Documents, then Company shall notify Investor of such additional or more favorable term
and such term, at Investor’s option, shall become a part of the Transaction Documents for the benefit of Investor. Additionally,
if Company fails to notify Investor of any such additional or more favorable term, but Investor becomes aware that Company has granted
such a term to any third party, Investor may notify Company of such additional or more favorable term and such term shall become a part
of the Transaction Documents retroactive to the date on which such term was granted to the applicable third party. The types of terms
contained in another indebtedness that may be more favorable to the holder of such indebtedness include, but are not limited to, terms
addressing conversion into Common Shares, conversion discounts, conversion lookback periods, interest rates, original issue discounts,
stock sale price, conversion price per share, warrant coverage, warrant exercise price, and anti-dilution/conversion and exercise price
resets.

 

8.            
Participation Right. Beginning on the Closing Date and ending on the date that is five (5) Trading Days after the issued
Note has been paid in full, Company hereby grants to Investor a participation right, whereby Investor shall have the right to participate
at Investor’s discretion in up to fifteen percent (15%) of the amount sold in any Restricted Issuance (the “Participation
Right”). Within two (2) Trading Days following the consummation of a Restricted Issuance, Company will provide Investor with
written notice of the consummation of such Restricted Issuance, along with copies of the transaction documents. Investor will then have
up to five (5) calendar days to elect to purchase up to fifteen percent (15%) of the amount of debt or equity securities issued in such
transaction on the most favorable terms and conditions offered to any other purchaser of the same securities. The parties agree that in
the event Company breaches its obligations with respect to the Participation Right, Investor’s sole and exclusive remedy shall be
to receive, as liquidated damages, an amount equal to twenty percent (20%) of the amount Investor would have been entitled to invest under
the Participation Right. For the avoidance of doubt, Company’s breach of its obligations with respect to the Participation Right
will not be considered a Trigger Event (as defined in the Note) under the Note.  

 

9.            
Reinvestment Right. Any at time during the 12-month period beginning on the earlier of (a) the date of the first redemption
under the Note; or (b) the 12-month anniversary of the Closing Date, Investor will have the right, but not the obligation, in its sole
and absolute discretion, to reinvest up to an additional $5,000,000.00 in Company in one or more notes on the same terms and conditions
as the Note.

 

10.          
Miscellaneous. The provisions set forth in this Section 10 shall apply to this Agreement, as well as all other Transaction
Documents as if these terms were fully set forth therein; provided, however, that in the event there is a conflict between any provision
set forth in this Section 10 and any provision in any other Transaction Document, the provision in such other Transaction Document shall
govern.

 

10.1.         
Arbitration of Claims. The parties shall submit all Claims (as defined in Exhibit C) arising under this Agreement
or any other Transaction Document or any other agreement between the parties and their affiliates or any Claim relating to the relationship
of the parties to binding arbitration pursuant to the arbitration provisions set forth in Exhibit C attached hereto (the “Arbitration
Provisions”). For the avoidance of doubt, the parties agree that the injunction described in Section 10.3 below may be pursued
in an arbitration that is separate and apart from any other arbitration regarding all other Claims arising under the Transaction Documents.
The parties hereby acknowledge and agree that the Arbitration Provisions are unconditionally binding on the parties hereto and are severable
from all other provisions of this Agreement. By executing this Agreement, Company represents, warrants and covenants that Company has
reviewed the Arbitration Provisions carefully, consulted with legal counsel about such provisions (or waived its right to do so), understands
that the Arbitration Provisions are intended to allow for the expeditious and efficient resolution of any dispute hereunder, agrees to
the terms and limitations set forth in the Arbitration Provisions, and that Company will not take a position contrary to the foregoing
representations. Company acknowledges and agrees that Investor may rely upon the foregoing representations and covenants of Company regarding
the Arbitration Provisions.

 

    5

     

    

 

10.2.         
Governing Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Utah,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Utah. Each party consents to and expressly agrees
that the exclusive venue for arbitration of any dispute arising out of or relating to any Transaction Document or the relationship of
the parties or their affiliates shall be in Salt Lake County, Utah. Without modifying the parties’ obligations to resolve disputes
hereunder pursuant to the Arbitration Provisions, for any litigation arising in connection with any of the Transaction Documents, each
party hereto hereby (i) consents to and expressly submits to the exclusive personal jurisdiction of any state or federal court sitting
in Salt Lake County, Utah, (ii) expressly submits to the exclusive venue of any such court for the purposes hereof, and (iii) waives any
claim of improper venue and any claim or objection that such courts are an inconvenient forum or any other claim, defense or objection
to the bringing of any such proceeding in such jurisdiction or to any claim that such venue of the suit, action or proceeding is improper.
Company acknowledges that the governing law and venue provisions set forth in this Section 10.2 are material terms to induce Investor
to enter into the Transaction Documents and that but for Company’s agreements set forth in this Section 10.2 Investor would not
have entered into the Transaction Documents.

 

10.3.          
Specific Performance. Company acknowledges and agrees that Investor may suffer irreparable harm in the event that Company
fails to perform any material provision of this Agreement or any of the other Transaction Documents in accordance with its specific terms.
It is accordingly agreed that Investor shall be entitled to one or more injunctions to prevent or cure breaches of the provisions of this
Agreement or such other Transaction Document and to enforce specifically the terms and provisions hereof or thereof, this being in addition
to any other remedy to which Investor may be entitled under the Transaction Documents, at law or in equity. Company specifically agrees
that: (a) following an Event of Default (as defined in the Note) under the Note, Investor shall have the right to seek and receive injunctive
relief from a court or an arbitrator prohibiting Company from issuing any of its Common Shares or preferred stock to any party unless
the Note is being paid in full simultaneously with such issuance; and (b) following a breach of Section 4(v) above, Investor shall have
the right to seek and receive injunctive relief from a court or arbitrator invalidating such lock-up. Company specifically acknowledges
that Investor’s right to obtain specific performance constitutes bargained for leverage and that the loss of such leverage would
result in irreparable harm to Investor. For the avoidance of doubt, in the event Investor seeks to obtain an injunction from a court or
an arbitrator against Company or specific performance of any provision of any Transaction Document, such action shall not be a waiver
of any right of Investor under any Transaction Document, at law, or in equity, including without limitation its rights to arbitrate any
Claim pursuant to the terms of the Transaction Documents, nor shall Investor’s pursuit of an injunction prevent Investor, under
the doctrines of claim preclusion, issues preclusion, res judicata or other similar legal doctrines, from pursuing other Claims in the
future in a separate arbitration.

 

10.4.          
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method
and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

    6

     

    

 

10.5.         
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the
interpretation of, this Agreement.

 

10.6.          
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified
to conform to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

10.7.         
Entire Agreement. This Agreement, together with the other Transaction Documents, contains the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither Company
nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters. For the avoidance of doubt, all
prior term sheets or other documents between Company and Investor, or any affiliate thereof, related to the transactions contemplated
by the Transaction Documents (collectively, “Prior Agreements”), that may have been entered into between Company and
Investor, or any affiliate thereof, are hereby null and void and deemed to be replaced in their entirety by the Transaction Documents.
To the extent there is a conflict between any term set forth in any Prior Agreement and the term(s) of the Transaction Documents, the
Transaction Documents shall govern.

