Document:

Exhibit
10.1

 

 

 

SHARE
EXCHANGE AGREEMENT and PLAN of REORGANIZATION

 

by
and among

 

MOXIAN,
INC., A NEVADA CORPORATION,

 

BTAB
GROUP INC., A DELAWARE CORPORATION

 

and

 

THE
SHAREHOLDERS OF

BTAB
GROUP INC.

 

Dated
as of August 27th, 2020

 

 

 

    	 	 	 

    	 	 	 

    

 

SHARE
EXCHANGE AGREEMENT

 

This
SHARE EXCHANGE AGREEMENT (the “Agreement”), dated as of August __, 2020, is by and among MOXIAN, INC., a Nevada
Corporation (“MOXC”), BTAB GROUP INC., a Delaware Corporation (“BTAB”), and the shareholders
of BTAB (the “Shareholders”) (of which each is individually a “Party,” and collectively
the “Parties”). Capitalized terms used herein that are not otherwise defined herein shall have the meanings
ascribed to them in Annex A hereto.

 

BACKGROUND

 

A
MOXC is subject to the reporting requirements of the Exchange Act, and MOXC’s common stock is listed for public trading
on the Nasdaq Capital Market ( “Nasdaq”).

 

B.
As of the date of this Agreement, MOXC is authorized to issue 50,000,000 shares of common stock, $0.001 par value, and 100,000,000
shares of preferred stock, $0.001 par value. As of the date of this Agreement MOXC has approximately 16,191,529 shares of common
stock issued and outstanding and no shares of preferred stock outstanding.

 

C.
As of the date of this Agreement BTAB is privately held and is authorized to issue three classes of shares, 688,000,000 shares
designated as common stock and 100,000,000 shares designated Class B common stock and 100,000,000 shares designated as preferred
stock. The total number of shares of common stock outstanding is 592,700,000 shares pre-reverse split and 59,270,000 after, $0.001par
value (the “BTAB Common”), and the total number of shares of Class B common stock outstanding is 50,000,000,
$0.00001 par value (the “BTAB Class B”, and together with the BTAB Common, the “BTAB Stock”),
which shares are owned by the Shareholders. There are no outstanding shares of preferred stock. The Shareholders are the record
and beneficial owners of that number of shares of BTAB Stock, or the right to receive such shares of BTAB stock..

 

D.
The Shareholders have agreed to exchange (i) all of their shares of BTAB Common for an aggregate of fifty-nine million two hundred
seventy thousand (59,270,000) newly issued shares of the common stock of MOXC, $0.001 par value, (the “MOXC Common”),
and (ii) all of their shares of BTAB Class B for an aggregate of Fifty Million (50,000,000) newly issued shares of the Class A
Non-Transferable Non-Convertible Preferred Stock (as defined below) of MOXC, $0.001 par value, (the “MOXC Class A Preferred”
and together with the MOXC Common, the “MOXC Stock”), each of which are subject to adjustment prior to Closing
as a result of the additional issuance of MOXC common stock, in a transaction which qualifies as a reorganization and tax free
exchange under Section 368(a) of the Internal Revenue Code of 1986, as amended. In the aggregate, the shares of MOXC Common issuable
to the Shareholders will be approximately seventy-nine (79%) of the total issued and outstanding shares of common stock of MOXC
as of and immediately after the Closing.

 

E.
The Board of Directors of each of the Parties have independently determined that it is in the best interests of all of the Parties
and their shareholders to execute and effectuate this Agreement.

 

    	 	 	 

    	 	 	 

    

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth
herein, and intending to be legally bound hereby, the Parties agree as follows:

 

ARTICLE
I

Exchange
of Shares

 

1.1.
Exchange of BTAB Stock for MOXC Stock. At the Closing, the Shareholders shall sell, transfer, convey, assign and deliver to MOXC
their BTAB Stock, free and clear of all liens and other encumbrances, in exchange for the MOXC Stock, which shall be deliverable
as follows:

 

	 	1.1.1.	59,270,000
    shares of BTAB Common will be exchanged for 59,270,000 shares of MOXC Common at Closing,
	 	 	 
	 	1.1.2.	50,000,000
    shares of BTAB Class B shares will be exchanged for 50,000,000 shares of MOXC Class A Preferred,

 

1.2.
Pre-Closing Capitalization. Prior to Closing, MOXC shall take all corporate action and shall obtain all required regulatory approvals
to (i) increase the number of shares of authorized common stock to at least 688,000,000, and (ii) create a class of preferred
stock entitled “Class A Non-Transferable Non-Convertible Preferred Stock”, having the rights, preferences and privileges
set forth on Exhibit 1.1 hereto (the “MOXC Class A Preferred”). These Non-Transferable Non-Convertible
Preferred Stock have 10 votes per share on the matters for which they may be voted. 

 

1.3.
Issuance of Shares for Services. At the Closing,
MOXC shall issue 5,000,000 free trading shares of MOXC Common (in lieu of cash compensation) to Menora Trading Limited, for services
rendered, and to be rendered, to MOXC until the Closing.

 

1.4.
Closing. The closing (the “Closing”) of the Transactions contemplated hereby shall take place at the offices
of the Kline Law Group, PC in Irvine, CA, commencing at or before 5:00 PM PDT on the business day following the satisfaction or
waiver of all conditions to the obligations of the Parties to consummate the Transactions (other than conditions with respect
to actions that the respective parties will take at Closing) or such other date and time as the Parties may mutually determine
(the “Closing Date”).

 

ARTICLE
II

Representations
and Warranties of the Shareholders

 

The
Shareholders each hereby represent and warrant to MOXC with respect to themselves, as follows:

 

2.1.
Good Title. Each Shareholder is the record and beneficial owner, and has good title to its BTAB Stock, with the right and authority
to sell and deliver such BTAB Stock. Upon delivery of any BTAB Stock certificate or certificates duly assigned to MOXC, and/or
upon registering of MOXC as the new owner of such BTAB Stock in the share register of BTAB, MOXC will receive good title to such
BTAB Stock, free and clear of all liens. 

 

2.2.
Power and Authority. Each Shareholder has the legal power, capacity and authority to execute and deliver this Agreement and each
and every transactional document required to effectuate this Agreement (each a “Transaction Document”) and to perform
its obligations hereunder and thereunder, and to consummate the Transactions. All acts required to be taken by each Shareholder
to enter into this Agreement, to deliver each Transaction Document to which it is a party and to carry out the Transactions have
been properly taken. This Agreement constitutes a legal, valid and binding obligation of the Shareholder, enforceable against
the Shareholder in accordance with the terms hereof, except as such enforcement is limited by general equitable principles, or
by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights generally.

 

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2.3.
No Conflicts. The execution and delivery of this Agreement by each Shareholder and the performance by the Shareholder of its obligations
hereunder in accordance with the terms hereof: (a) will not require the consent of any third party or Governmental Entity under
any laws; (b) will not violate any laws applicable to the Shareholder; and (c) will not violate or breach any contractual obligation
to which the Shareholder is a party.

 

2.4.
Litigation. There is no pending proceeding against any Shareholder that involves the BTAB Shares or that challenges, or may have
the effect of preventing, delaying or making illegal, or otherwise interfering with, any of the Transactions and, to the knowledge
of the Shareholder, no such proceeding has been threatened, and no event or circumstance exists that is reasonably likely to give
rise to or serve as a basis for the commencement of any such proceeding.

 

2.5.
No Finder’s Fee. No Shareholder has created any obligation for any finder’s, investment banker’s or broker’s
fee in connection with the Transactions.

 

2.6.
Purchase Entirely for Own Account. The MOXC Common and the MOXC Class A Non-Transferable Non-Convertible Preferred (collectively,
the “MOXC Securities”) are proposed to be acquired by each Shareholder hereunder will be acquired for investment
for its own account, and not with a view to the resale or distribution of any part thereof, and the Shareholder has no present
intention of selling or otherwise distributing the MOXC Securities, except in compliance with applicable securities laws.

 

2.7.
Available Information. Each Shareholder has such knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of an investment in MOXC. Each Shareholder hereby acknowledges that it has had the opportunity
to review all publicly available information concerning MOXC, including, but not limited to all filings made by MOXC to the SEC
pursuant to the Exchange Act

 

2.8.
Non-Registration. Each Shareholder understands that the MOXC Securities has not been registered under the Securities Act and,
if issued in accordance with the provisions of this Agreement, will be issued by reason of a specific exemption from the registration
provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the
accuracy of the Shareholder’s representations as expressed herein. The non-registration shall have no prejudice with respect
to any rights, interests, benefits and entitlements attached to the MOXC Securities in accordance with MOXC’s charter documents
or the laws of its jurisdiction of incorporation.

 

2.9.
Restricted Securities. Each Shareholder understands that the Shares are characterized as “restricted securities” under
the Securities Act inasmuch as this Agreement contemplates that, if acquired by the Shareholder pursuant hereto, the Shares would
be acquired in a transaction not involving a public offering. Each Shareholder further understands that the issuance of the Shares
hereunder have not been registered under the Securities Act or the securities laws of any state of the U.S., and that the issuance
of the MOXC Securities is being effected in reliance upon an exemption from registration afforded under Rule 144 of the Securities
Act for transactions by an issuer not involving a public offering. Each Shareholder further acknowledges that if the Shares are
issued to the Shareholder in accordance with the provisions of this Agreement, such Shares may not be resold without registration
under the Securities Act or the existence of an exemption therefrom. Each Shareholder represents that it is familiar with Rule
144 promulgated under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by
the Securities Act, including in particular the requirements of Rule 144(i).

 

2.10.
Accredited Investor. Each Shareholder is an “Accredited Investor” within the meaning of Rule 501 under the Securities
Act or have been issued shares under Regulation S.

 

    	 	-3-	 

    	 	 	 

    

 

2.11.
Legends. Each Shareholder hereby understands and acquiesces that the MOXC Securities will bear the following legend or one substantially
similar to the following legend:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED,
ASSIGNED OR OTHERWISE TRANSFERRED EXCEPT:

 

(1)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR (2) PURSUANT
TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, IN WHICH
CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE COMPANY AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER
CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS.

 

2.12.
Additional Legend; Consent. Additionally, the MOXC Securities will bear any legend required by the “blue sky” laws
of any state to the extent such laws are applicable to the securities represented by the certificate so legended. The Shareholder
consents to MOXC making a notation on its records or giving instructions to any transfer agent of MOXC Securities in order to
implement the restrictions on transfer of the Shares.

 

ARTICLE
III

Representations
and Warranties of BTAB

 

BTAB
represents and warrants to MOXC, as follows:

 

3.1.
Organization, Standing and Power. BTAB and each of its subsidiaries is duly organized, validly existing and in good standing under
the laws of the jurisdiction in which it is organized and has the corporate power and authority and possesses all governmental
franchises, licenses, permits, authorizations and approvals necessary to enable it to own, lease or otherwise hold its properties
and assets and to conduct its businesses as presently conducted, other than such franchises, licenses, permits, authorizations
and approvals the lack of which, individually or in the aggregate, has not had and would not reasonably be expected to have a
material adverse effect on BTAB, a material adverse effect on the ability of BTAB to perform its obligations under this Agreement
or on the ability of BTAB to consummate the Transactions (a “BTAB Material Adverse Effect”). BTAB and each
of its subsidiaries is duly qualified to do business in each jurisdiction where the nature of its business or its ownership or
leasing of its properties make such qualification necessary except where the failure to so qualify would not reasonably be expected
to have a BTAB Material Adverse Effect. BTAB has delivered to MOXC true and complete copies of the BTAB Charter, the BTAB Bylaws,
and the comparable charter, organizational documents and other constituent BTAB documents of each of its subsidiaries, in each
case as amended through the date of this Agreement.

 

    	 	-4-	 

    	 	 	 

    

 

3.2.
Subsidiaries; Equity Interests. All the outstanding shares of capital stock or equity investments of each subsidiary have been
validly issued and are fully paid and nonassessable and are as of the date of this Agreement owned by BTAB, by another subsidiary
of BTAB or by BTAB and another subsidiary of BTAB, free and clear of all liens. Except for its interests in its subsidiaries,
BTAB does not as of the date of this Agreement own, directly or indirectly, any capital stock, membership interest, partnership
interest, joint venture interest or other equity interest in any person or entity.

 

3.3.
Capital Structure. The authorized capital stock of BTAB consists of 688,000,000 shares of common stock at $0.00001 per share.
As of the date hereof, 592,700,000 shares of BTAB common stock are issued and outstanding whereas BTAB will have effected a 10-1
reverse split of its shares causing the Issued and Outstanding of the common shares to be reduced to 59,270,000. No other shares
of capital stock or other voting securities, except the Common “B”, which holds a 10-1 voting rights, of BTAB are
issued or reserved for issuance or outstanding. BTAB is the sole record and beneficial owner of all of the issued and outstanding
capital stock of each of its subsidiaries save for one Subsidiary whereas Btab owns a majority interest of Ninety Five Percent.
All outstanding shares of the capital stock of BTAB and each of its subsidiaries are duly authorized, validly issued, fully paid
and nonassessable and not subject to or issued in violation of any purchase option, call option, right of first refusal, preemptive
right, subscription right or any similar right under any provision of the laws of Delaware, the BTAB Articles of Incorporation,
the BTAB Bylaws or any contract to which BTAB is a party or otherwise bound. There are not any bonds, debentures, notes or other
indebtedness of BTAB or any of its subsidiaries having the right to vote (or convertible into, or exchangeable for, securities
having the right to vote) on any matters on which holders of BTAB’s capital stock or the capital stock of any of its subsidiaries
may vote (“Voting BTAB Debt”). As of the date of this Agreement, there are not any options, warrants, rights,
convertible or exchangeable securities, “phantom” stock rights, stock appreciation rights, stock-based performance
units, commitments, contracts, arrangements or undertakings of any kind to which BTAB or any of its subsidiaries is a party or
by which any of them is bound (a) obligating BTAB or any of its subsidiaries to issue, deliver or sell, or cause to be issued,
delivered or sold, additional shares of capital stock or other equity interests in, or any security convertible or exercisable
for or exchangeable into any capital stock of or other equity interest in, BTAB or any of its subsidiaries or any Voting BTAB
Debt, (b) obligating BTAB or any of its subsidiaries to issue, grant, extend or enter into any such option, warrant, call, right,
security, commitment, contract, arrangement or undertaking or (c) that give any person the right to receive any economic benefit
or right similar to or derived from the economic benefits and rights occurring to holders of the capital stock of BTAB or of any
of its subsidiaries. As of the date of this Agreement, there are not any outstanding contractual obligations of BTAB to repurchase,
redeem or otherwise acquire any shares of capital stock of BTAB.

 

3.4.
Authority; Execution and Delivery; Enforceability. BTAB has all requisite corporate power and authority to execute and deliver
this Agreement and to consummate the Transactions. The execution and delivery by BTAB of this Agreement and the consummation by
BTAB of the Transactions have been duly authorized and approved by the Board of Directors of BTAB and no other corporate proceedings
on the part of BTAB are necessary to authorize this Agreement and the Transactions. When executed and delivered, this Agreement
will be enforceable against BTAB in accordance with its terms, except as such enforcement is limited by general equitable principles,
or by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights generally.

 

3.5.
No Conflicts; Consents. The execution and delivery by BTAB of this Agreement does not, and the consummation of the Transactions
and compliance with the terms hereof will not, conflict with, or result in any violation of or default (with or without notice
or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to
loss of a material benefit under, or result in the creation of any lien upon any of the properties or assets of BTAB or any of
its subsidiaries under, any provision of (i) the BTAB Articles of Incorporation, the BTAB Bylaws or the comparable charter or
organizational documents of any of its subsidiaries, (ii) any material contract to which BTAB or any of its subsidiaries is a
party or by which any of their respective properties or assets is bound or (iii) any material judgment, order or decree or material
law applicable to BTAB or any of its subsidiaries or their respective properties or assets, other than, in the case of clauses
(ii) and (iii) above, any such items that, individually or in the aggregate, have not had and would not reasonably be expected
to have a BTAB Material Adverse Effect.

 

    	 	-5-	 

    	 	 	 

    

 

3.6.
Compliance with Applicable Laws. Except for any required filings under applicable “blue sky” laws or state securities
commissions, no consent of, or registration, declaration or filing with, or permit from, any Governmental Entity is required to
be obtained or made by or with respect to BTAB or any of its subsidiaries in connection with the execution, delivery and performance
of this Agreement or the consummation of the Transactions. BTAB and each of its subsidiaries have conducted their business and
operations in compliance with all applicable Laws, except for instances of noncompliance that, individually and in the aggregate,
have not had and would not reasonably be expected to have a BTAB Material Adverse Effect.

 

3.7.
Investment Company. BTAB is not, and is not an affiliate of, and immediately following the Closing will not have become, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

 

3.8.
Financial Statements. BTAB has delivered to MOXC its unaudited financial statements as of and at June 30, 2020 (the “BTAB
Financial Statements”). The BTAB Financial Statements have been prepared in accordance with United States generally accepted
accounting principles (“GAAP”) applied on a consistent basis throughout the period indicated. The BTAB Financial Statements
fairly present in all material respects the financial condition and operating results of BTAB, as of the dates, and for the periods,
indicated therein. BTAB does not have any material liabilities or obligations, contingent or otherwise, other than (a) liabilities
incurred in the ordinary course of business subsequent to June 30, 2020, and (b) obligations under contracts and commitments incurred
in the ordinary course of business and not required under GAAP to be reflected in the BTAB Financial Statements, which, in both
cases, individually and in the aggregate, would not be reasonably expected to result in a BTAB Material Adverse Effect, and subsequent
to June 30, 2020, there has occurred no transaction, event, action, development, payment, or any other matter of any nature whatsoever
entered into by BTAB other than in the ordinary course of business.

 

3.9.
Litigation and Taxes. There is no proceeding pending, or to BTAB’s knowledge, threatened, against BTAB or their respective
officers, managers, members or shareholders, or against or affecting any of their respective assets. In addition, there are no
outstanding judgments, orders, writs, decrees or other similar matters or items against or affecting BTAB, its business or assets.
BTAB has not received any material complaint from any Customer, supplier, vendor or employee. BTAB has duly filed all applicable
foreign and U.S. income or other tax returns and has paid all foreign and U.S. income or other taxes when due. There is no proceeding,
controversy or objection pending or threatened in respect of any tax returns of BTAB.

