Document:

Exhibit
10.12

 

Securities
Purchase Agreement

 

This
Securities Purchase Agreement (this “Agreement”), dated as of February 2,
2021, is entered into by and between The9 Limited, a Cayman Islands corporation
(“Company”), and Streeterville Capital, LLC, a Utah limited liability
company, its successors and/or assigns (“Investor”).

 

A.            Company
and Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the Securities Act of 1933, as amended (the “1933 Act”), and the rules and regulations promulgated
thereunder by the United States Securities and Exchange Commission (the “SEC”).

 

B.            Investor
desires to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement: (a) a
Convertible Promissory Note, in the form attached hereto as Exhibit A, in the original principal amount of $5,000,000.00
(the “Note”), convertible into American Depositary Shares of Company (the “ADSs”), upon
the terms and subject to the limitations and conditions set forth in such Note; (b) 50,000 ADSs (the “Commitment
Shares”); and (c) 10,000,000 Class A ordinary shares, $0.01 par value per share, of Company (the “Purchase
Shares”).

 

C.            This
Agreement, the Note, and all other certificates, documents, agreements, resolutions and instruments delivered to any party under
or in connection with this Agreement, as the same may be amended from time to time, are collectively referred to herein as the
 “Transaction Documents”.

 

D.            For
purposes of this Agreement: “Conversion Shares” means all ADSs issuable upon conversion of all or any portion
of the Note; and “Securities” means the Note, the Conversion Shares, the Commitment Shares and the Purchase
Shares.

 

NOW,
THEREFORE, in consideration of the above recitals and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Company and Investor hereby agree as follows:

 

1.             Purchase
and Sale of Securities.

 

1.1.            Purchase
of Securities. Company shall issue and sell to Investor and Investor shall purchase from Company the Note, the Commitment
Shares and the Purchase Shares. In consideration thereof, Investor shall pay the Purchase Price (as defined below) to Company.

 

1.2.            Form of
Payment. On the Closing Date (as defined below), Investor shall pay the Purchase Price to Company via wire transfer of
immediately available funds against delivery of the Note, the Commitment Shares and the Purchase Shares.

 

1.3.            Closing
Date. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section 6 below,
the date of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be February 2,
2021, or another mutually agreed upon date. The closing of the transactions contemplated by this Agreement (the “Closing”)
shall occur on the Closing Date by means of the exchange by email of signed .pdf documents, but shall be deemed for all purposes
to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

1.4.            Transaction
Expense Amount; Issuance Expenses. Company agrees to pay $15,000.00 to Investor to cover Investor’s legal fees, accounting
costs, due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of the Securities
(the “Transaction Expense Amount”), which amount will be reduced from the amount funded hereunder. The “Purchase
Price”, therefore, shall be $4,985,000.00, computed as follows: $5,000,000.00 initial principal balance, less the Transaction
Expense Amount. Company agrees that it will pay for any and all fees associated with the issuance of the Commitment Shares, Purchase
Shares and Conversion Shares.

 

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2.             Investor’s
Representations and Warranties. Investor represents and warrants to Company that as of the Closing Date: (i) Investor
is a limited partnership duly established, validly existing and in good standing under the laws of the State of Utah and has the
requisite power to carry on its business as now being conducted; (ii) this Agreement has been duly and validly authorized;
(iii) this Agreement constitutes a valid and binding agreement of Investor enforceable in accordance with its terms; and
(iv) Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D of
the 1933 Act.

 

3.             Company’s
Representations and Warranties. Company represents and warrants to Investor that as of the Closing Date: (i) Company
is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation and has the
requisite corporate power to own its properties and to carry on its business as now being conducted; (ii) Company is duly
qualified as a foreign corporation to do business and is in good standing in each jurisdiction where the nature of the business
conducted or property owned by it makes such qualification necessary; (iii) Company has registered its ordinary shares underlying
its ADSs under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “1934 Act”),
and is obligated to file reports pursuant to Section 13 or Section 15(d) of the 1934 Act; (iv) each of the
Transaction Documents and the transactions contemplated hereby and thereby, have been duly and validly authorized by Company and
all necessary actions have been taken; (v) the Transaction Documents have been duly executed and delivered by Company and
constitute the valid and binding obligations of Company enforceable in accordance with their terms; (vi) the execution and
delivery of the Transaction Documents by Company, the issuance of Securities in accordance with the terms hereof, and the consummation
by Company of the other transactions contemplated by the Transaction Documents do not and will not conflict with or result in
a breach by Company of any of the terms or provisions of, or constitute a default under (a) Company’s formation documents
or bylaws, each as currently in effect, (b) any indenture, mortgage, deed of trust, or other material agreement or instrument
to which Company is a party or by which it or any of its properties or assets are bound, including, without limitation, any listing
agreement for the ADSs, or (c) any existing applicable law, rule, or regulation or any applicable decree, judgment, or order
of any court, United States federal, state or foreign regulatory body, administrative agency, or other governmental body having
jurisdiction over Company or any of Company’s properties or assets; (vii) no further authorization, approval or consent
of any court, governmental body, regulatory agency, self-regulatory organization, or stock exchange or market or the stockholders
or any lender of Company is required to be obtained by Company for the issuance of the Securities to Investor or the entering
into of the Transaction Documents; (viii) none of Company’s filings with the SEC contained, at the time they were filed,
any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make
the statements made therein, in light of the circumstances under which they were made, not misleading; (ix) Company has filed
all reports, schedules, forms, statements and other documents required to be filed by Company with the SEC under the 1934 Act
on a timely basis or has received a valid extension of such time of filing and has filed any such report, schedule, form, statement
or other document prior to the expiration of any such extension; (x) there is no action, suit, proceeding, inquiry or investigation
before or by any court, public board or body pending or, to the knowledge of Company, threatened against or affecting Company
before or by any governmental authority or non-governmental department, commission, board, bureau, agency or instrumentality or
any other person, wherein an unfavorable decision, ruling or finding would have a material adverse effect on Company or which
would adversely affect the validity or enforceability of, or the authority or ability of Company to perform its obligations under,
any of the Transaction Documents; (xi) Company has not consummated any financing transaction that has not been disclosed
in a periodic filing or current report with the SEC under the 1934 Act; (xii) Company is not, nor has it been at any time
in the previous twelve (12) months, a “Shell Company,” as such type of “issuer” is described in Rule 144(i)(1) under
the 1933 Act; (xiii) with respect to any commissions, placement agent or finder’s fees or similar payments that will
or would become due and owing by Company to any person or entity as a result of this Agreement or the transactions contemplated
hereby (“Broker Fees”), any such Broker Fees will be made in full compliance with all applicable laws and regulations
and only to a person or entity that is a registered investment adviser or registered broker-dealer; (xiv) Investor shall
have no obligation with respect to any Broker Fees or with respect to any claims made by or on behalf of other persons for fees
of a type contemplated in this subsection that may be due in connection with the transactions contemplated hereby and Company
shall indemnify and hold harmless each of Investor, Investor’s employees, officers, directors, stockholders, members,
managers, agents, and partners, and their respective affiliates, from and against all claims, losses, damages, costs (including
the costs of preparation and attorneys’ fees) and expenses suffered in respect of any such claimed Broker Fees; (xv) when
issued, the Conversion Shares, the Commitment Shares and the Purchase Shares will be duly authorized, validly issued, fully paid
for and non-assessable, free and clear of all liens, claims, charges and encumbrances; (xvi) neither Investor nor any of
its officers, directors, stockholders, members, managers, employees, agents or representatives has made any representations or
warranties to Company or any of its officers, directors, employees, agents or representatives except as expressly set forth in
the Transaction Documents and, in making its decision to enter into the transactions contemplated by the Transaction Documents,
Company is not relying on any representation, warranty, covenant or promise of Investor or its officers, directors, members, managers,
employees, agents or representatives other than as set forth in the Transaction Documents; (xvii) Company acknowledges that
the State of Utah has a reasonable relationship and sufficient contacts to the transactions contemplated by the Transaction Documents
and any dispute that may arise related thereto such that the laws and venue of the State of Utah, as set forth more specifically
in Section 9.2 below, shall be applicable to the Transaction Documents and the transactions contemplated therein; and (xviii) Company
has performed due diligence and background research on Investor and its affiliates including, without limitation, John M. Fife,
and, to its satisfaction, has made inquiries with respect to all matters Company may consider relevant to the undertakings and
relationships contemplated by the Transaction Documents including, among other things, the following: http://investing.businessweek.com/research/stocks/people/person.asp?personId=7505107&ticker=UAHC;
SEC Civil Case No. 07-C-0347 (N.D. Ill.); SEC Civil Action No. 07-CV-347 (N.D. Ill.); and FINRA Case #2011029203701.
In addition, Investor is involved in ongoing litigation with the SEC regarding broker-dealer registration (see SEC
Civil Case No. 1:20-cv-05227 (N.D. Ill.)). Company, being aware of the matters described in subsection (xviii) above,
acknowledges and agrees that such matters, or any similar matters, have no bearing on the transactions contemplated by the Transaction
Documents and covenants and agrees it will not use any such information as a defense to performance of its obligations under the
Transaction Documents or in any attempt to avoid, modify or reduce such obligations.

 

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4.             Company
Covenants. Until all of Company’s obligations under all of the Transaction Documents are paid and performed in full,
or within the timeframes otherwise specifically set forth below, Company will at all times comply with the following covenants:
(i) so long as Investor beneficially owns any of the Securities and for at least twenty (20) Trading Days (as defined in
the Note) thereafter, Company will timely file on the applicable deadline all reports required to be filed with the SEC pursuant
to Sections 13 or 15(d) of the 1934 Act, and will take all reasonable action under its control to ensure that adequate
current public information with respect to Company, as required in accordance with Rule 144 of the 1933 Act, is publicly
available, and will 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 permit such termination; (ii) when issued, the Conversion Shares, the Commitment
Shares and the Purchase Shares will be duly authorized, validly issued, fully paid for and non-assessable, free and clear of all
liens, claims, charges and encumbrances; (iii) the ADSs shall be listed or quoted for trading on Nasdaq; and (iv) trading
in the ADSs will not be suspended, halted, chilled, frozen, reach zero bid or otherwise cease trading on Company’s principal
trading market.

 

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5.             Conditions
to Company’s Obligation to Sell. The obligation of Company hereunder to issue and sell the Securities to Investor at
the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions:

 

5.1.            Investor
shall have executed this Agreement and delivered the same to Company.

 

5.2.            Investor
shall have delivered the Purchase Price to Company in accordance with Section 1.2 above.

 

6.             Conditions
to Investor’s Obligation to Purchase. The obligation of Investor hereunder to purchase the Securities at the Closing
is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, provided that these conditions
are for Investor’s sole benefit and may be waived by Investor at any time in its sole discretion:

 

6.1.            Company
shall have executed this Agreement and the Note and delivered the same to Investor.

 

6.2.            Company
shall have delivered to Investor certificates representing the Commitment Shares and the Purchase Shares.

 

6.3.            Company
shall have delivered to Investor a fully executed Irrevocable Letter of Instructions to Transfer Agent (the “TA Letter”)
substantially in the form attached hereto as Exhibit B acknowledged and agreed to in writing by Company’s transfer
agent (the “Transfer Agent”).

 

6.4.            Company
shall have delivered to Investor a fully executed Secretary’s Certificate substantially in the form attached hereto as Exhibit C
evidencing Company’s approval of the Transaction Documents.

 

6.5.            Company
shall have delivered to Investor a fully executed Share Transfer Order for each certificate representing the Purchase Shares substantially
in the form attached hereto as Exhibit D to be delivered to the Transfer Agent.

 

6.6.            Company
shall have delivered to Investor fully executed copies of all other Transaction Documents required to be executed by Company herein
or therein.

 

7.             OFAC;
Patriot Act.

 

7.1.            OFAC
Certification. Company certifies that (i) it is not acting on behalf of any person, group, entity, or nation named by
any Executive Order or the United States Treasury Department, through its Office of Foreign Assets Control (“OFAC”)
or otherwise, as a terrorist, “Specially Designated Nation”, “Blocked Person”, or other banned or blocked
person, entity, nation, or transaction pursuant to any law, order, rule or regulation that is enforced or administered by
OFAC or another department of the United States government, and (ii) Company is not engaged in this transaction on behalf
of, or instigating or facilitating this transaction on behalf of, any such person, group, entity or nation.

 

7.2.            Foreign
Corrupt Practices. Neither Company, nor any of its subsidiaries, nor any director, officer, agent, employee or other person
acting on behalf of Company or any subsidiary has, in the course of his actions for, or on behalf of, Company, used any corporate
funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; made any direct
or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; violated or is in
violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe, rebate, payoff, influence
payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

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7.3.            Patriot
Act. Company shall not (i) be or become subject at any time to any law, regulation, or list of any government agency
(including, without limitation, the OFAC) that prohibits or limits Investor from making any advance or extension of credit to
Company or from otherwise conducting business with Company, or (ii) fail to provide documentary and other evidence of Company’s
identity as may be requested by Investor at any time to enable Investor to verify Company’s identity or to comply with any
applicable law or regulation, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318.
Company shall comply with all requirements of law relating to money laundering, anti-terrorism, trade embargos and economic sanctions,
now or hereafter in effect. Upon Investor’s request from time to time, Company shall certify in writing to Investor that
Company’s representations, warranties and obligations under this Section 7.3 remain true and correct and have not been
breached. Company shall immediately notify Investor in writing if any of such representations, warranties or covenants are no
longer true or have been breached or if Company has a reasonable basis to believe that they may no longer be true or have been
breached. In connection with such an event, Company shall comply with all requirements of law and directives of governmental authorities
and, at Investor’s request, provide to Investor copies of all notices, reports and other communications exchanged with,
or received from, governmental authorities relating to such an event. Company shall also reimburse Investor any expense incurred
by Investor in evaluating the effect of such an event on the loan secured hereby, in obtaining any necessary license from governmental
authorities as may be necessary for Investor to enforce its rights under the Transaction Documents, and in complying with all
requirements of law applicable to Investor as the result of the existence of such an event and for any penalties or fines imposed
upon Investor as a result thereof.

 

8.             Purchase
Shares. Beginning on the date of each occurrence of an Event of Default (as defined in the Note) pursuant to Section 4(a) –
(c) of the Note until such time as such Event of Default is cured, Investor shall have the right to sell the Purchase
Shares and apply the proceeds (net of any fees incurred by Investor, except legal costs to comply with applicable securities laws
on the part of Investor) to the outstanding balance of the Note. At such time as the Note is repaid in full, Company shall have
the right to repurchase any unsold Purchase Shares from Investor at a price of $0.0001 per share. Investor shall have the right
to return any Purchase Shares to Company for cancellation at any time. Upon receipt of returned Purchase Shares, Company agrees
to immediately cancel such Purchase Shares and provide notice of cancellation to Investor. Company and Investor agree that in
the event Investor sells Purchase Shares after the Note has been paid in full, then in such event, as Company’s sole and
exclusive remedy for doing so, Investor shall pay Company an amount equal to two (2) times the net proceeds received
from the sale of the excess Purchase Shares. For illustration purposes only, if the Note had been repaid in full from the sale
of Purchase Shares and Investor sold additional Purchase Shares with net proceeds of $50,000.00, then Investor would be obligated
to make a payment to Company in the amount of $100,000.00. If such penalty amount is not transferred to the Company within three
days, interest of 6% per annum shall be calculated from the due date until the same is paid
in full.

