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EXHIBIT 10.6                         Execution Copy

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This Second Amended and Restated Employment Agreement (“Agreement”), effective as of November 3, 2022 (the “Effective Date”), is entered into by and between Sasha G. Macomber (the “Executive”) and Redwood Trust, Inc., a Maryland corporation (the “Company”), and amends and restates in its entirety that certain Amended and Restated Employment Agreement by and between the Executive and the Company dated June 10, 2021 (the “Prior Agreement”).

The Company desires to establish its right to the continued services of the Executive, in the capacity, on the terms and conditions, and subject to the rights of termination hereinafter set forth, and the Executive is willing to accept such continued employment in such capacity, on such terms and conditions, and subject to such rights of termination. 

In consideration of the mutual agreements hereinafter set forth, the Executive and the Company have agreed and do hereby agree as follows:

1. Employment and Responsibilities. During the Term, the Executive shall serve as sole Chief Human Resource Officer of the Company, reporting to the Chief Executive Officer of the Company, with responsibilities, duties and authority customary for such position.  The Executive does hereby accept and agree to such continued employment. The Chief Executive Officer may, from time to time, in his sole discretion, modify, reassign and/or augment the Executive’s responsibilities, subject to prior approval by the Board of Directors of the Company (the “Board”), and any such modification, reassignment and/or augmentation shall be deemed a waiver by the Executive of her rights under Section 6(e)(i) hereof only with her express prior written consent.  Any such modification, reassignment or augmentation of responsibilities shall be in writing.  The Executive shall devote such time, energy and skill to the performance of her duties for the Company and for the benefit of the Company as may be necessary or required for the effective conduct and operation of the Company’s business. 
  
2. Term of Agreement. The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue through December 31, 2022; provided, however, that (i) on January 1, 2023 and each succeeding January 1, the Term shall automatically be extended for one additional year unless, not later than three months prior to any such January 1, either party shall have given written notice to the other that it does not wish to extend the Term and (ii) such one year extensions of the Term shall not occur on and after the January 1 of the year in which the Executive will attain age sixty-five (65) but instead the Term shall be extended only until the date of the Executive’s sixty-fifth (65th) birthday.

3. Compensation.
(a)    Base Salary. The Company shall pay the Executive, and the Executive agrees to accept from the Company, in payment for her services to the Company a base salary (the “Base Salary”) at the rate of not less than $425,000 per year, paid in accordance with the customary payroll practices of the Company subject to annual review and increase by the Board in its sole discretion (or by the Board’s separately designated Compensation Committee in its sole discretion).  For the avoidance of doubt, references to the Board in this Section 3 shall include the Board’s separately designated Compensation Committee. 

(b)    Performance Bonus. The Executive shall be eligible to receive an annual bonus. The Board in its discretion will determine whether such annual bonus will be paid, the amount of such bonus and its form of payment. The Executive’s target annual bonus amount is 150% of her Base Salary or such greater amount as may subsequently be established by the Board (the “Target Bonus”). During the first ninety (90) days of each calendar year, the Board, in consultation with the Chief Executive Officer, shall establish the performance goals applicable to such year’s annual bonus opportunity, as well as the framework for awarding an annual bonus that is higher or lesser than the Target Bonus.  Such criteria shall be established by the Board, after consultation with the Executive, and pursuant to a process that is consistent with past practice.  If the Board determines in its discretion that the Executive’s performance meets or exceeds the criteria established by the Board for the award of a Target Bonus, the Board may award the Executive the Target Bonus or a higher amount. Likewise, if the Board determines in its discretion that the Executive’s performance does not meet said criteria, the Board may award a lesser amount, or no bonus may be awarded. Unless otherwise provided in this Agreement, the Executive’s eligibility to receive any bonus under this paragraph shall be expressly conditioned on, among other things, the Executive remaining employed with the Company up through any designated distribution date set by the Board.

Notwithstanding the foregoing paragraph, in the event of a “Change of Control” (as defined in Exhibit D attached hereto), immediately prior to such Change of Control the Company shall be obligated to pay the Executive: (A) when such Change of Control occurs during a calendar year in respect of which no annual bonus has yet been paid, a pro-rated annual bonus for such calendar year, based on the number of days in such calendar year prior to the Change of Control; and (B) when such Change of Control occurs after the conclusion of a calendar year in respect of which no annual bonus has yet been paid (i.e., such Change of Control occurs after December 31st, but before the designated payment date for the annual bonus in respect of such completed calendar year), an annual bonus for such completed calendar year.  In the case of both of the preceding clauses (A) and (B), such amounts shall each be separately subject to any cap on Executive’s annual bonus previously established by the Board (or any 

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committee thereof) and shall each be determined in accordance with the criteria most recently designated by the Board (or any committee thereof) for the determination of such amounts, as follows: (I) any portion of the annual bonus amounts that had been previously designated by the Board (or any committee thereof) to be determined relative to the achievement of criteria measuring the financial performance of the Company with respect to a calendar year, shall be paid in amounts based on the attainment of such criteria (on an annualized basis, if in respect of less than a full calendar year), through the date immediately prior to such Change of Control (or, as applicable, through the end of any such completed calendar year) and in accordance with the methodology previously approved by the Board (or any committee thereof) for payment of such amounts of annual bonus (i.e., an amount at, higher, or lower than the target amounts for such portions of annual bonus); and (II) any portion of the annual bonus amounts that had been previously designated by the Board (or any committee thereof) to be determined relative to the achievement of criteria measuring the individual performance of the Executive, shall be paid in amounts equal to the target amount of such portion of the Executive’s annual bonus. 

(c)    Equity Incentive Awards. The Executive shall be eligible to receive grants of equity-based long-term incentive awards, which may include options to purchase Company stock, performance or restricted stock units and Company restricted stock contributions to Company’s deferred compensation plan, or other equity-based awards. Such awards shall be determined in the discretion of the Board and the Executive shall be eligible for consideration for such awards in the same manner as other senior executive officers of the Company. In the event of a Change of Control in which the surviving or acquiring corporation does not assume the Executive’s outstanding equity-related awards (including options and equity-based awards granted both before and after the Effective Date) or substitute similar equity-related awards  of substantially equivalent value, such equity-related awards shall immediately vest and become exercisable if the Executive’s service with the Company has not terminated before the effective date of the Change of Control; provided, however, that the foregoing provision shall only apply if the Company is not the surviving corporation or if shares of the Company’s common stock are converted into or exchanged for other securities or cash.

(d)   Annual Review. The Executive’s performance shall be reviewed periodically. The performance evaluations shall consider and assess the Executive’s performance of her duties and responsibilities, the accomplishment of established performance objectives, and/or other factors or criteria that the Board, in its sole discretion, may deem relevant. The frequency of performance evaluations may vary depending upon, among other things, length of service, past performance, changes in job duties or performance levels, but generally would occur on an annual basis.  The Board shall, at least annually, review the Executive’s entire compensation package to determine whether it continues to meet the Company’s compensation 

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objectives. Such annual review will include a determination of (i) whether to increase the Base Salary in accordance with Section 3(a); (ii) the incentive performance bonus to be awarded in accordance with Section 3(b); and (iii) the amount and type of any equity awards granted in accordance with Section 3(c).  Salary increases and incentive bonus awards are solely within the discretion of the Board and may depend upon many factors other than the Executive’s performance.

4. Fringe Benefits. The Executive shall be entitled to participate in any benefit programs adopted from time to time by the Company for the benefit of its senior executive officers, and the Executive shall be entitled to receive such other fringe benefits as may be granted to her from time to time by the Board.

(a)     Benefit Plans. The Executive shall be entitled to participate in any benefit plans relating to equity-based compensation awards, pension, thrift, profit sharing, life insurance, medical coverage, education, deferred compensation, or other retirement or employee benefits available to senior executive officers of the Company, subject to any restrictions (including waiting periods) specified in such plans and/or related individual agreements. The Company shall make commercially reasonable efforts to obtain medical and disability insurance, and such other forms of insurance as the Board shall from time to time determine, for its senior executive officers.

(b)    Paid Time Off. The Executive shall be entitled to paid time off each calendar year pursuant to the Company’s policies applicable to senior executive officers of the Company, as in effect from time to time. 

5. Business Expenses. The Company shall reimburse the Executive for any and all necessary, customary and usual expenses, properly receipted in accordance with Company policies, incurred by the Executive on behalf of the Company.

6. Termination of Executive’s Employment.

(a) Death. If the Executive dies while employed by the Company, her employment shall immediately terminate. The Company’s obligation to pay the Executive’s Base Salary shall cease as of the date of the Executive’s death, and any unpaid Base Salary shall be paid to the Executive’s estate. In addition, (i) within fifteen (15) days of the Executive’s death, the Company shall pay to the Executive’s estate an incentive performance bonus based on Executive’s Target Bonus then in effect, prorated for the number of days of employment completed by the Executive during the year of her death, and (ii) the Company shall pay to the Executive’s estate any earned but unpaid annual bonus from a prior service year (as and when 

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such bonuses become payable generally). The Executive’s beneficiaries or her estate shall receive benefits in accordance with the Company’s retirement, insurance and other applicable programs and plans then in effect. All stock options or other equity-related awards with time-based vesting, including deferred or restricted stock units, shall vest in full and, in the case of stock options, shall be exercisable for such period as set forth in the applicable award agreement by which such awards are evidenced (but in no event for a period of less than one year or through the expiration date of the stock option, whichever is earlier). All stock options or other equity-related awards subject to performance-based vesting, including performance stock units, shall remain outstanding and shall continue to be eligible to vest and become payable based on the number of target shares and the performance goals set forth in the applicable award agreement by which such awards are evidenced (i.e., shall be eligible to vest following application of actual performance achievement to the number of target shares in the same manner as applicable to active officers or employees of the Company who hold similar awards), with any stock options remaining exercisable for such period as set forth in the applicable award agreement (but in no event for a period of less than one year or through the expiration date of the stock option, whichever is earlier).  In addition, in the event the Company grants to the Executive a cash-settled equity award or a long-term incentive compensation award payable in cash, this Section 6(a) shall apply, mutatis mutandis, to any such award(s).

(b) Disability. If, as a result of the Executive’s incapacity due to physical or mental illness (“Disability”), the Executive shall have been unable to perform her duties to the Company for six (6) consecutive months, and, within thirty (30) days after written notice is provided to her by the Board, she shall not have resumed the performance of her duties, the Executive’s employment under this Agreement may be terminated by the Company for Disability. During any period prior to such termination during which the Executive is unable to perform her duties to the Company due to Disability, the Company shall continue to pay the Executive her Base Salary at the rate in effect at the commencement of such period of Disability and any earned but unpaid annual bonus from a prior service year. Subsequent to such termination, the Executive’s benefits shall be determined under the Company’s retirement, insurance and other compensation programs then in effect in accordance with the terms of such programs. In addition, if such a termination for Disability occurs then (i) within fifteen (15) days of such termination, the Company shall pay to the Executive an incentive performance bonus based on Executive’s Target Bonus then in effect, prorated for the number of days of employment completed by the Executive during the year in which her employment terminated and (ii) the Company shall pay to the Executive’s estate any earned but unpaid annual bonus from a prior service year (as and when such bonuses become payable generally).  The Executive, the Executive’s beneficiaries or her estate shall receive benefits in accordance with the Company’s retirement, insurance and other applicable programs and plans then in effect. All 

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stock options or other equity-related awards with time-based vesting, including deferred or restricted stock units, shall vest in full and, in the case of stock options, shall be exercisable for such period as set forth in the applicable award agreement by which such awards are evidenced (but in no event for a period of less than one year or through the expiration date of the stock option, whichever is earlier). All stock options or other equity-related awards subject to performance-based vesting, including performance stock units, shall remain outstanding and shall continue to be eligible to vest and become payable based on the number of target shares and the performance goals set forth in the applicable award agreement by which such awards are evidenced (i.e., shall be eligible to vest following application of actual performance achievement to the number of target shares in the same manner as applicable to active officers or employees of the Company who hold similar awards), with any stock options remaining exercisable for such period as set forth in the applicable award agreement (but in no event for a period of less than one year or through the expiration date of the stock option, whichever is earlier).  In addition, in the event the Company grants to the Executive a cash-settled equity award or a long-term incentive compensation award payable in cash, this Section 6(b) shall apply, mutatis mutandis, to any such award(s).  Notwithstanding the foregoing provisions of this Section 6(b), if such a termination for Disability occurs within three months prior to, on, or within 24 months following a Change of Control (as defined in Exhibit D attached hereto), and such termination constitutes a Separation from Service (as defined below), then such termination shall be treated for purposes of this Agreement as termination by the Company of the Executive’s employment without Cause and as a “CIC Termination”, as applicable, pursuant to and as set forth in Section 6(d) and Section 7 below, respectively, and the Executive shall be entitled to the payments, vesting, consideration, and benefits set forth therein in lieu if the payments, vesting, consideration, and benefits set forth in this Section 6(b).

(c) Termination By The Company For Cause. The Company may terminate the Executive’s employment under this Agreement for Cause, at any time prior to expiration of the Term of the Agreement; provided, however, that prior to any termination of employment for Cause, the Board must first provide written notice describing the reason for such termination of employment (and, with respect to subsections (iv), (v) and (vi) below, such notice may be provided on the same date as the termination date). For purposes of this Agreement, “Cause” shall mean: 

(i) the Executive’s material failure to substantially perform the reasonable and lawful duties of her position for the Company, including any habitual or repeated neglect if such duties, which failure has caused, or could reasonably be expected to cause, significant injury to the interests, property, operations, business or reputation of the 

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Company, and which failure shall continue to be uncured for thirty (30) days after written notice thereof by the Board to the Executive; 

(ii) acts or omissions constituting gross negligence, recklessness or willful misconduct on the part of the Executive in respect of the performance of her duties hereunder, her fiduciary obligations or otherwise relating to the business of the Company, which failure has caused material injury to the interests, property, operations, business or reputation of the Company, and which failure shall continue to be uncured for thirty (30) days after written notice thereof by the Board to the Executive; 

(iii) unauthorized use or disclosure of trade secrets or confidential or proprietary information pertaining to Company business, which use or disclosure has caused, or could reasonably be expected to cause significant injury to the interests, property, operations, business or reputation of the Company, and which failure shall continue to be uncured for thirty (30) days after written notice thereof by the Board to the Executive; 

(iv) acts or omissions constituting willful misconduct on the part of the Executive in respect of the performance of her fiduciary duty of loyalty to the Company, which failure has caused material injury to the interests, property, operations, business or reputation of the Company;

(v) theft or embezzlement, or attempted theft or embezzlement, of money or tangible or intangible assets or property of the Company or its employees, customers, clients, or others having business relations with the Company;

(vi) the Executive’s conviction of, or plea of guilty or nolo contendere to, a non-vehicular felony, including, without limitation, a non-vehicular felony the elements of which involve fraud, dishonesty, or moral turpitude; 

(vii) the Executive’s conviction of, or plea of guilty or nolo contendere to, a misdemeanor the elements of which involve fraud, dishonesty, or moral turpitude, and which is substantially related to the Executive’s employment and duties to the Company; or

(viii) the Executive’s commission of a crime the elements of which involve fraud, dishonesty, or moral turpitude, and which has caused, or could reasonably be expected to cause, material injury to the interests, property, operations, business or reputation of the Company.

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In the event of a termination under this Section 6(c), the Company will pay only the portion of Base Salary or previously awarded bonus unpaid as of the termination date. Fringe benefits which have accrued and/or vested on the termination date will continue in effect according to their terms.
(d) Termination By The Company Without Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause upon 30 days written notice to the Executive or pay in lieu thereof. In the event of a termination under this Section 6(d), the Executive shall be entitled to the payments, vesting, consideration, and benefits set forth in Section 7.
(e) Termination By The Executive For Good Reason. The Executive shall have the right to terminate the Executive’s employment under this Agreement for Good Reason, at any time prior to expiration of the Term of the Agreement. For purposes of this Agreement, “Good Reason” shall mean the occurrence, without the Executive’s express written consent, of any one or more of the following events:  

(i) A material reduction in the Executive’s responsibilities, title, duties or authority, including, without limitation, (A) the Executive ceasing to serve as the sole chief human resource officer of a publicly traded company or (B) on or after a Change of Control, if as a result of such Change of Control, the Company becomes a subsidiary of another entity and Executive is not appointed (or after appointment, ceases) to be the sole chief human resource officer of the top-tier parent entity of the Company (or its successor); provided that, for the avoidance of doubt, the appointment of the Executive to a top-tier parent entity that is not publicly traded does not eliminate the Executive’s rights under sub-clause (A) above;  

(ii) A reduction in the Executive’s Base Salary or in the Executive’s Target Bonus or a material reduction by the Company in the value of the Executive’s total compensation package (salary, bonus opportunity, equity incentive award opportunity and benefits) if such a reduction is not made in proportion to an across-the-board reduction for all senior executives of the Company (and for the avoidance of doubt, following a Change of Control, the reference to senior executives of the Company shall include, without limitation, all senior executives of any top tier parent entity of any acquiror of and/or successor to Redwood Trust, Inc.);

(iii) The relocation of the Executive’s principal Company office to a location not within the area of Marin County, California (commonly referred to as the “Highway 101 Corridor”), except for required travel away from the Executive’s principal Company office on the Company’s business to the extent necessary to fulfill the Executive’s obligations under 

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Section 1 (provided that any such travel explicitly required by the Company may not exceed thirty (30) days during any calendar year);

(iv) A failure by the Company at any time to renew this Agreement for successive one-year periods pursuant to Section 2;

(v) The complete liquidation of the Company; or

(vi) In the event of a merger, consolidation, transfer, or closing of a sale of all or substantially all the assets of the Company with or to any other individual or entity, the failure of the Company’s successor to affirmatively adopt this Agreement (no later than the closing of the applicable transaction) or to otherwise comply with its obligations pursuant to Section 13 below.