 

3.10.
Event of Default. No event of default has occurred and is continuing, and no event has occurred and is continuing which, with
the lapse of time, the giving of notice, or both, would constitute such an event of default under this Agreement, and BTAB is
not in default (without regard to grace or cure periods) under any contract or agreement to which it is a party or by which any
of their respective assets are bound.

 

3.11.
ERISA Obligations. To the knowledge of BTAB, BTAB has not or has ever had any employee plans subject to ERISA, and BTAB has no
any obligations or liabilities arising under ERISA of a character which if unpaid or unperformed might result in the imposition
of a lien against any of its properties or assets.

 

    	 	-6-	 

    	 	 	 

    

 

3.12.
Adverse Circumstances. No condition, circumstance, event, agreement, document, instrument, restriction, litigation or proceeding
(or threatened litigation or proceeding or basis therefor) exists which: (i) could adversely affect the ability of BTAB to perform
its obligations under this Agreement; (iii) would constitute a default under the Agreement; (iv) would constitute such a default
with the giving of notice or lapse of time or both; or (v) would constitute or give rise to a BTAB Material Adverse Effect.

 

3.13.
Real Property. Except as will be disclosed, BTAB does own real property. BTAB has sufficient title to, or valid leasehold interests
in, all of its properties and assets used in the conduct of its businesses, except to the extent the failure of having such sufficient
title or valid leasehold interest, would not reasonably be expected to have a BTAB Material Adverse Effect. All such assets and
properties, other than assets and properties in which BTAB or any of its subsidiaries has leasehold interests, are free and clear
of all liens other than those as disclosed and except for liens that, in the aggregate, do not and will not materially interfere
with the ability of BTAB to conduct business as currently conducted.

 

3.14.
Material Contracts. An accurate, current and complete copy of each contract, instrument or other agreement to which BTAB is a
party or by which it is bound which is material to the business of BTAB, taken as a whole (each, a “BTAB Material Contract”)
will be furnished to MOXC, and each of the BTAB Material Contracts constitutes the entire agreement of the respective parties
thereto relating to the subject matter thereof. Except for those provided to MOXC prior to the Closing Date, there are no outstanding
offers, bids, proposals or quotations made by BTAB which, if accepted, would create a BTAB Material Contract. Each of the BTAB
Material Contracts is in full force and effect and is a valid and binding obligation of the parties thereto in accordance with
the terms and conditions thereof. To the knowledge of BTAB and its officers, all obligations required to be performed under the
terms of each of the BTAB Material Contracts by any party thereto have been fully performed by all parties thereto, and no party
to any BTAB Material Contracts is in default with respect to any term or condition thereof, nor has any event occurred which,
through the passage of time or the giving of notice, or both, would constitute a default thereunder or would cause the acceleration
or modification of any obligation of any party thereto or the creation of any lien, claim, charge or other encumbrance upon any
of the assets or properties of BTAB. Further, BTAB has not received any notice, nor does BTAB have any knowledge, of any pending
or contemplated termination of any of the BTAB Material Contracts and, no such termination is proposed or has been threatened,
whether in writing or orally.

 

3.15.
Title to Assets. BTAB has good and marketable title to, or a valid leasehold interest in, all of its assets and properties which
are material to its business and operations as presently conducted, including without limitation, to be provided and to be, free
and clear of all liens, claims, charges or other encumbrances or restrictions on the transfer or use of same. Except as would
not have a BTAB Material Adverse Effect, the assets and properties of BTAB are in good operating condition and repair, ordinary
wear and tear excepted, and are free of any latent or patent defects which might impair their usefulness, and are suitable for
the purposes for which they are currently used and for the purposes for which they are proposed to be used.

 

3.16.
Intellectual Property. BTAB owns or possesses adequate and legally enforceable rights or licenses to use all trademarks, trade
names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals,
governmental authorizations, trade secrets and all other intellectual property rights necessary to conduct its business as now
conducted. BTAB has no knowledge of any infringement by BTAB of trademark, trade name rights, patents, patent rights, copyrights,
inventions, licenses, service names, service marks, service mark registrations, trade secret or other intellectual property rights
of others, and, to the knowledge of BTAB, there is no claim, demand or proceeding, or other demand of any nature being made or
brought against, or to BTAB’s knowledge, being threatened against, BTAB regarding trademark, trade name, patents, patent
rights, invention, copyright, license, service names, service marks, service mark registrations, trade secret or other intellectual
property infringement; and BTAB is not aware of any facts or circumstances which might give rise to any of the foregoing.

 

    	 	-7-	 

    	 	 	 

    

 

3.17.
Labor and Employment Matters. BTAB is not involved in any labor dispute or, to the knowledge of BTAB, is any such dispute threatened.
To the knowledge of BTAB and its officers, none of the employees of BTAB is a member of a union and BTAB believes that its relations
with its employees are good. To the knowledge of BTAB and its officers, BTAB has complied in all material respects with all laws,
rules, ordinances and regulations relating to employment matters, civil rights and equal employment opportunities.

 

3.18.
Insurance. BTAB is covered by valid, outstanding and enforceable policies of insurance which were issued to it by reputable insurers
of recognized financial responsibility, covering its business against losses and risks normally insured against by other corporations
or entities in the same or similar lines of businesses as BTAB is engaged and in coverage amounts which are prudent and typically
and reasonably carried by such other corporations or entities (the “BTAB Insurance Policies”). Such BTAB Insurance
Policies are in full force and effect, and all premiums due thereon have been paid. None of the BTAB Insurance Policies will lapse
or terminate as a result of the transactions contemplated by this Agreement. MOXC has complied with the provisions of such BTAB
Insurance Policies. BTAB has no reason to believe that it will not be able to renew its existing BTAB Insurance Policies as and
when such BTAB Insurance Policies expire or to obtain similar coverage from similar insurers as may be necessary to continue its
business at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings, business
or operations of BTAB.

 

3.19.
Permits. BTAB possesses all permits necessary to conduct its business and BTAB has not received any notice of, or is otherwise
involved in, any proceedings relating to the revocation or modification of any such permits. All such permits are valid and in
full force and effect and BTAB is in full compliance with the respective requirements of all such permits.

 

3.20.
Bank Accounts. BTAB will provide, with respect to each account of BTAB with any bank, broker, merchant processor, or other depository
institution: (i) the name and account number of such account; (ii) the name and address of the institution where such account
is held; (iii) the name of any person(s) holding a power of attorney with respect to such account, if any; and (iv) the names
of all authorized signatories and other persons authorized to withdraw funds from each such account.

 

3.21.
Illegal Payments. Neither BTAB, nor any director, officer, member, manager, agent, employee or other person acting on behalf of
BTAB has, in the course of his actions for, or on behalf of, BTAB: (i) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment
to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision
of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or any similar foreign law or regulation; or (iv) made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

    	 	-8-	 

    	 	 	 

    

 

3.22.
Related Party Transactions. Except for: (i) transactions disclosed in the BTAB Financial Statements, which transactions are upon
terms no less favorable than the applicable terms that BTAB could obtain from third parties; and (ii) arm’s length transactions
pursuant to which BTAB makes payments in the ordinary course of business upon terms no less favorable than BTAB could obtain from
third parties, none of the officers, directors, managers, or employees of BTAB, nor any stockholders, members or partners who
own, legally or beneficially, five percent (5%) or more of the ownership interests of BTAB (each a “BTAB Material Shareholder”),
is presently a party to any transaction with BTAB (other than for services as employees, officers and directors), including any
contract providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from, any officer, director or such employee or BTAB Material Shareholder or, to the best knowledge of
BTAB, any other person or entity in which any officer, director, or any such employee or BTAB Material Shareholder has a substantial
or material interest in or of which any officer, director or employee of BTAB or BTAB Material Shareholder is an officer, director,
trustee or partner. There are no claims, demands, disputes or proceedings of any nature or kind between BTAB and any officer,
director or employee of BTAB or any BTAB Material Shareholder, or between any of them, relating to BTAB.

 

3.23.
Internal Accounting Controls. BTAB maintains a system of internal accounting controls sufficient to provide reasonable assurance
that: (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability;
(iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences.

 

3.24.
Brokers. No broker, investment banker or other person is entitled to any broker’s, finder’s, or other similar fee
or commission in connection with the Transactions based upon arrangements made by or on behalf of BTAB or any of its subsidiaries.

 

3.25.
Foreign Corrupt Practices. Neither BTAB, nor any of its subsidiaries, nor, to BTAB’s knowledge, any director, officer, agent,
employee or other person acting on behalf of BTAB or any of its subsidiaries has, in the course of its actions for, or on behalf
of, BTAB (a) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to
political activity; (b) made any direct or indirect unlawful payment to any foreign or domestic government official or employee
from corporate funds; or (d) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to
any foreign or domestic government official or employee.

 

3.26.
Disclosure. All disclosure provided to MOXC regarding BTAB, its business and the Transactions, furnished by or on behalf of BTAB
(including BTAB’s representations and warranties set forth in this Agreement) is true and correct and does not contain any
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein,
in light of the circumstances under which they were made, not misleading.

 

3.27.
No Additional Agreements. BTAB does not have any agreement or understanding with the Shareholders with respect to the Transactions
other than as specified in this Agreement.

 

ARTICLE
IV

Representations
and Warranties of MOXC

 

MOXC
represents and warrants to the Shareholders and BTAB, as follows:

 

4.1.
MOXC Organization and Name. MOXC is a corporation, duly organized, validly existing and in good standing under the laws of Nevada,
its jurisdiction of organization, and has the full power and authority and all necessary licenses, permits and other required
authorization to: (i) enter into and execute this Agreement and to perform all of its obligations hereunder; and (ii) own and
operate its assets and properties and to conduct and carry on its business as and to the extent now conducted, other than such
franchises, licenses, permits, authorizations and approvals the lack of which, individually or in the aggregate, has not had and
would not reasonably be expected to have a material adverse effect on MOXC, a material adverse effect on the ability of MOXC to
perform its obligations under this Agreement or on the ability of MOXC to consummate the Transactions (a “MOXC Material
Adverse Effect”). MOXC is duly qualified to transact business and is in good standing as a foreign corporation in each
jurisdiction where the character of its business or the ownership or use and operation of its assets or properties requires such
qualification. The exact legal name of MOXC is as set forth in the first paragraph of this Agreement, and MOXC currently does
not conduct, nor has MOXC, during the last five (5) years conducted, business under any other name or trade name.

 

    	 	-9-	 

    	 	 	 

    

 

4.2.
Subsidiaries. Other than as disclosed in the SEC Documents (as defined below), MOXC does not own, directly or indirectly, any
outstanding voting securities of or other interests in, or have any Control over, any other Person.

 

4.3.
Authorization; Validity. MOXC has full right, power and authority to enter into this Agreement, as provided herein and to perform
all of its duties and obligations under this Agreement and this Agreement and no other action or consent on the part of MOXC,
its board of directors, stockholders, or any other Person is necessary or required by MOXC to execute this Agreement, consummate
the Transactions contemplated herein and perform all of its obligations hereunder (subject to Section 1.2 hereof). The execution
and delivery of this Agreement will not, nor will the observance or performance of any of the matters and things herein or therein
set forth, violate or contravene any provision of law or of the MOXC Charter and MOXC Bylaws, or other governing documents. All
necessary and appropriate corporate action has been taken on the part of MOXC to authorize the execution and delivery of this
Agreement. This Agreement is a valid and binding agreement and contract of MOXC, enforceable against MOXC in accordance with its
respective terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium
and other laws enacted for the relief of debtors generally and other similar laws affecting the enforcement of creditors’
rights generally or by equitable principles which may affect the availability of specific performance and other equitable remedies.
MOXC knows of no reason why any it cannot perform any of its Obligations under this Agreement or any related agreements.

 

4.4.
Capital Structure. The authorized capital stock of MOXC is as set forth in the SEC Documents (as defined below). All of the outstanding
shares of capital stock of MOXC are validly issued, fully paid and nonassessable, have been issued in compliance with all foreign,
federal and state securities laws and none of such outstanding shares were issued in violation of any preemptive rights or similar
rights to subscribe for or purchase securities. As of the date of this Agreement, no shares of MOXC’s capital stock are
subject to preemptive rights or any other similar rights or any liens, claims or encumbrances suffered or permitted by MOXC. The
Common Stock is currently quoted on Nasdaq (the “Principal Trading Market”) under the trading symbol “MOXC”.
Other than as described in the SEC Documents, MOXC has received no notice, either oral or written, with respect to continued eligibility
of the Common Stock for listing on the Principal Trading Market. Except as set forth in the SEC Documents and except for the securities
to be issued pursuant to this Agreement, as of the date of this Agreement: (i) there are no outstanding options, warrants, scrip,
rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into,
any shares of capital stock of MOXC or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which
MOXC or any of its Subsidiaries is or may become bound to issue additional shares of capital stock of the MOXC or any of its Subsidiaries
or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities
or rights convertible into, any shares of capital stock of MOXC, except as reflected in the SEC Documents; (ii) there are no outstanding
debt securities, notes, credit agreements, credit facilities or other contracts or instruments evidencing indebtedness of MOXC
or by which MOXC is or may become bound, except as reflected in the SEC Documents; (iii) there are no outstanding registration
statements with respect to MOXC or any of their respective securities, and there are no outstanding comment letters from the SEC,
the Principal Trading Market, or any other Governmental Authority with respect to any securities of MOXC; (iv) there are no agreements
or arrangements under which MOXC is obligated to register the sale of any of its securities under the Securities Act or any other
law of any other Governmental Authority; (v) there are no financing statements filed with any Governmental Authority securing
any obligations of MOXC or filed in connection with any assets or properties of MOXC; (vi) there are no securities or instruments
containing anti-dilution or similar provisions that will be triggered by this Agreement or any related agreement or the consummation
of the transactions described herein or therein; and (vii) there are no outstanding securities or instruments of MOXC which contain
any redemption or similar provisions, and there are no contracts or agreements by which such MOXC is or may become bound to redeem
a security of such MOXC (except pursuant to this Agreement). MOXC has furnished to BTAB complete and correct copies of such MOXC’s
Certificate of Incorporation, as amended and as in effect on the date hereof and such MOXC Bylaws, as in effect on the date hereof,
and any other governing or organizational documents, as applicable. Except for the documents delivered to BTAB in accordance with
the immediately preceding sentence, there are no other shareholder agreements, voting agreements, operating agreements, or other
contracts or agreements of any nature or kind that restrict, limit or in any manner impose obligations, restrictions or limitations
on the governance of MOXC.

 

    	 	-10-	 

    	 	 	 

    

 

4.5.
No Conflicts; Consents and Approvals. The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated hereby will not: (i) constitute a violation of or conflict with the MOXC Charter, MOXC Bylaws, or any other organizational
or governing documents of any MOXC; (ii) constitute a violation of, or a default or breach under (either immediately, upon notice,
upon lapse of time, or both), or conflict with, or give to any other Person any rights of termination, amendment, acceleration
or cancellation of, any provision of any contract or agreement to which MOXC is a party or by which any of its or their assets
or properties may be bound; (iii) constitute a violation of, or a default or breach under (either immediately, upon notice, upon
lapse of time, or both), or conflicts with, any order, writ, injunction, decree, or any other judgment of any nature whatsoever;
(iv) constitute a violation of, or conflict with, any law, rule, ordinance or other regulation (including foreign and United States
federal and state securities laws and the rules and regulations of any Principal Trading Market); or (v) result in the loss or
adverse modification of, or the imposition of any fine, penalty or other Lien, claim or encumbrance with respect to, any Permit
granted or issued to, or otherwise held by or for the use of, MOXC or any of their respective assets. MOXC is not in violation
of the MOXC Charter, MOXC Bylaws, or other organizational or governing documents, as applicable, and, except as set forth in Schedule
4.5, MOXC is not in default or breach (and no event has occurred which with notice or lapse of time or both could put MOXC in
default or breach) under, and MOXC has not taken any action or failed to take any action that would give to any other Person any
rights of termination, amendment, acceleration or cancellation of, any contract or agreement to which MOXC is a party or by which
any property or assets of MOXC are bound or affected. No business of MOXC is being conducted, and shall not be conducted, in violation
of any law, rule, ordinance or other regulation. Except as specifically contemplated by this Agreement, BTAB is not required to
obtain any consent or approval of, from, or with any Governmental Authority, or any other Person, in order for it to execute,
deliver or perform any of its obligations under this Agreement in accordance with the terms hereof, or to issue the Advisory Fee
Shares in accordance with the terms hereof. All consents and approvals which MOXC is required to obtain pursuant to the immediately
preceding sentence will be obtained prior to closing.

 

4.6.
Issuance of Securities. The MOXC Shares are duly authorized and, upon issuance in accordance with the terms hereof, shall be duly
issued, fully paid and non-assessable, and free from all liens, claims, charges, taxes, or other encumbrances with respect to
the issue thereof, and will be issued in compliance with all applicable United States federal and state securities laws and the
laws of any foreign jurisdiction applicable to the issuance thereof. Assuming the accuracy of the Shareholder’s representations
under Article II 2 hereof and the continued listing of MOXC Shares on Nasdaq at the time of issuance, the issuance of the MOXC
Securities will be exempt from: (i) the registration and prospectus delivery requirements of the Securities Act; (ii) the registration
and/or qualification provisions of all applicable state and provincial securities and “blue sky” laws; and (iii) any
similar registration or qualification requirements of any foreign jurisdiction or other Governmental Authority.

 

    	 	-11-	 

    	 	 	 

    

 

4.7.
Compliance With Laws. The nature and transaction of MOXC’s business and operations and the use of its properties and assets,
do not and hereafter shall not, violate or conflict with any applicable law, statute, ordinance, rule, regulation or order of
any kind or nature, including, without limitation, the provisions of the Fair Labor Standards Act or any zoning, land use, building,
noise abatement, occupational health and safety or other laws, any Permit or any condition, grant, easement, covenant, condition
or restriction, whether recorded or not, except to the extent such violation or conflict would not result in a MOXC Material Adverse
Effect.

