Document:

Exhibit 10.2

 

NEITHER THIS DEBENTURE NOR THE SECURITIES
INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

CHINA
XIANGTAI FOOD CO., LTD.

 

Convertible
Debenture

 

	Principal Amount:$[2,000,000] [2,000,000] [1,000,000]

Debenture Issuance Date: [_________]

Debenture Number: PLIN-[1][2][3]

 

FOR VALUE RECEIVED,
CHINA XIANGTAI FOOD CO., LTD., a Cayman Islands exempted company (the "Company"), hereby promises to pay to the
order of YA II PN, LTD., or its registered assigns (the "Holder") the amount set out above as the Principal Amount
(as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "Principal") when
due, whether upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with
the terms hereof) and to pay interest ("Interest") on any outstanding Principal at the applicable Interest Rate
from the date set out above as the Debenture Issuance Date (the "Issuance Date") until the same becomes due and
payable, whether upon an Interest Date (as defined below), the Maturity Date or acceleration, conversion, redemption or otherwise
(in each case in accordance with the terms hereof). This Convertible Debenture (including all debentures issued in exchange, transfer
or replacement hereof, this "Debenture") was originally issued pursuant to the Securities Purchase Agreement dated
November 22, 2019, as amended (the “Securities Purchase Agreement”) between the Company and the Buyers listed
on the Schedule of Buyers attached thereto. Certain capitalized terms used herein are defined in Section (13).

 

(1)          GENERAL TERMS

 

(a)              
Maturity Date. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding
Principal, accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The "Maturity
Date" shall be [________], as may be extended at the option of the Holder. Other than as specifically permitted by this
Debenture, the Company may not prepay or redeem any portion of the outstanding Principal and accrued and unpaid Interest

 

    

     

    

 

(b)              
Interest Rate and Payment of Interest. Interest shall accrue on the outstanding Principal balance hereof at an annual
rate equal to 5% (“Interest Rate”), which Interest Rate shall increase to an annual rate of 15% for so long
as any Event of Default remains uncured. Interest shall be calculated on the basis of a 365-day year and the actual number of days
elapsed, to the extent permitted by applicable law.

 

(c)              
Monthly Payments. If, any time after the Debenture Issuance Date set forth above, and from time to time thereafter,
the daily VWAP is less than the Floor Price for a period of ten (10) consecutive Trading Days (each such occurrence, a “Triggering
Event”), unless such Triggering Event is cured within 30 days of occurrence by reducing the Floor Price to a price that
is at least 25% less than the average of the five daily VWAPs immediately prior to the effectiveness of such change, then the Company
shall make monthly amortization payments beginning on the 30th day after the date of the Triggering Event. Each monthly
payment shall be in an amount equal to the sum of (I) (i) the Principal Amount outstanding as of the Triggering Date divided by
the number of such monthly payments until the Maturity Date, (ii) the Redemption Premium (as defined below) in respect of such
Principal Amount, and (iii) accrued and unpaid interest hereunder as of each payment date less (II) the dollar amount of any conversions
made since the later of (i) the Triggering Event and (ii) the last monthly amortization payment, if any, paid by the Company to
the Holder. The obligation of the Company to make monthly payments hereunder shall cease if any time after the Triggering Event
the daily VWAP is greater than the Floor Price for a period of ten (10) consecutive Trading Days, unless a subsequent Triggering
Event occurs. The Company may, no more than twice, obtain a thirty (30) day deferral of a monthly payment due under this Section
(1)(c) through the payment of a deferral fee in the amount equal to ten percent (10%) of the Principal amount of such monthly payment
(each, a “Deferral Payment”). Each Deferral Payment may be paid at the option of the Company either in (i) cash
or (ii) if the Conversion Price on the date of the payment is above the Floor Price and such shares issued will be immediately
freely tradable shares in the hands of the Holder, by the issuance of such number of shares as is equal to the applicable Deferral
Payment divided by a price per share equal to the Conversion Price. Whenever any payment or other obligation hereunder shall be
due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

 

(d)              
Early Redemption. The Company shall have the right, but not the obligation, to redeem (“Optional Redemption”)
early a portion or all amounts outstanding under this Debenture as described in this Section; provided that (i) the trading
price of the Common Stock is less than the Fixed Conversion Price and (ii) the Company provides the Holder with at least 5 Business
Days’ prior written notice (each, a “Redemption Notice”) of its desire to exercise an Optional Redemption.
Each Redemption Notice shall be irrevocable and shall specify the outstanding balance of the Convertible Debentures to be redeemed
and the applicable Redemption Premium. The “Redemption Amount” shall be equal to the outstanding Principal balance
being redeemed by the Company, plus the applicable Redemption Premium, plus all accrued and unpaid interest. After receipt of the
Redemption Notice, the Holder shall have 5 Business Days to elect to convert all or any portion of Convertible Debentures. On the
6th Business Day after the Redemption Notice, the Company shall deliver to the Holder the Redemption Amount with respect to the
Principal amount redeemed after giving effect to conversions effected during the 5 Business Day period.

