Document:

Exhibit 10.60

 

[        ]

 

Engagement Letter

 

Dear [        ]

 

This letter will confirm our understanding
concerning your service as a member of the Board of Directors (the “Board”) of Shineco, Inc. (the “Company”).
This letter supersedes all prior written and oral discussion and agreements between the parties hereto with respect to the subject
matter hereof and contain the sole and entire agreement between the parties hereto with respect to the subject matter hereof.

 

1.          TERM.
Your tenure on the Board began in [        ], when you accepted our offer to serve on the Board and will continue until your resignation
or removal or until your successor is duly elected and qualified. We expect that you will be a member of the Board for at least
the period from [        ] to the annual shareholders meeting in [        ] and that you will notify the Company at least one month before resigning
from the Board, subject to compliance with the Company’s Director Resignation Policy.

 

2.          TITLE
AND PRIMARY SERVICES. You have agreed to serve as a Director of the Board, and [        ].

 

3.          COMPENSATION.
In consideration of your services as a director of the Company and your participation in each of the Board’s regular
meetings and additionally called special meetings and conference calls, the Company will pay you a Board Fee of [        ] in cash
per year starting from the first year after the closing of the Initial Public Offering of the Company. You will also attend
Committee Meetings for which you will not receive additional fees.

 

4.          EXPENSES. The
Company will pay or reimburse you for all authorized and approved out-of-pocket expenses actually incurred in the course of
your performance of services pursuant to this letter in a manner consistent with the Company’s policies with respect to
reimbursement of such expenses for its Board members generally. Such expenses shall be approved in advance.

 

5.          REGULATORY
AND LEGAL COMPLIANCE. The Company does not anticipate that you will perform any services for the Company which will require
reporting, registration, licensing or other compliance activities under any federal, state or municipal laws and regulations relating
to lobbying, contact with government officials or similar matters. However, should any such regulatory compliance be required,
you shall be solely responsible for complying at your expense with such regulatory requirements as may be applicable to you personally
and the Company shall be solely responsible for complying at its expense with such regulatory requirements as may be applicable
to the Company. You and the Company shall each provide the other with such information as either may request in order to prepare
any reports or other documents required for any such regulatory compliance.

 

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6.          REPRESENTATIONS.
You warrant and represent to the Company that (a) you are not prohibited by any law or regulation or by the terms of any contract
or agreement from performing services for the Company as contemplated by this letter, and (b) as of the date hereof, you are not
aware of any situation that would pose a conflict of interest with respect to your performance of services for the Company as contemplated
hereby. You agree to promptly inform the Company of any situations that may pose a conflict of interest which may hereafter come
to your attention.

 

7.          CONFIDENTIALITY.
During your tenure on the Board, you shall not directly or indirectly use or disclose any Confidential Information (as defined
below) or Trade Secrets (as defined below) of the Company or the Company’s affiliates except in the interest and for the
benefit of the Company. After the end, for whatever reason, of your tenure on the Board, you shall not directly or indirectly use
or disclose any Trade Secrets of the Company or the Company’s affiliates. Similarly, you shall not directly or indirectly
use or disclose any Confidential Information following your tenure on the Board. For purposes hereof, the term “Confidential
Information” means all non-Trade Secrets or proprietary information of the Company or the Company’s affiliates which
has value to the Company or the Company’s affiliates and which is not known to the public or the Company’s competitors,
generally. Confidential Information includes but is not limited to: (i) inventions, product specifications, information about products
under development, research, development or business plans, production know-how and processes, manufacturing techniques, equipment
design and layout, test results, financial information, customer lists, information about orders and transactions with customers,
sales and marketing strategies and plans, pricing strategies, information relating to sources of materials and production costs,
product samples, technical information and know-how, personnel information and all business records; (ii) information which is
marked or otherwise designated as confidential or proprietary by the Company; and (iii) information received by the Company from
others which the Company has an obligation to treat as confidential. For purposes hereof, “Trade Secrets” has the meaning
set forth under applicable law.

 

8.          RETURN
OF RECORDS. Upon the end, for whatever reason, of your tenure on the Board or upon request by the Company at any time,
you shall immediately return to the Company all documents, records and materials belonging and/or relating to the Company, and
any copies of such materials and destroy any such documents, records or materials maintained on you own computer equipment.

 

9.          INDEPENDENT
CONTRACTOR. You are an independent contractor and not an employee or agent of the Company. You shall be solely responsible
for the payment of any taxes or contributions applicable to your performance of services under this letter. You acknowledge that
you shall not participate in, or receive any benefits provided by, any of the Company’s retirement, health, welfare or other
employee benefit plans or programs.

