Document:

EX-10.1

 Exhibit 10.1 

PLEASE READ CAREFULLY. THIS TRANSITION AGREEMENT AND GENERAL RELEASE INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS. 

TRANSITION AGREEMENT AND GENERAL RELEASE 

This Transition Agreement and General Release (“Agreement”), is entered into by and between PQ Corporation (“Company”) and
David J. Taylor (“Mr. Taylor”), his heirs, executors, administrators, successors, and assigns. 
 WHEREAS,
Mr. Taylor is employed by the Company as the President, Performance Chemicals; and 
 WHEREAS, Mr. Taylor and the
Company mutually desire to amicably conclude his employment relationship with the Company; and 
 WHEREAS, Mr. Taylor certifies
that he has had a reasonable opportunity of at least twenty-one (21) days to consider this Agreement and consult an attorney of his choice to decide whether to sign it; and 

WHEREAS, Mr. Taylor has carefully read and fully understands all of the provisions and effects of this Agreement. 

NOW, THEREFORE, Mr. Taylor and the Company, for the good and sufficient consideration set forth below, agree as follows: 

1.    Resignation Date. Mr. Taylor’s last day of work will be October 25, 2019 (“Last
Work Day”), and his employment with the Company will end effective October 31, 2019 (“Resignation Date”). Mr. Taylor will be paid for any accrued, unpaid vacation to which he is entitled. Notwithstanding the foregoing, as
part of the consideration provided under Section 3 below, Mr. Taylor agrees that, between the Resignation Date and January 31, 2020, Mr. Taylor will be reasonably available to the Company and will perform services as requested by
the Company during that time period. 
 2.    Accrued Wages and Vacation Pay. Mr. Taylor acknowledges
that he will receive payment for all wages owed, as well as any additional accrued, unused vacation time as of the Resignation Date. These amounts will be paid by the Company pursuant to the timing and other processes applicable to regular payroll.
Except as set forth in this Agreement, Mr. Taylor’s eligibility to participate in any insurance or other employee benefits provided by the Company will cease on the Resignation Date. 

3.    Consideration. In consideration for the signing of this Agreement and Mr. Taylor’s adherence
to the promises made herein, and subject to the timing set forth in Paragraph 25 below, the Company agrees to provide Mr. Taylor the following: 

(a)    For the twelve month period beginning on the Resignation Date and continuing until October 31, 2020 (the
“Transition Period”), the Company will pay Mr. Taylor an amount equal to his Base Salary of $40,000.00 per month, less applicable taxes and withholdings (the “Transition Pay”), consistent with the Company’s payroll
practices then in effect or as they may 

  
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be amended from time to time, except for amounts (if any) that are mandated to be suspended, and paid at a later date, in accordance with subsection (d) herein and Section 409A of the
Internal Revenue Code (“IRC”). The Transition Pay will be paid regardless of whether Mr. Taylor becomes employed by another entity during the Transition Period. If Mr. Taylor dies during the Transition Period, any
remaining Transition Pay will be paid in a lump sum to Mr. Taylor’s spouse, if then living, or to his estate if his spouse predeceases him. 

(b)    Mr. Taylor is eligible to receive a pro rata amount (10/12ths) of his target (75%) annual PQ Incentive Payment
(“performance bonus”) that would have been payable to him for 2019 had his employment not ended on the Resignation Date, in accordance with the terms of the applicable Company incentive plan (the pro rata amount will be based on the
percentage of work time that Mr. Taylor is employed in 2019). The performance bonus, if any, will be paid at the same time and under the same conditions as such payments are made to all eligible employees. 

(c)    If Mr. Taylor timely elects to continue his group health benefits under COBRA, then during the period of
November 1, 2019, through November 30, 2020, the Company will continue to pay an amount equal to its applicable share of the cost to continue Mr. Taylor’s current level of coverage under the Company’ medical and dental
plans; provided, however, that Mr. Taylor shall be required to pay all premiums and other costs for such coverage as is generally applicable to the Company’s then active employees The Company will continue to pay its share of the premium
costs through November 30, 2020, unless Mr. Taylor finds employment that offers individual medical coverage of any type or kind prior to the end date, at which time the Company will cease paying its portion of Mr. Taylor’s health
insurance premiums. 
 (d)    Section 409A. Mr. Taylor understands and agrees that, because he may be deemed
a “specified employee” under Section 409A of the IRC, he may incur adverse tax consequences if the portion of his Transition Pay, which the Company determines is not otherwise exempt under Section 409A of the IRC, (“Non-Exempt 409A Pay”) begins within six months of the Resignation Date. Because of those tax consequences, Mr. Taylor is hereby informed to consult with an attorney of his choice (and at his
expense) to evaluate what it means to be such a “specified employee.” Notwithstanding anything in this Agreement to the contrary, provided Mr. Taylor fails to inform the Company in writing prior to the Resignation Date that he does
not consider himself to be a “specified employee” under Section 409A of the IRC, the Company agrees not to make the first payment of any Non-Exempt 409A Pay to Mr. Taylor until six months
after the Resignation Date, but that the first payment of any Non-Exempt 409A Pay to be made to him after the six month waiting period will include all such Pay that he would have received during the six month
waiting period, less applicable taxes and withholdings, had the Non-Exempt 409A Pay been paid immediately from the Resignation Date. 