Notwithstanding the foregoing, at any time prior to a Change of Control, the Executive will not be deemed to have resigned for Good Reason for purposes of subclause (i) unless (1) the Executive provides the Board with written notice setting forth in reasonable detail the facts and circumstances claimed by the Executive to constitute Good Reason (the “Good Reason Notice”) within one hundred twenty (120) days after the date of the occurrence of any event that the Executive knows to constitute Good Reason, (2) the Company fails to cure such acts or omissions within thirty (30) days following its receipt of such notice or prior to a Change of Control, whichever shall occur earlier, and (3) the effective date of the Executive’s termination for Good Reason occurs no later than thirty (30) days after the expiration of the Company’s cure period; provided, however, that if the Executive reasonably believes that circumstances constituting “Good Reason” for the Executive to terminate his/her employment under this Agreement will exist immediately following a Change in Control, then the Executive may provide the Company with a Good Reason Notice no later than five (5) business days prior to the consummation of such Change of Control (and in such event the Company shall not be entitled to a period to cure) and the Executive’s resignation for Good Reason, if accepted by the Board, shall be deemed effective and binding on the Company (and any successor thereto) as of such time as may be determined by the Board (provided that any such effective time shall not be earlier than immediately following the consummation of the Change of Control).   Following a Change of Control, in order to resign for Good Reason, the Executive must provide a Good Reason Notice, but the Company shall not be entitled to a cure period.  In addition, following a Change of Control, the determination of whether to accept the Executive’s resignation for Good Reason shall be determined by the “Review Committee” as set forth in sub-section (g) below.  
In the event of a termination under this Section 6(e), the Executive shall be entitled to the payments, vesting, consideration, and benefits set forth in Section 7. 

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 (f) Termination By The Executive Without Good Reason. The Executive may at any time during the Term terminate her employment hereunder for any reason or no reason by giving the Company notice in writing not less than sixty (60) days in advance of such termination. The Executive shall have no further obligations to the Company after the effective date of termination, as set forth in the notice. In the event of a termination by the Executive under this Section 6(f), the Company will pay only the portion of Base Salary or previously awarded bonus unpaid as of the termination date. Fringe benefits which have accrued and/or vested on the termination date will continue in effect according to their terms.

(g) Administration of Agreement Upon Change of Control.  Notwithstanding
anything herein to the contrary, in the event of a Change of Control, prior to and in any event not later than ten (10) days before the consummation of such Change of Control, the Company may designate a committee of two or more members of the Board as constituted immediately prior to the Change of Control (the “Review Committee”) for the purpose of making any determination as to whether, solely for purposes of this Agreement, Executive’s employment is terminated with or without Cause or if Executive’s resignation is with or without Good Reason; provided that, in any Change of Control in which two or more members of the Board as constituted immediately prior to the Change of Control shall continue to act as members of the Board of the Company (or act as members of the board of directors or board of trustees (or otherwise as fiduciaries)) of any successor or parent entity of the Company) following such Change of Control, the Company shall be required to designate such a Review Committee. For the avoidance of doubt, any such Review Committee shall have the sole authority and responsibility to review, and be authorized to accept, in its sole discretion, any Good Reason Notice submitted by the Executive pursuant to Section 6 during the 24-month period following a Change of Control.

7. Compensation Upon Termination By the Company without Cause or By The Executive for Good Reason.
(a) If the Executive’s employment shall be terminated by the Company without Cause or by the Executive for Good Reason, the Executive shall be entitled to the following payments, vesting, consideration, and benefits:

(i) Payment of Unpaid Base Salary. The Company shall immediately pay the Executive any portion of the Executive’s Base Salary through the date of termination or previously awarded bonus not paid prior to the termination date.

(ii) Severance Payment.
 

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(A)  In the event such termination is not a CIC Termination (as defined below), then the Company shall provide the Executive (x) an amount equal to three-quarters (0.75) times the sum of (i) Executive’s Annual Base Salary as in effect immediately prior to her termination and (ii) Executive’s Target Bonus in effect immediately prior to her termination and (y) an amount equal to the Executive’s Target Bonus in effect immediately prior to her termination, pro-rated for the number of days of employment completed by the Executive during the year in which her employment is terminated.

(B)  In the event such termination of employment occurs within three months prior to, on, or within 24 months following a Change of Control (a “CIC Termination”), then instead of providing the payments in Section 7(a)(ii)(A), the Company shall provide the Executive an amount equal to the sum of (x) the Executive’s Target Bonus in effect immediately prior to her termination, prorated for the number of days of employment completed by the Executive during the year in which her employment terminated; (y) one (1) times the Executive’s Annual Base Salary as in effect immediately prior to her termination; and (z) one (1) times the Executive’s Target Bonus in effect immediately prior to her termination.  Notwithstanding the foregoing, the maximum aggregate amount that the Company shall pay to the Executive pursuant to this Section 7(a)(ii)(B) is $1,250,000.

(iii) Equity Awards. All stock options or other equity-related awards with time-based vesting, including deferred or restricted stock units, shall vest in full and, in the case of stock options, shall be exercisable for such period as set forth in the applicable award agreement by which such awards are evidenced (but in no event for a period of less than two years or through the expiration date of the stock option, whichever is earlier). If the Executive’s employment shall be terminated by the Company without Cause, all stock options or other equity-related awards subject to performance-based vesting, including performance stock units, shall remain outstanding and shall continue to be eligible to vest and become payable or exercisable based on (x) the performance goals set forth in the applicable award agreement by which such awards are evidenced and (y) a reduced number of target shares adjusted on a pro-rata basis to reflect the number of days of employment completed during the applicable vesting period in which termination occurs, with any stock options remaining exercisable for such period as set forth in the applicable award agreement (but in no event for a period of less than two years or through the expiration date of the stock option, whichever is earlier). If the Executive’s employment shall be terminated by the Executive for Good Reason, all stock options or other equity-related awards subject to performance-based vesting, including performance stock units, shall remain outstanding and shall continue to be eligible to vest and become payable based on the number of target shares and the performance goals set forth in the applicable award agreement by which such awards are evidenced (i.e., shall be eligible to vest following 

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application of actual performance achievement to the number of target shares in the same manner as applicable to active officers or employees of the Company who hold similar awards), with any stock options remaining exercisable for such period as set forth in the applicable award agreement (but in no event for a period of less than two years or through the expiration date of the stock option, whichever is earlier).  In addition, in the event the Company grants to the Executive a cash-settled equity award or a long-term incentive compensation award payable in cash, this Section 7(a)(iii) shall apply, mutatis mutandis, to any such award(s).

(iv) Continuation of Fringe Benefits. For a period of up to nine (9) months (or, in the event of a CIC Termination, twelve (12) months) following the date of the Executive’s termination of employment with Company, subject to the Executive’s valid election to continue healthcare coverage under Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder, the Company shall continue to provide the Executive and the Executive’s eligible dependents with coverage under its group health plans at the same levels and the same cost to the Executive as would have applied if the Executive’s employment had not been terminated based on the Employee’s elections in effect on the date of termination (the “Continued Coverage”), provided that (1) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (2) the Company is otherwise unable to continue to cover the Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), the Company may in its sole discretion provide that (i) the Executive shall pay to the Company, on an after-tax basis, a monthly amount equal to the full premium cost of the Continued Coverage for such month and (ii) within 30 days of such premium payment, the Company shall reimburse the Executive in cash (less required withholding) an amount equal to the sum of (A) the excess of (x) the full premium cost of the Continued Coverage for such month over (y) any premium amount that would have been payable by the Executive if the Executive had been actively employed by the Company for such month and (B) an additional cash amount equal to the aggregate imputed or imposed federal, state and local taxes on any such amount in subclause (A), plus any taxes imposed on such cash amount, so that the Executive on an after-tax basis is in the same position as if there had been no imputation or imposition of income on the Executive. For the nine (9) month (or, in the event of a CIC Termination, twelve (12) month) period following the termination of the Executive’s employment, the Company shall also continue to provide the Executive with all life insurance, disability insurance and other fringe benefits set forth in Section 4 as if the Executive’s employment under the Agreement had not been terminated; provided, however, that such life insurance, disability insurance and other 

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fringe benefits shall cease as of the date the Executive receives such coverage from a subsequent employer. 

(v) Payment/Benefit Limitation.  If any payment or benefit due under this Agreement, together with all other payments and benefits that the Executive receives or is entitled to receive from the Company or any of its subsidiaries, affiliates or related entities, would (if paid or provided) constitute an “excess parachute payment” for purposes of Section 280G of the Code, the amounts otherwise payable and benefits otherwise due under this Agreement will either (i) be delivered in full, or (ii) be limited to the minimum extent necessary to ensure that no portion thereof will fail to be tax-deductible to the Company by reason of Section 280G of the Code (and therefore, no portion thereof will be subject to the excise tax imposed under Section 4999 of the Code), whichever of the foregoing amounts, taking into account applicable federal, state and local income and employment taxes and the excise tax imposed under Section 4999 of the Code, results in the receipt by the Executive, on an after-tax basis, of the greatest amount of payments and benefits, notwithstanding that all or some portion of such payments and/or benefits may be subject to the excise tax imposed under Section 4999 of the Code.  Unless otherwise specified in writing by the Executive, in the event that the payments and/or benefits are to be reduced pursuant to this Section 7(a)(v), such payments and benefits shall be reduced such that the reduction of cash compensation to be provided to the Executive as a result of this Section 7 is minimized.  In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero.  All determinations required to be made under this Section 7(a)(v) shall be made by the Company's independent public accounting firm (or such other nationally recognized public accounting firm as may be selected by the Company and to which selection the Executive consents (such consent not to be unreasonably withheld)) which shall provide detailed supporting calculations both to the Company and the Executive within fifteen (15) business days of the receipt of notice from the Executive that there has been a payment or benefit subject to this Section 7(a)(v), or such earlier time as is requested by the Company.
(b) No Mitigation Required; No Other Entitlement To Benefits Under Agreement. The Executive shall not be required in any way to mitigate the amount of any payment provided for in this Section 7, including, without limitation, by seeking other employment, nor shall the amount of any payment provided for in this Section 7 be reduced by any compensation earned by the Executive as the result of employment with another employer after the termination date of employment, or otherwise. Except as set forth in this Section 7, following a termination governed by this Section 7, the Executive shall not be entitled to any other compensation or benefits set forth in this Agreement, except as may be separately 

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negotiated by the parties and approved the Board in writing in conjunction with the termination of the Executive’s employment under this Section 7.
(c) Release Agreement. (i) As a condition of receiving any of the payments, vesting, consideration and benefits set forth in this Section 7 (other than the payment provided for in sub-section 7(a)(i)) at any time prior to a Change in Control, the Executive shall be required to execute a mutual release agreement substantially in the form attached hereto as Exhibit A or Exhibit B, as appropriate, and such release agreement must have become effective in accordance with its terms within 60 days following the termination date (which form of mutual release agreement the Company, in its sole discretion, may modify to comply with applicable law, and which form of mutual release agreement may be incorporated into a termination agreement or other agreement with the Executive).
(ii) With respect to the Executive's receipt of any of the payments, vesting, consideration and benefits set forth in this Section 7 at the time of, or following, a Change in Control, the Executive shall not be required to execute any type of release or general release agreement in favor of the Company; provided that, in connection with any termination of the Executive’s employment by the Company without “Cause” or any termination of the Executive’s employment by the Executive for “Good Reason”, the Executive has the option to require the Company to enter into and execute a mutual release agreement with the Executive substantially in the form attached hereto as Exhibit A or Exhibit B, as appropriate, and, if so required by the Executive, the Company and the Executive agree that such release agreement must be executed and have become effective in accordance with its terms within 60 days following the termination date.
(d) Timing of Severance Payments. Notwithstanding any other provision of this Agreement, all severance payments provided under this Agreement in connection with the termination of the employment of the Executive shall be payable in an amount equal to 75% of such payments on the date that is six months after the termination date, and the remaining 25% shall be payable in six equal monthly installments beginning on the date that is seven months after the termination date and continuing on the same date of each of the five months thereafter.
(e) Timing of Bonus Payments. Notwithstanding any other provision of this Agreement, all bonus payments provided under this Agreement in connection with the termination of the employment of the Executive shall be payable on the date that is six months after the termination date.

8. Disputes Relating To Executive’s Termination of Employment For Good Reason. If the Executive resigns her employment with the Company alleging in good faith as the basis for such resignation “Good Reason” as defined in Section 6(e), and if the Company then disputes the Executive’s right to the payments, vesting, consideration, and benefits provided for under 

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Section 7, the Company shall continue to pay the Executive the full compensation (including, without limitation, her Base Salary, annual bonus and equity-based long-term incentive awards) in effect at the date the Executive provided written notice of such resignation, and the Company shall continue the Executive as a participant in all compensation, benefit and insurance plans in which the Executive was then a participant, and provide continuing vesting for any compensation, award or benefit with a vesting condition, until the date the dispute is finally resolved, either by mutual written agreement of the parties or by application of the provisions of Section 11. For the purposes of this Section 8, the Company shall bear the burden of proving that the grounds for the Executive’s resignation do not fall within the scope of Section 6(e), and there shall be a rebuttable presumption that the Executive alleged such grounds in good faith.

9. Restrictive Covenant Provisions.
(a) Noncompetition. The Executive agrees that during the Term prior to any termination of her employment hereunder, she will not, directly or indirectly, without the prior written consent of a majority of the non-employee members of the Board, manage, operate, join, control, participate in, or be connected as a stockholder (other than as a holder of shares publicly traded on a stock exchange or the NASDAQ National Market System), partner, or other equity holder with, or as an officer, director or employee of, any real estate or mortgage investment organization whose business strategy is competitive with that of the Company, as determined by a majority of the non-employee members of the Board. It is further expressly agreed that the Company will or would suffer irreparable injury if the Executive were to compete with the Company or any subsidiary or affiliate of the Company in violation of this Agreement and that the Company would by reason of such competition be entitled to injunctive relief in a court of appropriate jurisdiction, and the Executive further consents and stipulates to the entry of such injunctive relief in such a court prohibiting the Executive from competing with the Company or any subsidiary or affiliate of the Company, in the areas of business set forth above, in violation of this Agreement.
(b) Duty To Avoid Conflict Of Interest. During her employment by the Company, the Executive agrees not to engage or participate in, directly or indirectly, any activities in conflict with the best interests of the Company. The Company shall be the final decision-maker with regard to any conflict of interest issue.
(c) Right To Company Materials. The Executive agrees that all styles, designs, lists, materials, books, files, reports, correspondence, records, and other documents (“Company Materials”) used, prepared, or made available to the Executive shall be and shall remain the property of the Company. Upon the termination of employment or the expiration of this Agreement, the Executive shall immediately return to the Company all Company Materials, and the Executive shall not make or retain any copies thereof.

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(d) Nonsolicitation. The Executive promises and agrees that she will not directly or indirectly solicit any of the Company’s employees to work for any competing real estate or mortgage investment organization as determined under Section 9(a) for a period of one (1) year following the Executive’s employment termination date, provided the Company makes all such payments when due according to the provisions herein.
(e) Confidential And Proprietary Information.

(1) It is hereby acknowledged that the Executive has and shall gain knowledge of trade secrets and confidential information owned by or related to the Company and/or its affiliates including but not limited to the following: (i) the names, lists, buying habits and practices of customers, clients or vendors, (ii) marketing and related information, (iii) relationships with the persons or entities with whom or with which the Company has contracted, (iv) their products, designs, software, developments, improvements and methods of operation, (v) financial condition, profit performance and financial requirements, (vi) the compensation paid to employees, (vii) business plans and the information contained therein, and (viii) all other confidential information of, about or concerning the Company, the manner of operation of the Company and other confidential data of any kind, nature or description relating to the Company (collectively, the “Confidential Information”). Confidential Information does not include information which (A) is or becomes generally available to the public other than as a result of a disclosure by the Executive; or (B) becomes available to the Executive on a non-confidential basis after the termination or expiration of the Executive’s obligations under this Agreement from a source other than the Company, provided that such source is not bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company or any other party with respect to such information; or (C) is independently developed after the termination or expiration of the Executive’s obligations under this agreement without reference to the Confidential Information, provided such independent development can reasonably be proven by the Executive by written records.

(2) The parties hereby acknowledge that the Confidential Information constitutes important, unique, material and confidential trade secrets which affect the successful activities of the Company, and constitute a substantial part of the assets and goodwill of the Company. In view of the foregoing, the Executive agrees that she will not at any time whether during or after the term of this Agreement, except as required in the course of the Executive’s employment by Company and at its direction and for its sole benefit, in any fashion, form or manner, directly or indirectly (i) use or divulge, disclose, communicate or provide or permit access to any person, firm, partnership, corporation or other entity, any Confidential Information of any kind, nature or description, or (ii) remove from Company’s premises any notes or records 

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relating thereto, or copies or facsimiles thereof (whether made by electronic, electrical, magnetic, optical, laser, acoustic or other means).

(3) Promptly upon the request of Company, and immediately upon the termination of the Executive’s employment, the Executive shall not transfer to any third person and shall deliver to Company all Confidential Information, and other property belonging to the Company, including all copies thereof, in the possession or under the control of the Executive.

(4) The Executive represents that the performance of all the terms of this Agreement will not conflict with, and will not breach, any other invention assignment agreement, confidentiality agreement, employment agreement or non-competition agreement to which the Executive is or has been a party. To the extent that the Executive has confidential information or materials of any former employer, the Executive acknowledges that the Company has directed the Executive to not disclose such confidential information or materials to the Company or any of its employees, and that the Company prohibits the Executive from using said confidential information or materials in any work that the Executive may perform for the Company. The Executive agrees that the Executive will not bring with the Executive to the Company, and will not use or disclose any confidential, proprietary information, or trade secrets acquired by the Executive prior to her employment with the Company. The Executive will not disclose to the Company or any of its employees, or induce the Company or any of its employees to use, any confidential or proprietary information or material belonging to any previous employers or others, nor will the Executive bring to the Company or use in connection with the Executive’s work for the Company copies of any software, computer files, or any other copyrighted or trademarked materials except those owned by or licensed to the Company. The Executive represents that she is not a party to any other agreement that will interfere with her full compliance with this Agreement. The Executive further agrees not to enter into any agreement, whether written or oral, in conflict with the provisions of this Agreement.