 

10.8.         
Amendments. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by both
parties hereto.

 

10.9.         
Notices. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall
be deemed effectively given on the earliest of: (i) the date delivered, if delivered by personal delivery as against written receipt therefor
or by email to an executive officer named below or such officer’s successor, or by facsimile (with successful transmission confirmation
which is kept by sending party), (ii) the earlier of the date delivered or the third Trading Day after deposit, postage prepaid, in the
United States Postal Service by certified mail, or (iii) the earlier of the date delivered or the third Trading Day after mailing by express
courier, with delivery costs and fees prepaid, in each case, addressed to each of the other parties thereunto entitled at the following
addresses (or at such other addresses as such party may designate by five (5) calendar days’ advance written notice similarly given
to each of the other parties hereto):

 

If to Company:

 

Antelope Enterprise Holdings
Limited

Attn: Hen Man Edmund, Chief
Financial Officer

c/o Jinjiang Hengda Ceramics
Co., Ltd.

Junbing Industrial Zone, Anhai,
Jinjiang City, Fujian Province

China

 

With a copy to (which copy shall not constitute
notice):

 

Hunter Taubman Fischer & Li LLC

Attn: Joan Wu

48 Wall Street, Suite 1100

New York, NY 10005

Email: jwu@htflawyers.com

 

    7

     

    

 

If to Investor:

 

Atlas Sciences, LLC

Attn: John Finlayson

3051 West Maple Loop Drive, Suite 325

Lehi, Utah 84043

 

With a copy to (which copy shall not constitute notice):

 

Hansen Black Anderson Ashcraft PLLC

Attn: Jonathan Hansen

3051 West Maple Loop Drive, Suite 325

Lehi, Utah 84043

 

10.10.         Successors
and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by Investor
hereunder may be assigned by Investor to a third party, including its affiliates, in whole or in part, without the need to obtain Company’s
consent thereto. Company may not assign its rights or obligations under this Agreement or delegate its duties hereunder, whether directly
or indirectly, without the prior written consent of Investor, and any such attempted assignment or delegation shall be null and void.

 

10.11.        
Survival. The representations and warranties of Company and the agreements and covenants set forth in this Agreement shall
survive the Closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of Investor. Company agrees to
indemnify and hold harmless Investor and all its officers, directors, employees, attorneys, and agents for loss or damage arising as a
result of or related to any breach or alleged breach by Company of any of its representations, warranties and covenants set forth in this
Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

10.12.        
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

10.13.        
Investor’s Rights and Remedies Cumulative. All rights, remedies, and powers conferred in this Agreement and the Transaction
Documents are cumulative and not exclusive of any other rights or remedies, and shall be in addition to every other right, power, and
remedy that Investor may have, whether specifically granted in this Agreement or any other Transaction Document, or existing at law, in
equity, or by statute, and any and all such rights and remedies may be exercised from time to time and as often and in such order as Investor
may deem expedient.

 

10.14.       
Attorneys’ Fees and Cost of Collection. In the event any suit, action or arbitration is filed by either party against
the other to interpret or enforce any of the Transaction Documents, the unsuccessful party to such action agrees to pay to the prevailing
party all costs and expenses, including attorneys’ fees incurred therein, including the same with respect to an appeal. The
 “prevailing party” shall be the party in whose favor a judgment is entered, regardless of whether judgment is entered on all
claims asserted by such party and regardless of the amount of the judgment; or where, due to the assertion of counterclaims, judgments
are entered in favor of and against both parties, then the arbitrator shall determine the “prevailing party” by taking into
account the relative dollar amounts of the judgments or, if the judgments involve nonmonetary relief, the relative importance and value
of such relief. Nothing herein shall restrict or impair an arbitrator’s or a court’s power to award fees and expenses for
frivolous or bad faith pleading. If (i) the Note is placed in the hands of an attorney for collection or enforcement prior to commencing
arbitration or legal proceedings, or is collected or enforced through any arbitration or legal proceeding, or Investor otherwise takes
action to collect amounts due under the Note or to enforce the provisions of the Note, or (ii) there occurs any bankruptcy, reorganization,
receivership of Company or other proceedings affecting Company’s creditors’ rights and involving a claim under the Note; then
Company shall pay the costs incurred by Investor for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, without limitation, attorneys’ fees, expenses, deposition costs, and disbursements.

 

    8

     

    

 

10.15.        
Waiver. No waiver of any provision of this Agreement shall be effective unless it is in the form of a writing signed by
the party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision
or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent
or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

10.16.        
Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH
PARTY MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, ANY OTHER
TRANSACTION DOCUMENT, OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND
A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT
SUCH PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

10.17.        
Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement
and the other Transaction Documents.

 

10.18.        
Voluntary Agreement. Company has carefully read this Agreement and each of the other Transaction Documents and has asked
any questions needed for Company to understand the terms, consequences and binding effect of this Agreement and each of the other Transaction
Documents and fully understand them. Company has had the opportunity to seek the advice of an attorney of Company’s choosing, or
has waived the right to do so, and is executing this Agreement and each of the other Transaction Documents voluntarily and without any
duress or undue influence by Investor or anyone else.

 

10.19.       
Document Imaging. Investor shall be entitled, in its sole discretion, to image or make copies of all or any selection of
the agreements, instruments, documents, and items and records governing, arising from or relating to any of Company’s loans, including,
without limitation, this Agreement and the other Transaction Documents, and Investor may destroy or archive the paper originals. The
parties hereto (i) waive any right to insist or require that Investor produce paper originals, (ii) agree that such images shall be accorded
the same force and effect as the paper originals, (iii) agree that Investor is entitled to use such images in lieu of destroyed or archived
originals for any purpose, including as admissible evidence in any demand, presentment or other proceedings, and (iv) further agree that
any executed facsimile (faxed), scanned, emailed, or other imaged copy of this Agreement or any other Transaction Document shall be deemed
to be of the same force and effect as the original manually executed document.

 

[Remainder of page intentionally left blank;
signature page follows]

 

    9

     

    

 

IN WITNESS WHEREOF, the undersigned
Investor and Company have caused this Agreement to be duly executed as of the date first above written.

 

	 	INVESTOR:
	 	 
	 	Atlas Sciences, LLC
	 	 
	 	By:	/s/ John Finlayson
	 	 	John Finlayson, Chief Executive Officer
	 	 
	 	COMPANY:
	 	 
	 	Antelope Enterprise
    Holdings Limited
	 	 
	 	By:	/s/ Hen Man Edmund
	 	 	Hen Man Edmund, Chief Financial Officer

 

[Signature Page to Note
Purchase Agreement]

 

     

     

    

 

ATTACHED EXHIBITS:

 

	Exhibit A	Note
	Exhibit B	Officer’s Certificate
	Exhibit C	Arbitration Provisions

 

     

     

    

 

Exhibit
C

 

ARBITRATION PROVISIONS

 