 

4.8.
Environmental Laws and Hazardous Substances. Except to the extent that any of the following would not have a MOXC Material Adverse
Effect (including financial reserves, insurance policies and cure periods relating to compliance with applicable laws and Permits)
and are used in such amounts as are customary in the ordinary course of business in compliance with all applicable Environmental
Laws, MOXC represents and warrants to BTAB that, to its knowledge: (i) MOXC has not generated, used, stored, treated, transported,
manufactured, handled, produced or disposed of any Hazardous Materials, on or off any of the premises of MOXC (whether or not
owned by MOXC) in any manner which at any time violates any Environmental Law or any Permit, certificate, approval or similar
authorization thereunder; (ii) the operations of MOXC comply in all material respects with all Environmental Laws and all Permits
certificates, approvals and similar authorizations thereunder; (iii) there has been no investigation, Proceeding, complaint, order,
directive, claim, citation or notice by any Governmental Authority or any other Person, nor is any pending or, to MOXC’s
knowledge, threatened; and (iv) MOXC has no liability, contingent or otherwise, in connection with a release, spill or discharge,
threatened or actual, of any Hazardous Materials or the generation, use, storage, treatment, transportation, manufacture, handling,
production or disposal of any Hazardous Material.

 

4.9.
Investment Company. MOXC is not, and is not an affiliate of, and immediately following the Closing will not have become, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

 

4.10.
SEC Filings and Financial Statements. The Common Stock of the MOXC is listed on the Nasdaq and the Company has filed all reports,
schedules, forms, statements and other documents required to be filed by it with the SEC or any other Governmental Authority (all
of the foregoing filed within the two (2) years preceding the date hereof or amended after the date hereof and all exhibits included
therein and financial statements and schedules thereto and documents incorporated by reference therein, being hereinafter referred
to as the “SEC Documents”). MOXC is current with its filing obligations under the Exchange Act. The MOXC represents
and warrants that true and complete copies of the SEC Documents are available on the SEC’s website (www.sec.gov) at no charge
to BTAB, and BTAB acknowledges that it may retrieve all SEC Documents from such website and BTAB’s access to such SEC Documents
through such website shall constitute delivery of the SEC Documents to BTAB; provided, however, that if BTAB is unable to obtain
any of such SEC Documents from such website at no charge, as result of such website not being available or any other reason beyond
BTAB’s control, then upon request from BTAB, MOXC shall deliver to BTAB true and complete copies of such SEC Documents.
As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act, and
none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. None of the statements made in any such SEC Documents is, or has been, required to
be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent filings prior
the date hereof, which amendments or updates are also part of the SEC Documents). As of their respective dates, the consolidated
financial statements of MOXC included in the SEC Documents (the “Financial Statements”) complied in all material respects
with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. All of the Financial
Statements have been prepared in accordance with GAAP, consistently applied, during the periods involved (except: (i) as may be
otherwise indicated in such Financial Statements or the notes thereto; or (ii) in the case of unaudited interim statements, to
the extent they may exclude footnotes or may be condensed or summary statements), and fairly present in all material respects
the consolidated financial position of MOXC as of the dates thereof and the consolidated results of its operations and cash flows
for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments). To the knowledge
of MOXC and its officers, no other information provided by or on behalf of MOXC to BTAB which is not included in the SEC Documents
contains any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements
therein, in the light of the circumstance under which they are or were made, not misleading.

 

    	 	-12-	 

    	 	 	 

    

 

4.11.
Absence of Certain Changes. Since the date the last of the SEC Documents was filed with the SEC, none of the following have occurred:

 

(a)
There has been no event or circumstance of any nature whatsoever that has resulted in, or could reasonably be expected to result
in, a MOXC Material Adverse Effect; or

 

(b)
Any transaction, event, action, development, payment, or any other matter of any nature whatsoever entered into by MOXC other
than in the ordinary course of business.

 

4.12.
Litigation and Taxes. Except as will be disclosed, there is no Proceeding pending, or to MOXC’s knowledge, threatened, against
MOXC or their respective officers, managers, members or shareholders, or against or affecting any of their respective assets.
In addition, there are no outstanding judgments, orders, writs, decrees or other similar matters or items against or affecting
MOXC, its business or assets. MOXC has not received any material complaint from any Customer, supplier, vendor or employee. MOXC
has duly filed all applicable foreign and U.S. income or other tax returns and has paid all foreign and U.S. income or other taxes
when due. There is no Proceeding, controversy or objection pending or threatened in respect of any tax returns of MOXC.

 

4.13.
Event of Default. No event of default has occurred and is continuing, and no event has occurred and is continuing which, with
the lapse of time, the giving of notice, or both, would constitute such an event of default under this Agreement, and MOXC is
not in default (without regard to grace or cure periods) under any contract or agreement to which it is a party or by which any
of their respective assets are bound.

 

4.14.
ERISA Obligations. To the knowledge of MOXC, MOXC has not or has ever had any Employee Plans subject to ERISA, and MOXC has no
any obligations or liabilities arising under ERISA of a character which if unpaid or unperformed might result in the imposition
of a Lien against any of its properties or assets.

 

4.15.
Adverse Circumstances. Other than as disclosed in the SEC Documents, no condition, circumstance, event, agreement, document, instrument,
restriction, litigation or Proceeding (or threatened litigation or Proceeding or basis therefor) exists which: (i) could adversely
affect the ability of MOXC to perform its obligations under this Agreement; (iii) would constitute a default under the Agreement;
(iv) would constitute such a default with the giving of notice or lapse of time or both; or (v) would constitute or give rise
to a MOXC Material Adverse Effect.

 

    	 	-13-	 

    	 	 	 

    

 

4.16.
Liabilities and Indebtedness of MOXC. MOXC has no Funded Indebtedness or any liabilities or obligations of any nature whatsoever,
except: (i) as disclosed in the Financial Statements; or (ii) liabilities and obligations incurred in its ordinary course of business
since the date of the last Financial Statements filed by MOXC with the SEC which do not or would not, individually or in the aggregate,
exceed Ten Thousand Dollars ($10,000) or otherwise have an MOXC Material Adverse Effect.

 

4.17.
Real Estate.

 

(a)
Real Property Ownership. MOXC does not own any Real Property.

 

(b)
Real Property Leases. MOXC leases a leased office space in Beijing. Details are disclosed in the SEC documents.

 

4.18.
Material Contracts. An accurate, current and complete copy of each contract, instrument or other agreement to which MOXC is a
party or by which it is bound which is material to the business of the MOXC, taken as a whole (each, an “MOXC Material Contract”)
has been furnished to BTAB and/or is readily available as part of the SEC Documents, and each of the Material Contracts constitutes
the entire agreement of the respective parties thereto relating to the subject matter thereof. Except for those provided to BTAB
prior to the Closing Date, there are no outstanding offers, bids, proposals or quotations made by MOXC which, if accepted, would
create an MOXC Material Contract with MOXC. Each of the MOXC Material Contracts is in full force and effect and is a valid and
binding obligation of the parties thereto in accordance with the terms and conditions thereof. To the knowledge of MOXC and its
officers, all obligations required to be performed under the terms of each of the MOXC Material Contracts by any party thereto
have been fully performed by all parties thereto, and no party to any MOXC Material Contracts is in default with respect to any
term or condition thereof, nor has any event occurred which, through the passage of time or the giving of notice, or both, would
constitute a default thereunder or would cause the acceleration or modification of any obligation of any party thereto or the
creation of any lien, claim, charge or other encumbrance upon any of the assets or properties of MOXC. Further, MOXC has not received
any notice, nor does MOXC have any knowledge, of any pending or contemplated termination of any of the MOXC Material Contracts
and, no such termination is proposed or has been threatened, whether in writing or orally.

 

4.19.
Title to Assets. MOXC has good and marketable title to, or a valid leasehold interest in, all of its assets and properties which
are material to its business and operations as presently conducted, free and clear of all liens, claims, charges or other encumbrances
or restrictions on the transfer or use of same. Except as would not have a MOXC Material Adverse Effect, the assets and properties
of MOXC are in good operating condition and repair, ordinary wear and tear excepted, and are free of any latent or patent defects
which might impair their usefulness, and are suitable for the purposes for which they are currently used and for the purposes
for which they are proposed to be used.

 

4.20.
Intellectual Property. MOXC owns or possesses adequate and legally enforceable rights or licenses to use all trademarks, trade
names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals,
governmental authorizations, trade secrets and all other intellectual property rights necessary to conduct its business as now
conducted. MOXC has no knowledge of any infringement by MOXC of trademark, trade name rights, patents, patent rights, copyrights,
inventions, licenses, service names, service marks, service mark registrations, trade secret or other intellectual property rights
of others, and, to the knowledge of MOXC, there is no claim, demand or Proceeding, or other demand of any nature being made or
brought against, or to MOXC’s knowledge, being threatened against, MOXC regarding trademark, trade name, patents, patent
rights, invention, copyright, license, service names, service marks, service mark registrations, trade secret or other intellectual
property infringement; and MOXC is not aware of any facts or circumstances which might give rise to any of the foregoing.

 

    	 	-14-	 

    	 	 	 

    
 

4.21.
Labor and Employment Matters. MOXC is not involved in any labor dispute or, to the knowledge of MOXC, is any such dispute threatened.
To the knowledge of MOXC and its officers, none of the employees of MOXC is a member of a union and MOXC believes that its relations
with its employees are good. To the knowledge of MOXC and its officers, MOXC has complied in all material respects with all laws,
rules, ordinances and regulations relating to employment matters, civil rights and equal employment opportunities.

 

4.22.
Insurance. MOXC is covered by valid, outstanding and enforceable policies of insurance which were issued to it by reputable insurers
of recognized financial responsibility, covering its business against losses and risks normally insured against by other corporations
or entities in the same or similar lines of businesses as MOXC is engaged and in coverage amounts which are prudent and typically
and reasonably carried by such other corporations or entities (the “MOXC Insurance Policies”). Such MOXC Insurance
Policies are in full force and effect, and all premiums due thereon have been paid. None of the MOXC Insurance Policies will lapse
or terminate as a result of the transactions contemplated by this Agreement. MOXC has complied with the provisions of such MOXC
Insurance Policies. MOXC has no reason to believe that it will not be able to renew its existing MOXC Insurance Policies as and
when such MOXC Insurance Policies expire or to obtain similar coverage from similar insurers as may be necessary to continue its
business at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings, business
or operations of MOXC.

 

4.23.
Permits. MOXC possesses all Permits necessary to conduct its business, and MOXC has not received any notice of, or is otherwise
involved in, any Proceedings relating to the revocation or modification of any such Permits. All such Permits are valid and in
full force and effect and MOXC is in full compliance with the respective requirements of all such Permits.

 

4.24.
Bank Accounts. MOXC will provide, with respect to each account of MOXC with any bank, broker, merchant processor, or other depository
institution: (i) the name and account number of such account; (ii) the name and address of the institution where such account
is held; (iii) the name of any Person(s) holding a power of attorney with respect to such account, if any; and (iv) the names
of all authorized signatories and other Persons authorized to withdraw funds from each such account.

 

4.25.
Illegal Payments. Neither MOXC, nor any director, officer, member, manager, agent, employee or other Person acting on behalf of
MOXC has, in the course of his actions for, or on behalf of, MOXC: (i) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment
to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision
of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or any similar foreign law or regulation; or (iv) made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

4.26.
Related Party Transactions. Except for: (i) transactions disclosed in the Financial Statements, which transactions are upon terms
no less favorable than the applicable MOXC could obtain from third parties; and (ii) arm’s length transactions pursuant
to which MOXC makes payments in the ordinary course of business upon terms no less favorable than MOXC could obtain from third
parties, none of the officers, directors, managers, or employees of MOXC, nor any stockholders, members or partners who own, legally
or beneficially, five percent (5%) or more of the ownership interests of MOXC (each a “MOXC Material Shareholder”),
is presently a party to any transaction with MOXC (other than for services as employees, officers and directors), including any
contract providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from, any officer, director or such employee or MOXC Material Shareholder or, to the best knowledge of
MOXC, any other Person in which any officer, director, or any such employee or MOXC Material Shareholder has a substantial or
material interest in or of which any officer, director or employee of MOXC or MOXC Material Shareholder is an officer, director,
trustee or partner. There are no claims, demands, disputes or Proceedings of any nature or kind between MOXC and any officer,
director or employee of MOXC or any MOXC Material Shareholder, or between any of them, relating to MOXC.

 

    	 	-15-	 

    	 	 	 

    

 

4.27.
Internal Accounting Controls. Other than as stated in the SEC Documents, MOXC maintains a system of internal accounting controls
sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or
specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences.

 

4.28.
Brokerage Fees. There is no Person acting on behalf of MOXC who is entitled to or has any claim for any brokerage or finder’s
fee or commission in connection with the execution of this Agreement or the consummation of the transactions contemplated hereby.

 

4.29.
No General Solicitation. Neither MOXC, nor any of its Affiliates, nor any Person acting on its or their behalf, has engaged in
any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection
with the offer or issuance of the MOXC Securities hereby.

 

4.30.
Private Placement. Assuming the accuracy of the representations and warranties set forth in Article 2 above and the continued
listing of MOXC Shares on Nasdaq at the time of issuance, no registration under the Securities Act or the laws, rules or regulations
of any other Governmental Authority is required for the issuance of the MOXC Securities.

 

4.31.
Complete Information. This Agreement and all financial statements, exhibits, schedules, certificates, confirmations, agreements,
contracts, and other materials submitted to BTAB in connection with or in furtherance of this Agreement by or on behalf of MOXC
fully and fairly state the matters with which they purport to deal, and do not misstate any material fact nor, separately or in
the aggregate, fail to state any material fact necessary to make the statements made not misleading.

 

ARTICLE
V

Conditions
to Closing

 

5.1.
MOXC Conditions Precedent. The obligations of the Shareholders and BTAB to enter into and complete the Closing are subject,
at the option of the Shareholder and BTAB, to the fulfillment on or prior to the Closing Date of the following conditions, any
one or more of which may be waived by BTAB and the Shareholders in writing.

 

(a)
Representations and Covenants. The representations and warranties of MOXC contained in this Agreement shall be true in
all material respects on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date.
MOXC shall have performed and complied in all material respects with all covenants and agreements required by this Agreement to
be performed or complied with by MOXC on or prior to the Closing Date.

 

    	 	-16-	 

    	 	 	 

    

 

(b)
Litigation. No action, suit or proceeding shall have been instituted before any court or governmental or regulatory body
or instituted or threatened by any governmental or regulatory body to restrain, modify or prevent the carrying out of the Transactions
or to seek damages or a discovery order in connection with such Transactions, or which has or may have, in the reasonable opinion
of BTAB or the Shareholders, a materially adverse effect on the assets, properties, business, operations or condition (financial
or otherwise) of MOXC.

 

(c)
Consents. All material consents, waivers, approvals, authorizations or orders required to be obtained, and all filings
required to be made, by MOXC for the authorization, execution and delivery of this Agreement and the consummation by it of the
Transactions shall have been obtained and made by MOXC, except where the failure to receive such consents, waivers, approvals,
authorizations or orders or to make such filings would not have a MOXC Material Adverse Effect.

 

(d)
Satisfactory Completion of Due Diligence. BTAB and the Shareholders shall have completed their legal, accounting and business
due diligence of MOXC and the results thereof shall be approved by BTAB and the Shareholders, which approval shall not be unreasonably
denied.

 

(e)
Statutory Requirements. All statutory requirements for the valid consummation by MOXC of the transactions contemplated
by this Agreement shall have been fulfilled.

 

(f)
Governmental Approval. All authorizations, consents, approvals, permits and orders of all federal and state governmental
agencies required to be obtained by MOXC for consummation of the transactions contemplated by this Agreement shall have been obtained.

 

(g)
Changes in Financial Condition of MOXC. There shall not have occurred any material adverse change in the financial condition
or in the operations of the business of MOXC, except expenditures in furtherance of this Agreement, and excluding the transactions
contemplated by this Agreement.

 

(h)
Issuance of Shares. At the Closing, MOXC shall deliver to the Shareholders a certificate or in Book Entry, representing
the new shares of MOXC Securities issued to such Shareholder. [The Shareholder shall have received in form and substance satisfactory
to them a letter instructing and authorizing the Registrar and Transfer Agent for the shares of common stock of the Company to
issue stock certificates representing ownership of the Company common stock to Participants in accordance with the terms of this
Agreement and a letter from said Registrar and Transfer Agent acknowledging receipt of the letter of instruction and stating to
the effect that the Registrar and Transfer Agent holds adequate supplies of stock certificates necessary to comply with the letter
of instruction and the terms and conditions of this Agreement.]

 

(i)
Management. The current Board of Directors shall have appointed Binson Lau, Gun Hua Wang and John Taylor and 2 persons
nominated by MOXC (which are satisfactory to BTAB in BTAB’s sole and absolute discretion) as directors and officers of MOXC
(subject to change before Closing) as follows, effective at the Closing Date, and MOXC shall have received letters of resignation
from Hao Qinghu and James Tan Mengdong as directors (unless they are no longer directors at Closing) and MOXC's current officers
to be effective upon the Closing Date and confirming that they have no claim against MOXC in respect of any outstanding remuneration
or fees of whatever nature:

 

	Name	 	Title
	Binson
    Lau	 	Chairman
    and CEO
	Qun
    Hua Wang	 	Director
	John
    Taylor	 	Director

 

    	 	-17-	 

    	 	 	 

    

 

(j)
Delivery of Documents. At the closing MOXC shall deliver to the Shareholders and BTAB such other documents as BTAB may
reasonably request for the purpose of facilitating the consummation of the Transactions.

 

(k)
MOXC Shareholders’ Approval. MOXC shall obtain the approval of its shareholders in a general meeting for the Transactions
and their consummation, and such approval shall have satisfied Nasdaq’s shareholder approval requirements.

 

5.2.
BTAB and Shareholder Conditions Precedent. The obligations of MOXC to enter into and complete the Closing is subject, at
the option of MOXC, to the fulfillment on or prior to the Closing Date of the following conditions, any one or more of which may
be waived by MOXC in writing.

 

(a)
Representations and Covenants. The representations and warranties of the Shareholders and BTAB contained in this Agreement
shall be true in all material respects on and as of the Closing Date with the same force and effect as though made on and as of
the Closing Date. The Shareholders and BTAB shall have performed and complied in all material respects with all covenants and
agreements required by this Agreement to be performed or complied with by the Shareholders and BTAB on or prior to the Closing
Date.

 

(b)
MVLS Rule Satisfaction. MOXC shall have satisfied the MVLS, as defined below), prior to Closing.

 

(c)
Funding Requirements. BTAB shall have entered into a financing agreement with an investor or investors satisfactory to
MOXC pursuant to the terms of which BTAB shall receive a bona fide commitment for a financing of up to $50,000,000 on terms reasonably
satisfactory to MOXC, pursuant to the terms of which BTAB shall receive the sum of $50,000,000 on Closing(which Closing may be
extended pursuant to Section 7.3(a)(v) herein).