 

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(2)          EVENTS OF DEFAULT.

 

(a)          An “Event of Default”, wherever used herein, means any one of the following events (whatever the reason
and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of
any court, or any order, rule or regulation of any administrative or governmental body):

 

(i)              the Company's failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this
Debenture or any other Transaction Document within five (5) Business Days after such payment is due;

 

(ii)             the Company or any subsidiary of the Company shall commence, or there shall be commenced against the Company or any subsidiary
of the Company under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the
Company or any subsidiary of the Company commences any other proceeding under any reorganization, arrangement, adjustment of debt,
relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect
relating to the Company or any subsidiary of the Company or there is commenced against the Company or any subsidiary of the Company
any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 61 days; or the Company or any subsidiary
of the Company is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding
is entered; or the Company or any subsidiary of the Company suffers any appointment of any custodian, private or court appointed
receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of sixty
one (61) days; or the Company or any subsidiary of the Company makes a general assignment for the benefit of creditors; or the
Company or any subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay,
its debts generally as they become due; or the Company or any subsidiary of the Company shall call a meeting of its creditors with
a view to arranging a composition, adjustment or restructuring of its debts; or the Company or any subsidiary of the Company shall
by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate
or other action is taken by the Company or any subsidiary of the Company for the purpose of effecting any of the foregoing;

 

(iii)           
the Company or any subsidiary of the Company shall default in any of its obligations under any other debenture or any mortgage,
credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued,
or by which there may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring
arrangement of the Company or any subsidiary of the Company in an amount exceeding $200,000, whether such indebtedness now exists
or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable and
such default is not cured within five (5) Business Days;

 

(iv)            the Common Stock shall cease to be quoted or listed for trading, as applicable, on any Primary Market for a period of 10
consecutive Trading Days;

 

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(v)             the Company or any subsidiary of the Company shall be a party to any Change of Control Transaction (as defined in Section
(13) unless in connection with such Change of Control Transaction this Debenture is retired;

 

(vi)            the Company's (A) failure to cure a Conversion Failure by delivery of (I) the required number of shares of Common Stock
or (II) the Buy-In Price within five (5) Business Days after the applicable Conversion Failure or (B) notice, written or oral,
to any holder of the Debentures, including by way of public announcement, at any time, of its intention not to comply with a request
for conversion of any Debentures into shares of Common Stock that is tendered in accordance with the provisions of the Debentures,
other than pursuant to Section (4)(c);

 

(vii)         
 the Company shall fail for any reason to deliver the payment in cash pursuant to a Buy-In (as defined herein) within five
(5) Business Days after such payment is due;

 

(viii)       
 the Company shall fail to observe or perform any other material covenant, agreement or warranty contained in, or otherwise
commit any material breach or default of any provision of this Debenture (except as may be covered by Section (2)(a)(i) through
(2)(a)(ix) hereof) or any Transaction Document (as defined in Section (13)) which is not cured within the time prescribed; or

 

(ix)            
any Event of Default (as defined in the Other Debentures) occurs with respect to any Other Debentures.

 

(b)          During the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing,
the full unpaid Principal amount of this Debenture, together with interest and other amounts owing in respect thereof, to the date
of acceleration shall become at the Holder's election, immediately due and payable in cash. Furthermore, in addition to any other
remedies, the Holder shall have the right (but not the obligation) to convert this Debenture (subject to the beneficial ownership
limitations set out in Section (3)(c)) at any time after (x) an Event of Default (provided that such Event of Default is continuing)
or (y) the Maturity Date at the Conversion Price. The Holder need not provide and the Company hereby waives any presentment, demand,
protest or other notice of any kind, (other than required notice of conversion) and the Holder may immediately enforce any and
all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded
and annulled by Holder at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event
of Default or impair any right consequent thereon.

 

(3)          CONVERSION OF DEBENTURE.This Debenture shall be convertible into shares of Common Stock, on the terms and conditions
set forth in this Section (3).

 

(a)          Conversion Right. Subject to the provisions of Section (3)(c), at any time or times on or after the Issuance Date,
the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully
paid and nonassessable shares of Common Stock in accordance with Section (3)(b), at the Conversion Rate (as defined below). The
number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to this Section (3)(a) shall be determined
by dividing (x) such Conversion Amount by (y) the Conversion Price (the "Conversion Rate"). The Company shall
not issue any fraction of a share of Common Stock upon any conversion. All calculations under this Section (3) shall be rounded
to the nearest $0.0001. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall
round such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and all transfer, stamp
and similar taxes that may be payable with respect to the issuance and delivery of Common Stock upon conversion of any Conversion
Amount.