1.      Dispute
Resolution. For purposes of this Exhibit C, the term “Claims” means any disputes, claims, demands, causes
of action, requests for injunctive relief, requests for specific performance, liabilities, damages, losses, or controversies whatsoever
arising from, related to, or connected with the transactions contemplated in the Transaction Documents and any communications between
the parties related thereto, including without limitation any claims of mutual mistake, mistake, fraud, misrepresentation, failure of
formation, failure of consideration, promissory estoppel, unconscionability, failure of condition precedent, rescission, and any statutory
claims, tort claims, contract claims, or claims to void, invalidate or terminate the Agreement (or these Arbitration Provisions (defined
below)) or any of the other Transaction Documents. For the avoidance of doubt, Investor’s pursuit of an injunction or other Claim
pursuant to these Arbitration Provisions or with a court will not later prevent Investor under the doctrines of claim preclusion, issue
preclusion, res judicata or other similar legal doctrines from pursuing other Claims in a separate arbitration in the future. The parties
to this Agreement (the “parties”) hereby agree that the Claims may be arbitrated in one or more Arbitrations pursuant
to these Arbitration Provisions (one for an injunction or injunctions and a separate one for all other Claims). The parties to the Agreement
hereby agree that the arbitration provisions set forth in this Exhibit C (“Arbitration Provisions”) are binding
on each of them. As a result, any attempt to rescind the Agreement (or these Arbitration Provisions) or declare the Agreement (or these
Arbitration Provisions) or any other Transaction Document invalid or unenforceable for any reason is subject to these Arbitration Provisions.
As a result, any attempt to rescind the Agreement (or these Arbitration Provisions) or any other Transaction Document) or declare the
Agreement (or these Arbitration Provisions) or any other Transaction Document invalid or unenforceable pursuant to Section 29 of the 1934
Act or for any other reason is subject to these Arbitration Provisions. Any capitalized term not defined in these Arbitration Provisions
shall have the meaning set forth in the Agreement.

 

2.      Arbitration.
Except as otherwise provided herein, all Claims must be submitted to arbitration (“Arbitration”) to be conducted exclusively
in Salt Lake County, Utah and pursuant to the terms set forth in these Arbitration Provisions. Subject to the arbitration appeal right
provided for in Paragraph 5 below (the “Appeal Right”), the parties agree that the award of the arbitrator rendered
pursuant to Paragraph 4 below (the “Arbitration Award”) shall be (a) final and binding upon the parties, (b) the sole
and exclusive remedy between them regarding any Claims, counterclaims, issues, or accountings presented or pleaded to the arbitrator,
and (c) promptly payable in United States dollars free of any tax, deduction or offset (with respect to monetary awards). Subject to the
Appeal Right, any costs or fees, including without limitation attorneys’ fees, incurred in connection with or incident to enforcing
the Arbitration Award shall, to the maximum extent permitted by law, be charged against the party resisting such enforcement. The Arbitration
Award shall include default interest (as defined or otherwise provided for in the Note, “Default Interest”) (with respect
to monetary awards) at the rate specified in the Note for Default Interest both before and after the Arbitration Award. Judgment upon
the Arbitration Award will be entered and enforced by any state or federal court sitting in Salt Lake County, Utah.

 

3.      The
Arbitration Act. The parties hereby incorporate herein the provisions and procedures set forth in the Utah Uniform Arbitration Act,
U.C.A. § 78B-11-101 et seq. (as amended or superseded from time to time, the “Arbitration Act”). Notwithstanding
the foregoing, pursuant to, and to the maximum extent permitted by, Section 105 of the Arbitration Act, in the event of conflict or variation
between the terms of these Arbitration Provisions and the provisions of the Arbitration Act, the terms of these Arbitration Provisions
shall control and the parties hereby waive or otherwise agree to vary the effect of all requirements of the Arbitration Act that may conflict
with or vary from these Arbitration Provisions.

 

4.      Arbitration
Proceedings. Arbitration between the parties will be subject to the following:

 

4.1       Initiation
of Arbitration. Pursuant to Section 110 of the Arbitration Act, the parties agree that a party may initiate Arbitration by giving
written notice to the other party (“Arbitration Notice”) in the same manner that notice is permitted under Section
10.9 of the Agreement; provided, however, that the Arbitration Notice may not be given by email or fax. Arbitration will be deemed
initiated as of the date that the Arbitration Notice is deemed delivered to such other party under Section 10.9 of the Agreement (the
 “Service Date”). After the Service Date, information may be delivered, and notices may be given, by email or fax pursuant
to Section 10.9 of the Agreement or any other method permitted thereunder. The Arbitration Notice must describe the nature of the controversy,
the remedies sought, and the election to commence Arbitration proceedings. All Claims in the Arbitration Notice must be pleaded consistent
with the Utah Rules of Civil Procedure.

 

     

     

    

 

4.2       Selection
and Payment of Arbitrator.

 

            (a)
Within ten (10) calendar days after the Service Date, Investor shall select and submit to Company the names of three (3) arbitrators
that are designated as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com) (such
three (3) designated persons hereunder are referred to herein as the “Proposed Arbitrators”). For the avoidance of
doubt, each Proposed Arbitrator must be qualified as a “neutral” with Utah ADR Services. Within five (5) calendar days after
Investor has submitted to Company the names of the Proposed Arbitrators, Company must select, by written notice to Investor, one (1)
of the Proposed Arbitrators to act as the arbitrator for the parties under these Arbitration Provisions. If Company fails to select one
of the Proposed Arbitrators in writing within such 5-day period, then Investor may select the arbitrator from the Proposed Arbitrators
by providing written notice of such selection to Company.

 

            (b) If Investor fails
to submit to Company the Proposed Arbitrators within ten (10) calendar days after the Service Date pursuant to subparagraph (a) above,
then Company may at any time prior to Investor so designating the Proposed Arbitrators, identify the names of three (3) arbitrators that
are designated as “neutrals” or qualified arbitrators by Utah ADR Service by written notice to Investor. Investor may then,
within five (5) calendar days after Company has submitted notice of its Proposed Arbitrators to Investor, select, by written notice to
Company, one (1) of the Proposed Arbitrators to act as the arbitrator for the parties under these Arbitration Provisions. If Investor
fails to select in writing and within such 5-day period one (1) of the three (3) Proposed Arbitrators selected by Company, then Company
may select the arbitrator from its three (3) previously selected Proposed Arbitrators by providing written notice of such selection to
Investor.

 

            (c) If a Proposed Arbitrator
chosen to serve as arbitrator declines or is otherwise unable to serve as arbitrator, then the party that selected such Proposed Arbitrator
may select one (1) of the other three (3) Proposed Arbitrators within three (3) calendar days of the date the chosen Proposed Arbitrator
declines or notifies the parties he or she is unable to serve as arbitrator. If all three (3) Proposed Arbitrators decline or are otherwise
unable to serve as arbitrator, then the arbitrator selection process shall begin again in accordance with this Paragraph 4.2.

 

            (d) The date that the
Proposed Arbitrator selected pursuant to this Paragraph 4.2 agrees in writing (including via email) delivered to both parties to serve
as the arbitrator hereunder is referred to herein as the “Arbitration Commencement Date”. If an arbitrator resigns
or is unable to act during the Arbitration, a replacement arbitrator shall be chosen in accordance with this Paragraph 4.2 to continue
the Arbitration. If Utah ADR Services ceases to exist or to provide a list of neutrals and there is no successor thereto, then the arbitrator
shall be selected under the then prevailing rules of the American Arbitration Association.

 

             (e) Subject to Paragraph
4.10 below, the cost of the arbitrator must be paid equally by both parties. Subject to Paragraph 4.10 below, if one party refuses or
fails to pay its portion of the arbitrator fee, then the other party can advance such unpaid amount (subject to the accrual of Default
Interest thereupon), with such amount being added to or subtracted from, as applicable, the Arbitration Award.