 

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10.         ASSIGNABILITY.
All services to be provided hereunder shall be performed by you personally and you shall not assign, subcontract, delegate or otherwise
transfer this letter or the performance of services hereunder without the prior written consent of the Company.

 

11.         GOVERNING
LAW. This letter shall be governed by and construed in accordance with the laws of Delaware without regard to the principles
of choice or conflicts of law thereof.

 

12.         SEVERABILITY.
The invalidity, illegality or enforceability of any provision of this letter shall not affect the other provisions hereof, which
shall remain in full force and effect.

 

If you are in agreement with the above,
kindly so indicate by signing and dating the enclosed copy of this letter in the space provided below and returning it to the Company.

 

	 	Very truly yours,
	 	 
	 	 
	 	Yuying Zhang
	 	Chief Executive Officer

 

	Acknowledged and agreed 	 
	 	 
	as of the date indicated above.	 
	 	 
	 	 
	[                        ]	 
	Director	 

 

    	 	3gmgi_ex101.htm

EXHIBIT 10.1
 
GOLDEN MATRIX GROUP, INC. & DIRECT CAPITAL
GROUP, INC. CANCELLATION AND RELEASE AGREEMENT
 
THIS CANCELLATION AND RELEASE AGREEMENT (“Agreement”), is entered into this 20th day of September 2016, by and between Golden Matrix Group, Inc. (formerly known as Source Gold Corp.), (“GMGI”, “Company”), and Direct Capital Group, Inc. (“Direct”).
 
WHEREAS, GMGI currently owes Seven Hundred Nineteen Thousand Nine Hundred Sixty Dollars ($719,960) to Direct pursuant to numerous Convertible Notes, as described in attached Table as Schedule One. The Convertible Notes have conversion features and carry interest rates from 8% to 22% per year.
 
WHEREAS, on or around February 22, 2016, GMGI entered into an Asset Purchase Agreement and a subsequent change of management took place.
 
WHEREAS, the Company is in the early stages of restructuring, changing the direction of the business the Company is engaged in, and moving the Company forward in a positive manner.
 
WHEREAS, the Board of Directors of the Company feels it to be in the best interest of the Company and the Shareholders to reduce the outstanding debt of the Company incurred by the previous management.
 
WHEREAS, on September 20, 2016, Direct Capital agreed to cancel all of the Convertible Notes listed on Schedule One and to release any remaining obligation the Company may have to Direct pursuant to those Convertible Notes in Schedule One. 
 
WHEREAS, in exchange for the cancellation of the Debt listed on Schedule One, Golden Matrix Group, Inc., will return ownership of the Company’s mining claims held in the Company’s name.
 
THEREFORE, it is hereby agreed by both the Company, and Direct, that the outstanding Notes, principal and interest totaling $719,960, and owed to Direct pursuant to the Convertible Notes listed in Schedule One and attached to this Agreement, by the Company, shall be cancelled, and no further obligations of the Company, under the Notes listed in Schedule One, are contemplated.
 
FURTHER, it is agreed by both the Company and Direct that Direct shall release all future claims to subsequent conversions of the Notes listed on Schedule One, the Company will have no further obligation to Direct under those Convertible Notes and Direct shall be forever barred from seeking further conversions or claiming obligations of the Company under the Convertible Notes.
 
  
	 
	1

	

	 

 
The undersigned do hereby acknowledge receipt, review, understanding and agreement with this Cancellation and Release Agreement. 
 
	 
	 
	 
	
	Anthony Goodman, President  
Golden Matrix Group, Inc.
	 
	Date 
	
	 
	 
	 
	 

	 
	 
	 
	
	Jon Fullenkamp, President  
Direct Capital Group, Inc.
	 
	Date
	

 
 
	 
	2

	

	 

 
SCHEDULE ONE
TABLE OF CONVERTIBLE NOTES 
BETWEEN GMGI & DIRECT CAPITAL GROUP, INC.
 
	Note Holder
	 
	#
	 
	 
	Amount
($)
	 
	 
	Origination 
Date
	 
	Interest
 Rate (%)
	 
	 
	($) Total Principal
& Interest
	 

	DIRECT CAPITAL
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Direct Capital
	 
	50
	 
	 
	 
	213,895	 
	 
	12/31/14
	 
	 
	8.00	%	 
	 
	314,562	 

	Direct Capital
	 
	52
	 
	 
	 
	165,000	 
	 
	04/30/15
	 
	 
	8.00	%	 
	 
	210,618	 

	Direct Capital 
	 
	59
	 
	 
	 
	165,000	 
	 
	07/31/15
	 
	 
	8.00	%	 
	 
	194,780	 

	TOTAL
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	719,960	 

 
 
	3

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