Document:

Exhibit 10.17

 

Execution Version

CONFIDENTAL

 

OMNIBUS AGREEMENT

 

This OMNIBUS
AGREEMENT (this “Agreement”) is entered into as of July 31, 2020, by and among GENERAL MOTORS LLC, a
Delaware limited liability company (“General Motors”), GM EV HOLDINGS LLC, a Delaware limited liability
company (“GMEV”), LORDSTOWN MOTORS CORP., a Delaware corporation (“Lordstown”), and
DIAMONDPEAK HOLDINGS CORP., a Delaware corporation (“DiamondPeak” and, together with Lordstown, General
Motors and GMEV, collectively, the “Parties” and each individually a “Party”).
Lordstown and DiamondPeak, are referred to collectively herein as the “Company Parties”, and GM and GMEV
are referred to collectively as the “GM Parties”).

 

RECITALS

 

WHEREAS, DiamondPeak
has entered into that certain Merger Agreement, dated as of the date hereof, with Lordstown and DPL Merger Sub Corp., a Delaware
corporation and wholly owned subsidiary of DiamondPeak (“Merger Sub”) providing for the merger of Lordstown
and Merger Sub (the “Merger Agreement” and the transactions contemplated by the Merger Agreement, the “Merger
Transaction”);

 

WHEREAS, in connection
with the Merger Transaction, DiamondPeak has entered into subscription agreements (collectively, the “Subscription Agreements”)
with certain investors, including GMEV (the “PIPE Investors”) pursuant to which the PIPE Investors have committed
to make a private investment in public equity in the form of Parent Class A Common Stock (as defined in the Merger Agreement);

 

WHEREAS, GMEV and/or
its affiliates, on the one hand, and Lordstown, on the other, are parties to that certain Asset Transfer Agreement, dated November
7, 2019, as amended on May 28, 2020 (the“ATA”) that certain Stock Purchase Agreement, dated as of February
14, 2020, as amended on May 28, 2020 (the “SPA”), that certain Letter Agreement, dated February 14, 2020, as
amended on May 28, 2020 (the “Letter Agreement”), and that certain Convertible Promissory Note, dated May 28,
2020 (the “Note”, and together with the ATA, SPA, and Letter Agreement the “GM-LMC Agreements”);

 

WHEREAS, Ultium Cells
LLC (formerly known as GigaPower LLC), a Delaware limited liability company and an affiliate and assignee of General Motors (“Ultium”),
and Lordstown are parties to that certain Purchase Agreement, dated January 17, 2020, as amended by that certain First Amendment
to Purchase Agreement, dated July 31, 2020 (as amended, the “Parcel Purchase Agreement”); and

 

WHEREAS, in connection
with the Merger Transaction, the Company Parties and the LMC Parties desire to agree upon certain amendments to the GM-LMC Agreements
as provided herein.

 

NOW THEREFORE, in consideration
of the mutual promises herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged
by each of the Parties, the Parties hereby agree as follows as of the date of this Agreement:

 

     

     

    

 

1)             Amendments
to the ATA. Effective as of the Effective Time (as defined in the Merger Agreement, the “Effective
Time”), and without any further action by the Parties, the ATA will be amended as follows:

 

a)            Revised Definitions.
The definition of “Repurchase Option Termination Date” in Section 1.1 of the ATA is hereby deleted in
its entirety and replaced with the following:

 

““Repurchase Option Termination
Date” means the earliest of (i) the Repurchase Expiration Date, or (ii) the concurrent occurrence of all of the
following: (A) the Effective Time (as defined in the Merger Agreement) and (B) the issuance of the Parent Class A Common
Stock (as defined in the Subscription Agreement) to GMEV pursuant to the Subscription Agreement in satisfaction of the
in-kind and cash payment contributions paid by GMEV. ”

 

b)            New Definitions. The
following defined terms are hereby added to Section 1.1 of the ATA:

 

““DiamondPeak” means DiamondPeak
Holdings Corp., a Delaware corporation.

 

“GMEV” means GM EV Holdings LLC,
a Delaware limited liability company.

 

“Merger Agreement”
means that certain Merger Agreement, dated as of July 31, 2020, by and among Purchaser, DiamondPeak and DPL Merger Sub Corp.,
a Delaware corporation and a wholly owned Subsidiary of DiamondPeak.

 

“Subscription Agreement”
means that certain Subscription Agreement, dated as of July 31, 2020, by and between GMEV and DiamondPeak.””

 

 c)            Deleted Provisions of the ATA. Section 5.5 of the ATA is hereby deleted in their entirety.

 

d)            Except as expressly amended hereby, the ATA shall remain in full force and effect. The terms and conditions of the original ATA,
as amended pursuant to this Agreement, shall be valid and binding on the parties on and from the dates set forth above.

 

2)            
Extension of Repurchase Option under the ATA. General Motors agrees not to exercise the Repurchase Option set forth
in the ATA prior to the termination of the Merger Agreement in accordance with its terms unless a GM Springing Event is then occurring.
General Motors hereby gives Lordstown notice of General Motor’s election to extend the Repurchase Expiration Date to February
5, 2021. A “GM Springing Event” means that (i) Lordstown is in material default under an GM-LMC Agreement or
the Parcel Purchase Agreement and (ii) Lordstown has not cured such default within thirty (30) days of the applicable GM Party
that is a counterparty having provided written notice of such default to the CEO of Lordstown.

 

3)            
Amendments to the Letter Agreement 

 

a)           Effective upon the signing of this
Omnibus Agreement, and without any further action by the Parties, the Letter Agreement will be amended as follows:

 

		i)	Preamble of Letter Agreement. The first sentence prior to Section A of the Letter
Agreement is hereby deleted in its entirety and replaced with the following:

 

“Reference is made to the
Company’s financing initiatives involving GMEV.”

 

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		ii)	Mortgage. Section A.1 of the Letter Agreement is deleted and replaced with the following:

 

“Until the Effective Time,
the Company will not, without the prior written consent of GMEV, sell, lease or otherwise transfer any of the Company’s
rights in or to any real property or improvements owned by the Company as of the date of this letter agreement. Notwithstanding
the foregoing, until the earlier of the closing under, or termination of, the Parcel Purchase Agreement, the Company will not,
without the prior written consent of GMEV, sell, lease or otherwise transfer any of the Company’s rights in or to any real
property or improvements owned by the Company that is subject to the Parcel Purchase Agreement.

 

GMEV agrees to cause General Motors to record a termination
and discharge of the Mortgage upon the Effective Time (as defined in the Merger Agreement). Notwithstanding the foregoing, in
the event the closing under the Parcel Purchase Agreement has not occurred as of the Effective Time, GMEV agrees to cause General
Motors to record a termination and discharge of the Mortgage upon the Effective Time releasing only the real property and improvements
owned by the Company that is not subject to the Parcel Purchase Agreement, and the Mortgage shall remain in place solely with
respect to the real property and improvements owned by the Company that is subject to the Parcel Purchase Agreement until the
earlier of (i) the closing under the Parcel Purchase Agreement, or (ii) the termination of the Parcel Purchase Agreement in accordance
with its terms, whichever occurs first, at which time GMEV shall cause General Motors to record a termination and discharge of
the Mortgage releasing the remaining property and improvements secured thereby (i.e., the real property and improvements owned
by the Company that was subject to the Parcel Purchase Agreement).”

 

b)           Effective
at the Effective Time (as defined in the Merger Agreement), and without any further action by the Parties, the Letter
Agreement will be amended as follows:

 

		i)	Investment-Related Rights. The lead-in provision
of Section B of the Letter Agreement is hereby deleted in its entirety and replaced with the following:

 

“Effective upon the Effective
Time (as defined in the Merger Agreement), and without further action by the Parties, GM EV Holdings LLC (“GMEV”) will
be entitled to the following contractual rights:”

 

		ii)	Deleted Provisions of the Letter Agreement. The following provisions of the Letter Agreement
are hereby deleted in their entirety:

 

		(a)	A2- Information Rights
		(b)	A5 – Water Transfer Permit
		(c)	B2 – No Proxy
		(d)	B3 - No Restrictive Covenants
		(e)	B4 - No Further Transfer Restrictions
		(f)	B5 – Board Meetings
		(g)	B6 – Compliance Recusal Matters1
		(h)	B7 – Put Right
		(i)	B8 - Efforts
		(j)	B9 - Anti-Dilution Protection
		(k)	B10 – Company Commercial Activities
		(l)	B11 – Compliance with Laws

 

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c)           Except
as expressly amended hereby, the Letter Agreement shall remain in full force and effect. The terms and conditions of the original
Letter Agreement, as amended pursuant to this Agreement, shall be valid and binding on the parties on and from the dates set forth
above.

 

4)        Termination of the SPA. Effective upon the Effective Time (as defined in the Merger Agreement) and without any further action
by the Parties, the SPA is terminated, except for (i) rights and obligations that are specified under the SPA as continuing notwithstanding
termination of the SPA, and (ii) any agreement contained in an Exhibit to the SPA that is executed on or before the Effective Time.

 

5)        Prepayment; Termination of the Note. Lordstown will have the right to prepay all outstanding borrowings and accrued interest
under the Note at any time up to five (5) business days prior to the Effective Time. Effective upon the signing of this Agreement,
and without any further action by Lordstown and General Motors, the Note shall terminate on the later of (i) the date all outstanding
borrowings and accrued interest under the Note have been repaid, or (ii) the earlier of (a) the Effective Time (as defined in the
Merger Agreement) or (b) October 31, 2020.

 

6)        Termination of the Stockholder Agreement. GMEV hereby consents, effective upon the signing of this Omnibus Agreement, and
without any further action by GMEV, to the termination of the Stockholders Agreement on the Effective Time (as defined in the Merger
Agreement).

 

7)        Indemnification Agreement. The Parties agree that they will work together in good faith to agree to indemnification
arrangements with each person nominated by GMEV who will serve as a director of DiamondPeak as part of the Merger Transactions.