 

4.3       Applicability
of Certain Utah Rules. The parties agree that the Arbitration shall be conducted generally in accordance with the Utah Rules of Civil
Procedure and the Utah Rules of Evidence. More specifically, the Utah Rules of Civil Procedure shall apply, without limitation, to the
filing of any pleadings, motions or memoranda, the conducting of discovery, and the taking of any depositions. The Utah Rules of Evidence
shall apply to any hearings, whether telephonic or in person, held by the arbitrator. Notwithstanding the foregoing, it is the parties’
intent that the incorporation of such rules will in no event supersede these Arbitration Provisions. In the event of any conflict between
the Utah Rules of Civil Procedure or the Utah Rules of Evidence and these Arbitration Provisions, these Arbitration Provisions shall control.

 

4.4       Answer
and Default. An answer and any counterclaims to the Arbitration Notice shall be required to be delivered to the party initiating the
Arbitration within twenty (20) calendar days after the Arbitration Commencement Date. If an answer is not delivered by the required deadline,
the arbitrator must provide written notice to the defaulting party stating that the arbitrator will enter a default award against such
party if such party does not file an answer within five (5) calendar days of receipt of such notice. If an answer is not filed within
the five (5) day extension period, the arbitrator must render a default award, consistent with the relief requested in the Arbitration
Notice, against a party that fails to submit an answer within such time period.

 

     

     

    

 

4.5       Related
Litigation. The party that delivers the Arbitration Notice to the other party shall have the option to also commence concurrent legal
proceedings with any state or federal court sitting in Salt Lake County, Utah (“Litigation Proceedings”), subject to
the following: (a) the complaint in the Litigation Proceedings is to be substantially similar to the claims set forth in the Arbitration
Notice, provided that an additional cause of action to compel arbitration will also be included therein, (b) so long as the other party
files an answer to the complaint in the Litigation Proceedings and an answer to the Arbitration Notice, the Litigation Proceedings will
be stayed pending an Arbitration Award (or Appeal Panel Award (defined below), as applicable) hereunder, (c) if the other party fails
to file an answer in the Litigation Proceedings or an answer in the Arbitration proceedings, then the party initiating Arbitration shall
be entitled to a default judgment consistent with the relief requested, to be entered in the Litigation Proceedings, and (d) any legal
or procedural issue arising under the Arbitration Act that requires a decision of a court of competent jurisdiction may be determined
in the Litigation Proceedings. Any award of the arbitrator (or of the Appeal Panel (defined below)) may be entered in such Litigation
Proceedings pursuant to the Arbitration Act.

 

4.6       Discovery.
Pursuant to Section 118(8) of the Arbitration Act, the parties agree that discovery shall be conducted as follows:

 

            (a) Written discovery
will only be allowed if the likely benefits of the proposed written discovery outweigh the burden or expense thereof, and the written
discovery sought is likely to reveal information that will satisfy a specific element of a claim or defense already pleaded in the Arbitration.
The party seeking written discovery shall always have the burden of showing that all of the standards and limitations set forth in these
Arbitration Provisions are satisfied. The scope of discovery in the Arbitration proceedings shall also be limited as follows:

 

(i)       To
facts directly connected with the transactions contemplated by the Agreement.

 

(ii)      To
facts and information that cannot be obtained from another source or in another manner that is more convenient, less burdensome or less
expensive than in the manner requested.

 

            (b) No party shall be
allowed (i) more than fifteen (15) interrogatories (including discrete subparts), (ii) more than fifteen (15) requests for admission (including
discrete subparts), (iii) more than ten (10) document requests (including discrete subparts), or (iv) more than three (3) depositions
(excluding expert depositions) for a maximum of seven (7) hours per deposition. The costs associated with depositions will be borne by
the party taking the deposition. The party defending the deposition will submit a notice to the party taking the deposition of the estimated
attorneys’ fees that such party expects to incur in connection with defending the deposition. If the party defending the deposition
fails to submit an estimate of attorneys’ fees within five (5) calendar days of its receipt of a deposition notice, then such party
shall be deemed to have waived its right to the estimated attorneys’ fees. The party taking the deposition must pay the party defending
the deposition the estimated attorneys’ fees prior to taking the deposition, unless such obligation is deemed to be waived as set
forth in the immediately preceding sentence. If the party taking the deposition believes that the estimated attorneys’ fees are
unreasonable, such party may submit the issue to the arbitrator for a decision. All depositions will be taken in Utah.

 

            (c) All discovery requests
(including document production requests included in deposition notices) must be submitted in writing to the arbitrator and the other party.
The party submitting the written discovery requests must include with such discovery requests a detailed explanation of how the proposed
discovery requests satisfy the requirements of these Arbitration Provisions and the Utah Rules of Civil Procedure. The receiving party
will then be allowed, within five (5) calendar days of receiving the proposed discovery requests, to submit to the arbitrator an estimate
of the attorneys’ fees and costs associated with responding to such written discovery requests and a written challenge to each applicable
discovery request. After receipt of an estimate of attorneys’ fees and costs and/or challenge(s) to one or more discovery requests,
consistent with subparagraph (c) above, the arbitrator will within three (3) calendar days make a finding as to the likely attorneys’
fees and costs associated with responding to the discovery requests and issue an order that (i) requires the requesting party to prepay
the attorneys’ fees and costs associated with responding to the discovery requests, and (ii) requires the responding party to respond
to the discovery requests as limited by the arbitrator within twenty-five (25) calendar days of the arbitrator’s finding with respect
to such discovery requests. If a party entitled to submit an estimate of attorneys’ fees and costs and/or a challenge to discovery
requests fails to do so within such 5-day period, the arbitrator will make a finding that (A) there are no attorneys’ fees or costs
associated with responding to such discovery requests, and (B) the responding party must respond to such discovery requests (as may be
limited by the arbitrator) within twenty-five (25) calendar days of the arbitrator’s finding with respect to such discovery requests.
Any party submitting any written discovery requests, including without limitation interrogatories, requests for production subpoenas to
a party or a third party, or requests for admissions, must prepay the estimated attorneys’ fees and costs, before the responding
party has any obligation to produce or respond to the same, unless such obligation is deemed waived as set forth above.

 

     

     

    

 

            (d) In order to allow
a written discovery request, the arbitrator must find that the discovery request satisfies the standards set forth in these Arbitration
Provisions and the Utah Rules of Civil Procedure. The arbitrator must strictly enforce these standards. If a discovery request does not
satisfy any of the standards set forth in these Arbitration Provisions or the Utah Rules of Civil Procedure, the arbitrator may modify
such discovery request to satisfy the applicable standards, or strike such discovery request in whole or in part.

 

            (e) Each party may submit
expert reports (and rebuttals thereto), provided that such reports must be submitted within sixty (60) days of the Arbitration Commencement
Date. Each party will be allowed a maximum of two (2) experts. Expert reports must contain the following: (i) a complete statement of
all opinions the expert will offer at trial and the basis and reasons for them; (ii) the expert’s name and qualifications, including
a list of all the expert’s publications within the preceding ten (10) years, and a list of any other cases in which the expert has
testified at trial or in a deposition or prepared a report within the preceding ten (10) years; and (iii) the compensation to be paid
for the expert’s report and testimony. The parties are entitled to depose any other party’s expert witness one (1) time for
no more than four (4) hours. An expert may not testify in a party’s case-in-chief concerning any matter not fairly disclosed in
the expert report.