4.    No Consideration Absent Execution of this Agreement. Mr. Taylor understands and agrees that the
consideration offered in Paragraph 3 above is additional to anything that is owed to him, and that he would not receive the consideration specified except for his execution of this Agreement and the fulfillment of the promises contained herein. 

5.    Current Equity Interests. Mr. Taylor understands that any PQ equity awards that he was granted
are subject to the relevant equity incentive plan and the Restricted Stock Agreements and Restricted Stock Unit Agreements that he executed, and that any unvested PQ equity awards may or may not continue to be eligible for vesting, subject to the
terms of the relevant plan and those agreements. 

  
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 6.    General Release of Claims. 

(a)    Mr. Taylor knowingly and voluntarily releases and forever discharges the Company, its parents, affiliates,
subsidiaries, divisions, predecessor Company, its successors and assigns, and the current and former employees, attorneys, shareholders, members, officers, directors and agents thereof, and the current and former trustees or administrators of any
pension or other benefit plan applicable to the employees or former employees of the Company (collectively referred to throughout the remainder of this Agreement as “Releasees”), of and from any and all claims, demands, liabilities,
obligations, promises, controversies, damages, rights, actions and causes of action, known and unknown, which Mr. Taylor has or may have against the Company as of the date of execution of this Agreement, including, but not limited to any
alleged violation of: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of 1990, as amended; the Age Discrimination in Employment Act of 1967, as amended; the Older Workers
Benefit Protection Act; the Pennsylvania Human Relations Act; or any other federal, state or local civil or human rights law or any other local or state public policy, or under any other theory of contract, tort, or common law; or for any allegation
for costs, fees, or other expenses including attorneys’ fees (all of the above collectively referred to as “Claims”). 

(b)    This release is intended to be a general release and includes Claims arising from Mr. Taylor’s employment
or separation of employment from the Company, up to and through the date Mr. Taylor signs this Agreement, and excludes only those Claims that Mr. Taylor is legally barred from releasing. Mr. Taylor understands that the release does
not include, and the parties hereto expressly reserve, any Claim that cannot be released or waived as a matter of law; any Claim for or right to vested benefits under the Company’ plans, including, but not limited to any pension or retirement
account, or any right to enforce any term of this Agreement. The parties further exclude any challenge to the validity of the Agreement; or any prohibition on the filing of a charge or complaint with, or testimony, assistance or participation in,
any investigation, proceeding or hearing conducted by any federal, state or local governmental agency, including but not limited to the Equal Employment Opportunity Commission. 

Mr. Taylor has been advised to contact independent legal counsel to ensure that he understands the scope of this release. 

7.    Affirmations. Mr. Taylor represents and agrees by signing below that he has not been denied any
legally entitled leave or benefit requested, has received the appropriate pay for all hours worked for the Company, and has no known workplace injuries or occupational diseases. Other than the consideration set forth in Paragraph 3, Mr. Taylor
further affirms that he has been paid and/or has received all leave (paid or unpaid, including vacation), compensation, wages, bonuses and/or commissions to which he may have been entitled and that no other leave (paid or unpaid), compensation,
wages, bonuses and/or commissions are due to him, except as provided in this Agreement. 