 

8)        DiamondPeak. DiamondPeak agrees to take all actions to cause Lordstown to comply with all of Lordstown’s obligations
under this Agreement and the GM-LMC Agreements, and will be jointly and severally liable with Lordstown for such obligations after
the Effective Time (as defined in the Merger Agreement).

 

9)        Tax
Treatment. DiamondPeak does not have a current plan or intention to, following the Merger, liquidate Lordstown, cause
Lordstown to distribute substantially all of its assets to DiamondPeak, or convert Lordstown to a disregarded entity for US
federal income tax purposes. The parties agree that, for US federal income tax purposes, the transactions contemplated by
this Omnibus Agreement which result in the cessation of Lordstown obligations to the GM Parties are properly treated as a
satisfaction of those Lordstown obligations by Lordstown’s delivery of Parent Class A Stock to GMEV.

 

10)      Consents. Effective upon the signing of this Agreement, the applicable GM Party hereby provides its consent, as required
pursuant to Section 1.2 of the SPA, for Lordstown to carry out the Merger Transaction in accordance with the Merger Agreement.
The GM Parties and Lordstown are not aware of any other consent that is required for Lordstown to carry out the Merger Transaction
but if such a consent is identified, the GM Parties agree to not unreasonably withhold, delay or condition such consent.

 

11)      Miscellaneous. Sections 9.2 (Amendments and Waivers), 9.9 (Severability), 9.11 (Language), 9.13 (Applicable Law),
9.14 (Jurisdiction of Disputes; Waiver of Jury Trial), 9.15 (Equitable Relief) and 9.16 (Counterparts) of the ATA are hereby incorporated
by reference and shall apply to this Agreement mutatis mutandis.

 

 * * * * * 

 

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

 

	 	GENERAL MOTORS LLC
	 	 
	 	 	 	 
	 	By:	/s/ Kevin McCabe
	 	 	Name:	 Kevin McCabe
	 	 	Title: 	Authorized Representative
	 	 	 	 
	 	 	 	 
	 	GM EV HOLDINGS LLC
	 	 
	 	 	 	 
	 	By:	/s/ David Maday
	 	 	Name:	David Maday
	 	 	Title: 	Vice President

 

[Omnibus Agreement Signature Page]

 

    	 	 	 

     

    

 

	 	LORDSTOWN MOTORS CORP.
	 	 
	 	 	 	 
	 	By: 	/s/ Stephen S. Burns
	 	 	Name: 	 Stephen S. Burns
	 	 	Title:	Chief Executive
Officer

 

[Omnibus Agreement Signature Page]

 

    	 	 	 

     

    

 

	 	DIAMONDPEAK HOLDINGS CORP.
	 	 
	 	 	 	 
	 	By: 	/s/ David T. Hamamoto
	 	 	Name: 	 David T. Hamamoto
	 	 	Title:	Chief Executive Officer and Chairman

 

[Omnibus Agreement Signature Page]Exhibit 10.1

 

SHARE
PURCHASE AGREEMENT

 

This
Share Purchase Agreement (this “Agreement”) is entered into as of October 26, 2020 (“Effective Date”),
by and between Shenzhen Huamucheng Trading Co., Ltd., a limited liability company incorporated under the laws of the PRC (the
“Buyer”), Shenzhen Qianhai Baiyu Supply Chain Co., Ltd., a PRC limited liability company (the “Company”),
and Shenzhen Xinsuniao Technology Co., Ltd., a PRC limited liability company (the “Seller”) Buyer, the Company
and the Seller are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

 

RECITALS

 

1.
The Seller is the record holder and beneficial owner of all of registered paid-up capital of the Company (the “Company
Registered Capital”).

2.
TD Holdings, Inc., a Delaware corporation (“TD Holdings”), owns 100% equity interest of HC High Summit Holding
Limited, a British Virgin Islands exempted company (“HC High BVI”), HC High BVI owns 100% equity interest of
Tongdow Block Chain Information Technology Company Limited, a Hong Kong limited company (“Tongdow Block Chain”),
Tongdow Block Chain owns 100% equity interest of Shanghai Jianchi Supply Chain Co., Ltd. (“Shanghai Jianchi”),
a PRC limited liability company, and Shanghai Jianchi owns 100% equity interest of the Buyer.

 

3.
The Buyer desires to acquire 100% of the equity interest of the Company using certain amount of cash as the Consideration (as
defined below) which shall be paid in installments, RMB569.5 million of which will be paid by December 25, 2020, and the remainder
to be paid by December 25, 2021.

 

NOW
THEREFORE, in consideration of the premises and the mutual agreements and covenants herein contained, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto covenant and agree as follows:

 

ARTICLE
I INTERPRETATION

 

1.1
 Defined Terms

 

In
this Agreement, unless there is something in the subject matter or context inconsistent therewith, the following words and terms
will have the indicated meanings and grammatical variations of such words and terms will have corresponding meanings:

 

“Accounts
Payable” means all trade and other accounts payable, notes payable (including related party notes or payables) and other
debts (excluding, for greater certainty, any current portion of long-term debt) due or accruing by the Company and outstanding
as of the 12:01 a.m. (Eastern Time) on the day following the Closing Date

 

“Accounts
Receivable” means all trade and other accounts receivable, notes receivable and other debts due or accruing due to the
Company outstanding as of the 12:01 a.m. (Beijing Time) on the day following the Closing Date, including but not limited to retainage
under contracts;

 

“Affiliate”
of a Person shall mean any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled
by, or is under common control with, such Person. The term “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise;

 

     

     

    

  

“Benefit
Plans” means any retirement, pension, profit sharing, deferred compensation, stock bonus, savings, bonus, incentive,
cafeteria, medical, dental, vision, hospitalization, life insurance, accidental death and dismemberment, medical expense reimbursement,
dependent care assistance, tuition reimbursement, disability, sick pay, holiday, vacation, severance, change of control, stock
purchase, stock option, restricted stock, phantom stock, stock appreciation rights, fringe benefit or other employee benefit plan,
fund, policy, program, contract, arrangement or payroll practice of any kind or any employment, consulting or personal services
contract, whether written or oral, qualified or nonqualified, funded or unfunded, or domestic or foreign, (a) sponsored, maintained
or contributed to by the Company or to which the Company is party; (b) covering or benefiting any current or former officer,
employee, agent, director or independent contractor of the Company (or any dependent or beneficiary of any such individual) or
(c) with respect to which the Company has or could have any liability that arises prior to Closing or that relates to events or
circumstances that occurred prior to Closing;

 

“Business”
means the provision of services including the trading of various commodities including aluminum ingots, and supply chain management
and its related supporting services;

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in the PRC are authorized
or required by law to be closed for business;

 

“Closing”
means the completion of the transactions contemplated by this Agreement. The Closing shall take place at the offices of the Buyer
at 25th Floor, Block C, Tairan Building, No. 31 Tairan 8th Road, Futian District, Shenzhen, Guangdong, PRC 518000, on the third
(3rd) Business Day after all the closing conditions to this Agreement have been satisfied or waived at 10:00 a.m. local time,
or at such other date, time or place as the Buyer and the Company may agree;

 

“Closing
Date” means the date and time at which the Closing is actually held;

 

“Condition
of the Company” means the condition of the assets, liabilities, operations, activities, earnings, prospects, affairs
and financial position of the Company;

 

“Current
Liabilities” means accounts payable, accrued expenses including any accrued taxes, customer deposits, accrued wages
and benefits payable, and overbillings, if any, but excluding Indebtedness, if any;

 

“Encumbrances”
means all capital lease and operating lease obligations, mortgages, charges, pledges, security interests, liens, encumbrances,
actions, claims, demands and equities of any nature whatsoever or howsoever arising and any rights or privileges capable of becoming
any of the foregoing;

 

“Environmental
Laws” means any federal, state or local law, statute, rule, order, directive, judgment, Permit or regulation or the
common law relating to the environment, occupational health and safety, or exposure of Persons or property to Hazardous Substances,
including any statute, regulation, administrative decision or order pertaining to: (a) the presence of or the treatment, storage,
disposal, generation, transportation, handling, distribution, manufacture, processing, use, import, export, labeling, recycling,
registration, investigation or remediation of Hazardous Substances or documentation related to the foregoing; (b) air, water
and noise pollution; (c) groundwater and soil contamination; (d) the Release, threatened Release, or accidental Release
into the environment, the workplace or other areas of Hazardous Substances, including emissions, discharges, injections, spills,
escapes or dumping of Hazardous Substances; (e) transfer of interests in or control of real property which may be contaminated;
(f) community or worker right-to-know disclosures with respect to Hazardous Substances; (g) the protection of wild life,
marine life and wetlands, and endangered and threatened species; (h) storage tanks, vessels, containers, abandoned or discarded
barrels and other closed receptacles; and (i) health and safety of employees and other Persons;

 

“Environmental
Permits” includes all orders, permits, certificates, approvals, consents, registrations, licenses and other authorization
of any kind or nature, issued by any authority of competent jurisdiction under Environmental Laws;

 

“Financial
Statements” means, collectively, the Prior Year-End Financial Statements and the Interim Financial Statements;

 

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“Governmental
Entity” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority
or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the
force of law), or any arbitrator, court or tribunal of competent jurisdiction;

 

“Hazardous
Substance” shall mean any: pollutants, contaminants or hazardous substances (as such terms are defined under CERCLA),
pesticides (as such term is defined under the Federal Insecticide, Fungicide and Rodenticide Act), solid wastes and hazardous
wastes (as such terms are defined under the Resource Conservation and Recovery Act), chemicals, other hazardous, radioactive or
toxic materials, oil, petroleum and petroleum products (and fractions thereof), or any other material (or article containing such
material) listed or subject to regulation under any law, statute, rule, regulation, order, Permit, or directive due to its potential,
directly or indirectly, to harm the environment or the health of humans or other living beings;

 

