Document:

EX-10.1

 Exhibit 10.1 

April 24, 2019 
 Teneobio, Inc., 

1490 O’Brien Drive, Suite D 
 Menlo Park, California 94025

 Attention: Chief Financial Officer 
  

	RE:	 CONSENT TO SUBLEASE 

 

					
		 	“Building”:	  	1490 O’Brien Drive, Menlo Park, California
			
		 	“Premises”:	  	Suite D consisting of approximately 6,230 rentable square feet in the Building;
			
		 	“Sublet Space”:	  	The entire Premises consisting of Suite D containing approximately 6,230 rentable square feet in the Building
			
		 	“Landlord”:	  	MENLO PREPI I, LLC, a Delaware limited liability company and TPI Investors 9, LLC, a California limited liability company
			
		 	“Tenant”:	  	Teneobio, Inc., a Delaware corporation
			
		 	“Subtenant”:	  	Forty-Seven, Inc., a Delaware corporation
			
		 	“Lease”:	  	Lease dated November 10, 2015, as amended by a first amendment dated March 25, 2016, and as same may be amended, modified, extended or restated from time to time
			
		 	“Sublease”:	  	Agreement annexed hereto as Exhibit A as the same may be amended, modified, extended or restated from time to time, as may be permitted hereunder

 Ladies and Gentlemen: 

You have requested our consent to the Sublease. Such consent is hereby granted on the terms and conditions, and in reliance upon the
representations and warranties, set forth in this letter (this “Agreement”). 
 1. Tenant represents and warrants that, to
Tenant’s actual knowledge, without inquiry, (a) the Lease is in full force and effect; (b) the Lease has not been assigned, encumbered, modified, or extended, except as otherwise specified herein or in the Sublease; (c) Tenant
knows of no defense or counterclaim to the enforcement of the Lease; (d) Tenant is not currently entitled to any reduction, offset or abatement of the rent payable under the Lease; (e) a true and complete copy of the Sublease is attached
hereto, and the Sublease constitutes the complete agreement between Tenant and Subtenant with respect to the subject matter thereof; (f) Landlord has completed all work to be performed by Landlord under the Lease and has paid all contributions
and other sums due to Tenant under the Lease; and (g) neither Tenant nor, to Tenant’s actual knowledge, without inquiry, Landlord is in default of any of their respective obligations or covenants, and neither has breached any of their
respective representations or warranties, under the Lease. 
 2. The Sublease shall be subject and subordinate to the Lease and all of its
provisions. Neither Tenant nor Subtenant shall take or permit any action that would violate the provisions of the Lease or this Agreement. 

3. Landlord’s obligations to Tenant are governed only by the Lease and this Agreement and Landlord’s obligations to Subtenant are
only as set forth in Paragraph 6 of this Agreement. Landlord shall not be bound or estopped by any provision of the Sublease, including any provision purporting to impose any obligations upon Landlord (except as provided in Paragraph 6 of this
Agreement). Nothing contained herein shall be construed as consent to, approval of, or ratification by Landlord of any particular provisions of the Sublease. Landlord has not reviewed or approved any provision of the Sublease. 

 4. If Tenant or Subtenant violates any of the terms of this Agreement, or if any
representation by Tenant or Subtenant in this Agreement is untrue in any material respect, or if Subtenant takes any action that constitutes a default under the Lease, then Landlord may declare the Lease to be in default, after the expiration of
applicable notice and cure periods, and avail itself of all remedies provided at law or in equity or in the Lease with respect to defaults. 

5. Subject to the provisions of Paragraph 6 of this Agreement, if the Lease is terminated prior to the stated expiration date provided in the
Lease, the Sublease, on the date of such termination, likewise shall terminate. In connection with such termination, Subtenant, at its sole cost and expense, shall surrender the Sublet Space to Landlord in the manner provided for in the Lease,
including the removal of all of its personal property from the Sublet Space and from any part of the Building to which it is not otherwise entitled to occupy, and repair all resulting damage to the Sublet Space and the Building. Landlord shall have
the right to retain any property and personal effects that remain in the Sublet Space or the Building after the date of termination of the Lease in accordance with Section 23 of the Lease, without waiving Landlord’s rights with respect to
any default by Tenant under the Lease or Subtenant under the foregoing provisions of this paragraph and the provisions of the Lease and Sublease. If Subtenant shall fail to vacate and surrender the Sublet Space in accordance with the provisions of
this paragraph, Landlord shall be entitled to all of the rights and remedies that are available to a landlord against a tenant holding over after the expiration of a term pursuant to applicable law, and any such holding over shall be deemed a
default under the Lease. In addition, Subtenant agrees that it will not seek, and it expressly waives any right to seek, any stay of the prosecution or execution of any judgment awarded in any action by Landlord to recover possession of the Sublet
Space. This paragraph shall survive the earlier termination of the Lease and/or Sublease. 
 6. If the Lease is terminated before the stated
expiration date of the Sublease and if Landlord or its successors or assigns demands, then Subtenant shall attorn to Landlord or such other party upon the then-executory terms of the Sublease for the remainder of the stated term of the Sublease. In
such event, Landlord or such other party to whom Subtenant attorns shall not disturb Subtenant in its use and enjoyment of the Sublet Space, provided Subtenant performs all of its obligations under the Sublease. Such party shall not be required to
honor or credit Subtenant for (i) any payments of rent made to Tenant for more than one (1) month in advance or for any other payment owing by, or on deposit with, Tenant for the credit of Subtenant, unless such party actually received
same from Tenant; (ii) any obligation to perform any work or make any payment to Subtenant pursuant to a work letter, the Sublease or otherwise; (iii) any security deposits, unless such party actually received same from Tenant;
(iv) any obligation of, or liability resulting from any act or omission of, Tenant; (v) any amendment of the Sublease not consented to by Landlord in writing; or (vi) any counterclaims, abatements, reductions, offsets or defenses
assertable against Tenant. This provision is self-operative upon demand for attornment, whether or not, as a matter of applicable law, the Sublease may terminate upon the expiration or termination of the term of the Lease. Subtenant, however, agrees
to give Landlord or such other party, upon written request therefor, an instrument acknowledging an attornment according to these terms. No attornment pursuant to this paragraph shall be deemed a waiver or impairment of Landlord’s rights under
the Lease to pursue any remedy not inconsistent with the attornment. 
 In the event of such election by Landlord or such other party,
(i) Tenant shall deliver to Landlord or such other party any security deposit that Tenant then is holding pursuant to the Sublease, and (ii) Tenant shall reimburse Landlord or such other party for any reasonable costs that may be incurred
by it in connection with such attornment, including reasonable legal fees and disbursements, but only in the event that such attornment is caused by a termination of the Lease due to Tenant’s default. 