 

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(i)               “Conversion Amount” means the portion of the Principal and accrued Interest to be converted, redeemed or
otherwise with respect to which this determination is being made.

 

(ii)             
“Conversion Price” means, as of any Conversion Date (as defined below) or other date of determination
the lower of (i) $5.06 (the “Fixed Conversion Price”), or (ii) 93% of the average of the 4 lowest daily VWAPs
during the 10 consecutive Trading Days immediately preceding the Conversion Date or other date of determination (the “Variable
Conversion Price”), but not lower than the Floor Price. The Conversion Price shall be adjusted from time to time pursuant
to the other terms and conditions of this Debenture.

 

(b)          Mechanics of Conversion.

 

(i)                Optional Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a "Conversion
Date"), the Holder shall (A) transmit by facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New
York Time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the "Conversion
Notice") to the Company and (B) if required by Section (3)(b)(iii), surrender this Debenture to a nationally recognized
overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company
with respect to this Debenture in the case of its loss, theft or destruction). On or before the third Business Day following the
date of receipt of a Conversion Notice (the "Share Delivery Date"), the Company shall (X) if legends are not required
to be placed on certificates of Common Stock and provided that the Transfer Agent is participating in the Depository Trust Company's
("DTC") Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to
which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent
Commission system or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue
and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee,
for the number of shares of Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive
legends unless required pursuant to rules and regulations of the Commission. If this Debenture is physically surrendered for conversion
and the outstanding Principal of this Debenture is greater than the Principal portion of the Conversion Amount being converted,
then the Company shall as soon as practicable and in no event later than three (3) Business Days after receipt of this Debenture
and at its own expense, issue and deliver to the holder a new Debenture representing the outstanding Principal not converted. The
Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this Debenture shall be treated
for all purposes as the record holder or holders of such shares of Common Stock upon the transmission of a Conversion Notice.

 

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(ii)             
Company's Failure to Timely Convert. If within three (3) Trading Days after the Company's receipt of the facsimile
copy of a Conversion Notice the Company shall fail to issue and deliver a certificate to the Holder or credit the Holder's balance
account with DTC for the number of shares of Common Stock to which the Holder is entitled upon such holder's conversion of any
Conversion Amount (a "Conversion Failure"), and if on or after such Trading Day the Holder purchases (in an open
market transaction or otherwise) Common Stock to deliver in satisfaction of a sale by the Holder of Common Stock issuable upon
such conversion that the Holder anticipated receiving from the Company (a "Buy-In"), then the Company shall, within
three (3) Business Days after the Holder's request and in the Holder's discretion, either (i) pay cash to the Holder in an amount
equal to the Holder's total purchase price (including brokerage commissions and other out of pocket expenses, if any) for the shares
of Common Stock so purchased (the "Buy-In Price"), at which point the Company's obligation to deliver
such certificate (and to issue such Common Stock) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder
a certificate or certificates representing such Common Stock and pay cash to the Holder in an amount equal to the excess (if any)
of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the Closing Bid Price on the Conversion
Date.

 

(iii)           
Book-Entry. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Debenture
in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless
(A) the full Conversion Amount represented by this Debenture is being converted or (B) the Holder has provided the Company with
prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical
surrender of this Debenture. The Holder and the Company shall maintain records showing the Principal and Interest converted and
the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not
to require physical surrender of this Debenture upon conversion.

 

(c)         
Limitations on Conversions.

 

(i)              Beneficial Ownership. The Holder shall not have the right to convert any portion of this Debenture or receive shares
of Common Stock hereunder to the extent that after giving effect to such conversion or receipt of such Shares, the Holder, together
with any affiliate thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the
rules promulgated thereunder) in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect
to such conversion or receipt of shares as payment of interest. Since the Holder will not be obligated to report to the Company
the number of shares of Common Stock it may hold at the time of a conversion hereunder, unless the conversion at issue would result
in the issuance of shares of Common Stock in excess of 4.99% of the then outstanding shares of Common Stock without regard to any
other shares which may be beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation
to determine whether the restriction contained in this Section will limit any particular conversion hereunder and to the extent
that the Holder determines that the limitation contained in this Section applies, the determination of which portion of the Principal
amount of this Debenture is convertible shall be the responsibility and obligation of the Holder. If the Holder has delivered a
Conversion Notice for a Principal amount of this Debenture that, without regard to any other shares that the Holder or its affiliates
may beneficially own, would result in the issuance in excess of the permitted amount hereunder, the Company shall notify the Holder
of this fact and shall honor the conversion for the maximum Principal amount permitted to be converted on such Conversion Date
in accordance with Section (3)(a) and, any Principal amount tendered for conversion in excess of the permitted amount hereunder
shall remain outstanding under this Debenture. The provisions of this Section may be waived by a Holder (but only as to itself
and not to any other Holder) upon not less than 65 days prior notice to the Company. Other Holders shall be unaffected by any such
waiver.