“Indebtedness”
mean (a) any indebtedness or other obligation for borrowed money of the Company, excluding Current Liabilities, (b) payment obligations
of the Company for the deferred purchase price for purchases of property outside the Ordinary Course of Business arising in connection
with transactions occurring prior to the Closing which are not evidenced by trade payables, (c) payment obligations of the Company
under capital leases to which the Company is a party, (d) any off-balance sheet financing of the Company (including any obligation
under swap transactions), (e) the aggregate amount of any unfunded or underfunded obligations under any pension, savings, profit
sharing or other employee benefit arrangements maintained by the Company; and (f) any unpaid interest, prepayment premiums
or penalties accrued or owing on any such indebtedness;

 

“Intellectual
Property” means any intellectual property used in or relating to the Company or the Business, including but not limited
to, any invention, patent, trademark, trade name, domain name or other indicia of source, copyright, confidential information,
trade secret, whether or not registered, licenses (software or otherwise) and any right to apply for registration of any intellectual
property;

 

“Interim
Statement of Assets, Liabilities and Owners’ Equity” means the internally-prepared statement of assets, liabilities
and owners’ equity of the Company as of June 30, 2020, forming part of the Interim Financial Statements;

 

“Interim
Financial Statements” means the Interim Statement of Assets, Liabilities and Owners’ Equity and the Interim Statement
of Income and Expense, copies of which have been provided to Buyer;

 

“Interim
Statement of Income and Expense” means the internally-prepared statement of income and expense of the Company for the
12 months ended December 31, 2019, forming part of the Interim Financial Statements;

 

“Laws
and Regulations” means federal, state, local and foreign statutes, laws, ordinances, regulations, rules, codes, orders,
constitutions, treaties, principles of common law, judgments, decrees or other requirements;

 

“Licenses”
has the meaning ascribed thereto in Section 3.1(d)(ii);

 

“Material
Adverse Change” means any change in the business, operations, results of operations, assets, capitalization, financial
condition, licenses, permits, employee relations, concessions, rights, liabilities, whether contractual or otherwise, of the Company
which is materially adverse to the business or operations of the Company;

 

“Ordinary
Course of Business” shall mean the ordinary course of business consistent with past custom and practice (including with
respect to frequency and amount);

 

“Person”
includes any individual, corporation, limited liability company, partnership, firm, joint venture, syndicate, association, trust,
government, governmental agency or board or commission or authority, and any other form of entity or organization;

 

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“Prior
Year-End Financial Statements” means the internally-prepared statement of assets, liabilities and owners’ equity
of the Company and the internally-prepared statement income and expense of the Company for the fiscal year ended December 31,
2019, and in all cases, the notes thereto, in the form provided to Buyer;

 

“Real
Property” means the leasehold interests in real property of the Company;

 

“Reasonable
Best Efforts” shall mean best efforts, to the extent commercially reasonable;

 

“Release”
means any release, effluent, spill, leak, emission, discharge, leach, dumping, deposit, dispersal, migration, escape or other
disposal which is occurring or has occurred or been made in contravention of any Environmental Laws;

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Subsidiary”
shall mean any corporation, partnership, trust, limited liability company or other non-corporate business enterprise in which
the Company (or another Subsidiary) holds stock or other ownership interests representing (a) more than fifty percent (50%) of
the voting power of all shares or other ownership interests of such entity or (b) the right to receive more than fifty percent
(50%) of the net assets of such entity available for distribution to the holders of shares or other ownership interests upon a
liquidation or dissolution of such entity;

 

“Tax”
or “Taxes” mean any and all taxes, charges, fees, duties, contributions, levies or other similar assessments
or liabilities in the nature of a tax, including income, gross receipts, corporation, ad valorem, premium, value-added, net worth,
capital stock, capital gains, documentary, recapture, alternative or add-on minimum, disability, estimated, registration, recording,
excise, real property, personal property, sales, use, license, lease, service, service use, transfer, withholding, employment,
unemployment, insurance, social security, national insurance, business license, business organization, environmental, workers
compensation, payroll, profits, severance, stamp, occupation, windfall profits, customs duties, franchise and other taxes of any
kind whatsoever imposed by any Governmental Entity, and any interest, fines, penalties, assessments or additions to tax imposed
with respect to such items or any contest or dispute thereof, whether disputed or not;

 

“Tax
Returns” includes all returns, reports, claims for refund, information returns, declarations, designations, elections,
notices, filings, forms, statements and other documents (whether in tangible, electronic or other form), including any amendments,
schedules, attachments, supplements, appendices and exhibits thereto, made, prepared, filed or required to be made, prepared or
filed under applicable Laws and Regulations in respect of Taxes;

 

“Third
Party” means any Person other than the Parties;

 

1.2
 Schedules

 

The
Schedules that are attached to this Agreement are incorporated into this Agreement by reference and are deemed to be part hereof.

 

1.3
 Currency

 

Unless
otherwise indicated, all dollar amounts referred to in this Agreement are stated in lawful currency of the United States of America.

 

1.4
 Choice of Law

 

All
matters arising out of or relating to this Agreement and the transactions contemplated hereby (including its interpretation, construction,
performance and enforcement) shall be governed by and construed in accordance with the internal laws of the People’s Republic
of China without giving effect to any choice or conflict of law provision or rule (whether of the People’s Republic of China
or any other jurisdiction) that would cause the application of laws of any jurisdictions other than those of the People’s
Republic of China.

 

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1.5
 Interpretation Not Affected by Headings or Party Drafting

 

The
division of this Agreement into articles, sections, paragraphs, subparagraphs and clauses and the insertion of headings are for
convenience of reference only and shall not affect the construction or interpretation of this Agreement. The terms “this
Agreement”, “hereof”, “herein”, “hereunder” and similar expressions
refer to this Agreement and the Schedules and Exhibits hereto and not to any particular article, section, paragraph, clause or
other portion hereof and include any agreement or instrument supplementary or ancillary hereto. The term “including”
shall mean including without limitation. The Parties acknowledge that their respective legal counsel have reviewed and participated
in settling the terms of this Agreement and the Parties hereby agree that any rule of construction to the effect that any ambiguity
is to be resolved against the drafting Party shall not be applicable in the interpretation of this Agreement.

 

1.6
 Number and Gender

 

In
this Agreement, unless there is something in the subject matter or context inconsistent therewith:

 

		(a)	words
in the singular number include the plural and such words will be construed as if the plural had been used;

 

		(b)	words
                                         in the plural include the singular and such words will be construed as if the singular
                                         had been used; and

 

		(c)	words
                                         importing the use of any gender include all genders where the context or Party referred
                                         to so requires, and the rest of the affected sentence will be construed as if the necessary
                                         grammatical and terminological changes had been made.

 

1.7
 Knowledge

 

Where
any representation or warranty contained in this Agreement or any agreement delivered pursuant to this Agreement is expressly
qualified by reference to the “Knowledge” of a Party, such qualification shall be deemed to refer to the actual
knowledge of such Party and the knowledge such Party would have if it had conducted a reasonable inquiry into the relevant subject
matter; provided, with respect to Seller and the Company, the phrase “to the Knowledge of the Company”
shall be deemed to mean the knowledge of Seller.

 

1.8
 Time of Essence

 

Time
shall be of the essence of this Agreement.

 

ARTICLE
II PURCHASE AND SALE;

 

2.1
 Purchase and Sale

 

The
Buyer shall deliver to the Company and the Seller total consideration of RMB670 million (“Total
Consideration”), of which 85% will be paid to the Seller in installments by or before December 25, 2020, and the
remaining 15% will be paid to the Seller in installments by or before December 25, 2021. Upon the execution of this
Agreement, the Seller shall deliver to the Buyer the Company Registered Capital, representing 100% of the equity interest of
the Company as evidenced by proper record with State Administration of Industry and Commerce within seven (7) business
days of the date hereof.

 

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ARTICLE
III REPRESENTATIONS AND WARRANTIES

 

3.1
 Representations and Warranties by the Seller and the Company

 

Seller
and the Company, jointly and severally (except where specifically indicated herein), represent and warrant to Buyer, as of the
date hereof, the matters set forth in this Section 3.1, in connection with the completion of the transactions contemplated
by this Agreement.

 

		(a)	Valid
                                         Existence. The Company is a corporation duly organized, validly existing and in good
                                         standing under the laws of PRC, with all requisite corporate power and authority and
                                         all authorizations, licenses and permits necessary to own and operate its properties
                                         and to carry on its businesses as now conducted. The Company is duly registered to operate
                                         or conduct business in all jurisdictions in which such registration is required under
                                         applicable Laws. The Seller is duly organized, validly existing and in good standing
                                         under the laws of the jurisdiction under which it is organized.

 

		(b)	Authority
and Binding Obligation.

 

		(i)	The
Company has all corporate requisite power and authority to execute and deliver this Agreement and all other agreements contemplated
hereby to which the Company is a party and to consummate the transactions contemplated hereby and thereby. No other actions or
proceedings (corporate or otherwise) on the part of the Company are necessary to approve and authorize the execution and delivery
of this Agreement and all other agreements contemplated hereby to which the Company is a party or the consummation of the transactions
contemplated hereby and thereby. This Agreement has been duly executed and delivered by the Company and constitutes the valid
and binding agreement of the Company, enforceable against each of them in accordance with its terms, except as enforceability
hereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other Laws and Regulations affecting creditors’
rights generally and limitations on the availability of equitable remedies.

 

		(ii)	Each
                                         Seller, individually and not severally, represents and warrants that such Seller has
                                         all corporate requisite power and authority to execute and deliver this Agreement and
                                         all other agreements contemplated hereby to which such Seller is a party and to consummate
                                         the transactions contemplated hereby and thereby. No other actions or proceedings (corporate
                                         or otherwise) on the part of such Seller are necessary to approve and authorize the execution
                                         and delivery of this Agreement and all other agreements contemplated hereby to which
                                         such Seller is a party or the consummation of the transactions contemplated hereby and
                                         thereby. This Agreement has been duly executed and delivered by such Seller and constitutes
                                         the valid and binding agreement of such Seller, enforceable against each of them in accordance
                                         with its terms, except as enforceability hereof may be limited by bankruptcy, insolvency,
                                         reorganization, moratorium or other Laws and Regulations affecting creditors’ rights
                                         generally and limitations on the availability of equitable remedies.

