Document:

EX-10.6

 Exhibit 10.6 
  

 
  

 
 REORGANIZATION AGREEMENT 

BY AND AMONG 

MEDIAALPHA, INC., 
 QL
HOLDINGS LLC, 
 AND 

THE OTHER PARTIES NAMED HEREIN 

DATED AS OF
[                ], 2020 
  

 
  

 

 TABLE OF CONTENTS 

ARTICLE I 
 DEFINITIONS 

 

							
	 Section 1.1.
	  	Certain Defined Terms	 	 	2	 
	 Section 1.2.
	  	Other Interpretive Provisions	 	 	5	 
			
		  	ARTICLE II	 			
			
		  	THE REORGANIZATION	 			
			
	 Section 2.1.
	  	Transactions	 	 	6	 
	 Section 2.2.
	  	Consent to Reorganization Transactions	 	 	9	 
	 Section 2.3.
	  	No Liabilities in Event of Termination; Certain Covenants	 	 	10	 
	 Section 2.4.
	  	Transfer Taxes	 	 	10	 
	 Section 2.5.
	  	Tax Treatment	 	 	10	 
			
		  	ARTICLE III	 			
			
		  	REPRESENTATIONS AND WARRANTIES	 			
			
	 Section 3.1.
	  	Representations and Warranties	 	 	11	 
			
		  	ARTICLE IV	 			
			
		  	MISCELLANEOUS	 			
			
	 Section 4.1.
	  	Primacy of Reorganization Documents	 	 	12	 
	 Section 4.2.
	  	Amendments and Waivers	 	 	12	 
	 Section 4.3.
	  	Successors and Assigns	 	 	12	 
	 Section 4.4.
	  	Notices	 	 	12	 
	 Section 4.5.
	  	Further Assurances; Power of Attorney	 	 	14	 
	 Section 4.6.
	  	Entire Agreement	 	 	15	 
	 Section 4.7.
	  	Governing Law; Jurisdiction; Waiver of Jury Trial	 	 	15	 
	 Section 4.8.
	  	Severability	 	 	15	 
	 Section 4.9.
	  	Enforcement	 	 	16	 
	 Section 4.10.
	  	No Third-Party Beneficiaries	 	 	16	 
	 Section 4.11.
	  	Counterparts; Facsimile Signatures	 	 	16	 

  
 i 

 This REORGANIZATION AGREEMENT (this “Agreement”), dated as of
[                ], 2020, is made by and among: 
  

	 	i.	 MediaAlpha, Inc., a Delaware corporation (“Pubco”); 

 

	 	ii.	 QL Holdings LLC, a Delaware limited liability company (the “Company”); 

 

	 	iii.	 QuoteLab, LLC, a Delaware limited liability company (“QL LLC”); 

 

	 	iv.	 Guilford Holdings, Inc., a Delaware corporation (“Intermediate Holdco”);

  

	 	v.	 White Mountains Investments (Luxembourg) S.à r.l., a Luxembourg private limited liability company
(société à responsabilité limitée) (“WTM”); 

  

	 	vi.	 Insignia QL Holdings, LLC, a Delaware limited liability company, and Insignia A QL Holdings, LLC, a Delaware
limited liability company (collectively, “Insignia” ); 

  

	 	vii.	 Steven Yi, Eugene Nonko and Ambrose Wang (together with their respective Founder Holding Vehicles (as defined
below), each, a “Founder” and collectively, the “Founders”); 

  

	 	viii.	 Keith Cramer, Tigran Sinanyan, Lance Martinez, Brian Mikalis, Robert Perine, Jeffrey Sweetser, Serge Topjian
and Amy Yeh (collectively, the “Non-Founder Senior Executives” and, together with the Founders, the “Senior Executives”); and 

 

	 	ix.	 the individuals listed on the signature pages hereto under the heading “Legacy Profits Interest
Holders” (collectively, the “Legacy Profits Interest Holders” or the “LPIHs”). 

The parties hereto each a “Party” and collectively the “Parties”. 

RECITALS 
 WHEREAS, the
Board of Directors of Pubco (the “Board”) has determined to effect an underwritten initial public offering (the “IPO”) of shares of Pubco’s Class A Common Stock (as defined below) on the terms and subject
to the conditions contained in the Underwriting Agreement (as defined below); 
 WHEREAS, the Parties desire to effect the Reorganization
Transactions (as defined below) in contemplation of the IPO; 
 WHEREAS, immediately prior to the Reorganization Transactions, QL Management
Holdings LLC, a Delaware limited liability company and the holding entity through which the Senior Executives and the LPIHs indirectly held all or a portion of their interests in the Company, dissolved pursuant to that certain Plan of Liquidation
and Dissolution, dated as of or around the date hereof, resulting in the Senior Executives and the LPIHs directly holding their interests in the Company; and 

WHEREAS, in connection with the consummation of the Reorganization Transactions and the IPO, the applicable Parties hereto intend to enter
into the Reorganization Documents (as defined below). 

 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and
agreements of the Parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings:

 “Additional Class A-1 Unit Issuance” has the meaning set forth in
Section 2.1(d)(ii). 
 “Agreement” has the meaning set forth in the Preamble. 

“Amended and Restated By-laws” has the meaning set forth in Section 2.1(a)(ii).

 “Amended and Restated Certificate of Incorporation” has the meaning set forth in Section 2.1(a)(i). 

“Attorney-in-Fact” has the meaning set forth
in Section 4.5(b). 
 “Board” has the meaning set forth in the Recitals. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or specifically
authorized by law to be closed in the City of New York. 
 “Class A Common Stock” means Class A
Common Stock, par value $0.01 per share, of Pubco. 
 “Class A-1
Units” has the meaning given to such term in the Fourth Amended and Restated LLC Agreement. 
 “Class B
Common Stock” means Class B Common Stock, par value $0.01 per share, of Pubco. 
 “Class B-1 Members” means, collectively, Insignia and the Management Parties. 

“Class B-1 Unit Purchase” has the meaning set forth in
Section 2.1(d)(i). 
 “Class B-1 Unit Purchase
Consideration” has the meaning set forth in Section 2.1(d)(i). 

“Class B-1 Unit Purchase Price” means an amount per Class B-1 Unit equal to the quotient resulting from dividing (x) the IPO Net Proceeds by (y) the aggregate number of shares of Class A Common Stock sold by Pubco in the IPO. 

“Class B-1 Units” has the meaning given to such term in the Fourth
Amended and Restated LLC Agreement. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

  
 2 

 “Company” has the meaning set forth in the Preamble. 

“Credit Agreement” means the Credit Agreement, dated as of September 23, 2020, by and among QL LLC, as borrower, the
lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Exchange Agreement” has the meaning set forth in Section 2.1(a)(iv)(F)(1). 

“Founder Holding Vehicles” means, collectively, the Founder Trusts and QuoteLab Holdings, Inc., a Delaware corporation
classified as an S corporation for U.S. federal income tax purposes. 
 “Founder Trusts” means, collectively, OBF
Investments, LLC, a Nevada limited liability company, O.N.E. Holdings LLC, a Washington limited liability company, and Wang Family Investments LLC, a Washington limited liability company. 

“Founders” has the meaning set forth in the Preamble. 

“Fourth Amended and Restated LLC Agreement” has the meaning set forth in Section 2.1(a)(iii). 

“Insignia” has the meaning set forth in the Preamble. 

“Intended Tax Treatment” has the meaning set forth in Section 2.5. 

“Intermediate Holdco” has the meaning set forth in the Preamble. 

“IPO” has the meaning set forth in the Recitals. 

“IPO Closing” means the initial closing of sale of the Class A Common Stock in the IPO. 

“IPO Effective Time” means the date and time on which the Registration Statement becomes effective. 

“IPO Net Proceeds” means an amount in cash equal to (x) the aggregate proceeds received by Pubco from the sale of
Class A Common Stock in the IPO minus (y) the sum of underwriting discounts and commissions and offering expenses paid or payable by Pubco in connection with the IPO. 