 

4.6       Dispositive
Motions. Each party shall have the right to submit dispositive motions pursuant Rule 12 or Rule 56 of the Utah Rules of Civil Procedure
(a “Dispositive Motion”). The party submitting the Dispositive Motion may, but is not required to, deliver to the arbitrator
and to the other party a memorandum in support (the “Memorandum in Support”) of the Dispositive Motion. Within seven
(7) calendar days of delivery of the Memorandum in Support, the other party shall deliver to the arbitrator and to the other party a memorandum
in opposition to the Memorandum in Support (the “Memorandum in Opposition”). Within seven (7) calendar days of delivery
of the Memorandum in Opposition, as applicable, the party that submitted the Memorandum in Support shall deliver to the arbitrator and
to the other party a reply memorandum to the Memorandum in Opposition (“Reply Memorandum”). If the applicable party
shall fail to deliver the Memorandum in Opposition as required above, or if the other party fails to deliver the Reply Memorandum as required
above, then the applicable party shall lose its right to so deliver the same, and the Dispositive Motion shall proceed regardless.

 

4.7       Confidentiality.
All information disclosed by either party (or such party’s agents) during the Arbitration process (including without limitation
information disclosed during the discovery process or any Appeal (defined below)) shall be considered confidential in nature. Each party
agrees not to disclose any confidential information received from the other party (or its agents) during the Arbitration process (including
without limitation during the discovery process or any Appeal) unless (a) prior to or after the time of disclosure such information becomes
public knowledge or part of the public domain, not as a result of any inaction or action of the receiving party or its agents, (b) such
information is required by a court order, subpoena or similar legal duress to be disclosed if such receiving party has notified the other
party thereof in writing and given it a reasonable opportunity to obtain a protective order from a court of competent jurisdiction prior
to disclosure, or (c) such information is disclosed to the receiving party’s agents, representatives and legal counsel on a need
to know basis who each agree in writing not to disclose such information to any third party. Pursuant to Section 118(5) of the Arbitration
Act, the arbitrator is hereby authorized and directed to issue a protective order to prevent the disclosure of privileged information
and confidential information upon the written request of either party.

 

4.8       Authorization;
Timing; Scheduling Order. Subject to all other portions of these Arbitration Provisions, the parties hereby authorize and direct the
arbitrator to take such actions and make such rulings as may be necessary to carry out the parties’ intent for the Arbitration proceedings
to be efficient and expeditious. Pursuant to Section 120 of the Arbitration Act, the parties hereby agree that an Arbitration Award must
be made within one hundred twenty (120) calendar days after the Arbitration Commencement Date. The arbitrator is hereby authorized and
directed to hold a scheduling conference within ten (10) calendar days after the Arbitration Commencement Date in order to establish a
scheduling order with various binding deadlines for discovery, expert testimony, and the submission of documents by the parties to enable
the arbitrator to render a decision prior to the end of such 120-day period.

 

     

     

    

 

4.9       Relief.
The arbitrator shall have the right to award or include in the Arbitration Award (or in a preliminary ruling) any relief which the arbitrator
deems proper under the circumstances, including, without limitation, specific performance and injunctive relief, provided that the arbitrator
may not award exemplary or punitive damages.

 

4.10     Fees
and Costs. As part of the Arbitration Award, the arbitrator is hereby directed to require the losing party (the party being awarded
the least amount of money by the arbitrator, which, for the avoidance of doubt, shall be determined without regard to any statutory fines,
penalties, fees, or other charges awarded to any party) to (a) pay the full amount of any unpaid costs and fees of the Arbitration, and
(b) reimburse the prevailing party for all reasonable attorneys’ fees, arbitrator costs and fees, deposition costs, other discovery
costs, and other expenses, costs or fees paid or otherwise incurred by the prevailing party in connection with the Arbitration.

 

5.       Arbitration
Appeal.

 

5.1       Initiation
of Appeal. Following the entry of the Arbitration Award, either party (the “Appellant”) shall have a period of
thirty (30) calendar days in which to notify the other party (the “Appellee”), in writing, that the Appellant elects
to appeal (the “Appeal”) the Arbitration Award (such notice, an “Appeal Notice”) to a panel of arbitrators
as provided in Paragraph 5.2 below. The date the Appellant delivers an Appeal Notice to the Appellee is referred to herein as the “Appeal
Date”. The Appeal Notice must be delivered to the Appellee in accordance with the provisions of Paragraph 4.1 above with respect
to delivery of an Arbitration Notice. In addition, together with delivery of the Appeal Notice to the Appellee, the Appellant must also
pay for (and provide proof of such payment to the Appellee together with delivery of the Appeal Notice) a bond in the amount of 110% of
the sum the Appellant owes to the Appellee as a result of the Arbitration Award the Appellant is appealing. In the event an Appellant
delivers an Appeal Notice to the Appellee (together with proof of payment of the applicable bond) in compliance with the provisions of
this Paragraph 5.1, the Appeal will occur as a matter of right and, except as specifically set forth herein, will not be further conditioned.
In the event a party does not deliver an Appeal Notice (along with proof of payment of the applicable bond) to the other party within
the deadline prescribed in this Paragraph 5.1, such party shall lose its right to appeal the Arbitration Award. If no party delivers an
Appeal Notice (along with proof of payment of the applicable bond) to the other party within the deadline described in this Paragraph
5.1, the Arbitration Award shall be final. The parties acknowledge and agree that any Appeal shall be deemed part of the parties’
agreement to arbitrate for purposes of these Arbitration Provisions and the Arbitration Act.

 

5.2       Selection
and Payment of Appeal Panel. In the event an Appellant delivers an Appeal Notice to the Appellee (together with proof of payment of
the applicable bond) in compliance with the provisions of Paragraph 5.1 above, the Appeal will be heard by a three (3) person arbitration
panel (the “Appeal Panel”).

 

            (a)
           Within ten (10) calendar days after the Appeal Date, the Appellee shall select
and submit to the Appellant the names of five (5) arbitrators that are designated as “neutrals” or qualified arbitrators
by Utah ADR Services (http://www.utahadrservices.com) (such five (5) designated persons hereunder are referred to herein as the
 “Proposed Appeal Arbitrators”). For the avoidance of doubt, each Proposed Appeal Arbitrator must be qualified as a
 “neutral” with Utah ADR Services, and shall not be the arbitrator who rendered the Arbitration Award being appealed (the
 “Original Arbitrator”). Within five (5) calendar days after the Appellee has submitted to the Appellant the names
of the Proposed Appeal Arbitrators, the Appellant must select, by written notice to the Appellee, three (3) of the Proposed Appeal Arbitrators
to act as the members of the Appeal Panel. If the Appellant fails to select three (3) of the Proposed Appeal Arbitrators in writing within
such 5-day period, then the Appellee may select such three (3) arbitrators from the Proposed Appeal Arbitrators by providing written
notice of such selection to the Appellant.

 

            (b)          If the Appellee
fails to submit to the Appellant the names of the Proposed Appeal Arbitrators within ten (10) calendar days after the Appeal Date pursuant
to subparagraph (a) above, then the Appellant may at any time prior to the Appellee so designating the Proposed Appeal Arbitrators, identify
the names of five (5) arbitrators that are designated as “neutrals” or qualified arbitrators by Utah ADR Service (none of
whom may be the Original Arbitrator) by written notice to the Appellee. The Appellee may then, within five (5) calendar days after the
Appellant has submitted notice of its selected arbitrators to the Appellee, select, by written notice to the Appellant, three (3) of such
selected arbitrators to serve on the Appeal Panel. If the Appellee fails to select in writing within such 5-day period three (3) of the
arbitrators selected by the Appellant to serve as the members of the Appeal Panel, then the Appellant may select the three (3) members
of the Appeal Panel from the Appellant’s list of five (5) arbitrators by providing written notice of such selection to the Appellee.

