Document:

Exhibit

Exhibit 10.16

HEALTH CATALYST, INC.
EXECUTIVE SEVERANCE PLAN
1.Purpose.  Health Catalyst, Inc. (the “Company”) considers it essential to the best interests of its stockholders to foster the continuous employment of key management personnel.  The Board of Directors of the Company (the “Board”) recognizes, however, that, as is the case with many publicly-held corporations, the possibility of an involuntary termination of employment, either before or after a Change in Control (as defined in Section 2 hereof), exists and that such possibility, and the uncertainty and questions that it may raise among management, may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders.  Therefore, the Board has determined that the Health Catalyst, Inc. Executive Severance Plan (the “Plan”) should be adopted to reinforce and encourage the continued attention and dedication of the Company’s Covered Executives (as defined in Section 2 hereof) to their assigned duties without distraction.  Nothing in this Plan shall be construed as creating an express or implied contract of employment and nothing shall alter the “at will” nature of the Covered Executives’ employment with the Company.
2.    Definitions.  The following terms shall be defined as set forth below:
(a)    “Accounting Firm” shall mean a nationally recognized accounting firm selected by the Company.
(b)    “Administrator” means the Board or the Compensation Committee of the Board.  
(c)    “Base Salary” shall mean the higher of (i) the annual base salary in effect immediately prior to the Date of Termination or (ii) the annual base salary in effect for the year immediately prior to the year in which the Date of Termination occurs.
(d)    “Cause” shall mean, and shall be limited to, the occurrence of any one or more of the following events: 
(i)    the Covered Executive’s unauthorized use or disclosure of the Company’s confidential information or trade secrets;
(ii)    the Covered Executive’s material breach of any agreement between the Covered Executive and the Company;
(iii)    the Covered Executive’s material failure to comply with the Company’s written policies or rules;
(iv)    the Covered Executive’s gross negligence or willful misconduct in connection with the Covered Executive’s performance of his/her duties to the Company;
(v)    the Covered Executive’s continuing failure to perform assigned duties after receiving written notification of the failure from the Company and, if curable, a period of thirty (30) days to cure such failure;

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(vi)    the conviction of, indictment for or plea of nolo contendere by the Covered Executive to a felony or a crime involving moral turpitude; or
(vii)    the Covered Executive’s failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested the Covered Executive’s cooperation.
(e)    “Change in Control” shall mean a Sale Event, as defined in the Health Catalyst, Inc. 2019 Stock Option and Incentive Plan, as amended from time to time.
(f)    “Change in Control Period” shall mean the period beginning on the date of a Change in Control and ending on the one-year anniversary of the Change in Control.
(g)    “Code” shall mean the Internal Revenue Code of 1986, as amended.
(h)    “Covered Executives” shall mean Tier 1 Executive and those other employees designated by the Administrator in its sole discretion as the Tier 2 Executives and Tier 3 Executives, and, in each case, who meet the eligibility requirements set forth in Section 4 of the Plan.  
(i)    “Date of Termination” shall mean the date that a Covered Executive’s employment with the Company (or any successor) ends, which date shall be specified in the Notice of Termination.  Notwithstanding the foregoing, a Covered Executive’s employment shall not be deemed to have been terminated solely as a result of the Covered Executive becoming an employee of any direct or indirect successor to the business or assets of the Company.
(j)    “Disability” shall mean the following: if through any illness, injury, accident or condition of either a physical or psychological nature, the Covered Executive becomes unable to perform substantially all of his duties and responsibilities for a continuous period of sixteen (16) consecutive weeks or for any twenty-six (26) weeks within a fifty-two (52) week period.   Determinations as to whether Covered Executive is Disabled shall be made by a physician selected by the Board or its insurers and acceptable to the Covered Executive or the Covered Executive’s legal representative, such agreement as to acceptability not to be unreasonably withheld or delayed.  
(k)    “Good Reason” shall mean that the Covered Executive has complied with the “Good Reason Process” following the occurrence of any of the following events:
(i)    a material diminution in the Covered Executive’s annual base salary other than across the board decreases in annual base salary similarly affecting all executives of the Company;
(ii)    the Company requiring the Covered Executive to relocate (other than for travel incident to the Covered Executive’s performance of his or her duties on behalf of the Company) a distance of more than fifty (50) miles from the Covered Executive’s current principal place of business; or

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(iii)    any material diminution in the Covered Executive’s position, responsibilities, authority or duties.
For purposes of Section 2(k)(iii), a change in the reporting relationship, or a change in a title will not, by itself, be sufficient to constitute a material diminution of responsibilities, authority or duty.
(l)    “Good Reason Process” shall mean:
(i)    the Covered Executive reasonably determines in good faith that a “Good Reason” condition has occurred; 
(ii)    the Covered Executive notifies the Company in writing of the first occurrence of the Good Reason condition within sixty (60) days of the first occurrence of such condition; 
(iii)    the Covered Executive cooperates in good faith with the Company’s efforts, for a period of not less than thirty (30) days following such notice (the “Cure Period”), to remedy the condition; 
(iv)    notwithstanding such efforts, the Good Reason condition continues to exist following the Cure Period; and 
(v)    the Covered Executive terminates his or her employment and provides the Company with a Notice of Termination with respect to such termination, each within sixty (60) days after the end of the Cure Period.  
If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.
(m)    “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Plan relied upon for the termination of a Covered Executive’s employment and the Date of Termination. 
(n)    “Participation Agreement” shall mean an agreement between a Covered Executive and the Company that acknowledges the Covered Executive’s participation in the Plan. 
(o)    “Qualified Termination Event” shall mean (i) a termination of the Covered Executive’s employment by the Company other than for Cause, death or Disability or (ii) the Covered Executive’s resignation from the Company for Good Reason.
(p)    “Restrictive Covenants Agreement” shall mean the Executive Employee Agreement and Invention and Confidentiality Agreement or similar agreement entered into between the Covered Executive and the Company.
(q)    “Tier 1 Executive” shall mean the Company’s Chief Executive Officer.

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(r)    “Tier 2 Executives” shall mean the individuals designated as such by the Administrator and who are listed in Exhibit A, attached hereto, as such exhibit is amended by the Administrator from time to time.
(s)    “Tier 3 Executives” shall mean the individuals designated as such by the Administrator and who are listed in Exhibit B, attached hereto, as such exhibit is amended by the Administrator from time to time.
3.    Administration of the Plan. 
(a)    Administrator.  The Plan shall be administered by the Administrator.
(b)    Powers of Administrator.  The Administrator shall have all powers necessary to enable it properly to carry out its duties with respect to the complete control of the administration of the Plan.  Not in limitation, but in amplification of the foregoing, the Administrator shall have the power and authority in its discretion to:
(i)    construe the Plan to determine all questions that shall arise as to interpretations of the Plan’s provisions;
(ii)    determine which individuals are and are not Covered Executives, designate an individual as a Tier 2 Executive or Tier 3 Executive, determine the benefits to which any Covered Executives may be entitled, the eligibility requirements for participation in the Plan and all other matters pertaining to the Plan;
(iii)    adopt amendments to the Plan which are deemed necessary or desirable to comply with all applicable laws and regulations, including but not limited to Code Section 409A and the guidance thereunder;
(iv)    make all determinations it deems advisable for the administration of the Plan, including the authority and ability to delegate administrative functions to a third party; 
(v)    decide all disputes arising in connection with the Plan; and 
(vi)    otherwise supervise the administration of the Plan.  
(c)    All decisions and interpretations of the Administrator shall be binding on all persons, including the Company and Covered Executives. 
4.    Eligibility.  All Covered Executives who have executed and submitted to the Company a Participation Agreement, and satisfied such other requirements as may be determined by the Administrator, are eligible to participate in the Plan.  Notwithstanding the foregoing, the Administrator may determine at any time that a Covered Executive should be designated to participate in the Plan at a different tier (e.g., a change from a Tier 2 Executive to a Tier 3 Executive, or a Tier 3 Executive to a Tier 2 Executive, etc.) as a result of a material change in such Covered Executive’s role, and such designation of the applicable tier shall be effective upon the Administrator taking action by resolution to update the applicable Exhibit hereto.  Similarly, 

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the Administrator may determine at any time that a Covered Executive should no longer be designated as such as a result of a material change in such Covered Executive’s role, and such individual shall cease to be eligible to participate in the Plan upon the Administrator taking action by resolution to update the applicable Exhibit hereto. 
5.    Termination Benefits Generally.  In the event a Covered Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Covered Executive any earned but unpaid salary, unpaid expense reimbursements in accordance with Company policy, accrued but unused vacation or leave entitlement, and any vested benefits the Covered Executive may have under any employee benefit plan of the Company in accordance with the terms and conditions of such employee benefit plan (collectively, the “Accrued Benefits”), within the time required by law but in no event more than sixty (60) days after the Date of Termination.  
6.    Termination Not in Connection with a Change in Control.  In the event a termination of the Covered Executive’s employment by the Company other than for Cause, death or Disability occurs at any time other than during the Change in Control Period, with respect to such Covered Executive, in addition to the Accrued Benefits, subject to his or her execution of a separation agreement in a form and manner satisfactory to the Company containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and non-disparagement provisions and reaffirmation of the Restrictive Covenants Agreement (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming irrevocable, all within the time period set forth in the Separation Agreement and Release but in no event more than sixty (60) days after the Date of Termination, and subject to the Covered Executive complying with the Separation Agreement and Release, the Company shall:
(a)    pay the Covered Executive an amount equal to the sum of twelve (12) months’ Base Salary for the Tier 1 Executive, nine (9) months’ Base Salary for each Tier 2 Executive and six (6) months’ Base Salary for each Tier 3 Executive; and
(b)    if the Covered Executive was participating in the Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Covered Executive a monthly cash payment for (i) twelve (12) months for the Tier 1 Executive, nine (9) months for each Tier 2 Executive and six (6) months for each Tier 3 Executive, or (ii) the Covered Executive’s applicable COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Covered Executive if the Covered Executive had remained employed by the Company, based on the premiums as of the Date of Termination.
The amounts payable under Section 6(a) and (b) shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over twelve (12) months for the Tier 1 Executive, nine (9) months for each Tier 2 Executive, and six (6) months for each Tier 3 Executive, commencing within sixty (60) days after the Date of Termination; provided, however, that if the 60-day period begins in one (1) calendar year and ends in a second calendar year, the 

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severance shall begin to be paid in the second calendar year by the last day of such 60-day period; provided further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination.  Each payment pursuant to this Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).  
7.    Termination in Connection with a Change in Control.  In the event the Qualified Termination Event occurs within the Change in Control Period, then with respect to such Covered Executive, in addition to the Accrued Benefits, subject to his or her execution and non-revocation of the Separation Agreement and Release, all within the time period set forth in the Separation Agreement and Release, but in no event more than sixty (60) days after the Date of Termination, the Company shall:
(a)    cause 100% of the outstanding and unvested equity awards with time-based vesting held by the Covered Executive to immediately become fully vested, exercisable or nonforfeitable as of the Date of Termination; provided, that the performance conditions applicable to any outstanding and unvested equity awards subject to performance conditions will be deemed satisfied at the target level specified in the terms of the applicable award agreement.   Notwithstanding the foregoing, in the event of a Change in Control where the parties to such Change in Control do not provide for the assumption, continuation or substitution of equity awards of the Company, any and all outstanding and unvested equity awards held by the Covered Executive shall be subject to Section 3(d) of the Company’s 2019 Stock Option and Incentive Plan, as amended from time to time; 
(b)    pay to the Covered Executive an amount equal to the sum of (i) 150% of Base Salary for the Tier 1 Executive, 100% of Base Salary for each Tier 2 Executive and 75% of Base Salary for each Tier 3 Executive plus (ii) 150% for the Tier 1 Executive, 100% for each Tier 2 Executive and 75% for each Tier 3 Executive, of the Covered Executive’s annual target bonus in effect immediately prior to the Qualified Termination Event (or the Covered Executive’s target bonus in effect immediately prior to the Change in Control, if higher); and
(c)    if the Covered Executive was participating in the Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Covered Executive a lump sum cash payment in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Covered Executive if the Covered Executive had remained employed by the Company for eighteen (18) months for the Tier 1 Executive, twelve (12) months for each Tier 2 Executive and nine (9) months for each Tier 3 Executive, after the Date of Termination, based on the premiums as of the Date of Termination.
The amounts payable under Section 7(b) and (c), as applicable, shall be paid out in a lump sum within sixty (60) days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the amounts shall be paid in the second calendar year no later than the last day of the 60-day period.  For the avoidance of doubt, the severance pay and benefits provided in this Section 7 shall apply in lieu of, and expressly 

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supersede, the provisions of Section 6 and no Covered Executive shall be entitled to the severance pay and benefits under both Section 6 and 7 hereof.  
8.    Additional Limitation.
(a)    Anything in this Plan to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of the Covered Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Covered Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Covered Executive receiving a higher After Tax Amount (as defined below) than the Covered Executive would receive if the Aggregate Payments were not subject to such reduction.  In the event of such reduction, the Aggregate Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code:  (i) cash payments not subject to Section 409A of the Code; (ii) cash payments subject to Section 409A of the Code; (iii) equity-based payments and acceleration; and (iv) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c).
(b)    For purposes of this Section 8, the “After Tax Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Covered Executive as a result of the Covered Executive’s receipt of the Aggregate Payments.  For purposes of determining the After Tax Amount, the Covered Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes (if any) which could be obtained from deduction of such state and local taxes.
(c)    The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 8(a) shall be made by the Accounting Firm, which shall provide detailed supporting calculations both to the Company and the Covered Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Covered Executive.  Any determination by the Accounting Firm shall be binding upon the Company and the Covered Executive.
9.    Restrictive Covenants Agreement.  
As a condition to participating in the Plan, each Covered Executive shall continue to comply with the terms and conditions contained in the Restrictive Covenants Agreements or similar 

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agreement entered into between the Covered Executive and the Company and such other agreement(s) as designated in the applicable Participation Agreement.  If a Covered Executive has not entered into a Restrictive Covenants Agreement or similar agreement with the Company, he or she shall enter into such agreement prior to participating in the Plan.   
10.    Withholding.  All payments made by the Company under this Plan shall be subject to any tax or other amounts required to be withheld by the Company under applicable law. 
11.    Section 409A.
(a)    Anything in this Plan to the contrary notwithstanding, if at the time of the Covered Executive’s “separation from service” within the meaning of Section 409A of the Code, the Company determines that the Covered Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Covered Executive becomes entitled to under this Plan would be considered deferred compensation subject to the twenty (20) percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six (6) months and one (1) day after the Covered Executive’s separation from service, or (ii) the Covered Executive’s death.  If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.
(b)    The parties intend that this Plan will be administered in accordance with Section 409A of the Code and that all amounts payable hereunder shall be exempt from the requirements of such section as a result of being “short term deferrals” for purposes of Section 409A of the Code to the greatest extent possible.  To the extent that any provision of this Plan is not exempt from Section 409A of the Code and ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner to comply with Section 409A of the Code.  Each payment pursuant to this Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A‐2(b)(2).  The parties agree that this Plan may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.
(c)    To the extent that any payment or benefit described in this Plan constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Covered Executive’s termination of employment, then such payments or benefits shall be payable only upon the Covered Executive’s “separation from service.”  The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

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(d)    All in-kind benefits provided and expenses eligible for reimbursement under this Plan shall be provided by the Company or incurred by the Covered Executive during the time periods set forth in this Plan.  All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred.  The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses).  Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
(e)    The Company makes no representation or warranty and shall have no liability to the Covered Executive or any other person if any provisions of this Plan are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.  
12.    Notice and Date of Termination.  
(a)    Notice of Termination.  A termination of the Covered Executive’s employment shall be communicated by Notice of Termination from the Company to the Covered Executive or vice versa in accordance with this Section 12.  
(b)    Notice to the Company.  Any notices, requests, demands, and other communications provided for by this Plan shall be sufficient if in writing and delivered in person or sent by registered or certified mail, postage prepaid, to a Covered Executive at the last address the Covered Executive has filed in writing with the Company, or to the Company at the following physical or email address:
Health Catalyst, Inc.
Attention: Linda Llewelyn
3165 Millrock Drive #400
Salt Lake City, UT 84121

[email address]
13.    No Mitigation.  The Covered Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Covered Executive by the Company under this Plan.  
14.    Benefits and Burdens.  This Plan shall inure to the benefit of and be binding upon the Company and the Covered Executives, their respective successors, executors, administrators, heirs and permitted assigns.  In the event of a Covered Executive’s death after a termination of employment but prior to the completion by the Company of all payments due to him or her under this Plan, the Company shall continue such payments to the Covered Executive’s beneficiary designated in writing to the Company prior to his or her death (or to his or her estate, if the Covered Executive fails to make such designation).

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15.    Enforceability.  If any portion or provision of this Plan shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Plan, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Plan shall be valid and enforceable to the fullest extent permitted by law.
16.    Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.  The failure of any party to require the performance of any term or obligation of this Plan, or the waiver by any party of any breach of this Plan, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
17.    Non-Duplication of Benefits and Effect on Other Plans.  Notwithstanding any other provision in the Plan to the contrary, the benefits provided hereunder shall be in lieu of any other severance payments and/or benefits provided by the Company, including any such payments and/or benefits pursuant to an employment agreement or offer letter between the Company and the Covered Executive, other than as provided in Section 3(d) of the Company’s 2019 Stock Option and Incentive Plan, as amended from time to time.  
18.    No Contract of Employment.  Nothing in this Plan shall be construed as giving any Covered Executive any right to be retained in the employ of the Company or shall affect the terms and conditions of a Covered Executive’s employment with the Company.
19.    Amendment or Termination of Plan.  The Company may amend or terminate this Plan at any time or from time to time, but no such action shall adversely affect the rights of any Covered Executive without the Covered Executive’s written consent.
20.    Governing Law.  This Plan shall be construed under and be governed in all respects by the laws of the State of Delaware, without giving effect to the conflict of laws principles.
21.    Obligations of Successors.  In addition to any obligations imposed by law upon any successor to the Company, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company shall expressly assume and agree to perform this Plan in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
22.    Effectiveness and Term.  The Executive Severance Plan is effective as of [Registration Date].

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Exhibit A
Tier 2 Executives
	
		
	Individual
	Title

	J. Patrick Nelli
	Chief Financial Officer

	Paul Horstmeier
	Chief Operating Officer

	Dale Sanders
	Chief Technology Officer

	Linda Llewelyn
	Chief People Officer

	Daniel Orenstein
	General Counsel

	Trudy Sullivan
	Chief Communications Officer

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Exhibit B
Tier 3 Executives
	
		
	Individual
	Title

	 
	 

	 
	 

	 
	 

	 
	 

12Exhibit 10.1

 

 

 

SHARE
EXCHANGE AGREEMENT

 

by
and among

 

GREENLAND
ACQUISITION CORPORATION,

as the Purchaser,

 

GREENLAND
ASSET MANAGEMENT CORPORATION,

as the Purchaser Representative,

 

ZHONGCHAI
HOLDING (HONG KONG) LIMITED,

as the Company 

 

and

 

CENNTRO
HOLDING LIMITED,

as the Seller

 

Dated
as of July 12, 2019

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	I.
    the share exchange	 	1
	1.1. Purchase and Sale
    of Shares	 	1
	1.2. Consideration	 	2
	1.3. Escrow	 	2
	1.4. Company Shareholder
    Consent	 	2
	 	 	 
	II. CLOSING	 	3
	2.1. Closing	 	3
	 	 	 
	III. representations
    and warranties of THE purchaser	 	3
	3.1. Organization and
    Standing	 	3
	3.2. Authorization;
    Binding Agreement	 	3
	3.3. Governmental Approvals	 	4
	3.4. Non-Contravention	 	4
	3.5. Capitalization	 	4
	3.6. SEC Filings and
    Purchaser Financials	 	5
	3.7. Absence of Certain
    Changes	 	6
	3.8. Compliance with
    Laws	 	6
	3.9. Actions; Orders;
    Permits	 	6
	3.10. Taxes and Returns	 	7
	3.11. Employees and
    Employee Benefit Plans	 	7
	3.12. Properties	 	7
	3.13. Material Contracts	 	7
	3.14. Transactions
    with Affiliates	 	8
	3.15. Investment Company
    Act	 	8
	3.16. Finders and Brokers	 	8
	3.17. Ownership of
    Exchange Shares	 	8
	3.18. Certain Business
    Practices	 	8
	3.19. Insurance	 	9
	3.20. Independent Investigation	 	9
	 	 	 
	Iv. representations
    and warranties of THE COMPANY	 	9
	4.1. Organization and
    Standing	 	9
	4.2. Authorization;
    Binding Agreement	 	10
	4.3. Capitalization	 	10
	4.4. Subsidiaries	 	11
	4.5. Governmental Approvals	 	12
	4.6. Non-Contravention	 	12
	4.7. Financial Statements	 	12
	4.8. Absence of Certain
    Changes	 	13
	4.9. Compliance with
    Laws	 	13
	4.10. Company Permits	 	14
	4.11. Litigation	 	14
	4.12. Material Contracts	 	14
	4.13. Intellectual
    Property	 	16
	4.14. Taxes and Returns	 	18
	4.15. Real Property	 	19
	4.16. Personal Property	 	20
	4.17. Title to and
    Sufficiency of Assets	 	20
	4.18. Employee Matters	 	21
	4.19. Benefit Plans	 	22

 

    i

     

    

 

	4.20. Environmental
    Matters	 	23
	4.21. Transactions
    with Related Persons	 	24
	4.22. Insurance	 	24
	4.23. Top Customers
    and Suppliers	 	25
	4.24. Books and Records	 	25
	4.25. Accounts Receivable	 	25
	4.26. Certain Business
    Practices	 	26
	4.27. SAFE Registrations	 	26
	4.28. PRC Compliance	 	26
	4.29. Investment Company
    Act	 	27
	4.30. Finders and Brokers	 	27
	4.31. Independent Investigation	 	27
	4.32. Information Supplied	 	28
	4.33. Disclosure	 	28
	 	 	 
	v. representations
    and warranties of THE SELLER	 	28
	5.1. Organization and
    Standing	 	28
	5.2. Authorization;
    Binding Agreement	 	28
	5.3. Ownership	 	28
	5.4. Governmental Approvals	 	29
	5.5. Information Supplied	 	29
	5.6. No Litigation	 	29
	5.7. Investment Representations	 	30
	5.8. Finders and Brokers	 	30
	5.9. Independent Investigation	 	30
	5.10. Information Supplied	 	30
	 	 	 
	vI. COVENANTS	 	31
	6.1. Access and Information	 	31
	6.2. Conduct of Business
    of the Company	 	32
	6.3. Conduct of Business
    of the Purchaser	 	34
	6.4. Annual and Interim
    Financial Statements	 	36
	6.5. Purchaser Public
    Filings	 	36
	6.6. No Solicitation	 	36
	6.7. No Trading	 	37
	6.8. Notification of
    Certain Matters	 	38
	6.9. Efforts	 	38
	6.10. Further Assurances	 	39
	6.11. The Proxy Statement	 	40
	6.12. Public Announcement	 	42
	6.13. Confidential
    Information	 	42
	6.14. Litigation Support	 	43
	6.15. Documents and
    Information	 	43
	6.16. Post-Closing
    Board of Directors and Executive Officers	 	44
	6.17. Use of Trust
    Account Proceeds After the Closing	 	44
	6.18. Purchaser Policies	 	44

 

    ii

     

    

 

	vII. survival
    and indemnification	 	44
	7.1. Survival	 	44
	7.2. Indemnification
    by the Seller	 	45
	7.3. Limitations and
    General Indemnification Provisions	 	46
	7.4. Indemnification
    Procedures	 	46
	7.5. Timing of Payment;
    Right to Set-Off; Recovery of Shares	 	48
	7.6. Exclusive Remedy	 	48
	 	 	 
	VIII. Closing
    conditions	 	49
	8.1. Conditions of
    Each Party’s Obligations	 	49
	8.2. Conditions to
    Obligations of the Company and the Seller	 	49
	8.3. Conditions to
    Obligations of the Purchaser	 	51
	8.4. Frustration of
    Conditions	 	52
	 	 	 
	Ix. TERMINATION
    AND EXPENSES	 	52
	9.1. Termination	 	52
	9.2. Effect of Termination	 	53
	9.3. Fees and Expenses	 	54
	9.4. Termination Fee	 	54
	 	 	 
	x. WAIVERS
    and releases	 	55
	10.1. Waiver of Claims
    Against Trust	 	55
	10.2. Release and Covenant
    Not to Sue	 	55
	 	 	 
	xI. MISCELLANEOUS	 	56
	11.1. Notices	 	56
	11.2. Binding Effect;
    Assignment	 	57
	11.3. Third Parties	 	57
	11.4. Arbitration	 	58
	11.5. Governing Law;
    Jurisdiction	 	58
	11.6. Waiver of Jury
    Trial	 	59
	11.7. Specific Performance	 	59
	11.8. Severability	 	59
	11.9. Amendment	 	59
	11.10. Waiver	 	59
	11.11. Entire Agreement	 	59
	11.12. Interpretation	 	60
	11.13. Counterparts	 	60
	11.14. Purchaser Representative	 	61
	 	 	 
	xII. DEFINITIONS	 	62
	12.1. Certain Definitions	 	62
	12.2. Section References	 	71

 

INDEX
OF EXHIBITS

 

	Exhibit	 	Description
	 	 	 
	Exhibit A	 	Form of Non-Competition Agreement
	Exhibit B	 	Form of Lock-Up Agreement
	Exhibit C	 	Form of Registration Rights Agreement
	Exhibit D	 	Form of Escrow Agreement
	Exhibit E	 	Form of Incentive Plan

 

    iii

     

    

 

SHARE
EXCHANGE AGREEMENT 

 

This
Share Exchange Agreement (this “Agreement”) is made and entered into as of July 12, 2019 by and
among: (i) Greenland Acquisition Corporation, a British Virgin Islands business company with limited liability (the “Purchaser”);
(ii) Greenland Asset Management Corporation, a British Virgin Islands company with limited liability, in the capacity as
the representative from and after the Closing (as defined below) for the shareholders of the Purchaser other than the Seller and
its successors and assigns in accordance with the terms and conditions of this Agreement (the “Purchaser Representative”);
(iii) Zhongchai Holding (Hong Kong) Limited, a Hong Kong registered company (the “Company”);
and (iv) Cenntro Holding Limited (the “Seller”). The Purchaser, Purchaser Representative, the
Company and the Seller are sometimes referred to herein individually as a “Party” and, collectively,
as the “Parties”.

 

RECITALS:

 

WHEREAS,
certain capitalized terms used herein are defined in Article XII hereof;

 

WHEREAS,
the Seller owns 100% of the issued and outstanding shares and other equity interests in or of the Company;

 

WHEREAS,
the Company, indirectly through its direct and indirect Subsidiaries, currently manufactures and sells transmission products in
the PRC;

 

WHEREAS,
the Seller desires to sell to the Purchaser, and the Purchaser desires to purchase from the Seller, all of the issued and outstanding
shares and any other equity interests in or of the Company in exchange for newly issued ordinary shares of the Purchaser, subject
to the terms and conditions set forth herein; and

 

WHEREAS,
simultaneously with the execution and delivery of this Agreement, certain Parties are entering into the following agreements,
each to be effective and contingent upon the Closing: (i) Non-Competition and Non-Solicitation Agreements by the Seller in favor
of and for the benefit of the Purchaser, the Company and each of the other Covered Parties (as defined therein) (each, a “Non-Competition
Agreement”), the form of which is attached as Exhibit A hereto; (ii) Lock-Up Agreements to be entered into
by the Seller, the Purchaser and the Purchaser Representative (each a “Lock-Up Agreement”), the form
of which is attached as Exhibit B hereto; and (iii) the Registration Rights Agreement to be entered into by the Seller,
the Purchaser and the Purchaser Representative (the “Registration Rights Agreement”), the form of which
is attached as Exhibit C hereto.

 

NOW,
THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth
below, and the representations, warranties, covenants and agreements contained in this Agreement, and intending to be legally
bound hereby, the Parties hereto agree as follows:

 

Article
I

THE SHARE EXCHANGE

 

1.1
Purchase and Sale of Shares. At the Closing and subject to and upon the terms and conditions of this Agreement, the Seller
shall sell, transfer, convey, assign and deliver to the Purchaser, and the Purchaser shall purchase, acquire and accept from the
Seller, all of the issued and outstanding shares and other equity interests in or of the Company (collectively, the “Purchased
Shares”), free and clear of all Liens (other than potential restrictions on resale under applicable securities Laws).

 

    1

     

    

 

1.2
Consideration. Subject to and upon the terms and conditions of this Agreement, in full payment for the Purchased Shares,
the Purchaser shall issue and deliver to the Seller 7,500,000 Purchaser Ordinary Shares (the “Exchange Shares”),
subject to the withholding of the Escrow Shares deposited in the Escrow Account in accordance with Section 1.3.

 

1.3
Escrow.

 

(a)
At or prior to the Closing, the Purchaser, the Purchaser Representative, the Seller and the Escrow Agent shall enter into an Escrow
Agreement, effective as of the Closing, substantially in the form attached as Exhibit D hereto (the “Escrow
Agreement”), pursuant to which the Purchaser shall cause to be delivered to the Escrow Agent at the Closing ten
percent (10%) of the Exchange Shares otherwise deliverable to the Seller at the Closing (including any equity securities paid
as dividends or distributions with respect to such shares or into which such shares are exchanged or converted, the “Escrow
Shares”), with the Escrow Shares, along with any dividends, distributions and other earnings thereon and other Escrow
Property, to be held by the Escrow Agent in a segregated escrow account (“Escrow Account”) and disbursed
therefrom in accordance with the terms and conditions of this Agreement and the Escrow Agreement. The Escrow Shares and other
Escrow Property shall serve as a source of security for the Seller’s indemnification obligations under Article VII.
The Seller shall have the right to vote such Escrow Shares during the time held in the Escrow Account as Escrow Shares.

 

(b)
The Escrow Property shall no longer be subject to any indemnification claim after the date which is eighteen (18) months after
the Closing Date (the “Expiration Date”); provided, however, with respect to any indemnification
claims made in accordance with Article VII hereof on or prior to the Expiration Date (including those that are revised
or adjusted in accordance with Article VII after the Expiration Date) that remain unresolved as of the end of the Expiration
Date (“Pending Claims”), all or a portion of the Escrow Property reasonably necessary to satisfy such
Pending Claims (as determined based on the amount of the indemnification claim included in the Claim Notice provided by the Purchaser
Representative under Article VII and the Purchaser Share Price as of the Expiration Date) shall remain in the Escrow Account
until such time as such Pending Claim shall have been finally resolved pursuant to the provisions of Article VII. After
the Expiration Date, any Escrow Property remaining in the Escrow Account that is not subject to Pending Claims, if any, and not
subject to resolved but unpaid claims in favor of an Indemnitee, shall be disbursed by the Escrow Agent to the Seller. Promptly
after the final resolution of all Pending Claims and the payment of all indemnification obligations in connection therewith, the
Escrow Agent shall disburse any Escrow Property remaining in the Escrow Account to the Seller.