 

9.             Miscellaneous.
The provisions set forth in this Section 9 shall apply to this Agreement, as well as all other Transaction Documents as if
these terms were fully set forth therein; provided, however, that in the event there is a conflict between any provision set forth
in this Section 9 and any provision in any other Transaction Document, the provision in such other Transaction Document shall
govern.

 

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9.1.            Arbitration
of Claims. The parties shall submit all Claims (as defined in Exhibit E) arising under this Agreement or any other
Transaction Document or any other agreement between the parties and their affiliates or any Claim relating to the relationship
of the parties to binding arbitration pursuant to the arbitration provisions set forth in Exhibit E attached hereto
(the “Arbitration Provisions”). For the avoidance of doubt, the parties agree that the injunction described
in Section 9.4 below may be pursued in an arbitration that is separate and apart from any other arbitration regarding all
other Claims arising under the Transaction Documents. The parties hereby acknowledge and agree that the Arbitration Provisions
are unconditionally binding on the parties hereto and are severable from all other provisions of this Agreement. By executing
this Agreement, Company represents, warrants and covenants that Company has reviewed the Arbitration Provisions carefully, consulted
with legal counsel about such provisions (or waived its right to do so), understands that the Arbitration Provisions are intended
to allow for the expeditious and efficient resolution of any dispute hereunder, agrees to the terms and limitations set forth
in the Arbitration Provisions, and that Company will not take a position contrary to the foregoing representations. Company acknowledges
and agrees that Investor may rely upon the foregoing representations and covenants of Company regarding the Arbitration Provisions.

 

9.2.            Indemnification.
Investor shall indemnify, defend and hold harmless Company, its affiliates, subsidiaries and its and their respective officers,
directors and employees from and against any and all costs and expenses, losses, damages, claims, causes of action and liabilities
(including reasonable attorneys’ fees, disbursements and expenses of litigation) arising from, relating to, or in any way
connected with the claims in respect to the matters described in Section 3(xviii) above.
In the event an action brought against Company alleges multiple claims or causes of action, Investor shall only be obligated
to indemnify Company for the amounts directly attributable to the claim related to the matters described in Section 3(xviii) above
and not for any amounts related to any of the other claims asserted in the same action. Notwithstanding anything herein to the
contrary, in no event shall Investor’s indemnification obligation under this Section 9.2 exceed $500,000.00.

 

9.3.            Governing
Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Utah, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Utah. Each party consents to and expressly
agrees that the exclusive venue for arbitration of any dispute arising out of or relating to any Transaction Document or the relationship
of the parties or their affiliates shall be in Salt Lake County, Utah. Without modifying the parties’ obligations to resolve
disputes hereunder pursuant to the Arbitration Provisions, for any litigation arising in connection with any of the Transaction
Documents, each party hereto hereby (i) consents to and expressly submits to the exclusive personal jurisdiction of any state
or federal court sitting in Salt Lake County, Utah, (ii) expressly submits to the exclusive venue of any such court for the
purposes hereof, (iii) agrees to not bring any such action (specifically including, without limitation, any action where
Company seeks to obtain an injunction, temporary restraining order, or otherwise prohibit the Transfer Agent from issuing ADSs
to Investor for any reason) outside of any state or federal court sitting in Salt Lake County, Utah (except for actions involving
the Transfer Agent that must be brought in the Cayman Islands pursuant to the terms of the TA Letter), and (iv) waives any
claim of improper venue and any claim or objection that such courts are an inconvenient forum or any other claim, defense or objection
to the bringing of any such proceeding in such jurisdiction or to any claim that such venue of the suit, action or proceeding
is improper. Finally, Company covenants and agrees to name Investor as a party in interest in, and provide written notice to Investor
in accordance with Section 9.10 below prior to bringing or filing, any action (including without limitation any filing or
action against any person or entity that is not a party to this Agreement, including without limitation the Transfer Agent) that
is related in any way to the Transaction Documents or any transaction contemplated herein or therein, including without limitation
any action brought by Company to enjoin or prevent the issuance of any ADSs to Investor by the Transfer Agent, and further agrees
to timely name Investor as a party to any such action. Company acknowledges that the governing law and venue provisions set forth
in this Section 9.2 are material terms to induce Investor to enter into the Transaction Documents and that but for Company’s
agreements set forth in this Section 9.2 Investor would not have entered into the Transaction Documents.

 

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9.4.            Specific
Performance. Company acknowledges and agrees that Investor may suffer irreparable harm in
the event that Company fails to perform any material provision of this Agreement or any of the other Transaction Documents in
accordance with its specific terms. It is accordingly agreed that Investor shall be entitled to one or more injunctions to prevent
or cure breaches of the provisions of this Agreement or such other Transaction Document and to enforce specifically the terms
and provisions hereof or thereof, this being in addition to any other remedy to which the Investor may be entitled under the Transaction
Documents, at law or in equity. For the avoidance of doubt, in the event Investor seeks to obtain an injunction from a court or
an arbitrator against Company or specific performance of any provision of any Transaction Document, such action shall not be a
waiver of any right of Investor under any Transaction Document, at law, or in equity, including without limitation its rights
to arbitrate any Claim pursuant to the terms of the Transaction Documents, nor shall Investor’s pursuit of an injunction
prevent Investor, under the doctrines of claim preclusion, issues preclusion, res judicata or other similar legal doctrines, from
pursuing other Claims in the future in a separate arbitration.

 

9.5.            Counterparts.
Each Transaction Document may be executed in any number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed
counterpart of a Transaction Document (or such party’s signature page thereof) will be deemed to be an executed original
thereof.

 

9.6.            Headings.
The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation
of, this Agreement.

 

9.7.            Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law,
then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

9.8.            Entire
Agreement. This Agreement, together with the other Transaction Documents, contains 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 Company
nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters. For the avoidance of doubt,
all prior term sheets or other documents between Company and Investor, or any affiliate thereof, related to the transactions contemplated
by the Transaction Documents (collectively, “Prior Agreements”), that may have been entered into between Company
and Investor, or any affiliate thereof, are hereby null and void and deemed to be replaced in their entirety by the Transaction
Documents. To the extent there is a conflict between any term set forth in any Prior Agreement and the term(s) of the Transaction
Documents, the Transaction Documents shall govern.

 

9.9.            Amendments.
No provision of this Agreement may be waived or amended other than by an instrument in writing signed by both parties hereto.

 

9.10.          Notices.
Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be deemed effectively
given on the earliest of: (i) the date delivered, if delivered by personal delivery as against written receipt therefor or
by email to an executive officer named below or such officer’s successor, or by facsimile (with successful transmission
confirmation which is kept by sending party), (ii) the earlier of the date delivered or the third Trading Day after deposit,
postage prepaid, in the United States Postal Service by certified mail, or (iii) the earlier of the date delivered or the
third Trading Day after mailing by express courier, with delivery costs and fees prepaid, in each case, addressed to each of the
other parties thereunto entitled at the following addresses (or at such other addresses as such party may designate by five (5) calendar
days’ advance written notice similarly given to each of the other parties hereto):

 

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If
to Company:

 

The9
Limited

Attn:
George Lai

17
Floor, No. 130, Wu Song Road

Hong
Kou District,

Shanghai
200080, PRC

 

If
to Investor:

 

Streeterville Capital, LLC

Attn: John Fife

303 East Wacker Drive, Suite 1040

Chicago, Illinois 60601

 

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

 

Hansen Black Anderson Ashcraft
PLLC

Attn: Jonathan Hansen

3051 West Maple Loop Drive,
Suite 325

Lehi, Utah 84043

 

9.11.            Successors
and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by
Investor hereunder may be assigned by Investor to a third party, including its affiliates, in whole or in part, without the need
to obtain Company’s consent thereto. Company may not assign its rights or obligations under this Agreement or delegate its
duties hereunder without the prior written consent of Investor.

 

9.12.            Survival.
The representations and warranties of Company and the agreements and covenants set forth in this Agreement shall survive the Closing
hereunder notwithstanding any due diligence investigation conducted by or on behalf of Investor. Company agrees to indemnify and
hold harmless Investor and all its officers, directors, employees, attorneys, and agents for loss or damage arising as a result
of or related to any breach or alleged breach by Company of any of its representations, warranties and covenants set forth in
this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

 

9.13.            Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

9.14.            Investor’s
Rights and Remedies Cumulative. All rights, remedies, and powers conferred in this Agreement and the Transaction Documents
are cumulative and not exclusive of any other rights or remedies, and shall be in addition to every other right, power, and remedy
that Investor may have, whether specifically granted in this Agreement or any other Transaction Document, or existing at law,
in equity, or by statute, and any and all such rights and remedies may be exercised from time to time and as often and in such
order as Investor may deem expedient.

 

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9.15.            Attorneys’
Fees and Cost of Collection. In the event of any arbitration or action at law or in equity to enforce or interpret the terms
of this Agreement or any of the other Transaction Documents, the parties agree that the party who is awarded the most money (which,
for the avoidance of doubt, shall be determined without regard to any statutory fines, penalties, fees, or other charges awarded
to any party) shall be deemed the prevailing party for all purposes and shall therefore be entitled to an additional award of
the full amount of the attorneys’ fees, deposition costs, and expenses paid by such prevailing party in connection with
arbitration or litigation without reduction or apportionment based upon the individual claims or defenses giving rise to the fees
and expenses. Nothing herein shall restrict or impair an arbitrator’s or a court’s power to award fees and expenses
for frivolous or bad faith pleading. If (i) the Note is placed in the hands of an attorney for collection or enforcement
prior to commencing arbitration or legal proceedings, or is collected or enforced through any arbitration or legal proceeding,
or Investor otherwise takes action to collect amounts due under the Note or to enforce the provisions of the Note, or (ii) there
occurs any bankruptcy, reorganization, receivership of Company or other proceedings affecting Company’s creditors’
rights and involving a claim under the Note; then Company shall pay the costs incurred by Investor for such collection, enforcement
or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation,
attorneys’ fees, expenses, deposition costs, and disbursements.

 

9.16.            Waiver.
No waiver of any provision of this Agreement shall be effective unless it is in the form of a writing signed by the party granting
the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or
consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent
or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

9.17.            Waiver
of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO DEMAND THAT
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT,
OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY
ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH
PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

9.18.            Time
is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement and the
other Transaction Documents.

 

9.19.            Voluntary
Agreement. Company has carefully read this Agreement and each of the other Transaction Documents and has asked any questions
needed for Company to understand the terms, consequences and binding effect of this Agreement and each of the other Transaction
Documents and fully understand them. Company has had the opportunity to seek the advice of an attorney of Company’s choosing,
or has waived the right to do so, and is executing this Agreement and each of the other Transaction Documents voluntarily and
without any duress or undue influence by Investor or anyone else.

 

[Remainder
of page intentionally left blank; signature page follows]

 

    9

     

    

 

IN
WITNESS WHEREOF, the undersigned Investor and Company have caused this Agreement to be duly executed as of the date first above
written.

 

SUBSCRIPTION
AMOUNT:

 

	Principal Amount of Note:	$5,000,000.00
	 	 
	Purchase Price:	$4,985,000.00

 

	 	INVESTOR:
	 	 
	 	Streeterville Capital,
    LLC
	 	 
	 	 
	 	By:	/s/ John M. Fife
	 	 	John M. Fife, President

 

	 	 	 
	 	COMPANY:
	 	The9 Limited
	 	 
	 	 
	 	By:	/s/ George Lai
	 	Printed Name:	George Lai
	 	Title:	CFO

 

[Signature
Page to Securities Purchase Agreement]

 

    

     

    

 

ATTACHED EXHIBITS:

 

Exhibit A
Note

Exhibit B
Irrevocable Transfer Agent Instructions 

Exhibit C
Secretary’s Certificate

Exhibit D
Share Issuance Resolution 

Exhibit E
Arbitration Provisions

 

    

     

    

 

Exhibit A

 

    

     

    

 

CONVERTIBLE
PROMISSORY NOTE

 

	Effective Date: February 2, 2021	     U.S.
$5,000,000.00

 

FOR
VALUE RECEIVED, The9 Limited, a Cayman Islands corporation (“Borrower”),
promises to pay to Streeterville Capital, LLC, a Utah limited liability company,
or its successors or assigns (“Lender”), $5,000,000.00 and any interest, fees, charges, and late fees accrued
hereunder on the date that is twelve (12) months after the Purchase Price Date (the “Maturity
Date”) in accordance with the terms set forth herein and to pay interest on the Outstanding Balance at the rate of six
percent (6%) per annum from the Purchase Price Date until the same is paid in full. All interest calculations hereunder shall
be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months and shall be payable in accordance
with the terms of this Note. This Convertible Promissory Note (this “Note”) is issued and made effective as
of February 2, 2021 (the “Effective Date”). This Note is issued pursuant to that certain Securities Purchase
Agreement dated February 2, 2021, as the same may be amended from time to time, by and between Borrower and Lender (the “Purchase
Agreement”). Certain capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated
herein by this reference.

 

Borrower
agrees to pay $15,000.00 to Lender to cover Lender’s legal fees, accounting costs, due diligence, monitoring and other transaction
costs incurred in connection with the purchase and sale of this Note (the “Transaction Expense Amount”), which
will be deducted from the amount funded. The purchase price for this Note shall be $4,985,000.00 (the “Purchase Price”),
computed as follows: $5,000,000.00 original principal balance, less the Transaction Expense Amount. The Purchase Price shall be
payable by Lender by wire transfer of immediately available funds.

 

1.             Payment;
Prepayment.

 

1.1.            Payment.
All payments owing hereunder shall be in lawful money of the United States of America or Conversion
Shares (as defined below), as provided for herein, and delivered to Lender at the address or bank account furnished to Borrower
for that purpose. All payments shall be applied first to (a) costs of collection, if any, then to (b) fees and charges,
if any, then to (c) accrued and unpaid interest, and thereafter, to (d) principal.

 

1.2.            Prepayment.
Notwithstanding the foregoing, Borrower shall have the right to prepay all or any portion of the Outstanding Balance (less such
portion of the Outstanding Balance for which Borrower has received a Lender Conversion Notice (as defined below) or a Redemption
Notice (as defined below) from Lender where the applicable Conversion Shares have not yet been delivered). If Borrower exercises
its right to prepay this Note, Borrower shall make payment to Lender of an amount in cash equal to 115% multiplied by the portion
of the Outstanding Balance Borrower elects to repay.

 

2.             [Reserved].