  
 3 

 Mr. Taylor affirms he has neither filed, nor caused or permitted to be filed on his
behalf any charge, complaint, proceeding or action before any administrative agency or court against the Company, and that no such charge, complaint, proceeding or action exists to his knowledge. If any administrative agency or court assumes
jurisdiction of any charge, complaint, proceeding or action, including a Claim released in Paragraph 6 above, Mr. Taylor agrees not to accept, recover or receive any monetary damages or other relief from or in connection with such charge,
complaint, proceeding or action. 
 8.    No Application and No Employment. Mr. Taylor acknowledges
that he shall have no right of reinstatement or right of future employment with the Company or any of its subsidiaries, divisions, parents, or affiliated Company as part of this Agreement. Mr. Taylor agrees that he will not seek or accept
employment or consulting with the Company, its subsidiaries, divisions, parents, or affiliated Company and successors of each of them, directly, or indirectly through any other entity, including, but not limited to a temporary staffing agency.
Mr. Taylor agrees that the Company, its subsidiaries, divisions, parents, or affiliated Company and successors may reject any application he may make. In the event that Mr. Taylor is accidentally or inadvertently hired for any reason, he
agrees that he will be deemed to have immediately resigned such employment and that he will have no rights or claims based upon the acceptance of that resignation. 

9.    Return of Property. On or before November 15, 2019, Mr. Taylor will return to the Company
all property and information belonging to the Company, including, but not limited to the following (where applicable): his leased vehicle, computers (desktop and/or laptop), tablet; devices (including USB, external hard drives, etc.), handheld
devices, keys, access cards, passwords, and/or ID cards; all electronically stored and paper copies of all data in any way pertaining to the Company’s business and the Company’s files; and all records, customer lists, written information,
forms, plans, and other documents, including electronically stored information. Mr. Taylor shall search his electronic devices, device back-ups, residence, and automobile and agrees that by signing below
represents that he has returned all such property in his possession or control. Notwithstanding the foregoing, the Company agrees that Mr. Taylor may keep his Company cell phone, provided that the Company first has the opportunity to review the
phone and delete any Confidential Information from the phone. 
 10.    Disclosure of Confidential
Information. Mr. Taylor agrees that he will not divulge or make use of any trade secrets, proprietary or confidential information of the Company for the benefit of himself or anyone other than the Company so long as said trade secrets,
proprietary or confidential information remain confidential and do not become public knowledge (other than by fault of Mr. Taylor). For purposes of Mr. Taylor’s obligations to the Company, it is agreed that the term “confidential
information” shall include without limitation any information concerning the Company’s business not made available by the Company to the general public and which could be of value to competitors of the Company, including, but not limited
to the Company’s wage and salary structure, marketing, research, development, production and general business plans and schedules, production specifications, individual customer specifications, individual customer pricing policies, accounting
and financial information (such as costs and profit margins), as well as the Company’s methods of production, distribution, sales, sources of supply, customers, customer lists, customer needs, and confidential price characteristics and
policies. It is further agreed that the term “trade secret” is understood to 

  
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consist of any formula, pattern, device or compilation of information which is used in one’s business, and which gives one an opportunity to obtain an advantage over competitors who do not
know or use it, and may include, but not be limited to, a formula for a chemical compound, a process of manufacturing, treating or preserving materials, a pattern for machine or other device or a list of customers. 

11.    Non-Competition. Because of the Company’s legitimate
business interest as described in this Agreement and the good and valuable consideration, and additional consideration, offered to Mr. Taylor in Paragraph 3 above, for twenty-four (24) months, to run consecutively, beginning on the
Resignation Date, Mr. Taylor agrees and covenants not to engage in any Competitive Activity within any state, commonwealth, or province in North America. For purposes of this non-compete clause,
“Competitive Activity” means to, directly or indirectly, in whole or in part, engage in, provide services to, or otherwise participate in, whether as an employee, employer, owner, operator, manager, advisor, consultant, agent, partner,
director, stockholder, officer, volunteer, intern, or any other similar capacity, any entity engaged in a business that is competitive with the businesses of the Company. Without limiting the foregoing, Competitive Activity also includes activity
that may require or inevitably require disclosure of trade secrets, proprietary information, or confidential information of any one or more of the Company. 

12.    Cooperation. The Company and Mr. Taylor agree that certain matters in which Mr. Taylor has
been involved during his employment may need Mr. Taylor’s cooperation with the Company in the future. Accordingly, for a period of twelve (12) months after the Resignation Date, to the extent reasonably requested by the Company,
Mr. Taylor shall cooperate with the Company in connection with matters arising out of Mr. Taylor’s service to the Company. The Company shall reimburse Mr. Taylor for reasonable expenses incurred in connection with this
cooperation and, to the extent that Mr. Taylor is required to spend substantial time on such matters, the Company shall compensate Mr. Taylor at an hourly rate based on Mr. Taylor’s base salary on the Resignation Date. 