 

    6

     

    

 

		(c)	Consents
and Regulatory Approvals.

 

		(i)	No
                                         material consent, approval, waiver, license, permit, order or authorization (“Consent”)
                                         of, or registration, declaration or filing with, or Governmental Authorization from,
                                         any Governmental Entity is required to be obtained or made by Seller in connection with
                                         the execution, delivery and performance of this Agreement or the consummation of the
                                         transactions contemplated by this Agreement.

 

		(ii)	The
                                         execution of this Agreement and the consummation of the transactions contemplated by
                                         this Agreement will not result in the breach of any term or provision of, or constitute
                                         an event of default under, any material indenture, mortgage, deed of trust or other material
                                         contract, agreement or instrument to which Seller is a party or to which any of their
                                         properties or operations are subject.

 

		(d)	Licenses.

 

		(i)	The
                                         Company is duly licensed and registered to carry on its business in all jurisdictions
                                         in which the nature of its business or the ownership of its assets makes such licenses
                                         or registrations necessary;

 

		(ii)	The
Company holds all necessary licenses, permits, registrations and qualifications, including, without limitation, all Environmental
Permits, (collectively the “Licenses”) in each jurisdiction in which:

 

		(A)	it
owns, leases or operates any of its assets or properties; or

 

		(B)	the
                                         nature or conduct of the Business or any part thereof or the nature of its assets or
                                         properties makes such qualification necessary or desirable to enable the Company to carry
                                         on the Business as now conducted or to enable the Company to own, lease or operate its
                                         assets or properties.

 

All
of the Licenses, registrations and qualifications necessary to the operation of the Business are in place and are valid and in
full force and effect. The Company has been and is operated in compliance with all terms and conditions of such Licenses and there
are no proceedings in progress, pending or, to the Knowledge of any Seller or the Company, threatened, that could result in the
revocation, cancellation or suspension of any of such Licenses. True and correct copies of all such Licenses have been provided
to Buyer.

 

		(e)	Compliance
with Organizational Documents, Agreements and Licenses. The Company has furnished to Buyer complete and accurate copies of
the Company’s charter documents, each as amended and/or restated to date (collectively, the “Organizational Documents”).
The Company is not in default under or in violation of any provision of its Organizational Documents. The execution, delivery
and performance of this Agreement and each of the other agreements contemplated by or referred to herein and the completion of
the transactions contemplated hereby by the Company and Seller will not constitute or result in a violation, breach or default,
or cause the acceleration of any obligations under:

 

		(i)	any
                                         term or provision of the Company’s or any Seller’s Organizational Documents;

 

    7

     

    

  

		(ii)	the
                                         terms of any indenture, Material Contract, agreement (written or oral), instrument or
                                         understanding or other obligation or restriction applicable to or binding upon the Company
                                         or any Seller or to which the Company or any Seller is a Party; or

 

		(iii)	any
                                         term or provision of any of the Licenses or, to the Knowledge of any Seller or the Company,
                                         any order of any court, Governmental Entity or any Law and Regulations of any jurisdiction
                                         in which the Business is carried on.

 

		(f)	Subsidiary.
                                         Except for its interests in the Subsidiaries set forth on Schedule 3.1(f), the
                                         Company does not as of the date of this Agreement own, directly or indirectly, any capital
                                         stock, membership interest, partnership interest, joint venture interest or other equity
                                         interest in any person. All the outstanding equity interests of the Subsidiary directly
                                         or indirectly held by the Company have been validly issued and are fully paid, nonassessable
                                         and owned by the Company, free and clear of Encumbrances. The Company owns all of the
                                         outstanding capital stock of each Subsidiary. The Subsidiary is validly existing and
                                         in good standing under the Laws of the jurisdiction of its formation, has all requisite
                                         power to own, lease and operate its properties and to carry on its business as currently
                                         conducted and as proposed to be conducted, and is duly qualified to do business and is
                                         in good standing in each jurisdiction in which it owns or leases property or conducts
                                         any business so as to require such qualification.

 

		(g)	Minute
                                         Books and Corporate Records. The minute books of the Company are true and correct
                                         in all material respects and contain the minutes of all meetings and all resolutions
                                         of the board of directors, members, managers and shareholders of the Company, except
                                         where any deficiencies or irregularities in such minute books would not result in a Material
                                         Adverse Change.

 

		(h)	Capitalization.

 

		(i)	The
                                         Company Registered Capital collectively constitute 100% of the registered paid-up capital
                                         of the Company. The Seller represents and warrants that it holds beneficially the registered
                                         paid-up capital opposite its name in Schedule 3.1(h) hereto and that it has contributed
                                         in full its subscribed share of the Company’s registered paid-up capital pursuant
                                         to the articles of association and all such contributions have been verified and certified
                                         by a Chinese registered public accountant according to applicable China law, approved
                                         by all relevant China governmental authorities and fully paid, and verification certificates
                                         have been issued to the Seller or previous investor accordingly. All previous transfers
                                         or assignments of registered capital and all necessary corporate actions have been approved
                                         by the relevant China governmental authorities.

 

		(ii)	No
                                         subscription, warrant, option, convertible security or other right (contingent or otherwise)
                                         to purchase or acquire any capital stock or any other equity interest of the Company
                                         is authorized or outstanding. There are no outstanding (a) capital, equity or voting
                                         securities of the Company, (b) securities convertible or exchangeable into equity interests
                                         of the Company, (c) options, warrants, purchase rights, subscription rights, preemptive
                                         rights, conversion rights, exchange rights, calls, puts, rights of first refusal or other
                                         contracts that require the Company to issue, sell or otherwise cause to become outstanding
                                         or to acquire, repurchase or redeem any capital stock or equity interests of the Company
                                         or (d) equity appreciation, phantom equity, profit participation or similar rights with
                                         respect to the Company. The Company has not violated any Laws and Regulations in connection
                                         with the offer, sale, issuance or repurchase of any of its capital stock or other equity
                                         or debt securities.

    8

     

    

 

		(i)	Financial
                                         Records. All material financial transactions of the Company have been recorded in
                                         the financial books and records maintained by or for the Company in accordance with past
                                         accounting practices of the Company, and such financial books and records, together with
                                         all disclosures made in this Agreement, present accurately in all material respects the
                                         financial condition and the balance sheet, revenues, expenses and results of the operations
                                         of the Company as of and to the date hereof.

 

		(j)	No
                                         Litigation. There are no actions, suits, claims, complaints, hearings, arbitrations,
                                         investigations or proceedings, whether existing, pending or, to the Knowledge of any
                                         Seller or the Company, threatened against or affecting any Seller, the Company or the
                                         Business at law or in equity or before any Governmental Entity or arbitrator. There are
                                         no judgments, orders or decrees outstanding against (i) any Seller that would be reasonably
                                         likely to prevent, delay or result in the rescission of any of the transactions contemplated
                                         by this Agreement, (ii) the Company or (iii) the Business.

 

		(k)	Material
                                         Liabilities. Neither any Seller nor the Company has any material liabilities,
                                         obligations or commitments of the type required to be reflected on a balance sheet prepared
                                         in accordance with past accounting practices of the Company, except: (a) those that are
                                         reflected or reserved against in the Interim Financial Statements, and (b) those that
                                         have been incurred in the Ordinary Course of Business since the date of the Interim Statement
                                         of Assets, Liabilities and Owners’ Equity.

 

		(l)	Financial
                                         Statements. The Financial Statements have been prepared in accordance with past accounting
                                         practices of the Company applied on a basis consistent with previous fiscal years of
                                         the Company, and the Financial Statements are true, correct and complete in all material
                                         respects and present fairly, in all material respects, the financial condition, assets,
                                         liabilities, revenues, expenses and cash flows of the Company as at the dates thereof
                                         and for the periods covered thereby. The Company has no Indebtedness not accurately and
                                         correctly reflected in the Financial Statements.

 

		(m)	Absence
of Certain Changes or Events. Since the date of the Interim Statement of Assets, Liabilities and Owners’ Equity, the
Company has not, directly or indirectly:

 

		(i)	to
                                         the Knowledge of any Seller and the Company, incurred any obligation or liability (fixed
                                         or contingent), except normal trade or business obligations incurred in the Ordinary
                                         Course of Business, none of which is materially adverse to the Company;

 

		(ii)	created
                                         any Encumbrance upon any of its properties or assets;

 

		(iii)	sold,
                                         assigned, licensed, transferred, leased or otherwise disposed of any properties or assets,
                                         except in the Ordinary Course of Business;

 

		(iv)	purchased,
                                         leased or otherwise acquired any properties or assets, except in the Ordinary Course
                                         of Business;

 

		(v)	entered
                                         into any transaction, contract, agreement or commitment, except in the Ordinary Course
                                         of Business;

 

    9

     

    

  

		(vi)	terminated,
                                         discontinued, closed or disposed of any plant, facility or operation;

 

		(vii)	changed
                                         the terms and conditions of employment of any employees of the Company, including increasing
                                         any form of compensation or other benefits payable or to become payable to any of the
                                         employees of the Company, except increases made in the Ordinary Course of Business;

 

		(viii)	changed
                                         any remuneration payable or benefits provided to any officer, manager, director, consultant
                                         or agent of the Company;

 

		(ix)	suffered
                                         any extraordinary loss;

 

		(x)	made
                                         or experienced any Material Adverse Change in, or become aware of any event or condition
                                         that is likely to result in a Material Adverse Change to, the Condition of the Company
                                         or its relationships with the Company’s customers, suppliers or employees;

 

		(xi)	modified,
                                         waived, changed, amended, released, rescinded, or terminated any material term, condition,
                                         or provision of any contract, lease, agreement, license or other instrument to which
                                         it is a party other than in the Ordinary Course of Business;

 

		(xii)	declared
                                         or paid any non-cash dividend or made any non-cash distribution upon or with respect
                                         to its equity interests, or made any non-cash payments, transfers or assignments of any
                                         rights, property or assets to any Seller or any other Person; or

 

		(xiii)	authorized,
agreed or otherwise become committed to do any of the foregoing.