 

3.             Lender
Optional Conversion.

 

3.1.            Lender
Conversions. Lender has the right at any time after six (6) months have elapsed since the Purchase Price Date until the
Outstanding Balance has been paid in full, at its election, to convert (“Lender Conversion”) all or any portion
of the Outstanding Balance into fully paid and non-assessable American Depositary Shares (“ADSs”) of Borrower
(each instance of conversion is referred to herein as a “Lender Conversion Shares”) as per the following conversion
formula: the number of Lender Conversion Shares equals the amount being converted (the “Conversion Amount”)
divided by the Lender Conversion Price (as defined below). Conversion notices in the form attached hereto as Exhibit A
(each, a “Lender Conversion Notice”) may be effectively delivered to Borrower by any method set forth in
the “Notices” Section of the Purchase Agreement, and all Lender Conversions shall be cashless and not require
further payment from Lender. Borrower shall deliver the Lender Conversion Shares from any Lender Conversion to Lender in accordance
with Section 9 below. Lender shall also deliver a legal opinion (or legal opinions for each conversion or sale, as the case
may be) with respect to compliance with applicable securities laws with each Lender Conversion Notice.

 

    

     

    

 

3.2.            Lender
Conversion Price. Subject to adjustment as set forth in this Note, the price at which Lender has the right to convert all
or any portion of the Outstanding Balance into ADSs is $14.00 per share (the “Lender Conversion Price”).

 

4.             Defaults
and Remedies.

 

4.1.            Defaults.
The following are events of default under this Note (each, an “Event of Default”): (a) Borrower fails
to pay any principal, interest, fees, charges, or any other amount when due and payable hereunder; (b) Borrower fails to
deliver any Lender Conversion Shares in accordance with the terms hereof; (c) Borrower fails to deliver any Redemption Conversion
Shares (as defined below) in accordance with the terms hereof; (d) a receiver, trustee or other similar official shall be
appointed over Borrower or a material part of its assets and such appointment shall remain uncontested for twenty (20) days or
shall not be dismissed or discharged within sixty (60) days; (e) Borrower becomes insolvent or generally fails to pay, or
admits in writing its inability to pay, its debts as they become due; (f) Borrower makes a general assignment for the benefit
of creditors; (g) Borrower files a petition for relief under any bankruptcy, insolvency or similar law (domestic or foreign);
(h) an involuntary bankruptcy proceeding is commenced or filed against Borrower; (i) Borrower or any pledgor, trustor,
or guarantor of this Note defaults or otherwise fails to observe or perform any covenant, obligation, condition or agreement of
Borrower or such pledgor, trustor, or guarantor contained herein or in any other Transaction Document (as defined in the Purchase
Agreement), other than those specifically set forth in this Section 4.1 and Section 4 of the Purchase Agreement; (j) any
representation, warranty or other statement made or furnished by or on behalf of Borrower or any pledgor, trustor, or guarantor
of this Note to Lender herein, in any Transaction Document, or otherwise in connection with the issuance of this Note is false,
incorrect, incomplete or misleading in any material respect when made or furnished; (k) the occurrence of a Fundamental Transaction
without Lender’s prior written consent, which shall not be unreasonably withheld; (l) Borrower effectuates a reverse
split of its ADSs without twenty (20) Trading Days prior written notice to Lender; (m) any money judgment, writ or similar
process is entered or filed against Borrower or any subsidiary of Borrower or any of its property or other assets for more than
$100,000.00, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) calendar days unless otherwise consented
to by Lender; (n) Borrower fails to be DWAC Eligible; (o) Borrower fails to observe or perform any covenant set forth
in Section 4 of the Purchase Agreement; or (p) Borrower, any affiliate of Borrower, or any pledgor, trustor, or guarantor
of this Note breaches any covenant or other term or condition contained in any Other Agreements. Notwithstanding the foregoing,
on up to two (2) separate occasions, Borrower shall have ten (10) Trading Days instead of five (5) Trading Days
to deliver Lender Conversion Shares or Redemption Conversion without an Event of Default pursuant to Section 4.1(b) or
(c) above occurring.

 

4.2.            Remedies.
At any time and from time to time after Lender becomes aware of the occurrence of any Event of Default, Lender may accelerate
this Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash at the Mandatory
Default Amount. Notwithstanding the foregoing, at any time following the occurrence of any Event of Default, Lender may, at its
option, elect to increase the Outstanding Balance by applying the Default Effect (subject to the limitation set forth below) via
written notice to Borrower without accelerating the Outstanding Balance, in which event the Outstanding Balance shall be increased
as of the date of the occurrence of the applicable Event of Default pursuant to the Default Effect, but the Outstanding Balance
shall not be immediately due and payable unless so declared by Lender (for the avoidance of doubt, if Lender elects to apply the
Default Effect pursuant to this sentence, it shall reserve the right to declare the Outstanding Balance immediately due and payable
at any time and no such election by Lender shall be deemed to be a waiver of its right to declare the Outstanding Balance immediately
due and payable as set forth herein unless otherwise agreed to by Lender in writing). Notwithstanding the foregoing, upon the
occurrence of any Event of Default described in clauses (d), (e), (f), (g) or (h) of Section 4.1, the Outstanding
Balance as of the date of acceleration shall become immediately and automatically due and payable in cash at the Mandatory Default
Amount, without any written notice required by Lender. At any time following the occurrence
of any Event of Default, upon written notice given by Lender to Borrower, interest shall accrue on the Outstanding Balance beginning
on the date the applicable Event of Default occurred at an interest rate equal to the lesser of fifteen percent (15%) per annum
or the maximum rate permitted under applicable law (“Default Interest”). For the avoidance of doubt, Lender
may continue making Lender Conversions and Redemption Conversions (as defined below) at any time following an Event of Default
until such time as the Outstanding Balance is paid in full. In connection with acceleration described herein, Lender need not
provide, and Borrower hereby waives, any presentment, demand, protest or other notice of any kind, and Lender may immediately
and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available
to it under applicable law. Such acceleration may be rescinded and annulled by Lender at any time prior to payment hereunder and
Lender shall have all rights as a holder of the Note until such time, if any, as Lender receives full payment pursuant to this
Section 4.2. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent
thereon. Nothing herein shall limit Lender’s right to pursue any other remedies available to it at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to Borrower’s failure to timely
deliver Conversion Shares upon Conversion of the Note as required pursuant to the terms hereof.

 

    2

     

    

 

5.             Unconditional
Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable obligation
of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now has
or may have hereafter against Lender, its successors and assigns, and agrees to make the payments or Conversions called for herein
in accordance with the terms of this Note. Notwithstanding the foregoing, any sale of Purchase Shares as per Section 8 of
the Purchase Agreement shall be offset against the outstanding balance of the Note.

 

6.             Waiver.
No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the party granting
the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or
consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent
or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

7.             Adjustment
of Lender Conversion Price upon Subdivision or Combination of ADSs. Without limiting any provision hereof, if Borrower at
any time on or after the Effective Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or
more classes of its outstanding ADSs into a greater number of shares, the Lender Conversion Price in effect immediately prior
to such subdivision will be proportionately reduced. Without limiting any provision hereof, if Borrower at any time on or after
the Effective Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding ADSs into
a smaller number of shares, the Lender Conversion Price in effect immediately prior to such combination will be proportionately
increased. Any adjustment pursuant to this Section 7 shall become effective immediately after the effective date of such
subdivision or combination. If any event requiring an adjustment under this Section 7 occurs during the period that a Redemption
Conversion Price is calculated hereunder, then the calculation of such Redemption Conversion Price shall be adjusted appropriately
to reflect such event.

 

    3

     

    

 

8.             Borrower
Redemptions.

 

8.1.            Redemption
Conversion Price. Subject to the adjustments set forth herein, the conversion price for each Redemption Conversion (the “Redemption
Conversion Price”) shall be the lesser of (a) the Lender Conversion Price, and (b) the Market Price.

 

8.2.            Redemption
Conversions. Beginning on the date that is six (6) months from the Purchase Price Date, Lender shall have the right,
exercisable at any time in its sole and absolute discretion, to redeem any portion of the Note up to $840,000.00 per calendar
month (such amount, the “Redemption Amount”) by providing Borrower with a notice substantially in the form
attached hereto as Exhibit B (each, a “Redemption Notice”, and each date on which Lender delivers
a Redemption Notice, a “Redemption Date”). For the avoidance of doubt, Lender may submit to Borrower one (1) or
more Redemption Notices in any given calendar month so long as the aggregate amount redeemed in such calendar month does not exceed
$840,000.00. Payments of each Redemption Amount may be made (a) in cash, or (b) by converting such Redemption Amount
into ADSs (“Redemption Conversion Shares”, and together with the Lender Conversion Shares, the “Conversion
Shares”) in accordance with this Section 8.2 (each, a “Redemption Conversion”) per the following
formula: the number of Redemption Conversion Shares equals the portion of the applicable Redemption Amount being converted divided
by the Redemption Conversion Price, or (c) by any combination of the foregoing, so long as the cash is delivered to Lender
on the third (3rd) Trading Day immediately following the applicable Redemption Date and the Redemption Conversion Shares
are delivered to Lender on or before the applicable Delivery Date (as defined below). Notwithstanding the foregoing, Borrower
will not be entitled to elect a Redemption Conversion with respect to any portion of any applicable Redemption Amount and shall
be required to pay the Redemption Amount in cash, if on the applicable Redemption Date there is an Equity Conditions Failure,
and such failure is not waived in writing by Lender. Notwithstanding that failure to repay this Note in full by the Maturity Date
is an Event of Default, the Redemption Dates shall continue after the Maturity Date pursuant to this Section 8.2 until
the Outstanding Balance is repaid in full. Once Borrower has redeemed an amount equal to half of the original principal amount
of this Note in cash, any subsequent Redemptions it makes in cash will be subject to a ten percent (10%) premium.

 

8.3.            Allocation
of Redemption Amounts. Following its receipt of a Redemption Notice, Borrower may either ratify Lender’s proposed allocation
in the applicable Redemption Notice or elect to change the allocation by written notice to Lender by email or fax within twenty-four
(24) hours of its receipt of such Redemption Notice, so long as the sum of the cash payments and the amount of Redemption Conversions
equal the applicable Redemption Amount. If Borrower fails to notify Lender of its election to change the allocation prior to the
deadline set forth in the previous sentence, it shall be deemed to have ratified and accepted the allocation set forth in the
applicable Redemption Notice prepared by Lender. Borrower acknowledges and agrees that the amounts
and calculations set forth thereon are subject to correction or adjustment because of error, mistake, or any adjustment resulting
from an Event of Default or other adjustment permitted under the Transaction Documents (an “Adjustment”). Furthermore,
no error or mistake in the preparation of such notices, or failure to apply any Adjustment that could have been applied prior
to the preparation of a Redemption Notice may be deemed a waiver of Lender’s right to enforce the terms of any Note, even
if such error, mistake, or failure to include an Adjustment arises from Lender’s own calculation. Borrower shall deliver
the Redemption Conversion Shares from any Redemption Conversion to Lender in accordance with Section 9 below on or before
each applicable Delivery Date.

 

    4

     

    

 

9.             Method
of Conversion Share Delivery. On or before the close of business on the fifth (5th) Trading Day following each
Redemption Date or the fifth (5th) Trading Day following the date of delivery of a Lender Conversion Notice, as applicable
(the “Delivery Date”), Borrower shall, provided it is DWAC Eligible at such time and such Conversion Shares
are eligible for delivery via DWAC, deliver or cause its depositary to deliver the applicable Conversion Shares electronically
via DWAC to the account designated by Lender in the applicable Lender Conversion Notice or Redemption Notice. If Borrower is not
DWAC Eligible or such Conversion Shares are not eligible for delivery via DWAC, it shall deliver to Lender or its broker (as designated
in the Lender Conversion Notice or Redemption Notice), via reputable overnight courier, a certificate representing the number
of ADSs equal to the number of Conversion Shares to which Lender shall be entitled, registered in the name of Lender or its designee.
For the avoidance of doubt, Borrower has not met its obligation to deliver Conversion Shares by the Delivery Date unless Lender
or its broker, as applicable, has actually received the certificate representing the applicable Conversion Shares no later than
the close of business on the relevant Delivery Date pursuant to the terms set forth above. Moreover, and notwithstanding anything
to the contrary herein or in any other Transaction Document, in the event Borrower or its depositary refuses to deliver any Conversion
Shares without a restrictive securities legend to Lender on grounds that such issuance is in violation of Rule 144 under
the Securities Act of 1933, as amended (“Rule 144”), Borrower shall deliver or cause its depositary to
deliver the applicable Conversion Shares to Lender with a restricted securities legend, but otherwise in accordance with the provisions
of this Section 9. In conjunction therewith, Borrower will also deliver to Lender a written explanation from its counsel
or its depositary’s counsel opining as to why the issuance of the applicable Conversion Shares violates Rule 144.

 

10.           Conversion
Delays. If Borrower fails to deliver Conversion Shares in accordance with the timeframe stated in Section 9, Lender may
at any time prior to receiving the applicable Conversion Shares rescind in whole or in part such Conversion, with a corresponding
increase to the Outstanding Balance (any returned amount will tack back to the Purchase Price Date for purposes of determining
the holding period under Rule 144). In addition, for each Lender Conversion, in the event that Lender Conversion Shares are
not delivered by the fifth (5th) Trading Day (inclusive of the day of the Conversion) (unless Borrower exercises it
rights to deliver within ten (10) Trading Days as set forth in Section 4.1 above), a late fee equal to 2% of the applicable
Conversion Share Value rounded to the nearest multiple of $100.00 but with a floor of $500.00 per day (but in any event the cumulative
amount of such late fees for each Conversion shall not exceed 200% of the applicable Conversion Share Value) will be assessed
for each day after the fifth (5th) Trading Day (inclusive of the day of the Conversion) until Lender Conversion Share
delivery is made; and such late fee will be added to the Outstanding Balance (such fees, the “Conversion Delay Late Fees”).

 

11.           Issuance
Fees. Borrower shall be solely responsible for any fees that must be paid in order to issue any Conversion Shares to Lender.

 

12.           Ownership
Limitation. Notwithstanding anything to the contrary contained in this Note or the other Transaction Documents, Borrower shall
not effect any conversion of this Note to the extent that after giving effect to such conversion would cause Lender (together
with its affiliates) to beneficially own a number of shares exceeding 4.99% of the number of ADSs outstanding on such date (including
for such purpose the ADSs issuable upon such issuance) (the “Maximum Percentage”). For purposes of this section,
beneficial ownership of ADSs will be determined pursuant to Section 13(d) of the 1934 Act. Notwithstanding the forgoing,
the term “4.99%” above shall be replaced with “9.99%” at such time as the Market Capitalization is less
than $10,000,000.00. Notwithstanding any other provision contained herein, if the term “4.99%” is replaced with “9.99%”
pursuant to the preceding sentence, such increase to “9.99%” shall remain at 9.99% until increased, decreased or waived
by Lender as set forth below. By written notice to Borrower, Lender may increase, decrease or waive the Maximum Percentage as
to itself but any such waiver will not be effective until the 61st day after delivery thereof. The foregoing 61-day notice requirement
is enforceable, unconditional and non-waivable and shall apply to all affiliates and assigns of Lender.

