Document:

Exhibit 10.1

 

DEBT CONVERSION AGREEMENT

 

This Debt Conversion Agreement (the "Agreement'')
is entered into effective as of as of February 18, 2020 by and between World Capital Holding Limited ("Debt Holder")
and Kemiao Garment Holding Group, a Nevada corporation (the "Company"), with reference to the following facts:

 

WHEREAS, Debt Holder has advanced certain
funds to the Company from time to time as working capital, of which the Company and Debt Holder desire to convert $40,000 (the
"Debt") into shares of Common Stock.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Debt Holder and the Company agree as follows:

 

1. Conversion to Common Stock. Effective
as of February 18, 2020, $40,000 of the Debt shall be converted into shares of Common Stock at a price per share of $.001 for an
aggregate number of shares of 40,000,000. Upon execution of this Agreement, the Company shall instruct its transfer agent to issue
a total of 40,000,000 shares of Common Stock to the Debt Holder, and the Debt Holder shall acknowledge the repayment of $40,000
owed to the Debt Holder.

 

2. Debt Holder Representations. The
Company is issuing the Common Stock to Debt Holder in reliance upon the following representations made by Debt Holder:

 

(a) Debt Holder acknowledges and agrees
that the shares of Common Stock are characterized as "restricted securities" under the Securities Act of 1933 (as amended
and together with the rules and regulations promulgated thereunder, the "Securities Act'') and that, under the Securities
Act and applicable regulations thereunder, such securities may not be resold, pledged or otherwise transferred without registration
under the Securities Act or an exemption therefrom. Debt Holder acknowledges and agrees that (i) the shares of Common Stock are
being offered in a transaction not involving any public offering in the United States within the meaning of the Securities Act,
and the shares of Common Stock have not yet been registered under the Securities Act, and (ii) such shares of Common Stock may
be offered, resold, pledged or otherwise transferred only in a transaction registered under the Securities Act, or meeting the
requirements of Rule 144, or in accordance with another exemption from the registration requirements of the Securities Act (and
based upon an opinion of counsel if the Company so requests) and in accordance with any applicable securities laws of any State
of the United States or any other applicable jurisdiction.

 

(b) Debt Holder acknowledges and agrees
that (i) the registrar or transfer agent for the shares of Common Stock will not be required to accept for registration of transfer
any shares except upon presentation of evidence satisfactory to the Company that the restrictions on transfer under the Securities
Act have been complied with and (ii) any shares of Common Stock in the form of definitive physical certificates will bear a restrictive
legend.

 

(c) Debt Holder acknowledges and agrees
that: (a) the shares of Common Stock have not been registered under the Securities Act, or under any state securities laws, and
are being offered and sold in reliance upon federal and state exemptions for transactions not involving any public offering; (b)
Debt Holder is acquiring the shares of Common Stock solely for its own account for investment purposes, and not with a view to
the distribution thereof in a transaction that would violate the Securities Act or the securities laws of any State of the United
States or any other applicable jurisdiction; (c) Debt Holder is a sophisticated purchaser with such knowledge and experience in
business and financial matters that it is capable of evaluating the merits and risks of purchasing the shares of Common Stock;
(d) Debt Holder has had the opportunity to obtain from the Company such information as desired in order to evaluate the merits
and the risks inherent in holding the shares of Common Stock; (e) Debt Holder is able to bear the economic risk and lack of liquidity
inherent in holding the shares of Common Stock; (f) Debt Holder is an "accredited Debt Holder" within the meaning of
Rule 501(a) under the Securities Act; and (g) Debt Holder either has a pre-existing personal or business relationship with the
Company or its officers, directors or controlling persons, or by reason of Debt Holder's business or financial experience, or the
business or financial experience of their professional advisors who are unaffiliated with and who are not compensated by the Company,
directly or indirectly, have the capacity to protect their own interests in connection with the purchase of the Common Stock.

 

 

    	 	1	 

     

    

 

(d) Debt Holder's investment in the Company
pursuant to this Common Stock is consistent, in both nature and amount, with Debt Holder's overall investment program and financial
condition.

 

(e) Debt Holder is not a resident of United
States or Canada.

 

3. Miscellaneous.

 

(a) This Agreement shall be construed and
enforced in accordance with the laws of the State of Nevada.

 

(b) This Agreement constitutes the entire
agreement between the parties and supersedes all prior oral or written negotiations and agreements between the parties with respect
to the subject matter hereof. No modification, variation or amendment of this Agreement (including any exhibit hereto) shall be
effective unless made in writing and signed by both parties.

 

(c) Each party to this Agreement hereby
represents and warrants to the other party that it has had an opportunity to seek the advice of its own independent legal counsel
with respect to the provisions of this Agreement and that its decision to execute this Agreement is not based on any reliance upon
the advice of any other party or its legal counsel. Each party represents and warrants to the other party that in executing this
Agreement such party has completely read this Agreement and that such party understands the terms of this Agreement and its significance.
This Agreement shall be construed neutrally, without regard to the party responsible for its preparation.