 

     

     

    

 

            (c)         If a selected
Proposed Appeal Arbitrator declines or is otherwise unable to serve, then the party that selected such Proposed Appeal Arbitrator may
select one (1) of the other five (5) designated Proposed Appeal Arbitrators within three (3) calendar days of the date a chosen Proposed
Appeal Arbitrator declines or notifies the parties he or she is unable to serve as an arbitrator. If at least three (3) of the five (5)
designated Proposed Appeal Arbitrators decline or are otherwise unable to serve, then the Proposed Appeal Arbitrator selection process
shall begin again in accordance with this Paragraph 5.2; provided, however, that any Proposed Appeal Arbitrators who have already
agreed to serve shall remain on the Appeal Panel.

 

            (d)                 The date that
all three (3) Proposed Appeal Arbitrators selected pursuant to this Paragraph 5.2 agree in writing (including via email) delivered to
both the Appellant and the Appellee to serve as members of the Appeal Panel hereunder is referred to herein as the “Appeal Commencement
Date”. No later than five (5) calendar days after the Appeal Commencement Date, the Appellee shall designate in writing (including
via email) to the Appellant and the Appeal Panel the name of one (1) of the three (3) members of the Appeal Panel to serve as the lead
arbitrator in the Appeal proceedings. Each member of the Appeal Panel shall be deemed an arbitrator for purposes of these Arbitration
Provisions and the Arbitration Act, provided that, in conducting the Appeal, the Appeal Panel may only act or make determinations upon
the approval or vote of no less than the majority vote of its members, as announced or communicated by the lead arbitrator on the Appeal
Panel. If an arbitrator on the Appeal Panel ceases or is unable to act during the Appeal proceedings,
a replacement arbitrator shall be chosen in accordance with Paragraph 5.2 above to continue the Appeal as a member of the Appeal Panel.
If Utah ADR Services ceases to exist or to provide a list of neutrals, then the arbitrators for the Appeal Panel shall be selected
under the then prevailing rules of the American Arbitration Association.

 

            (d)          Subject to Paragraph
5.7 below, the cost of the Appeal Panel must be paid entirely by the Appellant.

 

5.3       Appeal
Procedure. The Appeal will be deemed an appeal of the entire Arbitration Award. In conducting the Appeal, the Appeal Panel shall conduct
a de novo review of all Claims described or otherwise set forth in the Arbitration Notice. Subject to the foregoing and all other provisions
of this Paragraph 5, the Appeal Panel shall conduct the Appeal in a manner the Appeal Panel considers appropriate for a fair and expeditious
disposition of the Appeal, may hold one or more hearings and permit oral argument, and may review all previous evidence and discovery,
together with all briefs, pleadings and other documents filed with the Original Arbitrator (as well as any documents filed with the Appeal
Panel pursuant to Paragraph 5.4(a) below). Notwithstanding the foregoing, in connection with the Appeal, the Appeal Panel shall not permit
the parties to conduct any additional discovery or raise any new Claims to be arbitrated, shall not permit new witnesses or affidavits,
and shall not base any of its findings or determinations on the Original Arbitrator’s findings or the Arbitration Award.

 

5.4       Timing.

 

(a)          Within
seven (7) calendar days of the Appeal Commencement Date, the Appellant (i) shall deliver or cause to be delivered to the Appeal Panel
copies of the Appeal Notice, all discovery conducted in connection with the Arbitration, and all briefs, pleadings and other documents
filed with the Original Arbitrator (which material Appellee shall have the right to review and supplement if necessary), and (ii) may,
but is not required to, deliver to the Appeal Panel and to the Appellee a Memorandum in Support of the Appellant’s arguments concerning
or position with respect to all Claims, counterclaims, issues, or accountings presented or pleaded in the Arbitration. Within seven (7)
calendar days of the Appellant’s delivery of the Memorandum in Support, as applicable, the Appellee shall deliver to the Appeal
Panel and to the Appellant a Memorandum in Opposition to the Memorandum in Support. Within seven (7) calendar days of the Appellee’s
delivery of the Memorandum in Opposition, as applicable, the Appellant shall deliver to the Appeal Panel and to the Appellee a Reply Memorandum
to the Memorandum in Opposition. If the Appellant shall fail to substantially comply with the requirements of clause (i) of this subparagraph
(a), the Appellant shall lose its right to appeal the Arbitration Award, and the Arbitration Award shall be final. If the Appellee shall
fail to deliver the Memorandum in Opposition as required above, or if the Appellant shall fail to deliver the Reply Memorandum as required
above, then the Appellee or the Appellant, as the case may be, shall lose its right to so deliver the same, and the Appeal shall proceed
regardless.

 

     

     

    

 

(b)         Subject
to subparagraph (a) above, the parties hereby agree that the Appeal must be heard by the Appeal Panel within thirty (30) calendar days
of the Appeal Commencement Date, and that the Appeal Panel must render its decision within thirty (30) calendar days after the Appeal
is heard (and in no event later than sixty (60) calendar days after the Appeal Commencement Date).

 

5.5       Appeal
Panel Award. The Appeal Panel shall issue its decision (the “Appeal Panel Award”) through the lead arbitrator on
the Appeal Panel. Notwithstanding any other provision contained herein, the Appeal Panel Award shall (a) supersede in its entirety and
make of no further force or effect the Arbitration Award (provided that any protective orders issued by the Original Arbitrator shall
remain in full force and effect), (b) be final and binding upon the parties, with no further rights of appeal, (c) be the sole and exclusive
remedy between the parties regarding any Claims, counterclaims, issues, or accountings presented or pleaded in the Arbitration, and (d)
be promptly payable in United States dollars free of any tax, deduction or offset (with respect to monetary awards). Any costs or fees,
including without limitation attorneys’ fees, incurred in connection with or incident to enforcing the Appeal Panel Award shall,
to the maximum extent permitted by law, be charged against the party resisting such enforcement. The Appeal Panel Award shall include
Default Interest (with respect to monetary awards) at the rate specified in the Note for Default Interest both before and after the Arbitration
Award. Judgment upon the Appeal Panel Award will be entered and enforced by a state or federal court sitting in Salt Lake County, Utah.

 

5.6       Relief.
The Appeal Panel shall have the right to award or include in the Appeal Panel Award any relief which the Appeal Panel deems proper
under the circumstances, including, without limitation, specific performance and injunctive relief, provided that the Appeal Panel may
not award exemplary or punitive damages.

 

5.7       Fees
and Costs. As part of the Appeal Panel Award, the Appeal Panel is hereby directed to require the losing party (the party being awarded
the least amount of money by the arbitrator, which, for the avoidance of doubt, shall be determined without regard to any statutory fines,
penalties, fees, or other charges awarded to any party) to (a) pay the full amount of any unpaid costs and fees of the Arbitration and
the Appeal Panel, and (b) reimburse the prevailing party (the party being awarded the most amount of money by the Appeal Panel, which,
for the avoidance of doubt, shall be determined without regard to any statutory fines, penalties, fees, or other charges awarded to any
part) the reasonable attorneys’ fees, arbitrator and Appeal Panel costs and fees, deposition costs, other discovery costs, and other
expenses, costs or fees paid or otherwise incurred by the prevailing party in connection with the Arbitration (including without limitation
in connection with the Appeal).