 

    5

     

    

 

13.           Opinion
of Counsel. In the event that an opinion of counsel is needed for any matter related to this Note, Lender has the right to
have any such opinion provided by its counsel. Lender shall be responsible to cover costs of all legal opinions and representation
letters from its brokers, as may be required to do ADS conversion and sale.

 

14.           Governing
Law; Venue. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of Utah. The provisions set forth in the Purchase Agreement
to determine the proper venue for any disputes are incorporated herein by this reference.

 

15.           Arbitration
of Disputes. By its issuance or acceptance of this Note, each party agrees to be bound by the Arbitration Provisions (as defined
in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

16.           Cancellation.
After repayment or conversion of the entire Outstanding Balance, this Note shall be deemed paid in full, shall automatically be
deemed canceled, and shall not be reissued.

 

17.           Amendments.
The prior written consent of both parties hereto shall be required for any change or amendment to this Note.

 

18.           Assignments.
Borrower may not assign this Note without the prior written consent of Lender. Any ADSs issued upon conversion of this Note may
be offered, sold, assigned or transferred by Lender without the consent of Borrower. This Note may be offered, sold, assigned
or transferred by Lender to any of its affiliates without the consent of Borrower. This Note may not be offered, sold, assigned
or transferred by Lender to an unaffiliated third party without the consent of Borrower, which consent will not be unreasonably
withheld.

 

19.           Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance
with the subsection of the Purchase Agreement titled “Notices.”

 

20.           Liquidated
Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions of this
Note, Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’
inability to predict future interest rates, future share prices, future trading volumes and other relevant factors. Accordingly,
Lender and Borrower agree that any fees, balance adjustments, Default Interest or other charges
assessed under this Note are not penalties but instead are intended by the parties to be, and shall be deemed, liquidated damages
(under Lender’s and Borrower’s expectations that any such liquidated damages will tack back to the Purchase Price
Date for purposes of determining the holding period under Rule 144). Therefore, no additional penalty claims, lost profits
or liquidated damages shall be claimed in excess of agreed liquidated damage amounts under this Note.

 

21.           Severability.
If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve the objective of Borrower
and Lender to the fullest extent permitted by law and the balance of this Note shall remain in full force and effect.

 

[Remainder
of page intentionally left blank; signature page follows]

 

    6

     

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be duly executed as of the Effective Date.

 

	 	BORROWER:
	 	The9 Limited
	 	 
	 	By:	      
	 	Name:	 
	 	Title:	 

 

ACKNOWLEDGED, ACCEPTED AND AGREED:

LENDER:

 

	Streeterville Capital, LLC	 
	 	 
	 	 
	By:	 	 
	 	John M. Fife, President	 

 

[Signature
Page to Convertible Promissory Note]

 

     

     

    

  

ATTACHMENT
1

DEFINITIONS

 

For
purposes of this Note, the following terms shall have the following meanings:

 

A1.     “Closing
Bid Price” and “Closing Trade Price” means the last closing bid price and last closing trade price,
respectively, for the ADSs on its principal market, as reported by Bloomberg, or, if its principal market begins to operate on
an extended hours basis and does not designate the closing bid price or the closing trade price (as the case may be) then the
last bid price or last trade price, respectively, of the ADSs prior to 4:00:00 p.m., New York time, as reported by Bloomberg,
or, if its principal market is not the principal securities exchange or trading market for the ADSs, the last closing bid price
or last trade price, respectively, of the ADSs on the principal securities exchange or trading market where the ADSs is listed
or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively,
of the ADSs in the over-the-counter market on the electronic bulletin board for the ADSs as reported by Bloomberg, or, if no closing
bid price or last trade price, respectively, is reported for the ADSs by Bloomberg, the average of the bid prices, or the ask
prices, respectively, of any market makers for the ADSs as reported by OTC Markets Group, Inc., and any successor thereto.
If the Closing Bid Price or the Closing Trade Price cannot be calculated for the ADSs on a particular date on any of the foregoing
bases, the Closing Bid Price or the Closing Trade Price (as the case may be) of the ADSs on such date shall be the fair market
value as mutually determined by Lender and Borrower. All such determinations shall be appropriately adjusted for any stock dividend,
stock split, stock combination or other similar transaction during such period.

 

A2.     “Conversion”
means a Lender Conversion under Section 3 or a Redemption Conversion under Section 8.

 

A3.     “Conversion
Factor” means 80%.

 

A4.     “Conversion
Share Value” means the product of the number of Lender Conversion Shares deliverable pursuant to any Lender Conversion
Notice multiplied by the Closing Trade Price of the ADSs on the Delivery Date for such Lender Conversion.

 

A5.     “Deemed
Issuance” means an issuance of ADSs that shall be deemed to have occurred on the latest possible permitted date pursuant
to the terms hereof in the event Borrower fails to deliver Conversion Shares as and when required pursuant to Section 9 of
this Note. For the avoidance of doubt, if Borrower has elected or is deemed under Section 8.3 to have elected to pay a Redemption
Amount in Redemption Conversion Shares and fails to deliver such Redemption Conversion Shares, such failure shall be considered
a Deemed Issuance hereunder even if an Equity Conditions Failure exists at that time or other relevant date of determination.

 

A6.     “Default
Effect” means multiplying the Outstanding Balance as of the date the applicable Event of Default occurred (after giving
effect to any opportunity to cure) by (a) fifteen percent (15%) for each occurrence of any Major Default, or (b) five
percent (5%) for each occurrence of any Minor Default, and then adding the resulting product to the Outstanding Balance as of
the date the applicable Event of Default occurred, with the sum of the foregoing then becoming the Outstanding Balance under this
Note as of the date the applicable Event of Default occurred.

 

A7.     “DTC”
means the Depository Trust Company or any successor thereto.

 

A8.     “DTC/FAST
Program” means the DTC’s Fast Automated Securities Transfer program.

 

A9.     “DWAC”
means the DTC’s Deposit/Withdrawal at Custodian system.

 

A10.     “DWAC
Eligible” means that (a) Borrower’s ADSs is eligible at DTC for full services pursuant to DTC’s operational
arrangements, including without limitation transfer through DTC’s DWAC system; (b) Borrower has been approved (without
revocation) by DTC’s underwriting department; (c) Borrower’s transfer agent is approved as an agent in the DTC/FAST
Program; (d) the Conversion Shares are otherwise eligible for delivery via DWAC; and (e) Borrower’s transfer agent
does not have a policy prohibiting or limiting delivery of the Conversion Shares via DWAC.

 

A11.     “Equity
Conditions Failure” means that any of the following conditions has not been satisfied on any given Redemption Date:
(a) with respect to the applicable date of determination all of the Conversion Shares would be freely tradable under Rule 144
or without the need for registration under any applicable federal or state securities laws (in each case, disregarding any limitation
on conversion of this Note); and (b) no Event of Default shall have occurred or be continuing hereunder.

 

Attachment
1 to Convertible Promissory Note, Page 1

 

    

     

    

 

A12.     “Fundamental
Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly or indirectly, in one
or more related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries is the surviving
corporation) any other person or entity, or (ii) Borrower or any of its subsidiaries shall, directly or indirectly, in one
or more related transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all
of its respective properties or assets to any other person or entity, or (iii) Borrower or any of its subsidiaries shall,
directly or indirectly, in one or more related transactions, allow any other person or entity to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of voting stock of Borrower (not including any
shares of voting stock of Borrower held by the person or persons making or party to, or associated or affiliated with the persons
or entities making or party to, such purchase, tender or exchange offer), or (iv) Borrower or any of its subsidiaries shall,
directly or indirectly, in one or more related transactions, consummate a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other
person or entity whereby such other person or entity acquires more than 50% of the outstanding shares of voting stock of Borrower
(not including any shares of voting stock of Borrower held by the other persons or entities making or party to, or associated
or affiliated with the other persons or entities making or party to, such stock or share purchase agreement or other business
combination), or (v) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related transactions,
reorganize, recapitalize or reclassify the ADSs, other than an increase in the number of authorized shares of Borrower’s
ADSs, or (b) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and
14(d) of the 1934 Act and the rules and regulations promulgated thereunder shall, after the Purchase Price Date, become
the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate
ordinary voting power represented by issued and outstanding voting stock of Borrower.

 

A13.     “Major
Default” means any Event of Default occurring under Sections 4.1(a), 4.1(c), or 4.1(o).

 

A14.     “Mandatory
Default Amount” means the Outstanding Balance following the application of the Default Effect.

 

A15.     “Market
Capitalization” means a number equal to (a) the average VWAP of the ADSs for the immediately preceding fifteen
(15) Trading Days, multiplied by (b) the aggregate number of outstanding ADSs as reported on Borrower’s most recent
annual or quarterly filing with the SEC.

 

A16.     “Market
Price” means the Conversion Factor multiplied by the lowest Closing Trade Price during the ten (10) Trading Days
immediately preceding the applicable measurement date.

 

A17.     “Minor
Default” means any Event of Default that is not a Major Default.

 

A18.     “Other
Agreements” means, collectively, (a) all existing and future agreements and instruments between, among or by Borrower
(or an affiliate), on the one hand, and Lender (or an affiliate), on the other hand, and (b) any financing agreement or a
material agreement that affects Borrower’s ongoing business operations.

 

A19.     “Outstanding
Balance” means as of any date of determination, the Purchase Price, as reduced or increased, as the case may be, pursuant
to the terms hereof for payment, Conversion, offset, or otherwise, plus the Transaction Expense Amount, accrued but unpaid interest,
collection and enforcements costs (including attorneys’ fees) incurred by Lender, transfer, stamp, issuance and similar
taxes and fees related to Conversions, and any other fees or charges (including without limitation Conversion Delay Late Fees)
incurred under this Note.

 

A20.     “Purchase
Price Date” means the date the Purchase Price is delivered by Lender to Borrower.

 

A21.     “Trading
Day” means any day on which the New York Stock Exchange (or such other principal market for the ADSs) is open for trading.

 

A22.     “VWAP”
means the volume weighted average price of the ADSs on the principal market for a particular Trading Day or set of Trading Days,
as the case may be, as reported by Bloomberg.

 

[Remainder
of page intentionally left blank]

 

Attachment
1 to Convertible Promissory Note, Page 2

 

    

     

    

 

EXHIBIT A

 

Streeterville
Capital, LLC

303
East Wacker Drive, Suite 1040

Chicago, Illinois
60601

 

	The9 Limited	Date:	 	 

Attn: George
Lai

Building No. 3

690 Bibo Road

Shanghai 210203,
China

 

LENDER CONVERSION
NOTICE

 

The
above-captioned Lender hereby gives notice to The9 Limited, a Cayman Islands corporation (the
 “Borrower”), pursuant to that certain Convertible Promissory Note made by Borrower in favor of Lender on February 2,
2021 (the “Note”), that Lender elects to convert the portion of the Note balance set forth below into fully
paid and non-assessable ADSs of Borrower as of the date of conversion specified below. Said conversion shall be based on the Lender
Conversion Price set forth below. In the event of a conflict between this Lender Conversion Notice and the Note, the Note shall
govern, or, in the alternative, at the election of Lender in its sole discretion, Lender may provide a new form of Lender Conversion
Notice to conform to the Note. Capitalized terms used in this notice without definition shall have the meanings given to them
in the Note.

 

		A.	Date of Conversion:          ____________

		B.	Lender Conversion #:         ____________

		C.	Conversion Amount:          ____________

		D.	Lender Conversion Price:   _______________

		E.	Lender Conversion Shares: _______________ (C divided by D)

		F.	Remaining Outstanding Balance of Note:  ____________*

 

* Subject to
adjustments for corrections, defaults, interest and other adjustments permitted by the Transaction Documents (as defined in the
Purchase Agreement), the terms of which shall control in the event of any dispute between the terms of this Lender Conversion
Notice and such Transaction Documents.

 

Please
transfer the Lender Conversion Shares electronically (via DWAC) to the following account:

 

	Broker:  	 	 	Address:	 
	DTC#:  	 	 	 	 
	Account #:	 	 	 	 
	Account Name:	 	 	 

 

To
the extent the Lender Conversion Shares are not able to be delivered to Lender electronically via the DWAC system, deliver
all such certificated shares to Lender via reputable overnight courier after receipt of this Lender Conversion Notice (by facsimile
transmission or otherwise) to:

 

	 	 	 
	 	 	 
	 	 	 

 

[Signature
Page Follows]

 

Exhibit A
to Convertible Promissory Note, Page 1

 

    

     

    

 

 

	Sincerely,
	 
	Lender:
	 
	Streeterville Capital, LLC
	 
	 
	By: 	 	 
	 	John M. Fife, President	 

 

Exhibit A
to Convertible Promissory Note, Page 2

 

    

     

    

 

EXHIBIT B

 

Streeterville
Capital, LLC

303
East Wacker Drive, Suite 1040

Chicago, Illinois
60601

 

	The9 Limited	Date:	 	 

Attn: George
Lai

Building
No. 3 

690 Bibo Road

 Shanghai 210203,
China

 

REDEMPTION
NOTICE

 

The
above-captioned Lender hereby gives notice to The9 Limited, a Cayman Islands corporation (the “Borrower”),
pursuant to that certain Convertible Promissory Note made by Borrower in favor of Lender on
February 2, 2021 (the “Note”), that Lender elects to redeem a portion of the Note in Redemption Conversion
Shares or in cash as set forth below. In the event of a conflict between this Redemption Notice and the Note, the Note shall govern,
or, in the alternative, at the election of Lender in its sole discretion, Lender may provide a new form of Redemption Notice to
conform to the Note. Capitalized terms used in this notice without definition shall have the meanings given to them in the Note.

 

REDEMPTION
INFORMATION

 

		A.	Redemption
                                         Date: ____________, 201_

		B.	Redemption
                                         Amount:  ____________

		C.	Portion
                                         of Redemption Amount to be Paid in Cash: ____________

		D.	Portion
                                         of Redemption Amount to be Converted into ADSs: ____________ (B minus C)

		E.	Redemption
                                         Conversion Price: _______________ (lower of (i) Lender Conversion Price in effect
                                         and (ii) Market Price as of Redemption Date)

		F.	Redemption
                                         Conversion Shares: _______________ (D divided by E)

		G.	Remaining
                                         Outstanding Balance of Note: ____________ *

 

* Subject to
adjustments for corrections, defaults, interest and other adjustments permitted by the Transaction Documents (as defined in the
Purchase Agreement), the terms of which shall control in the event of any dispute between the terms of this Redemption Notice
and such Transaction Documents.