 

(d)
Litigation. No action, suit or proceeding shall have been instituted before any court or governmental or regulatory body
or instituted or threatened by any governmental or regulatory body to restrain, modify or prevent the carrying out of the Transactions
or to seek damages or a discovery order in connection with such Transactions, or which has or may have, in the reasonable opinion
of MOXC, a materially adverse effect on the assets, properties, business, operations or condition (financial or otherwise) of
BTAB.

 

(e)
Consents. All material consents, waivers, approvals, authorizations or orders required to be obtained, and all filings
required to be made, by the Shareholders and/or BTAB for the authorization, execution and delivery of this Agreement and the consummation
by them of the Transactions, shall have been obtained and made by the Shareholders and/or BTAB, except where the failure to receive
such consents, waivers, approvals, authorizations or orders or to make such filings would not have a BTAB Material Adverse Effect.

 

(f)
Statutory Requirements. All statutory requirements for the valid consummation by BTAB of the transactions contemplated
by this Agreement shall have been fulfilled.

 

    	 	-18-	 

    	 	 	 

    

 

(g)
Governmental Approval. All authorizations, consents, approvals, permits and orders of all federal and state governmental
agencies required to be obtained by BTAB for consummation of the transactions contemplated by this Agreement shall have been obtained.

 

(h)
Changes in Financial Condition of BTAB. There shall not have occurred any material adverse change in the financial condition
or in the operations of the business of BTAB, except expenditures in furtherance of this Agreement, and excluding the transactions
contemplated by this Agreement.

 

(i)
Satisfactory Completion of Due Diligence. MOXC shall have completed its legal, accounting and business due diligence of
BTAB and the Shareholders and the results thereof shall be satisfactory to MOXC in its sole and absolute discretion.

 

(j)
Valuation. MOXC shall have received, at least fourteen (14) days before the preliminary filing of the proxy statement for
the Shareholders’ Meeting (referred to in clause 5.2(m) herein), a valuation report (the “Valuation Report”)
from a qualified and experienced independent appraiser mutually appointed by BTAB and MOXC supporting a minimum valuation of BTAB
of at least $400,000,000, based on the audited financial statements of BTAB as of and for the year ended June 30, 2020 BTAB shall
bear the cost of the Valuation Report. 

 

(k)
Fairness Opinion. MOXC shall have received, at least fourteen (14) days before the preliminary filing of the proxy statement
for the Shareholders’ Meeting (referred to in clause 5.2(m) herein), the opinion of qualified and experienced independent
financial advisor to the effect that, as of the date of this Agreement and based on and subject to the assumptions, qualifications,
limitations and other matters set forth therein, the Valuation Report, is fair, from a financial point of view, to the shareholders
of MOXC (the “Fairness Opinion”). BTAB shall bear the cost of the Fairness Opinion.

 

(l)
Share Transfer Documents. The Shareholders shall have delivered to MOXC the original certificate(s) representing all BTAB
Stock, accompanied by a duly executed stock transfer power for transfer by the Shareholders of their BTAB Stock to MOXC.

 

(m)
MOXC Shareholders’ Approval. The shareholders of MOXC shall have approved in a general meeting (the “Shareholders’
Meeting”) this Transaction and their consummation, and such approval shall have satisfied Nasdaq shareholder approval requirements. 

 

ARTICLE
VI

Covenants

 

6.1
NASDAQ Compliance. BTAB will use its reasonable best efforts to regain compliance with NASDAQ Continued Listing Rule 
5810(c)(3)(C) (the “MVLS Rule”) before September 16, 2020.

 

6.2.
Blue Sky Laws. MOXC shall take any action (other than qualifying to do business in any jurisdiction in which it is not now so
qualified) required to be taken under any applicable state securities laws in connection with the issuance of the MOXC Securities
in connection with this Agreement.

 

6.3.
Public Announcements. MOXC and BTAB will consult with each other before issuing, and provide each other the opportunity to review
and comment upon, any press releases or other public statements with respect to this Agreement and the Transactions and shall
not issue any such press release or make any such public statement prior to such consultation, except as may be required by applicable
law, court process or by obligations pursuant to any listing agreement with any national securities exchanges.

 

    	 	-19-	 

    	 	 	 

    

 

6.4.
Fees and Expenses. All fees and expenses incurred in connection with this Agreement shall be paid by the Party incurring such
fees or expenses, whether or not this Agreement is consummated.

 

6.5.
Continued Efforts. Each Party shall use commercially reasonable efforts to (a) take all action reasonably necessary to consummate
the Transactions, including without limitation, the capitalization changes set forth in Section 1.2 hereof, and (b) take such
steps and do such acts as may be necessary to keep all of its representations and warranties true and correct as of the Closing
Date with the same effect as if the same had been made, and this Agreement had been dated, as of the Closing Date.

 

6.6
Parties Conduct and Transactions. During the period from the date hereof to the date of Closing, the Parties shall cause the MOXC
and BTAB to:

 

(a)
Conduct their operations in the ordinary course of business, including but not limited to, paying all obligations as they mature,
complying with all applicable tax laws, filing all tax returns required to be filed and paying all taxes due; and

 

(b)
Maintain their records and books of account in a manner that fairly and correctly reflects its income, expenses, assets and liabilities.

 

6.7
MOXC Conduct and Transactions. MOXC shall not during such period, except in the ordinary course of business, without the prior
written consent of BTAB;

 

(a)
Except as otherwise contemplated or required by this Agreement, sell, dispose of or encumber any of its properties or assets;

 

(b)
Declare or pay any dividends on shares of its capital stock or make any other distribution of assets to the holders thereof;

 

(c)
Issue, reissue or sell, or issue options or rights to subscribe to, or enter into any contract or commitment to issue, reissue
or sell, any shares of its capital stock or acquire or agree to acquire any shares of its capital stock;

 

(d)
Except as otherwise contemplated and required by this Agreement, amend its Articles of Incorporation or merge or consolidate with
or into any other corporation or sell all or substantially all of its assets or change in any manner the rights of its capital
stock or other securities;

 

(e)
Except as contemplated or required by this Agreement, pay or incur any obligation or liability, direct or contingent, of more
than $5,000, other than in the ordinary course of business, excluding such payment as may be required for the purposes of completion
and the closing of the transactions described in this Agreement;

 

(f)
Incur any indebtedness for borrowed money, assume, guarantee, endorse or otherwise become responsible for obligations of any other
party, or make loans or advances to any other party, excluding the transactions contemplated by this Agreement;

 

(g)
Make any material change in its insurance coverage;

 

    	 	-20-	 

    	 	 	 

    

 

(h)
Increase in any manner the compensation, direct or indirect, of any of its officers or executive employees; except in accordance
with existing employment contracts;

 

(i)
Enter into any agreement or make any commitment to any labor union or organization;

 

(j)
Make any capital expenditures, excluding the transactions contemplated by this Agreement.

 

6.8
Conduct and Transactions of BTAB. During the period from the date hereof to the date of Closing, BTAB shall:

 

(a)
Obtain an Investment Representation Letter from each of the Shareholders of BTAB in a form substantially reasonably satisfactory
to MOXC;

 

(b)
Conduct the operations of BTAB in the ordinary course of business.

 

BTAB
shall not during such period, except in the ordinary course of business, without the prior written consent of the Company:

 

(a)
Except as otherwise contemplated or required by this Agreement, sell, dispose of or encumber any of the properties or assets of
BTAB;

 

(b)
Declare or pay any dividends on shares of its capital stock or make any other distribution of assets to the holders thereof;

 

(c)
Issue, reissue or sell, or issue options or rights to subscribe to, or enter into any contract or commitment to issue, reissue
or sell, any shares of its capital stock or acquire or agree to acquire any shares of its capital stock;

 

(d)
Except as otherwise contemplated and required by this Agreement, amend its Articles of Incorporation or merge or consolidate with
or into any other corporation or sell all or substantially all of its assets or change in any manner the rights of its capital
stock or other securities;

 

(e)
Except as otherwise contemplated and required by this Agreement, pay or incur any obligation or liability, direct or contingent,
of more than $1,000, other than in the ordinary course of business;

 

(f)
Except as otherwise contemplated and required by this Agreement, incur any indebtedness for borrowed money, assume, guarantee,
endorse or otherwise become responsible for obligations of any other party, or make loans or advances to any other party, other
than in the ordinary course of business;

 

(g)
Make any material change in its insurance coverage;

 

(h)
Increase in any manner the compensation, direct or indirect, of any of its officers or executive employees; except in accordance
with existing employment contracts;

 

(i)
Enter into any agreement or make any commitment to any labor union or organization;

 

(j)
Make any material capital expenditures;

 

(k)
Unless contemplated by this Agreement, allow any of the foregoing actions to be taken by any subsidiary of BTAB.

 

    	 	-21-	 

    	 	 	 

    

 

6.9
Rights of Inspection. During the period from the date of this Agreement to the Closing Date, MOXC and BTAB agree to use their
best efforts to give the other Party, including its representatives and agents, full access to the premises, books and records
of each of the Parties, and to furnish the other with such financial and operating data and other information including, but not
limited to, copies of all legal documents and instruments referred to on any Annex or Exhibit hereto, with respect to the business
and properties of MOXC and BTAB or otherwise as may be necessary for the completion of the transactions contemplated hereby, as
the case may be, as the other shall from time to time request; provided, however, if there are any such investigations: (1) they
shall be conducted in such manner as not to unreasonably interfere with the operation of the business of the other Parties and
(2) such right of inspection shall not affect in any way whatsoever any of the representations or warranties given by the respective
Parties hereunder. In the event of termination of this Agreement, MOXC and BTAB will each return to the other all documents, work
papers and other materials obtained from the other Party in connection with the transactions contemplated hereby, and will take
such other steps necessary to protect the confidentiality of such material.

 

6.10
Sale Restriction.

 

(a)
Each Shareholder hereby agrees that for the period beginning on the date hereof and ending six months (6) months from the Closing
(the “Restricted Period”), the Shareholder will not offer, pledge, sell, contract to sell, sell any option or contract
to purchase, lend, transfer or otherwise dispose of any shares or any options, warrants or other rights to purchase shares or
any other security of MOXC which Shareholder owns or has a right to acquire as of the date hereof (collectively, the “Lockup
Shares”). Any subsequent issuance to and/or acquisition by Shareholder of shares or options or instruments convertible into
shares will be subject to the provisions of this Agreement. Notwithstanding the foregoing restrictions on transfer, the Shareholder
may, at any time and from time to time during the Restricted Period, transfer the shares (i) as bona fide gifts or transfers by
will or intestacy, (ii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the Shareholder,
provided that any such transfer shall not involve a disposition for value, (iii) to a partnership which is the general partner
of a partnership of which the Shareholder is a general partner, provided, that, in the case of any gift or transfer described
in clauses (i), (ii) or (iii), each donee or transferee agrees in writing to be bound by the terms and conditions contained herein
in the same manner as such terms and conditions apply to the undersigned. For purposes hereof, “immediate family”
means any relationship by blood, marriage or adoption, not more remote than first cousin.

 

(b)
Upon the termination of the Restricted Period, the restrictions on sale of the Lockup Shares set
forth herein shall terminate with respect to twenty (20) percent of the Lockup Shares, and on each month thereafter the restrictions
with respect to an additional ten (10) percent of the original amount of the Lockup Shares will terminate; such that after nine
(9) months all Lockup Shares will be free of the restrictions herein.

 

(c)
During the Restricted Period, the Shareholder shall retain all rights of ownership in the Lockup Shares, including, without limitation,
voting rights and the right to receive any dividends that may be declared in respect thereof.

 

(d)
MOXC is hereby authorized and required to disclose the existence of this Agreement to its transfer agent. MOXC and its transfer
agent are hereby authorized and required to decline to make any transfer of the common stock if such transfer would constitute
a violation or breach of this Agreement

 

    	 	-22-	 

    	 	 	 

    

 

ARTICLE
VII

Miscellaneous

 

7.1.
Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be
deemed given upon receipt by the Parties at the addresses set forth on the signature page hereof (or at such other address for
a Party as shall be specified by like notice):

 

7.2
Amendments; Waivers; No Additional Consideration. No provision
of this Agreement may be waived or amended except in a written instrument signed by MOXC, BTAB and Shareholders holding a majority
of the Shares; provided, however, that in the event of such a written instrument by Shareholders holding a majority of the Shares,
such waiver shall bind all Shareholders. No waiver of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any
manner impair the exercise of any such right. No consideration shall be offered or paid to any Shareholder to amend or consent
to a waiver or modification of any provision of any Transaction Document unless the same consideration is also offered to all
Shareholders then holding the Shares.

 

7.3
Termination.

 

(a)
The Parties may terminate this Agreement as provided
below:

 

(i)
MOXC, BTAB
and a majority of the Shareholders may terminate this Agreement by mutual written consent at any time prior to the Closing;

 

(ii)
The parties
acknowledge that MOXC has received notifications letters from Nasdaq (“Letter”) regarding its failure to comply with
Nasdaq Continued Listing Rule  5810(c)(3)(C) regarding the maintenance
of a minimum market value of listed securities of $35,000,000 (the “MVLS Rule”). If MOXC has not satisfied the MVLS
Rule within the time specified in the Letters, as such may be extended by Nasdaq, then either of MOXC or BTAB may terminate this
Agreement by at any time following such time and prior to the Closing;

 

(iii)
MOXC may terminate
this Agreement by giving written notice to BTAB and the Shareholders at any time prior to the Closing (A) in the event BTAB or
any Shareholder has breached any material representation, warranty, or covenant contained in this Agreement in any material respect,
MOXC has notified BTAB and/or the Shareholders of the breach, and the breach has continued without cure for a period of twenty
days after the notice of breach; (B) if the Closing shall not have occurred on or before December 31, 2020 (or such extended date
pursuant to Section 7.3(a)(v) below)  by reason of the failure of any condition precedent under Section 5.2 hereof (unless
the failure results primarily from MOXC itself breaching any representation, warranty, or covenant contained in this Agreement);
and

 

    	 	-23-	 

    	 	 	 

    

 

(iv)
BTAB may terminate
this Agreement by giving written notice to MOXC at any time prior to the Closing (A) in the event MOXC has breached any material
representation, warranty, or covenant contained in this Agreement in any material respect, BTAB has notified MOXC of the breach,
and the breach has continued without cure for a period of twenty days after the notice of breach; (B) if the Closing shall not
have occurred on or before December 30, 2020 (or such extended date pursuant to Section 7.3(a)(v) below) by reason of the failure
of any condition precedent under Section 5.1 hereof (unless the failure results primarily from BTAB or any Shareholder breaching
any representation, warranty, or covenant contained in this Agreement).

 

(v)
In the event that the $50 million referred to in Section 5.2(c) is not available by December 31, 2020, BTAB may extend the Closing
(by giving to MOXC a notice in writing) to a later date but no later than January 31, 2021.

 

(b)
If any Party terminates this Agreement pursuant
to Section 7.3(a) above, all rights and obligations of the Parties hereunder shall terminate without any liability of any Party
to any other Party (except for any liability of any Party then in breach).

 

7.4
Replacement of Securities. If any certificate or instrument evidencing
any MOXC Shares is mutilated, lost, stolen or destroyed, MOXC shall issue or cause to be issued in exchange and substitution for
and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt
of evidence reasonably satisfactory to MOXC of such loss, theft or destruction and customary and reasonable indemnity, if requested.
The applicants for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs associated
with the issuance of such replacement Shares, including if required an insurance bond related to the lost or mutilated stock certificate.
If a replacement certificate or instrument evidencing any Shares is requested due to a mutilation thereof, MOXC may require delivery
of such mutilated certificate or instrument as a condition precedent to any issuance of a replacement.

 

7.5
Remedies. In addition to being entitled to exercise all rights
provided herein or granted by law, including recovery of damages, each of the Shareholders, BTAB and MOXC will be entitled to
specific performance under this Agreement. The Parties agree that monetary damages may not be adequate compensation for any loss
incurred by reason of any breach of obligations described in the foregoing sentence and hereby agrees to waive in any action for
specific performance of any such obligation the defense that a remedy at law would be adequate.

 

7.6
Independent Nature of Shareholders’ Obligations and Rights. The
obligations of each Shareholder under this Agreement are several and not joint with the obligations of any other Shareholder,
and no Shareholder shall be responsible in any way for the performance of the obligations of any other Shareholder under this
Agreement. The decision of each Shareholder to acquire the Shares pursuant to this Agreement has been made by such Shareholder
independently of any other Shareholder. Nothing contained herein, and no action taken by any Shareholder pursuant hereto, shall
be deemed to constitute the Shareholders as a partnership, an association, a joint venture or any other kind of entity, or create
a presumption that the Shareholders are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated herein. Each Shareholder shall be entitled to independently protect and enforce its rights, including without limitation
the rights arising out of this Agreement, and it shall not be necessary for any other Shareholder to be joined as an additional
party in any proceeding for such purpose. Each of MOXC and BTAB acknowledges that each of the Shareholders has been provided with
this same Agreement for the purpose of closing a transaction with multiple Shareholders and not because it was required or requested
to do so by any Shareholder.

 

    	 	-24-	 

    	 	 	 

    

 

7.7
Limitation of Liability. Notwithstanding anything herein to the
contrary, each of BTAB and MOXC acknowledges and agrees that the liability of a Shareholder arising directly or indirectly, under
any Transaction Document of any and every nature whatsoever shall be satisfied solely out of the assets of such Shareholder, and
that no trustee, officer, other investment vehicle or any other affiliate of such Shareholder or any investor, shareholder or
holder of shares of beneficial interest of such Shareholder shall be personally liable for any liabilities of such Shareholder.

 

7.8
Interpretation. When a reference is made in this Agreement to
a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include”,
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation”.

 

7.9
Severability. If any term or other provision of this Agreement
is invalid, illegal or incapable of being enforced by any rule or Law, or public policy, all other conditions and provisions of
this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Transactions
is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the Parties as closely as possible in an acceptable manner to the end that the Transactions are fulfilled to
the extent possible.

 

7.10
Counterparts; Facsimile Execution. This Agreement may be executed
in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or
more counterparts have been signed by each of the Parties and delivered to the other Parties. Facsimile execution and delivery
of this Agreement is legal, valid and binding for all purposes.

 

7.11
Entire Agreement; Third Party Beneficiaries. This Agreement, together
with the Rescission Agreement (a) constitutes the entire agreement and supersede all prior agreements and understandings, both
written and oral, among the Parties with respect to the Transactions and (b) are not intended to confer upon any person other
than the Parties any rights or remedies.