(5)  Notwithstanding the generality of the foregoing, nothing in this Agreement is intended to prohibit the Executive from filing a charge with, reporting possible violations to, or participating or cooperating with the Securities and Exchange Commission or any other federal, state or local regulatory body or law enforcement agency, including in relation to any whistleblower, anti-discrimination, or anti-retaliation provisions of federal, state or local law or regulation. Pursuant to 18 U.S.C. Section 1833(b), the Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (x) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

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(f) Inventions. Any and all inventions, discoveries or improvements that the Executive has conceived or made or may conceive or make during the period of employment relating to or in any way pertaining to or connected with the systems, products, computer programs, software, apparatus or methods employed, manufactured or constructed by the Company or to systems, products, apparatus or methods with respect to which the Company engages in, requests or anticipates research or development, shall be promptly and fully disclosed and described by the Executive to the Company and shall be the sole and exclusive property of the Company, and the Executive shall assign, and hereby does assign, to the Company, the Executive’s entire right, title and interest in and to all such inventions, discoveries or improvements as well as any modifications or improvements thereto that may be made.
 
The obligations outlined in this Section 9(f) do not apply to any invention that qualifies fully under California Labor Code Section 2870 (a copy of which is attached hereto as Exhibit C) or to any rights the Executive may have acquired in connection with an invention, discovery or improvement that was developed entirely on the Executive’s own time for which no equipment, supplies, facilities or trade secret information of the Company was used and (a) that does not relate directly or indirectly to the business of the Company or to the Company’s actual or demonstrable anticipated research or development, or (b) that does not result from any work performed by the Executive for the Company.

(g) [RESERVED]

(h) Breach. It is expressly agreed that each breach of this Section 9 is a distinct and material breach of this Agreement and that solely a monetary remedy would be inadequate, impracticable and extremely difficult to prove, and that each such breach would cause the Company irreparable harm. It is further agreed that, in addition to any and all remedies available at law or equity (including money damages), either party shall be entitled to temporary and permanent injunctive relief to enforce the provisions of this Section, without the necessity of proving actual damages. It is further agreed that either party shall be entitled to seek such equitable relief in any forum, including a court of law, notwithstanding the provisions of Section 11. Either party may pursue any of the remedies described herein concurrently or consecutively in any order as to any such breach or violation, and the pursuit of one of such remedies at any time will not be deemed an election of remedies or waiver of the right to pursue any of the other such remedies. 

(i) Unenforceability. Should any portion of this Section 9 be deemed unenforceable because of its scope, duration or effect, and only in such event, then the parties expressly consent and agree to such limitation on scope, duration or effect as may be finally 

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adjudicated as enforceable, to give this Section 9 its maximum permissible scope, duration and effect.

10. Notices. All notices and other communications under this Agreement shall be in writing and shall be given by fax or first class mail, certified or registered with return receipt requested, and shall be deemed to have been duly given three (3) days after mailing or twenty-four (24) hours after transmission of a fax to the respective persons named below:

If to the Company:    Redwood Trust, Inc.
Attn: Chief Legal Officer
One Belvedere Place, Suite 300
Mill Valley, CA 94941
Phone: (415) 389-7373
Fax: (415) 381-1773

If to the Executive:    Sasha G. Macomber
c/o Redwood Trust, Inc.
One Belvedere Place, Suite 300
Mill Valley, CA 94941
Phone: (415) 389-7373
Fax: (415) 381-1773
Either party may change such party’s address for notices by notice duly given pursuant hereto.

11. Resolution of Disputes. To ensure the rapid and economical resolution of disputes that may arise in connection with the Executive’s employment with the Company, the Executive and the Company agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement, the Executive’s employment, or the termination of the Executive’s employment (“Arbitrable Claims”) shall be submitted to confidential mediation in San Francisco, California conducted by a mutually agreeable mediator from Judicial Arbitration and Mediation Services (“JAMS”) or its successor under the JAMS Rules of Practice and Procedure then in effect, which can be found at www.jamsadr.com/adr-rules-procedures.  The cost of all JAMS’ mediation fees shall be paid by the Company. In the event that mediation is unsuccessful in resolving the Arbitrable Claims, the Arbitrable Claims shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration in San Francisco, California conducted by JAMS or its successor, under the then applicable rules of JAMS. 

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The Executive and the Company each acknowledge that by agreeing to this arbitration procedure, both the Executive and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. 

The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. The arbitrator shall be authorized to award any or all remedies that the Executive or the Company would be entitled to seek in a court of law.  With respect to attorney’s fees, the arbitrator shall award to the Executive her attorneys’ fees based on a determination of the extent to which the Executive has prevailed as to the material issues raised in determination of the dispute (and, for the avoidance of doubt, regardless of the extent to which the Company has prevailed as to the material issues raised in determination of the dispute, the arbitrator is not authorized to award to the Company any portion of its attorney’s fees); and, moreover, to the extent the Executive prevails as to substantially all of the material issues raised in determination of the dispute, the arbitrator shall award to the Executive all of her attorneys’ fees. The Company shall pay all JAMS’ arbitration fees. Nothing in this Agreement is intended to prevent either the Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such mediation or arbitration.

12.  Advancement of Executive’s Legal Fees.  In connection with the resolution of any dispute in accordance with Section 11, the Company shall advance to the Executive all reasonable attorneys’ fees of the Executive as they are incurred and reasonably documented by the Executive in respect of any mediation, arbitration or litigation related thereto.  The Executive shall not be required to reimburse the Company for any such advances of attorney’s fees until a final determination is made with respect to such dispute and, then, the Executive ’s obligation to repay any such advances shall, (i) in the context of mediation or arbitration, be subject to an affirmative determination of the mediator or arbitrator that the Executive is obligated to repay such advances and (ii) in the context any litigation, be subject to the condition that substantially all of the material issues raised in such litigation have been resolved by a final (non-appealable) judgement in favor of the Company.    

13. Assignment; Successors. This Agreement is personal in its nature, and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that, in the event of the merger, consolidation, transfer, or sale of all or substantially all of the assets of the Company with or to any other individual or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

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14. Governing Law. This Agreement and the legal relations thus created between the parties hereto shall be governed by and construed under and in accordance with the laws of the State of California.

15. Entire Agreement; Headings. This Agreement embodies the entire agreement of the parties with respect to the subject matter hereof and supersedes in their entirety all other or prior agreements, whether oral or written, with respect thereto, including but not limited to the Prior Agreement, but excluding the plans, programs and equity award agreements under which compensation and benefits are provided pursuant to Sections 3 and 4 hereof (and, to the extent such plans, programs and/or equity award agreements contain more favorable terms, such terms shall continue to apply).  Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

16. Waiver; Modification. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of, or failure to insist upon strict compliance with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. This Agreement shall not be modified in any respect except by a writing executed by each party hereto.

17. Severability. In the event that a court of competent jurisdiction determines that any portion of this Agreement is in violation of any statute or public policy, only the portions of this Agreement that violate such statute or public policy shall be stricken. All portions of this Agreement that do not violate any statute or public policy shall continue in full force and effect. Further, any court order striking any portion of this Agreement shall modify the stricken terms as narrowly as possible to give as much effect as possible to the intentions of the parties under this Agreement. 

18. Indemnification. The Company shall indemnify and hold Executive harmless to the maximum extent permitted by Section 2-418 of the Maryland General Corporations Law or its successor statute, or if greater, by the Company’s Bylaws, by any applicable resolution of the Board or by the terms providing the most extensive indemnification contained in any written agreement between the Company and any director or officer of the Company. The Company shall make Executive a named beneficiary under all director and officer liability policies maintained by the Company from time to time for the benefit of its directors and officers, entitled to all benefits provided thereunder to persons serving in a comparable role as an officer of the Company.    During the Term and for a term of six years thereafter, the Company shall purchase and maintain, at its own expense, directors and officers liability insurance providing coverage for 

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Executive in respect of acts and omissions of the Executive in her capacity as such and occurring during Executive’s employment.

19.    Section 409A. Any payments under this Agreement subject to Section 409A of the Code that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as a termination of employment) occurs shall commence payment only in the calendar year in which the consideration period or, if applicable, release revocation period ends, as necessary to comply with Section 409A of the Code. Notwithstanding anything to the contrary in this Agreement, no compensation or benefits shall be paid to the Executive during the six (6)-month period following the Executive’s “separation from service” from the Company (within the meaning of Section 409A of the Code, a “Separation from Service”) if the Company determines that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first day of the seventh month following the date of Separation from Service (or such earlier date upon which such amount can be paid under Section 409A without resulting in a prohibited distribution, including as a result of the Executive’s death), the Company shall pay the Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Executive during such period. Any right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments. To the extent permitted under Section 409A of the Code, any separate payment or benefit under this Agreement or otherwise shall not be deemed “nonqualified deferred compensation” subject to Section 409A of the Code to the extent provided in the exceptions in Treasury Regulation Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A. All payments of nonqualified deferred compensation subject to Section 409A to be made upon a termination of employment under this Agreement may only be made upon the Executive’s “separation from service” from the Company.

20. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

21. Successor Sections. References herein to sections or rules of the Code shall be deemed to include any successor sections or rules.

[Signature Page Follows]

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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Executive has hereunto signed this Agreement, as of the Effective Date.

															
	

					
	REDWOOD TRUST, INC.
	 	 	 	 	 
	 	 	 	 	 
	By:	 	/s/ Christopher J. Abate

	 	 	Christopher J. Abate
	 	 	Chief Executive Officer
		 	 	 	 
	 	 	 	 	 
	EXECUTIVE	 
	 	 	 	 	 
	 	 	/s/ Sasha G. Macomber

	 	 	Sasha G. Macomber
	 	 	 	 	 
	 	 	 	 	 

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INDIVIDUAL TERMINATION

EXHIBIT A
RELEASE AGREEMENT

Except as otherwise set forth in this Release Agreement, Sasha G. Macomber (“Executive”)  hereby generally and completely releases the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date Executive signs this Release Agreement. The Company, its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns, hereby releases Executive and her heirs, executors, successors and assigns, from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date the Company signs this Release Agreement. 

This general mutual release includes, but is not limited to: (A) all claims arising out of or in any way related to Executive’s employment with the Company or the termination of that employment; (B) all claims related to Executive’s compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (C) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (D) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; (E) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), and the California Fair Employment and Housing Act (as amended); and (F) all claims and rights with respect to Executive’s right to communicate directly with, cooperate with, or provide information to, any federal, state or local government regulator or to the attention of the U.S. Equal Employment Opportunity Commission or similar state or local administrative agency claims of discrimination, harassment, interference with leave rights, and retaliation (provided, however, that the Executive releases the Executive’s right to secure damages or other relief for any such alleged treatment); provided, however, that nothing in this paragraph shall be construed in any way to release (i) the Company from (x) its obligation to indemnify Executive 

A-1

pursuant to, and in accordance with, Section 18 of the Executive’s Seventh Amended and Restated Employment Agreement with the Company(the “Employment Agreement”), the Company’s bylaws or binding resolutions, or applicable law or pursuant to, and in accordance with, any written indemnification agreement between the Executive and the Company or (y) the Company’s payment obligations under Section 7 of the Employment Agreement, as well as the Company’s other continuing obligations to the Executive under the Employment Agreement, (ii) any right or claim to coverage under any applicable D&O policies, (iii) claims to vested benefits that Executive is entitled to receive under any other plan or agreement covering Executive, (iv) Executive’s vested equity awards and other awards, or (v) claims relating to or arising out of the Executive’s fraud or breach of fiduciary duty.

Executive acknowledges that he is knowingly and voluntarily waiving and releasing any rights he may have under the ADEA, and that the consideration given under her Employment Agreement with the Company for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which he was already entitled. Executive further acknowledges 

that he has been advised by this writing, as required by the ADEA, that: (A) this waiver and release does not apply to any rights or claims that may arise after the date Executive signs this Release Agreement; (B) Executive should consult with an attorney prior to signing this Release Agreement (although Executive may choose voluntarily not do so); (C) Executive has twenty-one (21) days to consider this Release Agreement (although Executive may choose voluntarily to sign this Release Agreement earlier); (D) Executive has seven (7) days following the date that he signs this Release Agreement to revoke the Release Agreement by providing written notice to an officer of the Company; and (E) this Release Agreement shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day after Executive signs this Release Agreement. 

Both the Executive and the Company acknowledge that each has read and understands Section 1542 of the California Civil Code which reads as follows: 

A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.

Both the Executive and the Company hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to each party’s release of any claims hereunder.

A-1

Notwithstanding anything herein, the Executive acknowledges and agrees that, pursuant to 18 USC Section 1833(b), the Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Nothing contained herein prevents the Executive from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that the Executive has reason to believe is unlawful.

Mutual Nondisparagement.  
(a) Nondisparagement by Executive. At all times following the cessation of the Executive's employment with the Company, the Executive agrees not to make negative comments or statements about, or otherwise criticize or disparage, in any format or through any medium, the Company or any entity controlled by, controlling or under common control with the Company ("Affiliates") or any of the officers, directors, managers, employees, services, operations, investments or products of the Company or any of its Affiliates. For purposes of the foregoing sentence, disparagement shall include, but not be limited to, negative comments or statements intended or reasonably likely to be harmful or disruptive to a person’s or entity’s respective business, business reputation, business operations, or personal reputation.   
(b) Nondisparagement by Designated Company Representatives. At all times following the cessation of the Executive's employment with the Company, the Company agrees not to publish, and agrees to cause the Designated Company Representatives not to make, negative comments or statements about, or otherwise criticize or disparage, in any format or through any medium, the Executive. For purposes of the foregoing sentence, disparagement shall include, but not be limited to, negative comments or statements intended or reasonably likely to be harmful or disruptive to a person’s business reputation or personal reputation. For purposes of this sub-section (b), the “Designated Company Representatives” are (i) all executive officers of the Company while serving in such capacity and (ii) all members of the Board of Directors while serving in such capacity. 

(c) The foregoing sub-sections (a) and (b) shall not be violated by truthful comments or statements (i) made in response to legal process, in required governmental testimony or filings, in judicial, administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings), in compliance with law, administrative rule, or regulation, or made pursuant to a court or administrative order, or in connection with reporting possible violations of federal law or regulation to any governmental agency or entity, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation, (ii) 
A-3

made by members of the Board of Directors in the course of meetings or discussions of the Board of Directors (or any committee thereof) or in communications between members of the Board of Directors and the Executive, and not disclosed to the public, (iii) made by a member of the Board of Directors in the good faith belief that the statements are required for the proper discharge of his or her fiduciary duties, or (iv) made by the Board of Directors in connection with a termination of the Executive for Cause.

[Signature Page Follows]

A-3

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Executive has hereunto signed this Agreement, as of the date set forth below.
    
									
	

			
	EXECUTIVE
	 	 	 
	Name:	 	 
	 	 	Sasha G. Macomber
	 	 	 
	Date:	 	 
	 	 	 
	 	 	 
	COMPANY
	 	 	 
	Name:	 	 
	 	 	 
	Date:	 	 

A-3

GROUP TERMINATION

EXHIBIT B
RELEASE AGREEMENT

Except as otherwise set forth in this Release Agreement, Sasha G. Macomber (“Executive”) hereby generally and completely releases the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date Executive signs this Release Agreement. The Company, its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns, hereby releases Executive and her heirs, executors, successors and assigns, from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date the Company signs this Release Agreement. This general mutual release includes, but is not limited to: (A) all claims arising out of or in any way related to Executive’s employment with the Company or the termination of that employment; (B) all claims related to Executive’s compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (C) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (D) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; (E) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), and the California Fair Employment and Housing Act (as amended); and (F) all claims and rights with respect to Executive’s right to communicate directly with, cooperate with, or provide information to, any federal, state or local government regulator or to the attention of the U.S. Equal Employment Opportunity Commission or similar state or local administrative agency claims of discrimination, harassment, interference with leave rights, and retaliation (provided, however, that the Executive releases the Executive’s right to secure damages or other relief for any such alleged treatment); provided, however, that nothing in this paragraph shall be construed in any way to release (i) the Company from (x) its obligation to indemnify Executive pursuant to, and in accordance with, Section 18 of the Executive’s Seventh Amended and Restated Employment Agreement with the Company(the “Employment Agreement”), the Company’s bylaws or binding resolutions, or applicable law or pursuant to, 
B-2

and in accordance with, any written indemnification agreement between the Executive and the Company or (y) the Company’s payment obligations under Section 7 of the Employment Agreement, as well as the Company’s other continuing obligations to the Executive under the Employment Agreement, (ii) any right or claim to coverage under any applicable D&O policies, (iii) claims to vested benefits that Executive is entitled to receive under any other plan or agreement covering Executive, (iv) Executive’s vested equity awards and other awards, or (v) claims relating to or arising out of the Executive’s fraud or breach of fiduciary duty.

Executive acknowledges that he is knowingly and voluntarily waiving and releasing any rights he may have under the ADEA, and that the consideration given under her Employment Agreement with the Company for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which he was already entitled. Executive further acknowledges 

that he has been advised by this writing, as required by the ADEA, that: (A) this waiver and release does not apply to any rights or claims that may arise after the date Executive signs this Release Agreement; (B) Executive should consult with an attorney prior to signing this Release Agreement (although Executive may choose voluntarily not do so); (C) Executive has forty-five (45) days to consider this Release Agreement (although Executive may choose voluntarily to sign this Release Agreement earlier); (D) Executive has seven (7) days following the date that he signs this Release Agreement to revoke the Release Agreement by providing written notice to an officer of the Company; (E) this Release Agreement shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day after Executive signs this Release Agreement; and (F) Executive has received with this Release Agreement a detailed list of the job titles and ages of all employees who were terminated in this group termination and the ages of all employees of the Company in the same job classification or organizational unit who were not terminated.

Both the Executive and the Company acknowledge that each has read and understands Section 1542 of the California Civil Code which reads as follows: 

A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.

Both the Executive and the Company hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to each party’s release of any claims hereunder.

B-2

Notwithstanding anything herein, the Executive acknowledges and agrees that, pursuant to 18 USC Section 1833(b), the Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Nothing contained herein prevents the Executive from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that the Executive has reason to believe is unlawful.