“IPO Pricing” means such date and time as the Board or pricing committee thereof determines to price the IPO, such date and
time to be no later than immediately prior to the IPO Effective Time. 
 “Legacy Profits Interest Holders” or
“LPIHs” has the meaning set forth in the Preamble. 
 “Lenders” means the lenders party to the Credit
Agreement. 
 “LPIH Subscriptions” has the meaning set forth in Section 2.1(a)(iv)(D). 

  
 3 

 “Management Parties” means, collectively, Steven Yi, the Founder Holding
Vehicles and the Non-Founder Senior Executives. 

“Non-Founder Senior Executives” has the meaning set forth in the Preamble. 

“Overallotment” has the meaning set forth in Section 2.1(e). 

“Overallotment Class A-1 Unit Issuance” has the meaning set forth
in Section 2.1(e)(ii). 
 “Overallotment Class B-1 Unit
Purchase” has the meaning set forth in Section 2.1(e)(i). 
 “Overallotment Class B-1 Unit Purchase Consideration” has the meaning set forth in Section 2.1(e)(i). 

“Overallotment Class B-1 Unit Purchase Price” means an amount per Class B-1 Unit equal to the quotient resulting from dividing (x) the Overallotment Net Proceeds by (y) the aggregate number of shares of Class A Common Stock sold by Pubco in the Overallotment.

 “Overallotment Net Proceeds” means an amount in cash equal to (x) the aggregate proceeds received by Pubco from the
sale of Class A Common Stock in the Overallotment minus (y) the sum of underwriting discounts and commissions and offering expenses paid or payable by Pubco in connection with the Overallotment. 

“Overallotment Option” has the meaning set forth in Section 2.1(e). 

“Overallotment Remaining Proceeds” has the meaning set forth in Section 2.1(e)(ii). 

“Party” or “Parties” has the meaning set forth in the Preamble. 

“Person” means any individual, partnership, limited liability company, corporation, trust, association, estate,
unincorporated organization or government or any agency or political subdivision thereof. 

“Pre-IPO LLC Members” means, collectively, Intermediate Holdco, Insignia, the
Management Parties and the LPIHs. 
 “Pubco” has the meaning set forth in the Preamble. 

“QL LLC” has the meaning set forth in the Preamble. 

“Registration Rights Agreement” has the meaning set forth in Section 2.1(a)(iv)(F)(4). 

“Registration Statement” means the Exchange Act registration statement filed by Pubco on Form
8-A with the SEC to register the Class A Common Stock. 
 “Reorganization
Documents” means each of the documents attached as an Exhibit hereto and all other agreements and documents entered into in connection with the Reorganization Transactions. 

“Reorganization Transaction” has the meaning set forth in Section 2.1. 

“SEC” means the U.S. Securities and Exchange Commission. 

  
 4 

 “Securities Act” means the Securities Act of 1933, as amended, and any
successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Senior Executives” has the meaning set forth in the Preamble. 

“Stockholders Agreement” has the meaning set forth in Section 2.1(a)(iv)(F)(3). 

“Tax Receivables Agreement” has the meaning set forth in Section 2.1(a)(iv)(F)(2). 

“Tax Return” means any return, declaration, report, claim for refund, information return or statement or other document
relating to taxes, including any schedule or attachment thereto, and including any amendment thereof. 
 “Third Amended and Restated
LLC Agreement” means the Third Amended and Restated Limited Liability Company Agreement of the Company, dated July 1, 2020. 

“Transfer Taxes” has the meaning set forth in Section 2.4. 

“Underwriting Agreement” means the underwriting agreement, dated as of the day prior to the IPO Effective Time, by and among
Pubco and the underwriters of the IPO. 
 “WTM” has the meaning set forth in the Preamble. 

Section 1.2. Other Interpretive Provisions. (a) The meanings of defined terms are equally applicable to the singular and
plural forms of the defined terms. 
 (b) The words “hereof,” “herein,” “hereunder” and similar words refer to
this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified. 

(c) The term “including” is not limiting and means “including without limitation.” 

(d) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms. 
 (f) References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement
unless otherwise specified. 
 (g) References to any agreement or contract are to that agreement or contract as amended, restated, modified
or supplemented from time to time in accordance with the terms thereof. 

  
 5 

 ARTICLE II 

THE REORGANIZATION 

Section 2.1. Transactions. Subject to the terms and conditions hereinafter set forth, and on the basis of and in reliance upon the
representations, warranties, covenants and agreements set forth herein, the Parties shall take the actions described in this Section 2.1 (each, a “Reorganization Transaction” and, collectively, the “Reorganization
Transactions”): 
 (a) Promptly following the IPO Pricing and prior to the IPO Effective Time, the applicable Parties shall take
the actions set forth below (or cause such actions to take place): 
 (i)    Amend and Restate Pubco
Certificate of Incorporation. The Board shall adopt the Amended and Restated Certificate of Incorporation of Pubco substantially in the form attached hereto as Exhibit A (the “Amended and Restated Certificate of
Incorporation”). Pubco shall file the Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware. 

(ii)    Amend and Restate Pubco By-laws. The Board shall
adopt the Amended and Restated By-laws of Pubco substantially in the form attached hereto as Exhibit B (the “Amended and Restated
By-laws”). 
 (iii)    Amend and Restate Company LLC
Agreement. The Company, Pubco, Intermediate Holdco and the Class B-1 Members shall, and each hereby severally agrees to, enter into the Fourth Amended and Restated Limited Liability Company Agreement
of the Company, substantially in the form attached hereto as Exhibit C (the “Fourth Amended and Restated LLC Agreement”), which, among other things, shall give effect to: (1) the recapitalization contemplated in
Section 2.1(a)(iv)(A); (2) the designation of Intermediate Holdco as sole managing member contemplated in Section 2.1(a)(iv)(C); (3) the acquisition of Class B-1 Units by Intermediate Holdco
contemplated in Section 2.1(a)(iv)(D) and Section 2.1(d)(i); and (4) the other Reorganization Transactions. 

(iv)    Immediately following the entry into the Fourth Amended and Restated LLC Agreement, the following
transactions in this Section 2.1(a)(iv) shall take place in immediate succession in accordance with the order in which they are listed: 

(A)    Recapitalization of Pre-IPO LLC Member Units. The
Company shall be recapitalized through the conversion of all equity interests then held by the Pre-IPO LLC Members into two new classes of equity interests consisting of the
Class A-1 Units and Class B-1 Units, in each case with the rights, privileges and preferences set forth in the Fourth Amended and Restated LLC Agreement. Class A-1 Units and Class B-1 Units, as applicable, shall be held by the Pre-IPO LLC Members in such amounts set forth across
the applicable Pre-IPO LLC Member’s name in Schedule I hereto. 

  
 6 

 (B)    WTM Contribution of Intermediate Holdco.
Pursuant to a Contribution Agreement dated as of October [        ], 2020, by and between WTM and Pubco and attached hereto as Exhibit D, WTM shall contribute its wholly-owned subsidiary,
Intermediate Holdco, to Pubco in exchange for (1) [•] shares of Class A Common Stock and (2) future payments (if any) under the Tax Receivables Agreement. 

(C)    Managing Member. The Company shall designate Intermediate Holdco as the sole managing member
of the Company. 
 (D)    LPIH Contribution of
Class B-1 Units. Pubco and each LPIH shall, and each hereby severally agrees to, enter into a Contribution Agreement substantially in the form attached hereto as Exhibit E,
pursuant to which the applicable LPIH shall contribute to Pubco the number of Class B-1 Units set forth opposite such LPIH’s name on Schedule II hereto, in exchange for the same number
of shares of Class A Common Stock (each, a “LPIH Subscription” and, collectively, the “LPIH Subscriptions”). Pubco, Intermediate Holdco and the Company shall, and each hereby severally agrees to, enter into a
Contribution Agreement substantially in the form attached hereto as Exhibit F, pursuant to which Pubco shall, immediately after the consummation of the LPIH Subscriptions, (1) contribute such
Class B-1 Units received in connection with the LPIH Subscriptions to Intermediate Holdco and immediately thereafter, (2) Intermediate Holdco shall contribute such
Class B-1 Units to the Company in exchange for a number of newly issued Class A-1 Units that results in the aggregate number of
Class A-1 Units held by Intermediate Holdco being equal to the number of then outstanding shares of Class A Common Stock of Pubco. 