13.    Non-Solicitation of Employees. Mr. Taylor understands
and acknowledges that the Company has expended and continues to expend significant time and expense in recruiting and training their employees, and that the loss of employees would cause significant and irreparable harm to the Company.
Mr. Taylor agrees and covenants, therefore, not to directly or indirectly solicit, hire, recruit, attempt to hire or recruit, or induce the Resignation of employment of any employee of the Company for twenty-four (24) months, to run
consecutively, beginning on the Resignation Date. 

14.    Non-Solicitation of Customers. Mr. Taylor understands
and acknowledges that the Company has expended and continues to expend significant time and expense in developing customer relationships, customer information, and goodwill, and that because of Mr. Taylor’s experience with and relationship
to the Company, Mr. Taylor has had access to and learned about much or all of the Company’s customer information (“Customer Information”). Customer Information includes, but is not limited to, names, phone numbers, addresses,
email addresses, order history, order preferences, chain of command, pricing information, product development, research and development, and other information identifying facts and circumstances specific to the customer and relevant to sales and
services. 

  
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 Mr. Taylor understands and acknowledges that loss of any of these customer
relationships or goodwill will cause significant and irreparable harm to the Company. 
 Mr. Taylor agrees and covenants, during
twenty-four (24) months, to run consecutively, beginning on the Resignation Date, not to directly or indirectly solicit or attempt to solicit, contact (including but not limited to communications using email, regular mail, express mail,
telephone, fax, instant message, social media, or any other oral, written, or electronic transmission), attempt to contact, or meet with the Company’s current, former, or prospective customers for purposes of offering or accepting goods or
services similar to or competitive with those previously or currently offered by the Company. 
 This restriction shall only apply to: 

(i) customers or prospective customers Mr. Taylor contacted in any way during his employment with the Company during the twelve
(12) months before the Resignation Date; 
 (ii) customers about whom Mr. Taylor has trade secret or Confidential Information; or

 (iii) customers about whom Mr. Taylor has information that is not available publicly; or 

(iv) customers who became customers during the Mr. Taylor’s employment with the Company. 

15.    Trade Secrets. Mr. Taylor further agrees not to disclose to any person or entity, or use
for his benefit or the benefit of any third party, including any governmental entity, any Trade Secrets of Releasees, without the express, prior written consent of the Company. Trade Secrets, as that term is used in this Agreement, shall mean
information (including, but not limited to, customer lists, programs, devices, methods, techniques or processes) that derives independent economic value, actual or potential, from not being readily ascertainable by proper means by other persons who
could obtain economic value for its disclosure or use, and which is the subject of reasonable means, under the circumstances, by Company to keep it secret. In the event that Mr. Taylor is legally compelled to disclose any Trade Secrets of
Releasees or pursuant to a subpoena, civil investigative demand, regulatory demand, or pursuant to applicable law, Mr. Taylor agrees that he shall provide the Company with prompt notice of such request or requirement as well as a copy of the
description of the Trade Secrets that he proposes to disclose as far in advance of such disclosure as is reasonably practicable. The Company may seek an appropriate protective order or other remedy; may consult with Mr. Taylor with respect to
the nature and scope of the information he proposes to disclose, as well as steps he may take to resist or narrow the scope of such request or legal process; or may waive compliance, in whole or in part, with this paragraph. Mr. Taylor agrees
not to oppose, and to cooperate with the Company in connect with, any action by the Company to obtain a protective order or other appropriate remedy. In the event that no such protective order is obtained, or that the Company waives compliance with
this paragraph, Mr. Taylor shall use his best efforts to ensure that any Trade Secrets that are disclosed will be accorded confidential treatment. 

  
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 16.    Confidentiality. Mr. Taylor agrees that this
Agreement and all matters relating to the terms and negotiation of this Agreement are confidential and shall not be disclosed to any other person except as may be agreed to in writing by the Company, as may be compelled by a valid order of a court
of competent jurisdiction, or as may be reasonably necessary to comply with the requirements of federal, state, or local authorities or codes including, but not limited to, disclosure to accounting, legal, financial, or tax professionals. The
parties hereto agree that the terms of this Agreement may be disclosed to Mr. Taylor’s immediate family, attorney or tax advisor, provided such parties agree to maintain this confidentiality. 

17.    Governing Law and Interpretation. This Agreement shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania without regard to conflict of laws provisions or any provision that would render applicable another jurisdiction’s substantive law in any dispute. 