 

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(ii)             Other Conversion Limitations. So long as no Event of Default has occurred (i) the Holder shall not effect any Conversions
of this Debenture using the Variable Conversion Price prior to March 20, 2020, (ii) thereafter, the Holder shall not convert more
than an aggregate of $500,000 of Principal amount of this Debenture and any Other Debenture held by the Holder or an affiliate
of the Holder in any thirty (30) day period utilizing the Variable Conversion Price (subject to the Floor Price as set out in Section
3(a)(ii)). This limitation may be waived with the consent of the Company. No limit shall apply with respect to Conversions using
the Fixed Conversion Price.

 

(iii)           
Nasdaq Rule 5635(d) Limitations. The Company shall not issue any shares of Common Stock pursuant to the terms of
this Debenture if the issuance of such shares of Common Stock would exceed the aggregate number of shares of Common Stock that
the Company may issue upon conversion of the Debenture and the Other Debentures in compliance with the Company’s obligations
under the rules or regulations of the Nasdaq Capital Market (the number of shares which may be issued without violating such rules
and regulations is 4,390,609 and shall be referred to as the “Exchange Cap”), except that such limitation shall
not apply in the event that the Company (A) obtains the approval of its stockholders as required by the applicable rules of the
Nasdaq Capital Market for issuances of shares of Common Stock in excess of such amount or (B) obtains a written opinion from outside
counsel to the Company that such approval is not required, which opinion shall be reasonably satisfactory to the Holder.

 

(d)         
Other Provisions.

 

(i)               The Company shall at all times reserve and keep available out of its authorized Common Stock the full number of shares of
Common Stock issuable upon conversion of all outstanding amounts under this Debenture; and within three (3) Business Days following
the receipt by the Company of a Holder's notice that such minimum number of Underlying Shares is not so reserved, the Company shall
promptly reserve a sufficient number of shares of Common Stock to comply with such requirement.

 

(ii)             
All calculations under this Section (3) shall be rounded to the nearest $0.0001 or whole share.

 

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(iii)           
The Company covenants that it will at all times reserve and keep available out of its authorized and unissued shares of
Common Stock solely for the purpose of issuance upon conversion of this Debenture and payment of interest on this Debenture, each
as herein provided, free from preemptive rights or any other actual contingent purchase rights of persons other than the Holder,
not less than such number of shares of the Common Stock as shall be issuable (taking into account the adjustments and restrictions
set forth herein) upon the conversion of the outstanding Principal amount of this Debenture and payment of interest hereunder.
The Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized,
issued and fully paid, nonassessable and, if the Underlying Shares Registration Statement has been declared effective under the
Securities Act, registered for public sale in accordance with such Underlying Shares Registration Statement.

 

(iv)            
Nothing herein shall limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section
(2) herein for the Company’s failure to deliver certificates representing shares of Common Stock upon conversion within the
period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or
provide other security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant
to any other Section hereof or under applicable law.

 

(4)         
Adjustments to Conversion Price

 

(a)          
Adjustment of Conversion Price upon Subdivision or Combination of Common Stock. If the Company, at any time while
this Debenture is outstanding, shall (a) pay a stock dividend or otherwise make a distribution or distributions on shares
of Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock, (b) subdivide outstanding
shares of Common Stock into a larger number of shares, (c) combine (including by way of reverse stock split) outstanding shares
of Common Stock into a smaller number of shares, or (d) issue by reclassification of shares of the Common Stock any shares of capital
stock of the Company, then each of the Fixed Conversion Price and the Floor Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding before such event and of
which the denominator shall be the number of shares of Common Stock outstanding after such event. Any adjustment made pursuant
to this Section shall become effective immediately after the record date for the determination of stockholders entitled to receive
such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination
or re-classification.

 

(b)          
Other Events. If any event occurs of the type contemplated by the provisions of this Section (4) but not expressly
provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights
or other rights with equity features, or issuing Convertible Securities with a variable conversion formula that is more favorable
than this Debenture), then the Company's Board of Directors will make an appropriate adjustment in the Conversion Price so as to
protect the rights of the Holder under this Debenture; provided that no such adjustment will increase the Conversion Price as otherwise
determined pursuant to this Section (4).