  
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 7. Tenant and Subtenant each agrees that: 

a. Notwithstanding any provision to the contrary contained in this Agreement or the Lease, the liability of Landlord for Landlord’s
obligations under the Lease shall be limited to the amount of Landlord’s interest in the Property (as defined in the Lease) and Tenant shall not look to any other property or assets of any direct or indirect partner, member or shareholder of
Landlord (or any officer, director, agent, member, manager, personal representative, trustee or employee of any such direct or indirect partner, member or shareholder) (individually, a “Landlord Party”; collectively, the
“Landlord Parties”) in seeking either to enforce Landlord’s obligations under this Agreement or the Lease or to satisfy a judgment for Landlord’s failure to perform such obligations, and none of the Landlord Parties shall
be personally liable for the performance of Landlord’s obligations under this Agreement or the Lease. Without limiting the generality of the foregoing and notwithstanding anything to the contrary in this Agreement or the Lease, no Landlord
Party shall be personally liable for the performance of the obligations of, or in respect of any claims against, Landlord arising under this Agreement or the Lease, and no personal judgment shall be sought or obtained against any Landlord Party in
connection with this Agreement or the Lease; and 
 b. In no event shall Landlord be liable for, and Tenant and Subtenant, on behalf
of themselves and all other subtenants or occupants of the Premises and their respective agents, contractors, subcontractors, employees, invitees or licensees, hereby waive any claim against Landlord for, any consequential, special or punitive
damages, including loss of profits or business opportunity, arising under or in connection with the Lease; and 
 c. The obligations
of Landlord under this Agreement shall not be binding upon Landlord after the sale, conveyance, assignment or transfer by Landlord of its interest in the Building, and Tenant and Subtenant shall look solely to the transferee for the satisfaction of
such obligations. Any such transferee shall be deemed to have assumed all of Landlord’s obligations under this Agreement. 
 d.
Notwithstanding any provision to the contrary contained in this Agreement or the Lease, Landlord hereby approves of Subtenant’s conversion of a portion of the Sublet Premises consisting of lab space to office space consistent with the
description set forth on Exhibit B attached hereto (the “Subtenant Improvements”), provided that (1) Tenant and Subtenant shall strictly comply with the terms and conditions set forth in Section 14(d) of the Lease;
(2) Tenant and Subtenant, at their sole cost and expense, shall obtain all permits or other governmental approvals prior to commencing any of such work and deliver a copy of same to Landlord; and (3) the Subtenant Improvements shall be at
the sole expense of Tenant or Subtenant and shall be in compliance with all applicable Laws (as defined in the Lease). Landlord hereby agrees that neither Tenant nor Subtenant shall be required to remove the Subtenant Improvements at the end of the
Sublease term. 
 8. Tenant and Subtenant each represents and warrants that, except as otherwise specifically provided in the Sublease, no
rent or other consideration is being paid or is payable to Tenant by Subtenant for the right to use or occupy the Sublet Space or for the use, sale or rental of Tenant’s fixtures, leasehold improvements, equipment, furniture or other personal
property in excess of the pro-rata portion of the fixed rent and any additional rent payable pursuant to the Lease (collectively, the “Rent”) for the Sublet Space, and if such rent or other
consideration exceeds such pro-rata portion of the Rent, Tenant shall comply with Paragraph 17(c) of the Lease and pay to Landlord fifty percent (50%) of such excess in accordance with the provisions of the
Lease. 
 9. The Lease, the Sublease and this Agreement constitute the entire agreement of the parties with respect to Landlord’s
consent to the Sublease. This Agreement may not be changed except in writing signed by the party to be charged. 
 10. All statements,
notices and other communications given pursuant to this Agreement must be in writing and must be delivered personally with receipt acknowledged, or sent by a nationally recognized reputable overnight courier (with a receipt of delivery), or by
registered mail, return receipt requested, addressed (i) to Tenant at its address set forth above, (ii) to Subtenant at the Sublet Space, and (iii) to Landlord at the following address: 

  
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 Menlo Park Portfolio 

c/o Tarlton Properties, Inc. 

1530 O’Brien Drive, Suite C 

Menlo Park, California 94025 

Any party may designate, upon not less than six (6) days’ prior written notice given in accordance with this paragraph, such other
address(es) to which notices are to be delivered. Any such communication shall be deemed delivered when personally delivered, or on the date received or rejected as indicated by the receipt if sent by overnight courier or by the return receipt if
sent by mail. 
 11. This Agreement will be construed in accordance with and governed by the laws of the State of California. 

12. Landlord’s rights and remedies under this Agreement shall be in addition to every other right or remedy available to it under the
Lease, at law, in equity or otherwise, and Landlord shall be able to assert its rights and remedies at the same time as, before or after its assertion of any other right or remedy to which it is entitled without in any way diminishing such other
rights or remedies. The invalidity or unenforceability of any provision of this Agreement shall not impair the validity and enforceability of any other provision of this Agreement. 

13. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, except as provided in
Paragraph 7(c) above and except that it shall not inure to the benefit of any successor or assign of Tenant or Subtenant whose status was acquired in violation of the Lease or this Agreement. 

14. Landlord, Tenant and Subtenant each represent respectively that (i) the individuals executing this Agreement on such party’s
behalf are duly authorized to execute and deliver this Agreement, and (ii) such party has full power and authority to enter into this Agreement. 

15. Tenant and Subtenant, jointly and severally, indemnify Landlord against, and hold it harmless from, all costs, damages and expenses,
including reasonable attorneys’ fees and disbursements, arising out of any claims for brokerage commissions, finder’s fees or other compensation in connection with the Sublease or procuring possession of the Sublet Space. Tenant and
Subtenant, at their sole expense, may defend any such claim with counsel reasonably acceptable to Landlord and settle any such claim at their expense, but only Landlord may approve the text of any stipulation, settlement agreement consent order,
judgment or decree entered into on its behalf. The provisions of this Paragraph 15 shall survive the expiration or sooner termination of the Lease or Sublease. 

16. Tenant and Subtenant, jointly and severally, indemnify Landlord against, and hold it harmless from, any and all losses, costs, expenses,
claims and liabilities including, but not limited to, reasonable attorneys’ fees, arising from the use, occupancy, conduct or management of the Sublet Space by Subtenant or its agents, employees, contractors, representatives, invitees or
visitors, or Subtenant’s business activities therein. If any proceeding is brought against Landlord by reason of any such claim, Tenant and Subtenant, jointly and severally, shall be responsible for Landlord’s costs and expenses
(including, without limitation, reasonable attorneys’ fees and expenses) incurred in connection therewith. If any action or proceeding is brought against Landlord by reason of any such claim, Subtenant and/or Tenant, upon written notice from
Landlord, shall, at Tenant’s or Subtenant’s sole cost and expense, as the case may be, resist or defend such action or proceeding using counsel reasonably approved by Landlord, but may not settle any such claim without Landlord’s
prior written approval. The provisions of this Paragraph 16 shall survive the expiration or earlier termination of the term of the Sublease or the Lease. The indemnity and any right granted to Landlord pursuant to this paragraph shall be in addition
to, and not in limitation of, Landlord’s rights under the Lease. 
 17. Landlord’s consent to the Sublease does not include consent
to any modification, supplement or amendment of the Sublease, or to any assignment of the Sublease or sub-subletting of the Sublet Space or any other portion of the Premises, each of which requires
Landlord’s prior written consent (except that 

  
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Tenant may terminate the Sublease without Landlord’s prior consent). If Tenant or Subtenant desires Landlord’s consent to any such other action, it must specifically and separately
request such consent. Tenant shall give Landlord prompt written notice if the Sublease terminates prior to its stated term. 
 18. Neither
the execution and delivery of this Agreement or the Sublease, nor any acceptance of rent or other consideration from Subtenant by Landlord or Landlord’s agent, shall operate to waive, modify, impair, release or in any manner affect
Tenant’s liability or obligations under the Lease or Subtenant’s liability or obligations under the Sublease. 
 19. If there shall
be any conflict or inconsistency between the terms, covenants and conditions of this Agreement or the Lease and the Sublease, then the terms, covenants and conditions of the Lease or this Agreement shall prevail. 