(E)    Insignia and Senior Executives Subscription. Pubco, Insignia and the Management Parties shall
enter into a Subscription Agreement substantially in the form attached hereto as Exhibit G, pursuant to which Insignia and the Management Parties (as applicable) shall purchase [•] shares of Class B Common Stock (which is
equal to the number of Class B-1 Units they hold) for a purchase price of $0.01 per share from Pubco, which amount the parties agree represents the fair market value of one share of Class B Common
Stock. 
 (F)    Execution of Other Agreements. The applicable Parties shall enter into the
following agreements substantially concurrently: 
 (1)    Pubco, Intermediate Holdco, the Company and
the Class B-1 Members shall, and each hereby severally agree to, enter into the Exchange Agreement, substantially in the form attached hereto as Exhibit H (the “Exchange
Agreement”). 
 (2)    Pubco, the Company, WTM and the
Class B-1 Members shall, and each hereby severally agree to, enter into the Tax Receivables Agreement, substantially in the form attached hereto as Exhibit I (the “Tax Receivables
Agreement”). 

  
 7 

 (3)    Pubco, WTM, Insignia and the Founders shall, and
each hereby severally agree to, enter into the Stockholders Agreement, substantially in the form attached hereto as Exhibit J (the “Stockholders Agreement”). 

(4)    Pubco, WTM, Insignia and the Management Parties shall, and each hereby agrees to, enter into the
Registration Rights Agreement, substantially in the form attached hereto as Exhibit K (the “Registration Rights Agreement”). 

(b) As soon as practicable after the IPO Pricing (and following all the actions set forth in Section 2.1(a) of this Agreement) and in any
event no later than 2 Business Days following the IPO Pricing, Pubco will file the Registration Statement with the SEC. 
 (c) Subject to
the satisfaction or waiver of all the closing conditions enumerated in the Underwriting Agreement, the IPO Closing will take place at approximately [●] (EST) on
[                ], 2020. 
 (d) Immediately following the
IPO Closing, the following transactions shall take place in immediate succession in accordance with the order in which they are listed: 

(i)    Pubco, Intermediate Holdco, Insignia, the Management Parties and the LPIHs shall, and each hereby
severally agrees to, enter into a Purchase Agreement substantially in the form attached hereto as Exhibit L, pursuant to which (i) Pubco will contribute to Intermediate Holdco the IPO Net Proceeds and (ii) Intermediate Holdco
will acquire (x) [●] of the Class B-1 Units (and an equivalent number of shares of Class B Common Stock) held by Insignia, (y) [●] of the
Class B-1 Units (and an equivalent number of shares of Class B Common Stock) held by the Management Parties and (z) [●] of the Class B-1 Units (and
an equivalent number of shares of Class B Common Stock) from the LPIHs (representing all the remaining Class B-1 Units (and shares of Class B Common Stock) held by the LPIHs), for a price per Class B-1 Unit equal to the Class B-1 Unit Purchase Price (the aggregate of all such consideration paid in respect of such
Class B-1 Units, the “Class B-1 Unit Purchase Consideration” and the foregoing transaction, collectively, the
“Class B-1 Unit Purchase”). 

(ii)    Intermediate Holdco and the Company shall, and each hereby severally agrees to, enter into a
Contribution Agreement substantially in the form attached hereto as Exhibit M, pursuant to which (1) Intermediate Holdco shall contribute to the Company (A) an amount equal to (x) the IPO Net Proceeds, minus
(y) the Class B-1 Unit Purchase Consideration (the “Remaining Proceeds”) and (B) the Class B-1 Units that Intermediate Holdco
acquired in the Class B-1 Unit Purchase, in each case, in exchange for a number of newly issued Class A-1 Units that results in the aggregate number of Class A-1 Units held by Intermediate Holdco being equal to the number of then outstanding shares of Class A Common Stock of Pubco (collectively, the “Additional Class A-1 Unit Issuance”) and (2) the Company shall cancel the Class B-1 Units received by it. 

  
 8 

 (iii)    In conjunction with the Additional Class A-1 Unit Issuance: (A) Pubco shall cancel the Class B Common Stock corresponding to such Class B-1 Units so canceled by the Company, (B) the
Company shall contribute the Remaining Proceeds to QL LLC and (C) QL LLC shall use the Remaining Proceeds received by it to repay to the Lenders under the Credit Agreement. 

(e) If the underwriters exercise their option contained in the Underwriting Agreement to purchase additional shares of Class A Common
Stock from Pubco (the “Overallotment Option”) in connection with the IPO (such subsequent closing held in connection with the exercise of the Overallotment Option, the “Overallotment”), the following transactions
shall take place in immediate succession in accordance with the order in which they are listed: 

(i)    Pubco, Intermediate Holdco, Insignia and the Management Parties shall, and each hereby severally
agrees to, enter into a Purchase Agreement substantially in the form attached hereto as Exhibit N, pursuant to which (A) Pubco will contribute to Intermediate Holdco the Overallotment Net Proceeds, and (B) Intermediate Holdco
will acquire (x) [●] of the Class B-1 Units (and an equivalent number of shares of Class B Common Stock) held by Insignia and (y) [●] of the
Class B-1 Units (and an equivalent number of shares of Class B Common Stock) held by the Management Parties, for a price per Class B-1 Unit equal to the
Overallotment Class B-1 Unit Purchase Price (the aggregate of all such consideration paid in respect of such Class B-1 Units, the “Overallotment
Class B-1 Unit Purchase Consideration” and the foregoing transaction, collectively, the “Overallotment Class B-1
Unit Purchase”). 
 (ii)    Intermediate Holdco and the Company shall, and each severally agrees
to, enter into a Contribution Agreement substantially in the form attached hereto as Exhibit O, pursuant to which (1) Intermediate Holdco shall contribute to the Company (A) an amount equal to (x) the Overallotment Net
Proceeds, minus (y) the Overallotment Class B-1 Unit Purchase Consideration (the “Overallotment Remaining Proceeds”) and (B) the
Class B-1 Units that Intermediate Holdco acquired in the Overallotment Class B-1 Unit Purchase, in each case, in exchange for a number of newly issued Class A-1 Units that results in the aggregate number of Class A-1 Units held by Intermediate Holdco being equal to the number of then outstanding shares of
Class A Common Stock of Pubco (collectively, the “Overallotment Class A-1 Unit Issuance”) and (2) the Company shall cancel the
Class B-1 Units received by it. 
 (iii)    In conjunction
with the Overallotment Class A-1 Unit Issuance: (A) Pubco shall cancel the Class B Common Stock corresponding to such Class B-1 Units so canceled by
the Company and (B) the Company shall contribute the Overallotment Remaining Proceeds to QL LLC. 
 Section 2.2. Consent to
Reorganization Transactions. 
 (a) Each of the Parties hereto hereby acknowledges, agrees and consents to the Reorganization
Transactions. Each of the Parties hereto shall take all action necessary or appropriate in order to effect, or cause to be effected, to the extent within its control, each of the Reorganization Transactions and the IPO. 

(b) The Parties hereto shall deliver to each other, as applicable, as soon as practicable prior to the IPO Effective Time, each of the
Reorganization Documents to which it is a party, together with any other documents and instruments necessary or appropriate to be delivered in connection with the Reorganization Transactions. 

  
 9 

 Section 2.3. No Liabilities in Event of Termination; Certain Covenants. 