Mutual Nondisparagement.  
(a) Nondisparagement by Executive. At all times following the cessation of the Executive's employment with the Company, the Executive agrees not to make negative comments or statements about, or otherwise criticize or disparage, in any format or through any medium, the Company or any entity controlled by, controlling or under common control with the Company ("Affiliates") or any of the officers, directors, managers, employees, services, operations, investments or products of the Company or any of its Affiliates. For purposes of the foregoing sentence, disparagement shall include, but not be limited to, negative comments or statements intended or reasonably likely to be harmful or disruptive to a person’s or entity’s respective business, business reputation, business operations, or personal reputation.   
(b) Nondisparagement by Designated Company Representatives. At all times following the cessation of the Executive's employment with the Company, the Company agrees not to publish, and agrees to cause the Designated Company Representatives not to make, negative comments or statements about, or otherwise criticize or disparage, in any format or through any medium, the Executive. For purposes of the foregoing sentence, disparagement shall include, but not be limited to, negative comments or statements intended or reasonably likely to be harmful or disruptive to a person’s business reputation or personal reputation. For purposes of this sub-section (b), the “Designated Company Representatives” are (i) all executive officers of the Company while serving in such capacity and (ii) all members of the Board of Directors while serving in such capacity. 
(c) The foregoing sub-sections (a) and (b) shall not be violated by truthful comments or statements (i) made in response to legal process, in required governmental testimony or filings, in judicial, administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings), in compliance with law, administrative rule, or regulation, or made pursuant to a court or administrative order, or in connection with reporting possible violations of federal law or regulation to any governmental agency or entity, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation, (ii) made by members of the Board of Directors in the course of meetings or discussions of the 
B-2

Board of Directors (or any committee thereof) or in communications between members of the Board of Directors and the Executive, and not disclosed to the public, (iii) made by a member of the Board of Directors in the good faith belief that the statements are required for the proper discharge of his or her fiduciary duties, or (iv) made by the Board of Directors in connection with a termination of the Executive for Cause.

[Signature Page Follows]

B-3

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Executive has hereunto signed this Agreement, as of the date set forth below.
    
									
	

			
	EXECUTIVE
	 	 	 
	Name:	 	 
	 	 	Sasha G. Macomber
	 	 	 
	Date:	 	 
	 	 	 
	 	 	 
	COMPANY
	 	 	 
	Name:	 	 
	 	 	 
	Date:	 	 

B-4

        

EXHIBIT C
Section 2870 of California Labor Code

Section 2870 of California Labor Code:  Application of provision providing that employee shall assign or offer to assign rights in invention to employer.

a.Any provision and employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities or trade secret information except for those inventions that either:

1.Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or

2.Result from any work performed by the employee for the employer.

b.    To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.
C-1

        

EXHIBIT D

DEFINITION OF “CHANGE OF CONTROL”

With respect to (i) equity-based or equity-related awards granted prior to November 6, 2020 and (ii) long-term incentive and/or retention compensation awards that are payable in cash granted prior to November 6, 2020, the following definition of Change of Control shall apply:

“’Change of Control’ refers to the occurrence of any of the following:

(1) any one person, or more than one person acting as a group (within the meaning of Section 409A of the Code), acquires ownership of stock of the Company that, together with other stock held by such person or group constitutes more than 50 percent of the total fair market value or total voting power of all stock of the Company; or

(2) any one person, or more than one person acting as a group (within the meaning of Section 409A of the Code), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30 percent or more of the total voting power of the stock of the Company; or

(3) during any 12-month period, a majority of the members of the Company’s board of directors is replaced by directors whose appointment or election is not endorsed by a majority of the members of the Company’s board of directors prior to such appointment or election; or

(4) any one person, or more than one person acting as a group (within the meaning of Section 409A of the Code), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisition; provided, that that no change of control shall be deemed to occur when the assets are transferred to:

(x) a shareholder of the Company in exchange for or with respect to its stock,

(y) a person, or more than one person acting as a group (within the meaning of Section 409A of the Code), that owns, directly or indirectly, 50 
D-1

        

percent or more of the total value or voting power of all of the outstanding stock of the Company, or

(z) an entity, at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person that owns directly or indirectly 50 percent or more of the total value or voting power of all of the outstanding stock of the Company, in each case with such persons status determined immediately after the transfer of assets.”
With respect to (i) equity-based or equity-related awards granted on or following November 6, 2020 and (ii) long-term incentive and/or retention compensation awards that are payable in cash granted on or following November 6, 2020, the following definition of Change of Control shall apply:

    “’Change of Control’ refers to the occurrence of any of the following: 
(a)A transaction or series of transactions (other than an offering of common stock to the general public through a registration statement filed with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i) and (ii) of subsection (c) below) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company, any of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 30% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or
(b)During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in subsections (a) or (c) of this definition) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or
(c)The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction:
(i)which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s 
D-2

        

assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and
(ii)after which no person or group beneficially owns voting securities representing 30% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially owning 30% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction.” 

D-3Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

证券购买协议

 

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”) is dated as of November 6, 2022 by and among TD HOLDINGS, INC., a
Delaware corporation, (the “Company”), and individuals listed in Exhibit B hereto and each affixes its signature
on the signature page of this Agreement (each, a “Purchaser”; collectively, the “Purchasers”).

本证券购买协议系(“本协议”或“协议”)于2022年11月6日,由TD
Holdings, Inc.,一家特拉华州注册公司(“公司”),和附录B下所列的且在此合同签名页上签署的个人(“购买人”)之间合意签订。

 

RECITALS

前言

WHEREAS,
the Company and the Purchasers are executing and delivering this Agreement in accordance with and in reliance upon the exemption from
securities registration afforded by Section 4(2) of the Securities Act of 1933 (the “Securities Act”) and/or Regulation
S (“Regulation S”) as promulgated under the Securities Act;

鉴于,根据美国证监会在修订的1933年证券法(“证券法”)的基础上制定的规则S(“规则S”),和/或证券法条文4(2)下的豁免规定,公司和购买人在此签署和交换本协议;

 

WHEREAS,
the Company is offering certain shares of its common stock, par value $0.001 per share, (the “Common Stock”) at a
price of $1.15 per share to the Purchasers;

鉴于,公司在此要向购买人出售其公司普通股股票,票面价值每股0.001美元(“普通股”),每股购买价格1.15美元;

 

WHEREAS,
the Company is offering up to 50,000,000 shares of Common Stock to the Purchasers listed in Exhibit B, who severally but not jointly
enters into this Agreement and makes representations and warranties hereunder;

鉴于,公司向附录B下的购买人一共要约出售不超过50,000,000股普通股,各购买人独立地而非联合地签署此合约,并作出合约下的各陈述和保证;

 

WHEREAS,
the Purchaser is a “non-US person” as defined in Regulation S, acquiring the Shares solely for its own account for the purpose
of investment;

鉴于,购买人是符合规则S下定义的“非美国主体”,购买上述股票仅为购买人的个人投资目的;

 

    1

     

    

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

鉴于此,公司和购买人认同双方经仔细考虑和双方合意,在此就以下内容表示同意:

 

ARTICLE
I

第一条

 

Purchase
and Sale of the Shares

普通股的购买和销售

 

Section
1.1 Purchase Price and Closing.

		第1.1节	购买价格和交割。

 

(a)
Subject to the terms and conditions hereof, the Company agrees to issue and sell to the Purchaser and, in consideration of and in express
reliance upon the representations, warranties, covenants, terms and conditions of this Agreement, the Purchaser agrees to purchase for
$1.15 per share, such number of shares
of Common Stock (each a “Share” and collectively the “Shares”) for an aggregate price of listed
on the signature page hereto (the “Purchase Price”).

在以下条款和前提下,公司同意向购买人发行并出售;根据本协议的说明、保证、约定和条款规定,购买人同意以每股1.15美元的价格购买普通股(“股票”),购买股数及其总价列明在本协议附载的签字页中(“购买价格”)。

 

(b)
Subject to all conditions to closing being satisfied or waived, the closing of the purchase and sale of the Shares (the “Closing”)
shall take place on the date of the occurrence of completion of and receipt by the Company of the Purchase Price (the “Closing
Date”).

在交割的条件被满足或豁免的前提下,股票的买卖在公司收到购买价款时(“交割日”)进行交割(“交割”)。

 

(c)
Subject to the terms and conditions of this Agreement, at the Closing the Company shall deliver or cause to be delivered to the Purchaser
(i) a certificate for such number of Shares, and (ii) any other documents required to be delivered pursuant to this Agreement. At the
time of the Closing, the Purchaser shall have delivered its Purchase Price by wire transfer pursuant to the wire information contained
in this Agreement or by check.

根据本协议的规定,在交割时公司应向购买人送达或使他人向购买人送达
(i)写有购买人名字的普通股股权证书,(ii)其他任何根据本协议应送达的文件。在交割时,购买人应根据本协议的汇款信息向公司汇入其购买价款,或以支票的方式支付。

 

ARTICLE
II

第二条

 

Representations
and Warranties

保证和承诺

 

Section
2.1 Representations and Warranties of the Company and its Subsidiaries. The Company hereby represents and warrants to the Purchaser
on behalf of itself, its subsidiaries, as of the date hereof (except as set forth on the Schedule of Exceptions attached hereto with
each numbered Schedule corresponding to the section number herein), as follows:

第2.1节
 公司和其子公司的陈述和保证。公司在此代表其本身以及其子公司,就以下事项(但与本小段标号相对应的披露表中的事项除外)作出陈述和保证:

 

(a)
Organization, Good Standing and Power. The Company is a corporation or other entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of its jurisdiction of incorporation or organization (as applicable) and respectively,
has the requisite corporate power to own, lease and operate its properties and assets and to conduct its business as it is now being
conducted. Except as set forth on Schedule 2.1(a), the Company and each of its subsidiaries is duly qualified to do business and
is in good standing in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary except for any jurisdiction(s) (alone or in the aggregate) in which the failure to be so qualified will not have a Material
Adverse Effect (as defined in Section 2.1(g) hereof).

组织、合法持续性和权力。公司是在其管辖区内依法成立的,有效存续的经济实体,各自都有必需的公司权力来持有、出租和操作其财产和资产,并进行合法的商业运作。除非披露表2.1(a)有不同的规定,公司以及其每一个子公司在其每个有商业行为和资产的管辖区内有合法资格进行经营并有良好的经营持续性,但如果公司不能在这些管辖内有合法资格经营也不会对公司产生重大不利影响(如本协议第2.1(g)条所定义)除外。

 

    2

     

    

 

(b) Corporate
Power; Authority and Enforcement. The Company has the requisite corporate power and authority to enter into and perform its obligations
under this Agreement, and to issue and sell the Shares in accordance with the terms hereof. The execution, delivery and performance of
this Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly
authorized by all necessary corporate action, and no further consent or authorization of the Company or its board of directors or stockholders
is required. This Agreement constitutes, or shall constitute when executed and delivered, a valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally
the enforcement of, creditor’s rights and remedies or by other equitable principles of general application.

公司权力;授权和执行。公司有必要的公司权力和授权来签订和履行本协议下的义务。公司有必要的权力和授权按照本协议的规定来发行和出售股票。公司对交易文件的签署、送达和履行和完成在此由所有必要的公司行为合法有效授权,无需再由公司或董事会或股东会进一步同意或授权。每一个交易文件在签署和送达时包括且应包括对于公司有效和有约束力的执行义务,除非适用的破产、解散、重组、延期偿付、清算、委托管理或其他有关的法律或其他衡平法原则会限制债权人的权利和补救。

 

(c) Capitalization.
The authorized capital stock of the Company as of November 6, 2022 is set forth in the Company’s Form 10-Q Quarterly Report for
the period ended June 30, 2022 (the “Form 10-Q”), and the issued and outstanding shares of the Company as at November
3, 2022 is 55,554,710.

股本。截至2022年11月6日,公司授权的股本载于公司截至2022年6月30日的季度报告表格10-Q(“表格10-Q”),截至2022年11月3日,公司已发行和流通的股数为55,554,710。

 

(i)
no shares of Common Stock are entitled to preemptive, conversion or other rights and there are no outstanding options, warrants, scrip,
rights to subscribe to, call or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares
of capital stock of the Company;

不存在有优先配股权、转换权或其他权利的普通股;不存在流通的期权、认购权、承诺购买权、或转换成公司股本的任何股份的其他权利;

 

    3

     

    

 

(ii)
there are no contracts, commitments, understandings, or arrangements by which the Company is or may become bound to issue additional
shares of capital stock of the Company or options, securities or rights convertible into shares of capital stock of the Company;

不存在公司为一方当事人或受其约束的合同、承诺、备忘录或安排,公司需要因此而发行额外股本股份或发行期权、证券或转换股而获得公司的股本股份;

 

(iii)
the Company is not a party to any agreement granting registration or anti-dilution rights to any person with respect to any of its equity
or debt securities;

公司没有在任何协议中同意对任何股权证券或债权证券给予登记注册权和反稀释权;

 

(iv)
the Company is not a party to, and it has no knowledge of, any agreement restricting the voting or transfer of any shares of the capital
stock of the Company.

公司没有在任何协议中同意或承诺对公司股本的任何股份的投票权和股份转让进行限制;

 

(v)
the offer and sale of all capital stock, convertible securities, rights, warrants, or options of the Company issued prior to the Closing
complied with all applicable Federal and state securities laws, except where non-compliance would not have a Material Adverse Effect.
The Company has furnished or made available to the Purchaser true and correct copies of the Company’s Articles of Incorporation,
as amended and in effect on the date hereof (the “Articles”), and the Company’s Bylaws, as amended and in effect
on the date hereof (the “Bylaws”). Except as restricted under applicable federal, state, local or foreign laws and
regulations, the Articles, this Agreement, or as set forth on Schedule 2.1(c), no written or oral contract, instrument, agreement,
commitment, obligation, plan or arrangement of the Company shall limit the payment of dividends on the Company’s preferred shares,
or its Common Stock.

公司在本次交易交割结算前发行的所有股本股票、可转证券、权益、期权的买卖都符合适用的联邦和州证券法的规定,除非这些违反不会对公司有重大不利影响。公司向购买人提供了真实的公司成立协议副本(“公司成立协议”)和公司章程副本(“公司章程”)。除了适用的联邦、州、当地、国外法律和规则,公司成立协议,本交易文件以及披露表2.1(c)中的限制外,不存在任何书面或口头的合同、工具、协议、承诺、义务、计划或安排限制公司就其发行的普通股或优先股分配股息。

 

(d) Issuance
of Shares. The Shares to be issued at the Closing have been duly authorized by all necessary corporate action and the Preferred Shares,
when paid for or issued in accordance with the terms hereof, shall be validly issued and outstanding, fully paid and non-assessable.

股份的发行。本交易结算时应发行的普通股已经必要的公司行为授权。普通股在支付和发行时应符合本交易文件的要求,经必要的公司行为授权,有效发行和流通。

 

    4

     

    

 

(e) Subsidiaries.
Except as disclosed in the Commission Documents (as defined below), the Company does not have any other subsidiaries.

子公司。除证监会文件已披露的信息外(定义见下),公司没有其他子公司。

 

(f)
Commission Documents, Financial Statements. Except as set forth on Schedule 2.1(f), the Company has filed all reports, schedules,
forms, statements and other documents required to be filed by it with the U.S. Securities and Exchange Commission (the “Commission”
or “SEC”) pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), including the Form 10-Q and other material filed pursuant to Section 13(a) or 15(d) of the Exchange Act (all of the
foregoing including filings incorporated by reference therein being referred to herein as the “Commission Documents”).
The Company has not provided to the Purchaser any material non-public information or other information which, according to applicable
law, rule or regulation, was required to have been disclosed publicly by the Company but which has not been so disclosed, other than
(i) with respect to the transactions contemplated by this Agreement, or (ii) pursuant to a non-disclosure or confidentiality agreement
signed by the Purchaser. At the time of the respective filings, the Form 10-K and the Form 10-Q complied in all material respects with
the requirements of the Exchange Act and the rules and regulations of the Commission promulgated thereunder and other federal, state
and local laws, rules and regulations applicable to such documents. As of their respective filing dates, none of the Form 10-K or Form
10-Q contained any untrue statement of a material fact; and none omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements
of the Company included in the Commission Documents comply as to form in all material respects with applicable accounting requirements
and the published rules and regulations of the Commission or other applicable rules and regulations with respect thereto. Such financial
statements have been prepared in accordance with United States generally accepted accounting principles (the “GAAP”)
applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the
notes thereto or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or
summary statements), and fairly present in all material respects the consolidated financial position of the Company as of the dates thereof
and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end
audit adjustments).

证监会文件、财务报表。根据修订后的1934年证券交易法(“交易法”)的要求,除了披露表2.1(f)中列明的项目,公司向证监会申报了所有的报告、批露表、表格、说明书和其他文件,包括根据交易法第13(a)或15(d)节申报的材料(所有上述申报材料在本协议中统称为“证监会文件”)。根据相关适用法的规定,公司没有向购买人批露任何应当首先向公众批露而未批露的内部信息,但不包括(i)与本协议中的交易相关的信息,或(ii)根据购买人签署的不公开或内部保密协议而批露的信息。在每一次申报时,表格10K和表格10Q都符合交易法的要求和证监会的规则以及其他联邦、州和当地的适用的法律、法规和规则。在每一次申报时,表格10K或表格10Q都没有对重大事实的不实陈述,也没有遗漏重大事实或必要的信息,进行误导。证监会文件中包含的公司财务报表都符合当关的会计规则要求,证监会的相关公告规则和其他适用的法规和规则。这些财务报表都符合美国一般会计准则(“一般会计准则”)的要求,并在一定时期内保持数据一致(除非(i)财务报表或记录中作不同的说明,或(ii)在未经审计的内部财务报表的情况下,报表可能不包含脚注或进行简化或为概要性报表),并真实反映该季度内的公司合并财务情况,经营
状况和该季度结束时的现金流(但在未审计的财务报表的情况下,应以正常年度结束时的调整数据为准)。

 

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(g) No
Material Adverse Effect. As of June 30, 2022 till the date of this Agreement, the Company has not experienced or suffered any Material
Adverse Effect. For the purposes of this Agreement, “Material Adverse Effect” shall mean (i) any material adverse effect
upon the assets, properties, financial condition, business or prospects of the Company, and its subsidiaries, when taken as a consolidated
whole, and/or (ii) any condition, circumstance, or situation that would prohibit or otherwise materially interfere with the ability of
the Company to perform any of its material covenants, agreements and obligations under this Agreement.