 

7.12
Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Nevada, regardless of the laws that might otherwise govern under applicable principles
of conflicts of laws thereof, except to the extent the laws of Delaware are mandatorily applicable to the Transactions.

 

7.13
Assignment. Neither this Agreement nor any of the rights, interests
or obligations under this Agreement shall be assigned, in whole or in part, by operation of law or otherwise by any of the Parties
without the prior written consent of each of the other Parties. Any purported assignment without such consent shall be void. Subject
to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and
their respective successors and assigns.

 

[Signature
Page Follows]

 

    	 	-25-	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	 	MOXIAN,
    INC.
	 	 	        
	 	By:
    	/s/
    William Yap
	 	Name:
    	William Yap
	 	Title:
    	Chairman

 

	 	BTAB
    GROUP INC. and THE SHAREHOLDERS OF BTAB GROUP, INC
	 	 	 
	 	By: 	/s/
    Binson Lau 
	 	Name: 	Binson
Lau
	 	Title: 	CEO/Founder

 

[Signature
Page to Share Exchange Agreement]

 

    	 	 	 

    	 	 	 

    

 

ANNEX
A

 

Definitions

 

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

 

“BTAB
Bylaws” means the Bylaws of BTAB, as amended to the date of this Agreement.

 

“BTAB
Charter” means the Articles of Incorporation of BTAB, as amended to the date of this Agreement.

 

“BTAB
Material Contracts” means the contracts entered into by BTAB which are significant to the operations of BTAB

 

“Governmental
Entity” means any federal, state, local or foreign government or any court of competent jurisdiction, administrative
agency or commission or other governmental authority or instrumentality, domestic or foreign.

 

“MOXC
Bylaws” means the Bylaws of MOXC, as amended to the date of this Agreement.

 

“MOXC
Charter” means the Articles of Incorporation of MOXC, as amended to the date of this Agreement.

 

“MOXC
Material Contracts” means such contracts as have been filed with MOXC’s SEC Documents under exhibits numbered
10.XX and which, as of the date of this Agreement remain Material Contracts as defined in Regulation S-K, Item 601(b)(10).

 

“MVLS
Rule” means Nasdaq Continued Listing Rule 5810(c)(3)(C), which requires the aggregate market value of MOXC’s common
stock to be at least $35 million. The market value is determined by the Total Number of Outstanding Shares multiplied by the closing
bid price. Nasdaq notified MOXC by letter dated March 20, 2020 that MOXC has until September 16, 2020 to regain compliance with
the MVLS Rule.

 

“SEC”
means the Securities and Exchange Commission.

 

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

 

    	 	 	 

    	 	 	 

    

 

Exhibit
1.1.1

 

MOXC
Class A Preferred Shares

 

	BTAB
    Shareholder	 	Number
    of BTAB Class B Shares	 	 	Number
                                         of MOXC Cl ass A Preferred
	 
	Binson
    Lau	 	 	50,000,000	 	 	 	50,000,000	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total	 	 	50,000,000	 	 	 	50,000,000	 

 

Terms:

 

	 	(1)	These
    are Non-Transferable, Non Convertible Preferred Stock and are non-interest bearing. The Class A Preferred Shares are not entitled
    to any liquidation preference or any value upon winding up of the Company.
	 	(2)	Each
    Class A Preferred Share is entitled to 10 votes per share, but the Class A Preferred Shares (a) may only be voted in a “Change
    of Control” matter requiring shareholder approval pursuant to Nasdaq Continued Listing Rule 5635(b) and (b) may only
    be voted against such a Change of Control or a Tender Offer.(c) They are a control block for corporate decisions that govern
    the structure, expansion and acquisitions as well as major decisions that require shareholders voting.EX-10.15

 Exhibit 10.15 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF
PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED. 
 AMENDED AND RESTATED OFFTAKE AGREEMENT 

BY AND BETWEEN 
 MP MINE
OPERATIONS LLC 
 AND 

SHENGHE RESOURCES (SINGAPORE) INTERNATIONAL TRADING PTE.
LTD.                 
 Dated as of May 19, 2020

 Table of Contents 

 

							
	 ARTICLE 1 DEFINITIONS AND INTERPRETATION
	  	 	1	 
			
	 Section 1.1
	 	 Definitions
	  	 	1	 
	 Section 1.2
	 	 Interpretation
	  	 	8	 
		
	 ARTICLE 2 SALE AND PURCHASE OF OFFTAKE PRODUCTS
	  	 	8	 
			
	 Section 2.1
	 	 Sale and Purchase of Offtake Products
	  	 	8	 
	 Section 2.2
	 	 Sales Commission
	  	 	8	 
	 Section 2.3
	 	 Offtake Products
	  	 	9	 
		
	 ARTICLE 3 CONDITION PRECEDENT; TERM OF AGREEMENT
	  	 	9	 
			
	 Section 3.1
	 	 Condition Precedent; Term of Agreement
	  	 	9	 
		
	 ARTICLE 4 PREPAYMENT AMOUNT; PREPAID BALANCE
	  	 	9	 
			
	 Section 4.1
	 	 Prepayment Amount
	  	 	9	 
	 Section 4.2
	 	 Prepaid Balance
	  	 	10	 
		
	 ARTICLE 5 OFFTAKE OBLIGATIONS AND PROCEDURES
	  	 	10	 
			
	 Section 5.1
	 	 Basic Obligation
	  	 	10	 
	 Section 5.2
	 	 Offtake Product Quantities
	  	 	10	 
	 Section 5.3
	 	 Annual Planning
	  	 	10	 
	 Section 5.4
	 	 Nomination and Notice Procedures
	  	 	11	 
	 Section 5.5
	 	 Scheduling of Deliveries
	  	 	12	 
	 Section 5.6
	 	 Delivery; Customs
	  	 	12	 
	 Section 5.7
	 	 Title and Risk
	  	 	12	 
	 Section 5.8
	 	 Offtake Shortfall
	  	 	13	 
	 Section 5.9
	 	 No Excused Performance
	  	 	13	 
	 Section 5.10
	 	 Sales of Offtake Products to Third Parties
	  	 	13	 
		
	 ARTICLE 6 PURCHASE PRICE AND PAYMENT
	  	 	14	 
			
	 Section 6.1
	 	 Purchase Price
	  	 	14	 
	 Section 6.2
	 	 Payments and Invoices
	  	 	14	 
	 Section 6.3
	 	 Currency and Manner of Payments
	  	 	14	 
	 Section 6.4
	 	 Payment or Invoice Disputes
	  	 	15	 
		
	 ARTICLE 7 RECOUPMENT
	  	 	15	 
			
	 Section 7.1
	 	 Recoupment
	  	 	15	 
	 Section 7.2
	 	 Recoupment Procedures
	  	 	16	 
	 Section 7.3
	 	 Inspection of Seller Financials
	  	 	17	 
		
	 ARTICLE 8 MARKETING CONSIDERATIONS AND REQUIREMENTS
	  	 	17	 
			
	 Section 8.1
	 	 Certain Restrictions and Considerations
	  	 	17	 
	 Section 8.2
	 	 Limited Geographical Restrictions
	  	 	17	 

							
	 ARTICLE 9 REPRESENTATIONS AND WARRANTIES
	  	 	17	 
			
	 Section 9.1
	 	 Representations and Warranties of Buyer and Seller
	  	 	17	 
	 Section 9.2
	 	 Additional Representations and Warranties of Seller
	  	 	18	 
	 Section 9.3
	 	 Disclaimer of Additional Warranties
	  	 	18	 
		
	 ARTICLE 10 TAXES
	  	 	18	 
			
	 Section 10.1
	 	 Taxes
	  	 	18	 
	 Section 10.2
	 	 Tax Refunds
	  	 	18	 
	 Section 10.3
	 	 Tax Returns
	  	 	19	 
		
	 ARTICLE 11 FORCE MAJEURE
	  	 	19	 
			
	 Section 11.1
	 	 Force Majeure
	  	 	19	 
	 Section 11.2
	 	 Exclusions
	  	 	20	 
	 Section 11.3
	 	 No Claim for Breach
	  	 	20	 
	 Section 11.4
	 	 Notice
	  	 	20	 
	 Section 11.5
	 	 Resumption
	  	 	20	 
		
	 ARTICLE 12 DEFAULTS AND REMEDIES
	  	 	21	 
			
	 Section 12.1
	 	 Events of Default
	  	 	21	 
	 Section 12.2
	 	 Remedies
	  	 	21	 
		
	 ARTICLE 13 INDEMNITY AND LIMITATIONS ON LIABILITY
	  	 	21	 
			
	 Section 13.1
	 	 Indemnity
	  	 	21	 
	 Section 13.2
	 	 Limitation on Liability
	  	 	22	 
	 Section 13.3
	 	 No Consequential Damages
	  	 	22	 
		
	 ARTICLE 14 TERMINATION AND SURVIVAL
	  	 	22	 
			
	 Section 14.1
	 	 Automatic Termination
	  	 	22	 
	 Section 14.2
	 	 Optional Termination
	  	 	23	 
	 Section 14.3
	 	 Prepaid Balance
	  	 	23	 
	 Section 14.4
	 	 Survival
	  	 	23	 
		
	 ARTICLE 15 GOVERNING LAW AND RESOLUTION OF DISPUTES
	  	 	23	 
			
	 Section 15.1
	 	 Governing Law
	  	 	23	 
	 Section 15.2
	 	 Resolution of Disputes
	  	 	23	 
		
	 ARTICLE 16 MISCELLANEOUS
	  	 	24	 
			
	 Section 16.1
	 	 Notices
	  	 	24	 
	 Section 16.2
	 	 Further Assurances
	  	 	25	 
	 Section 16.3
	 	 No Partnership
	  	 	25	 
	 Section 16.4
	 	 Public Disclosure
	  	 	25	 

  
 ii 

							
	 Section 16.5
	 	 Entire Agreement
	  	 	25	 
	 Section 16.6
	 	 Assignment
	  	 	25	 
	 Section 16.7
	 	 Amendments
	  	 	25	 
	 Section 16.8
	 	 Severability
	  	 	25	 
	 Section 16.9
	 	 Beneficiaries; Successors and Assigns
	  	 	25	 
	 Section 16.10
	 	 Waivers
	  	 	26	 
	 Section 16.11
	 	 Compliance
	  	 	26	 
	 Section 16.12
	 	 Counterparts
	  	 	26	 
		
	 Schedules
	  			
		
	 Schedule 1
	 	 Offtake Products
	  

	 Schedule 2
	 	 Recoupment Schedule
	  

  
 iii 

 AMENDED AND RESTATED OFFTAKE AGREEMENT 

THIS AMENDED AND RESTATED OFFTAKE AGREEMENT (as amended, modified or supplemented from time to time, this “Agreement”) is
dated as of May 19, 2020, and is entered into by and between: 
 MP MINE OPERATIONS LLC, a Delaware limited liability company
(“Seller”); and 
 SHENGHE RESOURCES (SINGAPORE) INTERNATIONAL TRADING PTE. LTD., a private limited company organized under
the laws of Singapore with its registered office at 60 Paya Lebar Road #08-05 Paya Lebar Square Singapore 409051 (“Buyer”). 

(Each of Seller and Buyer are referred to herein individually as a “Party” and collectively as the “Parties”). 

RECITALS 
 WHEREAS, Seller
is the owner and operator of a rare earth minerals mining and processing facility located in Mountain Pass (San Bernardino County), California (excluding the subterranean mineral rights that are owned by Secure Natural Resources LLC and leased to
Seller, the “Mountain Pass Facility” or “Facility”); 
 WHEREAS, the Parties entered into that certain
Offtake Agreement, dated as of May 22, 2017 (as amended, modified or supplemented from time to time, the “Original Offtake Agreement”); 

WHEREAS, the Parties and Leshan Shenghe Rare Earth Co., Ltd, an affiliate of Buyer, entered into that certain Framework Agreement and
Amendment, dated as of May 6, 2020 (the “Framework Agreement”); and 
 WHEREAS, as contemplated by the Framework
Agreement, the Parties desire to amend and restate the Original Offtake Agreement as set forth herein. 
 NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS
AND INTERPRETATION 
 Section 1.1    Definitions. In this Agreement, the following
terms shall have the meanings specified or referred to below: 
 “Acceptable Bank” means Bank of China, the Industrial and
Commercial Bank of China Limited, the Agricultural Bank of China and China Construction Bank, and any commercial bank that: 
  

	 	(i)	 is organized under the laws of, or is a foreign bank that is licensed to do business in, the United States or
any state thereof: 

  

	 	(ii)	 has capital, surplus and undivided profits of at least $500,000,000; and 

	 	(iii)	 has outstanding unguaranteed and unsecured long-term indebtedness which is rated
“A-” or better by Standard & Poor’s Ratings Services and “A3” or better by Moody’s Investors Service, Inc. (or an equivalent rating by another nationally recognized
statistical rating organization of similar standing if neither such corporation is in the business of rating unsecured bank indebtedness). 

“Advance Purchase Price Payment Amount” or “APPPA” has the meaning specified in
Section 4.1. 
 “Affiliate” means, with respect to any Person, any Person that directly, or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with such first Person. For purposes of the foregoing definition, the term “control” means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise, provided that a Person who owns greater than fifty percent (50%) of any
outstanding class of voting securities of any other Person shall be deemed to control such other Person. 
 “Agreement” has
the meaning set forth in the Preamble. 
 “Annual Production Forecast” has the meaning specified in
Section 5.3(a). 
 “Annual Production Notice” has the meaning specified in
Section 5.3(c). 
 “Annual Request Notice” has the meaning specified in
Section 5.3(b). 
 “Asset Sale” means any sale by Seller of (i) equipment, machinery, spare
parts or other fixed or intangible assets that are not needed to operate the Facility, and (ii) inventory from the Facility produced prior to the Commercial Operations Date, and in the case of (i) and (ii), where the proceeds of such sale
will not be reinvested in replacement equipment, machinery, spare parts or other assets. For the avoidance of doubt, the term “Asset Sale” shall not include, among other things, sales of inventory from the Facility produced after the
Commercial Operations Date or any sale of all or substantially all of the assets of Seller and its subsidiaries, taken as a whole. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banking institutions in
Singapore, China, or New York, New York or San Bernardino, California, U.S.A. are authorized or required to be closed to the public. 

“Buyer” has the meaning set forth in the Preamble. 

“Buyer Change of Control” means the occurrence of any of the following events: 

 

	 	(i)	 the shares of Shenghe cease to be listed on the Shanghai Stock Exchange; 

  
 2 

	 	(ii)	 the sale of all or substantially all of the assets of Shenghe; 

 

	 	(iii)	 any Person or group of Persons (excluding the current largest shareholder of Shenghe) acting together directly
or indirectly becomes the beneficial owner of more than 30% of the outstanding equity interests in Shenghe and possesses the power to direct the management and policies of Shenghe; or 

 

	 	(iv)	 Shenghe and its Affiliates cease to own more than 60% of the equity interests in Buyer. 

“Commercial Operations Date” means the date the Mountain Pass Facility was declared by Seller, after consultation with Buyer,
ready to commence commercial operations. 
 “Commission Fee” has the meaning specified in
Section 2.2. 
 “Contract Quarter” means a calendar quarter during a Contract Year, with the
first Contract Quarter of each Contract Year commencing on the first day of January and ending on the last day of March in such Contract Year, and each subsequent Contract Quarter consisting of each subsequent consecutive three (3) Month period
in such Contract Year. 
 “Contract Year” means a Year during the Term. 

“Covered Costs” means Buyer’s costs directly related to the sale of Offtake Products, including labor costs, travel,
office rent and other administration fees, charges for delivery orders, customs clearance, port surcharges, drayage, devanning, sampling, analysis, and analysis arbitration. 

“Deducted Taxes” has the meaning specified in Section 10.1. 

“Delivery Point” means (i) with respect to light rare earth concentrate, [***] or [***], as specified by Buyer, in the
People’s Republic of China or such other location as the Parties mutually agree, and (ii) with respect to all other Offtake Products, such location as may be mutually agreed by the Parties from time to time. 

“Dispute” means any and all questions, claims, controversies or disputes arising out of or relating to the validity,
interpretation, performance, effect or breach of this Agreement or the rights and obligations arising hereunder. 

“Distributor” means Ningbo Ruiyu New Material Co., Ltd, a limited company organized under the laws of the People’s
Republic of China with its registered office at Room B195, Building 5, Zhongchuang Zone, North of Binhai Si Road, Hangzhou Bay New Zone, Ningbo, China. 

“Effective Date” has the meaning specified in Section 3.1(a). 

“Event of Default” has the meaning specified in Section 12.1. 

“Expiration Date” means the Recoupment Date. 

  
 3 

 “Extraordinary Charges” means charges for container cleaning and repairs,
and any costs related to government inspections (extraordinary customs inspections, material testing, and container detention charges). 

“Facility” has the meaning set forth in the Recitals. 

“February 2019 Letter Agreement” means that certain letter agreement, dated February 15, 2019, by and between Seller and
Buyer. 
 “Force Majeure” has the meaning set forth in Section 11.1. 

“Governmental Authority” means any unit, agency, ministry, commission, division, department, instrumentality or other similar
legal authority of any branch of government (whether executive, legislative, judicial, regulatory or administrative) at any level of government (whether national, federal, regional, state, provincial, municipal, territorial or local, foreign or
domestic), any self-regulatory organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of law), or any arbitrator, court or tribunal of competent jurisdiction. 
 “Gross Profits” means, with
respect to any quantity of Offtake Products, the positive difference between (i) the gross proceeds from [***], and (ii) the [***], provided that, for each calendar month, the aggregate Gross Profits during such month based
on the foregoing calculation shall be further reduced by the [***] applied pursuant to Section 2.2, all as determined in accordance with US GAAP. Gross Profits shall be set forth in the applicable invoice(s) delivered
by Seller pursuant to Section 6.2(c) and adjusted (if necessary) to take into account the sales prices and other relevant information (including rare earth oxide content) as reflected in the customer invoices and other
records delivered by Buyer pursuant to Section 7.2(c). 
 “IFRS” means the International
Financial Reporting Standards promulgated by the International Accounting Standards Board. 
 “Initial Prepayment Amount”
has the meaning specified in Section 4.1. 
 “Insolvency Event” means, with respect to any
Person, any one or more of the following events or circumstances: 
  

	 	(i)	 such Person commences a voluntary case under any applicable Law concerning bankruptcy, insolvency,
reorganization or liquidation now or hereafter in effect; 

  

	 	(ii)	 such Person consents to the entry of an order for relief in an involuntary case under any such Law or to the
appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar official of any substantial part of its assets; 

 

	 	(iii)	 such Person makes a general assignment for the benefit of creditors; 

  
 4 

	 	(iv)	 such Person takes corporate or other action in furtherance of any of the foregoing; or 

(v)    entry is made against such Person of a judgment, decree or order for relief affecting a substantial part of any of
its assets by a court of competent jurisdiction in an involuntary case commenced under any applicable bankruptcy, insolvency or other similar Law of any jurisdiction now or hereafter in effect and such judgment, decree or order continues unstayed
and in effect for a period of sixty (60) days. “Law” means any law (including common law), statute, code, ordinance, constitution, treaty, rule, regulation, order, judgment, ruling, decree, proclamation, declaration,
injunction, award or other direction or requirement of any Governmental Authority, including any judicial or administrative interpretation thereof. 