 

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(c)          
Other Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other
assets with respect to or in exchange for shares of Common Stock (a "Corporate Event"), the Company shall make
appropriate provision to ensure that the Holder will thereafter have the right to receive upon a conversion of this Debenture,
at the Holder's option, (i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other
assets to which the Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock
been held by the Holder upon the consummation of such Corporate Event (without taking into account any limitations or restrictions
on the convertibility of this Debenture) or (ii) in lieu of the shares of Common Stock otherwise receivable upon such conversion,
such securities or other assets received by the holders of shares of Common Stock in connection with the consummation of such Corporate
Event in such amounts as the Holder would have been entitled to receive had this Debenture initially been issued with conversion
rights for the form of such consideration (as opposed to shares of Common Stock) at a conversion rate for such consideration commensurate
with the Conversion Rate. Provision made pursuant to the preceding sentence shall be in a form and substance satisfactory to the
Required Holders. The provisions of this Section shall apply similarly and equally to successive Corporate Events and shall be
applied without regard to any limitations on the conversion or redemption of this Debenture.

 

(d)         
Whenever the Conversion Price is adjusted pursuant to Section (4) hereof, the Company shall promptly mail to the Holder
a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such
adjustment.

 

(e)          
In case of any (1) merger or consolidation of the Company or any subsidiary of the Company with or into another Person,
or (2) sale by the Company or any subsidiary of the Company of more than one-half of the assets of the Company in one or a series
of related transactions, a Holder shall have the right to (A) exercise any rights under Section (2)(b), (B) convert the aggregate
amount of this Debenture then outstanding into the shares of stock and other securities, cash and property receivable upon or deemed
to be held by holders of Common Stock following such merger, consolidation or sale, and such Holder shall be entitled upon such
event or series of related events to receive such amount of securities, cash and property as the shares of Common Stock into which
such aggregate Principal amount of this Debenture could have been converted immediately prior to such merger, consolidation or
sales would have been entitled, or (C) in the case of a merger or consolidation, require the surviving entity to issue to the Holder
a convertible Debenture with a Principal amount equal to the aggregate Principal amount of this Debenture then held by such Holder,
plus all accrued and unpaid interest and other amounts owing thereon, which such newly issued convertible Debenture shall have
terms identical (including with respect to conversion) to the terms of this Debenture, and shall be entitled to all of the rights
and privileges of the Holder of this Debenture set forth herein and the agreements pursuant to which this Debentures were issued.
In the case of clause (C), the conversion price applicable for the newly issued shares of convertible preferred stock or convertible
Debentures shall be based upon the amount of securities, cash and property that each share of Common Stock would receive in such
transaction and the Conversion Price in effect immediately prior to the effectiveness or closing date for such transaction. The
terms of any such merger, sale or consolidation shall include such terms so as to continue to give the Holder the right to receive
the securities, cash and property set forth in this Section upon any conversion or redemption following such event. This provision
shall similarly apply to successive such events.

 

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(5)          REISSUANCE OF THIS DEBENTURE.

 

(a)          Transfer. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section (5)(d)),
registered in the name of the registered transferee or assignee, representing the outstanding Principal being transferred by the
Holder (along with any accrued and unpaid interest thereof) and, if less then the entire outstanding Principal is being transferred,
a new Debenture (in accordance with Section (5)(d)) to the Holder representing the outstanding Principal not being transferred.
The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section
(3)(b)(iii) following conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this
Debenture may be less than the Principal stated on the face of this Debenture.

 

(b)          Lost, Stolen or Mutilated Debenture. Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this
Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section (5)(d)) representing
the outstanding Principal.

 

(c)          Debenture Exchangeable for Different Denominations. This Debenture is exchangeable, upon the surrender hereof by
the Holder at the principal office of the Company, for a new Debenture or Debentures (in accordance with Section (5)(d)) representing
in the aggregate the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding
Principal as is designated by the Holder at the time of such surrender.

 

(d)          Issuance of New Debentures. Whenever the Company is required to issue a new Debenture pursuant to the terms of this
Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of
such new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section (5)(a)
or Section 5(5)(c), the Principal designated by the Holder which, when added to the Principal represented by the other new Debentures
issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior
to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture, which is
the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and (v) shall
represent accrued and unpaid Interest from the Issuance Date.

 

(6)          NOTICES.Any notices, consents, waivers or other communications required or permitted to be given under the terms
hereof 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:

 

    10

     

    

 

	If to the Company, to:	China Xiangtai Food Co., Ltd.
	 	Xinganxian Plaza, Building B, Suite 21-1
	 	Lianglukou, Yuzhong District
	 	Chongqing, People’s Republic of China 400800
	 	Attention: Chief Executive Officer
	
         

         
	 
	If to the Holder:	YA II PN, Ltd.
	 	
        c/o Yorkville Advisors Global, LLC

        1012 Springfield Avenue

	 	Mountainside, NJ 07092
	 	Attention: Mark Angelo
	 	Telephone: 201-985-8300
	 	Email:  Legal@yorkvilleadvisors.com

 

or at such other address
and/or email and/or to the attention of such other person as the recipient party has specified by written notice given to each
other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the
recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender's email service provider
containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall
be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service
in accordance with clause (i), (ii) or (iii) above, respectively.