 

1.4
Company Shareholder Consent. The Seller, as the sole shareholder of the Company, hereby approves, authorizes and consents
to the Company’s execution and delivery of this Agreement and the Ancillary Documents to which it is or is required to be
a party or otherwise bound, the performance by the Company of its obligations hereunder and thereunder and the consummation by
the Company of the transactions contemplated hereby and thereby. The Seller acknowledges and agrees that the consents set forth
herein are intended and shall constitute such consent of the Seller as may be required (and shall, if applicable, operate as a
written shareholder resolution of the Company) pursuant to the Company’s Organizational Documents, any other agreement in
respect of the Company to which the Seller is a party and all applicable Laws.

 

    2

     

    

 

Article
II

CLOSING

 

2.1
Closing. Subject to the satisfaction or waiver of the conditions set forth in Article VIII, the consummation of
the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Ellenoff
Grossman & Schole, LLP, 1345 Avenue of the Americas, 11th Floor, New York, NY 10105, on the second (2nd)
Business Day after all the Closing conditions to this Agreement have been satisfied or waived at 10:00 a.m. local time, or at
such other date, time or place as the Purchaser and the Company may agree (the date and time at which the Closing is actually
held being the “Closing Date”).

 

Article
III

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

 

Except
as set forth in the disclosure schedules delivered by the Purchaser to the Company on the date hereof (the “Purchaser
Disclosure Schedules”), the Section numbers of which are numbered to correspond to the Section numbers of this Agreement
to which they refer, or in the SEC Reports that are available on the SEC’s website through EDGAR, the Purchaser represents
and warrants to the Company, as of the date hereof and as of the Closing as follows:

 

3.1
Organization and Standing. The Purchaser is a business company with limited liability duly incorporated, validly existing
and in good standing under the Laws of the British Virgin Islands. The Purchaser has all requisite corporate power and authority
to own, lease and operate its properties and to carry on its business as now being conducted. The Purchaser is duly qualified
or licensed and in good standing to conduct business in each jurisdiction in which the character of the property owned, leased
or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary, except where
the failure to be so qualified or licensed or in good standing can be cured without material cost or expense. The Purchaser has
heretofore made available to the Company accurate and complete copies of the Organizational Documents of the Purchaser, as currently
in effect. The Purchaser is not in violation of any provision of its Organizational Documents in any material respect.

 

3.2
Authorization; Binding Agreement. The Purchaser has all requisite corporate power and authority to execute and deliver
this Agreement and each Ancillary Document to which it is a party, to perform the Purchaser’s obligations hereunder and
thereunder and to consummate the transactions contemplated hereby and thereby (subject in each case to the Required Shareholder
Vote). The execution and delivery by the Purchaser of this Agreement and each Ancillary Document to which it is a party and the
consummation of the transactions contemplated hereby and thereby (a) have been duly and validly authorized by the board of
directors of the Purchaser, and (b) no other corporate proceedings, other than as set forth elsewhere in the Agreement (including
the Required Shareholder Vote), on the part of the Purchaser are necessary to authorize the execution and delivery of this Agreement
and each Ancillary Document to which it is a party or to consummate the transactions contemplated hereby and thereby. This Agreement
has been, and each Ancillary Document to which the Purchaser is a party shall be when delivered, duly and validly executed and
delivered by the Purchaser and, assuming the due authorization, execution and delivery of this Agreement and such Ancillary Documents
by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the valid and binding obligation of
the Purchaser, enforceable against the Purchaser in accordance with its terms, except to the extent that enforceability thereof
may be limited by applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application
affecting the enforcement of creditors’ rights generally or by any applicable statute of limitation or by any valid defense
of set-off or counterclaim, and the fact that equitable remedies or relief (including the remedy of specific performance) are
subject to the discretion of the court from which such relief may be sought (collectively, the “Enforceability Exceptions”).

 

    3

     

    

 

3.3
Governmental Approvals. Except as otherwise described in Schedule 3.3, no Consent of or with any Governmental Authority,
on the part of the Purchaser is required to be obtained or made in connection with the execution, delivery or performance by the
Purchaser of this Agreement and each Ancillary Document to which it is a party or the consummation by the Purchaser of the transactions
contemplated hereby and thereby, other than (a) pursuant to Antitrust Laws, (b) such filings as contemplated by this Agreement,
(c) any filings required with Nasdaq or the SEC with respect to the transactions contemplated by this Agreement, (d) applicable
requirements, if any, of the Securities Act, the Exchange Act, and/ or any state “blue sky” securities Laws, and the
rules and regulations thereunder, and (e) where the failure to obtain or make such Consents or to make such filings or notifications,
would not reasonably be expected to have a Material Adverse Effect on the Purchaser.

 

3.4
Non-Contravention. Except as otherwise described in Schedule 3.4, the execution and delivery by the Purchaser of
this Agreement and each Ancillary Document to which it is a party, the consummation by the Purchaser of the transactions contemplated
hereby and thereby, and compliance by the Purchaser with any of the provisions hereof and thereof, will not (a) conflict with
or violate any provision of the Purchaser’s Organizational Documents, (b) subject to obtaining the Consents from Governmental
Authorities referred to in Section 3.3 hereof, and the waiting periods referred to therein having expired, and any
condition precedent to such Consent applicable to the Purchaser or any of its properties or assets, or (c) (i) violate, conflict
with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute
a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the
performance required by the Purchaser under, (v) result in a right of termination or acceleration under, (vi) give rise to any
obligation to make payments or provide compensation under, (vii) result in the creation of any Lien upon any of the properties
or assets of the Purchaser under, (viii) give rise to any obligation to obtain any third party Consent or provide any notice to
any Person or (ix) give any Person the right to declare a default, exercise any remedy, claim a rebate, chargeback, penalty or
change in delivery schedule, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation
or other term under, any of the terms, conditions or provisions of, any Purchaser Material Contract, except for any deviations
from any of the foregoing clauses (a), (b) or (c) that would not reasonably be expected to have a Material Adverse Effect on the
Purchaser.

 

3.5
Capitalization.

 

(a)
The Purchaser is authorized to issue an unlimited number of Purchaser Ordinary Shares and an unlimited number of preferred shares,
each of no par value. The issued and outstanding Purchaser Securities as of the date of this Agreement are set forth on Schedule
3.5(a). All outstanding Purchaser Ordinary Shares are duly authorized, validly issued, fully paid and non-assessable and not
subject to or issued in violation of any purchase option, right of first refusal, preemptive right, subscription right or any
similar right under any provision of the BVI Act, the Purchaser Charter or any Contract to which the Purchaser is a party. None
of the outstanding Purchaser Securities has been issued in violation of any applicable securities Laws.

 

(b)
Prior to giving effect to the transactions contemplated by this Agreement, the Purchaser does not have any Subsidiaries or own
any equity interests in any other Person.

 

    4

     

    

 

(c)
Except as set forth in Section 3.5(a), there are no (i) outstanding options, warrants, puts, calls, convertible securities,
preemptive or similar rights, (ii) bonds, debentures, notes or other Indebtedness having general voting rights or that are convertible
or exchangeable into securities having such rights or (iii) subscriptions or other rights, agreements, arrangements, Contracts
or commitments of any character (other than this Agreement and the Ancillary Documents), (A) relating to the issued or unissued
shares of the Purchaser or (b) obligating the Purchaser to issue, transfer, deliver or sell or cause to be issued, transferred,
delivered, sold or repurchased any options or shares or securities convertible into or exchangeable for such shares, or (C) obligating
the Purchaser to grant, extend or enter into any such option, warrant, call, subscription or other right, agreement, arrangement
or commitment for such capital shares. Other than the Redemption, or as expressly set forth in this Agreement, there are no outstanding
obligations of the Purchaser to repurchase, redeem or otherwise acquire any shares of the Purchaser or to provide funds to make
any investment (in the form of a loan, capital contribution or otherwise) in any Person. Except as set forth in Schedule 3.5(c),
there are no shareholders agreements, voting trusts or other agreements or understandings to which the Purchaser is a party with
respect to the voting of any shares of the Purchaser.

 

(d)
All Indebtedness of the Purchaser is disclosed on Schedule 3.5(d). No Indebtedness of the Purchaser contains any restriction
upon: (i) the prepayment of any of such Indebtedness, (ii) the incurrence of Indebtedness by the Purchaser or (iii) the ability
of the Purchaser to grant any Lien on its properties or assets.

 

(e)
Since the date of formation of the Purchaser, and except as contemplated by this Agreement, including the Redemption, the Purchaser
has not declared or paid any distribution or dividend in respect of its shares and has not repurchased, redeemed or otherwise
acquired any of its shares, and the Purchaser’s board of directors has not authorized any of the foregoing.

 

3.6
SEC Filings and Purchaser Financials.

 

(a)
The Purchaser, since its formation, has filed all forms, reports, schedules, statements, registration statements, prospectuses
and other documents required to be filed or furnished by the Purchaser with the SEC under the Securities Act and/or the Exchange
Act, together with any amendments, restatements or supplements thereto, and will file all such forms, reports, schedules, statements
and other documents required to be filed subsequent to the date of this Agreement. Except to the extent available on the SEC’s
web site through EDGAR, the Purchaser has made available to the Company copies in the form filed with the SEC of all of the following:
(i) the Purchaser’s Annual Reports on Form 10-K for each fiscal year of the Purchaser beginning with the first year the
Purchaser was required to file such a form, (ii) the Purchaser’s Quarterly Reports on Form 10-Q for each fiscal quarter
that the Purchaser filed such reports to disclose its quarterly financial results in each of the fiscal years of the Purchaser
referred to in clause (i) above, (iii) all other forms, reports, registration statements, prospectuses and other documents (other
than preliminary materials) filed by the Purchaser with the SEC since the beginning of the first fiscal year referred to in clause
(i) above (the forms, reports, registration statements, prospectuses and other documents referred to in clauses (i), (ii) and
(iii) above, whether or not available through EDGAR, are, collectively, the “SEC Reports”) and (iv)
all certifications and statements required by (A) Rules 13a-14 or 15d-14 under the Exchange Act, and (B) 18 U.S.C. §1350
(Section 906 of the Sarbanes-Oxley Act of 2002, as amended) with respect to any report referred to in clause (i) above. The SEC
Reports (x) were prepared in all material respects in accordance with the requirements of the Securities Act and the Exchange
Act, as the case may be, and the rules and regulations thereunder and (y) did not, as of their respective effective dates (in
the case of SEC Reports that are registration statements filed pursuant to the requirements of the Securities Act) and at the
time they were filed with the SEC (in the case of all other SEC Reports) contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to make the statements made therein, in the light
of the circumstances under which they were made, not misleading. The certifications and statements referenced in clause (iv) above
are each true as of their respective dates of filing. As used in this Section 3.6, the term “file” shall
be broadly construed to include any manner permitted by SEC rules and regulations in which a document or information is furnished,
supplied or otherwise made available to the SEC. As of the date of this Agreement, (A) the Purchaser Public Units, the Purchaser
Ordinary Shares, the Purchaser Public Warrants and the Purchaser Public Rights are listed on Nasdaq, (B) the Purchaser has not
received any written deficiency notice from Nasdaq relating to the continued listing requirements of such Purchaser Securities
and (C) there are no Actions pending or, to the Knowledge of the Purchaser, threatened against the Purchaser by the Financial
Industry Regulatory Authority with respect to any intention by such entity to suspend, prohibit or terminate the quoting of such
Purchaser Securities on Nasdaq.

 

    5

     

    

 

(b)
The financial statements and notes contained or incorporated by reference in the SEC Reports (the “Purchaser Financials”),
fairly present in all material respects the financial position and the results of operations, changes in shareholders’ equity,
and cash flows of the Purchaser at the respective dates of and for the periods referred to in such financial statements, all in
accordance with (i) GAAP methodologies applied on a consistent basis throughout the periods involved and (ii) Regulation S-X or
Regulation S-K, as applicable (except as may be indicated in the notes thereto and for the omission of notes and audit adjustments
in the case of unaudited quarterly financial statements to the extent permitted by Regulation S-X or Regulation S-K, as applicable).

 

(c)
Except as and to the extent reflected or reserved against in the Purchaser Financials, the Purchaser has not incurred any Liabilities
or obligations of the type required to be reflected on a balance sheet in accordance with GAAP that is not adequately reflected
or reserved on or provided for in the Purchaser Financials, other than Liabilities of the type required to be reflected on a balance
sheet in accordance with GAAP that have been incurred since the Purchaser’s formation in the ordinary course of business.

 

3.7
Absence of Certain Changes. As of the date of this Agreement, except as set forth in Schedule 3.7, the Purchaser
has, (a) since its formation, conducted no business other than its formation, the public offering of its securities (and the related
private offerings), public reporting and its search for an initial Business Combination as described in the IPO Prospectus (including
the investigation of the Target Companies and the negotiation and execution of this Agreement) and related activities and (b)
since January 1, 2018, not been subject to a Material Adverse Effect.

 

3.8
Compliance with Laws. The Purchaser is, and has since its formation been, in compliance with all Laws applicable to it
and the conduct of its business except for such noncompliance which would not reasonably be expected to have a Material Adverse
Effect on the Purchaser, and the Purchaser has not received written notice alleging any violation of applicable Law in any material
respect by the Purchaser.

 

3.9
Actions; Orders; Permits. There is no pending or, to the Knowledge of the Purchaser, threatened Action to which the Purchaser
is subject which would reasonably be expected to have a Material Adverse Effect on the Purchaser. There is no material Action
that the Purchaser has pending against any other Person. The Purchaser is not subject to any material Orders of any Governmental
Authority, nor are any such Orders pending. The Purchaser holds all Permits necessary to lawfully conduct its business as presently
conducted, and to own, lease and operate its assets and properties, all of which are in full force and effect, except where the
failure to hold such Permit or for such Permit to be in full force and effect would not reasonably be expected to have a Material
Adverse Effect on the Purchaser.

 

    6

     

    

 

3.10
Taxes and Returns.

 

(a)
The Purchaser has or will have timely filed, or caused to be timely filed, all material Tax Returns required to be filed by it,
which such Tax Returns are true, accurate, correct and complete in all material respects, and has paid, collected or withheld,
or caused to be paid, collected or withheld, all material Taxes required to be paid, collected or withheld, other than such Taxes
for which adequate reserves in the Purchaser Financials have been established in accordance with GAAP. Schedule 3.10(a)
sets forth each jurisdiction where the Purchaser files or is required to file a Tax Return. There are no audits, examinations,
investigations or other proceedings pending against the Purchaser in respect of any Tax, and the Purchaser has not been notified
in writing of any proposed Tax claims or assessments against the Purchaser (other than, in each case, claims or assessments for
which adequate reserves in the Purchaser Financials have been established in accordance with GAAP or are immaterial in amount).
There are no Liens with respect to any Taxes upon any of the Purchaser’s assets, other than Permitted Liens. The Purchaser
has no outstanding waivers or extensions of any applicable statute of limitations to assess any material amount of Taxes. There
are no outstanding requests by the Purchaser for any extension of time within which to file any Tax Return or within which to
pay any Taxes shown to be due on any Tax Return.

 

(b)
Since the date of its formation, the Purchaser has not (i) changed any Tax accounting methods, policies or procedures except as
required by a change in Law, (ii) made, revoked, or amended any material Tax election, (iii) filed any amended Tax Returns or
claim for refund or (iv) entered into any closing agreement affecting or otherwise settled or compromised any material Tax Liability
or refund.

 

3.11
Employees and Employee Benefit Plans. The Purchaser does not (a) have any paid employees or (b) maintain, sponsor, contribute
to or otherwise or have any Liability under, any Benefit Plans.

 

3.12
Properties. The Purchaser does not own, license or otherwise have any right, title or interest in any material Intellectual
Property. The Purchaser does not own or lease any material real property or Personal Property.

 

3.13
Material Contracts.

 

(a)
Except as set forth on Schedule 3.13(a), other than this Agreement and the Ancillary Documents, there are no Contracts
to which the Purchaser is a party or by which any of its properties or assets may be bound, subject or affected, which (i) creates
or imposes a Liability greater than $100,000, (ii) may not be cancelled by the Purchaser on less than sixty (60) days’ prior
notice without payment of a material penalty or termination fee or (iii) prohibits, prevents, restricts or impairs in any material
respect any business practice of the Purchaser as its business is currently conducted, any acquisition of material property by
the Purchaser, or restricts in any material respect the ability of the Purchaser from engaging in business as currently conducted
by it or from competing with any other Person (each, a “Purchaser Material Contract”). All Purchaser
Material Contracts have been made available to the Company other than those that are exhibits to the SEC Reports.

 

(b)
With respect to each Purchaser Material Contract: (i) the Purchaser Material Contract was entered into at arms’ length and
in the ordinary course of business; (ii) the Purchaser Material Contract is legal, valid, binding and enforceable in all material
respects against the Purchaser and, to the Knowledge of the Purchaser, the other parties thereto, and is in full force and effect
(except as such enforcement may be limited by the Enforceability Exceptions); (iii) the Purchaser is not in breach or default
in any material respect, and no event has occurred that with the passage of time or giving of notice or both would constitute
such a breach or default in any material respect by the Purchaser, or permit termination or acceleration by the other party, under
such Purchaser Material Contract; and (iv) to the Knowledge of the Purchaser, no other party to any Purchaser Material Contract
is in breach or default in any material respect, and no event has occurred that with the passage of time or giving of notice or
both would constitute such a breach or default by such other party, or permit termination or acceleration by the Purchaser under
any Purchaser Material Contract.

 

    7

     

    

 

3.14
Transactions with Affiliates. Schedule 3.14 sets forth a true, correct and complete list of the Contracts and arrangements
that are in existence as of the date of this Agreement under which there are any existing or future Liabilities or obligations
between the Purchaser and any (a) present or former director, officer or employee or Affiliate of the Purchaser, or any family
member of any of the foregoing, or (b) record or beneficial owner of more than five percent (5%) of the Purchaser’s outstanding
Purchaser Ordinary Shares as of the date hereof.

 

3.15
Investment Company Act. The Purchaser is not an “investment company” or a Person directly or indirectly “controlled”
by or acting on behalf of an “investment company”, in each case within the meaning of the Investment Company Act of
1940, as amended.

 

3.16
Finders and Brokers. Except as set forth on Schedule 3.16, no broker, finder or investment banker is entitled to
any brokerage, finder’s or other fee or commission from the Purchaser, the Target Companies or any of their respective Affiliates
in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of the Purchaser.

 

3.17
Status of Exchange Shares. All Exchange Shares to be issued and delivered in accordance with Article I to the Seller
and the Escrow Agent shall be, upon issuance and delivery of such Exchange Shares, fully paid and non-assessable, free and clear
of all Liens, other than restrictions arising from applicable securities Laws, the Lock-Up Agreement, the Registration Rights
Agreement, the Escrow Agreement, the forfeiture provisions of this Agreement and any Liens incurred by Seller, and the issuance
and sale of such Exchange Shares pursuant hereto will not be subject to or give rise to any preemptive rights or rights of first
refusal.

 

3.18
Certain Business Practices.

 

(a)
Neither the Purchaser, nor any of its Representatives acting on its behalf, has (i) used any funds for unlawful contributions,
gifts, entertainment or other unlawful expenses relating to political activity, (ii) made any unlawful payment to foreign or domestic
government officials or employees, to foreign or domestic political parties or campaigns or violated any provision of the Foreign
Corrupt Practices Act of 1977, (iii) made any other unlawful payment or (iv) since the formation of the Purchaser, directly or
indirectly, given or agreed to give any gift or similar benefit in any material amount to any customer, supplier, governmental
employee or other Person who is or may be in a position to help or hinder the Purchaser or assist it in connection with any actual
or proposed transaction.

 

(b)
The operations of the Purchaser are and have been conducted at all times in compliance with laundering statutes in all applicable
jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any Governmental Authority, and no Action involving the Purchaser with respect to the any of the foregoing is pending
or, to the Knowledge of the Purchaser, threatened.

 

(c)
None of the Purchaser or any of its directors or officers, or, to the Knowledge of the Purchaser, any other Representative acting
on behalf of the Purchaser is currently identified on the specially designated nationals or other blocked person list or otherwise
currently subject to any U.S. sanctions administered by OFAC, and the Purchaser has not, directly or indirectly, used any funds,
or loaned, contributed or otherwise made available such funds to any Subsidiary, joint venture partner or other Person, in connection
with any sales or operations in any country sanctioned by OFAC or for the purpose of financing the activities of any Person currently
subject to, or otherwise in violation of, any U.S. sanctions administered by OFAC in the last five (5) fiscal years.

 

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3.19
Insurance. Schedule 3.19 lists all insurance policies (by policy number, insurer, coverage period, coverage amount,
annual premium and type of policy) held by the Purchaser relating to the Purchaser or its business, properties, assets, directors,
officers and employees, copies of which have been provided to the Company. All premiums due and payable under all such insurance
policies have been timely paid and the Purchaser is otherwise in material compliance with the terms of such insurance policies.
All such insurance policies are in full force and effect, and to the Knowledge of the Purchaser, there is no threatened termination
of, or material premium increase with respect to, any of such insurance policies. There have been no insurance claims made by
the Purchaser. The Purchaser has each reported to its insurers all claims and pending circumstances that would reasonably be expected
to result in a claim, except where such failure to report such a claim would not be reasonably likely to have a Material Adverse
Effect on the Purchaser.

 

3.20
Independent Investigation. Without limiting Section 7.3(c) hereof, the Purchaser has conducted its own independent
investigation, review and analysis of the business, results of operations, prospects, condition (financial or otherwise) or assets
of the Target Companies, and acknowledge that it has been provided adequate access to the personnel, properties, assets, premises,
books and records, and other documents and data of the Target Companies for such purpose. The Purchaser acknowledges and agrees
that: (a) in making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, it has relied
solely upon its own investigation and the express representations and warranties of the Company and the Seller set forth in Article
IV and Article V (including the related portions of the Company Disclosure Schedules); and (b) none of the Company,
the Seller or their respective Representatives have made any representation or warranty as to the Target Companies, the Seller
or this Agreement, except as expressly set forth in Article IV and Article V (including the related portions of
the Company Disclosure Schedules).

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Except
as set forth in the disclosure schedules delivered by the Company to the Purchaser on the date hereof (the “Company
Disclosure Schedules”), the Section numbers of which are numbered to correspond to the Section numbers of this Agreement
to which they refer, the Company hereby represents and warrants to the Purchaser, as of the date hereof and as of the Closing,
as follows:

 

4.1
Organization and Standing. The Company is a business company duly incorporated, validly existing and in good standing under
the Laws of Hong Kong and has all requisite corporate power and authority to own, lease and operate its properties and to carry
on its business as now being conducted. Each Subsidiary of the Company is a corporation or other entity duly formed, validly existing
and in good standing under the Laws of its jurisdiction of organization and has all requisite corporate power and authority to
own, lease and operate its properties and to carry on its business as now being conducted. Except as set forth in Schedule
4.1, each Target Company is duly qualified or licensed and in good standing in the jurisdiction in which it is incorporated
or registered and in each other jurisdiction where it does business or operates to the extent that the character of the property
owned, or leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.
Schedule 4.1 lists all jurisdictions in which any Target Company is qualified to conduct business and all names other than
its legal name under which any Target Company does business. The Company has provided to the Purchaser accurate and complete copies
of its Organizational Documents and the Organizational Documents of each of the Target Companies, each as amended to date and
as currently in effect. No Target Company is in violation of any provision of its Organizational Documents.

 

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4.2
Authorization; Binding Agreement. The Company has all requisite corporate power and authority to execute and deliver this
Agreement and each Ancillary Document to which it is or is required to be a party, to perform the Company’s obligations
hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this
Agreement and each Ancillary Document to which the Company is or is required to be a party and the consummation of the transactions
contemplated hereby and thereby, (a) have been duly and validly authorized by the Company’s board of directors and the Company’s
shareholders to the extent required by the Company’s Organizational Documents, the Companies Ordinance and any other applicable
Law or any Contract to which the Company or any of its shareholders is a party or by which it or its securities are bound and
(b) no other corporate proceedings on the part of the Company are necessary to authorize the execution and delivery of this Agreement
and each Ancillary Document to which it is a party or to consummate the transactions contemplated hereby and thereby. This Agreement
has been, and each Ancillary Document to which the Company is or is required to be a party shall be when delivered, duly and validly
executed and delivered by the Company and assuming the due authorization, execution and delivery of this Agreement and any such
Ancillary Document by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the legal, valid
and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability
Exceptions.

 

4.3
Capitalization.

 

(a)
The Company has a share capital of 1,000,000 Company Ordinary Shares, all of which shares are issued and outstanding. Prior to
giving effect to the transactions contemplated by this Agreement, the Seller is the legal (registered) and beneficial owners of
all of the issued and outstanding shares and other equity interests in or of the Company, with the Seller owning all of the issued
and outstanding shares and any other equity interests in or of the Company, all of which shares and other equity interests are
owned free and clear of any Liens other than those imposed under the Company Charter. The Purchased Shares to be delivered by
the Seller to the Purchaser at the Closing constitute all of the issued and outstanding shares and other equity interests in or
of the Company. All of the outstanding shares and other equity interests in or of the Company have been duly authorized, are fully
paid and non-assessable and not in violation of any purchase option, right of first refusal, preemptive right, subscription right
or any similar right under any provision of Companies Ordinance, any other applicable Law, the Company Charter or any Contract
to which the Company is a party or by which it or its securities are bound. The Company holds no shares or other equity interests
in or of the Company in its treasury. None of the outstanding shares or other equity interests in or of the Company were issued
in violation of any applicable securities Laws.

 

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(b)
Schedule 4.3(b) sets forth the legal (registered) and beneficial owners of all outstanding Company options and warrants
(including in each case the grant date, number and type of shares issuable thereunder, the exercise price, the expiration date
and any vesting schedule). Other than as set forth on Schedule 4.3(b), there are no options, warrants or other rights to
subscribe for or purchase any shares or other equity interests in or of the Company or securities convertible into or exchangeable
for, or that otherwise confer on the holder any right to acquire any shares or other equity interests in or of the Company, or
preemptive rights or rights of first refusal or first offer, nor are there any Contracts, commitments, arrangements or restrictions
to which the Company or, to the Knowledge of the Company, any of its shareholders is a party or bound relating to any equity securities
of the Company, whether or not outstanding. There are no outstanding or authorized equity appreciation, phantom equity or similar
rights with respect to the Company. Except as set forth on Schedule 4.3(b), there are no voting trusts, proxies, shareholder
agreements or any other agreements or understandings with respect to the voting of the Company’s shares or other equity
interests. Except as set forth in the Company Charter, there are no outstanding contractual obligations of the Company to repurchase,
redeem or otherwise acquire any shares or other equity interests or securities in or of the Company, nor has the Company granted
any registration rights to any Person with respect to the Company’s shares or other equity securities. All of the Company’s
securities have been granted, offered, sold and issued in compliance with all applicable securities Laws. As a result of the consummation
of the transactions contemplated by this Agreement, no shares or other equity interests in or of the Company are issuable and
no rights in connection with any interests, warrants, rights, options or other securities of the Company accelerate or otherwise
become triggered (whether as to vesting, exercisability, convertibility or otherwise).

 

(c)
Except as set forth on Schedule 4.3(c), since January 1, 2016, the Company has not declared or paid any distribution or
dividend in respect of its shares or other equity interests and has not repurchased, redeemed or otherwise acquired any shares
or other equity interests in or of the Company, and the Company’s board of directors has not authorized any of the foregoing.

 

4.4
Subsidiaries.

 

(a)
Schedule 4.4(a) sets forth the name of each Subsidiary of the Company, and with respect to each Subsidiary (i) its jurisdiction
of organization, (ii) its authorized shares or other equity interests (if applicable), and (iii) the number of issued and outstanding
equity interests and the record holders and beneficial owners thereof. All of the outstanding equity securities of each Subsidiary
of the Company are duly authorized and validly issued, fully paid and non-assessable (if applicable), and were offered, sold and
delivered in compliance with all applicable securities Laws, and owned by the Company or one of its Subsidiaries free and clear
of all Liens (other than those, if any, imposed by such Subsidiary’s Organizational Documents), except as set forth on Schedule
4.4(a); provided, that the Company owns approximately 89.5% of Zhejiang Zhongchai Machinery Co., Ltd. There are no Contracts
to which the Company or any of its Affiliates is a party or bound with respect to the voting (including voting trusts or proxies)
of the shares or other equity interests in or of any Subsidiary of the Company other than the Organizational Documents of any
such Subsidiary. There are no outstanding or authorized options, warrants, rights, agreements, subscriptions, convertible securities
or commitments to which any Subsidiary of the Company is a party or which are binding upon any Subsidiary of the Company providing
for the issuance or redemption of any shares or other equity interests in or of any Subsidiary of the Company. There are no outstanding
equity appreciation, phantom equity, profit participation or similar rights granted by any Subsidiary of the Company. Except as
set forth on Schedule 4.4(a), no Subsidiary of the Company has any limitation on its ability to make any distributions or dividends
to its equity holders, whether by Contract, Order or applicable Law. Except for the equity interests of the Subsidiaries listed
on Schedule 4.4(a), the Company does not own or have any rights to acquire, directly or indirectly, any shares or other
equity interests in or of, or otherwise Control, any Person. No Target Company is a participant in any joint venture, partnership
or similar arrangement. There are no outstanding contractual obligations of any Target Company to provide funds to, or make any
investment (in the form of a loan, capital contribution or otherwise) in, any other Person.

 

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(b)
The capital and organizational structure of each Target Company organized or registered in the PRC (each, a “PRC Target
Company”) are valid and in full compliance with the applicable PRC Laws. The registered capital of each PRC Target
Company has been fully paid up in accordance with the schedule of payment stipulated in its articles of association, approval
documents, certificates of approval and legal person business license (collectively, the “PRC Establishment Documents”)
and in compliance with applicable PRC Laws, and there is no outstanding capital contribution commitment. The Establishment Documents
of each PRC Target Company has been duly approved and filed in accordance with the laws of the PRC and are valid and enforceable.
The business scope specified in the PRC Establishment Documents of the PRC Target Companies complies in all material respects
with the requirements of all applicable PRC Laws, and the operation and conduct of business by, and the term of operation of the
PRC Target Companies in accordance with the PRC Establishment Documents is in compliance in all material respects with applicable
PRC Laws.

 

4.5
Governmental Approvals. Except as otherwise described in Schedule 4.5, no Consent of or with any Governmental Authority
on the part of any Target Company is required to be obtained or made in connection with the execution, delivery or performance
by the Company of this Agreement or any Ancillary Documents or the consummation by the Company of the transactions contemplated
hereby or thereby other than (a) such filings as expressly contemplated by this Agreement and (b) pursuant to Antitrust Laws.