(a) In the event that Pubco determines in writing to abandon the IPO, or, unless Pubco, the Company, WTM, Insignia and the Founders otherwise
agree, the IPO Closing has not occurred by the tenth Business Day following the date of this Agreement, (A) this Agreement shall automatically terminate and be of no further force or effect except for this Section 2.3, Section 4.4,
Section 4.7, Section 4.8 and Section 4.11 and (B) there shall be no liability on the part of any of the Parties hereto, except that such termination shall not preclude any Party from pursuing judicial remedies for damages and/or
other relief as a result of the breach by the other parties of any representation, warranty, covenant or agreement contained herein prior to such termination. 

(b) In the event that this Agreement is terminated, pursuant to Section 2.3(a) or otherwise, for any reason after the consummation of any
of the Reorganization Transactions, but prior to the consummation of all of the Reorganization Transactions, the Parties agree, as applicable, to cooperate and work in good faith to execute and deliver such agreements and consents and amend such
documents and to effect such transactions or actions as may be necessary to re-establish the rights, preferences and privileges that the Parties hereto had prior to the consummation of the Reorganization
Transactions, or any part thereof, including, without limitation, voting any and all securities owned by such Party in favor of any amendment to any organizational document and in favor of any transaction or action necessary to re-establish such rights, powers and privileges and causing to be filed all necessary documents with any governmental authority necessary to reestablish such rights, preferences and privileges (it being understood
and agreed that if such termination occurs subsequent to the effectiveness of the Fourth Amended and Restated LLC Agreement, the parties agree to amend the Fourth Amended and Restated LLC Agreement so that the governance, transfer restrictions,
liquidity rights and other related provisions therein with respect to Pubco, Pubco’s subsidiaries and Pubco’s and the Company’s securities correspond in all substantive respects with the provisions contained in the Third Amended and
Restated LLC Agreement as in effect on the date hereof). 
 Section 2.4. Transfer Taxes. All transfer, documentary, sales, use,
stamp, registration, value added and other such taxes and fees (including any penalties and interest) (collectively, “Transfer Taxes”) incurred in connection with the transactions contemplated by this Agreement shall be borne and
paid by Pubco when due. Pubco shall, at its own expense, timely file any Tax Return or other document with respect to such Transfer Taxes. 

Section 2.5. Tax Treatment. The transactions contemplated in Section 2.1(a)(iv)(B), the first sentence of
Section 2.1(a)(iv)(D) and Section 2.1(a)(iv)(E) of this Agreement and the primary offering portion of the IPO, collectively, are intended to qualify as a transaction under Section 351 of the Code (the “Intended Tax
Treatment”). The Parties shall report such transactions consistent with the Intended Tax Treatment for all tax purposes (except as otherwise required pursuant to a final determination (as defined in Section 1313(a) of the Code) and
shall take all commercially reasonable actions necessary to cause such transactions to qualify for the Intended Tax Treatment. None of the Parties shall take any actions or cause any actions to be taken or take any position on any Tax Return or any
Tax audit, contest or proceeding, in each case inconsistent with the Intended Tax Treatment unless required pursuant to a final determination (as defined in Section 1313(a) of the Code). 

  
 10 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Section 3.1. Representations and Warranties. Each of the Parties hereby represents and warrants to all the other Parties hereto as
follows: 
 (a) To the extent such Party is not a natural person, such Party is duly organized, validly existing and in good standing under
the laws of its jurisdiction of organization or incorporation. The execution, delivery and performance by such Party of this Agreement and of the applicable Reorganization Documents, to the extent a Party thereto and to the extent such Party is not
a natural person, has been or prior to the IPO Effective Time will be duly authorized by all necessary action; 
 (b) To the extent such
Party is not a natural person, such Party has or prior to the IPO Effective Time will have the requisite power, authority and legal right to execute and deliver this Agreement and each of the Reorganization Documents, to the extent a Party thereto,
and to consummate the transactions contemplated hereby and thereby, as the case may be; 
 (c) This Agreement and each of the Reorganization
Documents to which it is a Party has been (or when executed will be) duly executed and delivered by such Party and constitute the legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, subject
to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether considered in a
proceeding in equity or at law) and (iii) an implied covenant of good faith and fair dealing; 
 (d) Neither the execution, delivery
and performance by such Party of this Agreement and the applicable Reorganization Documents, to the extent a Party thereto, nor the consummation by such Party of the transactions contemplated hereby, nor compliance by such Party with terms and
provisions hereof, will, directly or indirectly (with or without notice or lapse of time or both), (i) contravene or conflict with, or result in a breach or termination of, or constitute a default under (or with notice or lapse of time or both,
result in breach or termination of or constitute a default under) the organizational documents of such Party (to the extent such Party is not a natural person), (ii) constitute a violation by such Party of any existing requirement of law applicable
to such Party or any of its properties, rights or assets or (iii) require the consent or approval of any Person, except in the case of clauses (ii) and (iii), as would not reasonably be expected to result in, individually or in the
aggregate, a material adverse effect on the ability of such Party to consummate the transaction contemplated by this Agreement; 
 (e) Such
Party is the record and beneficial owner of any equity interests of Pubco, Intermediate Holdco and/or the Company, as applicable, that are intended to be transferred by it pursuant to this Agreement, the Reorganization Documents and/or the
transactions contemplated hereby and thereby, and, as applicable, such Party has good and marketable title to such equity interests, free and clear of all encumbrances. Such Party has full right, power and authority to transfer and deliver to any
other Party valid title to such equity interests held by such Party, free and clear of all encumbrances; and 

  
 11 

 (f) Such Party (either alone or together with its advisors) has such knowledge and
experience in financial or business matters that it is capable of evaluating the merits and risks of the Reorganization Transactions. Such Party has had the opportunity to ask questions and receive answers concerning the terms and conditions of the
Reorganization Transactions and has had full access to such other information concerning the Reorganization Transactions as it has requested. Such Party has received all information that it believes is necessary or appropriate in connection with the
Reorganization Transactions. Such Party is an informed and sophisticated party and has engaged, to the extent such Party deems appropriate, expert advisors experienced in the evaluation of transactions of the type contemplated hereby. Such Party is
an accredited investor as that term is defined in Regulation D under the Securities Act of 1933. Such Party understands that the transfer of the securities acquired hereunder has not been registered and agrees to resell such securities pursuant to
registration under the Securities Act, pursuant to an available exemption from registration, or, if applicable, in accordance with the provisions of Regulation S under the Securities Act. 

ARTICLE IV 

MISCELLANEOUS 

Section 4.1. Primacy of Reorganization Documents. This Agreement summarizes certain actions to be taken in connection with the
entering into of the Reorganization Documents and consummation of the Reorganization Transactions but this Agreement does not supersede or replace or affect the interpretation of any Reorganization Document or any part of any Reorganization
Document. To the extent that any of the subject matter of any Reorganization Document is also dealt with in this Agreement (whether or not inconsistently), such Reorganization Document shall take precedence over this Agreement. 

Section 4.2. Amendments and Waivers. This Agreement may be modified, amended or waived only with the written approval of WTM,
Insignia and the Founders; provided, however, that an amendment or modification that would affect any other Party in a manner materially and disproportionately adverse to such Party shall be effective against such Party so materially
and adversely affected only with the prior written consent of such Party, such consent not to be unreasonably withheld or delayed. The failure of any Party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver
of such provisions and shall not affect the right of such Party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

Section 4.3. Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by the Parties
hereto and their respective successors and assigns. 
 Section 4.4. Notices. Unless otherwise specified herein, all notices,
consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered by personal hand delivery, by
facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery (and such notice shall be deemed to have
been duly given, made or delivered (a) on the date received, if delivered by personal hand delivery, (b) on the date received, if delivered by facsimile transmission, by electronic mail or by registered first-class mail prior to 5:00 p.m.
prevailing local time on a Business Day, or if delivered after 5:00 p.m. prevailing local time on a Business Day or on a day other than a Business Day, on the first Business Day thereafter and (c) two (2) Business Days after being sent by air
courier guaranteeing overnight delivery), at the following addresses (or at such other address as shall be specified by like notice): 

  
 12 

 if to Pubco, to: 

MediaAlpha, Inc. 
 700 South
Flower Street, Suite 640 
 Los Angeles, California 90017 

Attention: General Counsel 

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

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: C. Daniel Haaren 
 if
to WTM, to: 
 White Mountains Investments (Luxembourg) S.à r.l. 