 

(7)           Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company,
which are absolute and unconditional, to pay the Principal of, interest and other charges (if any) on, this Debenture at the time,
place, and rate, and in the coin or currency, herein prescribed. This Debenture is a direct obligation of the Company. As long
as this Debenture is outstanding, the Company shall not and shall cause its subsidiaries not to, without the consent of the Holder,
(i) amend its certificate of incorporation, memorandum or articles of association, bylaws or other charter documents so as to adversely
affect any rights of the Holder; (ii) repay, repurchase or offer to repay, repurchase or otherwise acquire shares of Common Stock
or other equity securities; or (iii) enter into any agreement with respect to any of the foregoing.

 

(8)           This Debenture shall not entitle the Holder to any of the rights of a stockholder of the Company, including without limitation,
the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholders
or any other proceedings of the Company, unless and to the extent converted into shares of Common Stock in accordance with the
terms hereof.

 

(9)           This Debenture shall be governed by and construed in accordance with the laws of the State of New York, without giving effect
to conflicts of laws thereof. Each of the parties consents to the jurisdiction of the Supreme Court of the State of New York located
in the City of New York, Borough of Manhattan, and the U.S. District Court for the Southern District of New York in connection
with any dispute arising under this Debenture and hereby waives, to the maximum extent permitted by law, any objection, including
any objection based on forum non conveniens to the bringing of any such proceeding in such jurisdictions. THE PARTIES HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON
OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’
ACCEPTANCE OF THIS AGREEMENT.

 

    11

     

    

 

(10)         If the Company fails to strictly comply with the terms of this Debenture, then the Company shall reimburse the Holder promptly
for all fees, costs and expenses, including, without limitation, attorneys’ fees and expenses incurred by the Holder in any
action in connection with this Debenture, including, without limitation, those incurred: (i) during any workout, attempted workout,
and/or in connection with the rendering of legal advice as to the Holder’s rights, remedies and obligations, (ii) collecting
any sums which become due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding or
appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

 

(11)         Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver
of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist
upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party
of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in
writing.

 

(12)         If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect,
and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons
and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable
laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted
rate of interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would
prohibit or forgive the Company from paying all or any portion of the Principal of or interest on this Debenture as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this indenture,
and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants
that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder,
but will suffer and permit the execution of every such as though no such law has been enacted.

 

    12

     

    

 

(13)        CERTAIN DEFINITIONS For purposes of this Debenture, the following terms shall have the following meanings:

 

(a)           “Approved Stock Plan” means a stock option plan that has been approved by the Board of Directors of the
Company, pursuant to which the Company’s securities may be issued only to any employee, officer, or director for services
provided to the Company.

 

(b)           “Bloomberg” means Bloomberg Financial Markets.

 

(c)           “Business Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday
in the United States or a day on which banking institutions are authorized or required by law or other government action to close.

 

(d)           “Change of Control Transaction” means the occurrence of (a) an acquisition after the date hereof by an
individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective
control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess
of fifty percent (50%) of the voting securities of the Company (except that the acquisition of voting securities by the Holder
or any other current holder of convertible securities of the Company shall not constitute a Change of Control Transaction for purposes
hereof), (b) a replacement at one time or over time of more than one-half of the members of the board of directors of the Company
(other than as due to the death or disability of a member of the board of directors) which is not approved by a majority of those
individuals who are members of the board of directors on the date hereof (or by those individuals who are serving as members of
the board of directors on any date whose nomination to the board of directors was approved by a majority of the members of the
board of directors who are members on the date hereof), (c) the merger, consolidation or sale of fifty percent (50%) or more of
the assets of the Company or any subsidiary of the Company in one or a series of related transactions with or into another entity,
or (d) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any
of the events set forth above in (a), (b) or (c). No transfer to a wholly-owned subsidiary shall be deemed a Change of Control
Transaction under this provision.

 

(e)           “Closing Bid Price” means the price per share in the last reported trade of the Common Stock on a Primary
Market or on the exchange which the Common Stock is then listed as quoted by Bloomberg.

 

(f)            “Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.

 

(g)           “Commission” means the Securities and Exchange Commission.

 

(h)           “Common Stock” means ordinary shares in the capital of the Company with a par value of $0.01 each and
shares of any other class into which such shares may hereafter be changed or reclassified.

 

(i)            “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(j)            “Floor Price” means $3.00 per share.

 

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(k)           “Fundamental Transaction” means any of the following: (1) the Company effects any merger or consolidation
of the Company with or into another Person and the Company is the non-surviving company (other than a merger or consolidation with
a wholly owned subsidiary of the Company for the purpose of redomiciling the Company), (2) the Company effects any sale of all
or substantially all of its assets in one or a series of related transactions, (3) any tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their
shares for other securities, cash or property, or (4) the Company effects any reclassification of the Common Stock or any compulsory
share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property.