18.    Severability. If any term, provision or paragraph of this Agreement is determined by a court of
competent jurisdiction to be invalid or unenforceable for any reason, such determination shall be limited to the narrowest possible scope in order to preserve the enforceability of the remaining portions of the term, provision or paragraph, and such
determination shall not affect the remaining terms, provisions or paragraphs of this Agreement, which shall continue to be given full force and effect. 

19.    No Admission of Wrongdoing. The parties agree that neither this Agreement nor the furnishing of the
consideration for this Release shall be deemed or construed at any time for any purpose as an admission by either of the parties, or evidence of any liability or unlawful conduct of any kind. 

20.    Non-Disparagement. (a) Mr. Taylor agrees and
covenants that he shall not at any time make, publish, or communicate to any person or entity or in any public forum any defamatory, or maliciously false, or disparaging remarks, comments, or statements concerning the Company or its businesses, or
any of its employees, officers, or directors and its existing and prospective customers, suppliers, investors, and other associated third parties, now or in the future. 

This Section does not in any way restrict or impede Mr. Taylor from exercising protected rights, including rights under the National
Labor Relations Act, to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such
compliance does not exceed that required by the law, regulation, or order. Mr. Taylor agrees that he will promptly provide written notice of any such order to the Company. 

(b) The Company also agrees that, in its official capacity, it will not at any time make publish, or communicate to any person or entity or in
any public forum any defamatory, or maliciously false, or disparaging remarks, comments, or statements concerning Mr. Taylor or his services for the Company. 

21.    Amendment. This Agreement may not be modified, altered or changed except in writing and signed by
both parties wherein specific reference is made to this Agreement. 

  
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 22.    Entire Agreement. No prior or contemporaneous oral
or written agreements or representations may be offered to alter the terms of this Agreement which represents the entire agreement of the parties with respect to the subject matter hereof. 

23.    Signatures. This Agreement may be executed in counterparts, any such copy of which to be deemed an
original, but all of which together shall constitute the same instrument. 
 24.    Assignment. The
Company and Releasees have the right to assign this Agreement, but Mr. Taylor does not. This Agreement inures to the benefit of the successors and assigns of the Company, who are intended third-party beneficiaries of this Agreement. 

25.    Revocation and Effective Date. Mr. Taylor agrees and understands that for a period of seven
(7) days following the execution date of this Agreement, he may revoke this Agreement and that this Agreement shall not become effective and enforceable until the eighth (8th) day following the execution date listed below. Any such revocation
must be in writing and correctly postmarked or delivered to David K. Burford, Vice President of Human Resources, PQ Corporation, P.O. Box 840, Valley Forge, PA 19482-0840, within seven (7) days of Mr. Taylor’s signing this Agreement
to be effective. If Mr. Taylor does so revoke, this Agreement shall be null and void, and the Company shall have no obligation to provide or pay any of the compensation or benefits described in Paragraph 3. This Agreement shall not be effective
and enforceable until after passage of the seven (7) day period without Mr. Taylor having revoked it; provided, however, that if the aggregate period during which the Mr. Taylor is entitled to consider and/or revoke this Agreement
spans two (2) calendar years, no such payments will be made prior to the beginning of the second (2nd) such calendar year (and payments otherwise payable prior thereto (if any) will instead be paid on the first regularly scheduled paycheck date
occurring in the second (2nd) such calendar year. 
 26.    Section 409A; Exempt Payments. Notwithstanding
any provision of this Agreement to the contrary, all payments under this Agreement shall be designed and administered, to the maximum extent possible, to be exempt from Section 409A of the IRC by reason of the short term deferral rules and/or
the severance pay rules. To the extent that the Company or any governmental agency determines that any payment made hereunder is not so exempt from, and therefore is subject to, Section 409A of the IRC, this Agreement shall incorporate (or
shall be deemed to be amended to incorporate) any of the terms and conditions that the Company determines, and reports to Mr. Taylor, are reasonably necessary to minimize the consequences specified in Section 409A(a)(l) of the IRC, which
deals with compliance failures. Except as set forth in the preceding sentence, the Company shall not have any other obligation to take any action to prevent the assessment of any excise tax or penalty on Mr. Taylor under Section 409A of
the IRC and the Company shall not have any liability to Mr. Taylor for such tax or penalty. 

  
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 MR. TAYLOR HAS BEEN ADVISED THAT HE HAS AT LEAST
TWENTY-ONE (21) CALENDAR DAYS TO CONSIDER THIS AGREEMENT, AND SEVEN (7) CALENDAR DAYS TO REVOKE AFTER EXECUTION. MR. TAYLOR IS HEREBY ADVISED IN WRITING TO CONSULT WITH AN ATTORNEY OF HIS CHOICE
PRIOR TO EXECUTION OF THIS AGREEMENT. 
 MR. TAYLOR AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT DO NOT
RESTART OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) CALENDAR-DAY CONSIDERATION PERIOD. 