20. Each of the parties hereto hereby irrevocably and unconditionally waives its right to a jury trial in any cause of action arising out of,
or relating to, this Agreement. 
 21. Tenant agrees to pay, upon written demand therefor, Landlord’s reasonable out-of-pocket expenses incurred in connection with and related to the preparation and execution of this Agreement not to exceed Three Thousand Dollars ($3,000.00). 

22. This Agreement may be executed in counterparts, each of which shall be deemed an original, and all such counterparts together shall
constitute one (1) and the same instrument. 
 23. Please acknowledge your agreement to the terms and conditions of this Agreement by
signing the copy of this Agreement enclosed herewith and returning it to Landlord. You may consider Landlord’s consent to the Sublease to be effective upon your receipt of a fully executed copy of this Agreement. 

[SIGNATURES ON FOLLOWING PAGE] 

  
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 LANDLORD: 

MENLO PREPI I, LLC, 
 a Delaware limited liability company

  

			
	By:	 	PRINCIPAL REAL ESTATE INVESTORS, LLC,
		 	 a Delaware limited liability company,
 its
authorized signatory

  

									
	    	 	By:	 	 /s/ Jeffrey D. Uittenbogaard
	 		 	Date: 4/24/19
		 	Name:	 	Jeffrey D. Uittenbogaard	 		 	
		 	Title:	 	Investment Director, Asset Management	 		 	

  

									
		 	By:	 	  
	 		 	Date:                     
		 	Name:	 	  
	 		 	
		 	Title:	 	  
	 		 	

 TPI INVESTORS 9, LLC, 
 a
California limited liability company 
  

							
	By:	 	 /s/ John C. Tarlton
	 		 	Date: 4/15/19
	Name:	 	John C. Tarlton	 		 	
	Title:	 	CFO of MGR	 		 	

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

  
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 Agreed to: 

TENANT: 
 TENEOBIO, INC., 

a Delaware corporation 
  

							
	By:	 	 /s/ Roland Buelow
	 		 	Date: 4/15/19
		 	Name:    Roland Buelow	 		 	
		 	Title: CEO	 		 	

 SUBTENANT: 

FORTY-SEVEN, INC., 
 a Delaware corporation 

 

							
	By:	 	 /s/ Mark McCamish
	 		 	Date: 4/9/19
		 	Name:    Mark McCamish	 		 	
		 	Title: CEO	 		 	

  
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 EXHIBIT “A” 

SUBLEASE 
 (Fully
signed copy of Sublease to be attached) 

  
 EXHIBIT
“A” 
 - 1 - 

 SUBLEASE 

THIS SUBLEASE (this “Sublease”) is dated for reference purposes as of January 3, 2019, and is made by and between Teneobio,
Inc., a Delaware corporation (“Sublessor”), and Forty-Seven, Inc., a Delaware corporation (“Sublessee”). Sublessor and Sublessee hereby agree as follows: 

1. Recitals: This Sublease is made with reference to the fact that MENLO PREPI I, LLC and TPI INVESTORS 9, LLC, as landlord
(“Master Lessor”), and Sublessor, as tenant, are parties to that certain lease, dated as of November 10, 2015, as amended by a first amendment dated March 25, 2016 and a second amendment dated January 10 2018 (as amended,
the “Master Lease”), with respect to premises consisting of approximately 6,230 rentable square feet of space and a mezzanine, located at 1490 O’Brien Drive, Suite D, Menlo Park, California (the “Premises”). A copy of the
Master Lease is attached hereto as Exhibit A. 
 2. Premises: Sublessor hereby subleases to Sublessee, and Sublessee hereby
subleases from Sublessor, all of the Premises (also referred to herein as the “Subleased Premises”). Additionally, Sublessee is hereby granted the nonexclusive right to use the common areas of the Property to the extent of Sublessor’s
rights to use of the same pursuant to the Master Lease, in common with other tenants of the Property, throughout the Term. Except to the extent that the square footage of the Premises is adjusted under the Master Lease, the square footage of the
Subleased Premises shall be as set forth in this paragraph, notwithstanding any remeasurement. 
 3. Term: The term (the
“Term”) of this Sublease shall be for the period commencing on the last to occur of (a) April 1, 2019, (b) receipt of Master Lessor’s consent, and (c) the date Sublessor vacates and delivers the Subleased Premises to
Sublessee with all of its permits for hazardous materials closed (the “Commencement Date”) and ending on February 28, 2021 (the “Expiration Date”), unless this Sublease is sooner terminated pursuant to its terms or the
Master Lease is sooner terminated pursuant to its terms. 
 4. Rent: 

A. Base Rent. Sublessee shall pay to Sublessor as base rent for the Subleased Premises for each month during the Term the following
amounts per month (“Base Rent”): 
  

					
	 Months
	  	Base Rent	 
	 1-12
	  	$	33,953.50	 
	 13-24
	  	$	34.972.11	 
	 25-Expiration Date
	  	$	36,021.27	 

 Base Rent and Additional Rent, as defined in Paragraph 4.B below, shall be paid on or before the first (1st) day of each
month. Base Rent and Additional Rent for any period during the Term hereof which is for less than one (1) month of the Term shall be a pro rata portion of the monthly installment based on a thirty (30) day month. If an increase in Base
Rent becomes effective on a date other than the first day of a calendar month, the Base Rent for that month shall be the sum of the two applicable rates, each prorated for the portion of the month during which the rate is in effect. Base Rent and
Additional Rent shall be payable without notice or demand and without any deduction, offset, or abatement, in lawful money of the United States of America. Base Rent and Additional Rent shall be paid directly to Sublessor at 1490 O’Brien Drive,
Suite D, Menlo Park, CA 94025, Attention: Accounting, or such other address as may be designated in writing by Sublessor. 

  
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 B. Additional Rent. All monies other than Base Rent required to be paid by Sublessor
under the Master Lease, including, without limitation, any amounts payable by Sublessor to Master Lessor as “Operating Expenses”, “Park Expenses” and “Taxes” (as defined in Section 5 of the Master Lease), shall be
paid by Sublessee hereunder as and when such amounts are due under the Master Lease, as incorporated herein. All such amounts shall be deemed additional rent (“Additional Rent”). Base Rent and Additional Rent hereinafter collectively shall
be referred to as “Rent”. Sublessee and Sublessor agree, as a material part of the consideration given by Sublessee to Sublessor for this Sublease, that Sublessee shall pay all costs, expenses, taxes, insurance, maintenance and other
charges of every kind and nature arising in connection with this Sublease, the Master Lease or the Subleased Premises, such that Sublessor shall receive, as a net consideration for this Sublease, the Base Rent payable under Paragraph 4,A hereof.
Notwithstanding anything in this Sublease to the contrary, Additional Rent shall not include late fees or penalties assessed against Sublessor as a result of Sublessor’s acts or omissions. Provided that Sublessee is not in default hereunder
beyond any applicable notice and cure period, Sublessee shall have the right to require Sublessor to exercise its rights under Section 5(e) of the Master Lease to review Master Lessor’s books and records related to Operating Expenses, Park
Expenses and Taxes, provided that Sublessee shall pay all costs of such review (subject to Master Lessor’s reimbursement, if applicable, as set forth in said Section). 