 

(l)            “Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or
Convertible Securities

 

(m)          “Other Debentures” means any other debentures issued pursuant to the Securities Purchase Agreement and
any other debentures, notes, or other instruments issued in exchange, replacement, or modification of the foregoing.

 

(n)           “Original Issue Date” means the date of the first issuance of this Debenture regardless of the number
of transfers and regardless of the number of instruments, which may be issued to evidence such Debenture.

 

(o)           “Person” means a corporation, an association, a partnership, organization, a business, an individual,
a government or political subdivision thereof or a governmental agency.

 

(p)           “Primary Market” means any of the New York Stock Exchange, the NYSE MKT, the Nasdaq Global Market, the
Nasdaq Global Select Market, or the OTC QB, and any successor to any of the foregoing markets or exchanges.

 

(q)           “Redemption Premium” means, during the period ending on May 22, 2020, 10% of the Principal amount being
redeemed, and thereafter, 20% of the Principal amount being redeemed.

 

(r)            “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(s)           “Trading Day” means a day on which the shares of Common Stock are quoted or traded on a Primary Market
on which the shares of Common Stock are then quoted or listed; provided, that in the event that the shares of Common Stock are
not listed or quoted, then Trading Day shall mean a Business Day.

 

(t)            “Transaction
Document(s)” shall mean this Debenture, along with the Securities Purchase Agreement, and any other documents or agreements
entered into in connection with the foregoing.

 

(u)           “Underlying Shares” means the shares of Common Stock issuable upon conversion of this Debenture or as
payment of interest in accordance with the terms hereof.

 

(v)           “Underlying Shares Registration Statement” means a registration statement meeting the requirements set
forth in the Registration Rights Agreement, covering among other things the resale of the Underlying Shares and naming the Holder
as a “selling stockholder” thereunder.

 

(w)          “VWAP”
means, for any security as of any date, the daily dollar volume-weighted average price for such security on the Primary Market
as reported by Bloomberg through its “Historical Prices – Px Table with Average Daily Volume” functions, or,
if no dollar volume-weighted average price is reported for such security by Bloomberg.

 

[Signature Page Follows]

 

    14

     

    

 

 

IN WITNESS WHEREOF,
the Company has caused this Convertible Debenture to be duly executed by a duly authorized officer as of the date set forth above.

 

	 	COMPANY:
	 	CHINA XIANGTAI FOOD CO., LTD.
	 	
         

         

	 	By:	 
	 	Name:	Zeshu Dai
	 	Title:	Chief Executive Officer

 

    15

     

    

 

EXHIBIT I

CONVERSION NOTICE

 

(To be executed by the Holder in order
to Convert the Debenture)

 

TO: CHINA XIANGTAI FOOD CO., LTD.

 

Via Email: 

 

The undersigned hereby
irrevocably elects to convert a portion of the outstanding and unpaid Conversion Amount of Debenture No. PLIN-[1] into shares
of Common Stock of CHINA XIANGTAI FOOD CO., LTD., according to the conditions stated therein, as of the Conversion Date
written below.

 

	Conversion Date:	 
	Principal Amount to be Converted:	 
	Accrued Interest to be Converted:	 
	Total Conversion Amount to be converted:	 
	Fixed Conversion Price: 	 
	
        Variable Conversion Price:

        

        Applicable Conversion Price:

        

        Number of shares of Common Stock to be issued:

        
	 
	 	 
	Please issue the shares of Common Stock in the following name and to the following address:
	Issue to:	
         

         

         

         

         

         

	Authorized Signature:	
	Name:	
	Title:	
	Broker DTC Participant Code:	
	Account Number:Exhibit

EXHIBIT 4.5

DESCRIPTION OF CAPITAL STOCK

The following brief description of the capital stock of Super Micro Computer, Inc. (“us”, “our”, “we”, or the “Company”) is a summary. This summary is not complete and is subject to and qualified in its entirety by reference to the complete text of our Amended and Restated Certificate of Incorporation (“Certificate of Incorporation”), and our Amended and Restated Bylaws (“Bylaws”) previously filed with the U.S. Securities and Exchange Commission and incorporated by reference as an exhibit to this Annual Report on Form 10-K of which this Exhibit 4.5 forms a part. We encourage you to read our Certificate of Incorporation and our Bylaws carefully.

General

The Company’s Certificate of Incorporation provides that it may issue up to 100,000,000 shares of common stock, $0.001 par value per share, and 10,000,000 shares of preferred stock, $.001 par value per share. As of November 30, 2019, there were 50,085,282 shares of our common stock outstanding. 