 

		(n)	Commitments
for Capital Expenditures. Neither any Seller nor the Company has committed to make any capital expenditures or authorized
any capital expenditures which have not been fulfilled or paid.

 

		(o)	Tax
                                         Matters. The Company has filed all foreign, national, municipal, provincial, local
                                         tax returns of any kind whatsoever, including its value-added tax (“VAT”)
                                         returns, required to be filed by the date hereof. Each of such tax returns reflects the
                                         taxes due for the period covered thereby and the Company has paid all such amounts. The
                                         Company has no liabilities with respect to the payment of any taxes (including any deficiencies,
                                         interest or penalties), except for taxes accrued but not yet due and payable.

 

		(p)	Environmental
                                         Matters. The operations of the Company and the Business, and the use, maintenance
                                         and operation of the Company’s assets are in compliance with all Environmental
                                         Laws and all applicable Environmental Permits. The Company has no material liability,
                                         nor are there any reasonable grounds suggesting that any facts or circumstances exist
                                         that are likely to give rise to any material non-compliance with Environmental Laws,
                                         resulting from or relating to the existence, generation, handling, transportation, storage,
                                         treatment, disposal, discharge, Release or threatened Release of any Hazardous Substances,
                                         including without limitation any radioactive materials, or any petroleum or petroleum-related
                                         materials.

 

    10

     

    

 

		(q)	Title
                                         to Assets. The Company is the true and lawful owner of and has good and marketable
                                         title to all of its assets and properties that are used in the Business of the Company,
                                         free and clear of all Encumbrances, except for (i) leased Real Property, (ii) validly
                                         licensed Intellectual Property, and (iii) inventory disposed of in the Ordinary Course
                                         of Business. Except for lessors of the Real Property and licensed Intellectual Property,
                                         no Person other than the Company has any interest (or any right capable of becoming an
                                         interest) in any of the assets or property of the Company. Seller does not have any interest,
                                         legal or beneficial, direct or indirect, in any of the assets or properties of the Company.

 

		(r)	Real
Properties.

 

		(i)	Seller
and the Company have provided to Buyer true, correct and complete copies of all ownership documents and leases related to Real
Property of, or used by, the Company. There are no agreements, options, contracts or commitments to sell, transfer or otherwise
dispose of the Real Property or that would be affected by a change of control of the Company. There are no leases, tenancies,
licenses or other rights of occupancy or use for any portion of the Real Property by any other Person, and no Person other than
the Company occupies or uses any portion of the Real Property.

 

		(ii)	The
                                         Real Property and all buildings and structures located thereon and the conduct of the
                                         Business as presently conducted thereon do not violate, and the use thereof in the manner
                                         in which it is presently used is not adversely affected by, any zoning or building laws,
                                         ordinances, regulations, covenants or official plans and there are no outstanding work
                                         orders, non-compliance orders, deficiency notices or other such notices regarding to
                                         the Real Property. Neither the Company nor any Seller has received any notification alleging
                                         any such violation.

 

		(s)	Condition
                                         of Tangible Personal Property. The tangible personal property comprised of the equipment,
                                         furniture, and vehicles of the Company, whether leased or owned, is in good operating
                                         condition and repair, reasonable wear and tear excepted. No major repair items are anticipated
                                         and the standard preventive maintenance operations have been carried out in accordance
                                         with the manufacturers’ recommendations.

 

		(t)	Leased
Personal Property. The Company has no leases of personal property used in or relating to the Business.

 

		(u)	Accounts
Payable. Seller has provided Buyer with a true, correct and complete list of the Accounts Payable of the Business as of June
30, 2020. All of such Accounts Payable arose in the Ordinary Course of Business.

 

		(v)	Accounts
Receivable. Seller has provided Buyer with a true, correct and complete list of the Accounts Receivable of the Business as
of June 30, 2020, including an aging of such Accounts Receivable as of such date, both in the aggregate and by customer (0-30
days, 30-90 days and greater than 90 days). With respect to such Accounts Receivable: (i) all of such Accounts Receivable arose
in the Ordinary Course of Business, (ii) except to the extent of any reserve for doubtful accounts, all of such Accounts Receivable
have been (or will be) collected or, to the knowledge of any Seller or the Company, are collectible (or will be collectible) in
the book amounts thereof and (iii) none of such Accounts Receivable are or, to the Knowledge of any Seller or the Company, will
be, subject to any claim of offset, recoupment, setoff, or counter-claim, and to the Knowledge of any Seller or the Company there
are no specific facts or circumstances (whether asserted or unasserted) that would give rise to any such claim. No amount of such
Accounts Receivable are or will be contingent upon the performance by the Company of any obligation or contract. Except for trade
discounts in the Ordinary Course of Business, no agreement for deduction or discount has been made with respect to any of such
accrued receivables.

 

    11

     

    

 

		(w)	Inventory.
                                         Seller has provided Buyer a true, correct and complete list of the Company’s owned
                                         inventory as of June 30, 2020, of items purchased in advance of the need to incorporate
                                         such inventory into a specific job or project (the “Pre-Purchased Inventory”).
                                         At Closing, Seller will provide Buyer with an updated list of Pre-Purchased Inventory
                                         as of Closing. Such inventory is useable in the Ordinary Course of Business.

 

		(x)	Extraordinary
                                         Agreements. The Company is not a partner or participant in any partnership,
                                         joint venture, profit-sharing arrangement or other association of any kind and is not
                                         a party to any agreement under which the Company agrees to carry on any part of its business
                                         in such manner or by which the Company agrees to share any revenue or profit of its business
                                         with any other Person. The Company is not party to or bound by any outstanding or executory
                                         agreement, contract or commitment out of the Ordinary Course of Business, whether written
                                         or oral.

 

		(y)	Material
Contracts.

 

		(i)	Seller
has provided to Buyer true and correct copies of the following agreements (each a “Material Contract”) to which
the Company is a party:

 

		(A)	any
agreement for the purchase or sale of products or for the furnishing or receipt of services (1) which involves more than the sum
of $10,000 or (2) in which the Company has granted “most favored nation” pricing provisions or marketing or distribution
rights relating to any services, products or territory or has agreed to purchase a minimum quantity of goods or services or has
agreed to purchase goods or services exclusively from a certain party;

 

		(B)	any
                                         agreement concerning the establishment or operation of a partnership, joint venture or
                                         limited liability company;

 

		(C)	any
                                         agreement under which the Company has created, incurred, assumed or guaranteed (or may
                                         create, incur, assume or guarantee) indebtedness (including capitalized lease obligations)
                                         or under which it has imposed (or may impose) any Encumbrance on any of its assets, tangible
                                         or intangible (excluding indebtedness and Encumbrances being paid off, terminated or
                                         otherwise satisfied in connection with the Closing);

 

		(D)	any
                                         agreement for the disposition of any significant portion of the assets or business of
                                         the Company (other than sales of products in the Ordinary Course of Business) or any
                                         agreement for the acquisition of the assets or business of any other entity (other than
                                         purchases of inventory or components in the Ordinary Course of Business);

 

		(E)	any
agreement concerning confidentiality or non-solicitation;

 

		(F)	any
                                         employment agreement, consulting agreement, severance agreement (or agreement that includes
                                         provisions for the payment of severance) or retention agreement;

 

		(G)	any
agreement involving any current director, manager, officer, shareholder or member of the Company;

 

		(H)	any
                                         lease or agreement under which the Company is the lessee of, or holds or operates, any
                                         personal property owned by any other party, for which the annual rental exceeds $15,000;

 

    12

     

    

  

		(I)	any
agreement that prohibits the Company from freely engaging in business anywhere in the world;

 

		(J)	any
                                         distributor, sales representative, franchise or similar agreement to which the Company
                                         is a party or by which the Company is bound; and

 

		(K)	any
                                         other agreement (or group of related agreements) either (A) involving more than $50,000
                                         or (B) not entered into in the Ordinary Course of Business and involving more than $10,000.

 

The
Company has made available to Buyer a complete and accurate copy of each Material Contract (as amended to date). With respect
to each Material Contract, and subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
generally the enforcement of creditors’ rights and subject to general principles of equity: (i) the Material Contract is
legal, valid, binding and enforceable and in full force and effect against the Company, to the Knowledge of any Seller or the
Company, against each other party thereto; and (ii) the Material Contract will continue to be legal, valid, binding and enforceable
and in full force and effect against the Company and against each other party thereto immediately following the Closing in accordance
with the terms thereof as in effect immediately prior to the Closing. Neither the Company nor, to the Knowledge of any Seller
or the Company, any other party, is in breach or violation of, or default under, any such Material Contract, and no event has
occurred, is pending or, to the Knowledge of any Seller or the Company, is threatened, which, after the giving of notice, with
lapse of time, or otherwise, would constitute a breach or default by the Company or any other party under such Material Contract.

 

		(ii)	The
Company is not party to any oral contract, agreement or other arrangement that, if reduced to written form, would be required
to provide under the terms of Section 3(y)

 

		(z)	Employees.

 

		(i)	Seller
                                         has provided to Buyer a true, correct and complete list as of June 30, 2020 of the following
                                         information for each employee of the Company, including any employee on leave of absence
                                         or layoff status: name; job title; current compensation paid or payable;
                                         any change in compensation since June 30, 2020; vacation accrued; and service
                                         credited for purposes of vesting and eligibility to participate Benefit Plans, severance
                                         pay, vacation or other plan maintained by the Company. Except as provided to Buyer, no
                                         employee is party to any written employment, service or consulting agreement, and all
                                         employees of the Company are employed on an at-will basis.