“Losses” means all claims, demands, proceedings, fines, losses, damages, liabilities, obligations, deficiencies, costs and
expenses (including all reasonable legal, advisory and other professional fees and disbursements, interest, penalties, judgment and amounts paid in settlement of any demand, action, suit, proceeding, assessment, judgment or settlement or
compromise). 
 “Market Price” means the price set forth in the applicable purchase agreement for the purchase of a
particular quantity of Offtake Products by Buyer from the Seller pursuant to this Agreement as determined as follows: 
  

	 	(i)	 with respect Offtake Products comprised of light rare earth concentrate, the price [***]. This Market Price is
intended to constitute the [***]; and 

  

	 	(ii)	 with respect to any other Offtake Products, the Asia Metals Market Price for each such product either at the
time of sale or averaged over a specified period of time, as mutually agreed by the Parties. If the Asia Metals Market Price is not available, the Parties will mutually agree on another widely accepted market index. If no such market index is
available for a particular Offtake Product, then the Parties will negotiate in good faith and mutually agree on the pricing for such product. 

“Month” means a calendar month. 

“Monthly Offtake Notice” has the meaning specified in Section 5.4(c). 

“Monthly Offtake Quantities” has the meaning specified in Section 5.4(c). 

“Monthly Production Notice” has the meaning specified in Section 5.4(b). 

“Mountain Pass Facility” has the meaning set forth in the Recitals. 

“Net After-Tax Proceeds” means, with respect to any Asset Sale, an amount equal to
the net cash proceeds received by Seller from such Asset Sale, after deducting any expenses paid or taxes incurred by Seller in connection with or as a result of such Asset Sale. 

  
 5 

 “Net After-Tax Profits” means, with
respect to any Asset Sale, an amount equal to the excess of (i) the Net After-Tax Proceeds from such Asset Sale over (ii) the Seller’s basis, determined in accordance with US GAAP, in the
assets included in the Asset Sale. 
 “Net Income” means, with respect to any Contract Year, Seller’s net income for
such Contract Year, as determined in accordance with US GAAP. 
 “Offtake Products” means the rare earth products
specified on Schedule 1 that are produced by the mining and processing operations of the Facility during the Term. 

“Offtake Shortfall” has the meaning set forth in Section 5.8(a). 

“Original Offtake Agreement” has the meaning set forth in the Recitals. 

“Party” or “Parties” has the meaning set forth in the Preamble. 

“Permit” means any permit, certificate, license, authorization, approval, franchise, concession, waiver, filing, registration
or notice required to be obtained from, or provided to, any Governmental Authority. 
 “Permit Transfer Additional Advance”
has the meaning set forth in Section 4.1. 
 “Permit Transfer Additional Advance Letter
Agreement” or “PTAALA” means that certain letter agreement, dated June 20, 2017, by and between Seller and Buyer. 

“Person” means any individual, partnership, corporation, limited liability company, cooperative, association, foundation,
joint stock company, trust, joint venture, unincorporated organization, Governmental Authority or any other entity (in each case whether or not incorporated and whether or not having a separate legal identity). 

“Prepaid Balance” means, as of any date of determination, the Prepayment Amount, less the sum of: (i) the
aggregate amount of Gross Profits received by Buyer on all sales of Offtake Products through such date of determination, plus (ii) all payments made to Buyer in connection with Seller’s sales of Offtake Products pursuant to
Section 5.10, plus (iii) all payments made to Buyer in respect of Seller’s Net Income in accordance with Section 7.1(b), plus (iv) the aggregate amount of any payments
made by Seller to Buyer from the cash proceeds of Asset Sales in accordance with Section 7.1(c), plus (v) any other payments made by Seller to Buyer (whether from the proceeds of a third party financing or from
any other source) that are designated by Seller as payments made in order to reduce the Prepaid Balance. 
 “Prepayment Amount”
means the Initial Prepayment Amount plus the Permit Transfer Additional Advance plus the Advance Purchase Price Payment Amount. 

“Production Quantities” means, with respect to any referenced period, the types and respective quantities of all Offtake
Products produced, or expected to be produced, by the Facility during such period. 
 “Purchase Price” has the meaning
specified in Section 6.1. 

  
 6 

 “Quarterly Production Notice” has the meaning specified in
Section 5.4(a). 
 “Recoupment Date” means the date on which the Prepaid Balance has been reduced
to zero dollars ($0) in accordance with Section 7.1. 
 “Recoupment Schedule” has the meaning
specified in Section 7.2(b). 
 “Sanctioned or Designated Person” means, any Person (a) that
is, or is owned or controlled by, a Person then appearing upon the “Denied Persons List” or “Entity List,” as maintained by the U.S. Department of Commerce; or (b) that is, or is owned or controlled by, (i) a Person on
the U.S. Office of Foreign Assets Control “Specially Designated Nationals and Blocked Persons List,” or any other Person with whom dealings are restricted or prohibited by the United States, including Persons resident in embargoed
countries, territories, or regions; (ii) the government, including any political subdivision, agency, or instrumentality thereof, or any national, of any country, territory, or region against which the United States maintains economic sanctions
or embargos; (iii) a Person acting or purporting to act, directly or indirectly, on behalf of, or a Person owned or controlled by, any of the Persons listed in sub-clauses (i) or (ii) above; or
(iv) a Person with whom dealings are prohibited or restricted on account of any economic sanctions laws, regulations, or directives, of the United States, if the sale or supply, or any other transaction, directly or indirectly, to or with such
Person could cause Buyer or Seller to be in violation of such laws, regulations, or directives.
 “Seller” has the meaning
set forth in the Preamble. 
 “Shenghe” means Shenghe Resources Holding Co. Ltd, a company organized under the laws of the
People’s Republic of China. 
 “SWB” has the meaning specified in Section 6.2(a). 

“Tax” or “Taxes” means all taxes, assessments and other governmental charges, duties, royalties and
impositions, including any interest, penalties, tax installment payments or other additions that may become payable in respect thereof, imposed by any Governmental Authority, which taxes shall include all income or profits taxes (including federal,
provincial, state and local income taxes), non-resident withholding taxes, sales and use taxes, branch profit taxes, ad valorem taxes, excise taxes, harmonized sales taxes, franchise taxes, gross receipts
taxes, business license taxes, occupation taxes, real and personal property taxes, stamp taxes, environmental taxes, production taxes, transfer taxes, land transfer taxes, capital taxes, extraordinary income taxes, surface area taxes, property
taxes, asset transfer taxes, and other governmental charges, and other obligations of the same or of a similar nature to any of the foregoing. 

“Term” has the meaning specified in Section 3.1. 

“US GAAP” means generally accepted accounting principles in the United States. 

“Weekly Shipping Forecast” has the meaning specified in Section 5.5. 

“Year” means the period from 1 January to 31 December in any calendar year. 

  
 7 

 Section 1.2    Interpretation. 

(a)    When a reference is made in this Agreement to an Article, Section, Schedule or Exhibit, such
reference shall be to an Article, Section, Schedule or Exhibit of or to this Agreement, unless the context requires otherwise. 

(b)    The table of contents and headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. 
 (c)    Whenever the words
“include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

(d)    Whenever the words “hereof,” “herein,” “hereunder” or
“hereto” are used in this Agreement, they shall be deemed to refer to this entire Agreement and not any particular provision. 

(e)    References in this Agreement to (i) “$” shall mean United States Dollars, and
(ii) the singular shall include the plural, and the plural shall include the singular, unless the context requires otherwise. 

(f)    References in this Agreement to (i) any agreement, instrument or other document means such
agreement, instrument or other document and any attachments, exhibits, annexes and schedules thereto, in each case, as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof, or (ii) any statute
includes all regulations promulgated under such statute, and any reference to a statute or regulation includes the provisions of any statute or regulation which amends, supplements or supersedes any such statute or regulation. 

(g)    This Agreement shall be construed according to its fair meaning, taken as a whole, as if it had been
prepared jointly by the Parties, and not as if it had been prepared by one Party. 
 ARTICLE 2 

SALE AND PURCHASE OF OFFTAKE PRODUCTS 

Section 2.1    Sale and Purchase of Offtake Products. Subject to and in accordance
with the terms and conditions of this Agreement, Seller agrees to sell and deliver to Buyer the Offtake Products in the quantities determined in accordance with Section 5.2 and Section 5.4, and
Buyer agrees to purchase and take delivery of, all such Offtake Products. 

Section 2.2    Sales Commission. In consideration of the efforts and costs incurred by
Buyer to market and sell the Offtake Products to end users, the Parties agree that a sales commission fee of $[***] per Month (the “Commission Fee”) shall be due to Buyer, and applied to reduce the Gross Profits in relation to such
Month pursuant to this Section 2.2 and the definition of “Gross Profits.” The Commission Fee shall cover all of [***], but shall not cover any [***] paid by Buyer, if any. Buyer shall use all good faith efforts to
mitigate and minimize such [***] prior to their incursion. All reasonable, documented and agreed [***] paid by Buyer, 

  
 8 

 
after exhausting good faith efforts to mitigate and minimize the same, shall be reimbursable by Seller through an increase in the Prepaid Balance. The treatment of all other non-routine or extraordinary costs (that are neither [***] nor [***]), such as non-routine end customer transportation allowances, shall be negotiated in good faith between
the Parties. 
 Section 2.3    Offtake Products. Subject to variations in mine output
and the output of the Mountain Pass Facility, the Offtake Products shall include the rare earth products set forth on Schedule 1. 

ARTICLE 3 
 CONDITION
PRECEDENT; TERM OF AGREEMENT 
 Section 3.1    Condition Precedent; Term of
Agreement.  
 (a)    This Agreement shall come into full force and effect only upon
satisfaction of the condition precedent that the date of Shenghe’s Full Funding (as defined in the Framework Agreement), in accordance with the terms and conditions of the Framework Agreement has been achieved (such date, the “Effective
Date”). Until the date Shenghe’s Full Funding is achieved (in satisfaction of the foregoing condition precedent), this Agreement shall have no force or effect. If Shenghe’s Full Funding is not achieved by or within the time period
contemplated by the Framework Agreement, then this Agreement shall no longer be capable of coming into force and effect, and be deemed null and void, in which case the Original Offtake Agreement shall continue in full force and effect. 

(b)    Unless this Agreement is terminated earlier in accordance with the provisions of
Section 14.2, the term of this Agreement shall commence on the Effective Date and shall continue in full force and effect until the Expiration Date (the “Term”). 

(c)    For certainty, any outstanding obligations or liabilities arising during the Term, including for the
payment of any Monthly Offtake Quantities or Offtake Shortfall, shall expressly survive any expiration or termination of this Agreement. 

ARTICLE 4 
 PREPAYMENT
AMOUNT; PREPAID BALANCE 
 Section 4.1    Prepayment Amount. As of the
Effective Date, the Prepayment Amount consists of the following amounts delivered by Buyer (or a party designated by Buyer): (i) an aggregate amount of $[***] pursuant to the Original Offtake Agreement (the “Initial Prepayment
Amount”); (ii) an aggregate amount of $[***] pursuant to the PTAALA (the “Permit Transfer Additional Advance”); and (iii) an aggregate amount of $[***] pursuant to the Framework Agreement (the “Advance Purchase
Price Payment Amount” or “APPPA”). The foregoing amounts were delivered in consideration of and as prepayment for the sale and delivery of the Offtake Products under this Agreement. No interest shall accrue on, or be
payable in respect of, the Initial Prepayment Amount, the Permit Transfer Additional Advance or the Advance Purchase Price Payment Amount. 

  
 9 

 Section 4.2    Prepaid Balance. 

(a)    For certainty, the Prepaid Balance as of the Effective Date shall reflect all recoupment adjustments
made through such date pursuant to Section 7.1 of the Original Offtake Agreement. Upon the Effective Date, the Prepaid Balance as of such date shall be set forth where indicated on Schedule 2. 

(b)    The Parties acknowledge and agree that (i) as of the execution date of this Agreement the
aggregate amount of prepayments delivered by Buyer (or a party designated by Buyer) pursuant to the Offtake Agreement and the PTAALA is $[***], and (ii) as of March 31, 2020, the estimated aggregate amount recouped pursuant to
Section 7.1 of the Original Offtake Agreement is $[***], which amount consists of (x) $[***] recouped as of December 31, 2019 and (y) an estimated $[***] recouped during the period from January 1, 2020 through March 31,
2020. 
 ARTICLE 5 

OFFTAKE OBLIGATIONS AND PROCEDURES 

Section 5.1    Basic Obligation. Subject to and in accordance with the terms and
conditions of this Agreement, during the Term of this Agreement, Seller shall sell and deliver to Buyer, and Buyer shall be obligated to pay for and take delivery of, on a firm take or pay basis, the Offtake Products in the quantities determined in
accordance with Section 5.2 and Section 5.4. Buyer shall be obligated to pay for all such quantities of Offtake Products determined in accordance with Section 5.2 and
Section 5.4, whether or not Buyer is able to take, or actually takes, delivery of such Offtake Products. [***]. 

Section 5.2    Offtake Product Quantities. 

(a)    For each Month during the Term, Seller shall sell and deliver to Buyer, and Buyer shall be obligated
to pay for and take delivery of, one hundred percent (100%) of the Offtake Products made available by Seller to Buyer during such Month. 

Section 5.3    Annual Planning. 

(a)    At least three (3) months prior to the start of each Contract Year, Seller shall deliver to
Buyer a written notice (an “Annual Production Forecast”) providing a non-binding forecast of the Production Quantities of the Facility expected to be made available for sale and delivery
during each Contract Quarter of the following Contract Year. 
 (b)    No later than fifteen
(15) days after the date of receipt by Buyer of the Annual Production Forecast, Buyer shall deliver to Seller a written notice (the “Annual Request Notice”) specifying the types and respective quantities of Offtake Products
that Buyer requests be made available for delivery to Buyer during each Contract Quarter specified in the Annual Production Forecast, provided that the quantities of Offtake Products specified by Buyer in the Annual Request Notice
shall be in an aggregate quantity equal to one hundred percent (100%) of the total Production Quantities of the Facility expected to be made available for sale and delivery during such Contract Year. 

  
 10 

 (c)    At least two (2) months prior to the start
of each Contract Year, and subject to receiving the applicable Annual Request Notice from Buyer, Seller shall, after taking into due consideration the types and respective quantities of Offtake Products specified by Buyer in the Annual Request
Notice, deliver to Buyer a written notice (an “Annual Production Notice”) specifying the estimated types and respective quantities of Offtake Products expected to be made available for delivery to Buyer during each relevant Contract
Quarter of the following Contract Year. 
 Section 5.4    Nomination and Notice
Procedures. 
 (a)    At least forty five (45) days prior to the start of each Contract Quarter,
Seller shall deliver to Buyer a written notice (a “Quarterly Production Notice”) providing a non-binding forecast of the total Production Quantities of the Facility expected to be made
available for sale and delivery during each Month of such Contract Quarter. Following delivery of the Quarterly Production Notice, Seller shall promptly notify Buyer in writing of any material adjustments to the estimates of the types and respective
quantities of Offtake Products expected to be made available for delivery to Buyer in order to facilitate Buyer’s marketing efforts and planning. Such adjustments shall be reflected in the Monthly Production Notices to be delivered by Seller in
accordance with Section 5.4(b) for the availability of Offtake Products during each Month of the relevant Contract Quarter. 

(b)    At least thirty (30) days prior to the start of each Month, Seller shall deliver to Buyer a
written notice (a “Monthly Production Notice”) specifying the total Production Quantities of the Facility and the anticipated specifications of the same made available for sale and delivery during such Month. Following delivery of
the Monthly Production Notice, Seller shall promptly upon becoming aware notify Buyer in writing of any material adjustments to the estimates of the types and respective quantities of Offtake Products expected to be delivered to Buyer based on
Seller’s actual production, in order to facilitate Buyer’s marketing efforts and planning. 

(c)    At least fifteen (15) days prior to the start of each Month, Buyer shall deliver to Seller a
written notice (a “Monthly Offtake Notice”) that confirms the types, specifications and respective quantities of Offtake Products that Buyer shall take delivery of during such Month (the “Monthly Offtake
Quantities”), provided that the Monthly Offtake Quantities shall cover (i.e., shall equal) one hundred percent (100%) of the Offtake Products made available for delivery to Buyer during such Month pursuant to the Monthly
Production Notice. 
 (d)    Each such Monthly Offtake Notice shall constitute a firm obligation on the
part of Seller to provide, and Buyer to take delivery of and pay for, the Monthly Offtake Quantities, provided that such Monthly Offtake Quantities shall be commensurately adjusted based on adjustments to actual Production Quantities
of the Facility as set forth in an updated Monthly Production Notice. In the event Buyer fails to deliver a timely 

  
 11 

 
Monthly Offtake Notice, the quantities set forth in Seller’s latest updated Monthly Production Notice shall constitute the “Monthly Offtake Quantities” for all purposes hereunder,
including this Section 5.4(d) and Section 5.8, as if Buyer had duly delivered the Monthly Offtake Notice. 

Section 5.5    Scheduling of Deliveries. Unless the Parties mutually agree otherwise, the
Monthly Offtake Quantities for each Month shall be scheduled to ship from the Facility for delivery to Buyer on a weekly basis. Prior to the end of each week, Seller shall deliver to Buyer a forecast of the portion of the Monthly Offtake Quantities
anticipated to be shipped from the Facility during the following week (a “Weekly Shipping Forecast”). Each Weekly Shipping Forecast will include the relevant sales order number, the types, specifications and respective quantities of
Monthly Offtake Quantities, the relevant product codes, the Delivery Point, and such other information as the Parties mutually agree. 