无重大不利影响。自2022年6月30日至本协议签订之日,公司和子公司没有遭遇任何重大不利影响。出于本协议的目的,“重大不利影响”应指(i)任何公司以及在合并报表情况下的子公司的经营、运作、财产或财务有任何重大不利影响的事件,和/或(ii)只要在任何条件、情况下会从任何重大方面阻止或重大干涉公司履行本协议下的任何重大承诺、协议和义务。

 

(h) No
Undisclosed Liabilities. Other than as disclosed in the Company’s Commission Documents or on Schedule 2.1(h), to the
knowledge of the Company, neither the Company, nor the subsidiaries have any liabilities, obligations, claims or losses (whether liquidated
or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) other than those incurred in the ordinary course of
the Company’s and the subsidiaries’ respective businesses and which, individually or in the aggregate, do not or would not
have a Material Adverse Effect.

无未披露的义务。除了公司的证监会文件和披露表2.1(h)所列的事项外,公司和其子公司没有任何未披露的义务、责任、诉讼或损失(不论是可清算的或不可清算的,有担保的或未担保的,全部的或计息的;附随的或其他),但公司和子公司在日常经营中产生的义务、责任、诉讼或损失,如果对于公司或子公司无重大不利影响,不应计入未披露的义务之内。

 

(i) No
Undisclosed Events or Circumstances. To the Company’s knowledge, no event or circumstance has occurred or exists with respect
to the Company, the subsidiaries or their respective businesses, properties, operations or financial condition, which, under applicable
law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly announced or disclosed.

无未披露事件或情况。在公司知道的范围内,不存在根据适用的法律、规则或法规,应进行公共披露或公告而未披露公告的关于公司、子公司、其经营、财产、运作或财务的事件和情况。

 

(j) Title
to Assets. Except where non-compliance would not have a Material Adverse Effect, each of the Company and the subsidiaries has good
and marketable title to (i) all properties and assets purportedly owned or used by them as reflected in the financial statements, (ii)
all properties and assets necessary for the conduct of their business as currently conducted, and (iii) all of the real and personal
property reflected in the financial statements free and clear of any Lien (as defined below). All leases are valid and subsisting and
in full force and effect.

资产所有权。除非这些违反不会对公司造成重大不利影响,公司和每个子公司对以下资产有合法有市场价值的所有权(i)所有计入财务报表的其所有和使用的资产和财产,(ii)目前经营所必需的资产和财产,以及(iii)所有没有留质权的计入财务报表的不动产和个人财产(定义见下)。所有租约均有效且存续。

 

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(k) Actions
Pending. There is no action, suit, claim, investigation, arbitration, alternate dispute resolution proceeding or any other proceeding
pending or, to the knowledge of the Company, threatened against or involving the Company which questions the validity of this Agreement
or the transactions contemplated hereby or thereby or any action taken or to be taken pursuant hereto or thereto. Except where the same
would not have a Material Adverse Effect, there is no action, suit, claim, investigation, arbitration, alternate dispute resolution proceeding
or any other proceeding pending or, to the knowledge of the Company, threatened against or involving the Company involving any of their
respective properties or assets. To the knowledge of the Company, there are no outstanding orders, judgments, injunctions, awards or
decrees of any court, arbitrator or governmental or regulatory body against the Company, the subsidiaries or any of their respective
executive officers or directors in their capacities as such.

未决诉讼。在公司知道的范围内,不存在任何未决的和任何在其他程序中诉讼、索赔、调查、仲裁、争议,针对或涉及公司,会质疑本协议或本交易或相关交易行为的有效性;除非不会对公司造成重大不利影响,也没有任何涉及公司、子公司、中国经营实体的各自的财产或资产的相关程序。在公司知道的范围内,不存在任何待执行的判决、判令、禁止令、法庭决定、仲裁决定或政府或监管主体对公司或其各自的行政管理人员或董事的行政令。

 

(l) Compliance
with Law. The Company and the subsidiaries have all material franchises, permits, licenses, consents and other governmental or regulatory
authorizations and approvals necessary for the conduct of their respective business as now being conducted by it unless the failure to
possess such franchises, permits, licenses, consents and other governmental or regulatory authorizations and approvals, individually
or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

符合法律规定。公司和子公司拥有其进行各自经营所必须的连锁权、许可权、证书、同意或其他政府或监管机构授权和同意,除非公司和子公司不可能合理预期到没有该连锁权、许可权、证书、同意或其他政府或监管机构授权和同意会对公司经营造成重大不利影响。

 

(m)
No Violation. The business of the Company and the subsidiaries is not being conducted in violation of any Federal, state, local
or foreign governmental laws, or rules, regulations and ordinances of any of any governmental entity, except for possible violations
which singularly or in the aggregate could not reasonably be expected to have a Material Adverse Effect. The Company is not required
under Federal, state, local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make any filing or
registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this
Agreement, or issue and sell the Shares in accordance with the terms hereof or thereof (other than (x) any consent, authorization or
order that has been obtained as of the date hereof, (y) any filing or registration that has been made as of the date hereof or (z) any
filings which may be required to be made by the Company with the Commission or state securities administrators subsequent to the Closing.)

无违法行为。公司和子公司的经营没有违反任何联邦、州、当地或外国政府的法律或规则、法律、政府实体的政令,除非公司或子公司不能合理预期到该违反会造成重大不利影响。根据联邦、州、当地或外国法、法规或规则的规定,公司不需获得任何同意、授权或命令,或向任何法庭或政府机构申报或注册来执行、送达或履行本交易文件下的义务,(不包括(x)已获得的任何同意、授权、或命令,(y)已进行的申报或登记,或(z)在交割结算后必须向证监会或州证券管理机构进行的任何申报。)

 

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(n) No
Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions
contemplated herein and therein do not and will not (i) violate any provision of the Company’s Certificate or Bylaws, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond,
license, lease agreement, instrument or obligation to which the Company is a party or by which it or its properties or assets are bound,
(iii) create or impose a lien, mortgage, security interest, pledge, charge or encumbrance (collectively, “Lien”) of
any nature on any property of the Company under any agreement or any commitment to which the Company is a party or by which the Company
is bound or by which any of its respective properties or assets are bound, or (iv) result in a violation of any federal, state, local
or foreign statute, rule, regulation, order, judgment or decree (including Federal and state securities laws and regulations) applicable
to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries are bound or affected,
provided, however, that, excluded from the foregoing in all cases are such conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect.

无冲突。公司签署、送达和履行交易文件以及交易内容,没有也不会(i)违反公司的成立协议或章程的任何条款,(ii)与公司为一方当事人或财产受约束的任何存在的和承诺的合同、保证、契约、债券、租赁合同、融资工具相冲突或会给予他人任何终止、修改、取消上述法律文件的权利,(iii)在公司在一方当事人或财产受约束的任何协议或承诺中使公司本身或公司的任何财产上创造或附加留置权、抵押权
、保证金权益、质押权、其他费用或财产负担(统称“留置权”),或(iv)违反任何公司或其任何子公司适用的或其任何资产、不动产受影响或约束的联邦、州、当地或外国法律、规则、法规、法令、判决或命令(包括联邦和州的证券法规);但如果上述的冲突、终止、修改、取消、违反不会对公司产生重大不利影响,则不应包括在内。

 

(o) Certain
Fees. Except as set forth on Schedule 2.1(o) hereto, no brokers fees, finders fees or financial advisory fees or commissions
will be payable by the Company with respect to the transactions contemplated by this Agreement.

特定费用。除了批露表2.1(o)所列的项目,公司不需要根据本协议支付与本交易有关的中介费用、佣金费用或融资顾问费用或提成。

 

(p) Disclosure.
Except as set forth on Schedule 2.1(p), neither this Agreement nor the Schedules hereto nor any other documents, certificates
or instruments furnished to the Purchaser by or on behalf of the Company or the subsidiaries in connection with the transactions contemplated
by this Agreement contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
made herein or therein, taken as a whole and in the light of the circumstances under which they were made herein or therein, not false
or misleading.

批露。除了批露表2.1(p)规定之外,公司或其子公司向购买人提供的与本交易有关的本协议、批露表、或其他文件、证明或工具证书没有关于重大事实的不实陈述或遗漏重大事实,没有错误或误导性陈述。

 

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(q) Intellectual
Property. Each of the Company and the subsidiaries owns or has the lawful right to use all patents, trademarks, domain names (whether
or not registered) and any patentable improvements or copyrightable derivative works thereof, websites and intellectual property rights
relating thereto, service marks, trade names, copyrights, licenses and authorizations, and all rights with respect to the foregoing,
which are necessary for the conduct of their respective business as now conducted without any conflict with the rights of others, except
where the failure to so own or possess would not have a Material Adverse Effect.

知识产权。公司和每个子公司对其各自进行经营所必需的全部专利、商标、知名品牌(不论是否注册)和任何其他可以申请专利的技术创新或衍生著作权、网站或其他知识产权、服务标识、商号、著作权、执照和授权拥有所有权或合法使用权,且不与他人的权利相冲突,但不包括那些即使不拥有也不会对公司产生重大不利影响的知识产权。

 

(r) Books
and Record Internal Accounting Controls. Except as may have otherwise been disclosed in the Form 10-Ks or the Form 10-Qs, the books
and records of the Company and the subsidiaries accurately reflect in all material respects the information relating to the business
of the Company and the subsidiaries, the location and collection of their assets, and the nature of all transactions giving rise to the
obligations or accounts receivable of the Company, or the subsidiaries. Except as disclosed in the Company’s Commission Documents
or on Schedule 2.1(r), the Company and the subsidiaries maintain a system of internal accounting controls sufficient, in the judgment
of the Company, to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific
authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and
to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific
authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
actions are taken with respect to any differences.

会计账目内部控制。除了在表格10K或表格10Q中作不同批露外,公司和子公司的会计账目准确体现了与公司和子公司经营有关的重大信息、资产的地点和保管、所有使公司和子公司承担义务或产生可记账收入的交易。除了在公司的证监会文件中或批露表2.1(r)中的披露外,公司和子公司保持一个内部会计控制系统,根据公司的判断,该系统充分的提供以下合理保证:(i)交易经公司管理层一般或特别授权,(ii)交易的记账符合一般会计准则的要求,且维持了资产的可记录性,(iii)资产的使用只有经管理层的一般或特别授权,(iv)对现有资产和可入账资产按合理的差距进行了比较且针对该差别采取了合理的行动。

 

(s) Material
Agreements. Any and all written or oral contracts, instruments, agreements, commitments, obligations, plans or arrangements, the
Company and the subsidiaries is a party to, that a copy of which would be required to be filed with the Commission as an exhibit to a
registration statement on Form S-1 (collectively, the “Material Agreements”) if the Company were registering securities
under the Securities Act has previously been publicly filed with the Commission in the Commission Documents. Each of the Company and
the subsidiaries has in all material respects performed all the obligations required to be performed by them to date under the foregoing
agreements, have received no notice of default and are not in default under any Material Agreement now in effect the result of which
would cause a Material Adverse Effect.

重大合同。如果公司或其任何子公司之前曾根据证券法向证交会申报登记证券,在申报登记表S—1中附有或披露过公司作为一方当事人的书面或口头的合同、融资工具、协议、承诺、义务、计划或安排(统称“重大合同”),那么,公司或其子公司已经履行了生效合同下的义务,没有接到违约的通知,也没有会导致对公司经营有重大不利影响的重大违约行为。

 

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(t) Transactions
with Affiliates. Except as set forth in the financial statements or in the Commission Documents, there are no loans, leases, agreements,
contracts, royalty agreements, management contracts or arrangements or other continuing transactions between (a) the Company on the one
hand, and (b) on the other hand, any officer, employee, consultant or director of the Company or any person owning any capital stock
of the Company or any member of the immediate family of such officer, employee, consultant, director or stockholder or any corporation
or other entity controlled by such officer, employee, consultant, director or stockholder, or a member of the immediate family of such
officer, employee, consultant, director or stockholder.

与关联人的交易。除了财务报表或证监会文件中说明的之外,没有存在于以下主体之间的贷款、租赁、协议、合同、使用协议、管理合同或安排或其他进行中的交易(a)一方主体为公司,且(b)对方主体为公司的管理人员、员工、顾问或董事,公司的持股人,或者为他们的直接亲属成员,或者任何受管理人员、员工,顾问、董事或他们的直接亲属成员控制的公司或实体。

 

(u) Private
Placement. Assuming the accuracy of each Purchaser’s representations and warranties set forth in Section 2.2, no registration
under the Securities Act is required for the offer and sale of the Shares by the Company to the Purchaser as contemplated hereby. The
issuance and sale of the Shares hereunder does not contravene the rules and regulations of NASDAQ Stock Market.

私募。假设每个购买人在第2.2节中的陈述和保证是准确无误的,根据证券法规定,公司在此协议下拟向购买人提供并出售的股票不需要注册。本协议下发行和销售的股票不违反纳斯达克股票市场的规则和规定。

 

(v) Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares, will not be or
be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company
shall conduct its business in a manner so that it will not become an “investment company” subject to registration under the
Investment Company Act of 1940, as amended.

投资公司。在1940年投资公司法案定义下,公司现在不是投资公司或投资公司的关联方,在收到股票的支付后也不会成为投资公司或投资公司的关联方。公司应以一种使其不会成为需要注册的投资公司的方式经营业务。

 

(w) Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company
has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common
Stock under the Exchange Act nor has the Company received any notification that SEC is contemplating terminating such registration. Except
as set forth in the SEC Reports, the Company has not, in the 12 months preceding the date hereof, received notice from NASDAQ Stock Market
on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance
requirements of such trading market. Except as set forth in the SEC Reports, the Company is in compliance with all such listing and maintenance
requirements.

上市及上市维护要求。公司普通股根据交易法第12节(b)款及12节(c)款完成注册。公司未采取任何行为或在其可知晓范围内了解到任何交易法下可能终止普通股注册的行为,且公司未从SEC收到任何表示终止注册的通知。除了在SEC报告中提供的信息,公司在自本协议起前12个月中未从纳斯达克股票交易市场收到因其普通股所导致的任何针对上市及上市维护要求的不合规通知。除在SEC报告中披露的信息外,公司针对上市及上市维护要求完全合规。

 

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For
the purpose of the Agreement, the term “SEC Reports” mean all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) of the Exchange
Act, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such
material), and the foregoing materials, including the exhibits thereto and documents incorporated by reference therein.

仅就本协议而言,“SEC报告”指所有报告、列表、表格、陈述及其他公司需要根据证券法和交易法,包括交易法第13节(a)款或15节(b)款,提交的自本协议起前两年的文件(或公司根据法律规定需提交的更短阶段内的相关材料),及本协议提及的材料,包括本协议所附附件及本文援引的文件。

 

(x) No
Integrated Offering. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 2.2, neither
the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or
sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Shares to
be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any
such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of NASDAQ Stock Market on which any
of the securities of the Company are listed or designated.

无集成募股。假设2.2节中购买人的陈述和保证是准确无误的,不论公司或是其关联方或代表他们的个人,均未直接或间接提供或出售或唆使对于证券的购买,使本募股中出售的股票与公司之前的募股以以下目的进行整合,(i)在证券法下此出售的股票需要进行注册,或(ii)纳斯达克股票交易市场中任何针对公司上市证券可适用的股东批准票款。

 

(y) Accountants.
The Company’s accounting firm is Audit Alliance LLP. To the knowledge and belief of the Company, such accounting firm: (i) is a
registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements
to be included in the Company’s Annual Report for the fiscal year ended December 31, 2022.

会计人员。本公司的会计师事务所为Audit
Alliance LLP。本公司认为且知晓此会计师事务所(i)是交易法下规定的注册会计师事务所,且(ii)应就公司2022年12月31日截止的财政年度年报中的财务报表提供明示意见。

 

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Section
2.2 Representations and Warranties of the Purchaser. Each Purchaser, severally but not jointly, hereby makes the following representations
and warranties to the Company as of the date hereof:

第2.2节
购买人的陈述和保证。各购买人,单独地而并非联合地,于此就以下事项作出仅与购买人自身相关的陈述和保证:

 

(a) No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by such Purchaser of the transactions contemplated
hereby and thereby or relating hereto do not and will not conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of
any agreement, indenture or instrument or obligation to which such Purchaser is a party or by which its properties or assets are bound,
or result in a violation of any law, rule, or regulation, or any order, judgment or decree of any court or governmental agency applicable
to such Purchaser or its properties (except for such conflicts, defaults and violations as would not, individually or in the aggregate,
have a material adverse effect on such Purchaser). Such Purchaser is not required to obtain any consent, authorization or order of, or
make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations
under this Agreement, provided, that for purposes of the representation made in this sentence, such Purchaser is assuming and relying
upon the accuracy of the relevant representations and agreements of the Company herein.

无冲突。购买人签署、送达和履行交易文件以及交易内容,没有也不会在购买人在一方当事人或财产受约束的任何协议或承诺中使购买人本身或其任何财产上创造或附加留置权、抵押权、保证金权益、质押权、其他费用或财产负担,或者使购买人违反任何适用购买人或其财产的任何法律、规则、规定、命令或判决或判令,但不会对购买人产生重大不利影响,则不应包括在内。购买人购买普通股,签署、送达和履行本协议和其他交易文件不需要额外授权,但是在本句陈述的范围内,购买人依赖于公司相关陈述的准确性作出以上陈述。

 

(b) Status
of Purchaser. The Purchaser is a “non-US person” as defined in Regulation S. The Purchaser further makes the representations
and warranties to the Company set forth on Exhibit A. Such Purchaser is not required to be registered as a broker-dealer under
Section 15 of the Exchange Act and such Purchaser is not a broker-dealer, nor an affiliate of a broker-dealer.

购买人资格。购买人应为规则S定义下的“非美国主体”。购买人作出附录A所列的非美国主体的额外陈述和保证。购买人不需要是证券交易法第15条下的注册的券商,并且购买人也不是券商或券商的关联人。

 

(c)
Reliance on Exemptions. The Purchaser understands that the Shares are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understandings
of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire
the Shares.