C. Payment of First Month’s Rent. Upon execution hereof by Sublessee, Sublessee shall pay to Sublessor the sum of Thirty-Three
Thousand Nine Hundred Fifty-Three and 50/100 Dollars ($33,953.50), which shall constitute Base Rent for the first month of the Term. 
 5.
Security Deposit: Upon execution hereof by Sublessee, Sublessee shall deposit with Sublessor the sum of Thirty-Three Thousand Nine Hundred Fifty-Three and 50/100 Dollars ($33,953.50) (the “Security Deposit”), in cash, as security
for the performance by Sublessee of the terms and conditions of this Sublease. The Security Deposit shall be held and applied in accordance with the terms of Section 7 of the Master Lease, as incorporated herein. 

6. Holdover: The parties hereby acknowledge that the expiration date of the Master Lease is February 28, 2021 and that it is
therefore critical that Sublessee surrender the Subleased Premises to Sublessor no later than the Expiration Date in accordance with the terms of this Sublease. In the event that Sublessee does not surrender the Subleased Premises by the Expiration
Date in accordance with the terms of this Sublease, Sublessee shall indemnify, defend, protect and hold harmless Sublessor from and against all loss and liability resulting from Sublessee’s delay in surrendering the Subleased Premises and pay
Sublessor holdover rent as provided in Section 19 of the Master Lease as incorporated herein. 
 7. Repairs: Sublessor shall
deliver the Subleased Premises to Sublessee in “broom clean” condition, free of all of Sublessor’s personal property, personnel and hazardous materials first introduced to the Subleased Premises by Sublessor. Sublessor represents to
Sublessee that, to Sublessor’s actual knowledge, the heating, ventilating and air conditioning, mechanical, plumbing and electrical systems serving the Subleased Premises are in good, working order and repair. The parties acknowledge and agree
that Sublessee is subleasing the Subleased Premises on an “as is” basis, and that Sublessor has made no representations or warranties with respect to the condition of the Subleased Premises except as set forth in this paragraph. Sublessor
shall have no obligation whatsoever to make or pay the cost of any alterations, improvements or repairs to the Subleased Premises, including, without limitation, any improvement or repair required to comply with any law. Master Lessor shall be
solely responsible for performance of any repairs required to be performed by Master Lessor under the terms of the Master Lease. 

  
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 8. Assignment and Subletting: Sublessee may not assign this Sublease, sublet the
Subleased Premises, transfer any interest of Sublessee therein or permit any use of the Subleased Premises by another party (collectively, “Transfer”), without the prior written consent of Sublessor and Master Lessor. Any Transfer shall be
subject to the terms of Section 17 of the Master Lease. 
 9, Use: Sublessee may use the Subleased Premises only for the uses
identified in Section 8 of the Master Lease. Sublessee shall not use, store, transport or dispose of any hazardous material in or about the Subleased Premises, except as permitted under Section 9 of the Master Lease, as incorporated
herein. 
 10. Effect of Conveyance: As used in this Sublease, the term “Sublessor” means the holder of the tenant’s
interest under the Master Lease. Subject to Paragraph 20.C, in the event of any assignment, transfer or termination of the tenant’s interest under the Master Lease, which assignment, transfer or termination may occur at any time during the Term
hereof in Sublessor’s sole discretion, Sublessor shall be and hereby is entirely relieved of all covenants and obligations of Sublessor hereunder accruing from and after the date of such transfer or termination, and it shall be deemed and
construed, without further agreement between the parties, that any transferee has assumed and shall carry out all covenants and obligations thereafter to be performed by Sublessor hereunder. 

11. Delivery and Acceptance: If Sublessor fails to deliver possession of the Subleased Premises to Sublessee on or before the date set
forth in Paragraph 3 hereof for any reason whatsoever, then this Sublease shall not be void or voidable, nor shall Sublessor be liable to Sublessee for any loss or damage; provided, however, that in such event, (i) Rent shall abate until
Sublessor delivers possession of the Subleased Premises to Sublessee, and (ii) notwithstanding the foregoing, if Sublessor has not delivered the Subleased Premises to Sublessee in the condition required by this Sublease by August 31, 2019,
Sublessee may thereafter terminate this Sublease by written notice to Sublessor prior to such delivery of the Subleased Premises by Sublessor, and Sublessor shall thereafter promptly return any prepaid rent or security deposit. 

12. Improvements: No alteration or improvements shall be made to the Subleased Premises, except in accordance with the Master Lease, and
with the prior written consent of both Master Lessor and Sublessor. Subject to Sublessor’s approval of the specifications thereof, if Sublessee converts a portion of the lab space to office and Master Lessor does not require such alterations to
be restored, Sublessor shall not require Sublessee to restore such alterations. 
 13. Release and Waiver of Subrogation: Sublessor
and Sublessee hereby release each other from any damage to property which is caused by or results from any risk insured against under any property insurance policy required to be carried by either party under this Sublease. Each party shall use
commercially reasonable efforts to cause each insurance policy obtained by it to provide that the insurer waives all right of recovery against the other party and its agents and employees in connection with any damage or injury covered by the
policy, and each party shall notify the other party if it is unable to obtain a waiver of subrogation. 
 14. Insurance: Sublessee
shall obtain and keep in full force and effect, at Sublessee’s sole cost and expense, during the Term the insurance required under Sections 11(a)-(d) of the Master Lease. Sublessee shall name Master Lessor and Sublessor as additional insureds
under its liability insurance policy. 

  
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 15. Default: Sublessee shall be in default under this Sublease if Sublessee commits
any act or omission which constitutes a default under the Master Lease, which has not been cured after delivery of written notice and passage of the applicable grace period provided in the Master Lease as modified, if at all, by the provisions of
this Sublease. In the event of any default by Sublessee, Sublessor shall have all remedies provided pursuant to Section 22 of the Master Lease and by applicable law, including damages that include the worth at the time of award of the amount by
which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that the lessee proves could be reasonably avoided and the remedy described in California Civil Code Section 1951.4 (lessor may
continue lease in effect after lessee’s breach and abandonment and recover rent as it becomes due, if lessee has right to sublet or assign, subject only to reasonable limitations). 