 

4.6
Non-Contravention. Except as otherwise described in Schedule 4.6, the execution and delivery by the Company (or
any other Target Company, as applicable) of this Agreement and each Ancillary Document to which any Target Company is a party
or otherwise bound, and the consummation by any Target Company of the transactions contemplated hereby and thereby and compliance
by any Target Company with any of the provisions hereof and thereof, will not (a) conflict with or violate any provision of any
Target Company’s Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities referred
to in Section 4.5 hereof, the waiting periods referred to therein having expired, and any condition precedent to such Consent
or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to any Target Company or any of
their properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event
which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension,
cancellation or modification of, (iv) accelerate the performance required by any Target Company under, (v) result in a right of
termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result
in the creation of any Lien upon any of the properties or assets of any Target Company under, (viii) give rise to any obligation
to obtain any third party Consent or provide any notice to any Person or (ix) give any Person the right to declare a default,
exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity or performance,
cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of,
any Company Material Contract.

 

4.7
Financial Statements.

 

(a)
As used herein, the term “Company Financials” means the audited consolidated financial statements of
the Target Companies (including, in each case, any related notes thereto), consisting of the consolidated balance sheets of the
Target Companies as of December 31, 2018 (the “Balance Sheet Date”) and December 31, 2017, and the related
consolidated audited income statements, changes in shareholder equity and statements of cash flows for the years then ended. True
and correct copies of the Company Financials have been provided to the Purchaser. The Company Financials (i) accurately reflect
the books and records of the Target Companies as of the times and for the periods referred to therein, (ii) were prepared in accordance
with GAAP, consistently applied throughout and among the periods involved (except that the unaudited statements exclude the footnote
disclosures and other presentation items required for GAAP and exclude year-end adjustments which will not be material in amount),
and (iii) fairly present in all material respects the consolidated financial position of the Target Companies as of the respective
dates thereof and the consolidated results of the operations and cash flows of the Target Companies for the periods indicated.

 

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(b)
Each Target Company maintains accurate books and records reflecting its assets and Liabilities and maintains proper and adequate
internal accounting controls that provide reasonable assurance that (i) such Target Company does not maintain any off-the-book
accounts and that such Target Company’s assets are used only in accordance with the Target Company’s management directives,
(ii) transactions are executed with management’s authorization, (iii) transactions are recorded as necessary to permit preparation
of the financial statements of such Target Company and to maintain accountability for such Target Company’s assets, (iv)
access to such Target Company’s assets is permitted only in accordance with management’s authorization, (v) the reporting
of such Target Company’s assets is compared with existing assets at regular intervals and verified for actual amounts and
(vi) accounts, notes and other receivables and inventory are recorded accurately, and proper and adequate procedures are implemented
to effect the collection of accounts, notes and other receivables on a current and timely basis. No Target Company has been subject
to or involved in any material fraud that involves management or other employees who have a significant role in the internal controls
over financial reporting of any Target Company. Since January 1, 2016, no Target Company or its Representatives has received any
written complaint, allegation, assertion or claim regarding the accounting or auditing practices, procedures, methodologies or
methods of any Target Company or its internal accounting controls, including any material written complaint, allegation, assertion
or claim that any Target Company has engaged in questionable accounting or auditing practices.

 

(c)
No Target Company has ever been subject to the reporting requirements of Sections 13(a) and 15(d) of the Exchange Act.

 

(d)
Except as set forth on Schedule 4.7(d), the Target Companies have no Indebtedness. Except as disclosed on Schedule 4.7(d),
no Indebtedness of any Target Company contains any restriction upon (i) the prepayment of any of such Indebtedness, (ii) the incurrence
of Indebtedness by any Target Company, or (iii) the ability of the Target Companies to grant any Lien on their respective properties
or assets.

 

(e)
Except as set forth on Schedule 4.7(e), no Target Company is subject to any Liabilities or obligations (whether or not
required to be reflected on a balance sheet prepared in accordance with GAAP), except for those that are either (i) adequately
reflected or reserved on or provided for in the consolidated balance sheet of the Company and its Subsidiaries as of the Balance
Sheet Date contained in the Company Financials or (ii) not material and that were incurred after the Balance Sheet Date in the
ordinary course of business (other than Liabilities for breach of any Contract or violation of any Law).

 

(f)
All financial projections with respect to the Target Companies that were delivered by or on behalf of the Company to the Purchaser
or its Representatives were prepared in good faith using assumptions that the Company believes to be reasonable.

 

4.8
Absence of Certain Changes. Except as set forth on Schedule 4.8, since January 1, 2016, each Target Company has
(a) conducted its business only in the ordinary course of business, (b) not been subject to a Material Adverse Effect and (c)
has not taken any action or committed or agreed to take any action that would be prohibited by Section 6.2(b) (without
giving effect to Schedule 6.2) if such action were taken on or after the date hereof without the consent of the Purchaser.

 

4.9
Compliance with Laws. Except as set forth on Schedule 4.9, no Target Company is or has been in material conflict
or non-compliance with, or in material default or violation of, nor has any Target Company received, since January 1, 2016, any
written or, to the Knowledge of the Company, oral notice of any material conflict or non-compliance with, or material default
or violation of, any applicable Laws by which it or any of its properties, assets, employees, business or operations are or were
bound or affected.

 

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4.10
Company Permits. Each Target Company (and its employees who are legally required to be licensed by a Governmental Authority
in order to perform his or her duties with respect to his or her employment with any Target Company), holds all Permits necessary
to lawfully conduct in all material respects its business as presently conducted and as currently contemplated to be conducted,
and to own, lease and operate its assets and properties (collectively, the “Company Permits”). The Company
has made available to the Purchaser true, correct and complete copies of all material Company Permits. All of the Company Permits
are in full force and effect, and no suspension or cancellation of any of the Company Permits is pending or, to the Company’s
Knowledge, threatened. No Target Company is in violation in any material respect of the terms of any Company Permit. All filings
and registrations with PRC Governmental Authorities required in respect of each of the PRC Target Companies and its operations,
including the registrations with the Ministry of Commerce, the State Administration of Industry and Commerce, the State Administration
for Foreign Exchange, tax bureau, customs authorities, product registration authorities and health regulatory authorities, as
applicable, have been duly completed in accordance with applicable PRC Law.

 

4.11
Litigation. Except as described on Schedule 4.11, there is no (a) Action of any nature pending or, to the Company’s
Knowledge, threatened, nor is there any reasonable basis for any Action to be made (and not such Action has been brought or, to
the Company’s Knowledge, threatened since January 1, 2016), or (b) Order pending now or rendered by a Governmental Authority
since January 1, 2016, in either case of (a) or (b) by or against any Target Company, its current or former directors, officers
or equity holders (provided, that any litigation involving the directors, officers or equity holders of a Target Company must
be related to the Target Company’s business, equity securities or assets), its business, equity securities or assets. The
items listed on Schedule 4.11, if finally determined adverse to the Target Companies, will not have, either individually
or in the aggregate, a Material Adverse Effect upon any Target Company. Since January 1, 2016, none of the current or former officers,
senior management or directors of any Target Company have been charged with, indicted for, arrested for, or convicted of any felony
or any crime involving fraud.

 

4.12
Material Contracts.

 

(a)
Schedule 4.12(a) sets forth a true, correct and complete list of, and the Company has made available to the Purchaser (including
written summaries of oral Contracts), true, correct and complete copies of, each Contract to which any Target Company is a party
or by which any Target Company, or any of its properties or assets are bound or affected (each Contract required to be set forth
on Schedule 4.12(a), a “Company Material Contract”) that:

 

(i)
contains covenants that limit the ability of any Target Company (A) to compete in any line of business or with any Person
or in any geographic area or to sell, or provide any service or product or solicit any Person, including any non-competition covenants,
employee and customer non-solicit covenants, exclusivity restrictions, rights of first refusal or most-favored pricing clauses
or (B) to purchase or acquire an interest in any other Person;

 

(ii)
involves any joint venture, profit-sharing, partnership, limited liability company or other similar agreement or arrangement relating
to the formation, creation, operation, management or control of any partnership or joint venture;

 

(iii)
involves any exchange traded, over the counter or other swap, cap, floor, collar, futures contract, forward contract, option or
other derivative financial instrument or Contract, based on any commodity, security, instrument, asset, rate or index of any kind
or nature whatsoever, whether tangible or intangible, including currencies, interest rates, foreign currency and indices;

 

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(iv)
evidences Indebtedness (whether incurred, assumed, guaranteed or secured by any asset) of any Target Company having an outstanding
principal amount in excess of $50,000;

 

(v)
involves the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets with an aggregate value in
excess of $50,000 (other than in the ordinary course of business) or shares or other equity interests in or of another Person;

 

(vi)
relates to any merger, consolidation or other business combination with any other Person or the acquisition or disposition of
any other entity or its business or material assets or the sale of any Target Company, its business or material assets;

 

(vii)
by its terms, individually or with all related Contracts, calls for aggregate payments or receipts by the Target Companies under
such Contract or Contracts of at least $50,000 per year or $150,000 in the aggregate;

 

(viii)
obligates the Target Companies to provide continuing indemnification or a guarantee of obligations of a third party after the
date hereof in excess of $100,000;

 

(ix)
is between any Target Company and any Top Customer or Top Supplier;

 

(x)
is between any Target Company and any directors, officers or employees of a Target Company (other than at-will employment arrangements
with employees entered into in the ordinary course of business), including all non-competition, severance and indemnification
agreements, or any Related Person;

 

(xi)
obligates the Target Companies to make any capital commitment or expenditure in excess of $50,000 (including pursuant to any joint
venture);

 

(xii)
relates to a material settlement entered into within three (3) years prior to the date of this Agreement or under which any Target
Company has outstanding obligations (other than customary confidentiality obligations);

 

(xiii)
provides another Person (other than another Target Company or any manager, director or officer of any Target Company) with a power
of attorney;

 

(xiv)
relates to the development, ownership, licensing or use of any Intellectual Property by, to or from any Target Company, other
than Off-the-Shelf Software; or

 

(xv)
is otherwise material to any Target Company or outside of the ordinary course of business of the Target Companies and not described
in clauses (i) through (xiv) above.

 

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(b)
Except as disclosed in Schedule 4.12(b), with respect to each Company Material Contract: (i) such Company Material Contract
is valid and binding and enforceable in all respects against the Target Company party thereto (subject to the Enforceability Exceptions)
and, to the Knowledge of the Company, each other party thereto, and is in full force and effect; (ii) the consummation of the
transactions contemplated by this Agreement will not affect the validity or enforceability of any Company Material Contract; (iii)
no Target Company is in breach or default in any respect, and no event has occurred that with the passage of time or giving of
notice or both would constitute a breach or default by any Target Company, or permit termination or acceleration by the other
party thereto, under such Company Material Contract; (iv) to the Knowledge of the Company, no other party to such Company
Material Contract is in breach or default in any respect, and no event has occurred that with the passage of time or giving of
notice or both would constitute such a breach or default by such other party, or permit termination or acceleration by any Target
Company, under such Company Material Contract; (v) no Target Company has received written or, to the Knowledge of the Company,
oral notice of an intention by any party to any such Company Material Contract that provides for a continuing obligation by any
party thereto to terminate such Company Material Contract or amend the terms thereof, other than modifications in the ordinary
course of business that do not adversely affect any Target Company; and (vi) no Target Company has waived any rights under any
such Material Contract.

 

4.13
Intellectual Property.

 

(a)
Schedule 4.13(a)(i) sets forth: (i) all Patents and Patent applications, Trademark and service mark registrations and applications,
copyright registrations and applications and registered Internet Assets and applications owned or licensed by a Target Company
or otherwise used or held for use by a Target Company in which a Target Company is the owner, applicant or assignee (“Company
Registered IP”), specifying as to each item, as applicable: (A) the nature of the item, including the title, (B)
the owner of the item, (C) the jurisdictions in which the item is issued or registered or in which an application for issuance
or registration has been filed and (D) the issuance, registration or application numbers and dates; and (ii) all material unregistered
Intellectual Property owned or purported to be owned by a Target Company. Schedule 4.13(a)(ii) sets forth all licenses,
sublicenses and other agreements or permissions (“Company IP Licenses”) (excluding “shrink wrap”,
“click wrap” and “off the shelf” agreements for Software commercially available on reasonable terms to
the public generally with license, maintenance, support and other fees of less than $5,000 per year (“Off-the-Shelf
Software”), which are not required to be listed, although such licenses are “Company IP Licenses” as
that term is used herein), under which a Target Company is a licensee or otherwise is authorized to use or practice any Intellectual
Property, and describes (A) the applicable Intellectual Property licensed, sublicensed or used and (B) any royalties, license
fees or other compensation due from a Target Company, if any. Each Target Company owns, free and clear of all Liens (other than
Permitted Liens), has valid and enforceable rights in, and has the unrestricted right to use, sell, license, transfer or assign,
all Intellectual Property currently used, licensed or held for use by such Target Company, and previously used or licensed by
such Target Company, except for the Intellectual Property that is the subject of the Company IP Licenses. For each Patent and
Patent application in the Company Registered IP, the Target Companies have obtained valid assignments of inventions from each
inventor. Except as set forth on Schedule 4.13(a)(iii), all Company Registered IP is owned exclusively by the applicable
Target Company without obligation to pay royalties, licensing fees or other fees, or otherwise account to any third party with
respect to such Company Registered IP.

 

(b)
Each Target Company has a valid and enforceable license to use all Intellectual Property that is the subject of the Company IP
Licenses applicable to such Target Company. The Company IP Licenses include all of the licenses, sublicenses and other agreements
or permissions necessary to operate the Target Companies as presently conducted. Each Target Company is and has been in compliance
in all material respects with all obligations imposed on it in the Company IP Licenses, and such Target Company is not, nor, to
the Knowledge of the Company, is any other party thereto, in material breach or default thereunder, nor to the Knowledge of the
Company has any event occurred that with notice or lapse of time or both would constitute a default thereunder. The continued
use by the Target Companies of the Intellectual Property that is the subject of the Company IP Licenses in the same manner that
it is currently being used is not restricted by any applicable license of any Target Company. All registrations for Copyrights,
Patents, Trademarks and Internet Assets that are owned by or exclusively licensed to any Target Company are valid and in force,
and all applications to register any Copyrights, Patents and Trademarks are pending and in good standing, all without challenge
of any kind. No Target Company is party to any Contract that requires a Target Company to assign to any Person all of its rights
in any Intellectual Property developed by a Target Company under such Contract.

 

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(c)
Schedule 4.13(c) sets forth all licenses, sublicenses and other agreements or permissions under which a Target Company
is the licensor (each, an “Outbound IP License”), and for each such Outbound IP License, describes (i)
the applicable Intellectual Property licensed, (ii) the licensee under such Outbound IP License, and (iii) any royalties, license
fees or other compensation due to a Target Company, if any. Each Target Company has performed all obligations imposed on it in
the Outbound IP Licenses, and such Target Company is not, nor, to the Knowledge of the Company, is any other party thereto, in
breach or default thereunder, nor has any event occurred that with notice or lapse of time or both would constitute a default
thereunder.

 

(d)
No Action is pending or, to the Company’s Knowledge, threatened against a Target Company that challenges the validity, enforceability,
ownership, or right to use, sell, license or sublicense any Intellectual Property currently owned, licensed, used or held for
use by the Target Companies in any material respect. No Target Company has received any written or, to the Knowledge of the Company,
oral notice or claim asserting or suggesting that any infringement, misappropriation, violation, dilution or unauthorized use
of the Intellectual Property of any other Person is or may be occurring or has or may have occurred, as a consequence of the business
activities of any Target Company. There are no Orders to which any Target Company is a party or its otherwise bound that (i) restrict
the rights of a Target Company to use, transfer, license or enforce any Intellectual Property owned by a Target Company, (ii)
restrict the conduct of the business of a Target Company in order to accommodate a third Person’s Intellectual Property,
or (iii) other than the Outbound IP Licenses, grant any third Person any right with respect to any Intellectual Property owned
by a Target Company. No Target Company is currently infringing, or has, in the past, infringed, misappropriated or violated any
Intellectual Property of any other Person in any material respect in connection with the ownership, use or license of any Intellectual
Property owned or purported to be owned by a Target Company or, to the Knowledge of the Company, otherwise in connection with
the conduct of the respective businesses of the Target Companies. To the Company’s Knowledge, no third party is infringing
upon, has misappropriated or is otherwise violating any Intellectual Property owned, licensed by, licensed to, or otherwise used
or held for use by any Target Company (“Company IP”) in any material respect.

 

(e)
All employees and independent contractors of a Target Company have assigned to the Target Companies all Intellectual Property
arising from the services performed for a Target Company by such Persons. No current or former officers, employees or independent
contractors of a Target Company have claimed any ownership interest in any Intellectual Property owned by a Target Company. To
the Knowledge of the Company, there has been no violation of a Target Company’s policies or practices related to protection
of Company IP or any confidentiality or nondisclosure Contract relating to the Intellectual Property owned by a Target Company.
The Company has made available to the Purchaser true and complete copies of all written Contracts referenced in subsections under
which employees and independent contractors assigned their Intellectual Property to a Target Company. To the Company’s Knowledge,
none of the employees of any Target Company is obligated under any Contract, or subject to any Order, that would materially interfere
with the use of such employee’s best efforts to promote the interests of the Target Companies, or that would materially
conflict with the business of any Target Company as presently conducted. Each Target Company has taken reasonable security measures
in order to protect the secrecy, confidentiality and value of the material Company IP.

 

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(f)
To the Knowledge of the Company, no Person has obtained unauthorized access to third party information and data in the possession
of a Target Company, nor has there been any other material compromise of the security, confidentiality or integrity of such information
or data. Each Target Company has complied with all applicable Laws relating to privacy, data protection and security, and the
collection, processing and use of personal information (collectively, “Data Protection Laws”). Each
of the Target Companies has in place and regularly monitors and fully enforces privacy policies and guidelines compliant with
all applicable Data Protection Laws. The operation of the business of the Target Companies has not and does not violate any right
to privacy or publicity of any third person, or constitute unfair competition or trade practices under applicable Law.

 

(g)
The consummation of any of the transactions contemplated by this Agreement will not result in the material breach, material modification,
cancellation, termination, suspension of, or acceleration of any payments with respect to, or release of source code because of
(i) any Contract providing for the license or other use of Intellectual Property owned by a Target Company, or (ii) any Company
IP License. Following the Closing, the Company shall be permitted to exercise, directly or indirectly through its Subsidiaries,
all of the Target Companies’ rights under the Company IP Licenses to the same extent that the Target Companies would have
been able to exercise had the transactions contemplated by this Agreement not occurred, without the payment of any additional
amounts or consideration other than ongoing fees, royalties or payments which the Target Companies would otherwise be required
to pay in the absence of such transactions.

 

4.14
Taxes and Returns.

 

(a)
Each Target Company has or will have timely filed, or caused to be timely filed, all Tax Returns required to be filed by it (taking
into account all available extensions), which Tax Returns are true, accurate, correct and complete in all material respects, and
has paid, collected or withheld, or caused to be paid, collected or withheld, all Taxes required to be paid, collected or withheld,
other than such Taxes for which adequate reserves in the Company Financials have been established. Each Target Company has complied
with all applicable Laws relating to Tax.

 

(b)
There is no current pending or, to the Knowledge of the Company, threatened Action against a Target Company by a Governmental
Authority in a jurisdiction where the Target Company does not file Tax Returns that it is or may be subject to taxation by that
jurisdiction.

 

(c)
No Target Company is being audited by any Tax authority or has been notified in writing or, to the Knowledge of the Company, orally
by any Tax authority that any such audit is contemplated or pending. There are no claims, assessments, audits, examinations, investigations
or other Actions pending against a Target Company in respect of any Tax, and no Target Company has been notified in writing of
any proposed Tax claims or assessments against it (other than, in each case, claims or assessments for which adequate reserves
in the Company Financials have been established).

 

(d)
There are no Liens with respect to any Taxes upon any Target Company’s assets, other than Permitted Liens.

 

(e)
Each Target Company has collected or withheld all Taxes currently required to be collected or withheld by it, and all such Taxes
have been paid to the appropriate Governmental Authorities or set aside in appropriate accounts for future payment when due.

 

(f)
No Target Company has any outstanding waivers or extensions of any applicable statute of limitations to assess any amount of Taxes.
There are no outstanding requests by a Target Company for any extension of time within which to file any Tax Return or within
which to pay any Taxes shown to be due on any Tax Return.

 

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(g)
No Target Company has made any change in accounting method or received a ruling from, or signed an agreement with, any taxing
authority that would reasonably be expected to have a material impact on its Taxes following the Closing.

 

(h)
No Target Company has participated in, or sold, distributed or otherwise promoted, any “reportable transaction,” as
defined in Treasury Regulation section 1.6011-4.

 

(i)
No Target Company has any Liability for the Taxes of another Person (other than another Target Company) (i) under any applicable
Tax Law, (ii) as a transferee or successor, or (iii) by contract, indemnity or otherwise (excluding commercial agreements entered
into in the ordinary course of business, the primary purpose of which is not the sharing of Taxes). No Target Company is a party
to or bound by any Tax indemnity agreement, Tax sharing agreement or Tax allocation agreement or similar agreement, arrangement
or practice (excluding commercial agreements entered into in the ordinary course of business, the primary purpose of which is
not the sharing of Taxes) with respect to Taxes (including advance pricing agreement, closing agreement or other agreement relating
to Taxes with any Governmental Authority) that will be binding on any Target Company with respect to any period following the
Closing Date.

 

(j)
No Target Company has requested, or is it the subject of or bound by any private letter ruling, technical advice memorandum, closing
agreement or similar ruling, memorandum or agreement with any Governmental Authority with respect to any Taxes, nor is any such
request outstanding.

 

(k)
No Target Company: (i) has constituted either a “distributing corporation” or a “controlled corporation”
(within the meaning of Section 355(a)(1)(A) of the Code) in a distribution of securities (to any Person or entity that is not
a member of the consolidated group of which the Company is the common parent corporation) qualifying for, or intended to qualify
for, Tax-free treatment under Section 355 of the Code (A) within the two-year period ending on the date hereof or (B) in a distribution
which could otherwise constitute part of a “plan” or “series of related transactions” (within the meaning
of Section 355(e) of the Code) in conjunction with the transactions contemplated by this Agreement; or (ii) is or has ever been
(A) a U.S. real property holding corporation within the meaning of Section 897(c)(2) of the Code, or (B) a member of any consolidated,
combined, unitary or affiliated group of corporations for any Tax purposes other than a group of which the Company is or was the
common parent corporation.

 

(l)
No Target Company is treated as a domestic corporation under Section 7874(b) of the Code.

 

4.15
Real Property. Schedule 4.15 contains a complete and accurate list of all premises leased or subleased or otherwise
used or occupied by a Target Company for the operation of the business of a Target Company (the “Leased Premises”),
and of all leases, lease guarantees, agreements and documents related thereto, including all amendments, terminations and modifications
thereof or waivers thereto (collectively, the “Company Real Property Leases”), as well as the current
annual rent and term under each Company Real Property Lease. The Company has provided to the Purchaser a true and complete copy
of each of the Company Real Property Leases, and in the case of any oral Company Real Property Lease, a written summary of the
material terms of such Company Real Property Lease. The Company Real Property Leases are valid, binding and enforceable in accordance
with their terms and are in full force and effect. To the Knowledge of the Company, no event has occurred which (whether with
or without notice, lapse of time or both or the happening or occurrence of any other event) would constitute a default on the
part of a Target Company or any other party under any of the Company Real Property Leases, and no Target Company has received
notice of any such condition. No Target Company owns or has ever owned any real property or any interest in real property (other
than the leasehold interests in the Company Real Property Leases).

 

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4.16
Personal Property. Each item of Personal Property which is owned, used or leased by a Target Company with a book value
or fair market value of greater than Twenty-Five Thousand Dollars ($25,000) is set forth on Schedule 4.16, along with,
to the extent applicable, a list of lease agreements, lease guarantees, security agreements and other agreements related thereto,
including all amendments, terminations and modifications thereof or waivers thereto (“Company Personal Property Leases”).
Except as set forth in Schedule 4.16, all such items of Personal Property are in good operating condition and repair (ordinary
wear and tear excepted consistent with the age of such items), and are suitable for their intended use in the business of the
Target Companies. The operation of each Target Company’s business as it is now conducted or presently proposed to be conducted
is not dependent upon the right to use the Personal Property of Persons other than a Target Company, except for such Personal
Property that is owned by, or leased, licensed or otherwise contracted to, a Target Company. The Company has provided to the Purchaser
a true and complete copy of each of the Company Personal Property Leases, and in the case of any oral Company Personal Property
Lease, a written summary of the material terms of such Company Personal Property Lease. The Company Personal Property Leases are
valid, binding and enforceable in accordance with their terms and are in full force and effect. To the Knowledge of the Company,
no event has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence of any other
event) would constitute a default on the part of a Target Company or any other party under any of the Company Personal Property
Leases, and no Target Company has received notice of any such condition.

 

4.17
Title to and Sufficiency of Assets. Each Target Company has good and marketable title to, or a valid leasehold interest
in or right to use, all of its assets, free and clear of all Liens other than (a) Permitted Liens, (b) the rights of lessors under
leasehold interests, (iii) Liens specifically identified in the last audited financial statements included in the Company Financials
and (d) Liens set forth on Schedule 4.17. The assets (including Intellectual Property rights and contractual rights) of
the Target Companies constitute all of the assets, rights and properties that are used in the operation of the businesses of the
Target Companies as it is now conducted and presently proposed to be conducted or that are used or held by the Target Companies
for use in the operation of the businesses of the Target Companies, and taken together, are adequate and sufficient for the operation
of the businesses of the Target Companies as currently conducted and as presently proposed to be conducted.

 

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4.18
Employee Matters.

 

(a)
Except as set forth in Schedule 4.18(a), no Target Company is a party to any collective bargaining agreement or other Contract
covering any group of employees, labor organization or other representative of any of the employees of any Target Company, and
the Company has no Knowledge of any activities or proceedings of any labor union or other party to organize or represent such
employees. There has not occurred or, to the Knowledge of the Company, been threatened any strike, slow-down, picketing, work-stoppage,
or other similar labor activity with respect to any such employees. Schedule 4.18(a) sets forth all unresolved labor controversies
(including unresolved grievances and age or other discrimination claims), if any, that are pending or, to the Knowledge of the
Company, threatened between any Target Company and Persons employed by or providing services to a Target Company. No current officer
or employee of a Target Company has provided any Target Company written or, to the Knowledge of the Company, oral notice of his
or her plan to terminate his or her employment with any Target Company.

 

(b)
Except as set forth in Schedule 4.18(b), each Target Company (i) is and has been in compliance in all material respects
with all applicable Laws respecting employment and employment practices, terms and conditions of employment, health and safety
and wages and hours, and other Laws relating to discrimination, disability, labor relations, hours of work, payment of wages and
overtime wages, pay equity, immigration, workers compensation, working conditions, employee scheduling, occupational safety and
health, family and medical leave, and employee terminations, and have not received written, or to the Knowledge of the Company,
oral notice that there is any pending Action involving unfair labor practices against a Target Company, (ii) is not liable
for any material past due arrears of wages or any material penalty for failure to comply with any of the foregoing, and (iii) is
not liable for any material payment to any Governmental Authority with respect to unemployment compensation benefits, social security
or other benefits or obligations for employees, independent contractors or consultants (other than routine payments to be made
in the ordinary course of business and consistent with past practice). There are no Actions pending or, to the Knowledge of the
Company, threatened against a Target Company brought by or on behalf of any applicant for employment, any current or former employee,
any Person alleging to be a current or former employee, or any Governmental Authority, relating to any such Law or regulation,
or alleging breach of any express or implied contract of employment, wrongful termination of employment, or alleging any other
discriminatory, wrongful or tortious conduct in connection with the employment relationship.

 

(c)
Schedule 4.18(c) hereto sets forth a complete and accurate list, as of the date hereof, of all employees of the Target
Companies showing for each as of such date (i) the employee’s name, job title or description, employer, location, salary
level (including any bonus, commission, deferred compensation or other remuneration payable (other than any such arrangements
under which payments are at the discretion of the Target Companies)), (ii) any bonus, commission or other remuneration other than
salary paid during the calendar year ending December 31, 2019, and (iii) any wages, salary, bonus, commission or other compensation
due and owing to each employee during or for the calendar year ending December 31, 2019. Except as set forth on Schedule 4.18(c),
(A) no employee is a party to a written employment Contract with a Target Company and each is employed “at will” or,
with respect to employees located in China, with a “non-fixed term” in accordance with Chinese Labor Contract Law,
and (B) the Target Companies have paid in full to all their employees all wages, salaries, commission, bonuses and other compensation
due to such employees, including overtime compensation, and no Target Company has any obligations (whether or not contingent)
with respect to severance payments to any such employees under the terms of any written or, to the Company’s Knowledge,
oral agreement, or commitment or any applicable Law, custom, trade or practice. Except as set forth in Schedule 4.18(c),
each employee of any Target Company has entered into the Company’s standard form of employee non-disclosure, inventions
and restrictive covenants agreement with a Target Company (whether pursuant to a spate agreement or incorporated as part of such
employee’s overall employment agreement), a copy of which has been made available to the Purchaser by the Company.

 

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(d)
Schedule 4.18(d) contains a list of all independent contractors (including consultants) currently engaged by any Target
Company, along with the position, the entity engaging such Person, date of retention and rate of remuneration, most recent increase
(or decrease) in remuneration and amount thereof, for each such Person. Except as set forth on Schedule 4.18(d), all of
such independent contractors are a party to a written Contract with a Target Company, and each such independent contractor has
entered into customary covenants regarding confidentiality, non-competition and assignment of inventions and copyrights in such
Person’s agreement with a Target Company, a copy of which has been provided to the Purchaser by the Company. For the purposes
of applicable Law, including the Code, all independent contractors who are currently, or within the last six (6) years have been,
engaged by a Target Company are bona fide independent contractors and not employees of a Target Company. Each independent contractor
is terminable on fewer than thirty (30) days’ notice, without any obligation of any Target Company to pay severance or a
termination fee.

 

4.19
Benefit Plans.

 

(a)
Set forth on Schedule ‎4.19(a) is a true and complete list of each Foreign Plan of a Target Company (each, a “Company
Benefit Plan”). No Target Company has ever maintained or contributed to (or had an obligation to contribute to)
any Benefit Plan, whether or not subject to ERISA, which is not a Foreign Plan.

 

(b)
With respect to each Company Benefit Plan which covers any current or former officer, director, consultant or employee (or beneficiary
thereof) of a Target Company, the Company has made available to the Purchaser accurate and complete copies, if applicable, of:
(i) all plan documents and related trust agreements or annuity Contracts (including any amendments, modifications or supplements
thereto), and written descriptions of any Company Benefit Plans which are not in writing; (ii) the most recent annual and periodic
accounting of plan assets; (iii) the most recent actuarial valuation; and (iv) all communications with any Governmental Authority
concerning any matter that is still pending or for which a Target Company has any outstanding Liability or obligation.