依赖于豁免。购买人知道在此出售的证券是根据美国联邦和州证券法的登记注册要求的豁免出售的,公司依赖于购买人的声明、保证、同意、承认和认知的真实性和准确性,并对其的遵循,以决定这一豁免是否适用于购买人的购股行为。

 

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(d)
Information. The Purchaser and its advisors, if any, have had the opportunity to ask questions of management of the Company and
its subsidiaries and have been furnished with all information relating to the business, finances and operations of the Company and information
relating to the offer and sale of the Shares which have been requested by the Purchaser or its advisors. Neither such inquiries nor any
other due diligence investigation conducted by the Purchaser or any of its advisors or representatives shall modify, amend or affect
the Purchaser’s right to rely on the representations and warranties of the Company contained herein. The Purchaser understands
that its investment in the Shares involves a significant degree of risk. The Purchaser further represents to the Company that the Purchaser’s
decision to enter into this Agreement has been based solely on the independent evaluation of the Purchaser and its representatives.

信息。购买人以及其顾问有机会向公司和子公司的管理层就公司的经营、财务和运作以及与此融资有关的信息提问。购买人或其顾问所作的调查或尽职调查没有改变公司在此作出的陈述和保证。购买人明白他的投资有风险,并确认他的投资是在其对投资进行独自评估的基础上作出的。

 

(e)
Governmental Review. The Purchaser understands that no United States federal or state agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Shares.

政府审批。购买人明白美国联邦或州政府或其他行政机构没有审批或推荐出售该证券。

 

(f)
Transfer or Re-sale. The Purchaser understands that the sale or re-sale of the Shares has not been and is not being registered
under the Securities Act or any applicable state securities laws, and the Shares may not be transferred unless (i) the Shares are sold
pursuant to an effective registration statement under the Securities Act, (ii) the Purchaser shall have delivered to the Company an opinion
of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable transactions to the effect that
the Shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration, which opinion shall
be reasonably acceptable to the Company, (iii) the Shares are sold or transferred to an “affiliate” (as defined in Rule 144
promulgated under the Securities Act (or a successor rule) (“Rule 144”)) of the Purchaser who agrees to sell or otherwise
transfer the Shares only in accordance with this Section 2.2(f) and who is a non-US person, (iv) the Shares are sold pursuant to Rule
144, or (v) the Shares are sold pursuant to Regulation S under the Securities Act (or a successor rule). Notwithstanding the foregoing
or anything else contained herein to the contrary, the Shares may be pledged as collateral in connection with a bona fide margin
account or other lending arrangement.

转让或再出售。购买人明白证券不得根据证券法或适用的州证券法转让或再出售,除非(i)证券是在证券法下根据有效的登记申请书出售;(ii)购买人向公司递交合格的法律意见书,说明证券出售可以适用证券法下的豁免;(iii)证券是出售或转让给“关联人”(关联人的定义见证券法下144规则“144规则”),进行出售的购买人是合格投资人,(iv)证券单位根据144规则进行出售,或(v)证券根据证券法下的规则S进行出售。尽管有以上规定,证券可以在真实保证金账户或其他贷款安排中作为抵押品进行抵押。

 

(g)
Legends. The Purchaser understands that the Shares shall bear a restrictive legend in the form as set forth under Section 5.1
of this Agreement. The Purchaser understands that, until such time the Shares may be sold pursuant to Rule 144 or Regulation S without
any restriction as to the number of securities as of a particular date that can then be immediately sold, the Shares may bear a restrictive
legend in substantially the form set forth under Section 5.1 (and a stop-transfer order may be placed against transfer of the certificates
evidencing such Securities).

限制交易说明。购买人明白股票带有此合同第5.1条下所列的交易限制。购买人明白,除非出售根据证券法进行登记,或可以适用144规则或规则S进行出售,股票应带有此限制交易说明(并且针对此证券的禁止转让令将有可能被颁布)。

 

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(h)
Residency. The Purchaser is a resident of the jurisdiction set forth immediately below such Purchaser’s name on the signature
pages hereto.

购买人居住地和受管辖地列于本协议的签字页。

 

(i) No
General Solicitation. The Purchaser acknowledges that the Shares were not offered to such Purchaser by means of any form of general
or public solicitation or general advertising, or publicly disseminated advertisements or sales literature, including (i) any advertisement,
article, notice or other communication published in any newspaper, magazine, or similar media, or broadcast over television or radio,
or (ii) any seminar or meeting to which such Purchaser was invited by any of the foregoing means of communications.

无一般劝诱。购买人承认公司要约出售普通股没有采取一般或公众劝诱或一般广告或公众广告或销售讲座的方式,包括(i)任何广告、文章、通知或其他通过报纸、杂志或其他类似媒体登出的信息,或者电视或无线电广播,或(ii)任何通过上述沟通方式邀请购买人参与的讲座或会议。

 

(j) Rule
144. Such Purchaser understands that the Shares must be held indefinitely unless such Shares are registered under the Securities
Act or an exemption from registration is available. Such Purchaser acknowledges that such Purchaser is familiar with Rule 144 and Rule
144A, of the rules and regulations of the Commission, as amended, promulgated pursuant to the Securities Act, and that such person has
been advised that Rule 144 and Rule 144A, as applicable, permits resales only under certain circumstances. Such Purchaser understands
that to the extent that Rule 144 or Rule 144A is not available, such Purchaser will be unable to sell any Shares without either registration
under the Securities Act or the existence of another exemption from such registration requirement.

规则144。购买人明白股票的持有的时长是不确定的,除非股票经登记注册或登记注册被豁免。购买人承认其熟知规则144和规则144A,并被告知根据规则144和规则144A,股票只有在特定的情况下才被允许出售;并且在不能适用规则144和规则144A时,如果股票没有登记注册或豁免,就不能出售。

 

(k) Brokers.
Purchaser does not have any knowledge of any brokerage or finder’s fees or commissions that are or will be payable by the Company
to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person or entity with respect
to the transactions contemplated by this Agreement.

融资代理。据投资人所知,公司不需要支付任何其他融资代理、金融顾问、发现者、券商、投资银行、银行或其他个人或主体任何与本交易有关的中介费、发理费或佣金。

 

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(l) Acquisition
for Investment. The Purchaser is a “non-US person” as defined in Regulation S, acquiring the Shares solely for its own
account for the purpose of investment and not with a view to or for sale in connection with a distribution to anyone.

投资目的。购买人是符合规则S下定义的“非美国主体”,购买此合同下的股票仅出于其个人的投资目的,不是为了向其他人分销。

 

(m)
Independent Investment Decision. Such Purchaser has independently evaluated the merits of its decision to purchase Shares pursuant
to this Agreement, and such Purchaser confirms that it has not relied on the advice of any other person’s business and/or legal
counsel in making such decision. Such Purchaser understands that nothing in this Agreement or any other materials presented by or on
behalf of the Company to the Purchaser in connection with the purchase of the Shares constitutes legal, tax or investment advice. Such
Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with its purchase of the Securities.

独立的投资决定。该购买人已根据本协议独立地评估其购买股票决定的优缺点,并且该购买人确认在其作出购买股票的决定时其并未依赖任何其他的商业和/或法律顾问的意见。该购买人理解本协议,或由公司、公司代表向购买人提交的任何与购买股票有关的材料绝不构成法律,税务或投资方面的建议。针对此购买股票的决定,该购买人已经咨询过在其全权决定下认为必要或适当的法律,税务和投资方面的顾问。

 

(n)
Not Acting as a Group. Such Purchaser is not acting in concert or as a “Group” within the meaning of Section 13(d)(3)
of the Exchange Act or Rule 13d-5 thereunder with any other Purchasers with respect to the investigation, execution, delivery, amendment,
modification, waiver, performance or consummation of this Agreement or any of the transactions contemplated hereby.

 

不作为一个团体。
该购买人在调查、执行、交付、修改、放弃、履行或完成本协议或本协议下的任何交易和其他购买人不具有一致行动或构成视为证券交易法第
13(d)(3) 条或规则 13d-5 下的“集团”行事 。

ARTICLE III

第三条

 

Covenants

约定

 

The
Company covenants with the Purchaser as follows, which covenants are for the benefit of the Purchaser and its permitted assignees (as
defined herein).

出于购买人和他们的受让人的利益考虑,公司同意以下条款:

 

Section
3.1 Securities Compliance. The Company shall notify the Commission in accordance with its rules and regulations, of the transactions
contemplated by any of this Agreement, and shall take all other necessary action and proceedings as may be required and permitted by
applicable law, rule and regulation, for the legal and valid issuance of the Shares to the Purchaser or subsequent holders.

第3.1节
符合证券法的规定。公司应根据证券法的规定,向证监会通知申报交易文件,以及根据适用法律、法则和规则的要求,采取所有其他必需的行动和程序来有效合法的发行普通股。

 

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Section
3.2 Confidential Information. The Purchaser agrees that such Purchaser and its employees, agents and representatives will keep
confidential and will not disclose, divulge or use (other than for purposes of monitoring its investment in the Company) any confidential
information which such Purchaser may obtain from the Company pursuant to financial statements, reports and other materials submitted
by the Company to such Purchaser pursuant to this Agreement, unless such information is known to the public through no fault of such
Purchaser or his or its employees or representatives; provided, however, that a Purchaser may disclose such information (i) to its attorneys,
accountants and other professionals in connection with their representation of such Purchaser in connection with such Purchaser’s
investment in the Company, (ii) to any prospective permitted transferee of the Shares, so long as the prospective transferee agrees to
be bound by the provisions of this Section 3.3, or (iii) to any general partner or affiliate of such Purchaser.

第3.2节
保密信息。购买人同意其对于公司根据本协议和其他交易文件提供给购买人、购买人员工、代理事代理的财务报表、报告或其他材料中的内部信息会保密、不披露、不泄露或使用,除非该内部信息非因购买人的过错而为公众所知悉,但是购买人可以披露以下(i)向购买人的律师、会计和其他专业人士披露其向公司的投资;(ii)只要未来的股票受让人受本协议第3.3条约束,可以向未来受让人披露;或(iii)向购买人的一般合伙人或关联人披露。

 

Section
3.3 Compliance with Laws. The Company shall comply to comply in all material respects, with all applicable laws, rules, regulations
and orders,except where non-compliance could not reasonably be expected to have a Material Adverse Effect.

第3.3节
符合法律。公司应在所有重大方面,符合相关的法律、法规、规则和命令的规定,
除非不符合不会对公司造成重大不利影响。

 

Section
3.4 Keeping of Records and Books of Account. The Company shall keep adequate records and books of account, in which complete entries
will be made in accordance with GAAP consistently applied, reflecting all financial transactions of the Company, and in which, for each
fiscal year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes in connection
with its business shall be made.

第3.4节
记录和会计账册。公司应保存充分的记录和会计账册,与一般会计准则的记录规则相符,反映公司的所有金融交易,在每一会计年度应针对与其业务相关的折旧、消耗、报废、摊销、税项、坏账及其他目的作出所有适当的拨备。

 

Section
3.5 Disclosure of Material Information. The Company covenants and agrees that neither it nor any other person acting on its or
their behalf has provided or, from and after the filing of the Press Release, will provide any Purchaser or its agents or counsel with
any information that the Company believes constitutes material non-public information (other than with respect to the transactions contemplated
by this Agreement), unless prior thereto such Purchaser shall have executed a specific written agreement regarding the confidentiality
and use of such information. The Company understands and confirms that the Purchaser shall be relying on the foregoing covenants in effecting
transactions in securities of the Company. At the time of the filing of the Press Release, no Purchaser shall be in possession of any
material, nonpublic information received from the Company, any of its subsidiaries or any of its respective officers, directors, employees
or agents, that is not disclosed in the Press Release. The Company shall not disclose the identity of any Purchaser in any filing with
the SEC except as required by the rules and regulations of the SEC thereunder. In the event of a breach of the foregoing covenant by
the Company, , or any of its or their respective officers, directors, employees and agents, in addition to any other remedy provided
herein, a Purchaser may notify the Company, and the Company shall make public disclosure of such material nonpublic information within
two (2) trading days of such notification.

第3.5节
重大信息披露。公司承诺并同意,在公告之前或之后,除了与本交易有关的信息之外,公司或任何公司代表人没有向购买人或其代理或顾问披露任何重大内部信息,除非购买人在此之前签署了一份关于保密和使用该内部信息的特别书面协议。公司确认购买人会依赖上述承诺进行交易。在公告发表之明,购买人不应拥有任何从公司、管理人员、董事、员工、代理处获得的没有在公告中披露的重大内部信息。

 

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Section
3.6 No Manipulation of Price. The Company will not take, directly or indirectly, any action designed to cause or result in, or
that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities
of the Company.

第3.6节
无操纵价格。公司不会直接或间接采取任何行动,意图或导致,或构成或合理预期会构成对公司证券价格的稳定和操纵。

 

Section
3.7 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the securities in a manner
that would require the registration under the Securities Act of the sale of the securities or that would be integrated with the offer
or sale of the securities for purposes of the rules and regulations of NASDAQ Stock Market such that it would require shareholder approval
prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

第3.7节
集成。公司不应出售、提供出售或唆使购买公司任何证券,或针对公司任何证券的进行交涉(依据证券法第2节定义),从而使此证券与证券法下所规定的方式注册的其他提供出售或出售的证券向整合,或与相关交易进行交割前需根据纳斯达克股票交易市场要求需要由股东批准的证券向整合,除非此交易在交割前已获得股东批准。

 

Section
3.8 Use of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder for working capital purposes
and shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s debt, (b) for the redemption of any Common
Stock or Common Stock Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation of FCPA or OFAC regulations.

第3.8节
所得款项用途。公司应将本协议下出售股票的所得款项用于运营,且不得将所得款项用于(a)偿还公司外债;(b)撤回公司任何普通股或普通股等价物;(c)和解任何未决诉讼;或(d)违反海外反腐败法或美国财政部海外资产控制法规。

 

For
the purpose of this Agreement, the term “Common Stock Equivalents” means any securities of the Company or the subsidiaries
which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock,
right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles
the holder thereof to receive, Common Stock.

仅就本协议而言,“普通股等价物”指公司或公司子公司任何授权持有人在任何时候可获得普通股的证券,包括但不限于,任何外债、优先股、权利、期权、权证或其他可以在任何时候可转换、可实行或可交换或使持有人在任何时候获得普通股的票据。

 

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Section
3.9 Reporting Status. Until the date on which the Purchasers shall have sold all of the Shares, the Company shall timely file
all reports required to be filed with the SEC pursuant to the Exchange Act, and the Company shall not terminate its status as an issuer
required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would no longer require
or otherwise permit such termination.

第3.9节
报告状态。截止购买人将其股票全部出售的当天为止,公司应适时向证监会提交交易法案下要求的所有文件并不应终止其在交易法下需提交相关报告的发行人身份,即便交易法或其他法律法规无此规定或对于其发行人身份的终止已被批准。

 

Section
3.10 Shareholder Approval. The Company will use commercially reasonable best efforts to have this Agreement, all exhibits and
schedules thereto and hereto, and any other documents or agreements executed in connection with the transactions contemplated hereunder
(the “Transaction Documents”) approved by the Company’s shareholders in accordance with NASDAQ continued listing
requirements. Concurrently with seeking approval for the Transaction Documents, the Company will seek approval for an additional transaction
or series of transactions with such terms and conditions as mutually agreed between the Company and the Purchasers.

第3.10节
股东批准。公司应尽合理商业努力使此协议、所附附件及披露表,以及其他任何与本协议下所拟交易相关的已执行的文件及协议(“交易文件”)根据纳斯达克持续上市要求交由公司股东进行批准。在寻求批准交易文件的同时,公司将以公司及购买人合意的条款及条件就新的交易或系列交易寻求股东批准。

 

ARTICLE
IV

第四条

 

CONDITIONS

条件

 

Section
4.1 Conditions Precedent to the Obligation of the Company to Sell the Shares. The obligation hereunder of the Company to issue
and sell the Shares is subject to the satisfaction or waiver, at or before the Closing, of each of the conditions set forth below. These
conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion.

第4.1节
公司出售股票的义务的前提条件。在此协议下,公司仅在以下各条件在交割时或交割之前被满足或被放弃时,才承担发行并向购买人出售股票的义务。此等条件是基于公司的利益,公司可随时依据自己的决定选择放弃此等条件。

 

(a) Accuracy
of the Purchaser’s Representations and Warranties. The representations and warranties of the Purchaser in this Agreement shall
be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that time, except
for representations and warranties that are expressly made as of a particular date, which shall be true and correct in all material respects
as of such date.

购买人的陈述与保证的准确性。此协议中购买人的陈述与保证在各个重大方面都应真实并且准确,此真实性和准确性针对协议签署时和交割日来衡量,但若陈述和保证中明示说明了特定日期,则按照此日期来衡量。

 

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(b) Performance
by the Purchaser. The Purchaser shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by such Purchaser at or prior to the Closing.

购买人的履行。在交割时或交割之前,购买人应在各方面履行,达到并符合购买人应履行,达到或符合此协议所必需的要求,合同和条件。

 

(c) No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions
contemplated by this Agreement.

无强制令。任何有管辖权的法院或政府机构不得制定,通过,颁布或支持任何禁止此协议中所述交易发生的法条,规则,规章,可执行命令,法令,判决或强制令。

 

(d) Delivery
of Purchase Price. The Purchase Price for the Shares shall have been delivered to the Company.

购买价格的告知。股票购买价格应已支付给公司。

 

(e) Delivery
of this Agreement. This Agreement shall have been duly executed and delivered by the Purchaser to the Company.

合同的签署。购买人应签署此合同并递交至公司。

 

(f)
Receipt of NASDAQ’s Approval. The Company shall receive from NASDAQ the approval of the application for the listing of the
Shares.

收到纳斯达克的批准。公司应从纳斯达克收到对交易增发股份申请的批准。

 

Section
4.2 Conditions Precedent to the Obligation of the Purchaser to Purchase the Shares. The obligation hereunder of the Purchaser
to acquire and pay for the Shares offered in Offering is subject to the satisfaction or waiver, at or before the Closing, of each of
the conditions set forth below. These conditions are for the Purchaser’s sole benefit and may be waived by such Purchaser at any
time in its sole discretion.