16. Surrender: Prior to expiration of this Sublease, Sublessee shall remove all of its trade fixtures and shall surrender the Subleased
Premises to Sublessor in the condition required under the Master Lease, except that Sublessee shall not be required to remove or restore any alterations, additions or improvements from the Subleased Premises upon surrender that exist on the date
that Sublessor delivers the Subleased Premises to Sublessee. If the Subleased Premises are not so surrendered, then Sublessee shall be liable to Sublessor for all liabilities Sublessor incurs as a result thereof, including costs incurred by
Sublessor in returning the Subleased Premises to the required condition. Sublessor shall have the right, during the last two (2) months of the Term, to restore any alterations existing in the Subleased Premises on the date the Subleased
Premises are delivered to Sublessee to the extent required by Master Lessor under the Master Lease, subject to the following: (a) such restoration shall be at Sublessor’s sole cost; (b) Sublessor shall use reasonable efforts not to
unreasonably interfere with Sublessee’s use of the Subleased Premises in performing such restoration, without requiring Sublessor to perform any work outside of normal business hours; and (c) Sublessee shall not be entitled to abate rent,
terminate this Sublease or make any claims against Sublessor in connection with any entry and restoration by Sublessor in accordance with this paragraph. Sublessee acknowledges that Master Lessor has reserved the right to require the mezzanine in
the Subleased Premises to be restored, but Sublessee shall not be responsible under this Sublease for removal of the mezzanine, and Sublessor shall remove the mezzanine, at its sole cost and expense, if required by Master Lessor, at the end of the
Term of this Sublease; provided, however, notwithstanding anything to the contrary in this Sublease, if Sublessee extends its right to occupy the Subleased Premises through a direct agreement with Master Lessor (i) for a period ending on or
before August 31, 2021, Sublessee shall provide Sublessor with written notice thereof no later than January 1, 2021, and, so long as Master Lessor agrees to such delayed removal, Sublessor shall remove the mezzanine, at its sole cost and
expense, if required by Master Lessor, in the last two (2) months of such extended term and the provisions of the preceding sentence shall apply to such period or (ii) for a period ending after August 31, 2021, Sublessee shall provide
Sublessor with written notice thereof no later than January 1, 2021, and, so long as Master Lessor agrees that the mezzanine does not need to be removed at the end of the Term of this Sublease, Sublessor shall have no obligation to restore the
mezzanine and Sublessee shall be solely responsible for any restoration of the mezzanine required by Master Lessor. 
 17. Broker:
Sublessor and Sublessee each represent to the other that they have dealt with no real estate brokers, finders, agents or salesmen other than Savills Studley, representing Sublessor, and Newmark Knight Frank, representing Sublessee, in connection
with this transaction. Each party agrees to hold the other party harmless from and against all claims for brokerage commissions, finder’s fees or other compensation made by any other agent, broker, salesman or finder as a consequence of such
party’s actions or dealings with such agent, broker, salesman, or finder. 

  
 - 4 - 

 18. Notices: Unless at least five (5) days’ prior written notice is given
in the manner set forth in this paragraph, the address of each party for all purposes connected with this Sublease shall be that address set forth below its signature at the end of this Sublease. All notices, demands or communications in connection
with this Sublease shall be (a) personally delivered; or (b) properly addressed and (i) submitted to an overnight courier service, charges prepaid, or (ii) deposited in the mail (certified, return receipt requested, and postage
prepaid). Notices shall be deemed delivered upon receipt, if personally delivered, one (1) business day after being submitted to an overnight courier service and three (3) business days after mailing, if mailed as set forth above. All
notices given to Master Lessor under the Master Lease shall be considered received only when delivered in accordance with the Master Lease. 

19. Miscellaneous: Sublessor has not had an inspection of the Premises performed by a Certified Access Specialist as described in
California Civil Code § 1938. A Certified Access Specialist (CASp) can inspect the Subleased Premises and determine whether the Subleased Premises complies with all of the applicable construction-related accessibility standards under state law.
Although state law does not require a CASp inspection of the Subleased Premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the Subleased Premises for the occupancy or potential
occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any
repairs necessary to correct violations of construction-related accessibility standards within the Subleased Premises. Capitalized terms used but not defined in this Sublease shall have the meanings ascribed to such terms in the Master Lease. This
Sublease may be executed in counterparts, each of which shall be deemed an original, but such counterparts, when taken together, shall constitute one agreement. This Sublease may be executed by a party’s signature transmitted by email, and
copies of this Sublease executed and delivered by means of emailed signatures shall have the same force and effect as copies hereof executed and delivered with original signatures. All parties hereto may rely upon emailed signatures (including
signatures in Portable Document Format) as if such signatures were originals. All parties hereto agree that an emailed signature page may be introduced into evidence in any proceeding arising out of or related to this Sublease as if it were an
original signature page. 
 20. Other Sublease Terms: 

A. Incorporation by Reference. Except as set forth below, the terms and conditions of this Sublease shall include all of the terms of
the Master Lease and such terms are incorporated into this Sublease as if fully set forth herein, except that: (i) each reference in such incorporated sections to “Lease” shall be deemed a reference to “Sublease”; (ii) each
reference to the “Premises” and “Monthly Base Rent” shall be deemed a reference to the “Subleased Premises” and “Base Rent”, respectively; (iii) each reference to “Lessor” and “Lessee”
shall be deemed a reference to “Sublessor” and “Sublessee”, respectively, except as otherwise expressly set forth herein; (iv) with respect to work, services, repairs, restoration, insurance, indemnities, representations,
warranties or the performance of any other obligation of Master Lessor under the Master Lease, the sole obligation of Sublessor shall be to request the same in writing from Master Lessor as and when requested to do so by Sublessee, and to use
Sublessor’s reasonable efforts (without requiring Sublessor to spend more than a nominal sum) to obtain Master Lessor’s performance; (v) with respect to any obligation of Sublessee to be performed under this Sublease, wherever the
Master Lease grants to Sublessor a specified number of days to perform its obligations under the Master Lease, except as otherwise provided herein, Sublessee shall have three (3) fewer days to perform the obligation, including, without
limitation, curing any defaults; (vi) with respect to any approval required to be obtained from the “Landlord” under the Master Lease, such consent must be obtained from both Master Lessor and Sublessor, and Sublessor shall not
unreasonably withhold, condition or delay its consent (unless another standard is specified), provided that the approval of Sublessor may be withheld if Master Lessor’s consent is not obtained; (vii) in any case where the
“Lessor” reserves or is granted the right to manage, supervise, control, repair, alter, regulate the use of, enter 

  
 - 5 - 

 
or use the Premises or any areas beneath, above or adjacent thereto, perform any actions or cure any failures, such reservation or right shall be deemed to be for the benefit of both Master
Lessor and Sublessor; (viii) except as may be expressly set forth herein, in any case where “Lessee” is to indemnify, release or waive claims against “Lessor”, such indemnity, release or waiver shall be deemed to cover, and
run from Sublessee to, both Master Lessor and Sublessor; (ix) in any case where “Lessee” is to execute and deliver certain documents or notices to “Lessor”, such obligation shall be deemed to run from Sublessee to both
Master Lessor and Sublessor; (x) all payments shall be made to Sublessor; (xi) Sublessee shall pay all consent and review fees set forth in the Master Lease to each of Master Lessor and Sublessor, except with respect to consent and review
fees incurred in connection with Master Lessor’s consent to this Sublease, which shall be paid by Sublessor; (xii) all “profit” under subleases and assignments (other than this Sublease) shall be paid to Sublessor;
(xiii) Sublessor’s obligations under Section 5 are limited to promptly forwarding statements and refunds provided by Master Lessor, and Sublessee shall have no right to dispute or audit such statements, subject to Paragraph 4.B of
this Sublease; (xiv) the reference in Section 31 to ownership of the Property shall also include Sublessor’s lease of the Premises; and (xv) the reference in the fifth sentence of Section 14(d) to “the Term of this
Lease” shall mean the Master Lease term. 
 Notwithstanding the foregoing, the following provisions of the Master Lease shall not be
incorporated herein: introductory paragraph, Recitals (except the defined terms), Sections 1 (except the last sentence), 2-4, 5(e) (the first sentence and the remainder of the second paragraph after the second
sentence), 6(a), 7 (the first sentence), 13, 14(g) (the last two sentences), 24, 27 and 36(g) and Exhibit F, and the amendments to the Master Lease (except Section 5 of the second amendment). In addition, notwithstanding subpart
(iii) above, (a) references in the following provisions to “Landlord” shall mean Master Lessor only: Sections 5 (except the first reference), 14(a)-(c), 14(e) (second to last sentence), 14(j) (the seventh sentence), 15(a) and (b),
20(a)-(c) and (e) and 21; and (b) references in the following provisions to “Landlord” shall mean Master Lessor and Sublessor: Sections 11, 12(a) and (c), 14(f) (the last sentence), 14(h) (the fifth sentence) and 16. 