 

(c)
With respect to each Company Benefit Plan: (i) such Company Benefit Plan has been administered and enforced in all material respects
in accordance with its terms and the requirements of all applicable Laws, and has been maintained, where required, in good standing
with applicable regulatory authorities and Governmental Authorities; (ii) no breach of fiduciary duty has occurred; (iii) no Action
is pending, or to the Company’s Knowledge, threatened (other than routine claims for benefits arising in the ordinary course
of administration); (iv) all contributions, premiums and other payments (including any special contribution, interest or penalty)
required to be made with respect to a Company Benefit have been timely made; (v) all benefits accrued under any unfunded Company
Benefit Plan has been paid, accrued, or otherwise adequately reserved in accordance with the Accounting Principles and are reflected
on the Company Financials; and (vi) no Company Benefit Plan provides for retroactive increases in contributions, premiums or other
payments in relation thereto. No Target Company has incurred any obligation in connection with the termination of, or withdrawal
from, any Company Benefit Plan.

 

(d)
To the extent applicable, the present value of the accrued benefit liabilities (whether or not vested) under each Company Benefit
Plan, determined as of the end of the Company’s most recently ended fiscal year on the basis of reasonable actuarial assumptions,
each of which is reasonable, did not exceed the current value of the assets of such Company Benefit Plan allocable to such benefit
liabilities.

 

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(e)
The consummation of the transactions contemplated by this Agreement and the Ancillary Documents will not: (i) entitle any individual
to severance pay, unemployment compensation or other benefits or compensation under any Company Benefit Plan or under any applicable
Law; or (ii) accelerate the time of payment or vesting, or increase the amount of any compensation due, or in respect of, any
director, employee or independent contractor of a Target Company.

 

(f)
Except to the extent required by applicable Law, no Target Company provides health or welfare benefits to any former or retired
employee or is obligated to provide such benefits to any active employee following such employee’s retirement or other termination
of employment or service.

 

(g)
All Company Benefit Plans can be terminated at any time as of or after the Closing Date without resulting in any Liability to
any Target Company, the Purchaser or their respective Affiliates for any additional contributions, penalties, premiums, fees,
fines, excise taxes or any other charges or liabilities.

 

4.20
Environmental Matters. Except as set forth in Schedule 4.20:

 

(a)
Each Target Company is and has been in compliance in all material respects with all applicable Environmental Laws, including obtaining,
maintaining in good standing, and complying in all material respects with all Permits required for its business and operations
by Environmental Laws (“Environmental Permits”), no Action is pending or, to the Company’s Knowledge,
threatened to revoke, modify, or terminate any such Environmental Permit, and, to the Company’s Knowledge, no facts, circumstances,
or conditions currently exist that could adversely affect such continued compliance with Environmental Laws and Environmental
Permits or require capital expenditures to achieve or maintain such continued compliance with Environmental Laws and Environmental
Permits.

 

(b)
No Target Company is the subject of any outstanding Order or Contract with any Governmental Authority or other Person in respect
of any (i) Environmental Laws, (ii) Remedial Action, or (iii) Release or threatened Release of a Hazardous Material. No Target
Company has assumed, contractually or by operation of Law, any Liabilities or obligations under any Environmental Laws.

 

(c)
No Action has been made or is pending, or to the Company’s Knowledge, threatened against any Target Company or any assets
of a Target Company alleging either or both that a Target Company may be in material violation of any Environmental Law or Environmental
Permit or may have any material Liability under any Environmental Law.

 

(d)
No Target Company has manufactured, treated, stored, disposed of, arranged for or permitted the disposal of, generated, handled
or Released any Hazardous Material, or owned or operated any property or facility, in a manner that has given or would reasonably
be expected to give rise to any material Liability or obligation under applicable Environmental Laws. No fact, circumstance, or
condition exists in respect of any Target Company or any property currently or formerly owned, operated, or leased by any Target
Company or any property to which a Target Company arranged for the disposal or treatment of Hazardous Materials that could reasonably
be expected to result in a Target Company incurring any material Environmental Liabilities.

 

(e)
There is no investigation of the business, operations, or currently owned, operated, or leased property of a Target Company or,
to the Company’s Knowledge, previously owned, operated, or leased property of a Target Company pending or, to the Company’s
Knowledge, threatened that could lead to the imposition of any Liens under any Environmental Law or material Environmental Liabilities.

 

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(f)
To the Knowledge of the Company, there is not located at any of the properties of a Target Company any (i) underground storage
tanks, (ii) asbestos-containing material, or (iii) equipment containing polychlorinated biphenyls.

 

(g)
The Company has provided to the Purchaser all environmentally related site assessments, audits, studies, reports and results of
investigations that have been performed in respect of the currently or previously owned, leased, or operated properties of any
Target Company.

 

4.21
Transactions with Related Persons. Except as set forth on Schedule 4.21, no Target Company nor any of its Affiliates,
nor any officer, director, manager, employee, trustee or beneficiary of a Target Company or any of its Affiliates, nor any immediate
family member of any of the foregoing (whether directly or indirectly through an Affiliate of such Person) (each of the foregoing,
a “Related Person”) is presently, or in the past three (3) years has been, a party to any transaction
with a Target Company, including any Contract or other arrangement (a) providing for the furnishing of services by (other than
as officers, directors or employees of the Target Company), (b) providing for the rental of real property or Personal Property
from or (c) otherwise requiring payments to (other than for services or expenses as directors, officers or employees of the Target
Company in the ordinary course of business) any Related Person or any Person in which any Related Person has an interest as an
owner, officer, manager, director, trustee or partner or in which any Related Person has any direct or indirect interest (other
than the ownership of securities representing no more than two percent (2%) of the outstanding voting power or economic interest
of a publicly traded company). Except as set forth on Schedule 4.21, no Target Company has outstanding any Contract or
other arrangement or commitment with any Related Person, and no Related Person owns any real property or Personal Property, or
right, tangible or intangible (including Intellectual Property) which is used in the business of any Target Company. Schedule
4.21 specifically identifies all Contracts, arrangements or commitments set forth on such Schedule 4.21 that cannot
be terminated upon sixty (60) days’ notice by the Target Companies without cost or penalty.

 

4.22
Insurance.

 

(a)
Schedule 4.22(a) lists all insurance policies (by policy number, insurer, coverage period, coverage amount, annual premium and
type of policy) held by a Target Company relating to a Target Company or its business, properties, assets, directors, officers
and employees, copies of which have been provided to the Purchaser. All premiums due and payable under all such insurance policies
have been timely paid and the Target Companies are otherwise in material compliance with the terms of such insurance policies.
All such insurance policies are in full force and effect, and to the Knowledge of the Company, there is no threatened termination
of, or material premium increase with respect to, any of such insurance policies. No Target Company has any self-insurance or
co-insurance programs. Since January 1, 2016, no Target Company has received any notice from, or on behalf of, any insurance carrier
relating to or involving any adverse change or any change other than in the ordinary course of business, in the conditions of
insurance, any refusal to issue an insurance policy or non-renewal of a policy, or requiring or suggesting material alteration
of any of assets of a Target Company, purchase of additional equipment or material modification of any of methods of doing business
by a Target Company.

 

(b)
Schedule 4.22(b) identifies each individual insurance claim in excess of $25,000 made by a Target Company since January
1, 2016. Each Target Company has reported to its insurers all claims and pending circumstances that would reasonably be expected
to result in a claim, except where such failure to report such a claim would not be reasonably likely to be material to the Target
Companies. To the Knowledge of the Company, no event has occurred, and no condition or circumstance exists, that would reasonably
be expected to (with or without notice or lapse of time) give rise to or serve as a basis for the denial of any such insurance
claim. No Target Company has made any claim against an insurance policy as to which the insurer is denying coverage.

 

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4.23
Top Customers and Suppliers. Schedule 4.23 lists, by dollar volume received or paid, as applicable, for each of
the twelve (12) months ended on December 31, 2017 and 2018, respectively, the ten (10) largest customers of the Target Companies
(the “Top Customers”) and the ten largest suppliers of goods or services to the Target Companies (the
“Top Suppliers”), along with the amounts of such dollar volumes. The relationships of each Target Company
with such suppliers and customers are good commercial working relationships and (i) no Top Supplier or Top Customer within the
last twelve (12) months has cancelled or otherwise terminated, or, to the Company’s Knowledge, intends to cancel or otherwise
terminate, any relationships of such Person with a Target Company, (ii) no Top Supplier or Top Customer has during the last twelve
(12) months decreased materially or, to the Company’s Knowledge, threatened to stop, decrease or limit materially, or intends
to modify materially its relationships with a Target Company or, to the Company’s Knowledge, intends to stop, decrease or
limit materially its products or services to any Target Company or its usage or purchase of the products or services of any Target
Company, (iii) to the Company’s Knowledge, no Top Supplier or Top Customer intends to refuse to pay any amount due to any
Target Company or seek to exercise any remedy against any Target Company, (iv) no Target Company has within the past two (2) years
been engaged in any material dispute with any Top Supplier or Top Customer, and (v) to the Company’s Knowledge, the consummation
of the transactions contemplated in this Agreement and the Ancillary Documents will not affect the relationship of any Target
Company with any Top Supplier or Top Customer.

 

4.24
Books and Records. All of the financial books and records of the Target Companies are complete and accurate in all material
respects and have been maintained in the ordinary course consistent with past practice and in accordance with applicable Laws.

 

4.25
Accounts Receivable. All accounts, notes and other receivables, whether or not accrued, and whether or not billed, of the
Target Companies (the “Accounts Receivable”) arose from sales actually made or services actually performed
and represent valid obligations to a Target Company. None of the Accounts Receivable are, to the Knowledge of the Company, subject
to any right of recourse, defense, deduction, return of goods, counterclaim, offset, or set off on the part of the obligor in
excess of any amounts reserved therefor on the Company Financials. All of the Accounts Receivable are, to the Knowledge of the
Company, fully collectible according to their terms in amounts not less than the aggregate amounts thereof carried on the books
of the Target Companies (net of reserves) within ninety (90) days.

 

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4.26
Certain Business Practices. No Target Company, nor any of their respective Representatives acting on their behalf has (i)
used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees, to foreign or domestic political parties or
campaigns or violated any provision of the Foreign Corrupt Practices Act of 1977 or any comparable or similar Law of any other
country or other jurisdiction,or (iii) made any other unlawful payment. No Target Company, nor any of their respective Representatives
acting on their behalf has directly or indirectly, given or agreed to give any gift or similar benefit in any material amount
to any customer, supplier, governmental employee or other Person who is or may be in a position to help or hinder any Target Company
or assist any Target Company in connection with any actual or proposed transaction. The operations of each Target Company are
and have been conducted at all times in compliance with laundering statutes in all applicable jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority,
and no Action involving a Target Company with respect to the any of the foregoing is pending or, to the Knowledge of the Company,
threatened. No Target Company or any of their respective directors or officers, or, to the Knowledge of the Company, any other
Representative acting on behalf of a Target Company is currently identified on the specially designated nationals or other blocked
person list or otherwise currently subject to any U.S. sanctions administered by OFAC, and no Target Company has, directly or
indirectly, used any funds, or loaned, contributed or otherwise made available such funds to any Subsidiary, joint venture partner
or other Person, in connection with any sales or operations in any country sanctioned by OFAC or for the purpose of financing
the activities of any Person currently subject to, or otherwise in violation of, any U.S. sanctions administered by OFAC in the
last five (5) fiscal years. None of the Target Companies has engaged in transactions with, or exported any of its products or
associated technical data (i) into (or to a national or resident of) Cuba, Iran, Iraq, Libya, North Korea, Syria or any other
country to which the United States has embargoed goods to or has proscribed economic transactions with or (ii) to the knowledge
of the Company, to any Person included on the United States Treasury Department’s list of Specially Designated Nationals
or the U.S. Commerce Department’s Denied Persons List. No Target Company has, since January 1, 2014, breached or been in
violation of any Law regulating or covering conduct in, or the nature of, the workplace, including regarding sexual harassment
or, on any impermissible basis, a hostile work environment.

 

4.27
SAFE Registrations. Each Target Company that is incorporated outside of the PRC has taken, and shall continue to take in
the future, all reasonable steps to comply with, and to ensure compliance by each of its equity holders, option holders, directors,
officers and employees that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen with any applicable
rules and regulations of the relevant PRC government agencies (including the Ministry of Commerce, the National Development and
Reform Commission and the State Administration of Foreign Exchange) relating to overseas investment by PRC residents and citizens
or overseas listing by offshore special purpose vehicles controlled directly or indirectly by PRC companies and individuals, such
as the Company (the “PRC Overseas Investment Regulations”), including requesting each equity holder,
option holder, director, officer and employee that is, or is directly or indirectly owned or controlled by, a PRC resident or
citizen to complete any registration and other procedures required under applicable PRC Overseas Investment Regulations.

 

4.28
PRC Compliance.

 

(a)
Each of the Target Companies has complied, and has taken all steps to ensure compliance, in material aspect, by each of its shareholders,
directors and officers that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen with any applicable
rules and regulations of the relevant PRC government agencies in effect on the Closing Date (including but not limited to the
Ministry of Commerce, the National Development and Reform Commission, the China Securities Regulatory Commission (“CSRC”)
and the State Administration of Foreign Exchange) (the “SAFE”) relating to overseas investment by PRC
residents and citizens (the “PRC Overseas Investment and Listing Regulations”), including, requesting
each such person that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen to complete any registration
and other procedures required under applicable PRC Overseas Investment and Listing Regulations (including any applicable rules
and regulations of the SAFE).

 

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(b)
The Company is aware of and has been advised as to the content of the Rules on Mergers and Acquisitions of Domestic Enterprises
by Foreign Investors and any official clarifications, guidance, interpretations or implementation rules in connection with or
related thereto in effect on the applicable Closing Date (the “PRC Mergers and Acquisitions Rules”)
jointly promulgated by the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Tax Administration,
the State Administration of Industry and Commerce, the CSRC and the State Administration of Foreign Exchange on August 8, 2006,
including the provisions thereof which purport to require offshore special purpose entities formed for listing purposes and controlled
directly or indirectly by PRC companies or individuals to obtain the approval of the CSRC prior to the listing and trading of
their securities on an overseas stock exchange. The Company has received legal advice specifically with respect to the PRC Mergers
and Acquisitions Rules from its PRC counsel, and the Company understands such legal advice. In addition, the Company has communicated
such legal advice in full to each of its directors that signed the Registration Statement and each such director has confirmed
that he or she understands such legal advice. The consummation of the transactions contemplated by this Agreement, the Non-Competition
Agreement, the Lock-up Agreement, the Registration Right Agreement, and the Escrow Agreement (A) are not and will not be, as of
the date hereof or at the Closing Date, as the case may be, adversely affected by the PRC Mergers and Acquisitions Rules and (B)
do not require the prior approval of the CSRC or any other Governmental Authority.

 

(c)
Each of the Target Companies holds, and is operating in compliance in all material respects with, all franchises, grants, authorizations,
licenses, permits, easements, consents, certificates and orders of any Governmental Authority or self-regulatory body required
for the conduct of its business and all such franchises, grants, authorizations, licenses, permits, easements, consents, certifications
and orders are valid and in full force and effect; and none of the Target Companies has received notice of any revocation or modification
of any such franchise, grant, authorization, license, permit, easement, consent, certification or order or has reason to believe
that any such franchise, grant, authorization, license, permit, easement, consent, certification or order will not be renewed
in the ordinary course; and each of the Target Companies is in compliance in all material respects with all applicable federal,
state, local and foreign laws, regulations, orders and decrees.

 

4.29
Investment Company Act. No Target Company is an “investment company” or a Person directly or indirectly “controlled”
by or acting on behalf of an “investment company”, in each case within the meaning of the Investment Company Act of
1940, as amended.

 

4.30
Finders and Brokers. Except as set forth in Schedule 4.31, no Target Company has incurred or will incur any Liability
for any brokerage, finder’s or other fee or commission in connection with the transactions contemplated hereby.

 

4.31
Independent Investigation. The Company has conducted its own independent investigation, review and analysis of the business,
results of operations, prospects, condition (financial or otherwise) or assets of the Purchaser, and acknowledges that it has
been provided adequate access to the personnel, properties, assets, premises, books and records, and other documents and data
of the Purchaser for such purpose. The Company acknowledges and agrees that: (a) in making its decision to enter into this Agreement
and to consummate the transactions contemplated hereby, it has relied solely upon its own investigation and the express representations
and warranties of the Purchaser set forth in Article III (including the related portions of the Purchaser Disclosure Schedules);
and (b) neither the Purchaser nor any of its Representatives have made any representation or warranty as to the Purchaser or this
Agreement, except as expressly set forth in Article III (including the related portions of the Purchaser Disclosure Schedules).

 

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4.32
Information Supplied. None of the information supplied or to be supplied by the Company expressly for inclusion or incorporation
by reference: (a) in any Current Report on Form 8-K, and any exhibits thereto or any other report, form, registration or other
filing made with any Governmental Authority with respect to the transactions contemplated by this Agreement or any Ancillary Documents;
(b) in the Proxy Documents; or (c) in the mailings or other distributions to the Purchaser’s shareholders and/or prospective
investors with respect to the consummation of the transactions contemplated by this Agreement or in any amendment to any of documents
identified in (a) through (c), will, when filed, made available, mailed or distributed, as the case may be, contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they are made, not misleading. None of the information supplied
or to be supplied by the Company expressly for inclusion or incorporation by reference in any of the Signing Press Release, the
Signing Filing, the Closing Press Release and the Closing Filing will, when filed or distributed, as applicable, contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they are made, not misleading. Notwithstanding the foregoing, the
Company makes no representation, warranty or covenant with respect to any information supplied by or on behalf of the Purchaser
or its Affiliates.

 

4.33
Disclosure. No representations or warranties by the Company in this Agreement (including the disclosure schedules hereto)
or the Ancillary Documents, (a) contains or will contain any untrue statement of a material fact, or (b) omits or will omit to
state, when read in conjunction with all of the information contained in this Agreement, the disclosure schedules hereto and the
Ancillary Documents, any fact necessary to make the statements or facts contained therein not materially misleading.

 

Article
V

REPRESENTATIONS AND WARRANTIES OF THE SELLER

 

Except
as set forth in the Company Disclosure Schedules, the Section numbers of which are numbered to correspond to the Section numbers
of this Agreement to which they refer, the Seller hereby represents and warrants to the Purchaser, as of the date hereof and as
of the Closing, as follows:

 

5.1
Organization and Standing. The Seller is an entity duly organized, validly existing and in good standing under the Laws
of the jurisdiction of its formation and has all requisite power and authority to own, lease and operate its properties and to
carry on its business as now being conducted.

 

5.2
Authorization; Binding Agreement. The Seller has all requisite power, authority and legal right and capacity to execute
and deliver this Agreement and each Ancillary Document to which it is a party, to perform Seller’s obligations hereunder
and thereunder and to consummate the transactions contemplated hereby and thereby. This Agreement has been, and each Ancillary
Document to which Seller is or is required to be a party shall be when delivered, duly and validly executed and delivered by Seller
and assuming the due authorization, execution and delivery of this Agreement and any such Ancillary Document by the other parties
hereto and thereto, constitutes, or when delivered shall constitute, the legal, valid and binding obligation of Seller, enforceable
against Seller in accordance with its terms, subject to the Enforceability Exceptions.

 

5.3
Ownership. Seller owns good, valid and marketable title to the Purchased Shares, free and clear of any and all Liens. There
are no proxies, voting rights, shareholders’ agreements or other agreements or understandings, to which Seller is a party
or by which Seller is bound, with respect to the voting or transfer of any of the Purchased Shares other than this Agreement.
Upon delivery of the Purchased Shares to the Purchaser on the Closing Date in accordance with this Agreement, the entire legal
and beneficial interest in the Purchased Shares and good, valid and marketable title to the Purchased Shares, free and clear of
all Liens (other than those imposed by applicable securities Laws or those incurred by the Purchaser), will pass to the Purchaser.

 

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5.4
Governmental Approvals. Except as otherwise described in Schedule 5.4, no Consent of or with any Governmental Authority
on the part of Seller is required to be obtained or made in connection with the execution, delivery or performance by Seller of
this Agreement or any Ancillary Documents or the consummation by Seller of the transactions contemplated hereby or thereby other
than (a) such filings as expressly contemplated by this Agreement and (b) pursuant to Antitrust Laws.

 

5.5
Non-Contravention. Except as otherwise described in Schedule 5.5, the execution and delivery by the Seller of this
Agreement and each Ancillary Document to which it is a party or otherwise bound and the consummation by the Seller of the transactions
contemplated hereby and thereby, and compliance by the Seller with any of the provisions hereof and thereof, will not, (a) conflict
with or violate any provision of Seller’s Organizational Documents, (b) subject to obtaining the Consents from Governmental
Authorities referred to in Section 5.4 hereof, and the waiting periods referred to therein having expired, and any condition
precedent to such Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to Seller
or any of its properties or assets or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an
event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal,
suspension, cancellation or modification of, (iv) accelerate the performance required by Seller under, (v) result in a right of
termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result
in the creation of any Lien upon any of the properties or assets of Seller under, (viii) give rise to any obligation to obtain
any third party consent or provide any notice to any Person or (ix) give any Person the right to declare a default, exercise any
remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity or performance, cancel, terminate
or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any Contract to which
Seller is a party or Seller or its properties or assets are otherwise bound, except for any deviations from any of the foregoing
clauses (a), (b) or (c) that has not had and would not reasonably be expected to have a Material Adverse Effect on Seller.

 

5.6
No Litigation. There is no Action pending or, to the Knowledge of Seller, threatened, nor any Order is outstanding, against
or involving Seller or any of its officers, directors, managers, shareholders, properties, assets or businesses, whether at law
or in equity, before or by any Governmental Authority, which would reasonably be expected to adversely affect the ability of Seller
to consummate the transactions contemplated by, and discharge its obligations under, this Agreement and the Ancillary Documents
to which Seller is a party.

 

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5.7
Investment Representations. The Seller: (a) is an “accredited investor” as such term is defined in Rule 501(a)
of Regulation D under the Securities Act; (b) is acquiring its portion of the Exchange Shares for itself for investment purposes
only, and not with a view towards any resale or distribution of such Exchange Shares; (c) has been advised and understands that
the Exchange Shares (i) are being issued in reliance upon one or more exemptions from the registration requirements of the Securities
Act and any applicable state securities Laws, (ii) have not been and shall not be registered under the Securities Act or any applicable
state securities Laws and, therefore, must be held indefinitely and cannot be resold unless such Exchange Shares are registered
under the Securities Act and all applicable state securities Laws, unless exemptions from registration are available and (iii)
are subject to additional restrictions on transfer pursuant to the Lock-Up Agreement; (d) is aware that an investment in the Purchaser
is a speculative investment and is subject to the risk of complete loss; and (e) acknowledges that except as set forth in the
Registration Rights Agreement, the Purchaser is under no obligation hereunder to register the Exchange Shares under the Securities
Act. Seller has no Contract with any Person to sell, transfer, or grant participations to such Person, or to any third Person,
with respect to the Exchange Shares. By reason of Seller’s business or financial experience, or by reason of the business
or financial experience of Seller’s “purchaser representatives” (as that term is defined in Rule 501(h) under
the Securities Act), the Seller is capable of evaluating the risks and merits of an investment in the Purchaser and of protecting
its interests in connection with this investment. The Seller has carefully read and understands all materials provided by or on
behalf of the Purchaser or its Representatives to Seller or Seller’s Representatives pertaining to an investment in the
Purchaser and has consulted, as Seller has deemed advisable, with its own attorneys, accountants or investment advisors with respect
to the investment contemplated hereby and its suitability for Seller. The Seller acknowledges that the Exchange Shares are subject
to dilution for events not under the control of Seller. The Seller has completed its independent inquiry and has relied fully
upon the advice of its own legal counsel, accountant, financial and other Representatives in determining the legal, tax, financial
and other consequences of this Agreement and the transactions contemplated hereby and the suitability of this Agreement and the
transactions contemplated hereby for Seller and its particular circumstances, and, except as set forth herein, has not relied
upon any representations or advice by the Purchaser or its Representatives. The Seller acknowledges and agrees that, except as
set forth in Article III (including the related portions of the Purchaser Disclosure Schedules), no representations or
warranties have been made by the Purchaser or any of its Representatives, and that Seller has not been guaranteed or represented
to by any Person, (i) any specific amount or the event of the distribution of any cash, property or other interest in the Purchaser
or (ii) the profitability or value of the Exchange Shares in any manner whatsoever. The Seller: (A) has been represented by independent
counsel (or has had the opportunity to consult with independent counsel and has declined to do so); (B) has had the full right
and opportunity to consult with Seller’s attorneys and other advisors and has availed itself of this right and opportunity;
(C) has carefully read and fully understands this Agreement in its entirety and has had it fully explained to it or him by such
counsel; (D) is fully aware of the contents hereof and the meaning, intent and legal effect thereof; and (E) is competent to execute
this Agreement and has executed this Agreement free from coercion, duress or undue influence.

 

5.8
Finders and Brokers. Neither Seller nor any of its Representatives on its behalf has employed any broker, finder or investment
banker or incurred any liability for any brokerage fees, commissions, finders’ fees or similar fees in connection with the
transactions contemplated by this Agreement.

 

5.9
Independent Investigation. The Seller has conducted its own independent investigation, review and analysis of the business,
results of operations, prospects, condition (financial or otherwise) or assets of the Purchaser, and acknowledges that it has
been provided adequate access to the personnel, properties, assets, premises, books and records, and other documents and data
of the Purchaser for such purpose. The Seller acknowledges and agrees that: (a) in making its decision to enter into this Agreement
and to consummate the transactions contemplated hereby, it has relied solely upon its own investigation and the express representations
and warranties of the Purchaser set forth in Article III (including the related portions of the Purchaser Disclosure Schedules);
and (b) neither the Purchaser nor any of its Representatives have made any representation or warranty as to the Purchaser or this
Agreement, except as expressly set forth in Article III (including the related portions of the Purchaser Disclosure Schedules).

 

5.10
Information Supplied. None of the information supplied or to be supplied by Seller expressly for inclusion or incorporation
by reference: (a) in any Current Report on Form 8-K, and any exhibits thereto or any other report, form, registration or other
filing made with any Governmental Authority with respect to the transactions contemplated by this Agreement or any Ancillary Documents;
(b) in the Proxy Documents; or (c) in the mailings or other distributions to the Purchaser’s shareholders and/or prospective
investors with respect to the consummation of the transactions contemplated by this Agreement or in any amendment to any of documents
identified in (a) through (c), will, when filed, made available, mailed or distributed, as the case may be, contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they are made, not misleading. None of the information supplied
or to be supplied by Seller expressly for inclusion or incorporation by reference in any of the Signing Press Release, the Signing
Filing, the Closing Filing and the Closing Press Release will, when filed or distributed, as applicable, contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they are made, not misleading. Notwithstanding the foregoing, Seller makes
no representation, warranty or covenant with respect to any information supplied by or on behalf of the Purchaser or its Affiliates.

 

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Article
VI

COVENANTS

 

6.1
Access and Information.

 

(a)
The Company shall give, and shall direct its Representatives to give, the Purchaser and its Representatives, at reasonable times
during normal business hours and upon reasonable intervals and notice, access to all offices and other facilities and to all employees,
properties, Contracts, commitments, books and records, financial and operating data and other information (including Tax Returns,
internal working papers, client files, client Contracts and director service agreements), of or pertaining to the Target Companies,
as the Purchaser or its Representatives may reasonably request regarding the Target Companies and their respective businesses,
assets, Liabilities, financial condition, prospects, operations, management, employees and other aspects (including unaudited
quarterly financial statements, including a consolidated quarterly balance sheet and income statement, a copy of each material
report, schedule and other document filed with or received by a Governmental Authority pursuant to the requirements of applicable
securities Laws, and independent public accountants’ work papers (subject to the consent or any other conditions required
by such accountants, if any)) and instruct each of the Company’s Representatives to reasonably cooperate with the Purchaser
and its Representatives in their investigation; provided, however, that the Purchaser and its Representatives shall
conduct any such activities in such a manner as not to unreasonably interfere with the business or operations of the Target Companies.

 

(b)
The Purchaser shall give, and shall direct its Representatives to give, the Company and its Representatives, at reasonable times
during normal business hours and upon reasonable intervals and notice, access to all offices and other facilities and to all employees,
properties, Contracts, commitments, books and records, financial and operating data and other information (including Tax Returns,
internal working papers, client files, client Contracts and director service agreements), of or pertaining to the Purchaser or
its Subsidiaries, as the Company or its Representatives may reasonably request regarding the Purchaser, its Subsidiaries and their
respective businesses, assets, Liabilities, financial condition, prospects, operations, management, employees and other aspects
(including unaudited quarterly financial statements, including a consolidated quarterly balance sheet and income statement, a
copy of each material report, schedule and other document filed with or received by a Governmental Authority pursuant to the requirements
of applicable securities Laws, and independent public accountants’ work papers (subject to the consent or any other conditions
required by such accountants, if any)) and instruct each of the Purchaser’s Representatives to reasonably cooperate with
the Company and its Representatives in their investigation; provided, however, that the Company and its Representatives
shall conduct any such activities in such a manner as not to unreasonably interfere with the business or operations of the Purchaser
or any of its Subsidiaries.

 

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6.2
Conduct of Business of the Company.

 

(a)
Unless the Purchaser shall otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed),
during the period from the date of this Agreement and continuing until the earlier of the termination of this Agreement in accordance
with Section 9.1 or the Closing (the “Interim Period”), except as expressly contemplated by this
Agreement or as set forth on Schedule 6.2, the Company shall, and shall cause its Subsidiaries to, (i) conduct their respective
businesses, in all material respects, in the ordinary course of business, (ii) comply with all Laws applicable to the Target Companies
and their respective businesses, assets and employees, and (iii) take all commercially reasonable measures necessary or appropriate
to preserve intact, in all material respects, their respective business organizations, to keep available the services of their
respective managers, directors, officers, employees and consultants, to maintain, in all material respects, their existing relationships
with all Top Customers and Top Suppliers, and to preserve the possession, control and condition of their respective material assets,
all as consistent with past practice.