 

		(ii)	Seller
                                         has provided to Buyer a true, correct and complete list of any individual independent
                                         contractors currently engaged by the Company, along with the position, date of retention
                                         and rate of remuneration for each such Person. Except as provided to Buyer, no individual
                                         independent contractor is a party to any written agreement or contract with the Company.

 

		(iii)	To
                                         the Knowledge of any Seller or the Company, no manager, officer, key employee or significant
                                         group of employees of the Company intends to terminate his or her employment with the
                                         Company during the twelve (12) month period from and after the date of this Agreement.

 

		(iv)	All
                                         employees of the Company have obtained and currently maintain any licenses and permits
                                         necessary for each such employee to perform the services currently being performed by
                                         such employee on behalf of the Company, and any such licenses and permits are valid and
                                         in full force and effect.

 

    13

     

    

  

		(v)	The
                                         Company has not materially breached or violated any (1) Laws and Regulations respecting
                                         employment and employment practices, terms and conditions of employment and wages and
                                         hours, including any such Laws and Regulations respecting employment discrimination,
                                         employee classification, workers’ compensation, family and medical leave, the immigration
                                         status and occupational safety and health requirements, or (2) employment agreement or
                                         other agreement covering individual employees; and no claims, controversies, investigations,
                                         audits or suits are pending or, to the Knowledge of any Seller or the Company, threatened
                                         with respect to such Laws and Regulations or agreements, either by private individuals
                                         or by Governmental Entities. The Company has not incurred any liability arising from
                                         the misclassification of employees as consultants or independent contractors, or from
                                         the misclassification of consultants or independent contractors as employees.

 

		(vi)	The
                                         Company has withheld and paid to the appropriate Governmental Entity or is holding for
                                         payment not yet due to such Governmental Entity all amounts required to be withheld from
                                         the Company’s employees and the Company is not liable for any arrears of wages,
                                         Taxes, penalties or other sums for failure to comply with any of the foregoing.

 

		(aa)	Benefit
Plans. The Company have provided to Buyer a true, correct and complete list of all Benefit Plans offered by the Company.
Each such Benefit Plan complies in all material respects, and has complied in all material respects since inception, by its terms
and in operation, with the requirements provided by any and all Laws and Regulations then in effect and applicable to such plan,
and the Company has timely made (or accrued, if not yet due) all payments or contributions required to be made thereunder.

 

		(bb)	Guarantees,
Warranties and Discounts.

 

		(i)	The
Company is not party to or bound by any agreement of guarantee, indemnification, assumption or endorsement or any other like commitment
of the obligations, liabilities (whether accrued, absolute, contingent or otherwise) or Indebtedness of any Person.

 

		(ii)	The
                                         Company has not given any guarantee or warranty in respect of any of the goods and services
                                         provided by it, except warranties made in the Ordinary Course of Business.

 

		(iii)	In
                                         each of the two (2) years prior to the date hereof, no claims have been made against
                                         the Company or the Business for breach of warranty or contract or negligence or for a
                                         price adjustment or other concession in respect of any failure to perform services or
                                         work.

 

		(iv)	There
                                         are no letters of credit, bonds or other financial security arrangements currently in
                                         place in connection with any transactions with its suppliers or customers, nor does the
                                         Company provide letters of credit, bonds or other financial security arrangements in
                                         the normal course of business.

 

    14

     

    

 

		(y)	Material
Contracts.

 

		(i)	All
contracts, agreements, franchises, license agreements, and other commitments to which the Company or any Subsidiary is party or
is bound as of the date hereof necessary for the conduct of the businesses and operations of the Company and its Subsidiaries
as currently conducted and as proposed to be conducted (each, a “Material Contract”, collectively, the “Material
Contracts”) constitutes a valid and binding obligation of the Company or Subsidiary and, to the Seller’s Knowledge,
the other parties thereto; (b) assuming such Material Contract is a valid and binding obligation of and enforceable against
the other parties thereto, is enforceable against the Company or the Subsidiary, except as such enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforcement of creditors’ rights
in general and subject to general principles of equity and (c) neither the Company nor the Subsidiary is in breach or default,
and no event has occurred which, with due notice or lapse of time or both, would constitute a breach or default by the Company
or the Subsidiary, under any Material Contract, and neither the Company nor Subsidiary has given notice of a material breach or
material default of any material provision thereof to any other party thereto.

 

		(ii)	The
                                         Company is not party to any oral contract, agreement or other arrangement that, if reduced
                                         to written form, would be qualified as a Material Contract.

 

		(cc)	Intellectual
Property. The Company owns, possesses or can obtain on commercially reasonable terms sufficient legal rights to all Intellectual
Property necessary to the Business of the Company as presently conducted without any conflict with, or infringement or misappropriation,
of the rights of others, the lack of which could reasonably be expected to have a Material Adverse Effect. Except for (i) agreements
with its own employees or consultants in the form(s) delivered to Buyer, (ii) agreements otherwise provided by Buyer, (iii) standard
end-user license agreements for generally commercially available software in object code form or on a hosted basis that will not
to any extent be part of any product or service of the Company and related support/maintenance agreements and nonexclusive licenses
of the Company’s software and products in object-code form or on a hosted basis in the Ordinary Course of Business pursuant
to standard end-user agreements, the form of which has been provided to Buyer (collectively, “Standard Licenses”),
there are no outstanding options, licenses or agreements relating to the Intellectual Property owned or purported to be owned
by the Company, and the Company is not bound by or a party to any options, licenses or agreements with respect to the Intellectual
Property of any other person or entity. The Company has not received any written communication alleging that the Company has violated
or, by conducting its Business as currently conducted, would violate any of the Intellectual Property of any other Person, nor
is the Company or any Seller aware of any basis therefor. Except as described in agreements provided to Buyer, the Company is
not obligated to make any payments by way of royalties, fees or otherwise to any owner or licensor of or claimant to any Intellectual
Property with respect to the use thereof in connection with the conduct of its Business as presently conducted. There are no agreements,
understandings, instruments, contracts, judgments, orders or decrees to which the Company is a party or by which it is bound which
involve indemnification by the Company with respect to infringements of Intellectual Property. To the extent the Company has embedded
any “open source,” “copyleft” or “community source” code in any of its products or services
generally available or in development, including but not limited to any libraries or code licensed under any general public license
or similar license arrangement, the Company is in compliance with the terms of any such licenses and any such software and licenses.
The Company is not subject to any agreement, license or contractual obligation that would require (or purport to require) the
distribution, license, or disclosure of the source code of such software or derivative works thereof or prohibit (or purport to
prohibit) the Company from charging for the distribution, license or use of the software or derivative works thereof or otherwise
limit the use, distribution or license of such software or derivative works thereof for commercial purposes.

 

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		(dd)	Insurance.
                                         Seller has provided Buyer a true, correct and complete list of all insurance policies
                                         maintained by the Company or under which the Company is covered in respect of the properties,
                                         assets, operations and personnel utilized in the operation of the Business as of the
                                         date hereof. Complete and correct copies of all such insurance policies have been provided
                                         to Buyer. Such insurance policies are in full force and effect and the Company is not
                                         in default with respect to the payment of any premium or compliance with any of the provisions
                                         contained in any such insurance policy. There are no circumstances under which the Company
                                         would be required to or, in order to maintain its coverage, should give any notice to
                                         the insurers under any such insurance policies which have not been given. The Company
                                         has not received notice from any of the insurers regarding cancellation of such insurance
                                         policies. The Company has not failed to give any notice of or to present any claim under
                                         any such insurance policy in due and timely fashion. Neither any Seller nor the Company
                                         has received notice from any of the insurers denying any claims under such policies.

 

		(ee)	No
                                         Material Adverse Change. Since the date of the Interim Statement of Assets, Liabilities
                                         and Owners’ Equity, there has been no Material Adverse Change in the affairs, operations
                                         or Condition of the Company or the Business, and no event has occurred or circumstance
                                         exists which may be reasonably expected to result in such a Material Adverse Change.

 

		(ff)	Compliance
                                         with Laws. The Company has at all times complied in all material respects, and is
                                         currently in material compliance, with all Laws and Regulations that apply to the Company,
                                         the Business, the Company’s business practices, employees, operations and any of
                                         the Company’s owned or leased real or personal properties, except where the effect
                                         of any such non- compliance, individually or in the aggregate, has not had and would
                                         not reasonably be expected to result in a Material Adverse Change.

 

		(gg)	[Reserved]

 

		(hh)	Customers
                                         and Suppliers. Seller has provided Buyer with list of (a) customers of the Business
                                         that purchased from the Company during the calendar years 2019 and 2018, and the amount
                                         of revenues accounted for by such customer during such calendar year, and (b) each supplier
                                         to the Company of any significant product or service that would not be able to be obtained
                                         from another supplier without unreasonable delay, expense or burden. No such customer
                                         or supplier has indicated within the past year that it will stop, or materially decrease
                                         the rate of, buying materials, products or services or supplying materials, products
                                         or services, as applicable, to the Business.

 

		(ii)	Data
                                         Collection. In connection with its collection, storage, transfer (including, without
                                         limitation, any transfer across national borders) and/or use of any personally identifiable
                                         information from any individuals, including, without limitation, any customers, prospective
                                         customers, employees and/or other third parties (collectively, “Personal Information”)
                                         and any other data, the Company is and has been in compliance in all material respects
                                         with all applicable laws in all relevant jurisdictions, the Company’s privacy policies
                                         and the requirements of any contract or codes of conduct to which the Company is a party.
                                         The Company has commercially reasonable security measures and policies in place to protect
                                         all Personal Information and other data collected by it or on its behalf from and against
                                         unauthorized access, use and/or disclosure. The Company is and has been in compliance
                                         in all material respects with all laws relating to data loss, theft and breach of security
                                         notification obligations.

 

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		(jj)	Broker’s
                                         Fees. No broker, investment banker, financial advisor or other person, is entitled
                                         to any broker’s, finder’s, financial advisor’s or other similar fee
                                         or commission in connection with this Agreement or the transactions contemplated hereby
                                         based upon arrangements made by or on behalf of any Seller.