Section 5.6    Delivery; Customs. 

(a)    Seller shall deliver the Monthly Offtake Quantities to Buyer at the Delivery Point. The delivery of
Monthly Offtake Quantities comprised of (i) light rare earth concentrate shall, unless the Parties mutually agree otherwise, be on cost, insurance and freight (CIF) basis to the Delivery Point, and (ii) any other Offtake Products will be
on delivery terms to be mutually agreed between the Parties from time to time. 
 (b)    Seller shall be
responsible for preparing all customs documentation required by any U.S. Governmental Authority to clear any Monthly Offtake Quantities for export from the United States. Buyer shall take all reasonable actions to facilitate and support Seller in
procuring customs clearance of Monthly Offtake Quantities for export from the United States. 

(c)    Buyer shall be responsible for all customs documentation, tariffs and Taxes required by any
Governmental Authority to clear any Monthly Offtake Quantities for import at or from the Delivery Point. 

Section 5.7    Title and Risk. Title to and risk of loss of Monthly Offtake Quantities
comprised of (i) light rare earth concentrate delivered on a CIF basis pursuant to Section 5.6(a) shall, in accordance with Incoterms, pass to Buyer at the point such Monthly Offtake Quantities are loaded onto the
vessel of the carrier selected by Seller at the port of departure, and (ii) any other Offtake Products shall pass to Buyer in accordance with the delivery terms mutually agreed between the Parties pursuant to
Section 5.6(a). Buyer shall be responsible for all Covered Costs (but not Extraordinary Charges) after title to and risk of loss of the Monthly Offtake Quantities has passed to Buyer. Seller shall indemnify, defend and hold
harmless Buyer from any and all third party claims arising with respect to the Monthly Offtake Quantities or any loss thereof prior to the point that title and risk of loss has passed to Buyer. Buyer shall indemnify, defend and hold harmless Seller
from any and all third party claims arising with respect to the Monthly Offtake Quantities or any loss thereof after the point that title and risk of loss has passed to Buyer. 

  
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 Section 5.8    Offtake Shortfall. 

(a)    For any Month during the Term of this Agreement, if the quantity of Offtake Products taken by Buyer
during such Month is less than the Monthly Offtake Quantities in effect for such Month, then the difference shall be considered an “Offtake Shortfall”. Notwithstanding the occurrence of an Offtake Shortfall, Buyer shall be obligated
to pay and deliver to Seller the Purchase Price for the full amount of the Monthly Offtake Quantities in effect for such Month as reflected in the Monthly Offtake Notice or latest updated Monthly Production Notice, as applicable, including for the
amounts constituting the Offtake Shortfall, provided that such Monthly Offtake Quantities cannot be greater than Seller’s actual production. For certainty, Buyer will not be paying for Monthly Offtake Quantities unless they are
actually made available to Buyer. 
 (b)    Provided Buyer has satisfied its obligation to pay the
Purchase Price in respect of an Offtake Shortfall, Buyer shall be entitled take delivery of such Offtake Shortfall. Buyer shall be responsible for all costs arising from or relating to its failure or delay in taking delivery of any such Offtake
Shortfall, including any demurrage costs, port surcharges and storage costs, and all such costs shall not be included in the calculation of (or otherwise reduce) Buyer’s Gross Profits or otherwise affect the recoupment of the Prepaid Balance.

 Section 5.9    No Excused Performance. In the event Buyer fails to provide any
notice that Buyer is required to deliver pursuant to Section 5.4, or otherwise fails to provide any other notice or take any other action necessary to give effect to the purposes of Section 5.4,
Buyer shall nevertheless be obligated to pay such amount that covers payment for the total quantities of Offtake Products required to be paid for by Buyer in accordance with Section 5.4 and
Section 5.8, regardless of whether or not Buyer ever intends to take or actually takes delivery of such Offtake Products. 

Section 5.10    Sales of Offtake Products to Third Parties. 

(a)    In the event of any sale by Seller of any Offtake Products to any other party during the Term of
this Agreement in breach of Section 5.1, [***], and Seller shall deliver to Buyer a payment equal to [***] percent ([***]%) of Seller’s revenue from such sale. Upon Buyer’s receipt of such payment, [***]. 

(b)    Buyer shall have the right, at any time at Buyer’s request and cost, to inspect the books and
records of Seller pertaining to the sale of Offtake Products by Seller to any other party and the revenue received by Seller therefrom, provided that if such inspection demonstrates any amount of revenue received by Seller is materially
greater than the amount previously reported by Seller, then Seller shall be obliged to pay to Buyer a payment equal to [***] percent ([***]%) of the difference between such amounts and Buyer shall also be entitled to recover from Seller the cost of
such inspection. 

  
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 ARTICLE 6 

PURCHASE PRICE AND PAYMENT 

Section 6.1    Purchase Price. The actual purchase price to be paid for Monthly Offtake
Quantities comprised of: (a) light rare earth concentrate, shall be equal to the Market Price for such product less a [***] percent ([***]%) discount, which discount may be adjusted based on market conditions upon further agreement
between the Parties, provided that, if the Effective Date occurs in accordance with Section 3.1(a) on or before June 8, 2020, then the discount provided in this clause (a) shall be adjusted to [***]
percent ([***]%), and provided further that, notwithstanding the preceding proviso, in the event any import duties, tariffs or other similar charges or assessments are imposed on light rare earth concentrate, then the discount provided
in this clause (a) shall thereafter remain at, or automatically revert (if an adjustment has already been made pursuant to the preceding proviso) and remain at, [***] percent ([***]%), and (b) any other Offtake Products, shall be equal to
the Market Price for each such product less a discount to be mutually agreed between the Parties (in each case, after reflecting the applicable discount, the “Purchase Price”). 

Section 6.2    Payments and Invoices. 

(a)    After any shipment of Monthly Offtake Quantities has been loaded onto the vessel of the carrier
selected by Seller at the port of departure, such carrier will issue to Seller a seaway bill (such bill or similar documentation, an “SWB”) listing the actual quantities (by containers and weights) loaded onto such vessel. 

(b)    Upon receipt of an SWB, Seller shall deliver to Buyer a copy of the SWB along with a calculation of
the total payment due for the shipment based on the actual quantities of Monthly Offtake Quantities shipped and the agreed Purchase Price for such products. Within three (3) Business Days after Buyer’s receipt of the foregoing, Buyer shall
pay the total amount due for the shipment of Monthly Offtake Quantities, based on the calculation of the payment due so delivered by Seller. Seller shall not change the information of consignee in the SWB without written confirmation from Buyer.

 (c)    Seller shall subsequently deliver to Buyer a formal invoice that sets forth the actual products
and quantities shipped in the particular shipment, the Purchase Price paid (or to be paid if not already paid for any reason) by Buyer for such quantities, the Gross Profits for such quantities, the relevant sales order number, the relevant product
codes, the Delivery Point, any adjustments (if necessary) to account for any variations between the payment already made by Buyer and the total payment due under such invoice, and such other information as the Parties mutually agree. 

Section 6.3    Currency and Manner of Payments. Unless mutually agreed otherwise,
all payments due under this Agreement shall be made in United States Dollars by wire transfer of immediately available funds to a bank account designated in writing by the Party entitled to receive payment. 

  
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 Section 6.4    Payment or Invoice
Disputes. 
 (a)    In the event either Party, acting reasonably and in good faith, disputes any
invoice or payment to be made hereunder pursuant to Section 6.2, it shall immediately provide the other Party with a written explanation setting forth the reasons for such dispute. An invoice, payment or related calculation
may be disputed only if written notice of such dispute is delivered to the other Party within thirty (30) days after either the date of receipt of such invoice, documentation, payment calculation or notice giving rise to the dispute, after
which time such invoice, documentation, calculation or notice shall be deemed correct and accepted by both Parties. 

(b)    No later than thirty (30) days after the date on which any Dispute is resolved, the amount of
any overpayment or underpayment shall be payable by Seller or Buyer, as the case may be, to the other Party, provided that the amount owed in respect of any such overpayment may be credited to the next payment due from Buyer under
Section 6.2, and shall be reflected in the corresponding invoice(s) for the shipment(s) covered by such next payment. 

(c)    If the Parties are unable to resolve any payment or invoice Dispute, then either Party shall be
entitled to refer such Dispute for resolution pursuant to Section 15.2. 
 ARTICLE 7 

RECOUPMENT 

Section 7.1    Recoupment. 

(a)    During the Term of this Agreement, the Prepaid Balance will be adjusted to take into account
(i) all of the Gross Profits received by Buyer from its sales of the Offtake Products, (ii) all payments made to Buyer in connection with Seller’s sales of Offtake Products pursuant to Section 5.10, (iii) all
payments made to Buyer in respect of Seller’s Net Income in accordance with Section 7.1(b), (iv) all payments made to Buyer from the cash proceeds of Asset Sales in accordance with
Section 7.1(c), and (v) all other payments made by Seller to Buyer (whether from the proceeds of a third party financing or from any other source) that are designated by Seller as payments made in order to reduce the
Prepaid Balance. 
 (b)    Commencing with the Contract Year ending December 31, 2020, an amount
equal to one hundred percent (100%) of the Net Income of Seller will be used to repay the outstanding Prepaid Balance within five (5) Business Days following the completion of the audit of Seller’s financial statements by KPMG or another
qualified audit firm of international repute; provided, however, that to the extent there is any Net Income in any given Contract Year, such Net Income (up to the amount of the Prepaid Balance) shall be so repaid by no later than
April 30 of the following year; and provided, further, that solely for the purpose of calculating the Net Income payable to Buyer hereunder, such Net Income shall be adjusted to take into account any discount on the Market Price
of the Offtake Products as provided herein that reduced the Purchase Price paid by Buyer, or any Gross Profit earned by Buyer, and in each case that was nevertheless counted as Seller’s revenue or income. 

  
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 (c)    Within thirty (30) days after receipt of
proceeds from any Asset Sale consummated prior to the Recoupment Date, Seller will pay to Buyer an amount equal to the lesser of (i) 100% of the Net After-Tax Profits from such Asset Sale, and (ii) the
remaining amount of the Prepaid Balance. Notwithstanding the foregoing, this obligation shall be subject to the February 2019 Letter Agreement, and the proceeds from any Asset Sale covered by the February 2019 Letter Agreement may be applied in
accordance with the provisions of that agreement. 
 Section 7.2    Recoupment
Procedures. 
 (a)    For purposes of ensuring an accurate accounting of the Prepaid Balance, all
sales by Buyer to its customers during the Term of this Agreement will be on a transparent basis. Accordingly, Buyer shall be obligated to disclose to Seller the identity of each of its customers that purchases any of the Offtake Products, the
purchase price paid by each such customer, and, for Offtake Products delivered on a non-CIF basis, the direct out of pocket transportation and logistics expenses incurred by Buyer (if any) associated with such
sales of Offtake Products. 
 (b)    Seller will maintain an account of all sales of the Offtake Products
in a form satisfactory to Buyer, including, at a minimum, the information set forth on Schedule 2 (the “Recoupment Schedule”), which shall be updated regularly to reflect the information provided by Buyer pursuant to
Section 7.2(c) below. The Recoupment Schedule shall set forth (i) the Offtake Products and Purchase Prices for each Month (including all associated direct out of pocket transportation and logistics expenses for Offtake
Products delivered on a non-CIF basis), (ii) Buyer’s corresponding sales of such Offtake Products for each corresponding Month, (iii) the Gross Profits for each relevant Month, (iv) the Gross
Profits from the Commercial Operations Date through the date of preparation of the Recoupment Schedule, and (v) the Prepaid Balance as the date of preparation of the Recoupment Schedule. The Recoupment Schedule shall additionally be updated to
reflect the amount of any payments from time to time made by Seller to Buyer as referred to in clauses (ii), (iii), (iv) or (v) of the definition of Prepaid Balance. 

(c)    No later than [***] ([***]) days after the end of each Month, Buyer shall deliver to Seller complete
and accurate copies of all customer invoices and other records for such Month demonstrating the sales prices, associated direct transportation and logistics expenses for Offtake Products delivered on a non-CIF
basis, and Gross Profits applicable to all of the Offtake Products sold during such Month. Seller shall have the right, at any time at Seller’s request and cost, to inspect the books and records of Buyer pertaining to the sale of Offtake
Products, provided that if such inspection demonstrates a material discrepancy with the information previously provided by Buyer, then in addition to adjusting appropriately the Recoupment Schedule and outstanding Prepaid Balance, Seller
shall also be entitled to recover from Buyer the cost of such inspection. Seller undertakes to keep confidential the information Seller obtains through such inspection, should it occur. 

  
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 Section 7.3    Inspection of Seller
Financials. Buyer shall have the right, at any time during the sixty (60) day period following a payment made in respect of Net Income pursuant to Section 7.1(b), and at Buyer’s request and cost, to
inspect the books and records of Seller in relation to such Net Income payment, and if such inspection demonstrates a material discrepancy between the information contained therein and the information previously provided by Seller in relation
to such Net Income payment, then Seller shall make appropriate adjustments to the Recoupment Schedule and outstanding Prepaid Balance, and Buyer shall be entitled to recover from Seller the cost of such inspection. Buyer undertakes to keep
confidential the information Buyer obtains through such inspection, should it occur. 
 ARTICLE 8 

MARKETING CONSIDERATIONS AND REQUIREMENTS 

Section 8.1    Certain Restrictions and Considerations. Buyer hereby agrees that all of
its own marketing and sales of Offtake Products to third parties shall be based solely on commercial considerations, subject to the requirements that: (i) priority shall be given to customers in the U.S. and European markets and such other
geographical markets as Seller may specify from time to time, provided that the commercial terms for such sales must be reasonably comparable to the commercial terms on which the same Offtake Products can be expected to be sold to a
customer located outside such markets, taking into account, among other things, the price, quantity, and availability of supply; and (ii) such sales are in compliance with U.S. legal requirements and U.S. national security policies or
guidelines. 
 Section 8.2    Limited Geographical Restrictions. Buyer shall be
permitted to promote, market, sell and distribute all of the Offtake Products anywhere in the world, except as provided in Section 16.11(c) or Section 16.11(d). 

ARTICLE 9 

REPRESENTATIONS AND WARRANTIES 

Section 9.1    Representations and Warranties of Buyer and Seller. Each of Buyer
and Seller represents and warrants to the other Party that, as of the date hereof: 
 (a)    it is a
company duly organized and validly existing under the law of its jurisdiction of organization, and has all requisite company power, capacity and authority to own its assets and to conduct its business as currently conducted and to perform its
obligations under this Agreement; 
 (b)    all requisite company action to authorize the execution,
delivery and performance by such Party of this Agreement has been taken; 
 (c)    the execution,
delivery and performance by such Party of this do not and will not (i) conflict with any provision of its constitutive or organizational documents, and (ii) contravene or violate any Law applicable to such Party; 

(d)    this Agreement has been duly and validly executed and delivered by such Party and constitutes the
legal, valid and binding obligation of such Party, enforceable 

  
 17 

 
against it in accordance with the terms hereof, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally; and 
 (e)    there is no pending or, to the knowledge of such Party,
threatened action, suit or proceeding affecting such Party before any court, Governmental Authority or arbitrator that could reasonably be expected to adversely affect its ability to perform its obligations under this Agreement or affect the
legality, validity, and enforceability of this Agreement. 
 Section 9.2    Additional
Representations and Warranties of Seller. Seller further represents and warrants that, at the time of delivery of any Offtake Products to Buyer, Seller shall have good and marketable title to such Offtake Products so delivered, and that such
Offtake Products shall be delivered to Buyer free and clear of all encumbrances. 

Section 9.3    Disclaimer of Additional Warranties. Except as set forth in
Section 16.11 and this Article 9, neither Party makes, and each Party hereby disclaims, any other warranty whatsoever, whether express or implied, including any implied warranty of merchantability or fitness for a
particular purpose. 
 ARTICLE 10 

TAXES 

Section 10.1    Taxes. All amounts paid under this Agreement shall be made without
deduction or withholding for, or on account of, any Taxes, unless such withholding or deduction is required by applicable Law (“Deducted Taxes”). If by operation of Law or otherwise, Deducted Taxes (other than in respect of income
Taxes) are required to be deducted or withheld from any amount payable under this Agreement, the Party making such payment shall pay such additional amount as is necessary to ensure that the net amount received by the receiving Party, after
deduction of any such Deducted Taxes imposed with respect to such payment, equals the amount that the receiving Party would have received if such Deducted Taxes had not been deducted or withheld from such payment. To the extent a Party pays to an
applicable Governmental Authority any Taxes that gives rise to a gross-up as contemplated by this Section 10.1, that Party shall provide to the other Party reasonable documentation of
the payment of such Taxes within ten (10) days of such payment. 
 Section 10.2    Tax
Refunds. Buyer and Seller shall use commercially reasonable efforts to seek a refund of any Taxes contemplated in Section 10.1 and required to be paid by them. If Buyer or Seller (i) receives a refund of any such
Taxes, and (ii) has received an additional payment or amount from the other Party pursuant to Section 10.1 in respect of such Taxes, Buyer or Seller, as the case may be, shall promptly remit to the other Party an
amount equal to such refund (up to an amount equal to any such Taxes actually paid by Buyer or Seller, as the case may be), together with any interest paid to Buyer or Seller, as the case may be, net of any reasonable expenses associated with the
obtaining of such refund. 