 

(b)
Without limiting the generality of Section 6.2(a) and except as contemplated by the terms of this Agreement or as set forth
on Schedule 6.2, during the Interim Period, without the prior written consent of the Purchaser (such consent not to be
unreasonably withheld, conditioned or delayed), the Company shall not, and shall cause its Subsidiaries to not:

 

(i)
amend, waive or otherwise change, in any respect, its Organizational Documents;

 

(ii)
authorize, commit or actually issue, grant, sell, pledge, dispose of any of its shares or other equity interests or any options,
warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its shares or other equity interests, or
other securities, including any securities convertible into or exchangeable for any of its shares or other equity securities or
securities of any class and any other equity-based awards, or engage in any hedging transaction with a third Person with respect
to such securities;

 

(iii)
split, combine, recapitalize or reclassify any of its shares or other equity interests or issue any other securities in respect
thereof or pay or set aside any dividend or other distribution (whether in cash, equity or property or any combination thereof)
in respect of its shares or other equity interests, or directly or indirectly redeem, purchase or otherwise acquire or offer to
acquire any of its securities;

 

(iv)
incur, create, assume, prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise) in excess
of $50,000 (individually or in the aggregate), make a loan or advance to or investment in any third party, or guarantee or endorse
any Indebtedness, Liability or obligation of any Person;

 

(v)
increase the wages, salaries or compensation of its employees other than in the ordinary course of business, consistent with past
practice, and in any event not in the aggregate by more than five percent (5%), or make or commit to make any bonus payment (whether
in cash, property or securities) to any employee outside of the ordinary course of business, or materially increase other benefits
of employees generally, or enter into, establish, materially amend or terminate any Company Benefit Plan with, for or in respect
of any current consultant, officer, manager director or employee, in each case other than as required by applicable Law, pursuant
to the terms of any Company Benefit Plans or in the ordinary course of business;

 

(vi)
make or rescind any material election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration,
investigation, audit or controversy relating to Taxes, file any amended Tax Return or claim for refund, or make any material change
in its accounting or Tax policies or procedures, in each case except as required by applicable Law or in compliance with GAAP;

 

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(vii)
transfer or license (other than non-exclusive licenses in the ordinary course of business) to any Person or otherwise extend,
materially amend or modify, permit to lapse or fail to preserve any of the Company Registered IP, Company Licensed IP or other
Company IP, or disclose to any Person who has not entered into a confidentiality agreement any Trade Secrets;

 

(viii)
terminate, or waive or assign any material right under, any Company Material Contract or enter into any Contract that would be
a Company Material Contract;

 

(ix)
fail to maintain its books, accounts and records in all material respects in the ordinary course of business;

 

(x)
establish any Subsidiary or enter into any new line of business;

 

(xi)
fail to use commercially reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance
coverage with respect to its assets, operations and activities in such amount and scope of coverage as are currently in effect;

 

(xii)
revalue any of its material assets or make any change in accounting methods, principles or practices, except to the extent required
to comply with GAAP and after consulting with the Company’s outside auditors;

 

(xiii)
waive, release, assign, settle or compromise any claim, action or proceeding (including any suit, action, claim, proceeding or
investigation relating to this Agreement or the transactions contemplated hereby), other than waivers, releases, assignments,
settlements or compromises that involve only the payment of monetary damages (and not the imposition of equitable relief on, or
the admission of wrongdoing by, the Company or its Affiliates) not in excess of $50,000 (individually or in the aggregate), or
otherwise pay, discharge or satisfy any Actions, Liabilities or obligations, unless such amount has been reserved in the Company
Financials;

 

(xiv)
close or materially reduce its activities, or effect any layoff or other personnel reduction or change, at any of its facilities;

 

(xv)
acquire, including by merger, consolidation, acquisition of shares or assets, or any other form of business combination, any corporation,
partnership, limited liability company, other business organization or any division thereof, or any material amount of assets
outside the ordinary course of business;

 

(xvi)
make capital expenditures in excess of $50,000 (individually for any project (or set of related projects) or $150,000 in the aggregate);

 

(xvii)
adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other
reorganization;

 

(xviii)
voluntarily incur any Liability (whether absolute, accrued, contingent or otherwise) in excess of $50,000 individually or $150,000
in the aggregate other than pursuant to the terms of a Company Material Contract or Company Benefit Plan;

 

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(xix)
sell, lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise
dispose of any material portion of its properties, assets or rights;

 

(xx)
enter into any agreement, understanding or arrangement with respect to the voting of equity securities of the Company;

 

(xxi)
take any action that would reasonably be expected to significantly delay or impair the obtaining of any Consents of any Governmental
Authority to be obtained in connection with this Agreement;

 

(xxii)
enter into, amend, waive or terminate (other than terminations in accordance with their terms) any transaction with any Related
Person (other than compensation and benefits and advancement of expenses, in each case, provided in the ordinary course of business);
or

 

(xxiii)
authorize or agree to do any of the foregoing actions.

 

6.3
Conduct of Business of the Purchaser.

 

(a)
Unless the Company shall otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed),
during the Interim Period, except as expressly contemplated by this Agreement or as set forth on Schedule 6.3, the Purchaser
shall, and shall cause its Subsidiaries to, (i) conduct their respective businesses, in all material respects, in the ordinary
course of business, (ii) comply with all Laws applicable to the Purchaser and its Subsidiaries and their respective businesses,
assets and employees, and (iii) take all commercially reasonable measures necessary or appropriate to preserve intact, in all
material respects, their respective business organizations, to keep available the services of their respective managers, directors,
officers, employees and consultants, and to preserve the possession, control and condition of their respective material assets,
all as consistent with past practice.

 

(b)
Without limiting the generality of Section 6.3(a) and except (x) as contemplated by the terms of this Agreement, (y) to
the extent reasonably necessary or appropriate by the Purchaser, the incurrence of Expenses by the Purchaser or the financing
of its Expenses incurred in connection with the transactions contemplated by this Agreement or (z) as set forth on Schedule
6.3, during the Interim Period, without the prior written consent of the Company (such consent not to be unreasonably withheld,
conditioned or delayed), the Purchaser shall not, and shall cause its Subsidiaries to not:

 

(i)
amend, waive or otherwise change, in any respect, its Organizational Documents;

 

(ii)
authorize, commit or actually issue, grant, sell, pledge, dispose of any of its shares or other equity interests or any options,
warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its shares or other equity interests, or
other securities, including any securities convertible into or exchangeable for any of its shares or other equity securities or
securities of any class and any other equity-based awards, or engage in any hedging transaction with a third Person with respect
to such securities;

 

(iii)
split, combine, recapitalize or reclassify any of its shares or other equity interests or issue any other securities in respect
thereof or pay or set aside any dividend or other distribution (whether in cash, equity or property or any combination thereof)
in respect of its shares or other equity interests, or directly or indirectly redeem, purchase or otherwise acquire or offer to
acquire any of its securities;

 

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(iv)
incur, create, assume, prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise) in excess
of $50,000 (individually or in the aggregate), make a loan or advance to or investment in any third party, or guarantee or endorse
any Indebtedness, Liability or obligation of any Person;

 

(v)
make or rescind any material election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration,
investigation, audit or controversy relating to Taxes, file any amended Tax Return or claim for refund, or make any material change
in its accounting or Tax policies or procedures, in each case except as required by applicable Law or in compliance with GAAP;

 

(vi)
amend, waive or otherwise change the Trust Agreement in any manner adverse to the Purchaser;

 

(vii)
terminate, waive or assign any material right under any Purchaser Material Contract or enter into any Contract that would be a
Purchaser Material Contract;

 

(viii)
fail to maintain its books, accounts and records in all material respects in the ordinary course of business;

 

(ix)
establish any Subsidiary or enter into any new line of business;

 

(x)
fail to use commercially reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance
coverage with respect to its assets, operations and activities in such amount and scope of coverage as are currently in effect;

 

(xi)
revalue any of its material assets or make any change in accounting methods, principles or practices, except to the extent required
to comply with GAAP and after consulting the Purchaser’s outside auditors;

 

(xii)
waive, release, assign, settle or compromise any claim, action or proceeding (including any suit, action, claim, proceeding or
investigation relating to this Agreement or the transactions contemplated hereby), other than waivers, releases, assignments,
settlements or compromises that involve only the payment of monetary damages (and not the imposition of equitable relief on, or
the admission of wrongdoing by, the Purchaser) not in excess of $50,000 (individually or in the aggregate), or otherwise pay,
discharge or satisfy any Actions, Liabilities or obligations, unless such amount has been reserved in the Purchaser Financials;

 

(xiii)
acquire, including by merger, consolidation, acquisition of shares or assets, or any other form of business combination, any corporation,
partnership, limited liability company, other business organization or any division thereof, or any material amount of assets
outside the ordinary course of business;

 

(xiv)
make capital expenditures in excess of $50,000 individually for any project (or set of related projects) or $150,000 in the aggregate;

 

(xv)
adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other
reorganization;

 

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(xvi)
voluntarily incur any Liability (whether absolute, accrued, contingent or otherwise) in excess of $50,000 individually or $150,000
in the aggregate other than pursuant to the terms of a material Contract in existence as of the date of this Agreement or entered
into in the ordinary course of business or in accordance with the terms of this Section 6.3 during the Interim Period;

 

(xvii)
sell, lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise
dispose of any material portion of its properties, assets or rights;

 

(xviii)
enter into any agreement, understanding or arrangement with respect to the voting of Purchaser Securities;

 

(xix)
take any action that would reasonably be expected to significantly delay or impair the obtaining of any Consents of any Governmental
Authority to be obtained in connection with this Agreement; or

 

(xx)
authorize or agree to do any of the foregoing actions.

 

6.4
Annual and Interim Financial Statements. During the Interim Period, within thirty (30) calendar days following the end
of each calendar month, each three-month quarterly period and each fiscal year, the Company shall deliver to the Purchaser an
unaudited consolidated income statement and an unaudited consolidated balance sheet for the period from the Balance Sheet Date
through the end of such calendar month, quarterly period or fiscal year and the applicable comparative period in the preceding
fiscal year, in each case accompanied by a certificate of the Chief Financial Officer of the Company to the effect that all such
financial statements fairly present the consolidated financial position and results of operations of the Target Companies as of
the date or for the periods indicated, in accordance with GAAP, subject to year-end audit adjustments and excluding footnotes.
During the Interim Period, the Company will also promptly deliver to the Purchaser copies of any audited financial statements
of the Target Companies that a certified public accountant of any Target Company may issue.

 

6.5
Purchaser Public Filings. During the Interim Period, the Purchaser will keep current and timely file all of its public
filings with the SEC and otherwise comply in all material respects with applicable securities Laws and shall use its commercially
reasonable efforts to maintain the listing of the Purchaser Public Units, the Purchaser Ordinary Shares, the Purchaser Public
Warrants and the Purchaser Public Rights on Nasdaq; provided, that the Parties acknowledge and agree that from and after the Closing,
Purchaser intends to list on Nasdaq only the Purchaser Ordinary Shares and the Purchaser Public Warrants.

 

6.6
No Solicitation.

 

(a)
For purposes of this Agreement, (i) an “Acquisition Proposal” means any inquiry, proposal or offer,
or any indication of interest in making an offer or proposal, from any Person or group at any time relating to an Alternative
Transaction, and (ii) an “Alternative Transaction” means (A) with respect to the Company, the Seller
and their respective Affiliates, a transaction (other than the transactions contemplated by this Agreement) concerning the sale
of (x) all or any material part of the business or assets of any Target Companies (other than in the ordinary course of business)
or (y) any of the shares or other equity interests or profits of any Target Companies, in any case, whether such transaction takes
the form of a sale of shares or other equity interests, assets, merger, consolidation, issuance of debt securities, management
Contract, joint venture or partnership, or otherwise and (B) with respect to the Purchaser and its Affiliates, a transaction (other
than the transactions contemplated by this Agreement) concerning a Business Combination.

 

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(b)
During the Interim Period, in order to induce the other Parties to continue to commit to expend management time and financial
resources in furtherance of the transactions contemplated hereby, each Party shall not, and shall cause its Representatives to
not, without the prior written consent of the Company and the Purchaser, directly or indirectly, (i) solicit, assist, initiate
or facilitate the making, submission or announcement of, or intentionally encourage, any Acquisition Proposal, (ii) furnish any
non-public information regarding such Party or its Affiliates (or with respect to Seller, any Target Company) or their respective
businesses, operations, assets, Liabilities, financial condition, prospects or employees to any Person or group (other than a
Party to this Agreement or their respective Representatives) in connection with or in response to an Acquisition Proposal, (iii) engage
or participate in discussions or negotiations with any Person or group with respect to, or that could be expected to lead to,
an Acquisition Proposal, (iv) approve, endorse or recommend, or publicly propose to approve, endorse or recommend, any Acquisition
Proposal, (v) negotiate or enter into any letter of intent, agreement in principle, acquisition agreement or other similar agreement
related to any Acquisition Proposal, or (vi) release any third Person from, or waive any provision of, any confidentiality agreement
to which such Party is a party.

 

(c)
Each Party shall notify the others as promptly as practicable (and in any event within 48 hours) orally and in writing of the
receipt by such Party or any of its Representatives of (i) any bona fide inquiries, proposals or offers, requests for information
or requests for discussions or negotiations regarding or constituting any Acquisition Proposal or any bona fide inquiries, proposals
or offers, requests for information or requests for discussions or negotiations that could be expected to result in an Acquisition
Proposal, and (ii) any request for non-public information relating to such Party or its Affiliates (or with respect to Seller,
any Target Company), specifying in each case, the material terms and conditions thereof (including a copy thereof if in writing
or a written summary thereof if oral) and the identity of the party making such inquiry, proposal, offer or request for information.
Each Party shall keep the others promptly informed of the status of any such inquiries, proposals, offers or requests for information.
During the Interim Period, each Party shall, and shall cause its Representatives to, immediately cease and cause to be terminated
any solicitations, discussions or negotiations with any Person with respect to any Acquisition Proposal and shall, and shall direct
its Representatives to, cease and terminate any such solicitations, discussions or negotiations.

 

6.7
No Trading. The Company and the Seller each acknowledge and agree that it is aware, and that their respective Affiliates
are aware (and each of their respective Representatives is aware or, upon receipt of any material nonpublic information of the
Purchaser, will be advised) of the restrictions imposed by the Federal Securities Laws and other applicable foreign and domestic
Laws on a Person possessing material nonpublic information about a publicly traded company. The Company and the Seller each hereby
agree that, while it is in possession of such material nonpublic information, it shall not purchase or sell any securities of
the Purchaser (other than acquire the Exchange Shares in accordance with Article I), communicate such information to any third
party, take any other action with respect to the Purchaser in violation of such Laws, or cause or encourage any third party to
do any of the foregoing.

 

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6.8
Notification of Certain Matters. During the Interim Period, each of the Parties shall give prompt notice to the other Parties
if such Party or its Affiliates (or, with respect to the Company, the Seller): (a) fails to comply with or satisfy any covenant,
condition or agreement to be complied with or satisfied by it or its Affiliates (or, with respect to the Company, the Seller)
hereunder in any material respect; (b) receives any notice or other communication in writing from any third party (including any
Governmental Authority) alleging (i) that the Consent of such third party is or may be required in connection with the transactions
contemplated by this Agreement or (ii) any non-compliance with any Law by such Party or its Affiliates (or, with respect to the
Company, the Seller); (c) receives any notice or other communication from any Governmental Authority in connection with the transactions
contemplated by this Agreement; (d) discovers any fact or circumstance that, or becomes aware of the occurrence or non-occurrence
of any event the occurrence or non-occurrence of which, would reasonably be expected to cause or result in any of the conditions
to set forth in Article VIII not being satisfied or the satisfaction of those conditions being materially delayed; or (e) becomes
aware of the commencement or threat, in writing, of any Action against such Party or any of its Affiliates (or, with respect to
the Company, the Seller), or any of their respective properties or assets, or, to the Knowledge of such Party, any officer, director,
partner, member or manager, in his, her or its capacity as such, of such Party or of its Affiliates (or, with respect to the Company,
the Seller) with respect to the consummation of the transactions contemplated by this Agreement. No such notice shall constitute
an acknowledgement or admission by the Party providing the notice regarding whether or not any of the conditions to the Closing
have been satisfied or in determining whether or not any of the representations, warranties or covenants contained in this Agreement
have been breached.

 

6.9
Efforts.

 

(a)
Subject to the terms and conditions of this Agreement, each Party shall use its commercially reasonable efforts, and shall cooperate
fully with the other Parties, to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary,
proper or advisable under applicable Laws and regulations to consummate the transactions contemplated by this Agreement (including
the receipt of all applicable Consents of Governmental Authorities), and to comply as promptly as practicable with all requirements
of Governmental Authorities applicable to the transactions contemplated by this Agreement.

 

(b)
In furtherance and not in limitation of Section 6.9(a), to the extent required under any Laws that are designed to prohibit,
restrict or regulate actions having the purpose or effect of monopolization or restraint of trade (“Antitrust Laws”),
each Party hereto agrees to make any required filing or application under Antitrust Laws, as applicable, at such Party’s
sole cost and expense, with respect to the transactions contemplated hereby as promptly as practicable, to supply as promptly
as reasonably practicable any additional information and documentary material that may be requested pursuant to Antitrust Laws
and to take all other actions necessary, proper or advisable to cause the expiration or termination of the applicable waiting
periods under Antitrust Laws as soon as practicable, including by requesting early termination of the waiting period provided
for under the Antitrust Laws. Each Party shall, in connection with its efforts to obtain all requisite approvals and authorizations
for the transactions contemplated by this Agreement under any Antitrust Law, use its commercially reasonable efforts to: (i) cooperate
in all respects with each other Party or its Affiliates in connection with any filing or submission and in connection with any
investigation or other inquiry, including any proceeding initiated by a private Person; (ii) keep the other Parties reasonably
informed of any communication received by such Party or its Representatives from, or given by such Party or its Representatives
to, any Governmental Authority and of any communication received or given in connection with any proceeding by a private Person,
in each case regarding any of the transactions contemplated by this Agreement; (iii) permit a Representative of the other Parties
and their respective outside counsel to review any communication given by it to, and consult with each other in advance of any
meeting or conference with, any Governmental Authority or, in connection with any proceeding by a private Person, with any other
Person, and to the extent permitted by such Governmental Authority or other Person, give a Representative or Representatives of
the other Parties the opportunity to attend and participate in such meetings and conferences; (iv) in the event a Party’s
Representative is prohibited from participating in or attending any meetings or conferences, the other Parties shall keep such
Party promptly and reasonably apprised with respect thereto; and (v) use commercially reasonable efforts to cooperate in the filing
of any memoranda, white papers, filings, correspondence or other written communications explaining or defending the transactions
contemplated hereby, articulating any regulatory or competitive argument, and/or responding to requests or objections made by
any Governmental Authority.

 

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(c)
As soon as reasonably practicable following the date of this Agreement, the Parties shall cooperate in all respects with each
other and use (and shall cause their respective Affiliates to use) their respective commercially reasonable efforts to prepare
and file with Governmental Authorities requests for approval of the transactions contemplated by this Agreement and shall use
all commercially reasonable efforts to have such Governmental Authorities approve the transactions contemplated by this Agreement.
Each Party shall give prompt written notice to the other Parties if such Party or its Representatives (or with respect to the
Company, the Seller) receives any notice from such Governmental Authorities in connection with the transactions contemplated by
this Agreement, and shall promptly furnish the other Parties with a copy of such Governmental Authority notice. If any Governmental
Authority requires that a hearing or meeting be held in connection with its approval of the transactions contemplated hereby,
whether prior to the Closing or after the Closing, each Party shall arrange for Representatives of such Party to be present for
such hearing or meeting. If any objections are asserted with respect to the transactions contemplated by this Agreement under
any applicable Law or if any Action is instituted (or threatened to be instituted) by any applicable Governmental Authority or
any private Person challenging any of the transactions contemplated by this Agreement or any Ancillary Document as violative of
any applicable Law or which would otherwise prevent, materially impede or materially delay the consummation of the transactions
contemplated hereby or thereby, the Parties shall use their commercially reasonable efforts to resolve any such objections or
suits so as to timely permit consummation of the transactions contemplated by this Agreement and the Ancillary Documents, including
in order to resolve such objections or Actions which, in any case if not resolved, would reasonably be expected to prevent, materially
impede or materially delay the consummation of the transactions contemplated hereby or thereby. In the event any Action is instituted
(or threatened to be instituted) by a Governmental Authority or private party challenging the transactions contemplated by this
Agreement, or any Ancillary Document, the Parties shall, and shall cause their respective Representatives to, cooperate in all
respects with each other and use their respective commercially reasonable efforts to contest and resist any such Action and to
have vacated, lifted, reversed or overturned any Order, whether temporary, preliminary or permanent, that is in effect and that
prohibits, prevents or restricts consummation of the transactions contemplated by this Agreement and the Ancillary Documents.

 

(d)
Prior to the Closing, each Party shall use its commercially reasonable efforts to obtain any Consents of Governmental Authorities
or other third Persons as may be necessary for the consummation by such Party or its Affiliates of the transactions contemplated
by this Agreement or required as a result of the execution or performance of, or consummation of the transactions contemplated
by, this Agreement by such Party or its Affiliates, and the other Parties shall provide reasonable cooperation in connection with
such efforts.

 

(e)
Notwithstanding anything herein to the contrary, no Party shall be required to agree to any term, condition or modification with
respect to obtaining any Consents in connection with the transactions contemplated by this Agreement that would result in, or
would be reasonably likely to result in: (i) a Material Adverse Effect to such Party or its Affiliates, or (ii) such Party having
to cease, sell or otherwise dispose of any material assets or businesses (including the requirement that any such assets or business
be held separate).

 

6.10
Further Assurances. The Parties hereto shall further cooperate with each other and use their respective commercially reasonable
efforts to take or cause to be taken all actions, and do or cause to be done all things, necessary, proper or advisable on their
part under this Agreement and applicable Laws to consummate the transactions contemplated by this Agreement as soon as reasonably
practicable, including preparing and filing as soon as practicable all documentation to effect all necessary notices, reports
and other filings.

 

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6.11
The Proxy Statement.

 

(a)
As promptly as practicable after the date hereof, and in consultation with the Company, the Purchaser shall prepare and file with
the SEC a proxy statement (as amended or supplemented from time to time, the “Proxy Statement”) calling
a special meeting of the Purchaser’s shareholders (the “Shareholder Meeting”) in accordance with
the Purchaser Charter seeking the approval of the Purchaser’s shareholders for the transactions contemplated by this Agreement
and offering to redeem from its Public Shareholders their Purchaser Ordinary Shares in conjunction with a shareholder vote on
the transactions contemplated by this Agreement (the “Redemption”), and each of the Purchaser and the
Company shall use its commercially reasonable efforts to obtain and furnish the information required by the Exchange Act to be
included in the Proxy Statement all in accordance with and as required by the Purchaser’s Organizational Documents, the
IPO Prospectus, applicable Law and any applicable rules and regulations of the SEC and Nasdaq. In the Proxy Statement, the Purchaser
shall seek (i) adoption and approval of this Agreement and the transactions contemplated hereby or referred to herein by the holders
of Purchaser Ordinary Shares in accordance with the Purchaser’s Organizational Documents, the BVI Act, and the rules and
regulations of the SEC and Nasdaq, (ii) if required to be approved by the Purchaser’s shareholders, adoption and approval
of an Amended and Restated Memorandum and Articles of Association of the Purchaser in form and substance reasonably acceptable
to the Purchaser and the Company (the “Amended Charter”), which Amended Charter will, among other things,
change the name of the Purchaser effective as of the Closing to “Greenland Technologies Holding Corporation”, (iii)
adoption and approval of the new omnibus equity incentive plan, the form of which is attached as Exhibit E hereto (the
“Incentive Plan”), that provides for the grant of awards to employees and other certain Representatives
of the Purchaser and its Subsidiaries in the form of options, restricted shares, restricted share units or other equity-based
awards based on Purchaser Ordinary Shares with a total pool of awards of Purchaser Ordinary Shares equal to ten percent (10%)
of the aggregate number of Purchaser Ordinary Shares issued and outstanding immediately after the Closing, (iv) to appoint, and
designate the classes of, the members of the board of directors of the Purchaser, and appoint the members of any committees thereof,
in each case in accordance with Section 6.16 hereof, (v) to obtain any and all other approvals necessary or advisable to effect
the consummation of the transactions contemplated by this Agreement and the Ancillary Documents (the approvals described in the
foregoing clauses (i), (ii), (iv) and (v), collectively, the “Shareholder Approval Matters”), and (vi)
the adjournment of the Shareholder Meeting, if necessary or appropriate in the reasonable determination of the Purchaser. In connection
with the Proxy Statement, the Purchaser will also file with the SEC financial and other information about the transactions contemplated
by this Agreement in accordance with applicable proxy solicitation rules set forth in the Purchaser’s Organizational Documents,
the BVI Act and the rules and regulations of the SEC and Nasdaq (such Proxy Statement and the documents included or referred to
therein pursuant to which the Redemption will be made, together with any additional soliciting materials, supplements, amendments
and/or exhibits thereto, the “Proxy Documents”).

 

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(b)
Except with respect to the information provided by or on behalf of the Target Companies or the Seller for inclusion in the Proxy
Statement and other Proxy Documents, the Purchaser shall ensure that, when filed, the Proxy Statement and other Proxy Documents
will comply in all material respects with the requirements of the Exchange Act and the rules and regulations thereunder. The Purchaser
shall cause the Proxy Documents to be disseminated as promptly as practicable after receiving clearance from the SEC to the Purchaser’s
equity holders as and to the extent such dissemination is required by U.S. federal securities laws and the rules and regulations
of the SEC and Nasdaq promulgated thereunder or otherwise (the “Federal Securities Laws”). The Company
and the Seller shall promptly provide to the Purchaser such information concerning the Seller, the Target Companies and their
respective businesses, operations, condition (financial or otherwise), assets, Liabilities, properties, officers, directors and
employees as is either required by Federal Securities Laws or reasonably requested by the Purchaser for inclusion in the Proxy
Documents. Subject to compliance by the Company and the Seller with the immediately preceding sentence with respect to the information
provided or to be provided by or on behalf of them for inclusion in the Proxy Documents, the Purchaser shall cause the Proxy Documents
to comply in all material respects with the Federal Securities Laws. The Purchaser shall provide copies of the proposed forms
of the Proxy Documents (including, in each case, any amendments or supplements thereto) to the Company such that the Company and
its Representatives are afforded a reasonable amount of time prior to the dissemination or filing thereof to review such material
and comment thereon prior to such dissemination or filing, and the Purchaser shall reasonably consider in good faith any comments
of the Company and its Representatives. The Purchaser and the Company and their respective Representatives shall respond promptly
to any comments of the SEC or its staff with respect to the Redemption or the Proxy Documents and promptly correct any information
provided by it for use in the Proxy Documents if and to the extent that such information shall have become false or misleading
in any material respect or as otherwise required by the Federal Securities Laws. The Purchaser shall amend or supplement the Proxy
Documents and cause the Proxy Documents, as so amended or supplemented, to be filed with the SEC and to be disseminated to the
holders of Purchaser Ordinary Shares, in each case as and to the extent required by the Federal Securities Laws and subject to
the terms and conditions of this Agreement and the Purchaser Organizational Documents. The Purchaser shall provide the Company
and its Representatives with copies of any written comments, and shall inform them of any material oral comments, that the Purchaser
or any of its Representatives receive from the SEC or its staff with respect to the Redemption or the Proxy Documents promptly
after the receipt of such comments and shall give the Company a reasonable opportunity under the circumstances to review and comment
on any proposed written or material oral responses to such comments. The Company and the Seller shall, and shall cause each of
the Target Companies to, make their respective directors, officers and employees, upon reasonable advance notice, available to
the Purchaser and its Representatives in connection with the drafting of the public filings with respect to the transactions contemplated
by this Agreement, including the Proxy Documents, and responding in a timely manner to comments from the SEC. As promptly as reasonably
practicable after the Proxy Statement has “cleared” comments from the SEC, the Purchaser shall cause the definitive
Proxy Statement to be filed with the SEC and disseminated to the holders of Purchaser Ordinary Shares, and shall duly call, give
notice of, convene and hold the Shareholder Meeting.

 

(c)
If at any time prior to the Closing, any information relating to the Purchaser, on the one hand, or any of the Target Companies
or Seller, on the other hand, or any of their respective Affiliates, businesses, operations, condition (financial or otherwise),
assets, Liabilities, properties, officers, directors or employees, should be discovered by the Purchaser, on the one hand, or
any of the Target Companies or Seller, on the other hand, that should be set forth in an amendment or supplement to the Proxy
Documents, so that such documents would not include any misstatement of a material fact or omit to state any material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, the Party which discovers
such information shall promptly notify each other Party and shall cooperate with the other Parties to ensure that an appropriate
amendment or supplement describing such information shall be promptly filed with the SEC and, to the extent required by law, disseminated
to the Purchaser’s shareholders.

 

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6.12
Public Announcements.

 

(a)
The Parties agree that no public release, filing or announcement concerning this Agreement or the Ancillary Documents or the transactions
contemplated hereby or thereby shall be issued by any Party or any of their Affiliates without the prior written consent of the
Purchaser, the Company, the Purchaser Representative and the Seller (which consent shall not be unreasonably withheld, conditioned
or delayed), except as such release or announcement may be required by applicable Law or the rules or regulations of any securities
exchange, in which case the applicable Party shall use commercially reasonable efforts to allow the other Parties reasonable time
to comment on, and arrange for any required filing with respect to, such release or announcement in advance of such issuance.

 

(b)
The Parties shall mutually agree upon and, as promptly as practicable after the execution of this Agreement (but in any event
within four (4) Business Days thereafter), issue a press release announcing the execution of this Agreement (the “Signing
Press Release”). Promptly after the issuance of the Signing Press Release (but in any event within four (4) Business
Days after the execution of this Agreement), the Purchaser shall file a Current Report on Form 8-K (the “Signing Filing”)
with the Signing Press Release and a description of this Agreement as required by Federal Securities Laws, which the Company shall
review, comment upon and approve (which approval shall not be unreasonably withheld, conditioned or delayed) prior to filing.
The Parties shall mutually agree upon and, as promptly as practicable after the Closing (but in any event within four (4) Business
Days thereafter), issue a press release announcing the consummation of the transactions contemplated by this Agreement (the “Closing
Press Release”). Promptly after the issuance of the Closing Press Release (but in any event within four (4) Business
Days after the Closing), the Purchaser shall prepare and file a Current Report on Form 8-K (the “Closing Filing”)
with the Closing Press Release and a description of the Closing as required by Federal Securities Laws which the Seller and the
Purchaser Representative shall review, comment upon and approve (which approval shall not be unreasonably withheld, conditioned
or delayed) prior to filing. In connection with the preparation of the Signing Press Release, the Signing Filing, the Closing
Filing, the Closing Press Release, or any other report, statement, filing notice or application made by or on behalf of a Party
to any Governmental Authority or other third party in connection with the transactions contemplated hereby, each Party shall,
upon request by any other Party, furnish the Parties with all information concerning themselves, their respective directors, officers
and equity holders, and such other matters as may be reasonably necessary or advisable in connection with the transactions contemplated
hereby, or any other report, statement, filing, notice or application made by or on behalf of a Party to any third party or any
Governmental Authority in connection with the transactions contemplated hereby.