 

		(kk)	Access
to Information. Seller acknowledges that it has had the opportunity to review the transaction documents and all reports and
documents filed by the Buyer, or its predecessor, with the Securities and Exchange Commission, and has been afforded (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Buyer concerning the
terms and conditions of the Agreement; (ii) access to information about the Buyer and its financial condition, results of
operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii)
the opportunity to obtain such additional information that the Buyer possesses or can acquire without unreasonable effort or expense
that is necessary to make an informed investment decision with respect to the investment.

 

		(ll)	Disclosure.
No representation or warranty contained in this Section 3.1, and no statement contained in any certificate, list, summary
or other disclosure document provided or to be provided to Buyer pursuant hereto or in connection with the transactions contemplated
hereby, contains or will contain any untrue statement of a material fact, or omits or will omit to state any material fact which
is necessary in order to make the statements contained therein not misleading.

 

		(mm)	Copies
of Documents. Complete and correct copies (including all amendments) of all contracts and other documents required to be provided
to Buyer under the terms of this Agreement have been delivered to Buyer.

 

 3.2 Representations and Warranties by Buyer

 

		(a)	Buyer
represent and warrant that as of the date hereof:

 

		(i)	Valid
Existence. Buyer is a limited liability company duly organized, validly existing and on active status under the laws of its
jurisdiction of organization, with all requisite limited liability company power and authority to and all authorizations, licenses
and permits necessary to own and operate its properties and to carry on its business as now conducted.

 

		(ii)	Authority
                                         and Binding Obligation. Buyer has all requisite power and authority to execute and
                                         deliver this Agreement and all other agreements contemplated hereby to which it is a
                                         party and to perform its obligations hereunder and thereunder. The execution and delivery
                                         by Buyer of this Agreement and all other agreements contemplated hereby to which it is
                                         a party and the consummation by Buyer of the transactions contemplated hereby and thereby
                                         have been duly and validly authorized by all necessary corporate action on the part of
                                         Buyer. This Agreement has been duly and validly executed and delivered by Buyer and constitutes
                                         a valid and binding obligation of Buyer, enforceable against Buyer in accordance with
                                         its terms, except as enforceability hereof may be limited by bankruptcy, insolvency,
                                         reorganization, moratorium or other Laws and Regulations affecting creditors’ rights
                                         generally and limitations on the availability of equitable remedies.

 

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		(iii)	Contractual
                                         and Regulatory Approvals. Buyer is not under any obligation, contractual or otherwise,
                                         to request or obtain the consent of any Person, and no permits, licenses, certifications,
                                         authorizations or approvals of, or notifications to, any Governmental Entity are required
                                         to be obtained by Buyer in connection with the execution, delivery or performance of
                                         this Agreement or the completion of any of the transactions contemplated herein.

 

		(iv)	Compliance
                                         with Organizational Documents. The execution, delivery and performance of this Agreement
                                         and each of the other agreements contemplated or referred to herein by Buyer and the
                                         completion of the transactions contemplated hereby, will not constitute or result in
                                         a violation or breach of or default under any term or provision of the Organizational
                                         Documents of Buyer.

 

		(v)	No
                                         Proceedings. There are no actions, suits or proceedings, judicial or administrative
                                         (whether or not purportedly on behalf Buyer or others) pending or to the Knowledge of
                                         Buyer, threatened, by or against Buyer that relate to the completion of the transaction
                                         contemplated by this Agreement, before or by any court or any Governmental Entity.

 

		(vi)	Broker’s
                                         Fees. Buyer has no liability or obligation to pay any fees or commissions to any
                                         broker, finder or agent with respect to the transactions contemplated by this Agreement.

 

ARTICLE
IV COVENANTS

 

4.1 Covenants
by Seller and the Company

 

Seller
and the Company covenant that they will do or cause to be done the following:

 

Financial
Statements. Seller and the Company shall cooperate with Buyer with respect to any post-Closing audit and any audit
of prior years’ financial statements that may be required by regulatory authorities in the future.

 

4.2 Consents

 

The
Parties shall cooperate with each other and proceed, as promptly as is reasonably practicable, to make any filings (and comply
with associated requests for information) and to obtain any necessary consents and approvals from government bodies, regulators,
lenders, landlords and other Third Parties, and to endeavor to comply with all other legal or contractual requirements for or
preconditions to the execution and consummation of the transactions contemplated hereby.

 

4.3 Preparation
of Tax Returns.

 

		(a)	Buyer
                                         and Seller agree to furnish or cause to be furnished to each other, upon request, as
                                         promptly as practicable, such information and assistance relating to the Company as is
                                         reasonably necessary for the filing of all Tax Returns and the making of any election
                                         related to Taxes, the preparation of any audit by any Governmental Authority and the
                                         prosecution of or defense of any claim, suit or proceeding relating to any Tax Return.
                                         Buyer and Seller agree to maintain or arrange for the maintenance of all records necessary
                                         to comply with this Section 4.3(a), including all Tax Returns, schedules and work
                                         papers and all material records or other documents relating thereto, until the expiration
                                         of the applicable statute of limitations (including extensions) for the taxable years
                                         to which such Tax Returns and other documents relate and, unless the relevant portions
                                         of such Tax Returns and other documents are offered to the other party, until the final
                                         determination of any payments which may be required in respect of such years under this
                                         Agreement or such longer period as may be required hereof. Any information obtained under
                                         this Section 4.4(a) shall be kept confidential, except as may be otherwise necessary
                                         in connection with the filing of Tax Returns or claims for refund or in conducting any
                                         audit or other Tax-related proceeding. Each Party agrees to afford the other reasonable
                                         access to such records during normal business hours.

 

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		(b)	(i)
                                         Seller and the Company shall be liable, jointly and severally, for and shall pay all
                                         Taxes, whether assessed or unassessed, applicable to the Company, in each case attributable
                                         to all periods prior to the Closing Date; (ii) Buyer liable for and shall pay all
                                         Taxes, whether assessed or unassessed, applicable to the Company, in each case attributable
                                         to periods beginning on or after the Closing Date; and (iii) all real property Taxes,
                                         personal property Taxes and similar ad valorem obligations levied with respect
                                         to the Company for a taxable period which includes (but does not end on) the Closing
                                         Date (collectively, the “Apportioned Obligations”) will be apportioned
                                         between Seller, on the one hand, and Buyer, on the other hand, as of the Closing Date
                                         based on the number of days of such taxable period on or prior to the Closing Date and
                                         the number of days of such taxable period after the Closing Date (it being understood
                                         that (x) Seller is responsible for the portion of each such Apportioned Obligations attributable
                                         to the number of days on or before the Closing Date in the relevant assessment period,
                                         (y) Buyer is responsible for the portion of each such Apportioned Obligations attributable
                                         to the number of days after the Closing Date in the relevant assessment period, and (z)
                                         each Party shall be entitled to reimbursement for the payment of any part of the other
                                         Party’s portion of any Apportioned Obligations).

 

		(c)	All
                                         refunds of Taxes related to the Company for any period prior to the Closing shall be
                                         the property of the Seller. To the extent that Buyer or the Company receives a Tax refund
                                         that is the property of the Seller to this Section 4.4(c), Buyer shall promptly
                                         pay to each Seller an amount of such Tax refund proportional to such Seller’s ownership
                                         of the Company Registered Capital prior to the Closing (including any interest thereon
                                         actually received from the Governmental Authority).

 

ARTICLE
V RESERVED. 

 

ARTICLE
VI CLOSING

 

6.1 Closing
Arrangements

 

Subject
to the terms and conditions hereof, the Closing shall take place at on the date hereof by the electronic exchange of documents,
or at such other place or places as may be mutually agreed upon by all of the Parties.

 

6.2 Documents
to be Delivered

 

At
or before the Closing, Seller and the Company, as applicable, shall execute, or cause to be executed, and shall deliver, or cause
to be delivered, to Buyer, all agreements, instruments, notices, certificates and other documents, or counterpart signatures thereof,
which are required to be delivered by Seller and the Company, as applicable, pursuant to the provisions of this Agreement, and
Buyer shall execute, or cause to be executed, and shall deliver, or cause to be delivered to Seller all directions and all agreements,
instruments, notices, certificates and other documents, or counterpart signatures thereof, which Buyer is required to deliver
or cause to be delivered pursuant to the provisions of this Agreement, including the following:

 

		(a)	Documents
to be delivered by Seller and the Company:

 

		(i)	this
Agreement, duly executed by Seller and the Company;

 

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		(ii)	certified
copies of all necessary Company and Seller resolutions, authorizations and proceedings of the directors, shareholders, members
or managers of the Company or Seller that are required to be taken or obtained to permit the due and valid transfer of the Company
Registered Capital to Buyer, to authorize the execution, delivery and performance of this Agreement and completion of such other
transactions contemplated herein;

 

		(iii)	the
amended and restated articles of incorporation of the Company with the Buyer as the sole registered holder of 100% of the equity
interest of the Company

 

		(iv)	evidence
of discharge of all Encumbrances (or arrangements satisfactory to the Buyer thereof); and

 

		(v)	all
such other documents and instruments that are incidental to the foregoing as the Buyer may reasonably require.

 

		(b)	Documents
to be delivered or cause to be delivered by Buyer:

 

		(i)	this
Agreement, duly executed by Buyer; and

 

		(ii)	all
                                         such other documents and instruments that Seller may reasonably require in connection
                                         with the transactions contemplated hereby.