B. Assumption of Obligations. This Sublease is and at all times shall be subject and subordinate to the Master Lease and the rights of
Master Lessor thereunder. Sublessee hereby expressly assumes and agrees: (i) to comply with all provisions of the Master Lease which are incorporated hereunder; and (ii) to perform all the obligations on the part of the “Tenant”
to be performed under the terms of the Master Lease during the Term of this Sublease which are incorporated hereunder. In the event the Master Lease is terminated for any reason whatsoever, this Sublease shall terminate simultaneously with such
termination. Such termination shall be without any liability of Sublessor to Sublessee, except to the extent the termination of the Master Lease is due to Sublessor’s default under this Sublease. In the event of a conflict between the express
provisions of this Sublease and the provisions of the Master Lease, as incorporated herein, the express provisions of this Sublease shall prevail. 

C. Sublessor Covenants. Sublessor covenants that it will (i) not agree to a material amendment to (or a termination of) the Master
Lease that would adversely affect Sublessee’s use of the Subleased Premises or Sublessee’s rights or obligations under this Sublease, unless Sublessor shall first have obtained Sublessee’s prior written approval thereof, (ii) not
voluntarily surrender the Master Lease to Master Lessor as to the Subleased Premises, and (iii) perform its covenants and obligations under the Master Lease that do not require for their performance possession of the Subleased Premises and
which are not otherwise to be performed hereunder by Sublessee (for example, Sublessor shall at all times keep in full force and effect all insurance required by the Master Lease and shall pay all rent required under the Master Lease as and when
due); provided, however, Sublessor shall not be liable for any failure to perform or surrender or termination of the Master Lease so long as the Master Lessor has either assumed this Sublease, recognized Sublessee’s rights under this Sublease
or entered into a direct agreement with Sublessee to permit Sublessee to continue to occupy the Subleased Premises for the remainder of the Term on substantially the same terms and conditions as set forth herein and Sublessee’s possession of
the Subleased Premises is otherwise undisturbed. 

  
 - 6 - 

 D. Sublessor Representations. Sublessor represents and warrants to Sublessee that
(i) the copy of the Master Lease attached hereto as Exhibit A is a true, correct and complete copy of the Master Lease (excepting those redactions made therein) and the Master Lease is in full force and effect, (ii) no default or
event of default by Sublessor exists under the Master Lease, (iii) to Sublessor’s knowledge, no default or event of default by Master Lessor has occurred under the Master Lease, and (iv) Sublessor has not previously assigned its
rights under the Master Lease. 
 21. Conditions Precedent: This Sublease and Sublessor’s and Sublessee’s obligations
hereunder are conditioned upon the written consent of Master Lessor (“Master Lessor’s Consent”). If Sublessor fails to obtain Master Lessor’s consent within thirty (30) days after execution of this Sublease by Sublessor,
then Sublessor or Sublessee may terminate this Sublease by giving the other party written notice thereof prior to the date such consent is received, and Sublessor shall return to Sublessee its payment of the first month’s Rent paid by Sublessee
pursuant to Paragraph 4 hereof and the Security Deposit. 
 22. Termination; Recapture: Sublessee acknowledges that, under the Master
Lease, both Master Lessor and Sublessor have certain termination and recapture rights, including, without limitation, in Sections 17(b), 20 and 21. Except as set forth in this Section 22, nothing herein shall prohibit Master Lessor or Sublessor
from exercising any such rights and neither Master Lessor nor Sublessor shall have any liability to Sublessee as a result thereof. In the event Master Lessor or Sublessor exercise any such termination or recapture rights, this Sublease shall
terminate without any liability to Master Lessor or Sublessor; provided, however, that Sublessor shall be liable for any voluntary termination of the Master Lease by Sublessor, whether pursuant to an express provision of the Master Lease or
otherwise, unless Master Lessor has either assumed this Sublease, recognized Sublessee’s rights under this Sublease or entered into a direct agreement with Sublessee to permit Sublessee to continue to occupy the Subleased Premises for the
remainder of the Term on substantially the same terms and conditions as set forth herein and Sublessee’s possession of the Subleased Premises is otherwise undisturbed. 

23. Parking and Signage Rights. Sublessee shall have the same rights to parking and, subject to Master Lessor’s consent, signage as
provided to Sublessor in Sections 26 and 28 of the Master Lease. 

  
 - 7 - 

 IN WITNESS WHEREOF, the parties have executed this Sublease as of the day and year first
above written. 
  

									
	SUBLESSOR:	  	        	  	SUBLESSEE:
			
	 TENEOBIO, INC.,
 a Delaware
corporation
	  		  	 FORTY-SEVEN, INC.,
 a Delaware
corporation

					
	By:	 	 /s/ Buelow
	  		  	By:	 	 /s/ Mark McCamish

	Name:	 	Buelow	  		  	Name:	 	Mark McCamish
	Its:	 	CEO	  		  	Its:	 	CEO
			
	 Address:
 1490 O’Brien Drive,
Suite D
 Menlo Park, CA 94025
 Attn: Chief Financial
Officer
	  		  	 Address:
 1490 O’Brien Drive,
Suite A
 Menlo Park, CA 94025
 Attn: Chief Financial
Officer

  
 - 8 - 

 CONSENT TO SUBLEASE 

Master Lessor hereby acknowledges receipt of a copy of this Sublease, and consents this Sublease. By this consent, Master Lessor shall not be
deemed in any way to have entered the Sublease or to have consented to any further assignment or sublease. 
 MASTER LESSOR: 

MENLO PREPI I, LLC, 
 a Delaware limited liability company 

 

					
	

	  	        	  	REFER TO LANDLORD CONSENT

 TPI INVESTORS 9, LLC, 
 a
Delaware limited liability company 
  

					
	

	  	        	  	REFER TO LANDLORD CONSENT

  
 - 9 - 

 EXHIBIT A 

MASTER LEASE 

  
 - 10 - 

 EXHIBIT “B” 

DESCRIPTION OF SUBTENANT IMPROVEMENTS 

(see attached) 
 EXHIBIT
“B” 

  
 - 1 -Exhibit
4.49

 

PURCHASE
AGREEMENT

 

This Purchase Agreement
(this “Agreement”), dated as of January 15, 2019 (the “Effective Date”), is by and between
Happy Goal Industries Limited, with its address at Suite A, 21F, Elton Bldg, 288 Des Voeux Road, Central, HongKong (the “Purchaser”),
and SPI Energy Co., Ltd., a company incorporated under the laws of the Cayman Islands (the “Company”).
Each of the Purchaser and the Company is referred to herein each as a “Party”, and collectively as the “Parties”.