 

6.13
Confidential Information.

 

(a)
The Company and the Seller hereby agree that during the Interim Period and, in the event that this Agreement is terminated in
accordance with Article IX, for a period of two (2) years after such termination, they shall, and shall cause their respective
Representatives to: (i) treat and hold in strict confidence any Purchaser Confidential Information, and will not use for any purpose
(except in connection with the consummation of the transactions contemplated by this Agreement or the Ancillary Documents, performing
their obligations hereunder or thereunder, enforcing their rights hereunder or thereunder, or in furtherance of their authorized
duties on behalf of the Purchaser or its Subsidiaries), nor directly or indirectly disclose, distribute, publish, disseminate
or otherwise make available to any third party any of the Purchaser Confidential Information without the Purchaser’s prior
written consent; and (ii) in the event that the Company, the Seller or any of the respective Representatives, during the Interim
Period or, in the event that this Agreement is terminated in accordance with Article IX, for a period of two (2) years
after such termination, becomes legally compelled to disclose any Purchaser Confidential Information, (A) provide the Purchaser
with prompt written notice of such requirement so that the Purchaser or an Affiliate thereof may seek a protective Order or other
remedy or waive compliance with this Section 6.13(a), and (B) in the event that such protective Order or other remedy is
not obtained, or the Purchaser waives compliance with this Section 6.13(a), furnish only that portion of such Purchaser
Confidential Information which is legally required to be provided as advised in writing by outside counsel and to exercise its
commercially reasonable efforts to obtain assurances that confidential treatment will be accorded such Purchaser Confidential
Information. In the event that this Agreement is terminated and the transactions contemplated hereby are not consummated, the
Company and the Seller shall, and shall cause their respective Representatives to, promptly deliver to the Purchaser any and all
copies (in whatever form or medium) of Purchaser Confidential Information and destroy all notes, memoranda, summaries, analyses,
compilations and other writings related thereto or based thereon.

 

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(b)
The Purchaser hereby agrees that during the Interim Period and, in the event this Agreement is terminated in accordance with Article
IX, for a period of two (2) years after such termination, it shall, and shall cause its Representatives to: (i) treat and
hold in strict confidence any Company Confidential Information, and will not use for any purpose (except in connection with the
consummation of the transactions contemplated by this Agreement or the Ancillary Documents, performing its obligations hereunder
or thereunder or enforcing its rights hereunder or thereunder), nor directly or indirectly disclose, distribute, publish, disseminate
or otherwise make available to any third party any of the Company Confidential Information without the Company’s prior written
consent; and (ii) in the event that the Purchaser or any of its Representatives, during the Interim Period or, in the event that
this Agreement is terminated in accordance with Article IX, for a period of two (2) years after such termination, becomes
legally compelled to disclose any Company Confidential Information, (A) provide the Company with prompt written notice of such
requirement so that the Company, the Seller or an Affiliate of any of them may seek a protective Order or other remedy or waive
compliance with this Section 6.13(a), and (B) in the event that such protective Order or other remedy is not obtained,
or the Company waives compliance with this Section 6.13(a), furnish only that portion of such Company Confidential Information
which is legally required to be provided as advised in writing by outside counsel and to exercise its commercially reasonable
efforts to obtain assurances that confidential treatment will be accorded such Company Confidential Information. In the event
that this Agreement is terminated and the transactions contemplated hereby are not consummated, the Purchaser shall, and shall
cause its Representatives to, promptly deliver to the Company any and all copies (in whatever form or medium) of Company Confidential
Information and destroy all notes, memoranda, summaries, analyses, compilations and other writings related thereto or based thereon.
Notwithstanding the foregoing, the Purchaser and its Representatives shall be permitted to disclose any and all Company Confidential
Information to the extent required by the Federal Securities Laws.

 

6.14
Litigation Support. Following the Closing, in the event that and for so long as any Party is actively contesting or defending
against any third party or Governmental Authority Action in connection with any fact, situation, circumstance, status, condition,
activity, practice, plan, occurrence, event, incident, action, failure to act or transaction that existing on or prior to the
Closing Date involving the Purchaser or any Target Company, each of the other Parties will (i) reasonably cooperate with the contesting
or defending party and its counsel in the contest or defense, (ii) make available its personnel at reasonable times and upon reasonable
notice and (iii) provide (A) such testimony and (B) access to its non-privileged books and records as may be reasonably requested
in connection with the contest or defense, at the sole cost and expense of the contesting or defending party (unless such contesting
or defending party is entitled to indemnification therefor under Article VII in which case, the costs and expense will
be borne by the parties as set forth in Article VII).

 

6.15
Documents and Information. After the Closing Date, the Purchaser shall, and shall cause its Subsidiaries (including the
Target Companies) to, until the seventh (7th) anniversary of the Closing Date, retain all books, records and other
documents pertaining to the business of the Company and its Subsidiaries in existence on the Closing Date and make the same available
for inspection and copying by the Purchaser Representative during normal business hours of the Company and its Subsidiaries, as
applicable, upon reasonable request and upon reasonable notice. No such books, records or documents shall be destroyed after the
seventh (7th) anniversary of the Closing Date by the Purchaser or its Subsidiaries (including any Target Company) without
first advising the Purchaser Representative in writing and giving the Purchaser Representative a reasonable opportunity to obtain
possession thereof.

 

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6.16
Post-Closing Board of Directors and Executive Officers.

 

(a)
The Parties shall take all necessary action, including causing the directors of the Purchaser to resign, so that effective as
of the Closing, the Purchaser’s board of directors (the “Post-Closing Purchaser Board”) will consist
of five (5) individuals. Effective upon, or immediately after, the Closing, the Parties shall take all necessary action to designate
and appoint to the Post-Closing Purchaser Board (i) the one (1) person that is designated by the Purchaser prior to the Closing
(the “Purchaser Director”), who shall qualify as an independent director under Nasdaq rules, (ii) the
one (1) person that is designated by the Company prior to the Closing, and (iii) three (3) persons who are mutually agreed upon
by the Purchaser and the Company prior to the Closing, at least two (2) of whom shall qualify as independent directors under Nasdaq
rules. The Parties also agree to cause the board of directors of the Company following the Closing to be identical to that of
the Post-Closing Purchaser Board. The Seller hereby agrees to vote all equity securities of the Company and, after the Closing,
the Purchaser consistent with the terms hereof.

 

(b)
The Parties shall take all action necessary, including causing the executive officers of the Purchaser to resign, so that the
individuals serving as executive officers of the Purchaser immediately after the Closing will be the same individuals (in the
same offices) as those of the Company immediately prior to the Closing.

 

6.17
Use of Trust Account Proceeds After the Closing. The Parties agree that after the Closing, the funds in the Trust Account,
after taking into account payments for the Redemption, shall first be used (i) to pay the Purchaser’s accrued Expenses,
(ii) to pay the Purchaser’s deferred Expenses (including any legal fees) of the IPO and (iii) to pay for any outstanding
obligations owed by the Purchaser to the Sponsor. Such amounts, as well as any amounts to be paid by delivery of the Purchaser’s
securities, will be paid at the Closing. Any remaining cash will be used for general corporate purposes.

 

6.18
Purchaser Policies. During the Interim Period, the Purchaser will consult with the Company, and the Purchaser and the Company
will adopt, effective as of the Closing, corporate and operational policies for the Purchaser, the Company and their respective
Subsidiaries, including the Target Companies, appropriate for a company publicly traded in the United States with active business
and operations in the industries and regions in which the Target Companies operate and contemplate operating as of the Closing.

 

Article
VII

SURVIVAL AND INDEMNIFICATION

 

7.1
Survival.

 

(a)
All representations and warranties of the Company and the Seller contained in this Agreement (including all schedules and exhibits
hereto and all certificates, documents, instruments and undertakings furnished pursuant to this Agreement) shall survive the Closing
through and until and including the Expiration Date; provided, however, that (i) the representations and warranties contained
in Sections 4.14 (Taxes and Returns), 4.19 (Benefit Plans), 4.20 (Environmental Matters), 4.33 (Information
Supplied) and 5.10 (Information Supplied) shall survive until sixty (60) days after the expiration of the applicable statute
of limitations, and (ii) the representations and warranties contained in Sections 4.1 (Organization and Standing), 4.2
(Authorization; Binding Agreement), 4.3 (Capitalization), 4.4 (Subsidiaries), 4.31 (Finders and Brokers),
4.32 (Independent Investigation), 5.1 (Organization and Standing), 5.2 (Authorization; Binding Agreement),
5.3 (Ownership), 5.8 (Finders and Brokers) and 5.9 (Independent Investigation) will survive indefinitely
(such representations and warranties referenced in clauses (i) and (ii), collectively, the “Special Representations”).
Additionally, Fraud Claims against the Company or the Seller shall survive indefinitely. If written notice of a claim for breach
of any representation or warranty has been given before the applicable date when such representation or warranty no longer survives
in accordance with this Section 7.1(a), then the relevant representations and warranties shall survive as to such claim,
until the claim has been finally resolved. All covenants, obligations and agreements of the Company and the Seller contained in
this Agreement (including all schedules and exhibits hereto and all certificates, documents, instruments and undertakings furnished
by the Company or the Seller pursuant to this Agreement), including any indemnification obligations, shall survive the Closing
and continue until fully performed in accordance with their terms. For the avoidance of doubt, a claim for indemnification under
any subsection of Section 7.2 other than clauses (a) or (b) thereof may be made at any time.

 

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(b)
The representations and warranties of the Purchaser contained in this Agreement or in any certificate or instrument delivered
by or on behalf of the Purchaser or the Purchaser Representative pursuant to this Agreement shall not survive the Closing, and
from and after the Closing, the Purchaser, the Purchaser Representative or their respective Representatives shall not have any
further obligations, nor shall any claim be asserted or action be brought against the Purchaser, the Purchaser Representative
or their respective Representatives with respect thereto. The covenants and agreements made by the Purchaser and/or the Purchaser
Representative in this Agreement or in any certificate or instrument delivered pursuant to this Agreement, including any rights
arising out of any breach of such covenants or agreements, shall not survive the Closing, except for those covenants and agreements
contained herein and therein that by their terms apply or are to be performed in whole or in part after the Closing (which such
covenants shall survive the Closing and continue until fully performed in accordance with their terms).

 

7.2
Indemnification by the Seller. Subject to the terms and conditions of this Article VII, from and after the Closing,
the Seller and its successors and assigns (each, with respect to any claim made under this Section 7.2, an “Indemnitor”)
will jointly and severally indemnify, defend and hold harmless the Purchaser, the Purchaser Representative and their respective
Affiliates and their respective officers, directors, managers, employees, successors and permitted assigns (each, with respect
to any claim made under this Section 7.2, an “Indemnitee”) from and against any and all losses,
Actions, Orders, Liabilities, damages (including consequential damages), diminution in value, Taxes, interest, penalties, Liens,
amounts paid in settlement, costs and expenses (including reasonable expenses of investigation and court costs and reasonable
attorneys’ fees and expenses), (any of the foregoing, a “Loss”) paid, suffered or incurred by,
or imposed upon, any Indemnitee to the extent arising in whole or in part out of or resulting directly or indirectly from (whether
or not involving a Third Party Claim): (a) the breach of any representation or warranty made by the Company or the Seller set
forth in this Agreement or in any certificate delivered by the Company or the Seller pursuant to this Agreement; (b) the breach
of any covenant or agreement on the part of the Seller, the Company or, after the Closing, the Purchaser, set forth in this Agreement
or in any certificate delivered by the Company, the Seller or the Purchaser pursuant to this Agreement; (c) any and all Liabilities
for Taxes (i) in connection with or arising out of the Target Companies’ activities or business on or before the Closing
Date or (ii) owing by any Person (other than a Target Company) for which a Target Company is liable where the Liability of the
Target Company for such Taxes is attributable to an event or transaction occurring on or before the Closing Date; (d) any Action
by Person(s) who were holders of equity securities of a Target Company, including options, warrants, convertible debt or other
convertible securities or other rights to acquire equity securities of a Target Company, prior to the Closing arising out of the
sale, purchase, termination, cancellation, expiration, redemption or conversion of any such securities; or (e) any Indebtedness
and/or Transaction Expenses of the Target Companies as of the Reference Time which were not shown on the Company Financials. Without
limiting any of the rights of the Purchaser or the Purchaser Representative hereunder, recourse by the Purchaser or the Purchaser
Representative hereunder may be obtained against the Escrow Property. In connection therewith, the valuation of the Exchange Shares
otherwise issuable shall utilize the same formula as is set forth in the Escrow Agreement.

 

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7.3
Limitations and General Indemnification Provisions.

 

(a)
Except as otherwise expressly provided in this Article VII, the Indemnitees will not be entitled to receive any indemnification
payments under clause (a) of Section 7.2 unless and until the aggregate amount of Losses incurred by the Indemnitees for
which they are otherwise entitled to indemnification under this Article VII exceeds Three Hundred Thousand U.S. Dollars
($300,00.00) (the “Deductible”), in which case the Indemnitors shall be obligated to the Indemnitees
for the amount of all Losses of the Indemnitees from the first dollar of Losses of the Indemnitees required to reach the Deductible;
provided, however, that the Deductible shall not apply to (i) indemnification claims for breaches of any Special
Representation or (ii) Fraud Claims.

 

(b)
For all purposes of this Article VII, including for purposes determining whether there has been a breach giving rise to
the indemnification claim and the amount of Losses, all of the representations, warranties and covenants set forth in this Agreement
(including the disclosure schedules hereto) or any Ancillary Document that are qualified by materiality, Material Adverse Effect
or words of similar import or effect will be deemed to have been made without any such qualification.

 

(c)
No investigation or knowledge by an Indemnitee or the Purchaser Representative or their respective Representatives of a breach
of a representation, warranty, covenant or agreement of an Indemnitor shall affect the representations, warranties, covenants
and agreements of the Indemnitor or the recourse available to the Indemnitees under any provision of this Agreement, including
this Article VII, with respect thereto.

 

(d)
The amount of any Losses suffered or incurred by any Indemnitee shall be reduced by the amount of any insurance proceeds paid
to the Indemnitee or any Affiliate thereof as a reimbursement with respect to such Losses (and no right of subrogation shall accrue
to any insurer hereunder, except to the extent that such waiver of subrogation would prejudice any applicable insurance coverage),
net of the costs of collection and the increases in insurance premiums resulting from such Loss or insurance payment.

 

7.4
Indemnification Procedures.

 

(a)
The Purchaser Representative shall have the sole right to act on behalf of the Indemnitees with respect to any indemnification
claims made pursuant to this Article VII, including bringing and settling any indemnification claims hereunder and receiving
any notices on behalf of the Indemnitees. The Seller shall have the sole right to act on behalf of the Indemnitors with respect
to any indemnification claims made pursuant to this Article VII, including bringing and settling any indemnification claims
hereunder and receiving any notices on behalf of the Indemnitors.

 

(b)
In order to make a claim for indemnification hereunder pursuant to the Escrow Agreement, the Purchaser Representative on behalf
of an Indemnitee must provide written notice (a “Claim Notice”) of such claim to the Seller on behalf
of the Indemnitors and, prior to the Expiration Date, the Escrow Agent, which Claim Notice shall include (i) a reasonable description
of the facts and circumstances which relate to the subject matter of such indemnification claim to the extent then known and (ii)
the amount of Losses suffered by the Indemnitee in connection with the claim to the extent known or reasonably estimable (provided,
that the Purchaser Representative may thereafter in good faith adjust the amount of Losses with respect to the claim by providing
a revised Claim Notice to the Seller (and, so long as any Escrow Property remains in the Escrow Account, the Escrow Agent); provided,
that the copy of any Claim Notice provided to the Escrow Agent shall be redacted for any confidential or proprietary information
of the Indemnitor or the Indemnitee described in clause (i).

 

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(c)
In the case of any claim for indemnification under this Article VII arising from a claim of a third party (including any
Governmental Authority) (a “Third Party Claim”), the Purchaser Representative must give a Claim Notice
with respect to such Third Party Claim to the Seller promptly (but in no event later than thirty (30) days) after the Indemnitee’s
receipt of notice of such Third Party Claim; provided, that the failure to give such notice will not relieve the Indemnitor
of its indemnification obligations except to the extent that the defense of such Third Party Claim is materially and irrevocably
prejudiced by the failure to give such notice. The Seller will have the right to defend and to direct the defense against any
such Third Party Claim in its name and at its expense, and with counsel selected by the Seller unless (i) the Seller fails to
acknowledge fully to the Purchaser Representative the obligations of the Indemnitor to the Indemnitee within twenty (20) days
after receiving notice of such Third Party Claim or contests, in whole or in part, its indemnification obligations therefor or
(ii) at any time while such Third Party Claim is pending, (A) there is a conflict of interest between the Seller on behalf of
the Indemnitor and the Purchaser Representative on behalf of the Indemnitee in the conduct of such defense, (B) the applicable
third party alleges a Fraud Claim or (C) such claim is criminal in nature, could reasonably be expected to lead to criminal proceedings,
or seeks an injunction or other equitable relief against the Indemnitee. If the Seller on behalf of the Indemnitor elects, and
is entitled, to compromise or defend such Third Party Claim, it will within twenty (20) days (or sooner, if the nature of the
Third Party Claim so requires) notify the Purchaser Representative of its intent to do so, and the Purchaser Representative and
the Indemnitee will, at the request and expense of the Seller on behalf of the Indemnitor, cooperate in the defense of such Third
Party Claim. If the Seller on behalf of the Indemnitor elects not to, or is not entitled under this Section 7.4 to, compromise
or defend such Third Party Claim, fails to notify the Purchaser Representative of its election as herein provided or refuses to
acknowledge or contests its obligation to indemnify under this Agreement, the Purchaser Representative on behalf of the Indemnitee
may pay, compromise or defend such Third Party Claim. Notwithstanding anything to the contrary contained herein, the Indemnitor
will have no indemnification obligations with respect to any such Third Party Claim which is settled by the Indemnitee or the
Purchaser Representative without the prior written consent of the Seller on behalf of the Indemnitor (which consent will not be
unreasonably withheld, delayed or conditioned); provided, however, that notwithstanding the foregoing, the Indemnitee
will not be required to refrain from paying any Third Party Claim which has matured by a final, non-appealable Order, nor will
it be required to refrain from paying any Third Party Claim where the delay in paying such claim would result in the foreclosure
of a Lien upon any of the property or assets then held by the Indemnitee or where any delay in payment would cause the Indemnitee
material economic loss. The Seller’s right on behalf of the Indemnitor to direct the defense will include the right to compromise
or enter into an agreement settling any Third Party Claim; provided, that no such compromise or settlement will obligate
the Indemnitee to agree to any settlement that that requires the taking or restriction of any action (including the payment of
money and competition restrictions) by the Indemnitee other than the execution of a release for such Third Party Claim and/or
agreeing to be subject to customary confidentiality obligations in connection therewith, except with the prior written consent
of the Purchaser Representative on behalf of the Indemnitee (such consent to be withheld, conditioned or delayed only for a good
faith reason). Notwithstanding the Seller’s right on behalf of the Indemnitor to compromise or settle in accordance with
the immediately preceding sentence, the Seller on behalf of the Indemnitor may not settle or compromise any Third Party Claim
over the objection of the Purchaser Representative on behalf of the Indemnitee; provided, however, that consent by the Purchaser
Representative on behalf of the Indemnitee to settlement or compromise will not be unreasonably withheld, delayed or conditioned.
The Purchaser Representative on behalf of the Indemnitee will have the right to participate in the defense of any Third Party
Claim with counsel selected by it subject to the Seller’s right on behalf of the Indemnitor to direct the defense.

 

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(d)
With respect to any direct indemnification claim that is not a Third Party Claim, the Seller on behalf of the Indemnitor will
have a period of thirty (30) days after receipt of the Claim Notice to respond thereto. If the Seller on behalf of the Indemnitor
does not respond within such thirty (30) days, the Seller on behalf of the Indemnitor will be deemed to have accepted responsibility
for the Losses set forth in such Claim Notice subject to the limitations on indemnification set forth in this Article VII
and will have no further right to contest the validity of such Claim Notice. If the Seller on behalf of the Indemnitor responds
within such thirty (30) days after the receipt of the Claim Notice and rejects such claim in whole or in part, the Purchaser Representative
on behalf of the Indemnitee will be free to pursue such remedies as may be available under this Agreement (subject to Section
11.4), any Ancillary Documents or applicable Law.

 

7.5
Timing of Payment; Right to Set-Off; Recovery of Shares. Any indemnification obligation of an Indemnitor under this Article
VII will be paid within five (5) Business Days after the determination of such obligation in accordance with Section 7.4.
The provisions of this Article VII notwithstanding, at its sole discretion and without limiting any other rights of the
Purchaser or any other Indemnitee under this Agreement or any Ancillary Document or at law or equity, to the extent that the Purchaser
or another Indemnitee is entitled to indemnification hereunder, if a Indemnitor fails or refuses to promptly indemnify the Purchaser
or such other Indemnitee as provided herein then the Purchaser or such other Indemnitee may offset the full amount to which the
Purchaser or such other Indemnitee is entitled, in whole or in part, by reducing the amount of any payment or other obligation
due to the Purchaser or such other Indemnitor pursuant to this Agreement or any Ancillary Document. Without limiting any of the
foregoing or any other rights of the Indemnitees under this Agreement or any Ancillary Document or at law or equity, in the event
that a Indemnitor fails or refuses to promptly indemnify a Indemnitee as provided herein or otherwise fails or refuses to make
any payments required under any Ancillary Document, in either case, where it is established that such Indemnitor is obligated
to provide such indemnification or to make such payment, the applicable Indemnitee shall, in its sole discretion, be entitled
to claim a portion of the Purchaser Ordinary Shares then owned by such Indemnitor up to an amount equal in value (based on the
then current Purchaser Share Price) to the amount owed by such Indemnitor. In the event that such Indemnitor fails to promptly
transfer any such Purchaser Ordinary Shares pursuant to this Section 7.5, the Purchaser Representative on behalf of the
Purchaser shall be and hereby is authorized as the attorney-in-fact for such Indemnitor to transfer such Purchaser Ordinary Shares
to the proper recipient thereof as required by this Section 7.5 and may transfer such Purchaser Ordinary Shares and cancel
the share certificates for such Purchaser Ordinary Shares on the books and records of the Purchaser and issue new share certificates
to such transferee and may instruct its agents and any exchanges on which Purchaser Ordinary Shares are listed or traded to do
the same.

 

7.6
Exclusive Remedy. From and after the Closing, except with respect to Fraud Claims against the Seller or a Target Company
or claims seeking injunctions or specific performance (including pursuant to Section 11.7) or claims under the terms of
the Ancillary Documents, indemnification pursuant to this Article VII shall be the sole and exclusive remedy for the Parties
with respect to matters arising under this Agreement of any kind or nature, including for any misrepresentation or breach of any
warranty, covenant, or other provision contained in this Agreement or in any certificate or instrument delivered pursuant to this
Agreement or otherwise relating to the subject matter of this Agreement, including the negotiation and discussion thereof.

 

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Article
VIII

CLOSING CONDITIONS

 

8.1
Conditions to Each Party’s Obligations. The obligations of each Party to consummate the transactions described herein
shall be subject to the satisfaction or written waiver (where permissible) by the Company, the Purchaser and the Seller of the
following conditions:

 

(a)
Required Purchaser Shareholder Approval. The Shareholder Approval Matters that are submitted to the vote of the shareholders
of the Purchaser at the Shareholder Meeting in accordance with the Proxy Statement shall have been approved by the requisite vote
of the shareholders of the Purchaser at the Shareholder Meeting in accordance with the Proxy Statement (the “Required
Shareholder Vote”).

 

(b)
Antitrust Laws. Any waiting period (and any extension thereof) applicable to the consummation of this Agreement under any
Antitrust Laws shall have expired or been terminated.

 

(c)
Requisite Regulatory Approvals. All Consents required to be obtained from or made with any Governmental Authority in order
to consummate the transactions contemplated by this Agreement shall have been obtained or made.

 

(d)
Requisite Consents. The Consents required to be obtained from or made with any third Person (other than a Governmental
Authority) in order to consummate the transactions contemplated by this Agreement that are set forth in Schedule 8.1(d)
shall have each been obtained or made.

 

(e)
No Law or Order. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law (whether
temporary, preliminary or permanent) or Order that is then in effect and which has the effect of making the transactions or agreements
contemplated by this Agreement illegal or which otherwise prevents or prohibits consummation of the transactions contemplated
by this Agreement.

 

(f)
No Litigation. There shall not be any pending Action brought by a third-party non-Affiliate to enjoin or otherwise restrict
the consummation of the Closing.

 

(g)
Appointment to the Board. One member of Purchaser’s board of directors shall have been elected or appointed to Post-Closing
Board of Directors as of Closing, consistent with the requirements of Section 6.16.

 

(h)
Net Tangible Assets Test. Upon the Closing and after giving effect to the completion of the Redemption, the Purchaser shall
have net tangible assets of at least $5,000,001.

 

8.2
Conditions to Obligations of the Company and the Seller. In addition to the conditions specified in Section 8.1,
the obligations of the Company and the Seller to consummate the transactions contemplated by this Agreement are subject to the
satisfaction or written waiver (by the Company and the Seller) of the following conditions:

 

(a)
Representations and Warranties. All of the representations and warranties of the Purchaser set forth in this Agreement
and in any certificate delivered by the Purchaser pursuant hereto shall be true and correct on and as of the date of this Agreement
and on and as of the Closing Date as if made on the Closing Date, except for (i) those representations and warranties that address
matters only as of a particular date (which representations and warranties shall have been accurate as of such date), and (ii)
any failures to be true and correct that (without giving effect to any qualifications or limitations as to materiality or Material
Adverse Effect), individually or in the aggregate, have not had and would not reasonably be expected to have a Material Adverse
Effect on, or with respect to, the Purchaser.

 

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(b)
Agreements and Covenants. The Purchaser shall have performed in all material respects all of the Purchaser’s obligations
and complied in all material respects with all of the Purchaser’s agreements and covenants under this Agreement to be performed
or complied with by it on or prior to the Closing Date.

 

(c)
No Material Adverse Effect. No Material Adverse Effect shall have occurred with respect to the Purchaser since the date
of this Agreement and be continuing and uncured.

 

(d)
Closing Deliveries.

 

(i)
Officer Certificate. The Purchaser shall have delivered to the Company a certificate, dated the Closing Date, signed by
an executive officer of the Purchaser in such capacity, certifying as to the satisfaction of the conditions specified in Sections
8.2(a), 8.2(b) and 8.2(c).

 

(ii)
Secretary Certificate. The Purchaser shall have delivered to the Company a certificate from its secretary or other executive
officer certifying as to (A) copies of the Purchaser’s Organizational Documents as in effect as of the Closing Date, (B)
the resolutions of the Purchaser’s board of directors authorizing and approving the execution, delivery and performance
of this Agreement and each of the Ancillary Documents to which it is a party or by which it is bound, and the consummation of
the transactions contemplated hereby and thereby, (C) evidence that that Required Shareholder Vote shall have been obtained and
(D) the incumbency of officers of the Purchaser authorized to execute this Agreement and any Ancillary Document to which the Purchaser
is or is required to be a party or otherwise bound.

 

(iii)
Good Standing. The Purchaser shall have delivered to the Company a good standing certificate (or similar documents applicable
for such jurisdictions) for the Purchaser certified as of a date no later than sixty (60) days prior to the Closing Date from
the proper Governmental Authority of the Purchaser’s jurisdiction of organization and from each other jurisdiction in which
the Purchaser is qualified to do business as a foreign entity as of the Closing, in each case to the extent that good standing
certificates or similar documents are generally available in such jurisdictions.

 

(iv)
Escrow Agreement. The Company shall have received a copy of the Escrow Agreement, duly executed by the Purchaser, the Purchaser
Representative and the Escrow Agent.

 

(e)
Effectiveness of Certain Ancillary Documents. The Non-Competition Agreements, Lock-Up Agreements and Registration Rights
Agreements shall be in full force and effect in accordance with the terms thereof as of the Closing.

 

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8.3
Conditions to Obligations of the Purchaser. In addition to the conditions specified in Section 8.1, the obligations
of the Purchaser to consummate the transactions contemplated by this Agreement are subject to the satisfaction or written waiver
(by the Purchaser) of the following conditions:

 

(a)
Representations and Warranties. All of the representations and warranties of the Company and the Seller set forth in this
Agreement and in any certificate delivered by the Company or the Seller pursuant hereto shall be true and correct on and as of
the date of this Agreement and on and as of the Closing Date as if made on the Closing Date, except for (i) those representations
and warranties that address matters only as of a particular date (which representations and warranties shall have been accurate
as of such date), and (ii) any failures to be true and correct that (without giving effect to any qualifications or limitations
as to materiality or Material Adverse Effect), individually or in the aggregate, have not had and would not reasonably be expected
to have a Material Adverse Effect on, or with respect to, any Target Company.

 

(b)
Agreements and Covenants. The Company and the Seller shall have performed in all material respects all of such Party’s
obligations and complied in all material respects with all of such Party’s agreements and covenants under this Agreement
to be performed or complied with by it on or prior to the Closing Date.

 

(c)
No Material Adverse Effect. No Material Adverse Effect shall have occurred with respect to any Target Company since the
date of this Agreement and be continuing and uncured.

 

(d)
Closing Deliveries.

 

(i)
Officer Certificate. The Purchaser shall have received a certificate from the Company, dated as the Closing Date, signed
by the Chairman of the Company in such capacity, certifying as to the satisfaction of the conditions specified in Sections
8.3(a), 8.3(b) and 8.3(c).

 

(ii)
Seller Certificate. The Purchaser shall have received a certificate from the Seller, dated as of the Closing Date, signed
by the Seller, certifying as to the satisfaction of the conditions specified in Sections 8.3(a) and 8.3(b) with
respect to the Seller.

 

(iii)
Secretary Certificate. The Company shall have delivered to the Purchaser a certificate from its secretary or other executive
officer certifying as to (A) copies of the Company’s Organizational Documents as in effect as of the Closing Date, (B) the
resolutions of the Company’s board of directors and shareholders authorizing and approving the execution, delivery and performance
of this Agreement and each of the Ancillary Documents to which it is a party or by which it is bound, and the consummation of
the transactions contemplated hereby and thereby, and (C) the incumbency of officers of the Company authorized to execute this
Agreement and any Ancillary Document to which the Company is or is required to be a party or otherwise bound.

 

(iv)
Good Standing. The Company shall have delivered to the Purchaser good standing certificates (or similar documents applicable
for such jurisdictions) for each Target Company certified as of a date no later than sixty (60) days prior to the Closing Date
from the proper Governmental Authority of the Target Company’s jurisdiction of organization and from each other jurisdiction
in which the Target Company is qualified to do business as a foreign corporation or other entity as of the Closing, in each case
to the extent that good standing certificates or similar documents are generally available in such jurisdictions.