 

6.        Miscellaneous.

 

6.1       Severability.
If any part of these Arbitration Provisions is found to violate or be illegal under applicable law, then such provision shall be modified
to the minimum extent necessary to make such provision enforceable under applicable law, and the remainder of the Arbitration Provisions
shall remain unaffected and in full force and effect.

 

6.2       Governing
Law. These Arbitration Provisions shall be governed by the laws of the State of Utah without regard to the conflict of laws principles
therein.

 

6.3       Interpretation.
The headings of these Arbitration Provisions are for convenience of reference only and shall not form part of, or affect the interpretation
of, these Arbitration Provisions.

 

6.4       Waiver.
No waiver of any provision of these Arbitration Provisions shall be effective unless it is in the form of a writing signed by the party
granting the waiver.

 

6.5       Time
is of the Essence. Time is expressly made of the essence with respect to each and every provision of these Arbitration Provisions.

 

[Remainder of page intentionally left blank]Exhibit 10.2

 

PROMISSORY NOTE 

 

	Effective Date:             , 2022	U.S. $1,332,500.00

 

FOR VALUE RECEIVED, Antelope
Enterprise Holdings Limited, a British Virgin Islands company (“Borrower”), promises to pay to Atlas
Sciences, LLC, a Utah limited liability company, or its successors or assigns (“Lender”), $1,332,500.00 and
any interest, fees, charges, and late fees accrued hereunder on the date that is eighteen (18) months after the Purchase Price Date (the
 “Maturity Date”) in accordance with the terms set forth herein and to pay interest on the Outstanding Balance at the
rate of eight percent (8%) per annum from the Purchase Price Date until the same is paid in full. All interest calculations hereunder
shall be simple interest and shall be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months
and shall be payable in accordance with the terms of this Note. This Promissory Note (this “Note”) is issued and made
effective as of the date set forth above (the “Effective Date”). This Note is issued pursuant to that certain Note
Purchase Agreement dated December 12, 2022, as the same may be amended from time to time, by and between Borrower and Lender (the “Purchase
Agreement”). Certain capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated herein
by this reference.

 

This Note carries an OID of
$62,500.00. In addition, Borrower agrees to pay $20,000.00 to Lender to cover Lender’s legal fees, accounting costs, due diligence,
monitoring and other transaction costs incurred in connection with the purchase and sale of this Note (the “Transaction Expense
Amount”). The OID and the Transaction Expense Amount are included in the initial principal balance of this Note and are deemed
to be fully earned and non-refundable as of the Purchase Price Date. The purchase price for this Note shall be $1,250,000.00 (the “Purchase
Price”), computed as follows: $1,332,500.00 original principal balance, less the OID, less the Transaction Expense Amount.

 

1.            
Payment; Prepayment.

 

1.1.            
Payment. All payments owing hereunder shall be in lawful money of the United States of America as provided for herein, and
delivered to Lender at the address or bank account furnished to Borrower for that purpose. All payments shall be applied first to (a)
costs of collection, if any, then to (b) fees and charges, if any, then to (c) accrued and unpaid interest, and thereafter, to (d) principal.

 

1.2.            
Prepayment. Borrower may pay all or any portion of the Outstanding Balance earlier than it is due; provided that in
the event Borrower elects to prepay all or any portion of the Outstanding Balance it shall pay to Lender 120% of the portion of the Outstanding
Balance Borrower elects to prepay. Early payments of less than all principal, fees and interest outstanding will not, unless agreed to
by Lender in writing, relieve Borrower of Borrower’s remaining obligations hereunder.

 

2.            
Security. This Note is unsecured.

 

3.            
Redemptions. Beginning on the date that is six (6) months from the Purchase Price Date (“Redemption Start Date”),
Lender shall have the right, exercisable at any time in its sole and absolute discretion, to redeem up to the Maximum Monthly Redemption
Amount (such amount, the “Redemption Amount”, and each payment of a Redemption Amount, a “Redemption Payment”)
per calendar month by providing written notice to Borrower (each, a “Redemption Notice”). For the avoidance of doubt,
Lender may submit to Borrower one (1) or more Redemption Notices in any given calendar month. Upon receipt of any Redemption Notice, Borrower
shall pay the applicable Redemption Amount in cash to Lender within three (3) Trading Days of Lender’s delivery of such Redemption
Notice. At the end of each month following the Redemption Start Date, if Borrower has not reduced the Outstanding Balance by at least
the Maximum Monthly Redemption Amount, then by the fifth (5th) day of the following month, Borrower must pay in cash to Lender
the difference between the Maximum Monthly Redemption Amount and the amount actually redeemed in such month or the Outstanding Balance
will automatically increase by one percent (1%) as of such fifth (5th) day.

 

     

     

    

 

4.            
Trigger Events, Defaults and Remedies.

 

4.1.            
Trigger Events. The following are trigger events under this Note (each, a “Trigger Event”): (a) Borrower
fails to pay any principal, interest, fees, charges, or any other amount when due and payable hereunder; (b) a receiver, trustee or other
similar official shall be appointed over Borrower or a material part of its assets and such appointment shall remain uncontested for twenty
(20) days or shall not be dismissed or discharged within sixty (60) days; (c) Borrower becomes insolvent or generally fails to pay, or
admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; (d) Borrower makes
a general assignment for the benefit of creditors; (e) Borrower files a petition for relief under any bankruptcy, insolvency or similar
law (domestic or foreign); (f) an involuntary bankruptcy proceeding is commenced or filed against Borrower; (g) the occurrence of a Fundamental
Transaction without Lender’s prior written consent; (h) Borrower fails to observe or perform any covenant set forth in Section 4
of the Purchase Agreement; (i) Borrower defaults or otherwise fails to observe or perform any covenant, obligation, condition or agreement
of Borrower contained herein or in any other Transaction Document (as defined in the Purchase Agreement) in any material respect, other
than those specifically set forth in this Section 4.1 and Section 4 of the Purchase Agreement; (j) any representation, warranty or other
statement made or furnished by or on behalf of Borrower to Lender herein, in any Transaction Document, or otherwise in connection with
the issuance of this Note is false, incorrect, incomplete or misleading in any material respect when made or furnished; (k) any money
judgment, writ or similar process is entered or filed against Borrower or any subsidiary of Borrower or any of its property or other assets
for more than $500,000.00, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) calendar days unless otherwise
consented to by Lender; and (l) Borrower or any subsidiary of Borrower, breaches any covenant or other term or condition contained in
any Other Agreements in any material respect.

 

4.2.            
Trigger Event Remedies. At any time following the occurrence of any Trigger Event, Lender may, at its option, increase the
Outstanding Balance by applying the Trigger Effect (subject to the limitation set forth below).

 

4.3.            
Defaults. At any time following the occurrence of a Trigger Event, Lender may, at its option, send written notice to Borrower
demanding that Borrower cure the Trigger Event within five (5) Trading Days following the date of such written notice. If Borrower fails
to cure the Trigger Event within the required five (5) Trading Day cure period, the Trigger Event will automatically become an event of
default hereunder (each, an “Event of Default”).