 

W I T N E S S E T
H:

 

WHEREAS, the Company
and the Purchaser desire to provide for the issuance, sale and purchase of certain number of ordinary shares of the Company, par
value US$0.0001 per share (the “Ordinary Shares”), on the terms and conditions set forth in this Agreement;
and

 

WHEREAS, the Company
and the Purchaser desire to make certain representations, warranties, covenants and agreements in connection with the issuance,
sale and purchase of certain Ordinary Shares and related transactions contemplated by this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties, covenants and agreements herein contained, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Company
and the Purchaser agree as follows:

 

ARTICLE
I

PURCHASE AND SALE

 

Section 1.1          
Issuance, Sale and Purchase of Shares. Subject to the terms and conditions of this Agreement, and in reliance
upon the representations and warranties set forth herein, the Company agrees to issue, sell and deliver to the Purchaser, free
and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, claim or restriction of any kind
or nature other than those imposed by the Articles of Association and Bylaws of the Company, and the Purchaser agrees to purchase
from the Company, on the Closing Date (as defined below), 1,350,000 Ordinary Shares (the “Purchase Shares”).

 

Section 1.2          
Purchase Price. The Purchaser shall pay an aggregate purchase price of US$1,566,000 (the “Purchase
Price”) for the Purchase Shares.

 

Section 1.3          
Closing.

 

(a)              
Upon the terms and subject to the conditions of this Agreement, the closing (the “Closing”) of the purchase
and sale of the Purchase Shares shall take place at a place determined by the Company at 9:00 A.M. New York time on a date that
is no later than April 15, 2019 or at such other time or on such other date that is agreed upon in writing by the Company and
the Purchaser (the “Closing Date”).

 

(b)              
At or before the Closing, the Purchaser shall deliver the Purchase Price by wire transfer in immediately available funds
to the Company’s bank account designated by the Company in a written notice to the Purchaser. At the Closing, the Purchaser
shall deliver a certificate of a duly authorized officer of the Purchaser certifying as to the matters set forth in Section
1.4(b).

 

 

 

    	 	1	 

     

    

 

(c)              
After the Closing and as soon as practicable, the Company shall make entry or entries in the register of members of the
Company and deliver to the Purchaser the following items:

 

(i)                
A share certificate (x) representing the number of Purchase Shares and (y) evidencing the Purchaser as the holder of the
Purchase Shares with the rights of a holder of Ordinary Shares under the Articles of Association and the Bylaws of the
Company, such rights being the same as the rights of other holders of Ordinary Shares.

 

(ii)               
A copy of the updated register of members of the Company evidencing the Purchaser as the holder of the Purchase Shares.

 

Section 1.4          
Closing Conditions.

 

The
obligations of the Company to issue and sell the Purchase Shares as contemplated by this Agreement shall be subject to the satisfaction,
on or before the Closing, of each of the following conditions, provided that any of which may be waived in writing by the Company
in its sole discretion:

 

(a)              
All corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Purchase
Shares shall have been completed and all corporate and other actions required to be taken by the Purchaser in connection with
the purchase of the Purchase Shares shall have been completed.

 

(b)              
The representations and warranties of the Purchaser contained in Section 2.2 of this Agreement shall have been true
and correct on the date of this Agreement and shall be true and correct in all material respects as of the Closing; and the Purchaser
shall have performed and complied with in all material respects all, and not be in breach or default in any material respect under
any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied
with on or before the Closing.

 

(c)              
No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law
(whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes
illegal the consummation of, or materially and adversely alter, the transactions contemplated by this Agreement or imposes any
damages or penalties that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have
been instituted by or before any governmental authority of competent jurisdiction or threatened that seeks to restrain, enjoin,
prevent, prohibit or otherwise makes illegal the consummation of, or materially and adversely alter, the transactions contemplated
by this Agreement or impose any damages or penalties that are substantial in relation to the Company.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES

 

Section 2.1          
Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser,
as of the date hereof and as of the Closing, as follows:

 

(a)              
Organization and Authority. Each of the Company and its subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, with the requisite power
and authority to own and use its properties and assets and to carry on its business in all material respects as is currently conducted.
Neither the Company nor any of its subsidiaries is in material violation or default of any of the provisions of its respective
certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and its 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 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, except to the extent that the failure to be so qualified and in good standing would not adversely affect the
ability of the Company to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement
or adversely affect the ability of the Company and its subsidiaries to conduct the business as is currently conducted.

 

 

 

    	 	2	 

     

    

 

(b)              
Due Issuance of the Purchase Shares. The Purchase Shares of the Company have been duly authorized and, when issued
and delivered to the Purchaser and paid for by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and
non-assessable, and free of any liens or encumbrances, except as required by applicable laws, and issued in compliance with all
applicable federal, securities laws and the Articles of Association and the Bylaws of the Company.

 

(c)              
Authority. The Company has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by it pursuant to this Agreement and to perform its obligations
hereunder. The execution and delivery by it of this Agreement and the performance by it of its obligations hereunder have been
duly authorized by all requisite actions on its part.

 

(d)              
Noncontravention. This Agreement has been duly executed and delivered by the Company and constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights
generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby,
will violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction
of any government, governmental entity or court to which the Company or any of its subsidiaries is subject. To the Company’s
best knowledge, neither the execution and delivery by the Company of this Agreement, nor the consummation by the Company of any
of the transactions contemplated hereby, nor compliance by the Company with any of the terms and conditions hereof will contravene
any existing agreement, federal, state, county or local law, rule or regulation or any judgment, decree or order applicable to,
or binding upon, it.

 

(e)              
Filings, Consents and Approvals. Assuming the accuracy of the representations and warranties of the Purchaser in
Section 2.2(f), neither the execution and delivery by the Company of this Agreement, nor the consummation by the Company
of any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms
requires the filing, consent, approval, order or authorization of, or registration with, or the giving notice to, any governmental
or public body or authority, except such as have been obtained, made, given or will be made promptly hereafter and any required
filing or notification with the Securities and Exchange Commission.

 

Section 2.2          
Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company
as of the date hereof and as of the Closing Date, as follows:

 

(a)              
Due Formation. It is a company duly incorporated as an exempted company with limited liability, validly existing
and in good standing under the laws of the jurisdiction of its incorporation, with full power and authority to own and operate
and to carry on its business in the places and in the manner as currently conducted.

 

(b)              
Authority. It has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by it pursuant to this Agreement and to perform its obligations
hereunder. The execution and delivery by it of this Agreement and the performance by it of its obligations hereunder have been
duly authorized by all requisite actions on its part.

 

(c)              
Valid Agreement. This Agreement has been duly executed and delivered by it and constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally,
and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

(d)              
Consents. Neither the execution and delivery by it of this Agreement nor the consummation by it of any of the transactions
contemplated hereby nor the performance by it of this Agreement in accordance with its terms requires the consent, approval, order
or authorization of, or registration with, or the giving of notice to, any governmental or public body or authority or any third
party, except as have been obtained, made or given.

 

 

 

    	 	3	 

     

    

 

(e)              
No Conflict. Neither the execution and delivery by it of this Agreement, nor the consummation by it of any of the
transactions contemplated hereby, nor compliance by it with any of the terms and conditions hereof will contravene any existing
agreement, federal, state, county or local law, rule or regulation or any judgment, decree or order applicable to, or binding
upon, it.

 

(f)               
Status and Investment Intent.

 

(i)                
Experience. It has sufficient knowledge and experience in financial and business matters so as to be capable of
evaluating the merits and risks of its investment in the Purchase Shares. It is capable of bearing the economic risks of such
investment, including a complete loss of its investment.