Société à responsabilité limitée 

1, rue Hildegard von Bingen 

Luxembourg, L-1282 

R.C.S. Luxembourg: B 167.137 

Attention: Manfred Schneider 

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

White Mountains Insurance Group, Ltd. 

23 S. Main St, Suite 3B 

Hanover, NH 03755 
 Attention:
Robert Seelig, EVP & GC 
 and 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: David J. Perkins 
 if
to Insignia, to: 
 Insignia Capital Group 

1333 California Blvd, Suite 520 

Walnut Creek, CA 94596 

Attention: Tony Broglio 

  
 13 

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

Kirkland & Ellis LLP 

300 N. LaSalle Street 
 Chicago,
IL 60654 
 Attention: Robert Wilson, P.C. 

if to the Management Parties or any of the LPIHs, to: 

700 S. Flower St., Suite 640 

Los Angeles, CA 90017 

Attention: Steven Yi 
 with a
copy (which shall not constitute notice) to: 
 Kirkland & Ellis LLP 

2049 Century Park East, Suite 3700 

Los Angeles, CA 90067 

Attention: Hamed Meshki, P.C. 

and 
 Kirkland &
Ellis LLP 
 601 Lexington Avenue, New York, NY 10022 

Attention: Timothy Cruickshank, P.C. 

Section 4.5. Further Assurances; Power of Attorney. 

(a) At any time or from time to time after the date hereof, the Parties agree to cooperate with each other, and at the request of any other
Party, to execute and deliver any further instruments or documents and to take all such further action as another Party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to
otherwise carry out the intent of the Parties hereunder. 
 (b) Each LPIH appoints Lance Martinez (the “Attorney-in-Fact”), and with full power of substitution and resubstitution, as such LPIH’s exclusive and irrevocable agent, proxy and attorney-in-fact (and such proxy shall be deemed to be coupled with an interest), for all purposes under this Agreement and the Reorganization Documents, including full power
and authority to act on such LPIH’s behalf with respect thereto. Without limiting the generality of the foregoing, the Attorney-in-Fact, acting in good faith, is
authorized and empowered to: 
 (i)    make all determinations and take all actions with respect to such
LPIH’s equity interests in the Company, including without limitation the exercise of all rights and the performance of all obligations under this Agreement and the Reorganization Documents, and the transfer or other disposition of such
interests; 

  
 14 

 (ii)    in connection with any such transfer or
disposition, execute, endorse and receive all documents, instruments, certificates, statements and agreements on behalf of and in the name of such LPIH necessary to effectuate and consummate the Reorganization Transactions; 

(iii)    take all actions on such LPIH’s behalf in connection with any claims made under this
Agreement or any of the Reorganization Documents to defend or settle such claims; 
 (iv)    approve any
changes or modifications to the Reorganization Documents from the forms set forth on the Exhibits attached hereto prior to execution and delivery; 

(v)    execute and deliver, should it elect to do so in its sole discretion, on such LPIH’s behalf,
any amendment to this Agreement or any of the Reorganization Documents or any waiver of any of the terms thereof; and 

(vi)    take all other actions to be taken by or on such LPIH’s behalf that are permitted or required
under this Agreement or any of the Reorganization Documents. 
 (c) All decisions and actions taken by the Attorney-in-Fact will be binding upon the LPIHs; no LPIH will have the right to object, dissent, protest or otherwise contest the same; and each Party will be able to rely conclusively on the written
instructions of the Attorney-in-Fact as to such decisions and actions taken by the
Attorney-in-Fact hereunder. The Attorney-in-Fact will not be liable to any LPIH for any
action taken by it in good faith pursuant to this Agreement. The Attorney-in-Fact is serving in that capacity solely for purposes of administrative convenience, and is
not personally liable in such capacity for any of the obligations of any LPIH hereunder. 
 Section 4.6. Entire Agreement.
Except as otherwise expressly set forth herein, this Agreement, together with the Reorganization Documents, embodies the complete agreement and understanding among the Parties hereto with respect to the subject matter hereof and supersedes and
preempts any prior understandings, agreements or representations by or among the Parties, written or oral, that may have related to the subject matter hereof in any way. 

Section 4.7. Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by the laws of the state of
Delaware. To the fullest extent permitted by law, no suit, action or proceeding with respect to this Agreement may be brought in any court or before any similar authority other than in a court of competent jurisdiction in the State of Delaware, and
the Parties hereto hereby submit to the exclusive jurisdiction of such courts for the purpose of such suit, proceeding or judgment. To the fullest extent permitted by law, each Party hereto irrevocably waives any right it may have had to bring such
an action in any other court, domestic or foreign, or before any similar domestic or foreign authority. Each of the Parties hereto hereby irrevocably and unconditionally waives trial by jury in any legal action or proceeding in relation to this
Agreement and for any counterclaim herein. 
 Section 4.8. Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held invalid, illegal or unenforceable in any respect under any applicable law

  
 15 

 
or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and
enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 Section 4.9.
Enforcement. Each Party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed
that in addition to and without limiting any other remedy or right it may have, the non-breaching Party will have the right to an injunction, temporary restraining order or other equitable relief in any court
of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof. 
 Section 4.10. No
Third-Party Beneficiaries. This Agreement shall be solely for the benefit of the Parties and no other Person or entity shall be a third-party beneficiary hereof. 

Section 4.11. Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which
shall be an original, but all of which together shall constitute one instrument. This Agreement may be executed by facsimile signature(s). 

[Signature pages follow] 

  
 16 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year
first above written. 
  

			
	“PUBCO”
	
	MEDIAALPHA, INC.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 [Signature Page to Reorganization Agreement] 

 
			
	“COMPANY”
	
	QL HOLDINGS LLC

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 [Signature Page to Reorganization Agreement] 

 
			
	“INTERMEDIATE HOLDCO”
	
	GUILFORD HOLDINGS, INC.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 [Signature Page to Reorganization Agreement] 

 
			
	“QL LLC”
	
	QUOTELAB, LLC

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 [Signature Page to Reorganization Agreement] 

			
	“WTM”:
	
	 WHITE MOUNTAINS INVESTMENTS

(LUXEMBOURG) S.A. R.L.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 [Signature Page to Reorganization Agreement] 

			
	“INSIGNIA”:
	
	INSIGNIA QL HOLDINGS, LLC

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	INSIGNIA A QL HOLDINGS, LLC

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 [Signature Page to Reorganization Agreement] 

			
	“MANAGEMENT PARTIES”
	
	STEVEN YI

 
			
		
	By:	 	  

 
			
	
	EUGENE NONKO

 
			
		
	By:	 	  

 
			
	
	AMBROSE WANG

 
			
		
	By:	 	  

 
			
	
	OBF INVESTMENTS, LLC

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 
			
	
	O.N.E. HOLDINGS LLC

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	WANG FAMILY INVESTMENTS LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Reorganization Agreement] 

			
	QUOTELAB HOLDINGS, INC.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	KEITH CRAMER

 
			
		
	By:	 	  

 
			
	
	TIGRAN SINANYAN

 
			
		
	By:	 	  

 
			
	
	LANCE MARTINEZ

 
			
		
	By:	 	  

 
			
	
	BRIAN MIKALIS

 
			
		
	By:	 	  

 
			
	
	ROBERT PERINE

 
			
		
	By:	 	  

 
			
	
	JEFFREY SWEETSER

 
			
		
	By:	 	  

 [Signature Page to Reorganization Agreement] 

			
	SERGE TOPJIAN

 
			
		
	By:	 	  

 
			
	
	AMY YEH

 
			
		
	By:	 	  

 [Signature Page to Reorganization Agreement] 

			
	“LEGACY PROFITS INTEREST HOLDERS”
	
	[LPIHs]

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 [Signature Page to Reorganization Agreement] 

 List of Omitted Exhibits and Schedules 

The following exhibits and schedules to this Agreement have not been provided herein: 