第4.2节
购买人购买股票的义务的前提条件。在此协议下,购买人仅在以下各个条件在交割时或交割之前被满足或被放弃时,才承担购买股票并支付的义务。此等条件是基于购买人的利益,并且购买人可随时自行决定选择放弃此等条件。

 

(a)
Accuracy of the Company’s Representations and Warranties. Each of the representations and warranties of the Company in this
Agreement shall be true and correct in all respects as of the date when made and as of the Closing Date as though made at that time,
except for representations and warranties that are expressly made as of a particular date, which shall be true and correct in all respects
as of such date.

公司的陈述与保证的准确性。此协议中公司的陈述与保证在各个重大方面都应真实并且准确,此真实性和准确性针对协议签署时和交割日来衡量,但若陈述和保证中明示说明了特定日期,则按照此日期来衡量。

 

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(b)
Performance by the Company. The Company shall have performed, satisfied and complied in all respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing.

公司的履行。在交割时或交割之前,公司应在各方面履行,满足并符合所有公司履行,满足或符合此协议所必需的合意,合同和条件。

 

(c)
No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions
contemplated by this Agreement.

无强制令。任何有管辖权的法院或政府机构不得制定,通过,颁布或支持任何禁止此协议中所述交易发生的法条,规则,规章,可执行命令,法令,判决或强制令。

 

(d)
No Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any governmental authority shall have been
commenced, and no investigation by any governmental authority shall have been threatened, against the Company, or any of the officers,
directors or affiliates of the Company seeking to restrain, prevent or change the transactions contemplated by this Agreement, or seeking
damages in connection with such transactions.

无诉讼程序或诉讼。不得在任何仲裁员或任何政府机构提起任何诉讼,案件或诉讼程序;任何政府机构不得针对公司,或公司的任何管理人员,董事会成员或附属机构发起调查,试图限制,禁止或改变此协议所述的交易或要去与此类交易有关的损害赔偿。

 

(e)
Certificates. The Company shall have executed and delivered to the Purchaser the certificates (in such denominations as such Purchaser
shall request) for the Shares being acquired by such Purchaser immediately after the Closing (in such denominations as such Purchaser
shall request) to such address set forth next to the Purchaser with respect to the Closing.

证书。公司应在交割后立即签署并向购买人送达由此购买人购买的股票证书,地址应为交割时购买人的地址。证书的种类/面值依购买人所要求。

 

(f) Resolutions.
The board of directors of the Company shall have adopted resolution consistent with Section 2.1(b) hereof in a form reasonably acceptable
to such Purchaser (the “Resolution”).

决议。公司董事会应采纳与此协议中第2.1节(b)相一致的,在形式上可被此购买人合理的接受的决议(“决议”)。

 

(g)
Material Adverse Effect. No Material Adverse Effect shall have occurred at or before the Closing Date.

重大不利影响。在交割日或交割日之前不得产生重大不利影响。

 

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ARTICLE
V

第五条

 

Stock
Certificate Legend

股权证书上的说明

 

Section
5.1 Legend. Each certificate representing the Shares shall be stamped or otherwise imprinted with a legend substantially in the
following form (in addition to any legend required by applicable state securities or “blue sky” laws):

第5.1节
限制交易说明。证券的股权证书都应盖印或刻印有与下段文字基本相同的限制交易说明(此受限说明是对任何相关的州证券法或“蓝天”法下的限制交易说明的补充):

 

THESE
SECURITIES REPRESENTED BY THIS CERTIFICATE (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”). THE SECURITIES WERE ISSUED IN A TRANSACTION EXEMPT FROM THE REGISTRATION REDISTRICTIREMENTS
OF THE SECURITIES ACT PURSUANT TO REGULATION S PROMULGATED UNDER IT. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED
OF IN THE UNITED STATES UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE COMPANY SHALL HAVE
RECEIVED AN OPINION OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT IS NOT REDISTRICTIRED. FURTHER, HEDGING
TRANSACTIONS WITH REGARD TO THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

此证书代表的证券(“证券”)尚未依照1933年的证券法及其修改案(“证券法”)的要求登记。此证券根据证券法下的S规则发行而豁免登记。不得在美国境内出售,转让或进行其他处理,除非已依照证券法进行登记,或者公司已收到法律顾问出具的意见书,提出依照证券法的条款此证券的登记不是必须的。另外,除非符合证券法的要求,不允许对此证券进行对冲交易。

 

 

ARTICLE
VI

第六条

 

Indemnification

补偿

 

Section
6.1 General Indemnity. The Company agrees to indemnify and hold harmless the Purchaser (and their respective directors, officers,
managers, partners, members, shareholders, affiliates, agents, successors and assigns) from and against any and all losses, liabilities,
deficiencies, costs, damages and expenses (including, without limitation, reasonable attorneys’ fees, charges and disbursements)
incurred by the Purchaser as a result of any inaccuracy in or breach of the representations, warranties or covenants made by the Company
herein. The Purchaser, severally but not jointly, agrees to indemnify and hold harmless the Company and its directors, officers, affiliates,
agents, successors and assigns from and against any and all losses, liabilities, deficiencies, costs, damages and expenses (including,
without limitation, reasonable attorneys’ fees, charges and disbursements) incurred by the Company as a result of any inaccuracy
in or breach of the representations, warranties or covenants made by such Purchaser herein. The maximum aggregate liability of the Purchaser
pursuant to its indemnification obligations under this Article VI shall not exceed the portion of the Purchase Price paid by the Purchaser
hereunder. In no event shall any “Indemnified Party” (as defined below) be entitled to recover consequential or punitive
damages resulting from a breach or violation of this Agreement.

第6.1节
常规补偿。公司同意补偿购买人(及其各自的董事会成员,高级职员,管理层人员,合伙人,成员,股东,附属机构,代理人,继承人和子实体)并保证其免受任何及所有的损失,责任,短缺,费用,损害赔偿和花销(包括但不限于,合理的律师费),以上所有损失都由购买人承担的,因公司做出的保证,陈述和协议中的不准确或违反了其中条款而产生。购买人同意分别但不连带的补偿公司及其董事会成员,附属机构,代理人,继承者和子实体,并使其免受任何及所有的损失,责任,短缺,费用,损害赔偿和花销(包括但不限于,合理的律师费),以上所有损失是由公司承担的,因购买人做出的保证,陈述和协议中的不准确或违反了其中条款而产生。购买人依此第六节中所述补偿而承担的最大的总责任不得超过此购买人所支付的购买价格。任何“受补偿方”(定义见下)不得享有因违反此协议而引起的间接损害赔偿或惩罚性损害赔偿。

 

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Section
6.2 Indemnification Procedure. Any party entitled to indemnification under this Article VI (an “Indemnified Party”)
will give written notice to the indemnifying party of any matters giving rise to a claim for indemnification; provided, that the
failure of any party entitled to indemnification hereunder to give notice as provided herein shall not relieve the indemnifying party
of its obligations under this Article VI except to the extent that the indemnifying party is actually prejudiced by such failure to give
notice. In case any action, proceeding or claim is brought against an Indemnified Party in respect of which indemnification is sought
hereunder, the indemnifying party shall be entitled to participate in and, unless in the reasonable judgment of the Indemnified Party
a conflict of interest between it and the indemnifying party may exist with respect of such action, proceeding or claim, to assume the
defense thereof with counsel reasonably satisfactory to the Indemnified Party. In the event that the indemnifying party advises an Indemnified
Party that it will contest such a claim for indemnification hereunder, or fails, within thirty (30) days of receipt of any indemnification
notice to notify, in writing, such person of its election to defend, settle or compromise, at its sole cost and expense, any action,
proceeding or claim (or discontinues its defense at any time after it commences such defense), then the Indemnified Party may, at its
option, defend, settle or otherwise compromise or pay such action or claim. In any event, unless and until the indemnifying party elects
in writing to assume and does so assume the defense of any such claim, proceeding or action, the Indemnified Party’s costs and
expenses arising out of the defense, settlement or compromise of any such action, claim or proceeding shall be losses subject to indemnification
hereunder. The Indemnified Party shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any
such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the
Indemnified Party which relates to such action or claim. The indemnifying party shall keep the Indemnified Party fully apprised at all
times as to the status of the defense or any settlement negotiations with respect thereto. If the indemnifying party elects to defend
any such action or claim, then the Indemnified Party shall be entitled to participate in such defense with counsel of its choice at its
sole cost and expense. The indemnifying party shall not be liable for any settlement of any action, claim or proceeding effected without
its prior written consent, provided, however, that the indemnifying party shall be liable for any settlement if the indemnifying
party is advised of the settlement but fails to respond to the settlement within thirty (30) days of receipt of such notification. Notwithstanding
anything in this Article VI to the contrary, the indemnifying party shall not, without the Indemnified Party’s prior written consent,
settle or compromise any claim or consent to entry of any judgment in respect thereof which imposes any future obligation on the Indemnified
Party or which does not include, as an unconditional term thereof, the giving by the claimant or the plaintiff to the Indemnified Party
of a release from all liability in respect of such claim. The indemnification required by this Article VI shall be made by periodic payments
of the amount thereof during the course of investigation or defense, as and when bills are received or expense, loss, damage or liability
is incurred, so long as the Indemnified Party irrevocably agrees to refund such moneys if it is ultimately determined by a court of competent
jurisdiction that such party was not entitled to indemnification. The indemnity agreements contained herein shall be in addition to (a)
any cause of action or similar rights of the Indemnified Party against the indemnifying party or others, and (b) any liabilities the
indemnifying party may be subject to pursuant to the law.

第6.2节 补偿程序。任何依据此第六条有权享有补偿的当事方(“受补偿方”)应就任何因此补偿而引出的诉讼请求向补偿方发出书面通知;前提是,若受补偿方未能发出此通知,补偿方仍需承担其在此第六条下的补偿责任,除非此不作为会对补偿方产生不公正结果。在就此补偿而向受补偿方提出的任何诉讼,诉讼程序或诉讼请求中,补偿方应有权参与其中并与法律顾问一起提出受补偿方合理的觉得满意的抗辩,除非依据受补偿方的合理的判断,存在利益冲突,并且补偿方很可能在此诉讼,诉讼程序或诉讼请求中胜出。若补偿方告知受补偿方其将应诉,或在收到任何关于补偿的通知后的三十(30)天内未能书面通知受补偿方其将选择自费应诉,调解或折中方式(或在应诉后的任何时候停止抗辩),则受补偿方可自由选择应诉,调解或其它折中方法,或支付此诉讼或诉讼请求的费用。在任何情况下,除非补偿方书面选择并确已开始抗辩,因此抗辩,调节或折中方式而产生的受补偿方的费用和花销应为可依此条款补偿的款项。受补偿方应就此诉讼或诉讼请求的协商或抗辩与补偿方全力合作,并向补偿方提供受补偿方可合理获取的与此诉讼或诉讼请求相关的所有信息。补偿方应将抗辩或任何调解协商的进展情况及
时通知受补偿方。若补偿方选择应诉此诉讼或诉讼请求,则受补偿方应有权自费与法律顾问参与到此抗辩中。补偿方不因任何未获其书面同意便生效的调解而承担责任,但是,若已将调解告知补偿方,但补偿方未能在收到此通知的三十(30)天内回应,则补偿方应对此调解承担责任。除非与此第六条规定相冲突,若未得到受补偿方的事先书面同意,补偿方不得同意调解或采用折中方式或同意任何要求受补偿方承担任何将来义务的判决或者不包含要求起诉方或原告免除所有受补偿方与此诉讼请求相关的所有责任这一无条件条款的判决。只要受补偿方同意(此同意为不可撤回)若适格法律管辖区的法院最终判定此当事方无权获得补偿,受补偿方将退还此所有补偿,则在调查或抗辩过程中收到的账单的款项,或在此期间产生的花销,损失,损害赔偿或责任的补偿应分期支付。此补偿协议是以下权利的补充(a)受补偿方针对补偿方所享有的任何诉因,及(b)任何补偿方可能依法承担的责任。

 

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ARTICLE
VII

第七条

 

Miscellaneous

其他条款

 

Section
7.1 Fees and Expenses. Except as otherwise set forth in this Agreement, each party shall pay the fees and expenses of its advisors,
counsel, accountants and other experts, if any, and all other expenses, incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement.

第7.1节
费用和花销。除此协议所述,各当事方应自行支付其顾问,会计师和其他专家的费用和花销,以及所有其他与协商,准备,执行,送达和履行此协议有关的花销。

 

Section
7.2 Specific Enforcement, Consent to Jurisdiction.

第7.2节
特别履行,同意接受司法管辖。

 

(a) The
Company and the Purchaser acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall
be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically
the terms and provisions hereof or thereof, this being in addition to any other remedy to which any of them may be entitled by law or
equity.

公司和购买人承认并同意一旦发生无法补救的损失,不得要求此协议的特别履行。双方也就此同意各方都有权要求强制令以阻止或消除此协议的违约情况,并要求执行此协议中的具体条款,此救济是对任何依据法律或衡平法可适用的救济的补充。

 

(b)
Each of the Company and the Purchaser (i) hereby irrevocably submits to the jurisdiction of the United States District Court sitting
in the Southern District of New York and the courts of the State of New York located in New York county for the purposes of any suit,
action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby or thereby and (ii) hereby
waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding
is improper. Each of the Company and the Purchaser consents to process being served in any such suit, action or proceeding by mailing
a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing in this Section 7.2 shall affect or limit any right to serve process in any other manner permitted by law. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any manner permitted by law.

公司和购买人(i)就所有因此协议或其所述的交易而产生的诉讼或诉讼程序,接受位于纽约州南区的美国巡回法院以及位于纽约郡的纽约州法院的管辖,此接受不可撤回,并且(ii)放弃并同意不在任何诉讼或诉讼程序中提出任何关于不受此等法院属人管辖,或诉讼在不方便法院提起,或案件审判地不合适的诉讼请求。公司和购买人同意在此类诉讼中送达服务可通过使用挂号信或第二日送达服务(需有送达的证明)将依此协议所需的通知复印件送达至有效的地址,并同意此类送达是良好有效的法律文书送达和通知。第7.2节不得影响或限制任何其他法律允许的送达方式。各当事方就此放弃对个人送达法律文书的要求,同意以邮寄作为法律文书送达方式,并同意此类送达是良好有效的法律文书送达和通知。此条款不得限制任何其他法律所允许的有关法律文书送达的权利。

 

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Section
7.3 Entire Agreement; Amendment. This Agreement contains the entire understanding and agreement of the parties with respect to
the matters covered hereby and, except as specifically set forth herein, neither the Company nor any of the Purchaser makes any representations,
warranty, covenant or undertaking with respect to such matters and they supersede all prior understandings and agreements with respect
to said subject matter, all of which are merged herein. No provision of this Agreement may be waived or amended other than by a written
instrument signed by the Company and the Purchaser, and no provision hereof may be waived other than by a written instrument signed by
the party against whom enforcement of any such waiver is sought.

第7.3节
合同的完整性;修正。此协议中包含了合同各方对此协议的相关事项的完整理解和合意,除非此协议中明确指明,公司或购买人没有对此协议中所述事项做出其他任何陈述,保证,协议或承诺;针对所述事项的所有先前的理解和合意都合并到此协议中,并被此协议所取代。若无公司和购买人的书面同意,此协议的任何条款不得被取消或修改。

 

Section
7.4 Notices. All notices, demands, consents, requests, instructions and other communications to be given or delivered or permitted
under or by reason of the provisions of this Agreement or in connection with the transactions contemplated hereby shall be in writing
and shall be deemed to be delivered and received by the intended recipient as follows: (i) if personally delivered, on the business day
of such delivery (as evidenced by the receipt of the personal delivery service), (ii) if mailed certified or registered mail return receipt
requested, two (2) business days after being mailed, (iii) if delivered by overnight courier (with all charges having been prepaid),
on the business day of such delivery (as evidenced by the receipt of the overnight courier service of recognized standing), or (iv) if
delivered by facsimile transmission, on the business day of such delivery if sent by 6:00 p.m. in the time zone of the recipient, or
if sent after that time, on the next succeeding business day (as evidenced by the printed confirmation of delivery generated by the sending
party’s telecopier machine). If any notice, demand, consent, request, instruction or other communication cannot be delivered because
of a changed address of which no notice was given (in accordance with this Section 7.4), or the refusal to accept same, the notice, demand,
consent, request, instruction or other communication shall be deemed received on the second business day the notice is sent (as evidenced
by a sworn affidavit of the sender). All such notices, demands, consents, requests, instructions and other communications will be sent
to the following addresses or facsimile numbers as applicable:

第7.4节
通知。所有通知,要求,同意,请求,指示和其他因此协议需要或允许的交流或与此协议中的交易相关的交流应以书面形式出现,在以下情况中,应被视为已送达并由预期的接收者收取:(i)若人力递送,则是递送的工作日(以人力递送服务的收据为证),(ii)若由要求回执的挂号信邮寄,则为邮寄后的两(2)个工作日,(iii)若使用第二日送达的快递服务(预付所有费用),则为递送的工作日(以具有一定公信力的第二日送达服务的收据为证),或(iv)若通过传真,且在收信人当地时间下午六点前发出的,为传真当天,若在其他时间,则为下一个工作日(以发送方传真机器打印的确认发送的通知为证)。若任何通知,要求,同意,请求,指示和其他交流因地址改变且未事前通知(须符合第7.4节要求),或者拒绝接收,则此通知,要求,同意,请求,指示和其他交流应视为在通知发出的第二个工作受到(以发送方的宣誓书为证)。所有此类通知,要求,同意,请求,指示和其他交流应递送至以下地址或传真号码:

 

If
to the Company:

若至公司:

 

TD
HOLDINGS, INC.

 

with
copies (which shall not constitute notice) to:

同时复印件(不构成通知)寄至:

 

25th
Floor, Block C, Tairan Building

No.
31 Tairan 8th Road, Futian District

Shenzhen,
Guangdong, PRC 518000

 

If
to Purchaser:  

如至购买人:

 

The
address listed on Exhibit B

在附录B中列明的地址

 

Any
party hereto may from time to time change its address for notices by giving at least ten (10) days written notice of such changed address
to the other party hereto.

任何当事方可时常更改通知所用的地址,但需提前十(10)天以书面形式告知另一方。

 

    24

     

    

 

Section
7.5 Waivers. No waiver by any party of any default with respect to any provision, condition or requirement of this Agreement shall
be deemed to be a continuing waiver in the future or a waiver of any other provisions, condition or requirement hereof, nor shall any
delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter.