 

Please
transfer the Redemption Conversion Shares, if applicable, electronically (via DWAC) to the following account:

 

	Broker:  	 	 	Address:	 
	DTC#:  	 	 	 	 
	Account #:	 	 	 	 
	Account Name:	 	 	 

  

To
the extent the Redemption Conversion Shares are not able to be delivered to Lender electronically via the DWAC system, deliver
all such certificated shares to Lender via reputable overnight courier after receipt of this Redemption Notice (by facsimile transmission
or otherwise) to:

 

	 	 	 
	 	 	 
	 	 	 

 

Exhibit B
to Convertible Promissory Note, Page 1

 

    

     

    

 

	Sincerely,
	 
	Lender:
	 
	Streeterville
Capital, LLC
	 
	 
	By: 	 	 
	 	John
M. Fife, President	 

 

Exhibit B
to Convertible Promissory Note, Page 2

 

    

     

    

 

Exhibit B

 

    

     

    

 

Exhibit C

 

    

     

    

 

Exhibit D

 

    

     

    

 

Exhibit EExhibit 10.13

 

SHARE PURCHASE AGREEMENT

BY AND AMONG

THE9 LIMITED

 

AND

 

_________ (the “Purchaser”)

 

________, 2021

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article I Definitions	1
	 	 	 
	Section
    1.01	Definitions	1
	Section
    1.02	Definitional and Interpretative
    Provisions	6
	 	 	 
	Article II Description of the Transaction	7
	 	 	 
	Section
    2.01	Pre-Closing and Closing;
    Purchase and Sale of Subject Shares	7
	Section
    2.02	Closing Deliveries and
    Conditions	7
	 	 	 
	Article III Representations and Warranties of Seller	8
	 	 	 
	Section
    3.01	Organization and Good
    Standing of Seller	8
	Section
    3.02	Authorization; Enforceable
    Agreement	8
	Section
    3.03	Non-contravention	9
	Section
    3.04	Governmental Consents	9
	Section
    3.05	Valid Issuances	9
	 	 	 
	Article IV Representations and Warranties of Purchaser	9
	 	 	 
	Section
    4.01	Organization, Good Standing
    and Qualification	10
	Section
    4.02	Authorization; Enforceable
    Agreement	10
	Section
    4.03	Non-contravention	10
	Section
    4.04	Free Title	10
	Section
    4.05	Intellectual Property	10
	Section
    4.06	Status of Purchaser	10
	 	 	 
	Article V Covenants and Additional Agreements of the Parties	12
	 	 	 
	Section
    5.01	Conduct of Purchaser	12
	Section
    5.02	Defected Bitcoin Mining
    Equipment.	12
	Section
    5.03	Notice of Certain Events.	12
	Section
    5.04	Commercially Reasonable
    Efforts	13
	Section
    5.05	Compliance with Laws	13
	Section
    5.06	Public Disclosure	14
	Section
    5.07	Confidentiality	14
	Section
    5.08	Lock-up	14
	 	 	 
	Article VI Conditions to Pre-closing and Closing	15
	 	 	 
	Section
    6.01	Conditions to the Obligations
    of Each Party	15
	Section
    6.02	Conditions to the Obligations
    of Seller	15
	Section
    6.03	Conditions to the Obligations
    of Purchaser	16

 

    i

     

    

 

	Article VII Indemnification	17
	 	 	 
	Section
    7.01	Survival of Representations
    and Warranties	17
	Section
    7.02	Indemnification by Seller.	17
	Section
    7.03	Limits on Indemnification
    by	18
	Section
    7.04	Indemnification by Purchaser	18
	Section
    7.05	Limits on Indemnification
    by Purchaser	18
	Section
    7.06	Third-Party Claims	19
	Section
    7.07	Exclusive Remedy	20
	 	 	 
	Article VIII Termination	20
	 	 	 
	Section
    8.01	Termination	20
	Section
    8.02	Effect of Termination	20
	 	 	 
	Article IX Miscellaneous	21
	 	 	 
	Section
    9.01	Notices	21
	Section
    9.02	Specific Performance	21
	Section
    9.03	Amendments and Waivers	21
	Section
    9.04	Fees and Expenses	21
	Section
    9.05	Binding Effect; Benefit;
    Assignment	22
	Section
    9.06	Governing Law	22
	Section
    9.07	Consultation	22
	Section
    9.08	Arbitration	22
	Section
    9.09	Counterparts; Effectiveness	23
	Section
    9.10	Entire Agreement	23
	Section
    9.11	Severability	23

 

    ii

     

    

 

SHARE PURCHASE AGREEMENT

 

THIS SHARE PURCHASE AGREEMENT (this “Agreement”),
dated as of _________, 2021, is entered into by and among:

 

		a)	The9 Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Seller”
or “The9”);

 

		b)	_____________ (the “Purchaser”).

 

The Seller and Purchaser are together referred
to herein as the “Parties”, and each of them, a “Party”.

 

RECITALS

 

WHEREAS, The9 has American depositary shares
(“ADSs”) listed on the Nasdaq Capital Market (“NASDAQ”) under trading symbol “NCTY,”
each ADS representing thirty Class A Shares (as defined below);

 

WHEREAS, as of the date hereof, The9 directly
owns 100% of the share capital of The9 Sub;

 

WHEREAS, subject to the terms and conditions
set forth in this Agreement, the Seller desires to sell, and the Purchaser desires to purchase, the Subject Shares (as defined
below) for a consideration of the Purchaser In-Kind Contribution (as defined below), subject to the indemnification obligations
described herein.

 

NOW THEREFORE, in consideration of the foregoing
and the representations, warranties and agreements set forth herein, and for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound by this Agreement, the Parties agree as follows:

 

AGREEMENT 

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01       Definitions.

 

(a)       As
used in this Agreement, the following terms have the following meanings:

 

“6-K Filing” has the
meaning set forth in Section 5.07.

 

“Action” means any charge,
claim, action, complaint, petition, inquiry, investigation, appeal, suit, litigation, grievance or other proceeding, whether administrative,
civil, regulatory or criminal, whether at law or in equity, or otherwise under any applicable Law, and whether or not before any
arbitrator or Governmental Authority.

 

    1

    CONFIDENTIAL

    

 

“Affiliate” means, with
respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with, such specified Person. For purposes of this definition, “control” (including,
with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”),
as applied to any Person, shall mean the possession, directly or indirectly or as trustee, personal representative or executor,
of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting
securities, as trustee, personal representative or executor, by Contract or otherwise.

 

“Arbitration Board” has
the meaning set forth in Section 9.08(a).

 

“Bitcoin Mining Equipment”
means equipment which is listed in the Exhibit A to this Agreement.

 

“Board” means the board
of directors of the Seller or Purchaser, as the case may be.

 

“Business Day” means
any day that is not a Saturday, a Sunday, legal holiday or other day on which banks are required or authorized by Law to be closed
in the PRC, the Cayman Islands, New York or Hong Kong.

 

“Class A Shares” means
Class A ordinary shares of The9, par value US$0.01 each.

 

“Closing” shall have
the meaning set forth in Section 2.01(b).

 

“Closing Date” shall
have the meaning set forth in Section 2.01(c).

 

“Code” means the United
States Internal Revenue Code of 1986.

 

“Consent” means any approval,
consent, ratification, permission, waiver or authorization (including any Permit).

 

“Constitutional Documents”
means, with respect to a particular legal entity, the articles of incorporation, certificate of incorporation, formation or registration
(including, if applicable, certificates of change of name), memorandum of association, articles of association, bylaws, articles
of organization, limited liability company agreement, trust deed, trust instrument, operating agreement, joint venture agreement,
business license, or similar or other constitutive, governing, or charter documents, or equivalent documents, of such entity.

 

“Contract” means, as
to any Person, a contract, agreement, indenture, note, bond, loan, instrument, lease, mortgage, franchise, license, commitment,
purchase order, and other legally binding arrangement, whether written or oral, including any and all amendments, modifications
and supplements thereto.

 

“Damages” include any
loss, damage, injury, liability, claim, demand, settlement, judgment, award, fine, penalty, Tax, fee (including reasonable attorneys’
fees), charge, cost (including costs of investigation) or expense of any nature actually suffered or incurred by the claiming Person(s).

 

 

    2

    CONFIDENTIAL

    

 

“Depositary”
means The Bank of New York Mellon, the ADS depositary of The9.

 

“Dispute” has the meaning
set forth in Section 9.07.

 

“Encumbrance” means any
security interests, mortgages, liens, pledges, charges, reservations, restrictions, rights of way, options, rights of first refusal,
community property interests, equitable interests, conditional sale or other title retention agreements, any agreement to provide
any of the foregoing and all other encumbrances, whether or not relating to the extension of credit or the borrowing of money,
whether imposed by contract, Law, equity or otherwise.

 

“Equity Securities” means,
with respect to a Person, any and all shares of capital stock, membership interests, units, profits interests, ownership interests,
equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment,
conversion privilege, preemptive right or other right to acquire any of the foregoing, or security convertible into, exchangeable
or exercisable for any of the foregoing, or any Contract providing for the acquisition of any of the foregoing.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Governmental Authority”
means any government of any nation, federation, province or state or any other political subdivision thereof, any entity, authority
or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including
any government authority, agency, department, board, commission or instrumentality of any country, or any political subdivision
thereof, any court, tribunal or arbitrator, and any self-regulatory organization.

 

“Governmental Order”
means any order, ruling, decision, verdict, decree, writ, subpoena, mandate, command, directive, consent, approval, award, judgment,
injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority.

 

“Indebtedness” of any
Person means, without duplication (i) all indebtedness for borrowed money, (ii) all reimbursement or payment obligations with respect
to letters of credit, surety bonds and other similar instruments, (iii) all obligations evidenced by notes, bonds, debentures or
similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses,
(iv) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing,
in either case with respect to any property or assets acquired with the proceeds of such indebtedness, and (v) all indebtedness
referred to in clauses (i) through (iv) above of any other Person secured by any Encumbrance upon or in any property or assets
owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness.

 

“Indemnified Party” has
the meaning set forth in Section 7.06.

 

    3

    CONFIDENTIAL

    

 

“Independent Third Party” means,
with respect to Seller, any Person who is not an Affiliate of Seller.

 

“Information” has the
meaning set forth in Section 5.08.

 

“Law” or “Laws”
means any and all provisions of any applicable constitution, treaty, statute, law, regulation, ordinance, code, rule, or rule of
common law, any governmental approval, concession, grant, franchise, license, agreement, directive, requirement, or other governmental
restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing
by, any Governmental Authority, in each case as amended, and any and all applicable Governmental Orders.

 

“Liability” means any
direct or indirect liability, Indebtedness, claim, loss, damage, deficiency, obligation or responsibility, fixed or unfixed, liquidated
or unliquidated, secured or unsecured, accrued, absolute or contingent.

 

“Lock-up Period” has
the meaning set forth in Section 5.09.

 

“Loss” has the meaning
set forth in Section 7.02.

 

“Permit” means any consent,
approval, authorization, release, waiver, permit, grant, franchise, concession, agreement, license, exemption or order of, registration
or record filing, operating license, qualifications, ratification, certificate, declaration or filing with, or report or notice
to, or other form of permission to engage in a specific activity issued by, any Person, including any Governmental Authority.

 

“Person” means an individual,
corporation, partnership, limited liability company, association, trust or other entity or organization, including a Governmental
Authority.

 

“PRC” or “China”
means the People’s Republic of China excluding, for the purposes of this Agreement only, Hong Kong, Macau and Taiwan.

 

“Proceeding” means any
action, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding),
hearing, inquiry, audit, examination or investigation commenced, brought, conducted or heard by or before, or otherwise involving,
any court or other Governmental Authority or any arbitrator or arbitration panel.

 

“Purchaser In-Kind Contribution”
has the meaning set forth in Section 2.01.

 

“Purchaser Fundamental Reps”
means the representations and warranties of Purchaser contained in Section 4.01 and Section 4.02.

 

“Purchaser Group Company”
means, Purchaser or any of its Subsidiaries.

 

“Purchaser Indemnified Party”
has the meaning set forth in Section 7.04.

 

“Purchaser Material Adverse Effect”
means any change or development that is or would reasonably be expected to be materially adverse to the business, assets, liabilities,
operations or financial condition of Purchaser Group Companies, taken as a whole; provided, however, that
no event, change, development or state of facts relating to the economy in general or resulting from industry-wide developments
affecting companies in similar businesses (but only to the extent such changes or developments do not, individually or in the aggregate,
have a disproportionate impact on any Purchaser Group Company relative to other Persons in similar businesses) shall be deemed
in themselves, to constitute a Purchaser Material Adverse Effect.

 

    4

    CONFIDENTIAL

    

 

“Representatives” means
a Person’s officers, directors, employees, agents, attorneys, accountants, advisors and other authorized representatives.

“Rules” has the meaning
set forth in Section 9.08(a).

 

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

 

“SEC Filings” means all
registration statements, proxy statements and other statements, reports, schedules, forms and other documents required to be filed
or furnished by the Company with the SEC pursuant to the Exchange Act and the Securities Act and all exhibits included therein
and financial statements, notes and schedules thereto and documents incorporated by reference therein, in each case, filed or furnished
with the SEC.

 

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

 

“Seller Fundamental Reps”
means the representations and warranties of Seller contained in Section 3.01 and Section 3.02.

 

“Seller Indemnified Party”
has the meaning set forth in Section 7.02.

 

“Seller Material Adverse Effect”
means any change or development that is or would reasonably be expected to be materially adverse to the business, assets, liabilities,
operations or financial condition of Seller, taken as a whole; provided, however, that no event, change, development
or state of facts relating to the economy in general or resulting from industry-wide developments affecting companies in similar
businesses (but only to the extent such changes or developments do not, individually or in the aggregate, have a disproportionate
impact on any Seller relative to other Persons in similar businesses) shall be deemed in themselves, to constitute a Seller Material
Adverse Effect.

 

“Subject Share” or “Subject
Shares” has the meaning set forth in Section 2.01(a).

 

“Tax” or
 “Taxes” means (i) in the PRC: (a) any national, provincial, municipal, or local taxes, charges, fees,
levies, or other assessments, including all net income (including enterprise income tax and individual income withholding
tax), turnover (including value-added tax, business tax, and consumption tax), resource (including urban and township land
use tax), special purpose (including land value-added tax, urban maintenance and construction tax, and additional education
fees), property (including urban real estate tax and land use fees), documentation (including stamp duty and deed tax),
filing, recording, social insurance (including pension, medical, unemployment, housing, and other social insurance
withholding), tariffs (including import duty and import value-added tax), and estimated and provisional taxes, charges, fees,
levies, or other assessments, imposed in all cases by a Governmental Authority, (b) all interest, penalties (administrative,
civil or criminal), or additional amounts imposed by any Governmental Authority in connection with any item described in
clause (a) above, and (c) any form of transferee liability imposed by any Governmental Authority in connection with any item
described in clauses (a) and (b) above and (ii) in any jurisdiction other than the PRC: all similar liabilities as described
in clause (i)(a) and (i)(b) above.

 

    5

    CONFIDENTIAL

    

 

“The9 Sub” means NBTC
Limited, a wholly-owned subsidiary of The9.

 

“Third-Party Claim” has
the meaning set forth in Section 7.06.

 

“US$” or “USD”
shall mean U.S. dollars, the lawful currency of the United States of America.

 

Section 1.02      Definitional and Interpretative
Provisions.

 

(a)       When
a reference is made in this Agreement to an Article or Section, such reference is to an Article or Section of this Agreement unless
otherwise specified.

 

(b)       The
words “hereof,” “herein,” “hereby” and “hereunder” and words of like import used
in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

 

(c)       The
headings and sub-headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation
of this Agreement.