Schedule I – Pre-IPO LLC Member Schedule 

Schedule II – LPIH Contribution Schedule 
 Exhibit A –
Form of Amended and Restated Certificate of Incorporation (see Exhibit 3.1 to Amendment No. 1 to Form S-1 filed herewith) 

Exhibit B – Form of Amended and Restated By-laws (see Exhibit 3.2 to Amendment No. 1 to Form S-1 filed herewith) 
 Exhibit C – Form of Fourth Amendment and Restated LLC Agreement (see Exhibit 10.2 to Amendment
No. 1 to Form S-1 filed herewith) 
 Exhibit D – Form of Contribution Agreement 

Exhibit E – Form of Contribution Agreement 
 Exhibit F
– Form of Contribution Agreement 
 Exhibit G – Form of Subscription Agreement 

Exhibit H – Form of Exchange Agreement (see Exhibit 10.4 to Amendment No. 1 to Form S-1 filed herewith) 

Exhibit I – Form of Tax Receivables Agreement (see Exhibit 10.3 to Amendment No. 1 to Form S-1 filed
herewith) 
 Exhibit J – Form of Stockholders Agreement (see Exhibit 10.5 to Amendment No. 1 to Form S-1
filed herewith) 
 Exhibit K – Form of Registration Rights Agreement (see Exhibit 4.2 to Amendment No. 1 to Form
S-1 filed herewith) 
 Exhibit L – Form of Purchase Agreement 

Exhibit M – Form of Contribution Agreement 
 Exhibit N
– Form of Purchase Agreement 
 Exhibit O – Form of Contribution Agreement 

The undersigned registrant hereby undertakes to furnish supplementally a copy of any omitted exhibit or schedule to the Securities and Exchange Commission
upon request.Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

THIS SECURITIES
PURCHASE AGREEMENT (this “Agreement”), dated as of October 16, 2020, is between ZK INTERNATIONAL GROUP
CO., LTD (正康国际集团有限公司),
a company incorporated under the laws of the British Virgin Islands, with headquarters located at No. 678 Dingxiang Road, Binhai
Industrial Park, Economic & Technology Development Zone, Wenzhou, Zhejiang Province, China 325025 (the “Company”),
and the investor as set forth on the signature page (each a “Buyer”).

 

WITNESSETH

 

WHEREAS, the
Company and each Buyer desire to enter into this transaction for the Company to sell and the Buyer to purchase the Convertible
Debentures (as defined below) pursuant to a registration statement on Form F-3 (File Number: 333-230860) (together with all the
amendments and supplements, the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the
 “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”) on April 15, 2019
and declared effective on April 29, 2019;

 

WHEREAS, the
parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Buyer(s),
as provided herein, and the Buyer(s) shall purchase convertible debentures in the form attached hereto as “Exhibit A”
(the “Convertible Debentures”), which shall be convertible into the Company’s ordinary shares, with no
par value (the “Ordinary Shares”) (as converted, the “Conversion Shares”), for a total purchase
price of up to $1,400,000 in principal (the “Purchase Price”) in the respective amounts set forth on each Buyer’s
signature page hereof (the “Subscription Amount”);

 

WHEREAS, contemporaneously
with the execution and delivery of this Agreement, the Company is delivering Irrevocable Transfer Agent Instructions (the “Irrevocable
Transfer Agent Instructions”) to its transfer agent; and

 

WHEREAS, the
Convertible Debentures and the Conversion Shares are collectively referred to herein as the “Securities.”

 

AGREEMENT

 

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as follows:

 

		1.	PURCHASE AND SALE OF CONVERTIBLE DEBENTURES.

 

(a)           
Purchase of Convertible Debentures. Subject to the satisfaction (or waiver) of the conditions set forth in Sections
5 and 6 below, the Company shall issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from
the Company at the Closing (as defined below) Convertible Debentures in amounts corresponding with the Subscription Amount set
forth on each Buyer’s the signature page hereof.

 

     

     

    

 

(b)          
Closing Dates. The date and time of the closing of the purchase of Convertible Debentures by the Buyer(s) (the “Closing”)
shall be 10:00 a.m., New York time, within two (2) Business Days on which the conditions to the Closing set forth in Sections 5
and 6 below are satisfied or waived (or such other date as is mutually agreed to by the Company and each Buyer) (the “Closing
Date”). As used herein “Business Day” means any day other than a Saturday, Sunday or other day on
which commercial banks in New York, New York are authorized or required by law to remain closed.

 

(c)            Form of Payment; Deliveries. Subject to the satisfaction of the terms and conditions of this Agreement, on the
Closing Date, (i) the Buyer shall deliver to the Company such aggregate proceeds for the Convertible Debentures to be issued and
sold to such Buyer at such Closing, minus the fees to be paid directly from the proceeds of such Closing as set forth in a closing
statement, and (ii) the Company shall issue and deliver to each Buyer, Convertible Debentures which such Buyer is purchasing
at such Closing in amounts on such Buyer’s signature page hereof, duly executed on behalf of the Company.

 

	2.	BUYER’S REPRESENTATIONS AND WARRANTIES.

 

Each Buyer, severally
and not jointly, represents and warrants to the Company with respect to only itself that, as of the date hereof and as of the Closing
Date:

 

(a)           
Organization; Authority. Such Buyer is an entity duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents (as defined below) to which it is a party and otherwise to carry out its obligations
hereunder and thereunder.

 

(b)          
Authorization, Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf
of such Buyer and shall constitute the legal, valid and binding obligations of such Buyer enforceable against such Buyer in accordance
with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable
creditors' rights and remedies.

 

(c)           
No Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such
Buyer of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Buyer,
(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, indenture or instrument
to which such Buyer is a party or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws) applicable to such Buyer, except, in the case of clauses (ii) and (iii) above, for such conflicts,
defaults, rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse
effect on the ability of such Buyer to perform its obligations hereunder. 

 

    2

     

    

 

(d)           
Certain Trading Activities. The Buyer has not directly or indirectly, nor has any Person acting on behalf of or pursuant
to any understanding with the Buyer, engaged in any transactions in the securities of the Company (including, without limitation,
any Short Sales (as defined below) involving the Company's securities) during the period commencing as of the time that the Buyer
first contacted the Company or the Company's agents regarding the specific investment in the Company contemplated by this Agreement
and ending immediately prior to the execution of this Agreement by such Buyer. The Buyer hereby agrees that it shall not directly
or indirectly, engage in any Short Sales involving the Company’s securities during the period commencing on the date hereof
and ending when no Convertible Debentures remain outstanding. "Short Sales" means all "short sales" as defined
in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “1934 Act”)
(as defined below). The Buyer is aware that Short Sales and other hedging activities may be subject to applicable federal and state
securities laws, rules and regulations and the Buyer acknowledges that the responsibility of compliance with any such federal or
state securities laws, rules and regulations is solely the responsibility of the Buyer.

 

	3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

Except as set forth
under the corresponding section of the Disclosure Schedules which Disclosure Schedules shall be deemed a part hereof and to qualify
any representation or warranty otherwise made herein to the extent of such disclosure, the Company hereby makes the representations
and warranties set forth below to The Buyer:

 

(a)           
Organization and Qualification. The Company and each of its Subsidiaries is an entity duly formed, validly existing
and in good standing under the laws of the jurisdiction in which it is incorporated or formed, and has the requisite power and
authority to own its properties and to carry on its business as now being conducted and as presently proposed to be conducted.
The Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every
jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary,
except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material
Adverse Effect (as defined below). As used in this Agreement, “Material Adverse Effect” means any material adverse
effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise)
or prospects of the Company and its Subsidiaries, taken as a whole, (ii) the transactions contemplated hereby or in any of the
other Transaction Documents or any other agreements or instruments to be entered into by the Company in connection herewith or
therewith or (iii) the authority or ability of the Company to perform any of its obligations under any of the Transaction Documents.
 “Subsidiaries” means any Person in which the Company, directly or indirectly, owns a majority of the outstanding
capital stock having voting power or holds a majority of the equity or similar interest of such Person, and each of the foregoing,
is individually referred to herein as a “Subsidiary”.