 

(v)
Certified Company Charter. The Company shall have delivered to the Purchaser a copy of the Company Charter, as in effect
as of the Closing, certified by the appropriate Governmental Authority of Hong Kong as of a date no more than ten (10) Business
Days prior to the Closing Date.

 

(vi)
Employment Agreements. The Purchaser shall have received employment agreements, in form and substance reasonably satisfactory
to the Purchaser (the “Employment Agreements”), between each of the persons set forth on Schedule
8.3(d)(vi) hereto and the applicable Target Company or the Purchaser, as noted in Schedule 8.3(d)(vi) hereto, each
such Employment Agreement duly executed by the parties thereto.

 

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(vii)
Escrow Agreement. The Purchaser shall have received a copy of the Escrow Agreement, duly executed by the Seller and the
Escrow Agent.

 

(viii)
Legal Opinion. Purchaser shall have received a duly executed opinion from the Company’s counsel or counsels, in form
and substance reasonably satisfactory to the Purchaser, addressed to the Purchaser and dated as of the Closing Date.

 

(ix)
Share Certificates and Transfer Instruments. The Purchaser shall have received from the Seller share certificates representing
the Purchased Shares (or duly executed affidavits of lost share certificates in form and substance reasonably acceptable to the
Purchaser and consistent with the BVI Act and the Companies Ordinance), if applicable, together with executed instruments of transfer
in respect of the Purchased Shares in favor of the Purchaser (or its nominee) and in form reasonably acceptable for transfer on
the books of the Company.

 

(x)
Termination of Equity Plan and Convertible Securities. Purchaser shall have received evidence reasonably acceptable to
Purchaser that the Target Companies shall have terminated any equity plan of any of the Target Companies, and terminated, extinguished
and cancelled in full any issued or outstanding options, warrants or other rights to subscribe for or purchase any shares or other
equity interests in or of any Target Company or securities convertible into or exchangeable for, or that otherwise confer on the
holder any right to acquire any shares or other equity interests in or of any Target Company or commitments for any of the foregoing.

 

(xi)
Resignations. The Purchaser shall have received written resignations, effective as of the Closing, of each of the directors
and officers of the Company as requested by the Purchaser prior to the Closing.

 

(e)
Effectiveness of Certain Ancillary Documents. The Non-Competition Agreements, Lock-Up Agreements and Registration Rights
Agreements shall be in full force and effect in accordance with the terms thereof as of the Closing.

 

8.4
Frustration of Conditions. Notwithstanding anything contained herein to the contrary, no Party may rely on the failure
of any condition set forth in this Article VIII to be satisfied if such failure was caused by the failure of such Party
or its Affiliates (or with respect to the Company, any Target Company or Seller) to comply with or perform any of its covenants
or obligations set forth in this Agreement.

 

Article
IX

TERMINATION AND EXPENSES

 

9.1
Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior
to the Closing as follows:

 

(a)
by mutual written consent of the Purchaser and the Company;

 

(b)
by written notice by the Purchaser or the Company if any of the conditions to the Closing set forth in Article VIII have
not been satisfied or waived by December 31, 2019 (the “Outside Date”); provided, however,
the right to terminate this Agreement under this Section 9.1(b) shall not be available to a Party if the breach or
violation by such Party or its Affiliates (or with respect to the Company, the Seller) of any representation, warranty, covenant
or obligation under this Agreement was the cause of, or resulted in, the failure of the Closing to occur on or before the Outside
Date;

 

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(c)
by written notice by either the Purchaser or the Company if a Governmental Authority of competent jurisdiction shall have issued
an Order or taken any other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by
this Agreement, and such Order or other action has become final and non-appealable; provided, however, that the
right to terminate this Agreement pursuant to this Section 9.1(c) shall not be available to a Party if the failure by such
Party or its Affiliates (or with respect to the Company, the Seller) to comply with any provision of this Agreement has been a
substantial cause of, or substantially resulted in, such action by such Governmental Authority;

 

(d)
by written notice by the Company, if (i) there has been a breach by the Purchaser of any of its representations, warranties, covenants
or agreements contained in this Agreement, or if any representation or warranty of the Purchaser shall have become untrue or inaccurate,
in any case, which would result in a failure of a condition set forth in Section 8.2(a) or Section 8.2(b) to be
satisfied (treating the Closing Date for such purposes as the date of this Agreement or, if later, the date of such breach), and
(ii) the breach or inaccuracy is incapable of being cured or is not cured within the earlier of (A) twenty (20) days after written
notice of such breach or inaccuracy is provided by the Company or (B) the Outside Date; provided, that the Company shall
not have the right to terminate this Agreement pursuant to this Section 9.1(d) if at such time the Company or the Seller
is in material uncured breach of this Agreement;

 

(e)
by written notice by the Purchaser, if (i) there has been a breach by the Company or the Seller of any of their respective representations,
warranties, covenants or agreements contained in this Agreement, or if any representation or warranty of such Parties shall have
become untrue or inaccurate, in any case, which would result in a failure of a condition set forth in Section 8.3(a) or
Section 8.3(b) to be satisfied (treating the Closing Date for such purposes as the date of this Agreement or, if later,
the date of such breach), and (ii) the breach or inaccuracy is incapable of being cured or is not cured within the earlier of
(A) twenty (20) days after written notice of such breach or inaccuracy is provided by the Purchaser or (B) the Outside Date; provided,
that the Purchaser shall not have the right to terminate this Agreement pursuant to this Section 9.1(e) if at such time
the Purchaser is in material uncured breach of this Agreement;

 

(f)
by written notice by the Purchaser if there shall have been a Material Adverse Effect on any Target Company following the date
of this Agreement which is uncured and continuing; or

 

(g)
by written notice by either the Purchaser or the Company if the Shareholder Meeting (including any adjournment or postponement
thereof) is held and concluded, the shareholders of the Purchaser have duly voted, and the Required Shareholder Vote is not obtained.

 

9.2
Effect of Termination. This Agreement may only be terminated in the circumstances described in Section 9.1 and pursuant
to a written notice delivered by the applicable Party to the other applicable Parties, which sets forth the basis for such termination,
including the provision of Section 9.1 under which such termination is made. In the event of the valid termination of this
Agreement pursuant to Section 9.1, this Agreement shall forthwith become void, and there shall be no Liability on the part
of any Party or any of their respective Representatives, and all rights and obligations of each Party shall cease, except: (i)
Sections 6.12, 6.13, 9.3, 9.4, Article VII, Article X, Article XI and this
Section 9.2 shall survive the termination of this Agreement, and (ii) nothing herein shall relieve any Party from Liability
for any willful breach of any representation, warranty, covenant or obligation under this Agreement or any Fraud Claim against
such Party, in either case, prior to termination of this Agreement (in each case of clauses (i) and (ii) above, subject to Section
10.1). Without limiting the foregoing, and except as provided in Article VII, Sections 9.3 and 9.4 and
this Section 9.2, but subject to Section 10.1, the Parties’ sole right prior to the Closing with respect to
any breach of any representation, warranty, covenant or other agreement contained in this Agreement by another Party or with respect
to the transactions contemplated by this Agreement shall be the right, if applicable, to terminate this Agreement pursuant to
Section 9.1.

 

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9.3
Fees and Expenses. Subject to Sections 9.4, 10.1, 11.14 and 11.15 all Expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such expenses. As
used in this Agreement, “Expenses” shall include all out-of-pocket expenses (including all fees and
expenses of counsel, accountants, investment bankers, financial advisors, financing sources, experts and consultants to a Party
hereto or any of its Affiliates) incurred by a Party or on its behalf in connection with or related to the authorization, preparation,
negotiation, execution or performance of this Agreement or any Ancillary Document related hereto and all other matters related
to the consummation of this Agreement. With respect to the Purchaser, Expenses shall include any and all deferred expenses (including
fees or commissions payable to the underwriters and any legal fees) of the IPO upon consummation of a Business Combination.

 

9.4
Termination Fee. Notwithstanding Section 9.3 above, in the event that there is a valid and effective termination
of this Agreement by the Purchaser pursuant to Section 9.1(e), then the Company shall pay to the Purchaser a termination
fee equal to Five Hundred Thousand U.S. Dollars ($500,000.00), plus the Expenses actually incurred by or on behalf of the Purchaser
or any of its Affiliates in connection with the authorization, preparation, negotiation, execution or performance of this Agreement
or the transactions contemplated hereby, including any related SEC filings, the Proxy Documents and the Redemption (such aggregate
amount, the “Termination Fee”). The Termination Fee shall be paid by wire transfer of immediately available
funds to an account designated in writing by the Purchaser within ten (10) Business Days after the Purchaser delivers to the Company
the amount of such Expenses, along with reasonable documentation in connection therewith. Notwithstanding anything to the contrary
in this Agreement, the Parties expressly acknowledge and agree that, with respect to any termination of this Agreement in circumstances
where the Termination Fee is payable, the payment of the Termination Fee shall, in light of the difficulty of accurately determining
actual damages, constitute liquidated damages with respect to any claim for damages or any other claim which the Purchaser would
otherwise be entitled to assert against the Company or its Affiliates or any of their respective assets, or against any of their
respective directors, officers, employees or shareholders with respect to this Agreement and the transactions contemplated hereby
and shall constitute the sole and exclusive remedy available to the Purchaser, provided, that the foregoing shall not limit (x)
the Company from Liability for any Fraud Claim relating to events occurring prior to termination of this Agreement or (y) the
rights of the Purchaser to seek specific performance or other injunctive relief in lieu of terminating this Agreement.

 

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Article
X

WAIVERS AND RELEASES

 

10.1
Waiver of Claims Against Trust. Each of the Company and the Seller hereby acknowledges that it has read the IPO Prospectus
and understands that the Purchaser has established the Trust Account containing the proceeds of the IPO and from a certain private
placement occurring simultaneously with the IPO, along with interest accrued from time to time thereon, initially in an amount
of $40,000,000, for the benefit of the Purchaser’s public shareholders (the “Public Shareholders”)
and that, except as otherwise described in the IPO Prospectus, the Purchaser may disburse monies from the Trust Account only:
(a) to the Public Shareholders in the event they elect to redeem or convert their Purchaser Ordinary Shares in connection with
the consummation of the Purchaser’s initial business combination (as such term is used in the IPO Prospectus) (“Business
Combination”) or in connection with any extension of the deadline by which the Purchaser must complete its Business
Combination, (b) to the Public Shareholders if the Purchaser fails to consummate a Business Combination within twenty-four (24)
months after the closing of the IPO, (c) with respect to any interest income earned on the Trust Account balance, for working
capital purposes and to pay any taxes or dissolution expenses or (d) to the Purchaser after or concurrently with the consummation
of its Business Combination. For and in consideration of the Purchaser entering into this Agreement and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Seller hereby agrees on behalf
of itself and its Affiliates that, notwithstanding anything to the contrary in this Agreement, none of them does now or shall
at any time hereafter have any right, title, interest or claim of any kind in or to any monies in the Trust Account or distributions
therefrom, or make any claim against the Trust Account (including any distributions therefrom), regardless of whether such claim
arises as a result of, in connection with or relating in any way to, any proposed or actual business relationship between the
Purchaser or its Representatives and any of them, this Agreement or any other matter, and regardless of whether such claim arises
based on contract, tort, equity or any other theory of legal liability (any and all such claims are collectively referred
to hereafter as the “Released Claims”). Each of the Company and the Seller on behalf of itself and its
Affiliates hereby irrevocably waives any Released Claims they may have against the Trust Account (including any distributions
therefrom) now or in the future as a result of, or arising out of, any negotiations, contracts or agreements with Purchaser or
its Representatives and will not seek recourse against the Trust Account (including any distributions therefrom) for any reason
whatsoever (including for an alleged breach of this Agreement or any other agreement with Purchaser or its Representatives). Each
of the Company and the Seller agrees and acknowledges that such irrevocable waiver is material to this Agreement and specifically
relied upon by the Purchaser and its Affiliates to induce the Purchaser to enter in this Agreement, and each of the Company and
the Seller further intends and understands such waiver to be valid, binding and enforceable under applicable Law. To the extent
that the Company, the Seller or any of their respective Affiliates commences any Action based upon, in connection with, relating
to or arising out of any matter relating to the Purchaser or its Representatives, which proceeding seeks, in whole or in part,
monetary relief against the Purchaser or its Representatives, each of the Company and the Seller hereby acknowledges and agrees
that its and its Affiliates’ sole remedy shall be against funds held outside of the Trust Account and that such claim shall
not permit any of them or their Affiliates (or any other Person claiming on their behalf or in lieu of them) to have any claim
against the Trust Account (including any distributions therefrom) or any amounts contained therein. In the event that the Company,
the Seller or any of their respective Affiliates commences any Action based upon, in connection with, relating to or arising out
of any matter relating to the Purchaser or its Representatives which proceeding seeks, in whole or in part, relief against the
Trust Account (including any distributions therefrom) or the Public Shareholders, whether in the form of money damages or injunctive
relief, the Purchaser and its Representatives, as applicable, shall be entitled to recover from the commencing Person and its
Affiliates the associated legal fees and costs in connection with any such Action, in the event the Purchaser or its Representatives,
as applicable, prevails in such Action. This Section 10.1 shall survive termination of this Agreement for any reason and
continue indefinitely.

 

10.2
Release and Covenant Not to Sue. Effective as of the Closing, to the fullest extent permitted by applicable Law, the Seller,
on behalf of itself and its Affiliates that owns any share or other equity interest in or of the Seller (the “Releasing
Persons”), hereby releases and discharges the Target Companies from and against any and all Actions, obligations,
agreements, debts and Liabilities whatsoever, whether known or unknown, both at law and in equity, which such Releasing Person
now has, has ever had or may hereafter have against the Target Companies arising on or prior to the Closing Date or on account
of or arising out of any matter occurring on or prior to the Closing Date, including any rights to indemnification or reimbursement
from a Target Company, whether pursuant to its Organizational Documents, Contract or otherwise, and whether or not relating to
claims pending on, or asserted after, the Closing Date. From and after the Closing, each Releasing Person hereby irrevocably covenants
to refrain from, directly or indirectly, asserting any Action, or commencing or causing to be commenced, any Action of any kind
against the Target Companies or their respective Affiliates, based upon any matter purported to be released hereby. Notwithstanding
anything herein to the contrary, the releases and restrictions set forth herein shall not apply to any claims a Releasing Person
may have against any party pursuant to the terms and conditions of this Agreement or any Ancillary Document or any of the other
matters set forth on Schedule 10.2.

 

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Article
XI

MISCELLANEOUS

 

11.1
Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have
been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt,
(iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3)
Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case
to the applicable Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

 

	

If
        to the Purchaser at or prior to the Closing, to:

         

        Greenland
Acquisition Corporation

Suite 906, Tower W1, Oriental Plaza, No. 1 East Chang’an Street

Dongcheng District, Beijing

People’s Republic of China

Attn: Yanming Liu, Chief Executive Officer

Telephone No.: (86) 010-53607082

Email: liuym@msn.com
	 	with
        a copy (which will not constitute notice) to:

         

        Ellenoff
Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, New York 10105

Attn: Bill Huo, Esq.

          Ari Edelman, Esq.

Facsimile No.: (212) 370-7889

Telephone No.: (212) 370-1300

Email: bhuo@egsllp.com

            aedelman@egsllp.com

	 	 	 
	If
        to the Purchaser Representative, to:

         

        Greenland
Asset Management Corporation

Suite 906, Tower W1, Oriental Plaza, No. 1 East Chang’an Street

Dongcheng District, Beijing

People’s Republic of China

Attn: Yanming Liu, Chief Executive Officer

Telephone No.: (86) 010-53607082

Email: liuym@msn.com
	 	with
        a copy (which will not constitute notice) to:

         

        Ellenoff
Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, New York 10105

Attn: Bill Huo, Esq.

           Ari Edelman, Esq.

Facsimile No.: (212) 370-7889

Telephone No.: (212) 370-1300

Email: bhuo@egsllp.com

            aedelman@egsllp.com

 

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	If
                                         to the Company, to:

         

        Zhongchai
        Holding (Hong Kong) Limited

        11-F, Building #12, Sunking Plaza, Gaojiao Road Hangzhou, Zhejiang

        People’s
        Republic of China 311122

        Attn: Peter Zuguang Wang

        Telephone No.: (86) 571-85775711

        Email: peterw@cenntro.com
	 	with
                                         a copy (which will not constitute notice) to:

         

        T&C
        Law Firm

        8/F,
        Block A, Huanglong Century Square,

        No.1
        Hangda Road, Hangzhou, Zhejiang

        People’s
        Republic of China 310007

        Attn:
        Longting Zhao

        Telephone
        No.: (86) 571 87903225

        Email:
zhaolongting@tclawfirm.com

	 	 	 
	If
                                         to the Seller, to:

         

        Cenntro
Holding Limited

11-F, Building #12, Sunking Plaza, Gaojiao Road Hangzhou, Zhejiang People’s Republic of China 311122 

Attention: Peter Zuguang Wang

Telephone No.: (86) 571-85775711

Email: peterw@cenntro.com
	 	with
                                         a copy (which will not constitute notice) to:

         

        T&C
        Law Firm

        8/F,
        Block A, Huanglong Century Square,

        No.1
        Hangda Road, Hangzhou, Zhejiang

        People’s
        Republic of China 310007

        Attn:
        Longting Zhao

        Telephone
        No.: (86) 571 87903225

        Email:
zhaolongting@tclawfirm.com

	 	 	 
	If
                                         to the Purchaser after the Closing, to:

         

        Greenland
        Technologies Holding Corporation

        11-F, Building #12, Sunking Plaza, Gaojiao Road Hangzhou, Zhejiang

        People’s
        Republic of China 311122

        Attention: Peter Zuguang Wang

        Telephone No.: (86) 571-85775711

        Email: peterw@cenntro.com
	 	with
                                         a copy (which will not constitute notice) to:

         

        Ellenoff
Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, New York 10105

Attn: Bill Huo, Esq.

           Ari Edelman, Esq.

Facsimile No.: (212) 370-7889

Telephone No.: (212) 370-1300

Email: bhuo@egsllp.com

            aedelman@egsllp.com

 

11.2
Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit
of the Parties hereto and their respective successors and permitted assigns. This Agreement shall not be assigned by operation
of Law or otherwise without the prior written consent of the Purchaser, the Company, the Purchaser Representative and the Seller,
and any assignment without such consent shall be null and void; provided that no such assignment shall relieve the assigning
Party of its obligations hereunder.

 

11.3
Third Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection
with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any
Person that is not a Party hereto or thereto or a successor or permitted assign of such a Party.

 

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11.4
Arbitration. Any and all disputes, controversies and claims (other than applications for a temporary restraining order,
preliminary injunction, permanent injunction or other equitable relief or application for enforcement of a resolution under this
Section 11.4) arising out of, related to, or in connection with this Agreement or the transactions contemplated hereby
(a “Dispute”) shall be governed by this Section 11.4. A party must, in the first instance, provide
written notice of any Disputes to the other parties subject to such Dispute, which notice must provide a reasonably detailed description
of the matters subject to the Dispute. The parties involved in such Dispute shall seek to resolve the Dispute on an amicable basis
within ten (10) Business Days of the notice of such Dispute being received by such other parties subject to such Dispute; the
“Resolution Period”); provided, that if any Dispute would reasonably be expected to have become moot
or otherwise irrelevant if not decided within sixty (60) days after the occurrence of such Dispute, then there shall be no Resolution
Period with respect to such Dispute. Any Dispute that is not resolved during the Resolution Period may immediately be referred
to and finally resolved by arbitration pursuant to the then-existing Expedited Procedures of the Commercial Arbitration Rules
(the “AAA Procedures”) of the American Arbitration Association (the “AAA”).
Any party involved in such Dispute may submit the Dispute to the AAA to commence the proceedings after the Resolution Period.
To the extent that the AAA Procedures and this Agreement are in conflict, the terms of this Agreement shall control. The arbitration
shall be conducted by one arbitrator nominated by the AAA promptly (but in any event within five (5) Business Days) after the
submission of the Dispute to the AAA and reasonably acceptable to each party subject to the Dispute, which arbitrator shall be
a commercial lawyer with substantial experience arbitrating disputes under acquisition agreements. The arbitrator shall accept
his or her appointment and begin the arbitration process promptly (but in any event within five (5) Business Days) after his or
her nomination and acceptance by the parties subject to the Dispute. The proceedings shall be streamlined and efficient. The arbitrator
shall decide the Dispute in accordance with the substantive law of the state of New York. Time is of the essence. Each party shall
submit a proposal for resolution of the Dispute to the arbitrator within twenty (20) days after confirmation of the appointment
of the arbitrator. The arbitrator shall have the power to order any party to do, or to refrain from doing, anything consistent
with this Agreement, the Ancillary Documents and applicable Law, including to perform its contractual obligation(s); provided,
that the arbitrator shall be limited to ordering pursuant to the foregoing power (and, for the avoidance of doubt, shall order)
the relevant party (or parties, as applicable) to comply with only one or the other of the proposals. The arbitrator’s award
shall be in writing and shall include a reasonable explanation of the arbitrator’s reason(s) for selecting one or the other
proposal. The seat of arbitration shall be in New York County, State of New York. The language of the arbitration shall be English.

 

11.5
Governing Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws of
the State of New York without regard to the conflict of laws principles thereof. Subject to Section 11.4, all Actions arising
out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York,
New York (or in any court in which appeal from such courts may be taken) (the “Specified Courts”). Subject
to Section 11.4, each Party hereto hereby (a) submits to the exclusive jurisdiction of any Specified Court for the
purpose of any Action arising out of or relating to this Agreement brought by any Party hereto and (b) irrevocably waives,
and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action
is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated
hereby may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in any Action shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party irrevocably
consents to the service of the summons and complaint and any other process in any other action or proceeding relating to the transactions
contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such Party
at the applicable address set forth in Section 11.1. Nothing in this Section 11.5 shall affect the right of any
Party to serve legal process in any other manner permitted by Law.

 

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11.6
Waiver of Jury Trial. Each of the Parties hereto hereby waives to the fullest extent
permitted by applicable Law any right it may have to a trial by jury with respect to any Action directly or indirectly arising
out of, under or in connection with this Agreement or the transactions contemplated hereby. Each Party hereto (a) certifies
that no Representative of any other Party has represented, expressly or otherwise, that such other Party would not, in the event
of any Action, seek to enforce that foregoing waiver and (b) acknowledges that it and the other Parties hereto have been
induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 11.6.

 

11.7
Specific Performance. Each Party acknowledges that the rights of each Party to consummate the transactions contemplated
hereby are unique, recognizes and affirms that in the event of a breach of this Agreement by any Party, money damages may be inadequate
and the non-breaching Parties may have not adequate remedy at law, and agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed by an applicable Party in accordance with their specific terms
or were otherwise breached. Accordingly, each Party shall be entitled to seek an injunction or restraining order to prevent breaches
of this Agreement and to seek to enforce specifically the terms and provisions hereof, without the requirement to post any bond
or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which
such Party may be entitled under this Agreement, at law or in equity.

 

11.8
Severability. In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction,
such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same
valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any
way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in
any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the Parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries
out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

 

11.9
Amendment. This Agreement may be amended, supplemented or modified only by execution of a written instrument signed by
the Purchaser, the Company, the Purchaser Representative and the Seller.

 

11.10
Waiver. The Purchaser on behalf of itself and its Affiliates, the Company on behalf of itself and its Affiliates, and the
Seller, may in its sole discretion (i) extend the time for the performance of any obligation or other act of any other non-Affiliated
Party hereto, (ii) waive any inaccuracy in the representations and warranties by such other non-Affiliated Party contained
herein or in any document delivered pursuant hereto and (iii) waive compliance by such other non-Affiliated Party with any covenant
or condition contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed
by the Party or Parties to be bound thereby. Notwithstanding the foregoing, no failure or delay by a Party in exercising any right
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise
of any other right hereunder. Notwithstanding the foregoing, any waiver of any provision of this Agreement after the Closing shall
also require the prior written consent of the Purchaser Representative.

 

11.11
Entire Agreement. This Agreement and the documents or instruments referred to herein, including any exhibits and schedules
attached hereto, which exhibits and schedules are incorporated herein by reference, together with the Ancillary Documents, embody
the entire agreement and understanding of the Parties hereto in respect of the subject matter contained herein. There are no restrictions,
promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein or
the documents or instruments referred to herein, which collectively supersede all prior agreements and the understandings among
the Parties with respect to the subject matter contained herein.

 

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11.12
Interpretation. The table of contents and the Article and Section headings contained in this Agreement are solely for the
purpose of reference, are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation
of this Agreement. In this Agreement, unless the context otherwise requires: (a) any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and words in the singular form, including any defined terms, include the
plural and vice versa; (b) reference to any Person includes such Person’s successors and assigns but, if applicable, only
if such successors and assigns are permitted by this Agreement, and reference to a Person in a particular capacity excludes such
Person in any other capacity; (c) any accounting term used and not otherwise defined in this Agreement or any Ancillary Document
has the meaning assigned to such term in accordance with GAAP; (d) “including” (and with correlative meaning “include”)
means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each
case to be followed by the words “without limitation”; (e) the words “herein,” “hereto,” and
“hereby” and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement
as a whole and not to any particular Section or other subdivision of this Agreement; (f) the word “if” and other words
of similar import when used herein shall be deemed in each case to be followed by the phrase “and only if”; (g) the
term “or” means “and/or”; (h) any reference to the term “ordinary course” or “ordinary
course of business” shall be deemed in each case to be followed by the words “consistent with past practice”;
(i) any agreement, instrument, insurance policy, Law or Order defined or referred to herein or in any agreement or instrument
that is referred to herein means such agreement, instrument, insurance policy, Law or Order as from time to time amended, modified
or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes, regulations,
rules or orders) by succession of comparable successor statutes, regulations, rules or orders and references to all attachments
thereto and instruments incorporated therein; (j) except as otherwise indicated, all references in this Agreement to the words
“Section,” “Article”, “Schedule” and “Exhibit” are intended to refer to Sections,
Articles, Schedules and Exhibits to this Agreement; and (k) the term “Dollars” or “$” means United States
dollars. Any reference in this Agreement or any Ancillary Document to a Person’s shareholders shall include any applicable
owners of the shares or other equity interests in or of such Person, in whatever form. Any reference in this Agreement to a Person’s
directors shall including any member of such Person’s governing body and any reference in this Agreement to a Person’s
officers shall including any Person filling a substantially similar position for such Person. The Parties have participated jointly
in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. To the extent that any
Contract, document, certificate or instrument is represented and warranted to by the Company to be given, delivered, provided
or made available by the Company, in order for such Contract, document, certificate or instrument to have been deemed to have
been given, delivered, provided and made available to the Purchaser or its Representatives, such Contract, document, certificate
or instrument shall have been posted to the electronic data site maintained on behalf of the Company for the benefit of the Purchaser
and its Representatives and the Purchaser and its Representatives have been given access to the electronic folders containing
such information.

 

11.13
Counterparts. This Agreement may be executed and delivered (including by facsimile or other electronic transmission) in
one or more counterparts, and by the different Parties hereto in separate counterparts, each of which when executed shall be deemed
to be an original but all of which taken together shall constitute one and the same agreement.

 

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11.14
Purchaser Representative.

 

(a)
The Purchaser, on behalf of itself and its Subsidiaries, successors and assigns, by execution and delivery of this Agreement,
hereby irrevocably appoints Greenland Asset Management Corporation, in its capacity as the Purchaser Representative, as each such
Person’s agent, attorney-in-fact and representative, with full power of substitution to act in the name, place and stead
of such Person, to act on behalf of such Person from and after the Closing in connection with: (i) bringing, managing, controlling,
defending and settling on behalf of an Indemnitee any indemnification claims by any of them under Article VII, including
controlling, defending, managing, settling and participating in any Third Party Claim in accordance with Section 7.4; (ii)
acting on behalf of such Person under the Escrow Agreement; (iii) terminating, amending or waiving on behalf of such Person any
provision of this Agreement or any Ancillary Documents to which the Purchaser Representative is a party; (iv) signing on behalf
of such Person any releases or other documents with respect to any dispute or remedy arising under this Agreement or any Ancillary
Documents to which the Purchaser Representative is a party; (v) employing and obtaining the advice of legal counsel, accountants
and other professional advisors as the Purchaser Representative, in its reasonable discretion, deems necessary or advisable in
the performance of its duties as the Purchaser Representative and to rely on their advice and counsel; (vi) incurring and paying
reasonable out-of-pocket costs and expenses, including fees of brokers, attorneys and accountants incurred pursuant to the transactions
contemplated hereby, and any other reasonable out-of-pocket fees and expenses allocable or in any way relating to such transaction
or any post-Closing consideration adjustment or indemnification claim; and (vii) otherwise enforcing the rights and obligations
of any such Persons under this Agreement and the Ancillary Documents to which the Purchaser Representative is a party, including
giving and receiving all notices and communications hereunder or thereunder on behalf of such Person; provided, that the
Parties acknowledge that the Purchaser Representative is specifically authorized and directed to act on behalf of, and for the
benefit of, the holders of Purchaser Securities (other than the Seller and its successors and assigns). All decisions and actions
by the Purchaser Representative, including any agreement between the Purchaser Representative and the Seller, the Company or other
Indemnitor relating to the defense or settlement of any indemnification claims for which an Indemnitor may be required to indemnify
a Indemnitee pursuant to Article VII shall be binding upon the Purchaser and its Subsidiaries, successors and assigns,
and neither they nor any other Party shall have the right to object, dissent, protest or otherwise contest the same. The provisions
of this Section 11.14 are irrevocable and coupled with an interest. The Purchaser Representative hereby accepts its appointment
and authorization as the Purchaser Representative under this Agreement.

 

(b)
The Purchaser Representative shall not be liable for any act done or omitted under any this Agreement or any Ancillary Document
as the Purchaser Representative while acting in good faith and without willful misconduct or gross negligence, and any act done
or omitted pursuant to the advice of counsel shall be conclusive evidence of such good faith. The Purchaser shall indemnify, defend
and hold harmless the Purchaser Representative from and against any and all Losses incurred without gross negligence, bad faith
or willful misconduct on the part of the Purchaser Representative (in its capacity as such) and arising out of or in connection
with the acceptance or administration of the Purchaser Representative’s duties under this Agreement or any Ancillary Document,
including the reasonable fees and expenses of any legal counsel retained by the Purchaser Representative. In no event shall the
Purchaser Representative in such capacity be liable hereunder or in connection herewith for any indirect, punitive, special or
consequential damages. The Purchaser Representative shall be fully protected in relying upon any written notice, demand, certificate
or document that it in good faith believes to be genuine, including facsimiles or copies thereof, and no Person shall have any
Liability for relying on the Purchaser Representative in the foregoing manner. In connection with the performance of its rights
and obligations hereunder, the Purchaser Representative shall have the right at any time and from time to time to select and engage,
at the reasonable cost and expense of the Purchaser, attorneys, accountants, investment bankers, advisors, consultants and clerical
personnel and obtain such other professional and expert assistance, maintain such records and incur other reasonable out-of-pocket
expenses, as the Purchaser Representative may reasonably deem necessary or appropriate from time to time. All of the indemnities,
immunities, releases and powers granted to the Purchaser Representative under this Section 11.14 shall survive the Closing
and continue indefinitely.