 

(d)       Any
singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Where a word or phrase
is defined herein, each of its other grammatical forms shall have a corresponding meaning.

 

(e)       Whenever
the words “include,” “includes” or “including” are used in this Agreement, they are deemed
to be followed by the words “without limitation.”

 

(f)       The
use of “or” is not intended to be exclusive unless expressly indicated otherwise.

 

(g)       References
to a Person are also to its permitted successors and assigns.

 

(h)       A
reference to any legislation or to any provision of any legislation shall include any modification, amendment, re-enactment thereof,
any legislative provision substituted therefor and all rules, regulations and statutory instruments issued or related to such legislation.

 

(i)       The
Parties have each participated in the negotiation and drafting of this Agreement and if any ambiguity or question of interpretation
should arise, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall
arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this Agreement or any interim
drafts thereof.

 

    6

    CONFIDENTIAL

    

 

ARTICLE II

 

DESCRIPTION OF THE TRANSACTION

 

Section 2.01      Pre-Closing and Closing;
Purchase and Sale of Subject Shares.

 

(a)       Upon
the terms and subject to the conditions of this Agreement, The9 agrees to sell to the Purchaser ________ Class A Shares (the “Subject
Shares” and each, a “Subject Share”), and in exchange therefor, the Purchaser agrees to transfer and
assign to the Seller all of the Purchaser’s right, title and interest in, to and under (i) the Bitcoin Mining Equipment
and (ii) all manufacturer warranties, insurance policies, if any, in effect for the Bitcoin Mining Equipment, in favor of
Seller, free and clear of all Encumbrances and suitable for intended use (the “Purchaser In-Kind Contribution”).
The9 shall cause The9 Sub or its subsidiaries, including but not limited to, Niulian Technology (Shaoxing) Co., Ltd., as the designated
entity of The9, to receive the Purchaser In-Kind Contribution at Closing.

 

(b)       Upon
closing (the “Closing”), subject to satisfaction or waiver of each of the conditions set forth in Article
VI required by this Agreement to be satisfied at Closing, Purchaser shall deliver the Purchaser In-Kind Contribution to the
Seller, and the Seller shall deliver the Subject Shares to the Purchaser.

 

(c)       The
consummation of the transactions contemplated by this Agreement at Closing shall take place electronically. The Closing shall take
place at a time and on a date to be specified by the Parties, which shall be no later than the third Business Day after the date
on which each of the conditions set forth in Article VI required by this Agreement to be satisfied at Closing is satisfied
or waived (other than those conditions that by their nature are to be satisfied at Closing, but subject to the satisfaction or
waiver thereof at the Closing), or at such other time, date and location as the Parties agree in writing. The date on which Closing
actually takes place is referred to in this Agreement as the “Closing Date”.

 

Section 2.02     Closing Deliveries and
Conditions.

 

(a)       Seller
Closing Deliveries. The Seller shall deliver, or cause to be delivered, the items set forth below under this Section 2.02(a)
to Purchaser at the Closing:

 

(i)       a
draft of the register of members of The9 evidencing, and a draft of share certificate representing, all of the Subject Shares registered
in the name of Purchaser (with a copy of the updated register of members of The9 and original share certificate delivered to the
Purchaser within 14 Business Days after the Closing); and

 

(ii)       a
certificate, executed by the secretary or a duly authorized director or officer of the Seller, dated as of the Closing Date, certifying
(A) a copy of the resolutions of the Seller’s Board authorizing the execution, delivery and performance of this Agreement;
(B) the incumbency and signatures of the Seller’s directors or officers executing this Agreement; and (C) that the conditions
set forth in Section 6.01 (with respect to itself) and Section 6.02 have been duly satisfied, which shall be in full
force and effect.

 

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(b)       Purchaser
Closing Deliveries. Purchaser shall deliver, or cause to be delivered, the items set forth below under this Section 2.02(b)
to Seller at the Closing

 

(i)       to
the extent that the Purchaser is a corporation, a certificate of the secretary or a duly authorized director or officer of Purchaser,
dated as of the Closing Date, certifying (A) a copy of the resolutions of Purchaser’s Board authorizing the execution, delivery
and performance of this Agreement, including the sale and delivery of the Purchaser In-Kind Contribution in accordance with this
Agreement; and (B) that the conditions set forth in Section 6.01 (with respect to itself) and Section 6.03 have been
duly satisfied;

 

(ii)       a
bill of transfer substantially in the form attached hereto as Exhibit B (the “Bill of Transfer”) to transfer
and vest in the entity designated by The9 good and marketable title to the Bitcoin Mining Equipment, free and clear of all liens
and encumbrances; and

 

(iii)       at
the discretion of Seller, either deliver physical Bitcoin Mining Equipment to the warehouse designated by Seller, or make it available
for immediate pick-up by Seller at Purchaser’s location, which location shall be notified in writing to Seller in advance;

 

(c)       Seller
Post-Closing Deliveries. The Seller shall deliver a copy of the updated register of members of The9 and original share certificate
delivered, of which the drafts have been confirmed by the Purchaser in accordance Section 2.02(a)(i), to the Purchaser as
soon as practicable and no later than 14 Business Days after the Closing.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES
OF SELLER

 

Subject to Section 9.05, except as
otherwise disclosed in any SEC Filings, the Seller represents and warrants to the Purchaser that each of the representations and
warranties contained in this Article III is true, complete and not misleading as of the date of this Agreement, and each
of such representations and warranties shall be true, complete and not misleading on and as of the Closing Date, with the same
effect as if made on and as of the Closing Date, as applicable (except for such representations and warranties that are made as
of a specified date, which shall be true, complete and not misleading as of such date):

 

Section 3.01      Organization and Good
Standing of Seller. The Seller is a company duly incorporated and organized (as applicable) and validly existing in good standing
(as applicable) under its jurisdiction and in accordance with its Constitutional Documents, each as amended (as the case may be),
and is in material compliance with all registrations and approval requirements of its place of incorporation.

 

Section 3.02      Authorization; Enforceable
Agreement. The Seller has the absolute and unrestricted right, power and authority to enter into and to perform its obligations
under this Agreement; and the execution, delivery and performance by the Seller of this Agreement, and the offer, sale and delivery
of the Subject Shares by the Seller as contemplated under this Agreement have been duly authorized by all necessary action on the
part of the Seller and its Board. This Agreement, when executed and delivered, assuming due authorization, execution and delivery
by Purchaser, constitutes and will constitute valid and legally binding obligations of the Seller, enforceable in accordance with
its terms, subject to (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (ii) rules
of law governing specific performance, injunctive relief and other equitable remedies.

 

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Section 3.03      Non-contravention.
The execution, delivery and performance by Seller of this Agreement, the consummation of the transactions contemplated hereby,
the issuance and delivery of the Subject Shares hereunder will not (i) conflict with or violate any provision of any Seller’s
Constitutional Documents, each as amended, (ii) conflict with or violate any applicable Law or any Governmental Order to which
any Seller is subject or (iii) conflict with, result in any breach of or creation of an Encumbrance under, constitute a default
(with or without notice or lapse of time, or both) under, require any notice or consent under, or give to others any rights of
termination, acceleration or cancellation of, any Contract to which any Seller is a party or by which it is bound or to which any
of its assets or properties are subject.

 

Section 3.04      Governmental
Consents. No consent, approval, order, or authorization of or registration, qualification, declaration, or filing with, any
Governmental Authority on the part of any Seller is required in connection with the issuance and delivery of the Subject Shares
and the consummation by Seller of the transactions contemplated hereunder, other than: (i) the filing of any required notifications
under applicable securities Laws, which filings will have occurred within the appropriate time periods; (ii) any application or
notification to NASDAQ that is required in connection with the issuance and sale of the Subject Shares; (iii) any filings required
by the Financial Industry Regulatory Authority; and (iv) the filing with the SEC of such reports under the Exchange Act as may
be required in connection with this Agreement and the transactions contemplated by this Agreement.

 

Section 3.05       Valid Issuances.
The Subject Shares, when issued and delivered in accordance with the terms and for the consideration set forth in this Agreement,
will be duly authorized and validly issued, fully paid and non-assessable, and will be free and clear of any Encumbrances and restrictions
on transfer other than any restrictions or conditions on transfer under this Agreement, Seller’s Constitutional Documents,
each as amended, and under applicable Laws.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES
OF PURCHASER

 

The Purchaser hereby represents and warrants
to the Seller that each of the representations and warranties contained in this Article IV is true, complete and not misleading
as of the date of this Agreement, and each of such representations and warranties shall be true, complete and not misleading on
and as of the Closing Date, with the same effect as if made on and as of the Closing Date (except for such representations and
warranties that are made as of a specified date, which shall be true, complete and not misleading as of such date):

 

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Section 4.01      Organization, Good Standing
and Qualification. The Purchaser is duly organized, incorporated or formed, validly existing and in good standing (with respect
to the jurisdictions that recognize the concept of good standing) under the Laws of the jurisdiction of its organization, incorporation
or formation.

 

Section 4.02      Authorization; Enforceable
Agreement. The Purchaser has the absolute and unrestricted right, power and authority to enter into and to perform its obligations
under this Agreement; and the execution, delivery and performance by the Purchaser of this Agreement, and the authorization, issuance
(or reservation for issuance) and delivery of the Purchaser In-Kind Contribution have been duly authorized by all necessary action
on the part of Purchaser and its Board. This Agreement, when executed and delivered, assuming due authorization, execution and
delivery by Seller, constitutes and will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance
with its terms, subject to (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (ii)
rules of law governing specific performance, injunctive relief and other equitable remedies.

 

Section 4.03      Non-contravention.
The execution, delivery and performance by the Purchaser of this Agreement, the consummation of the transactions contemplated
hereby, the sale and delivery of the Bitcoin Mining Equipment hereunder will not (i) conflict with or violate any provision
of any Purchaser Group Company’s Constitutional Documents, each as amended, (ii) conflict with or violate any
applicable Law or any Governmental Order to which any Purchaser Group Company is subject or (iii) conflict with, result in
any breach of or creation of an Encumbrance under, constitute a default (with or without notice or lapse of time, or both)
under, require any notice or consent under, or give to others any rights of termination, acceleration or cancellation of, any
Contract to which any Purchaser Group Company is a party or by which it is bound or to which any of its assets or properties
are subject.

 

Section 4.04     Free Title. Immediately
prior to the transfer of the Bitcoin Mining Equipment by Purchaser to Seller hereunder, the Purchaser has good and marketable title
to the Bitcoin Mining Equipment, free and clear of all liens, security interests or other encumbrances created by Purchaser or
any third-party.

 

Section 4.05     Quality. Each of
the Bitcoin Mining Equipment is safe to use. The Bitcoin Mining Equipment shall have a computing power and other technical specifications
not less than represented by the Purchaser in the Exhibit A to this Agreement based on the determination methodology approved
by the Seller.

 

Section 4.06      Intellectual
Property. The Bitcoin Mining Equipment to be delivered by the Purchaser under this Agreement, and Seller’s intended use
of such Bitcoin Mining Equipment do not and will not violate or infringe any intellectual property rights or other rights of third
parties.

 

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Section 4.07      Status of the Purchaser.

 

(a)       The
Purchaser is (i) not a “U.S. person” and is located outside the United States, as such terms are defined in Rule 902
of Regulation S under the Securities Act; (ii) aware that the issuance and sale of the Subject Shares is being made in reliance
on Rule 903 promulgated under the Securities Act, and (iii) acquiring the Subject Shares for its own account and not with a view
to, or the intention of, or for sale in connection with, any distribution thereof in violation of applicable securities Laws.

 

(b)       The
Purchaser understands and agrees that the Subject Shares are being offered in a transaction not involving any public offering within
the meaning of the Securities Act, that the Subject Shares will not be registered under the Securities Act and that such Securities
may be offered, resold, pledged or otherwise transferred only (i) in a transaction not involving a public offering, (ii) pursuant
to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if available), (iii) pursuant to an
exemption from registration under the Securities Act provided by Rule 904 thereunder (if available), (iv) pursuant to an effective
registration statement under the Securities Act or (v) to Seller, in each of cases (i) through (v) in accordance with any applicable
state and federal securities Laws, and that it will notify any subsequent purchaser of Securities from it of the resale restrictions
referred to above, as applicable.

 

(c)       In
addition to any other legend that may be required, each certificate for the Subject Shares to be issued to Purchaser pursuant to
and subject to the terms and conditions of this Agreement shall bear a legend in substantially the following form (it being agreed
that if the Subject Shares are not certificated, other appropriate restrictions shall be implemented to give effect to the following):

 

“THE SALE, TRANSFER, ASSIGNMENT,
PLEDGE OR ENCUMBRANCE OR ANY OTHER ALIENATION OF THE SHARES REPRESENTED BY THIS CERTIFICATE AND THE RIGHTS OF THE HOLDERS OF SUCH
SHARES ARE SUBJECT TO THE TERMS AND CONDITIONS OF A SHARE PURCHASE AGREEMENT DATED _________, 2021, AS AMENDED FROM TIME TO TIME.
A COPY OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE REGISTERED HOLDER OF THIS CERTIFICATE TO THE
COMPANY.”

 

“THE SHARES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED:
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT AND OTHER APPLICABLE
SECURITIES LAWS, OR (B) AN OPINION OF COUNSEL, IN FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED
UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS; OR (II) UNLESS THE SECURITIES HAVE BEEN SOLD PURSUANT TO RULE
144 OR ANOTHER AVAILABLE EXEMPTION UNDER THE SECURITIES ACT.”

 

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(d)       The
Purchaser understands that Seller will rely upon the truth and accuracy of the foregoing representations, acknowledgements and
agreements.

 

ARTICLE V

 

COVENANTS AND ADDITIONAL
AGREEMENTS OF THE PARTIES

 

Section 5.01     Conduct of Purchaser.
From the date of this Agreement until the Closing, the Purchaser shall, and shall cause each Purchaser Group Company, if applicable,
to grant Seller free access to the Bitcoin Mining Equipment for examination and evaluation. Seller, at its own discretion, may
appoint a third-party valuation company to conduct examination and assessment of a fair market price of the Bitcoin Mining Equipment.
The Purchaser shall not withhold its cooperation and shall grant access and render assistance to such third party to conduct examination
and valuation. If valuation report results submitted by third-party valuation company(i) shows that the fair market price is lower
than the agreed value consideration under this Agreement or (ii) determines any defects in the Bitcoin Mining Equipment, the Seller
shall have a right, at its own discretion, to do either or all of the following: (a) reject defected portion of the Bitcoin Mining
Equipment, (b) reduce amount of the Subject Shares proportionally, or (c) adjust total amount of the Subject Shares to the fair
market price of the Bitcoin Mining Equipment.

 

Upon the execution of this Agreement and
before the Closing (the “Retention Period”), the Purchaser shall maintain the Bitcoin Mining Equipment at his
own expense and shall take all measures, in order that the Seller’s claim of ownership contemplated in this Agreement is
neither compromised nor nullified. For the avoidance of doubt, any income generated from the use of the Bitcoin Mining Equipment
during the Retention Period shall belong to the Seller as a beneficial owner of such Bitcoin Mining Equipment.