 

4.4.            
Default Remedies. At any time and from time to time following the occurrence of any Event of Default, Lender may accelerate
this Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash at the Mandatory Default
Amount. Notwithstanding the foregoing, upon the occurrence of any Trigger Event described in clauses (b) – (f) of Section 4.1, an
Event of Default will be deemed to have occurred and the Outstanding Balance as of the date of the occurrence of such Trigger Event shall
become immediately and automatically due and payable in cash at the Mandatory Default Amount, without any written notice required by Lender
for the Trigger Event to become an Event of Default. At any time following the occurrence of any Event of Default, upon written notice
given by Lender to Borrower, interest shall accrue on the Outstanding Balance beginning on the date the applicable Event of Default occurred
at an interest rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law (“Default
Interest”). In connection with acceleration described herein, Lender need not provide, and Borrower hereby waives, any presentment,
demand, protest or other notice of any kind, and Lender may immediately and without expiration of any grace period enforce any and all
of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and
annulled by Lender at any time prior to payment hereunder and Lender shall have all rights as a holder of the Note until such time, if
any, as Lender receives full payment. No such rescission or annulment shall affect any subsequent Trigger Event or Event of Default or
impair any right consequent thereon. Nothing herein shall limit Lender’s right to pursue any other remedies available to it at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief.

 

    2

     

    

 

5.            
Unconditional Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable
obligation of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now
has or may have hereafter against Lender, its successors and assigns, and agrees to make the payments called for herein in accordance
with the terms of this Note.

 

6.             
Waiver. No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the party
granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or
consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or
commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

7.            
Governing Law; Venue. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Utah. The provisions set forth in the Purchase Agreement to determine
the proper venue for any disputes are incorporated herein by this reference.

 

8.            
Arbitration of Disputes. By its issuance or acceptance of this Note, each party agrees to be bound by the Arbitration Provisions
(as defined in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

9.            
Cancellation. After repayment of the entire Outstanding Balance, this Note shall be deemed paid in full, shall automatically
be deemed canceled, and shall not be reissued.

 

10.          
Amendments. The prior written consent of both parties hereto shall be required for any change or amendment to this Note.

 

11.          
Assignments. Borrower may not assign this Note without the prior written consent of Lender. This Note may be offered, sold,
assigned or transferred by Lender without the consent of Borrower.

 

12.           Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance with
the subsection of the Purchase Agreement titled “Notices.”

 

13.          
Liquidated Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions
of this Note, Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’
inability to predict future interest rates, future share prices, future trading volumes and other relevant factors. Accordingly, Lender
and Borrower agree that any fees, balance adjustments, Default Interest or other charges assessed under this Note are not penalties but
instead are intended by the parties to be, and shall be deemed, liquidated damages.

 

14.          
Severability. If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve
the objective of Borrower and Lender to the fullest extent permitted by law and the balance of this Note shall remain in full force and
effect.

 

[Remainder of page intentionally left blank;
signature page follows]

 

    3

     

    

 

IN WITNESS WHEREOF, Borrower
has caused this Note to be duly executed as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	Antelope Enterprise Holdings Limited
	 	 
	 	By: 	
	 	 	Hen Man Edmund, Chief Financial Officer

 

	ACKNOWLEDGED, ACCEPTED AND AGREED:	 
	 	 
	LENDER:	 
	 	 
	Atlas Sciences, LLC	 
	 	 
	By:		 
	 	John Finlayson, Chief Executive Officer	 

 

[Signature Page to Promissory
Note]

 

     

     

    

 

ATTACHMENT 1

DEFINITIONS

 

For purposes of this
Note, the following terms shall have the following meanings:

 

A1.         
“DTC” means the Depository Trust Company or any successor thereto.

 

A2.         
“DTC/FAST Program” means the DTC’s Fast Automated Securities Transfer program.

 

A3.         
“DWAC” means the DTC’s Deposit/Withdrawal at Custodian system.

 

A4.         
“DWAC Eligible” means that (a) Borrower’s Common Shares is eligible at DTC for full services pursuant
to DTC’s operational arrangements, including without limitation transfer through DTC’s DWAC system; (b) Borrower has been
approved (without revocation) by DTC’s underwriting department; and (c) Borrower’s transfer agent is approved as an agent
in the DTC/FAST Program.

 

A5.        
“Fundamental Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries is the surviving
corporation) any other person or entity, or (ii) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more
related transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its respective
properties or assets to any other person or entity, or (iii) Borrower or any of its subsidiaries shall, directly or indirectly, in
one or more related transactions, allow any other person or entity to make a purchase, tender or exchange offer that is accepted by the
holders of more than 50% of the outstanding shares of voting stock of Borrower (not including any shares of voting stock of Borrower held
by the person or persons making or party to, or associated or affiliated with the persons or entities making or party to, such purchase,
tender or exchange offer), or (iv) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related transactions,
consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with any other person or entity whereby such other person or entity acquires more than 50% of the outstanding
shares of voting stock of Borrower (not including any shares of voting stock of Borrower held by the other persons or entities making
or party to, or associated or affiliated with the other persons or entities making or party to, such stock or share purchase agreement
or other business combination), or (v) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related
transactions, reorganize, recapitalize or reclassify the Common Shares, other than an increase in the number of authorized shares of Borrower’s
Common Shares, or (b) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and
14(d) of the 1934 Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner” (as
defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued
and outstanding voting stock of Borrower. Regardless of the foregoing, “Fundamental Transaction” does not include any transaction
or a series of transactions pursuant to which the Borrower directly or indirectly sells, transfer, or dispose all or substantially all
of the equity interest of Stand Best Creation Limited, a Hong Kong company.

 

A6.         
“Major Trigger Event” means any Trigger Event occurring under Sections 4.1(a) - 4.1(h).

 

A7.         
“Mandatory Default Amount” means the Outstanding Balance following the application of the Trigger Effect.

 

A8.         
“Maximum Monthly Redemption Amount” means $200,000.00.

 

A9.         
“Minor Trigger Event” means any Trigger Event that is not a Major Trigger Event.

 

A10.       
“OID” means original issue discount.

 

A11.      
“Other Agreements” means, collectively, (a) all existing and future agreements and instruments between, among
or by Borrower (or an affiliate), on the one hand, and Lender (or an affiliate), on the other hand, and (b) any financing agreement or
a material agreement that affects Borrower’s ongoing business operations.

 

A12.       
“Outstanding Balance” means as of any date of determination, the Purchase Price, plus the OID, plus the Transaction
Expense Amount, as reduced or increased, as the case may be, pursuant to the terms hereof for payment, offset, or otherwise, accrued but
unpaid interest, collection and enforcements costs (including attorneys’ fees) incurred by Lender, transfer, stamp, and any other
fees or charges incurred under this Note.

 

Exhibit A to Secured Promissory Note, Page 1

 

     

     

    

 

A13.       
“Purchase Price Date” means the date the Purchase Price is delivered by Lender to Borrower.

 

A14.       
“Trading Day” means any day on which Borrower’s principal market is open for trading.

 

A15.       
“Trigger Effect” means multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred
by (a) fifteen percent (15%) for each occurrence of any Major Trigger Event, or (b) five percent (5%) for each occurrence of any Minor
Trigger Event, and then adding the resulting product to the Outstanding Balance as of the date the applicable Trigger Event occurred,
with the sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Trigger Event occurred;
provided that the Trigger Effect may only be applied three (3) times hereunder with respect to Major Trigger Events and three (3) times
hereunder with respect to Minor Trigger Events.

 

[Remainder of page intentionally
left blank]

 

Exhibit A to Secured Promissory Note, Page 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]