  
 18 

 Section 10.3    Tax Returns. Each of
Seller and Buyer shall file, at its own expense, all returns and other documentation required by applicable Law to be filed by it in connection with any Taxes in respect of which it has paid additional amounts pursuant to
Section 10.1. 
 ARTICLE 11 

FORCE MAJEURE 

Section 11.1    Force Majeure. Subject to Section 11.2,
“Force Majeure” means any event or circumstance that (x) is beyond the reasonable control of the Party claiming Force Majeure, (y) could not have been avoided by such Party if it had acted with reasonable foresight and in
a reasonable and prudent manner, and (z) renders such Party unable to perform its obligations under this Agreement (except in relation to any inability to satisfy obligations to make payments due under this Agreement for any reason other than
the events and circumstances set forth in clause (d) below), whether in whole or in part. Without limiting the generality of the foregoing, “Force Majeure” shall include, in the case of Seller, each of the events and circumstances set
forth in the following clauses (a) – (i), and, in the case of Buyer, each of the events and circumstances set forth in the following clauses (a) – (d): 

(a)    fire, explosion, flood, atmospheric disturbance, lightning, storm, typhoon, hurricane, tidal wave,
tornado, earthquake, landslide, soil erosion, subsidence, washout or epidemic or other natural disaster; 

(b)    acts of war (whether declared or undeclared), terrorism or threat thereof, riot, civil war,
blockade, insurrection, sabotage, act of public enemies, civil disturbance, strike, lockout or other industrial disturbance; 

(c)    acts of Governmental Authorities or any Law, or taking or confiscation (whether or not action under
law) of any facilities which directly affect a Party’s ability to perform its obligations under this Agreement; 

(d)    shutdown of banking operations or other crisis affecting the banking industry, in either case that
makes payment impossible for a continuous period of at least five (5) days; 
 (e)    accidental
damage to or shutdown of the Mountain Pass Facility that cannot be prevented through reasonable efforts; 

(f)    radioactive contamination or ionizing radiation affecting the Mountain Pass Facility that results in
a production halt as required by Government Authorities, applicable Law or prudent industry standards; 

(g)    any interruption of or failure of supplies; shortage of or unavailability of, or inability of Seller
to obtain, any materials, labor, utilities and/or energy required to operate the Mountain Pass Facility; 

(h)    any shortage or unavailability of, or inability to obtain equipment, machinery, or spare parts for
the Mountain Pass Facility; and 

  
 19 

 (i)    as a direct or indirect consequence of failure or
anticipated or threatened failure of machinery, equipment or other facilities associated with the Mountain Pass Facility. 

Section 11.2    Exclusions. Notwithstanding
Section 11.1, Force Majeure shall not include any of the following or any event arising out of any of the following: 

(a)    market decline; 

(b)    market failure; 

(c)    inability to economically produce or sell the Offtake Products; 

(d)    industry economic conditions or general economic conditions; 

(e)    financial hardship or any inability to pay; 

(f)    failure to pay money when due for any reason other than the events and circumstances set forth in
Section 11.1(d); or 
 (g)    breakdown or failure of plant or equipment caused
by normal wear and tear or by a failure to properly maintain such plant or equipment. 

Section 11.3    No Claim for Breach. Except with respect to any failure to satisfy
obligations to make payments due under this Agreement for any reason other than the events and circumstances set forth in Section 11.1(d), no failure by a Party to perform any of its other obligations under this Agreement
shall give rise to any claim against such Party or be deemed a breach by such Party of this Agreement to the extent that such failure arises from an event of Force Majeure. 

Section 11.4    Notice. In the event that a Party is rendered unable to perform
its obligations hereunder, whether in whole or in part, by a Force Majeure event, such Party shall, as soon as reasonably practicable, notify the other Party in writing stating the nature of such Force Majeure event, the date on which it commenced
and its expected duration (including the extent of any suspended performance). 

Section 11.5    Resumption. The Party affected by Force Majeure shall use
commercially reasonable efforts to resume performance of its obligations that are affected by the event of Force Majeure as soon as practicable and will continue performing all of its obligations that are not affected by the event of Force Majeure.

  
 20 

 ARTICLE 12 

DEFAULTS AND REMEDIES 

Section 12.1    Events of Default. The occurrence of any of the following events or
circumstances shall constitute an event of default under this Agreement (each, an “Event of Default”): 

(a)    Any failure to timely pay and deliver any payment due under this Agreement and such failure is not
cured within thirty (30) days of receipt of notice from non-defaulting Party notifying the defaulting Party of such failure; 

(b)    Any failure by Buyer to provide complete and accurate copies of customer invoices and other records
in accordance with Section 7.2(c) and such failure is not cured within thirty (30) days of receipt of notice from Seller notifying Buyer of such failure; 

(c)    Any breach by Buyer of its obligations under Article 8; 

(d)    An Insolvency Event with respect to Buyer; 

(e)    An Insolvency Event with respect to Seller (other than such an Insolvency Event resulting from
Buyer’s failure to make payments due under this Agreement); 
 (f)    Any breach by a Party of its
representations and warranties contained in this Agreement; 
 (g)    Any suspension of operations of
Seller for a continuous period of six (6) months where such suspension (i) is not the result of an excused event of Force Majeure, (ii) does not arise out of any delay, failure or default on the part of Buyer or its Affiliates under
this Agreement, or (iii) has not otherwise been mutually agreed between the Parties; 
 (h)    Any
sale by Seller of any Offtake Products to any other party during the Term of this Agreement in breach of Section 5.1; and 

(i)    Any other material breach by a Party of its other covenants and obligations set forth herein and
such breach is not cured within thirty (30) days of receipt of notice from the non-defaulting Party notifying the defaulting Party of such breach (or such longer period of time as the non-defaulting Party may permit in writing if cure has been commenced and additional time is reasonably required). 

Section 12.2    Remedies. If an Event of Default occurs and is continuing, in addition to
remedies expressly provided for in this Agreement, including the right to terminate the Agreement in accordance with the provisions of Section 14.2, the non-defaulting Party shall be
entitled to pursue any or all other remedies available to it at law or in equity, including claims for damages, specific performance and/or injunctive relief. 

ARTICLE 13 
 INDEMNITY
AND LIMITATIONS ON LIABILITY 
 Section 13.1    Indemnity. 

(a)    Each Party agrees to indemnify, defend and hold harmless the other Party, its Affiliates and its and
their respective directors, officers, employees, agents and representatives from and against any and all Losses suffered or incurred by any of the foregoing Persons resulting or arising from: 

 

	 	(i)	 any inaccuracy in or breach of any representation or warranty of such Party contained in this Agreement;

  
 21 

	 	(ii)	 any breach by such Party of any covenant or obligation to be performed by it pursuant to this Agreement; and

  

	 	(iii)	 any fraudulent or grossly negligent act or omission, or the willful misconduct of such Party, its Affiliates or
its and their respective directors, officers, employees, agents and representatives in the performance of this Agreement. 

(b)    A Party’s obligation to indemnify the other Party with respect to any third party claim, action
or proceeding shall be conditioned upon the indemnified Party: (i) providing the indemnifying Party with prompt written notice of such claim, action or proceeding (provided that the failure to timely notify shall not terminate the
indemnification obligation unless the indemnifying Party is prejudiced by such failure), (ii) permitting the indemnifying Party to assume and solely control the defense of such claim, action or proceeding and all related settlement negotiations,
with counsel chosen by the indemnifying Party, and (iii) cooperating at the indemnifying Party’s request and expense with the defense or settlement of such claim, action or proceeding which cooperation shall include providing reasonable
assistance and information. No indemnified Party shall enter into any settlement agreement for which it will seek indemnification under this Agreement from the indemnifying Party without the prior written consent of the indemnifying Party. Nothing
herein shall restrict the right of a Party to participate in a claim, action or proceeding through its own counsel and at its own expense. 

Section 13.2    Limitation on Liability. Notwithstanding anything herein to the contrary,
each Party’s liability for Losses under Section 13.1 shall not exceed the Purchase Price for the Offtake Products from which such Losses arise, except with respect to any Losses arising out of (a) such
Party’s fraud, gross negligence or wilful misconduct, or (b) a breach by such Party of Article 8 or Section 16.11. For certainty, the foregoing shall not affect or limit either Party’s obligations to
make payments due under this Agreement other than indemnification payments due under this Article 13. 

Section 13.3    No Consequential Damages. Except as expressly provided otherwise in this
Agreement, in no event shall either Party be liable to the other Party for any lost profits or incidental, indirect, speculative, consequential, special, punitive or exemplary damages of any kind (whether based in contract, tort, including
negligence, strict liability, fraud, or otherwise, or statutes, regulations, or any other theory) arising out of or in connection with this Agreement, even if advised of such potential damages. 

ARTICLE 14 
 TERMINATION
AND SURVIVAL 
 Section 14.1    Automatic Termination. This Agreement shall
automatically terminate upon the Expiration Date, without the need for any action by either Party. 

  
 22 

 Section 14.2    Optional Termination.

 (a)    This Agreement may be terminated at the option of the Parties upon their mutual written
agreement. 
 (b)    Seller may terminate this Agreement, in its discretion, upon the occurrence of a
Buyer Change of Control. 
 (c)    If an Event of Default occurs and is continuing, the non-defaulting Party may terminate this Agreement upon written notice to the defaulting Party. For the avoidance of doubt, the Parties agree that this Agreement may not be terminated pursuant to this
Section 14.2(c) as a consequence of a non-material breach. 

Section 14.3    Prepaid BalanceSection 14.4 . If this Agreement is
terminated by Seller pursuant to Section 14.2(b) or by Buyer pursuant to Section 14.2(c), Seller shall pay the remaining amount (if any) of the Prepaid Balance to Buyer within 30 days after such
termination. 
 Section 14.4    Survival. The rights and obligations of the Parties set
forth in Section 3.1(c) (Pre-Termination Obligations), Article 10 (Taxes), Article 12 (Defaults and Remedies), Article 13
(Indemnity and Limitations on Liability), Article 14 (Termination and Survival), Article 15 (Governing Law and Resolution of Disputes), Article 16 (Miscellaneous) and any other provision which by its
nature should survive termination of this Agreement, and any obligation or liability incurred prior to termination of this Agreement (including for amounts due and payable at the time of termination), shall survive any termination of this Agreement
and continue in full force and effect. 
 ARTICLE 15 

GOVERNING LAW AND RESOLUTION OF DISPUTES 

Section 15.1    Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York the without regard to any principles of conflicts of law that would require the application of the laws of any other jurisdiction. 

Section 15.2    Resolution of Disputes. 

(a)    Any Dispute arising out of or in connection with this Agreement or its performance shall to the
extent possible be settled amicably by negotiation and discussion between senior representatives of the Parties. 

(b)    Any such Dispute not settled in accordance with Section 15.2(a)
within sixty (60) days of receipt by a Party of notice of a Dispute shall be finally and exclusively resolved by arbitration administered by the International Court of Arbitration of the International Chamber of Commerce in accordance with
the Rules of Arbitration of the International Chamber of Commerce. The tribunal shall consist of three (3) arbitrators. One arbitrator shall be appointed by Seller, one arbitrator shall be appointed by Buyer, and the third arbitrator shall be
appointed by the other two arbitrators. The seat of the arbitration shall be London, England and the language of the arbitration shall be English. The arbitration award shall be final and binding on the Parties and shall include an allocation of the
costs. 

  
 23 

 (c)    Notwithstanding the foregoing agreement to
arbitrate, either Party shall have the right to seek equitable or injunctive relief, including specific performance, in any court of competent jurisdiction. 

ARTICLE 16 

MISCELLANEOUS 

Section 16.1    Notices. 

(a)    Unless provided otherwise in this Agreement, any notice or other communication required or permitted
to be given under this Agreement shall be in writing and, subject to Section 16.1(b), shall be deemed to have been properly given or delivered when delivered personally to the Party to whom directed, or upon receipt of
confirmation of delivery when delivered by facsimile transmission, email or an internationally recognized overnight courier service to the Party to whom directed, and addressed to the Party to whom directed at the following address: 

(i)    Seller: 

MP Mine Operations LLC 
 67750
Bailey Road, HC1 Box 224 
 Mountain Pass, CA 92366 

Attention: Chief Executive Officer 

With copies to: 
 MP Mine
Operations LLC 
 6720 Via Austi Parkway 

Suite 450 
 Las Vegas, NV 89119

 Attention: Managers and General Counsel 

(ii)    Buyer: 

Shenghe Resources (Singapore) International Trading Pte. Ltd. 

21-106, 18 Shanhudonglu 

Nanjing, China 
 Attention:
Chairman 
 (b)    In the event any notice or other communication given in accordance with this
Section 16.1 is delivered after 5:00 pm local time at the place of delivery, such notice or other communication shall be deemed to have been delivered on the next Business Day. Either Party may change its address by giving
fifteen (15) days prior written notice of its new address to the other Party. 

  
 24 

 Section 16.2    Further Assurances.
Each Party shall execute all such further instruments and documents and do all such further actions as may be necessary or appropriate to effectuate the provisions of this Agreement and the transactions contemplated hereby. 

Section 16.3    No Partnership. Nothing herein shall be construed to create, expressly or
by implication, a joint venture, mining partnership, commercial partnership, agency relationship, fiduciary relationship, or other partnership relationship between Seller and Buyer. 

Section 16.4    Public Disclosure. Each Party agrees that it shall not make any
disclosure of the existence or terms of this Agreement or the transactions contemplated hereby without obtaining the approval of the other Party as to the contents of such disclosure, except to the extent that any such disclosure shall be required
by applicable Law or Governmental Authority in which case the Party required to make such disclosure shall use reasonable efforts to give the other Party reasonable prior notice thereof (including the contents of such disclosure) and obtain
confidential treatment of such disclosure from the relevant Governmental Authority. Notwithstanding the foregoing, the Parties acknowledge and agree that the Original Offtake Agreement (including pre-execution
drafts of the same) and the transactions contemplated thereby and hereby may be (and may have been) disclosed to the Committee on Foreign Investment in the United States. 

Section 16.5    Entire Agreement. This Agreement (including any Schedules or
Exhibits hereto) and the Framework Agreement constitute the entire agreement between the Parties with regard to the subject matter hereof and cancel and supersede any prior understandings and agreements, either oral or written, between the Parties
with respect to the subject matter hereof. 
 Section 16.6    Assignment. This
Agreement may be assigned by either Party to an Affiliate of such Party, provided that (i) unless released by the other Party, the assigning Party shall remain fully liable for all of its obligations hereunder, and (ii) the
assignee shall assume in writing all of the obligations of the assigning Party hereunder. Except as provided in the immediately preceding sentence, neither Party may assign or transfer all or any part of its rights or obligations under this
Agreement without the prior written consent of the other Party. 

Section 16.7    Amendments. This Agreement may not be amended, modified or supplemented
in any manner, except pursuant to a written instrument signed on behalf of each of the Parties. 

Section 16.8    Severability. If any provision of this Agreement is determined by
an arbitral tribunal or court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect. The Parties agree that they will negotiate in
good faith to replace any provision hereof so held invalid, illegal or unenforceable with a valid provision which is as similar as possible in substance to the invalid, illegal or unenforceable provision. 

Section 16.9    Beneficiaries; Successors and Assigns. This Agreement is for the
sole benefit of the Parties and shall inure to the benefit of and be binding upon their respective successors and permitted assigns. Except as expressly contemplated herein, nothing herein is intended to or shall confer upon any other Person any
legal or equitable right, benefit or remedy of any nature or kind whatsoever under or by reason of this Agreement. 

  
 25 

 Section 16.10    Waivers. Any waiver
of, or consent to depart from, the requirements of any provision of this Agreement shall be effective only if it is in writing and signed by the Party giving it, and only in the specific instance and for the specific purpose for which it has been
given. No failure on the part of any Party to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver of such right. No single or partial exercise of any such right shall preclude any other or further exercise
of such right or the exercise of any other right. 
 Section 16.11    Compliance.
In connection with this Agreement and the transactions contemplated hereby: 
 (a)    Each Party
represents and warrants that it has complied with, and covenants that it shall continue to comply with, all applicable Laws, including those pertaining to legitimate and ethical business practices in its commercial operations and dealings with
government entities and officials (including, specifically, the United States Foreign Corrupt Practices Act of 1977); and 

(b)    Each Party shall not directly or indirectly offer, pay, promise to pay or authorize the payment of
any cash or other item of value to (i) any official, employee or representative of any government or of any public international organization, any officer or employee of a government-owned or controlled enterprise, any candidate for political
office, or any political party or political party official, in order to influence any act or decision, or induce such official, employee, representative, officer or other Person to exercise influence or otherwise secure any improper advantage; or
(ii) any other Person in any manner that would constitute commercial bribery or kickback or otherwise violate any anti-corruption or anti-bribery laws applicable to either Party. 

(c)    Each Party will not, directly or indirectly, sell, supply, or permit the sale or supply, of Offtake
Products to any Sanctioned or Designated Person.
 (d)    Each Party represents and warrants that it has
not undertaken, and covenants that will not undertake, in any event, any transaction of any type (including with respect to any payment hereunder including any Prepayment Amount) involving a Sanctioned or Designated Person, or that would otherwise
cause Buyer or Seller to be in violation of any applicable law. 

Section 16.12    Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original, but all of which shall constitute the same document and the signature pages from any counterpart may be appended to any other counterpart to assemble fully executed counterparts. Counterparts of this
Agreement may also be exchanged via electronic means and the electronic or facsimile signature of any Party’s signature shall be deemed to be an original signature for all purposes. 

[Signature Page Follows] 

  
 26 

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

			
	MP MINE OPERATIONS LLC
		
	By:	 	 /s/ Michael Rosenthal

		 	Name: Michael Rosenthal
		 	Title: Manager
	
	SHENGHE RESOURCES (SINGAPORE)
	INTERNATIONAL TRADING PTE. LTD.
		
	By:	 	 /s/ Lu Shasha

		 	Name: Lu Shasha
		 	Title: Director and General Manager

  
 Signature Page to
Amended and Restated Offtake Agreement 

 SCHEDULE 1 

OFFTAKE PRODUCTS 
  

	1.	 Light rare earth concentrates 

Specifications: the total rare earth oxide (“TREO”) content shall be no lower than [***]% (on dry basis), moisture content shall be
no higher than [***]% and the (Pr6O11+Nd2O3)/TERO shall be no lower than [***]% 
  

	2.	 Separated rare earth oxides, including Neodymium-Praseodymium, but excluding Lanthanum and Cerium

 Specifications: 

TREO content shall be no lower than [***]%; 

LOI shall be no higher than [***]%; 

Pr6O11+Nd2O3 shall be no lower than [***]%; 

Pr6O11/TREO shall be [***]% and
Nd2O3/TREO shall be [***]%; 

La2O3/TREO shall be no higher
than [***]%; 
 CeO2/TREO shall be no higher than [***]%; 

Sm2O3 shall be no higher than
[***]%; 
 Y2O3/TREO shall be
no higher than [***]% 

Fe2O3 shall be no higher than
[***]%; 
 CaO shall be no higher than [***]%; 

Al2O3 shall be no higher than
[***]%; 
 Na2O shall be no higher than [***]%; 

SiO2 shall be no higher than [***]%; 

SO42- shall be no higher than
[***]%; 
 Cl- shall be no higher than [***]%. 

 

	3.	 Heavy rare earth concentrates, which include Samarium, Europium, Gadolinium, Terbium, Dysprosium

 Specifications: TREO content shall be no lower than [***]%, 

Dy/TREO shall be no lower than [***]% 

Tb/TREO shall be no lower than [***]%

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