 

(ii)               
Purchase Entirely for Own Account. It is acquiring the Purchase Shares for its own account for investment purposes
only and not with the view to, or with any intention of, resale, distribution or other disposition thereof. It does not have any
direct or indirect arrangement, or understanding with any other persons to distribute, or regarding the distribution of the Purchase
Shares in violation of the United States Securities Act of 1933, as amended (the “Securities Act”) or other
applicable laws.

 

(iii)              
Not U.S. person. It is not a “U.S. person” (as such term is defined in Regulation S of the Securities
Act) and is not purchasing the Purchase Shares for the account or benefit of any “U.S. person”.

 

(iv)             
Distribution Compliance Period. It acknowledges that all offers and sales of the Purchase Shares before the end
of the “distribution compliance period” (as such term is defined in Regulation S of the Securities Act) be made only
in accordance with Regulation S of the Securities Act, pursuant to registration of the securities under the Securities Act or
pursuant to an exemption therefrom.

 

(v)              
Restrictive Legend. It understands that the certificate evidencing the Purchase Shares will bear a legend or other
restriction substantially to the following effect:

 

“THE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NO SALE, PLEDGE, HYPOTHECATION, TRANSFER OR OTHER
DISPOSITION OF THESE SECURITIES MAY BE MADE UNLESS EITHER (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR (B) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EITHER CASE UPON THE
RECEIPT OF AN OPINION OF U.S. COUNSEL.”

 

(vi)             
No Broker. 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 execution and delivery of this Agreement or the consummation of any of the transactions
contemplated by this Agreement based upon arrangements made by or on behalf of the Purchaser.

 

(g)              
Financing. It has sufficient funds available to it to purchase all of the Purchase Shares pursuant to this Agreement.

 

ARTICLE
III

MISCELLANEOUS

 

Section 3.1          
Lockup. Without the prior written consent of the Company, the Purchaser shall not sell, give, assign, hypothecate,
pledge, encumber, grant a security interest in or otherwise dispose of, or suffer to exist (whether by operation of law or otherwise)
any encumbrance on, any of the Purchase Shares, or any right, title or interest therein or thereto, prior to the date that is
90 days after the Closing Date.

 

 

 

    	 	4	 

     

    

 

Section 3.2          
Survival of the Representations and Warranties. All representations and warranties made by any Party shall survive
for two years and shall terminate and be without further force or effect on the second anniversary of the Closing Date. Notwithstanding
the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such time) and in writing
by notice from the non-breaching Party prior to the expiration date of the applicable survival period shall not thereafter be
barred by the expiration of the relevant representations or warranty and such claims shall survive until finally resolved.

 

Section 3.3          
Termination. This Agreement may be terminated, and the transactions contemplated hereby may be abandoned at
any time prior to Closing, (i) by mutual agreement of the Parties, (ii) by the Purchaser in the event that the Closing has not
occurred by the date that is 90 days from the date of this Agreement. Nothing in this Section 3.3 shall be deemed to release
any Party from any liability for any breach of this Agreement prior to the effective date of such termination.

 

Section 3.4          
Governing Law. This Agreement shall be governed and interpreted in accordance with the laws of the State of
New York without giving effect to the conflicts of law principles thereof.

 

Section 3.5          
Dispute Resolution. Any dispute, controversy or claim (each, a “Dispute”) arising out of
or relating to this Agreement, or the interpretation, performance breach, termination, validity or invalidity thereof, shall be
referred to arbitration upon the demand of any Party to the dispute with notice (the “Arbitration Notice”)
to the other Party.

 

(a)              
The Dispute shall be settled in Hong Kong in a proceeding conducted in English by one (1) arbitrator from the Hong Kong
International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International Arbitration Centre
Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance
with the HKIAC Rules.

 

(b)              
Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and
providing complete access to all information and documents reasonably requested by such other party in connection with such arbitral
proceedings, subject only to any confidentiality obligations binding on such party.

 

(c)              
The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply
to a court of competent jurisdiction for enforcement of such award.

 

(d)              
During the course of the arbitral tribunal's adjudication of the Dispute, this Agreement shall continue to be performed
except with respect to the part in dispute and under adjudication.

 

Section 3.6          
Amendment. This Agreement shall not be amended, changed or modified, except by another agreement in writing
executed by the Parties hereto.

 

Section 3.7          
Binding Effect. This Agreement shall inure to the benefit of, and be binding upon, each of the Parties and their
respective heirs, successors and permitted assigns.

 

Section 3.8          
Assignment. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by
the Company or the Purchaser without the express written consent of the other Party. Any purported assignment in violation of
the foregoing sentence shall be null and void.

 

 

 

    	 	5	 

     

    

 

Section 3.9          
Notices. All notices, requests, demands, and other communications under this Agreement shall be in writing and
shall be deemed to have been duly given on the date of actual delivery if delivered personally to the Parties to whom notice is
to be given, on the date sent if sent by telecopier, tested telex or prepaid telegram, on the next business day following delivery
if sent by courier or on the day of attempted delivery by postal service if mailed by registered or certified mail, return receipt
requested, postage paid, and properly addressed as follows:

 

	If to the Purchaser, at:	Happy Goal Industries
        Limited

        Suite A, 21F, Elton
        Bldg, 288 Des Voeux Road, Central, HongKong

        

	 	 
	If to the Company, at:	SPI Energy Co.,
        Ltd.

        4677 Old Ironside
        Drive, Suite 190,

        Santa Clara, CA
        95054 USA

        

 

Any Party may change
its address for purposes of this Section 3.9 by giving the other Party a written notice of the new address in the manner
set forth above.

 

Section 3.10      
Entire Agreement. This Agreement constitutes the entire understanding and agreement between the Parties hereto
with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between the
Parties with respect to the matters covered hereby are merged and superseded by this Agreement.

 

Section 3.11      
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.

 

Section 3.12      
Fees and Expenses. Except as otherwise provided in this Agreement, each Party will be responsible for all of
its own expenses incurred in connection with the negotiation, preparation and execution of this Agreement.

 

Section 3.13      
Public Announcements. The Purchaser shall not make, or cause to be made, any press release or public announcement
in respect of this Agreement or the transactions contemplated by this Agreement or otherwise communicate with any news media without
the prior written consent of the Company unless otherwise required by securities laws or other applicable law.

 

Section 3.14      
Specific Performance. The Parties agree that irreparable damage would occur in the event any provision of this
Agreement is not performed in accordance with the terms hereof. Accordingly, each Party shall be entitled to specific performance
of the terms hereof, in addition to any other remedy at law or equity.

 

Section 3.15      
Headings. The headings of the various articles and sections of this Agreement are inserted merely for the purpose
of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated.

 

Section 3.16      
Execution in Counterparts. For the convenience of the Parties and to facilitate execution, this Agreement may
be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute
one and the same instrument.

 

SIGNATURE PAGE FOLLOWS

 

 

 

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, the
Parties have caused this Agreement to be executed as of the day and year first above written.

 

	 	 	
	 	SPI Energy Co., Ltd.
	 	 	 
	 	By:	/s/ Xiaofeng Peng
	 	 	Name:      Xiaofeng Peng
	 	 	Title:        Chief
    Executive Officer
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	7	 

     

    

 

	 	Purchaser:

	 	 
	 	Happy Goal Industries Limited
	 	 	 
	 	By:	___________________________
	 	 	Name:
	 	 	Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	8

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