 

(d) Each party to this Agreement hereby
represents and warrants to the other party that (i) the execution, performance and delivery of this Agreement has been authorized
by all necessary action by such party; (ii) the representative executing this Agreement on behalf of such party has been granted
all necessary power and authority to act on behalf of such party with respect to the execution, performance and delivery of this
Agreement; and (iii) the representative executing this Agreement on behalf of such party is of legal age and capacity to enter
into agreements which are fully binding and enforceable against such party.

 

(e) This Agreement may be executed in any
number of counterparts and may be delivered by facsimile transmission, all of which taken together shall constitute a single instrument.

 

This Agreement is entered into and effective
as of the date first written above.

 

 

	COMPANY:	 	DEBT HOLDER:
	 	 	 
	Kemiao Garmet Holding Group	 	World Capital Holding Limited
	 	 	 
	By: /s/ YanPing Sheng            	 	/s/ YanPing Sheng              
	YanPing Sheng, CEO	 	YanPing Sheng,CEO

 

 

 

 

 

    	 	2EX-4.1

 Exhibit 4.1 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the Corporation (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES (AS DEFINED HEREIN) IN DEFINITIVE REGISTERED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 CANADIAN PACIFIC RAILWAY COMPANY 

2.050% Notes due 2030 
  

			
	No. 1	  	US$500,000,000
		  	CUSIP: 13648T AA5

 Canadian Pacific Railway Company, a corporation duly organized and existing under the laws of Canada (herein
called the “Corporation”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
US$500,000,000 (FIVE HUNDRED MILLION UNITED STATES DOLLARS) on March 5, 2030, at the office or agency of the Corporation referred to below, and to pay interest thereon on September 5, 2020 and semi-annually thereafter, on March 5 and
September 5 in each year, from March 5, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate of 2.050% per annum, until the principal hereof is paid or duly provided for, and
(to the extent lawful) to pay on demand interest on any overdue interest at the rate borne by the Securities from the date on which such overdue interest becomes payable to the date payment of such interest has been made or duly provided for. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for
such interest, which shall be February 21 or August 21 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to
be payable to the Holder on such Regular Record Date, and such defaulted interest, and (to the extent lawful) interest on such defaulted interest at the rate borne by the Securities, may be paid to the Person in whose name this Security is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or
may be 

 
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in said Indenture. Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place. 
 Unless the certificate of authentication hereon has been duly executed by the Trustee by manual signature, this Security
shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
 (signature page to follow)

 IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed under its
corporate seal. 
 Dated: 
  

			
	CANADIAN PACIFIC RAILWAY COMPANY
		
	By	 	  

		 	Name:
		 	Title:
		
	By	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred to in, and issued under, the within-mentioned Indenture. 

 

							
		 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION as Trustee
				
	Dated:
                                        
	 		 	By:	 	  

		 		 		 	Authorized Signatory

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Corporation designated as its 2.050% Notes due 2030 (herein called the
“Securities”), limited (except as otherwise provided in the Indenture referred to below) in aggregate principal amount to US$500,000,000, which may be issued under an indenture dated as of September 11, 2015, among the Corporation and
Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture, as defined below), as supplemented by the Fourth Supplemental Indenture, among the Corporation,
Canadian Pacific Railway Limited (the “Guarantor”) and the Trustee (as supplemented by the Fourth Supplemental Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Corporation, Guarantor, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is a global Security representing US$500,000,000 aggregate principal amount of the Securities. 

Payment of the principal of (and premium, if any, on) and interest on this Security will be made at the office or agency of the Corporation
maintained or caused to be maintained for that purpose in New York, New York or at such other office or agency of the Corporation as may be maintained or caused to be maintained for such purpose, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of the principal (and premium, if any) and interest may be made at the option of the Corporation (i) by
check mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or (ii) by wire transfer to an account maintained by the Person located in the United States entitled thereto as specified in the
Security Register; provided, that principal paid in relation to any Security, redeemed at the option of the Corporation or upon Maturity, shall be paid to the Holder of such Security only upon presentation and surrender of such Security to
such office or agency referred to above. 
 The Corporation will pay to the Holders such Additional Amounts as may be payable under
Section 9.07 of the Indenture. 
 Prior to December 5, 2029 (the date that is three months prior to the maturity date of the
Securities), the Corporation may redeem the Securities, in whole or in part, at the option of the Corporation, at any time or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to
be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed that would be due if the Securities matured on December 5, 2029 (the date that is three months
prior to the maturity date of the Securities) (exclusive of any portion of the payments of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Yield plus 20 basis points, plus, in the case of (1) and (2), accrued interest thereon to, but
excluding, the date of redemption, all as provided in the Indenture. 