HAVING ELECTED TO EXECUTE THIS AGREEMENT, TO FULFILL THE PROMISES SET FORTH HEREIN, AND TO RECEIVE THEREBY THE BENEFITS SET FORTH IN PARAGRAPH
3 ABOVE, MR. TAYLOR FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL RELEASABLE CLAIMS MR. TAYLOR HAS OR MIGHT HAVE AGAINST COMPANY. 

IN WITNESS WHEREOF, the parties hereto knowingly and voluntarily executed this Agreement as of the date set forth below: 

 

									
	PQ Corporation	  	
					
	By:	  	 /s/ William J. Sichko Jr.
	  		  	 /s/ David J. Taylor
	  	
		  	William J. Sichko Jr.	  		  	David J. Taylor	  	
				
	Date: November 15, 2019	  		  	Date: November 15, 2019	  	

  
 9jwhi_ex101.htm

EXHIBIT 10.1
 
SECURITIES PURCHASE AGREEMENT
 
This Securities Purchase Agreement (this “Agreement”) is dated as of November 4, 2019, between Jin Wan Hong International Holdings Limited, a Nevada corporation (the “Company”), and Shengjie Li (the “Purchaser”). 
 
WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation S promulgated thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser, desires to purchase from the Company, securities of the Company as more fully described in this Agreement. 
 
NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and Purchaser agree as follows: 
 
ARTICLE I.
DEFINITIONS 
 
1.1 Definitions. In addition to the terms defined elsewhere in this Agreement: the following terms have the meanings set forth in this Section 1.1: 
 
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 
 
“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 
 
“Closing” means the closing of the transaction contemplated herein. 
 
“Commission” means the United States Securities and Exchange Commission. 
 
“Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 
 
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 
“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended. 
 
“Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction. 
 
“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 
“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
 
“Regulation S” means Regulation S promulgated by the Commission pursuant to the Securities Act. 
 
“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 
 
“Securities” means the shares of Common Stock of the Company being purchased by the Purchaser pursuant to the terms herein. 
 
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 
“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing shares of Common Stock).
 
“Transaction Documents” means this Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder. 
 
	 
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ARTICLE II.
PURCHASE AND SALE 
 
2.1 Closing. 
 
(a) Closing. Upon the terms and subject to the conditions set forth herein, within Sixty (60) days of the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchaser agrees to purchase, 4,000,000 shares of Common Stock for a purchase price of 2,000,000 RMB (the “Subscription Amount”) . The Purchaser shall deliver to the Company, via wire transfer, immediately available funds equal to the Subscription Amount within such Sixty (60) day time period, and the Company shall deliver to the Purchaser its respective shares of Common Stock pursuant to Section 2.2(a). Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of the Company or such other location as the parties shall mutually agree. 
 
2.2 Deliveries. 
 
(a) On or prior to the Closing (unless otherwise indicated below), the Company shall deliver or cause to be delivered to the Purchaser the following: 
 
	 
	(i)	this Agreement duly executed by the Company;
	 
	 
	 

	 
	(ii)	the Company shall have provided the Purchaser with the Company’s wire instructions;

 
(b) On or prior to the Closing, the Purchaser shall deliver or cause to be delivered to the Company, the following: 
 
	 
	(i)	this Agreement duly executed by the Purchaser; and
	 
	 
	 

	 
	(ii)	the Purchaser’s Subscription Amount, by wire transfer to the account specified in writing by the Company.

 
2.3 Closing Conditions. 
 
(a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met: 
 
	 
	(i)	the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the Closing of the representations and warranties of the Purchaser contained herein;
	 
	 
	 

	 
	(ii)	all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing have been performed; and
	 
	 
	 

	 
	(iii)	the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 
(b) The obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met: 
 
	 
	(i)	the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);
	 
	 
	 

	 
	(ii)	all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing shall have been performed;
	 
	 
	 

	 
	(iii)	the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;
	 
	 
	 

	 
	(iv)	there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and
	 
	 
	 

	 
	(v)	from the date hereof to the Closing, trading in the Common Stock shall not have been suspended by the Commission or the Company’s principal trading market and, at any time prior to the Closing, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service.