 

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(c)
The Person serving as the Purchaser Representative may resign upon ten (10) days’ prior written notice to the Purchaser
and the Seller, provided, that the Purchaser Representative appoints in writing a replacement Purchaser Representative. Each successor
Purchaser Representative shall have all of the power, authority, rights and privileges conferred by this Agreement upon the original
Purchaser Representative, and the term “Purchaser Representative” as used herein shall be deemed to include any such
successor Purchaser Representatives.

 

Article
XII

DEFINITIONS 

 

12.1
Certain Definitions. For purpose of this Agreement, the following capitalized terms have the following meanings:

 

“Accounting
Principles” means in accordance with GAAP as in effect at the date of the financial statement to which it refers
or if there is no such financial statement, then as of the Closing Date, using and applying the same accounting principles, practices,
procedures, policies and methods (with consistent classifications, judgments, elections, inclusions, exclusions and valuation
and estimation methodologies) used and applied by the Target Companies in the preparation of the latest audited Financial Statements.
In any event, the Accounting Principles (i) shall not include any purchase accounting or other adjustment arising out of the consummation
of the transactions contemplated by this Agreement, (ii) shall be based on facts and circumstances as they exist at or prior to
the Closing and shall exclude the effect of any act, decision or event occurring after the Closing and (iii) shall follow the
defined terms contained in this Agreement.

 

“Action”
means any notice of noncompliance or violation, or any claim, demand, charge, action, suit, litigation, audit, settlement, complaint,
stipulation, assessment or arbitration, or any request (including any request for information), inquiry, hearing, proceeding or
investigation, by or before any Governmental Authority.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control
with such Person. Notwithstanding anything to the contrary contained herein, the Subsidiaries will be deemed to be Affiliates
of the Company for all purposes of this Agreement.

 

“Ancillary
Documents” means each agreement, instrument or document attached hereto as an Exhibit, including the Non-Competition
Agreements, the Lock-Up Agreements, the Registration Rights Agreement, the Escrow Agreement and the Incentive Plan, and the other
agreements, certificates and instruments to be executed or delivered by any of the parties hereto in connection with or pursuant
to this Agreement, including the Amended Charter and the Employment Agreements.

 

“Benefit
Plans” of any Person means any and all deferred compensation, executive compensation, incentive compensation, equity
purchase or other equity-based compensation plan, employment or consulting, severance or termination pay, holiday, vacation or
other bonus plan or practice, hospitalization or other medical, life or other insurance, supplemental unemployment benefits, profit
sharing, pension, or retirement plan, program, agreement, commitment or arrangement, and each other employee benefit plan, program,
agreement or arrangement, including each “employee benefit plan” as such term is defined under Section 3(3) of ERISA,
maintained or contributed to or required to be contributed to by a Person for the benefit of any employee or terminated employee
of such Person, or with respect to which such Person has any Liability, whether direct or indirect, actual or contingent, whether
formal or informal, and whether legally binding or not.

 

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“BVI
Act” means the British Virgin Islands Business Companies Act, 2004, as amended.

 

“Business
Day” means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in
New York, New York are authorized to close for business.

 

“Closing
Net Indebtedness” means, as of the Reference Time, the amount of all Indebtedness of the Target Companies less the
amount of the cash and cash equivalents of the Target Companies, each on a consolidated basis determined in accordance with the
Accounting Principles.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and any successor statute thereto, as amended. Reference to a specific section
of the Code shall include such section and any valid treasury regulation promulgated thereunder.

 

“Company
Charter” means the memorandum and articles of association of the Company, as amended and effective under the Companies
Ordinance.

 

“Company
Confidential Information” means all confidential or proprietary documents and information concerning the Target
Companies or the Seller or any of their respective Representatives, furnished in connection with this Agreement or the transactions
contemplated hereby; provided, however, that Company Confidential Information shall not include any information
which, (i) at the time of disclosure by the Purchaser or its Representatives, is generally available publicly and was not disclosed
in breach of this Agreement or (ii) at the time of the disclosure by the Company, the Seller or their respective Representatives
to the Purchaser or its Representatives was previously known by such receiving party without violation of Law or any confidentiality
obligation by the Person receiving such Company Confidential Information.

 

“Company
Ordinary Shares” means the ordinary shares, par value HKD 0.01 per share, of the Company.

 

“Companies
Ordinance” means The Hong Kong Companies Ordinance, as amended.

 

“Consent”
means any consent, approval, waiver, authorization or Permit of, or notice to or declaration or filing with any Governmental Authority
or any other Person.

 

“Contracts”
means all contracts, agreements, binding arrangements, bonds, notes, indentures, mortgages, debt instruments, purchase order,
licenses (and all other contracts, agreements or binding arrangements concerning Intellectual Property), franchises, leases and
other instruments or obligations of any kind, written or oral (including any amendments and other modifications thereto).

 

“Control”
of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by contract, or otherwise. “Controlled”,
“Controlling” and “under common Control with” have correlative meanings. Without limiting the foregoing
a Person (the “Controlled Person”) shall be deemed Controlled by (a) any other Person (i) owning beneficially,
as meant in Rule 13d-3 under the Exchange Act, securities entitling such Person to cast ten percent (10%) or more of the votes
for election of directors or equivalent governing authority of the Controlled Person or (ii) entitled to be allocated or receive
ten percent (10%) or more of the profits, losses, or distributions of the Controlled Person; (b) an officer, director, general
partner, partner (other than a limited partner), manager, or member (other than a member having no management authority that is
not a Person described in clause (a) above) of the Controlled Person; or (c) a spouse, parent, lineal descendant, sibling, aunt,
uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law of an Affiliate of the Controlled Person
or a trust for the benefit of an Affiliate of the Controlled Person or of which an Affiliate of the Controlled Person is a trustee.

 

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“Copyrights”
means any works of authorship, mask works and all copyrights therein, including all renewals and extensions, copyright registrations
and applications for registration and renewal, and non-registered copyrights.

 

“Environmental
Law” means any Law in any way relating to (a) the protection of human health and safety, (b) the protection, preservation
or restoration of the environment and natural resources (including air, water vapor, surface water, groundwater, drinking water
supply, surface land, subsurface land, plant and animal life or any other natural resource), or (c) the exposure to, or the use,
storage, recycling, treatment, generation, transportation, processing, handling, labeling, production, release or disposal of
Hazardous Materials.

 

“Environmental
Liabilities” means, in respect of any Person, all Liabilities, obligations, responsibilities, Remedial Actions,
Losses, damages, costs, and expenses (including all reasonable fees, disbursements, and expenses of counsel, experts, and consultants
and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any claim
or demand by any other Person or in response to any violation of Environmental Law, whether known or unknown, accrued or contingent,
whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, to the extent based
upon, related to, or arising under or pursuant to any Environmental Law, Environmental Permit, Order, or Contract with any Governmental
Authority or other Person, that relates to any environmental, health or safety condition, violation of Environmental Law, or a
Release or threatened Release of Hazardous Materials.

 

“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, as amended.

 

“Escrow
Agent” means Continental Stock Transfer & Trust Company, in its capacity as the escrow agent under the Escrow
Agreement or any other escrow agent agreed to by the Purchaser and the Company prior to the Closing (or any successor escrow agent).

 

“Escrow
Property” means, at any given time, the securities and other property held by the Escrow Agent in the Escrow Account
in accordance with the terms and conditions of this Agreement and the Escrow Agreement, including the Escrow Shares and any dividends
or distributions paid or payable on the Escrow Shares, giving effect to any disbursements or payments from the Escrow Account.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

“Foreign
Plan” means any plan, fund (including any superannuation fund) or other similar program or arrangement established
or maintained outside the United States by the Company or any one or more of its Subsidiaries primarily for the benefit of employees
of the Company or such Subsidiaries residing outside the United States, which plan, fund or other similar program or arrangement
provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination
of employment, and which plan is not subject to ERISA or the Code.

 

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“Fraud
Claim” means any claim based in whole or in part upon fraud, willful misconduct or intentional misrepresentation.

 

“GAAP”
means generally accepted accounting principles as in effect in the United States of America.

 

“Governmental
Authority” means any federal, state, local, foreign or other governmental, quasi-governmental or administrative
body, instrumentality, department or agency or any court, tribunal, administrative hearing body, arbitration panel, commission,
regulatory body or other similar regulatory or dispute-resolving panel or body.

 

“Hazardous
Material” means any waste, gas, liquid or other substance or material that is defined, listed or designated as a
“hazardous substance”, “pollutant”, “contaminant”, “hazardous waste”, “regulated
substance”, “hazardous chemical”, or “toxic chemical” (or by any similar term) under any Environmental
Law, or any other material regulated, or that could result in the imposition of Liability or responsibility, under any Environmental
Law, including petroleum and its by-products, asbestos, polychlorinated biphenyls, radon, mold, and urea formaldehyde insulation.

 

“HKD”
means Hong Kong dollar, the official currency of Hong Kong.

 

“Indebtedness”
of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money (including the outstanding principal
and accrued but unpaid interest) (b) all obligations for the deferred purchase price of property or services (other than trade
payables and other expenses incurred in the ordinary course of business), (c) any other indebtedness of such Person that is evidenced
by a note, bond, debenture, credit agreement or similar instrument, (d) all obligations of such Person under leases that should
be classified as capital leases in accordance with GAAP, (e) all obligations of such Person for the reimbursement of any obligor
on any line or letter of credit, banker’s acceptance, guarantee or similar credit transaction, in each case, that has been
drawn or claimed against, (f) all obligations of such Person in respect of acceptances issued or created, (g) all interest rate
and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to be made by such
Person, whether periodically or upon the happening of a contingency, (h) all obligations secured by an Lien on any property of
such Person, (i) any premiums, prepayment fees or other penalties, fees, costs or expenses associated with payment of any Indebtedness
of such Person and (j) all obligation described in clauses (a) through (i) above of any other Person which is directly or indirectly
guaranteed by such Person or which such Person has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect
of which it has otherwise assured a creditor against loss.

 

“Intellectual
Property” means all of the following as they exist in any jurisdiction throughout the world: Patents, Trademarks,
Copyrights, Trade Secrets, Internet Assets, Software and other intellectual property, and all licenses, sublicenses and other
agreements or permissions related to the preceding property.

 

“Internet
Assets” means any all domain name registrations, web sites and web addresses and related rights, items and documentation
related thereto.

 

“IPO”
means the initial public offering of Purchaser Public Units pursuant to the IPO Prospectus.

 

“IPO
Prospectus” means the final prospectus of the Purchaser, dated July 24, 2018, and filed with the SEC on July 26,
2018 (File No. 333-226001).

 

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“IPO
Underwriter” means Chardan Capital Markets, LLC, the lead underwriter in Purchaser’s IPO.

 

“Knowledge”
means, with respect to (i) the Company, the actual knowledge of the executive officers or directors of any Target Company, after
due inquiry or (ii) any other Party, the actual knowledge of its directors and executive officers, after due inquiry.

 

“Law”
means any federal, state, local, municipal, foreign or other law, statute, legislation, principle of common law, ordinance, code,
edict, decree, proclamation, treaty, convention, rule, regulation, directive, requirement, writ, injunction, settlement, Order
or Consent that is or has been issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into
effect by or under the authority of any Governmental Authority.

 

“Liabilities”
means any and all liabilities, Indebtedness, Actions or obligations of any nature (whether absolute, accrued, contingent or otherwise,
whether known or unknown, whether direct or indirect, whether matured or unmatured and whether due or to become due), including
Tax liabilities due or to become due.

 

“Lien”
means any mortgage, pledge, security interest, attachment, right of first refusal, option, proxy, voting trust, encumbrance, lien
or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof), restriction
(whether on voting, sale, transfer, disposition or otherwise), any subordination arrangement in favor of another Person, any filing
or agreement to file a financing statement as debtor under the Uniform Commercial Code or any similar Law.

 

“Material
Adverse Effect” means, with respect to any specified Person, any fact, event, occurrence, change or effect that
has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect upon (a) the business,
assets, Liabilities, results of operations, prospects or condition (financial or otherwise) of such Person and its Subsidiaries,
taken as a whole, or (b) the ability of such Person or any of its Subsidiaries on a timely basis to consummate the transactions
contemplated by this Agreement or the Ancillary Documents to which it is a party or bound or to perform its obligations hereunder
or thereunder; provided, however, that any changes or effects directly or indirectly attributable to, resulting
from, relating to or arising out of the following (by themselves or when aggregated with any other, changes or effects) shall
not be deemed to be, constitute, or be taken into account when determining whether there has or may, would or could have occurred
a Material Adverse Effect: (i) general changes in the financial or securities markets or general economic or political conditions
in the country or region in which such Person or any of its Subsidiaries do business; (ii) changes, conditions or effects that
generally affect the industries in which such Person or any of its Subsidiaries principally operate; (iii) changes in GAAP or
other applicable accounting principles or mandatory changes in the regulatory accounting requirements applicable to any industry
in which such Person and its Subsidiaries principally operate; (iv) conditions caused by acts of God, terrorism, war (whether
or not declared) or natural disaster; (v) any failure in and of itself by such Person and its Subsidiaries to meet any internal
or published budgets, projections, forecasts or predictions of financial performance for any period (provided that the underlying
cause of any such failure may be considered in determining whether a Material Adverse Effect has occurred or would reasonably
be expected to occur to the extent not excluded by another exception herein) and (vi), with respect to the Purchaser, the consummation
and effects of the Redemption; provided further, however, that any event, occurrence, fact, condition, or change
referred to in clauses (i) - (iv) immediately above shall be taken into account in determining whether a Material Adverse Effect
has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition, or change has
a disproportionate effect on such Person or any of its Subsidiaries compared to other participants in the industries in which
such Person or any of its Subsidiaries primarily conducts its businesses. Notwithstanding the foregoing, with respect to the Purchaser,
the amount of the Redemption or the failure to obtain the Required Shareholder Vote shall not be deemed to be a Material Adverse
Effect on or with respect to the Purchaser.

 

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“Nasdaq”
means the Nasdaq Capital Market.

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Treasury Department.

 

“Order”
means any order, decree, ruling, judgment, injunction, writ, determination, binding decision, verdict, judicial award or other
action that is or has been made, entered, rendered, or otherwise put into effect by or under the authority of any Governmental
Authority.

 

“Organizational
Documents” means, with respect to the Purchaser, the Purchaser Charter, and with respect to any other Party, its
Certificate of Incorporation and Bylaws or similar organizational documents, in each case, as amended.

 

“Patents”
means any patents, patent applications and the inventions, designs and improvements described and claimed therein, patentable
inventions, and other patent rights (including any divisionals, provisionals, continuations, continuations-in-part, substitutions,
or reissues thereof, whether or not patents are issued on any such applications and whether or not any such applications are amended,
modified, withdrawn, or refiled).

 

“Permits”
means all federal, state, local or foreign or other third-party permits, grants, easements, consents, approvals, authorizations,
exemptions, licenses, franchises, concessions, ratifications, permissions, clearances, confirmations, endorsements, waivers, certifications,
designations, ratings, registrations, qualifications or orders of any Governmental Authority or any other Person.

 

“Permitted
Liens” means (a) Liens for Taxes or assessments and similar governmental charges or levies, which either are (i)
not delinquent or (ii) being contested in good faith and by appropriate proceedings, and adequate reserves have been established
with respect thereto, (b) other Liens imposed by operation of Law arising in the ordinary course of business for amounts which
are not due and payable and as would not in the aggregate materially adversely affect the value of, or materially adversely interfere
with the use of, the property subject thereto, (c) Liens incurred or deposits made in the ordinary course of business in connection
with social security, (d) Liens on goods in transit incurred pursuant to documentary letters of credit, in each case arising in
the ordinary course of business, or (v) Liens arising under this Agreement or any Ancillary Document.

 

“Person”
means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or
political subdivision thereof, or an agency or instrumentality thereof.

 

“Personal
Property” means any machinery, equipment, tools, vehicles, furniture, leasehold improvements, office equipment,
plant, parts and other tangible personal property.

 

“PRC”
means the People’s Republic of China.

 

“Purchaser
Charter” means the Second Amended and Restated Memorandum and Articles of Association of the Purchaser, as in effect
on the date hereof.

 

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“Purchaser
Confidential Information” means all confidential or proprietary documents and information concerning the Purchaser
or any of its Representatives; provided, however, that Purchaser Confidential Information shall not include any
information which, (i) at the time of disclosure by the Company, the Seller or their respective Representatives, is generally
available publicly and was not disclosed in breach of this Agreement or (ii) at the time of the disclosure by the Purchaser or
its Representatives to the Company, the Seller or their respective Representatives was previously known by such receiving party
without violation of Law or any confidentiality obligation by the Person receiving such Purchaser Confidential Information. For
the avoidance of doubt, from and after the Closing, Purchaser Confidential Information will include the confidential or proprietary
information of the Target Companies.

 

“Purchaser
Ordinary Share” means an ordinary share, no par value, of the Purchaser, and any successor equity security, including
equity securities of a successor entity issued in exchange for Purchaser Ordinary Shares.

 

“Purchaser
Private Right” means one right that was included as part of each Purchaser Private Unit entitling the holder thereof
to purchase one-tenth (1/10) of one (1) Purchaser Ordinary Share upon the consummation of the Business Combination.

 

“Purchaser
Private Unit” means a unit issued to the Sponsor or the IPO Underwriter in a private placement at the time of the
consummation of the IPO, which unit consists of one (1) Purchaser Ordinary Share, one (1) Purchaser Private Right and one-half
(1/2) of one (1) Purchaser Private Warrant.

 

“Purchaser
Private Warrant” means one whole warrant entitling the holder thereof to purchase one (1) Purchaser Ordinary Share
at a purchase price of $11.50 per Purchaser Ordinary Share.

 

“Purchaser
Public Right” means one right that was included as part of each Purchaser Public Unit entitling the holder thereof
to purchase one-tenth (1/10) of one (1) Purchaser Ordinary Share upon the consummation of the Business Combination.

 

“Purchaser
Public Unit” means a unit issued in the IPO consisting of one (1) Purchaser Ordinary Share, one (1) Purchaser Public
Right and one-half (1/2) of one (1) Purchaser Public Warrant.

 

“Purchaser
Public Warrant” means one whole warrant entitling the holder thereof to purchase one (1) Purchaser Ordinary Share
at a price of $11.50 per Purchaser Ordinary Share.

 

“Purchaser
Securities” means the Purchaser Public Units, the Purchaser Ordinary Shares, the Purchaser Public Rights, the Purchaser
Public Warrants, the Purchaser Private Units, the Purchaser Private Rights, the Purchaser Private Warrants and the Purchaser UPO,
collectively.

 

“Purchaser
Share Price” means an amount equal to the VWAP of the Purchaser Ordinary Shares over the twenty (20) Trading Days
ending at the close of business on the principal securities exchange or securities market on which the Purchaser Ordinary Shares
are then traded immediately prior to the date of determination, as equitably adjusted for share splits, share dividends, combinations,
recapitalizations and the like after the date of this Agreement.

 

“Purchaser
UPO” means the option issued to the IPO Underwriter and/or its designee to purchase up to 240,000 Purchaser Public
Units at a price of $11.50 per unit.

 

“Redemption
Price” means the price per share at which the Purchaser Ordinary Shares are redeemed in connection with the Closing.

 

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“Reference
Time” means the close of business of the Company on the Closing Date (but without giving effect to the transactions
contemplated by this Agreement, including any payments by Purchaser hereunder to occur at the Closing, but giving effect to any
obligations in respect of Indebtedness or Transaction Expenses that are contingent upon the consummation of the Closing).

 

“Release”
means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, or leaching into the
indoor or outdoor environment, or into or out of any property.

 

“Remedial
Action” means all actions to (i) clean up, remove, treat, or in any other way address any Hazardous Material, (ii)
prevent the Release of any Hazardous Material so it does not endanger or threaten to endanger public health or welfare or the
indoor or outdoor environment, (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care, or
(iv) correct a condition of noncompliance with Environmental Laws.

 

“Representative”
means, as to any Person, such Person’s Affiliates and its and their managers, directors, officers, employees, agents and
advisors (including financial advisors, counsel and accountants).

 

“SEC”
means the Securities and Exchange Commission (or any successor Governmental Authority).

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Software”
means any computer software programs, including all source code, object code, and documentation related thereto and all software
modules, tools and databases.

 

“Sponsor”
means Greenland Asset Management Corporation, a British Virgin Islands company with limited liability.

 

“Subsidiary”
means, with respect to any Person, any corporation, partnership, association or other business entity of which (i) if a corporation,
a majority of the total voting power of shares entitled (without regard to the occurrence of any contingency) to vote in the election
of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or
more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business
entity, a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly
or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person
or Persons will be deemed to have a majority ownership interest in a partnership, association or other business entity if such
Person or Persons will be allocated a majority of partnership, association or other business entity gains or losses or will be
or control the managing director, managing member, general partner or other managing Person of such partnership, association or
other business entity. A Subsidiary of a Person will also include any variable interest entity which is consolidated with such
Person under applicable accounting rules. Notwithstanding anything to the contrary contained herein, each of the entities (other
than the Company) whose financial information is included in the audited consolidated financial statements of the Company for
the year ended December 31, 2018 shall be deemed to be Subsidiaries of the Company for all purposes of this Agreement.

 

“Target
Company” means the Company and each of its direct and indirect Subsidiaries.

 

    69

     

    

 

“Tax
Return” means any return, declaration, report, claim for refund, information return or other documents (including
any related or supporting schedules, statements or information) filed or required to be filed in connection with the determination,
assessment or collection of any Taxes or the administration of any Laws or administrative requirements relating to any Taxes.

 

“Taxes”
means (a) all direct or indirect federal, state, local, foreign and other net income, gross income, gross receipts, sales, use,
value-added, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment,
social security and related contributions due in relation to the payment of compensation to employees, excise, severance, stamp,
occupation, premium, property, windfall profits, alternative minimum, estimated, customs, duties or other taxes, fees, assessments
or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts with respect
thereto, (b) any Liability for payment of amounts described in clause (a) whether as a result of being a member of an affiliated,
consolidated, combined or unitary group for any period or otherwise through operation of law and (c) any Liability for the payment
of amounts described in clauses (a) or (b) as a result of any tax sharing, tax group, tax indemnity or tax allocation agreement
with, or any other express or implied agreement to indemnify, any other Person.

 

“Trade
Secrets” means any trade secrets, confidential business information, concepts, ideas, designs, research or development
information, processes, procedures, techniques, technical information, specifications, operating and maintenance manuals, engineering
drawings, methods, know-how, data, mask works, discoveries, inventions, modifications, extensions, improvements, and other proprietary
rights (whether or not patentable or subject to copyright, trademark, or trade secret protection).

 

“Trademarks”
means any trademarks, service marks, trade dress, trade names, brand names, internet domain names, designs, logos, or corporate
names (including, in each case, the goodwill associated therewith), whether registered or unregistered, and all registrations
and applications for registration and renewal thereof.

 

“Trading
Day” means any day on which Purchaser Ordinary Shares are actually traded on the principal securities exchange or
securities market on which the Purchaser Ordinary Shares are then traded.

 

“Transaction
Expenses” means all fees and expenses of any of the Target Companies incurred or payable as of the Closing and not
paid prior to the Closing (i) in connection with the consummation of the transactions contemplated hereby, including any amounts
payable to professionals (including investment bankers, brokers, finders, attorneys, accountants and other consultants and advisors)
retained by or on behalf of any of the Target Companies, (ii) any change in control bonus, transaction bonus, retention bonus,
termination or severance payment or payment relating to terminated options, warrants or other equity appreciation, phantom equity,
profit participation or similar rights, in any case, to be made to any current or former employee, independent contractor, director
or officer of any of the Target Companies at or after the Closing pursuant to any agreement to which any of the Target Companies
is a party prior to the Closing which become payable (including if subject to continued employment) as a result of the execution
of this Agreement or the consummation of the transactions contemplated hereby and (iii) any Taxes imposed in connection with the
transfer of the Purchased Shares that are imposed on the Purchaser or the Company.

 

“Trust
Account” means the trust account established by Purchaser with the proceeds from the IPO pursuant to the Trust Agreement
in accordance with the IPO Prospectus.

 

    70

     

    

 

“Trust
Agreement” means that certain Investment Management Trust Account Agreement, dated as of July 24, 2018, as it may
be amended, by and between the Purchaser and the Trustee, as well as any other agreements entered into related to or governing
the Trust Account.

 

“Trustee”
means Continental Stock Transfer & Trust Company, in its capacity as trustee under the Trust Agreement.

 

“VWAP”
means, for any security as of any date(s), the dollar volume-weighted average price for such security on the principal securities
exchange or securities market on which such security is then traded during the period beginning at 9:30:01 a.m., New York time,
and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted average)
or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market
on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00
p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by
Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers
for such security as reported by OTC Markets Group Inc. If the VWAP cannot be calculated for such security on such date(s) on
any of the foregoing bases, the VWAP of such security on such date(s) shall be the fair market value as reasonably determined
by Purchaser in good faith. All such determinations shall be appropriately adjusted for any share dividend, share split, share
combination, recapitalization or other similar transaction during such period.

 

12.2
Section References. The following capitalized terms, as used in this Agreement, have the respective meanings given to them
in the Section as set forth below adjacent to such terms:

 

	Term	 	Section	 	Term	 	Section
	AAA	 	11.4	 	Lock-Up
    Agreement	 	Recitals
	AAA
    Procedures	 	11.4	 	Loss	 	7.2
	Accounts
    Receivable	 	4.25	 	Non-Competition
    Agreement	 	Recitals
	Acquisition
    Proposal	 	6.6(a)	 	Off-the-Shelf
    Software	 	4.13(a)
	Agreement	 	Preamble	 	Outbound
    IP License	 	4.13(c)
	Alternative
    Transaction	 	6.6(a)	 	Outside
    Date	 	9.1(b)
	Amended
    Charter	 	6.11(a)	 	Party(ies)	 	Preamble
	Antitrust
    Laws	 	6.9(b)	 	Pending
    Claims	 	1.3(b)
	Balance
    Sheet Date	 	4.7(a)	 	Post-Closing
    Purchaser Board	 	6.16(a)
	Business
    Combination	 	10.1	 	PRC
    Establishment Documents	 	4.4(b)
	Claim
    Notice	 	7.4(b)	 	PRC
    Overseas Investment Regulations	 	4.27
	Closing	 	2.1	 	PRC
    Target Company	 	4.4(b)
	Closing
    Date	 	2.1	 	Proxy
    Documents	 	6.11(a)
	Closing
    Filing	 	6.12(b)	 	Proxy
    Statement	 	6.11(a)
	Closing
    Press Release	 	6.12(b)	 	Public
    Shareholders	 	10.1
	Company	 	Preamble	 	Purchased
    Shares	 	1.1
	Company
    Benefit Plan	 	4.19(a)	 	Purchaser	 	Preamble
	Company
    Disclosure Schedules	 	Article
    IV	 	Purchaser
    Director	 	6.16(a)
	Company
    Financials	 	4.7(a)	 	Purchaser
    Disclosure Schedules	 	Article
    III
	Company
    IP	 	4.13(d)	 	Purchaser
    Financials	 	3.6(b)
	Company
    IP Licenses	 	4.13(a)	 	Purchaser
    Material Contract	 	3.13(a)
	Company
    Material Contract	 	4.12(a)	 	Purchaser
    Representative	 	Preamble
	Company
    Permits	 	4.10	 	Redemption	 	6.11(a)
	Company
    Personal Property Leases	 	4.16	 	Registration
    Rights Agreement	 	Recitals
	Company
    Real Property Leases	 	4.15	 	Related
    Person	 	4.21
	Company
    Registered IP	 	4.13(a)	 	Released
    Claims	 	10.1
	Data
    Protection Laws	 	4.13(f)	 	Releasing
    Persons	 	10.2
	Deductible	 	7.3(a)	 	Required
    Shareholder Vote	 	8.1(a)
	Dispute	 	11.4	 	Resolution
    Period	 	11.4
	Employment
    Agreements	 	8.3(d)(vi)	 	SEC
    Reports	 	3.6(a)
	Enforceability
    Exceptions	 	3.2	 	Seller	 	Preamble
	Environmental
    Permit	 	4.20(a)	 	Shareholder
    Approval Matters	 	6.11(a)
	Escrow
    Account	 	1.3(a)	 	Shareholder
    Meeting	 	6.11(a)
	Escrow
    Agreement	 	1.3(a)	 	Signing
    Filing	 	6.12(b)
	Escrow
    Shares	 	1.3(a)	 	Signing
    Press Release	 	6.12(b)
	Exchange
    Shares	 	1.2	 	Special
    Representations	 	7.1(a)
	Expenses	 	9.3	 	Specified
    Courts	 	11.5
	Expiration
    Date	 	1.3(b)	 	Termination
    Fee	 	9.4
	Federal
    Securities Laws	 	6.11(b)	 	Third
    Party Claim	 	7.4(c)
	Incentive
    Plan	 	6.11(a)	 	Top
    Customer	 	4.23
	Indemnitee	 	7.2	 	Top
    Supplier	 	4.23
	Indemnitor	 	7.2	 	 	 	 
	Interim
    Period	 	6.2(a)	 	 	 	 
	Leased
    Premises	 	4.15	 	 	 	 

 

 

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    71 

     

    

 

IN
WITNESS WHEREOF, each Party hereto has caused this Agreement to be signed and delivered by its respective duly authorized officer
as of the date first written above.

 

	 	The Purchaser:
	 	 
	 	GREENLAND ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Yanming Liu

	 	 	Name:	Yanming Liu

	 	 	Title:	Chairman and Chief Executive Officer
	 	 	 
	 	The Purchaser Representative:
	 	 
	 	GREENLAND ASSET MANAGEMENT CORPORATION,
    solely in its capacity as the Purchaser Representative hereunder
	 	 	 
	 	By:	/s/ Yanming Liu
	 	 	Name:	Yanming
Liu
	 	 	Title:	Managing
Member
	 	 	 
	 	The Company:
	 	 
	 	ZHONGCHAI HOLDING (HONG KONG)
    LIMITED
	 	 	 
	 	By:	/s/ Peter Zuguang Wang 

	 	 	Name:	Peter
Zuguang Wang
	 	 	Title:	Chairman 
	 	 	 
	 	The Seller:
	 	 
	 	CENNTRO HOLDING LIMITED
	 	 	 
	 	By:	/s/ Peter Zuguang Wang

	 	 	Name:	Peter
Zuguang Wang
	 	 	Title:	Chairman

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