 

    3

     

    

 

(b)            Authorization;
Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations under
this Agreement and the other Transaction Documents and to issue the Securities in accordance with the terms hereof and thereof.
The execution and delivery of this Agreement and the other Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Convertible Debentures,
the reservation for issuance and issuance of the Conversion Shares issuable upon conversion of the Convertible Debentures), have
been duly authorized by the Company's board of directors and no further filing, consent or authorization is required by the Company,
its board of directors or its shareholders or other governmental body. This Agreement has been, and the other Transaction Documents
to which the Company is a party will be prior to the Closing, duly executed and delivered by the Company, and each constitutes
the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its respective terms,
except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and
remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. “Transaction
Documents” means, collectively, this Agreement, the Convertible Debentures, the Irrevocable Transfer Agent Instructions,
and each of the other agreements and instruments entered into by the Company or delivered by the Company in connection with the
transactions contemplated hereby and thereby, as may be amended from time to time.

 

(c)            Issuance of Securities. The issuance of the Securities are duly authorized and, upon issuance and payment in accordance
with the terms of the Transaction Documents the Securities shall be validly issued, fully paid and non-assessable and free from
all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances,
security interests and other encumbrances (collectively “Liens”) with respect to the issuance thereof. As of
the Closing Date, the Company shall have reserved from its duly authorized maximum number of Ordinary Shares not less than 100%
of the maximum number of Ordinary Shares issuable upon conversion of all Convertible Debentures (assuming for purposes hereof that
(x) such Convertible Debentures are convertible at the Conversion Price (as defined therein) as of the date of determination, (y)
any such conversion shall not take into account any limitations on the conversion of the Convertible Debentures set forth therein,
including the Floor Price). Upon issuance or conversion in accordance with the Convertible Debentures, the Conversion Shares, when
issued, will be validly issued, fully paid and non-assessable and free from all preemptive or similar rights or Liens with respect
to the issue thereof, with the holders being entitled to all rights accorded to a holder of Ordinary Shares.

 

(d)            No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the
Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Convertible Debentures,
the Conversion Shares, and the reservation for issuance of the Conversion Shares) will not (i) result in a violation of the articles
of incorporation, bylaws, certificate of incorporation or formation, memorandum of association, articles of association, bylaws
or other organizational documents of the Company or any of its Subsidiaries, or any shares, capital stock or other securities
of the Company or any of its Subsidiaries, (ii) conflict with, or constitute a default under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of
its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including,
without limitation, U.S. federal and state securities laws and regulations, the securities laws of the jurisdictions of the Company's
incorporation or in which it or its subsidiaries operate and the rules and regulations of the Nasdaq (the “Principal
Market”) and including all applicable laws, rules and regulations of the British
Virgin Islands) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of
its Subsidiaries is bound or affected, except in the case of (ii) and (iii) for any conflict, default, right or violation that
would not reasonably be expected to result in a Material Adverse Effect. 

 

    4

     

    

 

(e)           
Consents. The Company is not required to obtain any material consent from, authorization or order of, or make any
filing or registration with (other than any filings as may be required by any federal or state securities agencies and any filings
as may be required by the Principal Market), any Governmental Entity (as defined below) or any regulatory or self-regulatory agency
or any other Person in order for it to execute, deliver or perform any of its obligations under or contemplated by the Transaction
Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations
which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained or effected
on or prior to the Closing Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances which
might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or filings
contemplated by the Transaction Documents. The Company is not in violation of the requirements of the Principal Market and has
no knowledge of any facts or circumstances which could reasonably lead to delisting or suspension of the Ordinary Shares in the
foreseeable future. The Company has notified the Principal Market of the issuance of all of the Securities hereunder, which does
not require obtaining the approval of the shareholders of the Company or any other Person or Governmental Entity, and the Principal
Market has completed its review of the related Listing of Additional Share form. “Governmental Entity” means
any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state, local,
municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental
agency, branch, department, official, or entity and any court or other tribunal), multi-national organization or body; or
body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority
or power of any nature or instrumentality of any of the foregoing, including any entity or enterprise owned or controlled by a
government or a public international organization or any of the foregoing.

 

(f)            
Equity Capitalization.

 

(i)           Authorized
and Outstanding Ordinary Shares. As of the date hereof, the authorized maximum number of Ordinary Shares of the Company consists
of (A) 50,000,000 ordinary shares of a single class with no par value each, of which, 16,558,037 are issued and outstanding. 

 

(ii)          Valid
Issuance; Available Shares. All of such outstanding shares are duly authorized and have been validly issued and are fully
paid and non-assessable.

 

(g)            Registration
Statement and Prospectus. The Registration Statement is a “shelf registration statement” as defined
under Rule 405 of the Securities Act that has been filed with the Commission not earlier than three years prior to the date hereof;
and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto
pursuant to Rule 401(g)(2) under the Securities Act has been received by Seller. No order suspending the effectiveness of the
Registration Statement has been issued by the Commission, and no proceeding for that purpose or pursuant to Section 8A of the
Securities Act against Seller or related to the offering of the Shares has been initiated or threatened by the Commission; as
of the applicable effective date of the Registration Statement and any post-effective amendment thereto, the Registration Statement
and any such post-effective amendment complied and will comply in all material respects with the Securities Act, and did not and
will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto
and as of the Closing Date, the Prospectus will not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
 “Prospectus” means the prospectus in the form first used (or made available upon request of Buyer pursuant to Rule
173 under the Securities Act) in connection with the sale of the Convertible Debentures and Conversion Shares.

 

(h)            Incorporated Documents. The documents incorporated by reference in the Registration Statement and the
Prospectus, when they were filed with the Commission conformed in all material respects to the requirements of the Exchange Act,
and none of such documents contained any untrue statement of a material fact or omitted to state a material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents
so filed and incorporated by reference in the Registration Statement and the Prospectus, when such documents are filed with the
Commission, will conform in all material respects to the requirements of the Exchange Act and will not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

(i)             Registration Compliance; No Stop Order. No order suspending the effectiveness of the Registration Statement
shall be in effect, and no proceeding for such purpose, pursuant to Rule 401(g)(2) or pursuant to Section 8A under the Securities
Act shall be pending before or threatened by the Commission; the Prospectus shall have been timely filed with the Commission under
the Securities Act and in accordance with Section 4(a) hereof; and all requests by the Commission for additional information shall
have been complied with to the reasonable satisfaction of the Representatives.

    5

     

    

 

	4.	COVENANTS.

 

(a)         
Reporting Status. For the period beginning on the date hereof, and ending 6 months after the date on which all the
Convertible Debentures are no longer outstanding (the “Reporting Period”), the Company shall use its best efforts
to file on a timely basis all reports required to be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate
its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder
would no longer require or otherwise permit such termination.

 

(b)          Use
of Proceeds. Neither the Company nor any Subsidiary will, directly or indirectly, use the proceeds of the transactions contemplated
herein to repay any loans to any executives or employees of the Company.

 

(c)          Listing.
To the extent applicable, the Company shall promptly secure the listing or designation for quotation (as the case may be) of all
of the Underlying Securities (as defined below) upon each national securities exchange and automated quotation system, if any,
upon which the Ordinary Shares are then listed or designated for quotation (as the case may be, each an “Eligible Market”),
subject to official notice of issuance, and shall use reasonable efforts to maintain such listing or designation for quotation
(as the case may be) of all Underlying Securities from time to time issuable under the terms of the Transaction Documents on such
Eligible Market for the Reporting Period. Neither the Company nor any of its Subsidiaries shall take any action which could be
reasonably expected to result in the delisting or suspension of the Ordinary Shares on an Eligible Market during the Reporting
Period. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 4(c). “Underlying
Securities” means the (i) the Conversion Shares, and (ii) any Ordinary Shares of the Company issued or issuable with
respect to the Conversion Shares, including, without limitation, (1) as a result of any share split or sub-division, share dividend,
recapitalization, exchange or similar event or otherwise and (2) shares of the Company into which the Ordinary Shares are converted
or exchanged without regard to any limitations on conversion of the Convertible Debentures.