 On or after December 5, 2029 (the date that is three months prior to the maturity date
of the Securities) the Corporation may redeem the Securities, in whole or in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of
redemption. 
 Holders of Securities to be redeemed will receive notice of redemption delivered at least 10 and not more than 60 days prior
to the date fixed for redemption. 
 “Treasury Yield” means, with respect to any redemption date, the rate per annum equal to the
semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for that redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security or securities selected by
an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed (assuming, for this purpose, that the Securities matured on the Par Call Date) that would be utilized, at
the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities. 

“Comparable Treasury Price” means (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer
Quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers selected by the Corporation or, if such
firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing in the United States appointed by the Corporation. 

“Par Call Date” means December 5, 2029, the date that is three months prior to the maturity date of the Securities. 

“Reference Treasury Dealers” means each of (i) Barclays Capital Inc., Citigroup Global Markets Inc., HSBC Securities (USA)
Inc. and Morgan Stanley & Co. LLC and/or their affiliates which are primary U.S. government securities dealers in New York City (each, a “Primary Treasury Dealer”), and their respective successors; and (ii) one other
which is a primary U.S. Government securities dealer and its respective successors; provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Corporation will substitute therefor another Primary Treasury Dealer.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury
Dealer at 3:30p.m. New York time on the third business day preceding such redemption date. 

 The Securities are also subject to redemption as a whole but not in part, at the option of
the Corporation, at any time, on not less than 10 nor more than 60 days’ prior written notice to each Holder of Securities to be redeemed at such Holder’s address appearing on the Security Register at a redemption price equal to 100% of
the principal amount, together with accrued and unpaid interest to but excluding the date fixed for redemption, in the event there is more than an insubstantial risk that the Corporation has become or would become obligated to pay, on the next date
on which any amount would be payable with respect to the Securities, any Additional Amounts as a result of any amendment or change in the laws (including any regulations promulgated thereunder) of Canada (or any political subdivision or taxing
authority thereof or therein), or any amendment to or change in any official position regarding the application or interpretation of such laws or regulations, which change or amendment is announced or becomes effective on or after March 3,
2020, all as provided in Section 10.08 of the Indenture. 
 The Securities are also subject to redemption pursuant to Article 3 of
the Fourth Supplemental Indenture. 
 In the case of any redemption of Securities, interest installments whose Stated Maturity is on or
prior to the Redemption Date will be payable to the Holders of such Securities of record at the close of business on the relevant Record Date referred to on the face hereof. Securities (or portions thereof) for whose redemption provision is made in
accordance with the Indenture shall cease to bear interest from and after the Redemption Date. 
 The Securities do not have the benefit of
sinking fund obligations. 
 In the event of redemption of this Security in part only, a new Security or Securities for the unredeemed
portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of Default shall occur and be
continuing, the principal of all the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Corporation on this Security and
(b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Corporation with certain conditions set forth therein, which provisions apply to this Security. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Corporation and the rights of the Holders under the Indenture at any time by the Corporation and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of all affected Securities at the time
Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities affected thereby, to waive
compliance by the Corporation with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by or on behalf of the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Security.

 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Corporation, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest on this Security at the times, place, and rate, and in the coin or currency, herein
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable on the Security Register of the Corporation, upon surrender of this Security for registration of transfer at the office or agency of the Corporation maintained or caused to be maintained for such purpose in New York, New York
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new
Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities are issuable only in registered form without coupons in denominations of US$2,000 and any integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities of a different authorized denomination, as requested by the Holder
surrendering the same. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Corporation
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to the time
of due presentment of this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustees may treat the Person in whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Corporation, the Trustee nor any agent shall be affected by notice to the contrary. 

Interest on this Security shall be computed on the basis of a 360-day year of twelve 30-day months. 
 For the purposes only of the disclosure required by the Interest Act (Canada),
and without affecting the amount of interest payable to any holder of a Security or the calculation of interest on any Security, if the rate of interest on any Security is calculated on the basis of a year which contains fewer days than the actual
number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate for the purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year
of calculation and dividing it by the number of days in the deemed year. 
 As provided for in the Indenture, the Corporation may, from time
to time, without notice or consent of the Holders, create and issue additional Securities so that such additional Securities shall be consolidated and form a single series with the Securities initially issued by the Corporation and shall have the
same terms as to status, redemption or otherwise as the Securities originally issued. 

 If at any time, (i) the Depositary notifies the Corporation that it is unwilling or
unable or no longer qualifies to continue as Depositary or if at any time the Depositary shall no longer be registered or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation and a
successor depositary is not appointed by the Corporation within 90 days after the Corporation receives such notice or becomes aware of such condition, as the case may be, or (ii) the Corporation determines that the Securities shall no longer be
represented by a global Security or Securities, then in such event the Corporation will execute and the Trustee will authenticate and deliver Securities in definitive registered form, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of this Security in exchange for this Security. Such Securities in definitive registered form shall be registered in such names and issued in such authorized denominations as the Depositary, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered. 

The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

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