 
	 
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 ARTICLE III. 
REPRESENTATIONS AND WARRANTIES 
 
3.1 Representations and Warranties of the Company. the Company hereby makes the following representations and warranties to the Purchaser: 
 
(a) Subsidiaries. The Company owns, directly or indirectly, the capital stock or other equity interests of each Subsidiary as set forth in the SEC Reports. 
 
(b) Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”; provided however, that changes in the trading price of the Common Stock shall not, in and of itself, constitute a Material Adverse Effect) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. 
 
(c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. This Agreement has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 
 
(d) No Conflicts. The execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect. 
 
	 
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(e) Issuance of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the terms herein, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for herein. 
 
(f) Capitalization. The capitalization of the Company is as set forth on the SEC Reports. The Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. 
 
(g) SEC Reports; Financial Statements. Except for a recent filing of a Form 8-K which the Company intends on amending to include certain additional financial statements related to the transactions contemplated therein and the filing of an annual report on Form 10-K, the Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the 12 months preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”). As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, 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 the light of the circumstances under which they were made, not misleading. Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 
 
(h) Litigation. There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor, to the Company’s knowledge, any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. 
 
(i) Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 
(j) Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect. 
 
	 
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(k) Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance in all material respects. 
 
(l) Disclosure. All of the disclosure furnished by or on behalf of the Company to the Purchaser regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, is true and correct, in all material respects, 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 the light of the circumstances under which they were made, not misleading. 
 
(m) No General Solicitation. Neither the Company nor, to the Company’s knowledge, any Person acting on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 3.2, the Company has offered the Securities for sale only to the Purchaser and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act or “qualified institutional buyers” as defined in Rule 144A(a) under the Securities Act. 
 
3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date): 
 
(a) Authority. The Purchaser is an individual with full right, and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by the Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by the Purchaser. Each Transaction Document has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 
 
(b) Own Account. The Purchaser understands that the Securities are “restricted securities” and have not been registered under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting the Purchaser’s right to sell the Securities in compliance with applicable federal and state securities laws). The Purchaser is acquiring the Securities hereunder in the ordinary course of its business. 
 
(c) Purchaser Status. At the time the Purchaser was offered the Securities, it was, and as of the date hereof it is, and on the Closing it will be an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act. 
 
(d) Experience of Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment. 
 
(e) General Solicitation. The Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement. 
 
	 
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(f) Access to Information. The Purchaser acknowledges that it has had the opportunity to review the Transaction Documents and the SEC Reports, and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. The Purchaser acknowledges and agrees that neither the Company nor any Affiliate of the Company has provided the Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. The Company has not made any representation as to the Company or the quality of the Securities. The Purchaser is further aware that the Company is delinquent in its reporting obligations with the SEC, and the Purchaser has had the opportunity to review all financial information of the Company as has been requested.
 
(g) Regulation S Representations, Warranties and Covenants. The Purchaser, hereby represents and warrants as of the date hereof and as of the Closing to the Company as follows: 
 
	 
	 
	(i)	Reliance by the Company on Representations and Warranties by the Purchaser. This Agreement is made by the Company with the Purchaser in reliance upon the Purchaser’s representations and warranties made herein.
	 
	 
	 
	 

	 
	 
	(ii)	Regulation S. The Purchaser has been advised and acknowledges that:

 
	 
	A.
	the Securities have not been registered under the Securities Act, the securities laws of any state of the United States or the securities laws of any other country; 

 
	 
	B.
	in issuing and selling the Securities to the Purchaser, the Company is relying upon the “safe harbor” provided by Regulation S and/or on Section 4(a)(2) under the Securities Act; 

 
	 
	C.
	it is a condition to the availability of the Regulation S “safe harbor” that the Securities not be offered or sold in the United States or to a U.S. person until the expiration of requisite time period under Regulation S after the Closing; notwithstanding the foregoing, prior to the expiration of one year after the Closing (the “Restricted Period”), the Securities may be offered and sold by the holder thereof only if such offer and sale is made in compliance with the terms of this Agreement and either: (A) if the offer or sale is within the United States or to or for the account of a U.S. person, the securities are offered and sold pursuant to an effective registration statement of the Securities Act, or (B) the offer and sale is outside the United States and to other than a U.S. person.