 

(d) 

 

(e)          Reservation
of Shares. So long as any of the Convertible Debentures remain outstanding, the Company shall take all action necessary
to at all times have authorized, and reserved for the purpose of issuance, no less than the lesser of (a) 19.99% of
16,558,037 and (b) 100% of the maximum number of Ordinary Shares issuable upon conversion of all the Convertible Debentures
then outstanding (assuming for purposes hereof that (x) the Convertible Debentures are convertible at the Conversion Price
then in effect, and (y) any such conversion shall not take into account any limitations on the conversion of the Convertible
Debentures, including the Floor Price) (the “Required Reserve Amount”); provided that at no time
shall the number of Ordinary Shares reserved pursuant to this Section 4(e) be reduced other than proportionally in connection
with any conversion and/or redemption, or reverse share split or sub-division. If at any time the number of Ordinary Shares
authorized and reserved for issuance is not sufficient to meet the Required Reserved Amount, the Company will promptly take
all corporate action necessary to authorize and reserve a sufficient number of shares, including, without limitation and to
the extent required by applicable law and/or under its memorandum and articles of association, calling a meeting of
shareholders to authorize additional shares to meet the Company's obligations pursuant to the Transaction Documents, in the
case of an insufficient number of authorized shares, recommending that shareholders vote in favor of an increase in such
authorized number of shares sufficient to meet the Required Reserved Amount.

 

    6

     

    

 

(f)         
Conduct of Business. The business of the Company and its Subsidiaries shall not be conducted in violation of any
law, ordinance or regulation of any Governmental Entity, except where such violations would not reasonably be expected to result,
either individually or in the aggregate, in a Material Adverse Effect.

 

	5.	CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

 

The obligation of
the Company hereunder to issue and sell the Convertible Debentures to each Buyer at the Closing is subject to the satisfaction,
at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company's sole benefit
and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice thereof:

 

(a)          Such Buyer shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.

 

(b)          Such Buyer and each other Buyer shall have delivered to the Company the Purchase Price for the Convertible Debentures being
purchased by such Buyer at the Closing by wire transfer of immediately available funds.

 

(c)         
The representations and warranties of such Buyer shall be true and correct in all material respects as of the date when
made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as
of a specific date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and
complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied
or complied with by such Buyer at or prior to such Closing Date.

 

	6.	CONDITIONS TO EACH BUYER'S OBLIGATION TO PURCHASE.

 

The obligation of each Buyer hereunder
to purchase its Convertible Debentures at the Closing is subject to the satisfaction, at or before the Closing Date, of each of
the following conditions, provided that these conditions are for each Buyer's sole benefit and may be waived by such Buyer at any
time in its sole discretion by providing the Company with prior written notice thereof:

 

(a)          The Company shall have duly executed and delivered to such Buyer each of the Transaction Documents to which it is a party
and the Company shall have duly executed and delivered to such Buyer such aggregate principal amount of Convertible Debentures
as set forth thereof.

 

    7

     

    

 

(b)          The Ordinary Shares (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall
not have been suspended, as of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market.

 

(c)          The
Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating to
the transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

 

	7.	TERMINATION.

 

In the
event that the Closing shall not have occurred with respect to a Buyer within five (5) days of the date hereof, then such Buyer
shall have the right to terminate its obligations under this Agreement with respect to itself at any time on or after the close
of business on such date without liability of such Buyer to any other party; provided, however, (i) the right to terminate
this Agreement under this Section 7 shall not be available to such Buyer if the failure of the transactions contemplated by this
Agreement to have been consummated by such date is the result of such Buyer's breach of this Agreement and (ii) the abandonment
of the sale and purchase of the Convertible Debentures shall be applicable only to such Buyer providing such written notice, provided
further that no such termination shall affect any obligation of the Company under this Agreement to reimburse such Buyer for the
expenses described herein. Nothing contained in this Section 7 shall be deemed to release any party from any liability for any
breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of
any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

 

	8.	MISCELLANEOUS.

 

(a)          Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to
any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that
would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan,
for the adjudication of any dispute hereunder or in connection herewith or under any of the other Transaction Documents or
with any transaction contemplated hereby or thereby, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
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. Nothing contained herein shall
be deemed or operate to preclude any Buyer from bringing suit or taking other legal action against the Company in any other
jurisdiction to collect on the Company's obligations to such Buyer or to enforce a judgment or other court ruling in favor of
such Buyer. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS
AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

    8

     

    

 

(b)          Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

(c)          Headings;
Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine,
feminine, neuter, singular and plural forms thereof. The terms "including," "includes," "include"
and words of like import shall be construed broadly as if followed by the words "without limitation." The terms "herein,"
 "hereunder," "hereof" and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

(d)          Entire
Agreement, Amendments. This Agreement supersedes all other prior oral or written agreements between the Buyer, the Company,
their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement and the instruments
referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and,
except as specifically set forth herein or therein, neither the Company nor any Buyer makes any representation, warranty, covenant
or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument
in writing signed by the party to be charged with enforcement.

 

(e)          Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered
personally or (ii) one (1) Business Day after deposit with an overnight courier service with next-day international delivery specified,
in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses
and e-mail addresses for such communications shall be:

 

    9

     

    

 

	If to the Company, to:	ZK INTERNATIONAL GROUP CO., LTD (正康国际集团有限公司)
	 	
        No. 678 Dingxiang Road, Binhai Industrial Park

        Economic & Technology Development Zone

        Wenzhou, Zhejiang Province

        People’s Republic of China 325025

        Telephone: +86-577-86852999

        Email: zjzk@cn-zk.cn

	 	 
	With Copy to:	
        Mengyi “Jason” Ye

        Ortoli Rosenstadt

        366 Madison Avenue, 3rd Floor

        New York, NY 10017

        Telephone:  212-588-0022

        E-Mail:  jye@orllp.legal

	 	 
	If to a Buyer, to its address and e-mail address as set forth on the signature page hereof.

 

or to such other address,
e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each
other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) electronically generated by the sender's e-mail service provider containing
the time, date, recipient e-mail address or (C) provided by an overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above,
respectively

 

(f)           Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of any of the Convertible Debentures (but excluding any purchasers of Underlying
Securities, unless pursuant to a written assignment by such Buyer). The Company shall not assign this Agreement or any rights or
obligations hereunder without the prior written consent of the Buyer. In connection with any transfer of any or all of its Securities,
a Buyer may assign all, or a portion, of its rights and obligations hereunder in connection with such Securities without the consent
of the Company, in which event such assignee shall be deemed to be a Buyer hereunder with respect to such transferred Securities.

 

(g)          No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

 

[REMAINDER
PAGE INTENTIONALLY LEFT BLANK]

 

    10

     

    

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Securities Purchase Agreement to be duly executed
as of the date first written above.

 

 

	 	
        COMPANY:

	 	 
	 	
        ZK INTERNATIONAL GROUP CO., LTD

        (正康国际集团有限公司)

	 	 
	 	By:	                                  
	 	Name: Jiancong Huang
	 	Title:   Chief Executive Officer and Chairman of the Board

 

    11

     

    

 

IN WITNESS WHEREOF,
each Buyer and the Company have caused their respective signature page to this Securities Purchase Agreement to be duly executed
as of the date first written above.

 

	
         
	 	 
	(Amount of Subscription in USD)	 	(Name of Buyer – Please type or print)
	
         

         
	 	 
	 	 	(Signature and, if applicable, Office)
	
         

         
	 	 
	 	 	(Address of Buyer)
	
         

         
	 	 
	
         
	 	(City, State/Province, Zip code/Postal Code of Buyer)
	
         

         
	 	 
	 	 	(Country of Buyer)
	
         

         
	 	 
	 	 	(Email Address of Buyer)

 

    12

     

    

 

EXHIBIT A

 

FORM OF CONVERTIBLE DEBENTURES

 

    13

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