第7.5节
豁免。任何一方关于对某一条款,条件或要求违约的豁免不能视为未来或对其他条款,条件或要求的豁免。

 

Section
7.6 Headings. The section headings contained in this Agreement (including, without limitation, section headings and headings in
the exhibits and schedules) are inserted for reference purposes only and shall not affect in any way the meaning, construction or interpretation
of this Agreement. Any reference to the masculine, feminine, or neuter gender shall be a reference to such other gender as is appropriate.
References to the singular shall include the plural and vice versa.

第7.6节
编号。此协议中的编号(包括但不限于各节编号以及附录和披露表中的编号)仅是出于引用方便的考虑,不影响此协议的释义,解释或理解。任何分性别或不分性别的指代都应包括所有性别的指代。任何单数名词包应包括其相对应的复数名词,反之亦然。

 

Section
7.7 Successors and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company
or the Purchaser, as applicable, provided, however, that, subject to federal and state securities laws, a Purchaser may
assign its rights and delegate its duties hereunder in whole or in part to an affiliate or to a third party acquiring all or substantially
all of its Shares in a private transaction without the prior written consent of the Company or the other Purchaser, after notice duly
given by such Purchaser to the Company provided, that no such assignment or obligation shall affect the obligations of such Purchaser
hereunder and that such assignee agrees in writing to be bound, with respect to the transferred securities, by the provisions hereof
that apply to the Purchaser. The provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted
successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of
this Agreement, except as expressly provided in this Agreement.

第7.7节
继承者和子实体。若未获得公司或购买人的事前书面同意,各当事方公司不得转让本协议;但是,依据联邦和州的证券法或交易文件所述,在未获得公司或其他购买人的事前书面同意下,但此购买人告知公司之后,购买人可向附属机构或在非公开交易中收购了其全部或基本全部股份或期权的第三方转让其全部或部分权利及义务;但是,此权利或义务的转让会影响此购买人在协议下的义务,此受转让者书面同意就被转让的证券以及接受此协议中适用于此购买人的条款的约束力。此协议的条款对允许的各继承者和子实体具有约束力。除在此协议中明示之外,此协议的条款,明示或暗含的,都不赋予除协议中的当事方及其各自的继承者和子实体任何权利,救济,义务或责任。

 

Section
7.8 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New
York, without giving effect to any of the conflicts of law principles which would result in the application of the substantive law of
another jurisdiction. This Agreement shall not be interpreted or construed with any presumption against the party causing this Agreement
to be drafted.

第7.8节
适用法律。此协议应根据纽约州的州内法执行和解释,但不包括任何可能导致适用非纽约州实体法的冲突法。此协议不适用“对起草人不利”的原则。

 

Section
7.9 Survival. The representations and warranties of the Company and the Purchaser shall survive the execution and delivery hereof
and the Closing hereunder for a period of three (3) years following the Closing Date.

第7.9节
存续。公司和购买人的保证与陈述在此协议签署和送达后继续有效,有效期为交割日之后的三年。

 

Section
7.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and, all of which taken together shall constitute one and the same Agreement and shall become effective when counterparts
have been signed by each party and delivered to the other parties hereto, it being understood that all parties need not sign the same
counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation
of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature
were the original thereof.

第7.10节
副本。此协议可在多个副本上签署,每一份副本都可视为原件,所有副本都可视为同一协议并且在各方签署并送达本协议另一方时生效,当事方无需签署每一份副本。若签名是通过传真发送,此传真签名对签署方的约束力与将此传真签名视为原件的约束力相同

 

    25

     

    

 

Section
7.11 Severability. The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction shall
determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision
or part of a provision of this Agreement and such provision shall be reformed and construed as if such invalid or illegal or unenforceable
provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable
to the maximum extent possible.

第7.11节
可分割性。此协议中的条款具有可分割性,若具有适格管辖权的法院判定此协议和交易文件中的任意条款无效,不合法或不可执行,其他条款的效力不受影响,并且在解释此有效条款时,应将无效的条款视为不存在,以便有效条款能在最大程度上被执行。

 

Section
7.12 Individual Capacity. Each Purchaser enters into this Agreement on its own capacity and not as a group with other Purchasers.
Each Purchaser, severally but not jointly, makes representations and warranties contained under this Agreement.

第7.12节
个人名义。各购买人是以其个人名义签署此合同,而非与其他购买人为一个团体。各购买人,独立地而非联合地,作出此合约下包含的陈述和保证。

 

Section
7.13 Termination. This Agreement may be terminated prior to Closing by mutual written agreement of the Purchaser and the Company.

第7.13节
终止。此协议可在交割前由购买人和公司双方书面同意终止。

 

Section
7.14. Language. The Agreement is in both English and Chinese, which both have binding effects. If there is any conflict between
the English and Chinese language, English language prevails.

第7.14节
语言。本协议含有英文和中文,英文和中文都有约束力。如两个语言版本有冲突,以英文版本为准。

 

[Remainder
of Page Intentionally Left Blank; Signature Pages Follow]

[余页故意留空;下页为签名页]

 

    26

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officer as of the date
first above written.

在此各方确认和签署。

 

	The Company:

    公司	TD HOLDINGS,
    INC.
	 	 
	 	By:	/s/
    Renmei Ouyang
	 	 	Name: 	Renmei
    Ouyang
	 	 	Title:	Chief Executive Officer
    首席执行官

 

[Signature
Page of the Company]

[公司的签字页]

 

    27

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Shuxiang Zhang	 
	购买人:张书祥	 
	 	 	 
	By:	/s/
  Shuxiang Zhang                     	 
	签字	 	 
	Name: 	Shuxiang Zhang	 
	名称:	张书祥	 

 

Number
of Shares Purchased (购买的普通股股数): 10,000,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $11,500,000

 

    28

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Renmei Ouyang	 
	购买人:欧阳仁美	 
	 	 	 
	By:	/s/
  Renmei Ouyang                      	 
	签字	 	 
	Name: 	Renmei Ouyang	 
	名称:	欧阳仁美	 

 

Number
of Shares Purchased (购买的普通股股数): 10,000,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $11,500,000

 

    29

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Qianying Yuan	 
	购买人:袁黔英	 
	 	 	 
	By:	/s/
  Qianying Yuan                           	 
	签字	 	 
	Name: 	Qianying Yuan	 
	名称:	袁黔英	 

 

Number
of Shares Purchased (购买的普通股股数): 5,500,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $6,325,000

 

    30

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Chao Luo	 
	购买人:罗超	 
	 	 	 
	By:	/s/
  Chao Luo                          	 
	签字	 	 
	Name: 	Chao Luo	 
	名称:	罗超	 

 

Number
of Shares Purchased (购买的普通股股数): 3,855,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $4,433,250

 

    31

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Katie Ou	 
	购买人:Katie
  Ou	 
	 	 	 
	By:	/s/
  Katie Ou                         	 
	签字	 	 
	Name: 	Katie Ou	 
	名称:	Katie Ou	 

 

Number
of Shares Purchased (购买的普通股股数): 2,750,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $3,162,500

 

    32

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Lianying Deng	 
	购买人:邓莲英	 
	 	 	 
	By:	/s/
  Lianying Deng                           	 
	签字	 	 
	Name: 	Lianying Deng	 
	名称:	邓莲英	 

 

Number
of Shares Purchased (购买的普通股股数): 2,750,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $3,162,500

 

    33

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Chaoliang Yang	 
	购买人:杨朝亮	 
	 	 	 
	By:	/s/
  Chaoliang Yang                            	 
	签字	 	 
	Name: 	Chaoliang Yang	 
	名称:	杨朝亮	 

 

Number
of Shares Purchased (购买的普通股股数): 2,750,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $3,162,500

 

    34

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Chun Song	 
	购买人:宋纯	 
	 	 	 
	By:	/s/
  Chun Song                    	 
	签字	 	 
	Name: 	Chun Song	 
	名称:	宋纯	 

 

Number
of Shares Purchased (购买的普通股股数): 2,500,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $2,875,000

 

    35

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Shanchuan Tan	 
	购买人:谭山川	 
	 	 	 
	By:	/s/
  Shanchuan Tan                                  	 
	签字	 	 
	Name: 	Shanchuan Tan	 
	名称:	谭山川	 

 

Number
of Shares Purchased (购买的普通股股数): 2,500,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $2,875,000

 

    36

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Zengnan Zhao	 
	购买人:赵增楠	 
	 	 	 
	By:	/s/
  Zengnan Zhao                          	 
	签字	 	 
	Name: 	Zengnan Zhao	 
	名称:	赵增楠	 

 

Number
of Shares Purchased (购买的普通股股数): 2,330,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $2,679,500

 

    37

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Rongping Chen	 
	购买人:陈荣平	 
	 	 	 
	By:	/s/
  Rongping Chen                                	 
	签字	 	 
	Name: 	Rongping Chen	 
	名称:	陈荣平	 

 

Number
of Shares Purchased (购买的普通股股数): 2,250,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $2,587,500

 

    38

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Sihua Deng	 
	购买人:邓思华	 
	 	 	 
	By:	/s/
  Sihua Deng                          	 
	签字	 	 
	Name: 	Sihua Deng	 
	名称:	邓思华	 

 

Number
of Shares Purchased (购买的普通股股数): 1,665,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $1,914,750

 

    39

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Kangzhen Zhou	 
	购买人:周康珍	 
	 	 	 
	By:	/s/
  Kangzhen Zhou                              	 
	签字	 	 
	Name: 	Kangzhen Zhou	 
	名称:	周康珍	 

 

Number
of Shares Purchased (购买的普通股股数): 850,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $977,500

 

    40

     

    

 

Signature
Page of the Purchaser

购买人签字页

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

购买人在此确认和同意协议的条款,并有效签署该协议。

 

	The
  Purchaser: Zhenqun Yin	 
	购买人:尹震群	 
	 	 	 
	By:	/s/
  Zhenqun Yin                          	 
	签字	 	 
	Name: 	Zhenqun Yin	 
	名称:	尹震群	 

 

Number
of Shares Purchased (购买的普通股股数): 300,000

Total
Purchase Price(购买价格): ($1.15 x 购买股数) $345,000

 

    41

     

    

 

EXHIBIT
A TO

THE
SECURITIES PURCHASE AGREEMENT

 

 

 
 NON
U.S. PERSON REPRESENTATIONS

非美国主体声明

 

The Purchaser
indicating that it is not a U.S. person, severally and not jointly, further represents and warrants to the Company as follows:

购买者表明其不是美国人,分别地并非联合地,进一步向公司声明和保证如下:

 

		1.	At
                                            the time of (a) the offer by the Company and (b) the acceptance of the offer by such person
                                            or entity, of the Shares, such person or entity was outside the United States.

在(a)公司提出股票的要约时,及(b)此人或企业接受要约时,此人或企业在美国境外。

 

		2.	Such
                                            person or entity is acquiring the Shares for such Shareholder’s own account, for investment
                                            and not for distribution or resale to others and is not purchasing the Shares for the account
                                            or benefit of any U.S. person, or with a view towards distribution to any U.S. person, in
                                            violation of the registration requirements of the Securities Act.

此人或企业购买股票是为其自身投资用途,而并非为了分发或销售给他人,且购买股票并非为了任何美国人的利益,或打算违反证券法的注册要求分发给任何美国人。

 

		3.	Such
                                            person or entity will make all subsequent offers and sales of the Shares either (x) outside
                                            of the United States in compliance with Regulation S; (y) pursuant to a registration under
                                            the Securities Act; or (z) pursuant to an available exemption from registration under the
                                            Securities Act. Specifically, such person or entity will not resell the Shares to any U.S.
                                            person or within the United States prior to the expiration of a period commencing on the
                                            Closing Date and ending on the date that is one year thereafter (the “Distribution
                                            Compliance Period”), except pursuant to registration under the Securities Act or
                                            an exemption from registration under the Securities Act.

此人或企业购买和出售股票元会(x)根据规则S在美国境外进行;(y)根据证券法下的登记注册书;或(z)根据证券法可以适用豁免。特别是,从交割结算日开始后一年内(“分销特定期限”),此人或企业不得向任何美国个体出售或在美国境内出售,除非是根据证券法下的登记注册申请书或登记豁免进行出售。

 

		4.	Such
                                            person or entity has no present plan or intention to sell the Shares in the United States
                                            or to a U.S. person at any predetermined time, has made no predetermined arrangements to
                                            sell the Shares and is not acting as a Distributor of such securities.

此人或企业目前没有任何计划或准备在任何预定的期限内在美国境内或向美国人出售股票,也没有任何预定的安排出售股票或作为证券的分销商。

 

		5.	Neither
                                            such person or entity, its Affiliates nor any Person acting on behalf of such person or entity,
                                            has entered into, has the intention of entering into, or will enter into any put option,
                                            short position or other similar instrument or position in the U.S. with respect to the Shares
                                            at any time after the Closing Date through the Distribution Compliance Period except in compliance
                                            with the Securities Act.

此人或企业,关联人或任何代表人,没有签订或有意图在分销特定期限内在美国签订或会签订关于股票的任何卖方期权、短线持有或任何类似的工具或持有。

 

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		6.	Such
                                            person or entity consents to the placement of a legend on any certificate or other document
                                            evidencing the Shares substantially in the form set forth in Section 5.1.

此人或企业同意在任何股权证书或其他股票证明文件上根据第5.1条的格式印上限制交易。

 

		7.	Such
                                            person or entity is not acquiring the Shares in a transaction (or an element of a series
                                            of transactions) that is part of any plan or scheme to evade the registration provisions
                                            of the Securities Act.

此人或企业目前没有购买任何规避证券法登记条款的交易计划或设计中的股票。

 

		8.	Such
                                            person or entity has sufficient knowledge and experience in finance, securities, investments
                                            and other business matters to be able to protect such person’s or entity’s interests
                                            in connection with the transactions contemplated by this Agreement.

此人或企业有充分的金融、证券、投资和其他商业知识和经验来保护本交易中自己的利益。

 

		9.	Such
                                            person or entity has consulted, to the extent that it has deemed necessary, with its tax,
                                            legal, accounting and financial advisors concerning its investment in the Shares.

此人或企业在其认为必要的范围内就投资购买股票咨询了其税收、法律、会计和融资顾问。

 

		10.	Such
                                            person or entity understands the various risks of an investment in the Shares and can afford
                                            to bear such risks for an indefinite period of time, including, without limitation, the risk
                                            of losing its entire investment in the Shares.

此人或企业明白作此投资的各种风险并且有能力在不确定的时间内承担这些风险,包括但不限于,完全损失掉其在股票中的投资。

 

		11.	Such
                                            person or entity has had access to the Company’s publicly filed reports with the SEC
                                            and has been furnished during the course of the transactions contemplated by this Agreement
                                            with all other public information regarding the Company that such person or entity has requested
                                            and all such public information is sufficient for such person or entity to evaluate the risks
                                            of investing in the Shares.

此人或企业有途径获得公司向证监会申报的所有报表,而且在交易的过程中在其要求的前提下公司提供了其他公共信息,所有这些公共信息对于该人或企业评估投资风险是充分的。

 

		12.	Such
                                            person or entity has been afforded the opportunity to ask questions of and receive answers
                                            concerning the Company and the terms and conditions of the issuance of the Shares.

此人或企业有机会就公司和投资股票发行的条件和规定提问和获得解答。

 

    43

     

    

 

		13.	Such
                                            person or entity is not relying on any representations and warranties concerning the Company
                                            made by the Company or any officer, employee or agent of the Company, other than those contained
                                            in this Agreement.

此人或企业没有依赖公司或任何管理人员、员工或代理在本协议之外所做的关于公司的任何陈述和保证。

 

		14.	Such
                                            person or entity will not sell or otherwise transfer the Shares unless either (A) the
                                            transfer of such securities is registered under the Securities Act or (B) an exemption from
                                            registration of such securities is available.

此人或企业不会出售或转让股票,除非(A)这些股票的转让已依据证券法登记注册或(B)可以适用登记注册豁免。

 

		15.	Such
                                            person or entity represents that the address furnished on its signature page to this Agreement
                                            is the principal residence if he is an individual or its principal business address if it
                                            is a corporation or other entity.

此人或企业在签字页提供的地址是其主要住所地(如其为个人)或主要营业地(如其为公司或其他实体)。

 

		16.	Such
                                            person or entity understands and acknowledges that the Shares have not been recommended by
                                            any federal or state securities commission or regulatory authority, that the foregoing authorities
                                            have not confirmed the accuracy or determined the adequacy of any information concerning
                                            the Company that has been supplied to such person or entity and that any representation to
                                            the contrary is a criminal offense.

此人或企业了解并认同投资股票没有经任何联邦或州的证监会或监管机构推荐,以下机构也没有确认或决定过提供给此人或企业的公司的信息的准确性;与此相反的情况将构成刑事犯罪。

 

    44

     

    

 

Exhibit
B

附录B

List
of Purchasers

购买人的名单

 

	No.

    编码
	Shares

    股数
	Name

    姓名
	Address
    (in China)

    中国地址

	1	10,000,000	Shuxiang
    Zhang	 
	2	10,000,000	Renmei
    Ouyang	 
	3	5,500,000	Qianying
    Yuan	 
	4	3,855,000	Chao
    Luo	 
	5	2,750,000	Katie
    Ou	 
	6	2,750,000	Lianying
    Deng	 
	7	2,750,000	Chaoliang
    Yang	 
	8	2,500,000	Chun
    Song	 
	9	2,500,000	Shanchuan
    Tan	 
	10	2,330,000	Zengnan
    Zhao	 
	11	2,250,000	Rongping
    Chen	 
	12	1,665,000	Sihua
    Deng	 
	13	850,000	Kangzhen
    Zhou	 
	14	300,000	Zhenqun
    Yin	 
	 	Total:
    	50,000,000

 

    45

     

    

 

Schedules

to
Securities Purchase Agreement

 

 

Schedule
2.1(a) – None.

 

Schedule
2.1(c) – None. 

 

Schedule
2.1(f) – None. 

 

Schedule
2.1(h) – None. 

 

Schedule
2.1(o) – None. 

 

Schedule
2.1(p) – None. 

 

Schedule
2.1(r) – None. 

 

 

46

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