    
	 
	(iii)	Certain Restrictions on Securities. The Purchaser agrees that with respect to the Shares until the expiration of the Restricted Period:

 
	 
	A.
	the Purchaser, its agents or its representatives have not and will not solicit offers to buy, offer for sale, sell or resell any of the Securities, or any beneficial interest therein, in the United States or to or for the account of a U.S. person during the Restricted Period; notwithstanding the foregoing, prior to the expiration of the Restricted Period, the Securities may be offered and sold by the holder thereof only if such offer and sale is made in compliance with the terms of this Agreement and either: (A) if the offer or sale is within the United States or to or for the account of a U.S. person, the securities are offered and sold pursuant to an effective registration statement or pursuant to Rule 144 under the Securities Act or pursuant to an exemption from registration requirements of the Securities Act; or (B) the offer and sale is outside the United States and to a person other than a U.S. person; and 

 
	 
	B.
	the Purchaser shall not engage in hedging transactions with regards to the Securities unless in compliance with the Securities Act. 

 
The Purchaser agrees that after the Restricted Period, the Securities may be offered or sold within the United States or to or for the account of a U.S. person only pursuant to applicable U.S. state and federal securities laws. The Purchaser understands that the Company will refuse to register any transfer of Securities not made in accordance with the provisions of Regulation S, pursuant to registration under the Securities Act, or pursuant to an available exemption from registration.
 
(iv) Directed Selling. The Purchaser has not engaged, nor is it aware that any party has engaged, and the Purchaser will not engage or cause any third party to engage, in any directed selling efforts (as such term is defined in Regulation S) in the United States with respect to the Securities. 
 
(v) Location of Purchaser. The Purchaser: (i) is domiciled and has its principal place of business or registered office outside the United States; (ii) certifies it is not a U.S. person and is not acquiring the Securities for the account or benefit of any U.S. person; and (iii) at the time of Closing, the Purchaser or persons acting on the Purchaser’s behalf in connection therewith are located outside the United states. 
 
(vi) Distributor; Dealer. The Purchaser is not a “distributor” (as defined in Regulation S) or a “dealer” (as defined in the Securities Act). 
 
(vii) Notation of Restrictions. The Purchaser acknowledges that the Company shall make a notation in its stock books regarding the restrictions on transfer set forth in this section and shall transfer such shares on the books of the Company only to the extent consistent therewith. 
 
	 
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ARTICLE IV. 
OTHER AGREEMENTS OF THE PARTIES 
 
4.1 Transfer Restrictions. 
 
(a) The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities other than pursuant to an effective registration statement, Regulation S or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of the Transaction Documents and shall have the rights and obligations of a Purchaser under the Transaction Documents. 
 
(b) The Purchaser agrees to the imprinting, so long as is required by this Section 4.1, of the following legends, as applicable, on any of the Securities in the following form: 
 
“THIS SECURITY IS BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT. TRANSFER OF THIS SECURITY IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.” 
 
4.3 Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide the Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto the Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. 
 
ARTICLE V. 
MISCELLANEOUS 
 
5.1 Entire Agreement. The Transaction Documents contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents. 
 
5.2 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the e-mail address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile or email attachment at the facsimile number or e-mail address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. 
 
5.3 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchaser. 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. Any amendment effected in accordance with this Section 5.4 shall be binding upon the Purchaser and holder of Securities and the Company. 
 
	 
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5.4 Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 
5.5 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.10, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding. 
 
5.6 Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities. 
 
5.7 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 
 
5.8 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 
5.9 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 
 
5.10 Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement. 
 
5.11 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 
 
(Signature Pages Follow) 
 
	 
	8 | Page
	
 
	 

 
IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above. 
 
	JIN WAN HONG INTERNATIONAL HOLDINGS LIMITED
	Address for Notice:

	 
	 
	 
	
	By:
	 
		Email: 

		Name: 
	 
	
		Title: 
	 
	
	 
	 
	 
	 

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

 
	 
	9 | Page
	
 
	 

 
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
SIGNATURE PAGE FOR PURCHASER FOLLOWS] 
 
[PURCHASER SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT] 
 
IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above. 
 
The Purchaser acknowledges that this Agreement has been translated into Chinese, and he is fully aware of the contents and terms of this Agreement.
买方承认本协议已翻译成中文,并充分了解本协议的内容和条款。
 
Name of Purchaser: __________________________________________________
 
Signature of Purchaser: ______________________________________________ 
 
Email Address of Purchaser: ___________________________________________ 
 
Facsimile Number of Purchaser: _________________________________________ 
 
Address for Notice to Purchaser: ________________________________________
 
Address for Delivery of Securities to Purchaser (if not same as address for notice): 
 
__________________________________________________________________
 
Passport No.: ___________________________________________
 
	 
	10 | Page

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