 

ARTICLE
VII INDEMNIFICATION

 

7.1 Indemnity
by Seller

 

Subject
to the provisions of the other sections of this Article VII, Seller and the Company hereby agree, jointly and severally,
to indemnify and hold harmless Buyer and any and all of their officers, directors, managers, members, agents and other Affiliates
(collectively, the “Buyer Parties”) from and against any and all claims, losses, damages, costs (including
attorneys’ and paralegals’ fees, as well as remediation costs, fines and penalties), expenses and liabilities, of
every kind and nature, whether known or unknown, choate or inchoate (collectively, “Losses”), which may be
made or brought against any Buyer Party, or which any Buyer Party may suffer or incur as a result of, in respect of or arising
out of:

 

		(a)	any
misrepresentation, inaccuracy, incorrectness or breach of any representation or warranty made by Seller or the Company in this
Agreement or contained in any document or certificate given in order to carry out the transactions contemplated hereby;

 

		(b)	any
non-performance or non-fulfillment of any covenant or agreement on the part of Seller or the Company contained in this Agreement
or in any document given in order to carry out the transactions contemplated hereby;

 

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		(c)	any
                                         liability or obligation of Seller or the Company for Taxes, including, without limitation,
                                         (i) any Taxes arising as a result of Seller’s ownership or operation of the Company
                                         and the Business prior to the Closing Date, and (ii) any Transfer Taxes or other Taxes
                                         which are the obligation of Seller under this Agreement, as a transferee or successor,
                                         by contract, or otherwise; and

 

7.2 Indemnity
by Buyer 

 

Buyer
hereby agrees to indemnify and hold harmless Seller and the Company, any and all of their respective officers, directors, managers,
members, agents and other Affiliates (the “Seller Parties”) from and against any Losses which may be made or
brought against the Seller Parties or which the Seller Parties may suffer or incur as a result of, in respect of or arising out
of:

 

		(a)	any
                                         non-performance or non-fulfillment of any covenant or agreement on the part of Buyer
                                         contained in this Agreement or in any document given thereby in order to carry out the
                                         transactions contemplated hereby; and

 

		(b)	any
                                         misrepresentation, inaccuracy, incorrectness or breach of any representation or warranty
                                         made by Buyer contained in this Agreement or contained in any document or certificate
                                         given in order to carry out the transactions contemplated hereby.

 

7.3 Indemnification
Cap

 

In
no event shall the aggregate indemnification to be paid by the Seller under this Article VII exceed the greater of (x)
the product of the Purchase Price multiplied by the proportion of such Seller’s Company Registered Capital to the total
amount of Company Registered Capital (the “Seller Purchase Price”), or (y) the product of (i) the average closing
price of TD Holding’s common stock, par value $0.001 per share (“Common Stock”) on the NASDAQ Capital
Market (or succeeding trading market) over the five (5) trading days preceding the Determination Date (as defined below) multiplied
by (ii) the number of Common Stock received by such Seller upon the consummation of the transactions contemplated hereby (the
“Individual Seller Cap”). Notwithstanding the foregoing, the Individual Seller Cap shall not apply to claims
for indemnification resulting from or relating to breaches by such Seller constituting fraud or intentional misconduct. In no
event shall the aggregate indemnification to be paid by Buyer under this Article VII exceed the Purchase Price.

 

As
used herein, “Determination Date” shall mean the date on which a Seller first receives a claim for indemnification
from the Buyer.

 

ARTICLE
VIII 

GENERAL
PROVISIONS

 

8.1 Further
Assurances

 

Each
of the Company, Seller and Buyer hereby covenant and agree that, at any time and from time to time after the Closing Date, such
Party will, upon the request of any other Party, do, execute, acknowledge and deliver or cause to be done, executed, acknowledged
and delivered all such further acts, deeds, assignments, transfers, conveyances and assurances as may be reasonably required for
the better carrying out and performance of all the terms of this Agreement.

 

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8.2 Remedies
Cumulative

 

Except
as otherwise provided in Article VII, the rights and remedies of the Parties under this Agreement are cumulative and in
addition to and not in substitution for any rights or remedies provided by law. Any single or partial exercise by any Party hereto
of any right or remedy for default or breach of any term, covenant or condition of this Agreement does not waive, alter, affect
or prejudice any other right or remedy to which such Party may be lawfully entitled for the same default or breach.

 

8.3 Notices

 

		(a)	Any
notice, designation, communication, request, demand or other document, required or permitted to be given or sent or delivered
hereunder to any Party hereto shall be in writing and shall be sufficiently given or sent or delivered if it is:

 

		(i)	delivered
via courier to such Party; or

		(ii)	sent
to the Party entitled to receive it by mail, postage prepaid; or

		(iii)	delivered
via email to such Party.

 

		(b)	Notices
                                         shall be sent to the following addresses:

 

Seller:
Shenzhen Xinsuniao Technology Co., Ltd.

3708,
Block A, Jingji Binhe Times Square, Xiasha Village, No. 9289,

Binhe
Road, Xiasha Community, Shatou Street,

Futian
District, Shenzhen, Guangdong, PRC

 xinsuniao@163.com

 

Buyer:
Shenzhen Huamucheng Trading Co., Ltd.

25th
Floor, Block C, Tairan Building

No.
31 Tairan 8th Road, Futian District

Shenzhen,
Guangdong, PRC 518000

 ouyangrenmei@126.com

 

With
a copy (for informational purposes only) to the TD Holding’s Counsel:

Hunter
Taubman Fischer & Li LLC

800
Third Avenue, Suite 2800

New
York, NY 10022

Attn:
Joan Wu, Esq.

Telephone:
212 530 2208

Facsimile:
212 202 6380

Email:
jwu@htflawyers.com

 

Or
to such other address as the Party entitled to or receiving such notice, designation, communication, request, demand or other
document shall, by a notice given in accordance with this Section 8.3(b), have communicated to the Party giving or sending or
delivering such notice, designation, communication, request, demand or other document.

 

If
delivered as aforesaid, be deemed to have been given, sent, delivered and received on the date of delivery; and

 

If
sent by mail as aforesaid, be deemed to have been given, sent, delivered and received on the fifth (5th) Business Day following
the date of mailing.

 

    22

     

    

 

8.4
Counterparts

 

This
Agreement may be executed in a number of counterparts; all of which when taken together shall be considered on and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood
that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or
by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

8.5
Expenses of Parties

 

Except
as otherwise expressly provided herein, the Parties hereto shall pay their own respective expenses incident to the preparation
of this Agreement and to the consummation of the transactions provided for herein.

 

8.6
Successors and Assigns

 

This
Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns,
as the case may be. Notwithstanding the foregoing, however, this Agreement may not be assigned by Seller, and may not be assigned
by Buyer except to another entity under common control with Buyer upon prior written notice to Seller. Nothing herein, express
or implied, is intended to confer upon any Person, other than the Parties hereto and their respective successors and permitted
assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

8.7 Entire
Agreement

 

This
Agreement, attached Exhibits, together with any confidentiality agreement entered into in respect of the Company prior to the
date of this Agreement, constitute the entire agreement between the Parties hereto and, except as otherwise stipulated herein,
supersede all prior agreements, representations, warranties, statements, promises, information, arrangements and understandings,
whether oral or written, express or implied, with respect to the subject matter hereof.

 

8.8 Survival

 

Except
as otherwise expressly provided in this Agreement, the covenants, representations and warranties shall survive the Closing and
shall continue in full force and effect. Closing shall not prejudice any right of one Party against the other Party in respect
of anything done or omitted under this Agreement or in respect of any right to damages or other remedies.

 

8.9 Additional
Remedies

 

Each
of the Parties hereto acknowledges and understands that non-performance or threatened non-performance of the covenants contained
herein may not be compensable in damages. Accordingly, each of the Parties agrees and accepts that any adverse Party may, in addition
to any other remedy for relief, enforce the performance of any covenant of this Agreement by injunction or specific performance
upon application to a court of competent jurisdiction without proof of actual damages to such Party or notwithstanding that damages
may be readily quantifiable and each of the Parties agrees not to plead sufficiency of damages as a defense in any proceeding
for such injunctive relief brought by the other Party.

 

    23

     

    

 

8.10 Severability

 

Any
term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the
validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term
or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction declares
that any term or provision hereof is invalid or unenforceable, the Parties agree that the court making the determination of invalidity
or unenforceability shall have the power to limit the term or provision, to delete specific words or phrases, or to replace any
invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing
the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified

 

8.11 Waiver

 

Any
Party hereto which is entitled to the benefits of this Agreement may, and has the right to, waive any term or condition hereof
at any time on or prior to the Closing; provided, however, that such waiver shall be evidenced by written instrument
duly executed on behalf of such Party.

 

8.12 Submission
to Jurisdiction

 

Any
action, suit or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought
against any of the Parties in any courts located in the People’s Republic of China, and each of the Parties consents to
the exclusive jurisdiction of such courts in any such action, suit or proceeding and waives any objection to venue laid therein.
Each of the Parties hereto hereby consents to service of process in any such suit, action or proceeding in any manner permitted
by the laws of the People’s Republic of China and waives and agrees not to assert by way of motion, as a defense or otherwise,
in any such action, suit or proceeding any claim that service of process made in accordance with this Agreement does not constitute
good and sufficient service of process.

 

8.13 Amendments

 

No
modification or amendment to this Agreement may be made unless agreed to by the Parties hereto in writing.

 

[signature
page follows]

 

    24

     

    

 

IN
WITNESS WHEREOF, each of the undersigned parties has caused this Agreement to be executed as of the date first set forth above.

 

	 	Shenzhen
    Huamucheng Trading Co., Ltd.
	 	 
	 	By: 	/s/ Zhiping Chen
	 	Name:   	Zhiping Chen
	 	Title: 	Legal Representative 

 

     

     

    

  

IN
WITNESS WHEREOF, each of the undersigned parties has caused this Agreement to be executed as of the date first set forth above.

 

	 	Shenzhen
    Qianhai Baiyu Supply Chain Co., Ltd.
	 	 
	 	By: 	/s/ Huiping Fang
	 	Name:   	Huiping Fang
	 	Title: 	Legal Representative
	 	 
	 	Shenzhen
    Xinsuniao Technology Co., Ltd.
	 	 
	 	By: 	/s/ Jingwen Li
	 	Name: 	Jingwen Li
	 	Title: 	Legal Representative

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