 

Section 5.02       In case the Seller decides
to store Bitcoin Mining Equipment in the same storage facility as the Purchaser, the Purchaser shall transfer, assign or novate,
or cause a third-party provider of storage facility to enter into, the same storage service contracts in respect to the Bitcoin
Mining Equipment with the Seller instead of the Purchaser.

 

Section 5.03      Defected Bitcoin Mining
Equipment. 

 

In the event that the Bitcoin Mining Equipment,
after the Closing, turns out to be not suitable for the intended use and/or has any functional defects, which were not discovered
before the Closing for the reasons whatsoever, then the Seller has an absolute right, at its own discretion, to return such defected
portion of the Bitcoin Mining Equipment to the Purchaser and the Purchaser shall surrender certain number of Subject Shares with
nil consideration in proportionate to the defected portion of the Bitcoin Mining Equipment as to the Bitcoin Mining Equipment as
a whole. The Purchaser shall act according to the instructions of the Seller and shall not withhold its consent and cooperation
to effect the share surrender.

 

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Section 5.04      Notice of Certain Events.

 

The Purchaser shall promptly notify the
Seller of the occurrence of any transaction or event or series of transactions or events if prior to the Closing, as applicable,
as a consequence to which (A) any representation or warranty made by the Purchaser in this Agreement was, when made, or has subsequently
become, untrue or inaccurate in any material respect, or (B) the Purchaser shall fail to comply with or satisfy any covenant, condition
or agreement to be complied with or satisfied by the Purchaser pursuant to this Agreement or (C) the consummation of the transactions
contemplated by this Agreement will be, or would reasonably be expected to be, prevented or materially delayed.

 

Section 5.05      Commercially Reasonable
Efforts.

 

(a)       For
the purposes of Closing, (i) the Seller shall use commercially reasonable efforts to cause the conditions set forth in Section
6.01 and Section 6.02 to be satisfied, but subject to any waiver thereof, at Closing to be satisfied on a timely basis
and, consistent with using such commercially reasonable efforts, if reasonably practicable, cause such conditions to be satisfied
as soon as possible after the date hereof; and (ii) the Purchaser shall use commercially reasonable efforts to cause the conditions
set forth in Section 6.01 and Section 6.03 to be satisfied, but subject to any waiver thereof, at Closing to be satisfied
on a timely basis and, consistent with using such commercially reasonable efforts, if reasonably practicable, cause such conditions
to be satisfied as soon as possible after the date hereof.

 

(b)       As
promptly as practicable after the execution of this Agreement, each Party to this Agreement (i) shall make all filings and
give all notices reasonably required to be made and given by such Party in connection with the transactions contemplated by
this Agreement and (ii) shall use all commercially reasonable efforts to obtain all Consents required to be obtained
(pursuant to any applicable Law or Contract, or otherwise) by such Party in connection with the transactions contemplated by
this Agreement. Each Party shall, upon request of another Party and to the extent permitted by applicable Law or applicable
Contracts, promptly deliver to such other party a copy of each such filing made, each such notice given and each such Consent
obtained by it.

 

(c)       The
Parties understand and agree that the commercially reasonable efforts of any party hereto shall not be deemed to include entering
into any settlement, undertaking, consent decree, stipulation or agreement with any Governmental Authority in connection with the
transactions contemplated hereby. Notwithstanding anything herein to the contrary, Seller shall not be required to contest or defend
any objections or oppositions raised by any Governmental Authority relating to the matters contemplated by this Section 5.05,
although it may, at its sole discretion, elect to do so.

 

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Section 5.06      Compliance with Laws.
The Seller shall comply in all material respects with all applicable Laws, ordinances, rules, regulations and requirements of any
Governmental Authorities.

 

Section 5.07     Public Disclosure.
On the first Business Day following the date of this Agreement, the Seller shall issue a press release and file a Current Report
on Form 6-K describing the terms of the transactions contemplated hereunder in the form required by the Exchange Act (the “6-K
Filing”).

 

Section 5.08     Confidentiality.
Each Party shall hold, and will cause its respective Affiliates and their directors, officers, employees, agents, consultants and
advisors to hold, in strict confidence, unless disclosure to a regulatory authority is necessary or appropriate in connection with
any necessary regulatory approval or unless disclosure is required by judicial or administrative process or by other requirement
of Law or the applicable requirements of any regulatory agency or relevant stock exchange, all non-public records, books, contracts,
instruments, computer data and other data and information (collectively, “Information”) concerning the other
Party furnished to it by such other Party or its Representatives pursuant to this Agreement (except to the extent that such information
can be shown to have been (a) previously known by such Party on a non-confidential basis, (b) in the public domain through no fault
of such Party or (c) later lawfully acquired from other sources on a non-confidential basis by the Party to which it was furnished),
and no Party shall release or disclose such Information to any other person, except its Affiliates, officers, directors, employees,
partners, members, auditors, attorneys, financial advisors, and other consultants and advisors. Without limiting the generality
of the foregoing, the following shall not constitute a breach of the confidentiality obligation under this Section 5.08
by the Purchaser: (i) the issue of the 6-K Filing pursuant to Section 5.07 and (ii) the filing of, and the disclosure of
the material terms of, this Agreement in the reports, schedules, forms, statements and other documents required to be filed with
or furnished to the SEC under the Securities Act or the Exchange Act, provided that the Seller shall be consulted by the
Purchaser in connection with any such public disclosure prior to its release.

 

Section 5.09      Lock-up. The Purchaser
hereby agrees that, notwithstanding any other provisions to the contrary herein, without the prior written consent of the Seller,
it will not (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any
of the Subject Shares or any other securities so owned convertible into or exercisable or exchangeable for any of the Subject Shares,
or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any of the Subject Shares during the period commencing on the Closing Date and expiring after six calendar months
have passed from the date written on the share certificate representing all of the Subject Shares registered in the name of Purchaser
under Section 2.02(a)(i) herein (the “Lock-up Period”). After the Lock-up Period and upon the request
of the Purchaser, the Seller shall use its best efforts to facilitate the conversion of the Subject Shares into ADSs in accordance
with applicable securities laws and the ADS conversion procedures of the Depositary.

 

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ARTICLE VI

 

CONDITIONS TO PRE-CLOSING
AND CLOSING

 

Section 6.01     Conditions to the Obligations
of Each Party. The obligations of the Parties to consummate the transactions at Closing contemplated by this Agreement
are subject to the satisfaction of this Section 6.01:

 

(a)       Governmental
Approvals. All notices to, filings with and Consents of Governmental Authorities required to be made or obtained under
any applicable Law in connection with the execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated by this Agreement shall have been made or obtained and be in full force and effect.

 

(b)       No
Injunction. No temporary restraining order, preliminary or permanent injunction or other order or decree issued by any Governmental
Authority of competent jurisdiction shall be in effect which prevents the consummation of the transactions contemplated by this
Agreement on the terms contemplated herein, and no applicable Law shall have been enacted or be deemed applicable to the transactions
contemplated by this Agreement that makes consummation of the transactions contemplated by this Agreement illegal.

 

(c)       No
Litigation. There shall not be pending or overtly threatened by or before any Governmental Authority any Proceeding that (i)
seeks to prevent the consummation of the transactions contemplated by this Agreement on the terms contemplated herein, or (ii)
seeks the award of Damages (in an amount material to the Purchaser or Seller taken as a whole) payable by, or any other remedy
against, the Purchaser if the transactions contemplated by this Agreement are consummated.

 

Section 6.02     Conditions to the Obligations
of Seller. The obligations of the Seller to consummate the transactions at Closing contemplated by this Agreement are
subject to the satisfaction of the following further conditions:

 

(a)       Representations
and Warranties. Each of the representations and warranties of the Purchaser in this Agreement shall be true and correct in
all material respects (without giving effect to any limitation as to “materiality” set forth therein) as of Closing,
except for such representations and warranties made as of a specific date, which shall be true and correct as of such date.

 

(b)       Performance.
The Purchaser shall have performed and complied with all agreements, covenants, obligations and conditions contained in this Agreement
that are required to be performed or complied with by it at or prior to the Closing.

 

(c)       Corporate
Approvals. The Purchaser shall (i) have duly attended to and carried out all corporate procedures that are required under the
Laws of its place of incorporation or establishment to effect its execution, delivery and performance of this Agreement and the
transactions contemplated hereby, and (ii) have provided a copy of all resolutions and documentation evidencing authorization by
the Purchaser’s respective Board of this Agreement and the transactions contemplated hereby, and the execution, delivery
and performance of this Agreement (where applicable), certified by a duly authorized director of Purchaser’s respective Board
or secretary to be true, complete and correct copies thereof;

 

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(d)       Consents.
All Consents required to be obtained by the Purchaser (including, but not limited to, any Consent required to be obtained from
any Governmental Authority) in connection with the transactions contemplated by this Agreement shall have been obtained in form
and substance reasonably satisfactory to the Seller and shall be in full force and effect, except in the case where the failure
to obtain any such Consents has not had and would not reasonably be expected to have, individually or in the aggregate;

 

(e)       Orders.
There shall be no Governmental Authority that has

 

(i)       instituted
or to the Knowledge of the Purchaser, threatened any action or investigation to restrain, prohibit or otherwise challenge any transaction
contemplated under this Agreement;

 

(ii)       to
the Knowledge of the Purchaser, threatened to take any action as a result of or in anticipation of transactions contemplated under
this Agreement; or

 

(iii)       proposed,
enacted, issued, promulgated, enforced or entered any Law or Governmental Order (whether temporary, preliminary or permanent) which
would prohibit, restrict or delay the (A) the transactions contemplated by this Agreement, (B) the operation of the Purchaser after
the date hereof, including to compel Purchaser to dispose of all or a material portion of its Bitcoin Mining Equipment assets as
a result of the consummation of such transactions.

 

(f)       Closing
Deliverables. The Seller shall have received each of the agreements and documents required by this Agreement to be delivered
by the Purchaser at Closing, as applicable, as specified in Section 2.02(b), each of which shall be in full force and effect.

 

Section 6.03       Conditions to the Obligations
of Purchaser. The obligations of the Purchaser to consummate the transactions at Closing contemplated by this Agreement
are subject to the satisfaction of all the following further conditions.

 

(a)       Representations
and Warranties. Each of the representations and warranties of the Seller contained in this Agreement shall be true and
correct in all material respects (without giving effect to any limitation as to “materiality” set forth therein)
as of Closing, as applicable, except for such representations and warranties made as of a specific date, which shall be true
and correct as of such date.

 

(b)       Performance.
The Seller shall have performed and complied with all agreements, covenants, obligations and conditions contained in this Agreement
that are required to be performed or complied with by it at or prior to Closing, as applicable.

 

(c)       Corporate
Authority. The Seller shall have duly attended to and carried out all corporate procedures that are required under the Laws
of its place of incorporation or establishment to effect its execution, delivery and performance of this Agreement to which it
is as a party, and the transactions contemplated hereby.

 

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(d)       Consents.
All Consents required to be obtained by the Seller (including, but not limited to, any Consent required to be obtained from any
Governmental Authority) in connection with the transactions contemplated by this Agreement, including, but not limited to, the
approval of the issuance of the Subject Shares, shall have been obtained in form and substance reasonably satisfactory to the Purchaser
and shall be in full force and effect, except where the failure to obtain any such Consents has not had and would not reasonably
be expected to have, individually or in the aggregate, a Seller Material Adverse Effect.

(e)       No
Seller Material Adverse Effect. Since the date of this Agreement, there shall not have occurred any Seller Material Adverse
Effect.

 

(f)       Qualification
under Securities Laws. All registrations, qualifications, permits and approvals, if any, required to be obtained prior to the
Closing under applicable securities Laws shall have been obtained for the lawful execution, delivery and performance of this Agreement
including, without limitation, the offer and sale of the Subject Shares;

 

(g)       Closing
Deliverables. The Purchaser shall have received each of the agreements and documents required by this Agreement to be delivered
by the Seller at Closing, as applicable, as specified in Section 2.02(a), each of which shall be in full force and effect.

 

ARTICLE VII

 

INDEMNIFICATION

 

Section 7.01      Survival of Representations
and Warranties.

 

(a)       The
representations and warranties of the Parties contained in this Agreement shall survive the Closing until twelve (12) months after
the Closing. The covenants and agreements of each Party set forth in this Agreement shall survive the Closing until fully discharged
in accordance with their terms. Neither the period of survival nor the liability of the any Party with respect to such Party’s
representations, warranties, covenants and agreements shall be reduced by any investigation made at any time by or on behalf of
the other Party. If written notice of a claim setting forth reasonable details as to the basis of the claim has been given prior
to the expiration of the applicable representations and warranties or prior to the discharge of the applicable covenants or agreement
by the Party to the other Party, then the relevant representations, warranties, covenants and agreements shall survive as to such
claim, until such claim has been finally resolved.

 

(b)       Notwithstanding
the expiration dates set forth in Sections 7.01(a), all representations and warranties made by each Party in this Agreement
shall survive indefinitely in the event of fraud or willful or intentional misrepresentation by such Party.

 

Section 7.02      Indemnification by
Seller.

 

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Following the Closing, the Seller hereof
undertakes to fully indemnify and hold harmless each of the Purchaser and its Affiliates and their respective officers, directors,
employees, agents, successors and assigns (each a “Seller Indemnified Party”) for and against any and all Liabilities,
losses, Damages, claims, costs and expenses, interest, awards, judgments and penalties (including attorneys’ and consultants’
fees and expenses) (each, a “Loss”) actually suffered or incurred by them (including any Action brought or otherwise
initiated by any of them), arising out of or resulting from:

 

(a)       the
failure of any representation or warranty made by the Seller under this Agreement to be true and accurate when made; or

 

(b)       the
breach or violation of, or failure to perform or fulfill, any covenant or agreement by the Seller contained in this Agreement.

 

Section 7.03      Limits on Indemnification
by Seller. Notwithstanding anything to the contrary contained in this Agreement:

 

(a)       the
maximum amount of indemnifiable Losses which may be recovered by the Seller Indemnified Parties from the Seller arising out of
or resulting from the causes set forth in Section 7.02(a), other than any claim arising from fraud, willful misconduct or
intentional misrepresentation or arising out of the breach of any Seller Fundamental Reps, shall be an amount equal to US$100,000.

 

Section 7.04      Indemnification by Purchaser.

 

Following the Closing, the Purchaser shall
indemnify and hold harmless Seller and its Affiliates and its officers, directors, employees, agents, successors and assigns (each
a “Purchaser Indemnified Party”), for and against any and all Liabilities, losses, Damages, claims, costs and
expenses, interest, awards, judgments and penalties (including attorneys’ and consultants’ fees and expenses) (each,
a “Loss”) actually suffered or incurred by them (including any Action brought or otherwise initiated by any
of them), arising out of or resulting from:

 

(a)       the
failure of any representation or warranty made by the Purchaser under this Agreement to be true and accurate when made; or

 

(b)       the
breach or violation of, or failure to perform or fulfill, any covenant or agreement by Purchaser contained in this Agreement.