Common Stock

The holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. At a meeting of stockholders at which a quorum is present, holders of a majority of the shares of our common stock entitled to vote in any election of directors may elect all of the directors standing for election. Subject to preferences applicable to any outstanding preferred stock, holders of common stock are entitled to receive ratably any dividend declared by the board of directors of the Company (the “Board”). In the event of a liquidation, dissolution or winding up of the Company, holders of our common stock are entitled to share ratably in the assets remaining after payment of liabilities and the liquidation preferences of any outstanding preferred stock. Holders of our common stock have no preemptive, conversion or redemption rights. Each outstanding share of common stock is fully paid and non-assessable.

Preferred Stock

There are 10,000,000 shares of undesignated preferred stock authorized for issuance. Our Board has the authority, without further action by the stockholders, to issue preferred stock in one or more series. In addition, the Board may fix the rights, preferences and privileges of any preferred stock it determines to issue. Any or all of these rights may be superior to the rights of the common stock. Preferred stock could thus be issued quickly with terms calculated to delay or prevent a change in control of our company or to make removal of management more difficult. Additionally, the issuance of preferred stock may decrease the market price of our common stock. At present, we have no plans to issue any shares of preferred stock.

Anti-Takeover Provisions

Delaware Law

We are subject to Section 203 of the Delaware General Corporation Law regulating corporate takeovers, which prohibits a Delaware corporation from engaging in any business combination with an “interested stockholder” during the three year period after such stockholder becomes an “interested stockholder,” unless:

		
	•
	prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

		
	•
	the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (a) shares owned by persons who are directors and also officers, and (b) shares owned by employee stock plans 

in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
		
	•
	on or subsequent to the date of the transaction, the business combination is approved by the Board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

Except as otherwise specified in Section 203, an “interested stockholder” is defined to include:
     
		
	•
	any person that is the owner of 15% or more of the outstanding voting securities of the corporation, or is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within three years immediately prior to the date of determination; and

		
	•
	the affiliates and associates of any such person.

 
Certificate of Incorporation and Bylaws

Our Certificate of Incorporation and Bylaws provide that:

		
	•
	no action can be taken by stockholders except at an annual or special meeting of the stockholders called in accordance with our Bylaws, and stockholders may not act by written consent;

		
	•
	the approval of holders of two-thirds of the shares entitled to vote at an election of directors is required to adopt, or to alter, amend or repeal our Bylaws or amend or repeal the provisions of our Certificate of Incorporation regarding the election and removal of directors, the ability of stockholders to take action and the indemnification of our directors, and the percentage of shares necessary to amend the Certificate of Incorporation;

		
	•
	our Board is expressly authorized to make, alter or repeal our Bylaws;

		
	•
	holders of at least 10% or more of our common stock may call special meetings of the stockholders;

		
	•
	our Board is divided into three classes of service with staggered three-year terms. This means that only one class of directors is elected at each annual meeting of stockholders, with the other classes continuing for the remainder of their respective terms;

		
	•
	our Board is authorized to issue preferred stock without stockholder approval; and

		
	•
	we will indemnify officers and directors against losses that may incur in connection with investigations and legal proceedings resulting from their services to us, which may include services in connection with takeover defense measures.

These provisions may make it more difficult for stockholders to take specific corporate actions and could have the effect of delaying or preventing a change in control of our company.

Limitation of Liability

As permitted by the Delaware general corporation law, our Certificate of Incorporation provides that our directors will not be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except for liability:

		
	•
	for any breach of the director’s duty of loyalty to us or our stockholders;

		
	•
	for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;

		
	•
	under Section 174 of the Delaware General Corporation Law, relating to unlawful payment of dividends or unlawful stock purchase or redemption of stock; or

		
	•
	for any transaction from which the director derives an improper personal benefit.

As a result of this provision, we and our stockholders may be unable to obtain monetary damages from a director for breach of his or her duty of care.

Our Certificate of Incorporation and Bylaws also provide for the indemnification of our directors and officers to the fullest extent authorized by the Delaware General Corporation Law. The indemnification provided under our Certificate of Incorporation and Bylaws includes the right to be paid expenses in advance of any proceeding for which indemnification may be payable, provided that the payment of these expenses incurred by a director or officer in advance of the final disposition of a proceeding may be made only upon delivery to us of an undertaking by or on behalf of the director or officer to repay all amounts so paid in advance if it is ultimately determined that the director or officer is not entitled to be indemnified.

Under our Bylaws, we have the power to purchase and maintain insurance to the extent reasonably available on behalf of any person who is or was one of our directors, officers, employees or agents, or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against the person or incurred by the person in any of these capacities, or arising out of the persons fulfilling one of these capacities, and related expenses, whether or not we would have the power to indemnify the person against the claim under the provisions of the Delaware General Corporation Law. We intend to maintain director and officer liability insurance on behalf of our directors and officers.

Listing

Our common stock is listed on the OTC market under the symbol “SMCI.”

Stock Transfer Agent

The transfer agent and registrar for our common stock is Mellon Investor Services.

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