 

Section 7.05      Limits on Indemnification
by Purchaser. Notwithstanding anything to the contrary contained in this Agreement:

 

(a)       the
maximum amount of indemnifiable Losses which may be recovered by Purchaser Indemnified Parties from the Purchaser arising out of
or resulting from the causes set forth in Section 7.04(a), other than any claim arising from fraud, willful misconduct or
intentional misrepresentation or arising out of the breach of any Purchaser Fundamental Reps, shall be an amount equal to US$100,000.

 

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Section
7.06       Third-Party Claims. If a Purchaser Indemnified Party or a Seller
Indemnified Party (each, an “Indemnified Party”) receives notice of any Action, audit, demand or
assessment (each, a “Third-Party Claim”) against it or which may give rise to a claim for Loss under this Article
VII, within thirty (30) calendar days of the receipt of such notice, the Indemnified Party shall give the Indemnifying
Party or Indemnifying Parties, as the case may be, notice of such Third-Party Claim; provided, however, that
the failure to provide such notice shall not release any Indemnifying Party from any of its obligations under this Article
VII except to the extent that such Indemnifying Party is materially prejudiced by such failure and shall not relieve such
Indemnifying Party from any other obligation or liability that it may have to any Indemnified Party otherwise than under this Article
VII. If the Indemnifying Party acknowledges in writing its obligation to indemnify the Indemnified Party or Indemnified
Parties hereunder against any Losses that may result from such Third-Party Claim, then such Indemnifying Party or
Indemnifying Parties, as the case may be, shall be entitled to assume and control the defense of such Third-Party Claim at
its or their expense and through counsel of its or their choice if it or they give notice of such intention to do so to the
Indemnified Party or Indemnified Parties, as the case may be, within fourteen (14) calendar days of the receipt of notice
from any Indemnified Party of such Third-Party Claim; provided, however, that if there exists or is reasonably
likely to exist a conflict of interest that would make it inappropriate in the reasonable judgment of the Indemnified Party
or Indemnified Parties in its or their sole and absolute discretion for the same counsel to represent both the Indemnified
Party or Indemnified Parties and the Indemnifying Party or Indemnifying Parties, then the Indemnified Party or Indemnified
Parties shall be entitled to retain its or their own counsel in each jurisdiction for which the Indemnified Party determines
counsel is required, at the expense of the Indemnifying Party or Indemnifying Parties. In the event that the Indemnifying
Party or Indemnifying Parties exercise the right to undertake any such defense against any such Third-Party Claim as provided
above, the Indemnified Party or Indemnified Parties shall cooperate with the Indemnifying Party or Indemnifying Parties in
such defense and make available to any Indemnifying Party, at such Indemnifying Party’s expense, all witnesses,
pertinent records, materials and information in the Indemnified Party’s possession or under the Indemnified
Party’s control relating thereto as is reasonably required by such Indemnifying Party. Similarly, in the event any
Indemnified Party is, directly or indirectly, conducting the defense against any such Third-Party Claim, such Indemnifying
Party shall cooperate with the Indemnified Party or Indemnified Parties in such defense and make available to any Indemnified
Party, at such Indemnifying Party’s or Indemnifying Parties’ expense, all such witnesses, records, materials and
information in such Indemnifying Party’s possession or under such Indemnifying Party’s control relating thereto
as is reasonably required by any Indemnified Party. No Third-Party Claim may be settled (i) by any Indemnified Party without
the prior written consent of the Indemnifying Party or Indemnifying Parties (which shall not be unreasonably withheld or
delayed) if the Indemnifying Party or Indemnifying Parties acknowledge in writing its or their obligation to indemnify such
Indemnified Party hereunder against any Losses that may result from such Third-Party Claim or (ii) by any Indemnifying Party
without the prior written consent of the Indemnified Party or Indemnified Parties, except, in the case of (ii) only, where
settlement of such Third-Party Claim (A) includes an unconditional release of the Indemnified Party or Indemnified Parties
from all liability arising out of such Action, audit, demand or assessment and (B) does not include a statement as to or an
admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party.

 

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Section
7.07      Exclusive Remedy. Following the Closing, indemnification as set forth in this Article
VII shall be the exclusive remedy available to the Purchaser with respect to any breaches of any representations and warranties,
covenants or agreement by the other Party in this Agreement, except in each case pursuant to Section 9.02 or in the case
of fraud or willful or intentional misconduct by the other Parties (which remedies shall, for the avoidance of doubt, be in addition
to the remedies set forth in this Article VII).

 

ARTICLE VIII

 

TERMINATION

 

Section 8.01      Termination.
This Agreement may be terminated and the transactions contemplated by this Agreement may be abandoned at any time prior to
the Closing:

 

(a)       by
written agreement of the Parties;

 

(b)       by
Seller or Purchaser if an injunction, restraining order or decree of any nature of any Governmental Authority of competent jurisdiction
is issued that prohibits the consummation of the transactions contemplated hereby due to reasons other than a fault of such Party;

 

(c)       by
the Purchaser (i) if the Seller shall have breached, in any material respect, any of its representations, warranties, covenants
or other obligations under this Agreement and such breach shall be incapable of cure or has not been cured within fourteen (14)
days following the giving of written notice of such breach to the breaching Party, (ii) if there shall have occurred a Seller Material
Adverse Effect;

 

(d)       by
the Seller (i) if the Purchaser shall have breached, in any material respect, any of its representations, warranties, covenants
or other obligations under this Agreement and such breach shall be incapable of cure or has not been cured within fourteen (14)
days following the giving of written notice of such breach to the breaching Party, (ii) if there shall have occurred a Purchaser
Material Adverse Effect.

 

The Party desiring to terminate this Agreement
pursuant to this Section 8.01 (other than pursuant to Section 8.01(a)) shall give a notice of such termination to
the other Party setting forth a brief description of the basis on which such Party is terminating this Agreement.

 

Section 8.02      Effect of Termination.
If this Agreement is terminated pursuant to Section 8.01, this Agreement shall become void and of no effect without
liability of any Party (or any Representative of such Party) to the other party hereto; provided that: (a) no Party shall
be relieved of any obligation or liability arising from any prior breach by such Party of any provision of this Agreement; and
(b) the Parties shall, in all events, remain bound by and continue to be subject to the provisions set forth in Article VII,
this Section 8.02, Section 9.02, Section 9.06 and Section 9.08, which shall survive any termination
of this Agreement.

 

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ARTICLE IX

 

MISCELLANEOUS

 

Section 9.01      Notices. All notices,
requests and other communications required or permitted under, or otherwise made in connection with, this Agreement, shall be in
writing and shall be deemed to have been duly given (a) when delivered in person, (b) upon confirmation of receipt when transmitted
by facsimile transmission, (c) upon receipt after dispatch by registered or certified mail, postage prepaid or (d) on the
next Business Day if transmitted by national overnight courier (with confirmation of delivery), in each case, addressed as follows:

 

if to The9, to:

 

The9 Limited

17 Floor, No. 130 Wu Song Road

Hong Kou District, Shanghai 200080

People’s Republic of China

Attention: George Lai

Facsimile No.: +86-21-6108-6080

 

if to Purchaser, to:

 

[ ]

 

or to such other address or facsimile number as such Party may
hereafter specify for the purpose by five-day prior notice to the other Parties.

 

Section 9.02     Specific Performance.
The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with
the terms hereof and that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or
to enforce specifically the performance of the terms and provisions of this Agreement in addition to any other remedy to which
they are entitled to at law or in equity, in each case without the requirement of posting any bond or other type of security.

 

Section 9.03      Amendments and Waivers.

 

(a)       Any
provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in
the case of an amendment, by each Party to this Agreement or, in the case of a waiver, by each Party against whom the waiver is
to be effective.

 

(b)       No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power
or privilege.

 

Section 9.04      Fees and Expenses.
Except as otherwise provided herein, each Party shall pay all of its own fees and expenses (including attorneys’ fees) incurred
in connection with this Agreement and the transactions contemplated hereby, except that the Seller, on the one hand, and the Purchaser,
on the other hand, shall each pay one-half of any reasonable out-of-pocket expenses payable in connection with the sales, use,
transfer, stamp duty or similar taxes payable in connection with the conveyance, transfer and assignment of the Subject Shares
and the Purchaser In-Kind Contribution.

 

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Section 9.05      Binding Effect; Benefit;
Assignment.

 

(a)       The
provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors
and assigns. Except with respect to Article VII, no provision of this Agreement is intended to confer any rights, benefits,
remedies, obligations or liabilities hereunder upon any Person other than the Parties hereto and their respective successors and
assigns.

 

(b)       No
party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of each
other party hereto. Any assignment in violation of this Section 9.05(b) shall be null and void.

 

Section 9.06      Governing Law. This
Agreement shall be governed by, and construed in accordance with, the Laws of Hong Kong. Nothing in this Agreement shall affect
the right to serve process in any manner permitted by Law.

 

Section 9.07     Consultation. Any
dispute, controversy or claim (each, a “Dispute”) arising out of or in connection with or relating to this Agreement,
or the breach, termination or invalidity hereof (including the validity, scope and enforceability of the arbitration provision
set forth in Section 9.08) shall be resolved at the first instance through consultation between the parties to such Dispute.
Such consultation shall begin immediately after any party has delivered notice to the other party to the Dispute requesting such
consultation.

 

Section 9.08      Arbitration.

 

(a)       If
the Dispute is not resolved within 30 days following the date on which a notice for consultation is given or upon the notice
of any party to the Dispute notifying that such consultation has failed, the Dispute shall be finally resolved by arbitration
administered by the Hong Kong International Arbitration Centre under the UNCITRAL Arbitration Rules (the
 “Rules”) as are in force at the time of any such arbitration and as may be amended by the rest of this Section
9.08. For the purpose of such arbitration, there shall be three arbitrators to form an arbitration board
(“Arbitration Board”). One arbitrator shall be appointed by Purchaser and one shall be appointed by
Seller. All selections shall be made within 30 days after the selecting party gives or receives the demand for arbitration.
Such arbitrators shall be freely selected, and the parties shall not be limited in their selection to any prescribed list.
The Chairman of the Hong Kong International Arbitration Centre shall select the third arbitrator. If any arbitrator to be
appointed by a party has not been appointed and consented to participate within 30 days after the selection of the first
arbitrator, the relevant appointment shall be made by the Chairman of the Hong Kong International Arbitration Centre.

 

(b)       The
arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre. All arbitration
proceedings shall be conducted in English. The arbitrators shall decide any such Dispute or claim strictly in accordance with the
governing law specified in Section 9.06. Judgment upon any arbitral award rendered hereunder may be entered in any court
having jurisdiction, or application may be made to such court for a judicial acceptance of the award and an order of enforcement,
as the case may be.

 

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(c)       The
Parties shall facilitate the arbitration by (i) cooperating in good faith to expedite (to the maximum extent practicable) the conduct
of the arbitration, (ii) making available to one another and to the Arbitration Board for inspection and extraction all documents,
books, records, and personnel under their control or under the control of a Person controlling or controlled by such Party if determined
by the Arbitration Board to be relevant to the Dispute, (iii) conducting arbitration hearings to the greatest extent possible on
successive business days and (iv) using their best efforts to observe the time periods established by the Rules or by the Arbitration
Board for the submission of evidence and briefs.

 

(d)       The
costs and expenses of the arbitration, including the fees of the arbitration, including the fees of the Arbitration Board, shall
be borne by the losing party to the Dispute or claim, and each Party shall pay its own fees, disbursements and other charges of
its counsel; provided that the Arbitration Board shall have the right to allocate the costs and expenses between each Party
as the Arbitration Board deems equitable.

 

(e)       Any
award made by the Arbitration Board shall be final and binding on each of the Parties that were parties to the Dispute. The Parties
expressly agree to waive the applicability of any Laws that would otherwise give the right to appeal the decisions of the Arbitration
Board so that there shall be no appeal to any court of Law for the award of the Arbitration Board, and a party shall not challenge
or resist the enforcement action taken by any other party in whose favor an award of the Arbitration Board was given.

 

Section 9.09      Counterparts; Effectiveness.
This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party hereto shall
have received a counterpart hereof signed by all of the other Parties hereto. Until and unless each Party has received a counterpart
hereof signed by the other Party hereto, this Agreement shall have no effect and no Party shall have any right or obligation hereunder
(whether by virtue of any other oral or written agreement or other communication). The exchange of a fully executed Agreement (in
counterparts or otherwise) by electronic transmission in .PDF format or by facsimile shall be sufficient to bind the Parties to
the terms and conditions of this Agreement.

 

Section 9.10      Entire Agreement.
This Agreement constitutes the entire agreement between the Parties with respect to the subject matter of this Agreement and supersede
all prior agreements and understandings, both oral and written, between the Parties with respect to the subject matter of this
Agreement.

 

Section 9.11      Severability. If
any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental
Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination,
the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated
to the fullest extent possible.

 

[Signature Page Follows]

 

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

 

	 	Seller:
	 	The9 Limited
	 	 
	 	By:	 
	 	 	Name:George Lai
	 	 	Title:Director
	 	 
	 	Purchaser:
	 	[ ]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

Exhibit A: List of Bitcoin Mining Equipment and its specifications

 

     

     

    

 

Exhibit B: 

 

Bill of Transfer

 

WHEREAS, The9 Limited (the “Seller”),
and _____ (“Purchaser”), have entered into a Share Purchase Agreement, dated as of ________, 2021 (the “Agreement”),
providing for the transfer and assignment by Purchaser to ________ of all of Purchaser’s right, title and interest in, to
and under (i) the Bitcoin Mining Equipment (as such term is defined in the Agreement) and (ii) all manufacturer warranties,
if any, in favor of ________ in effect for the Bitcoin Mining Equipment.

 

NOW, THEREFORE, in consideration made pursuant
to the Agreement and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Purchaser
hereby transfers and assigns to ________ all of Purchaser’s right, title and interest in, to and under (i) the Bitcoin
Mining Equipment and (ii) all manufacturer warranties, insurance policies, if any, in favor of ________ in effect for the
Bitcoin Mining Equipment. Delivery of an executed counterpart of this Bill of Transfer by facsimile transmission or by electronic
transmission in PDF format shall be as effective as delivery of a manually executed counterpart hereof. This Bill of Transfer shall
be governed by and interpreted in accordance with the laws of Hong Kong.

Dated as of ________, 2021

 

	 	By:	 
	 	Title:	 

 

     

     

    

 

Schedule A

 

The following schedule
sets forth all similar agreements the registrant entered into with each of the owners of the cryptocurrencies mining machines.
Other than the information set forth below, there is no material difference between such other agreements and this exhibit.

 

	Purchaser	Number of Class A 

Ordinary Shares	Total Price for the 

Cryptocurrencies Mining

 Machines	Execution Date
	Zhifang Cai	7,042,950	US$2.6 million	February 8, 2021
	Peng Chen	7,128,240	US$2.7 million	February 8, 2021
	Sencheng Jin	7,042,770	US$2.6 million	February 8, 2021
	Yadong Shao	1,951,380	US$0.7 million	February 8, 2021
	Peng Yao	3,673,020	US$1.4 million	February 8, 2021

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