Document:

Exhibit 10.1

 

Execution Version

 

LIMITED CONSENT 

 

November 8, 2022

 

Faraday Future Intelligent Electric, Inc.

18455 South Figueroa Street

Gardena, California 90248

Attention: Legal Department, Brian Fritz

Phone: (800) 228 - 7702

Email: brian.fritz@ff.com

 

Re: Amendment to Notes 

 

Ladies and Gentlemen:

 

Reference is made to that
certain Securities Purchase Agreement dated as of August 14, 2022 (as amended by that certain Amendment No. 1 to Securities Purchase Agreement
and Convertible Senior Secured Promissory Notes, dated as of September 23, 2022 (as amended prior to the date hereof, the “Notes”),
that certain Joinder and Amendment Agreement, dated as of September 25, 2022, that certain Limited Consent and Third Amendment, dated
as of October 24, 2022, and as the same may be further amended, restated, amended and restated, supplemented or otherwise modified from
time to time, the “SPA”) by and among Faraday Future Intelligent Electric, Inc., a Delaware corporation (the “Issuer”),
the other Credit Parties from time to time party thereto, the undersigned holder of a Note (the “Holder”) and the other
financial institutions or other entities that hold Notes from time to time and are parties thereto (each an “Other Holder”
and, and together with the Holder, collectively, the “Purchasers”) and FF Simplicity Ventures LLC, a Delaware limited
liability company, as administrative agent and collateral agent (in such capacities, the “Agent”). Capitalized terms
used but not defined herein shall have the meanings set forth in the SPA.

 

Effective as of the Effective Time (as defined
below), the Holder hereto agrees and consents to amend its Note as follows:

 

		(1)	The definition of “Interest Conversion Rate” is
hereby amended and restated as follows:

 

“Interest Conversion Rate” means the
lesser of (a) the Conversion Price or (b) the greater of (x) the Floor Price and (y) 90% of the lowest VWAP for the 5 consecutive Trading
Days ending on the Trading Day that is immediately prior to the date on which interest is paid in shares of Common Stock.

 

		(2)	The definition of “Equity Conditions” is hereby
amended to add the following clause (j):

 

		(j)	there shall not have occurred any Volume Failure or Price
Failure as of such applicable date of determination

 

     

     

    

 

		(3)	Section 1 of the Note is hereby amended to add the following
definitions:

 

“Floor Price” means $0.21
(as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions occurring after the
date hereof) (or such lower amount as may be permitted by the principal Trading Market of the Common Stock from time to time).

 

“Price Failure” means,
with respect to a particular date of determination, the VWAP of the Common Stock on any Trading Day during the seven (7) Trading Day period
ending on the Trading Day immediately preceding such date of determination fails to exceed the Floor Price (as adjusted for stock splits,
stock dividends, stock combinations, recapitalizations or other similar transactions occurring after the date hereof). All such determinations
to be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions
during any such measuring period.

 

“Volume Failure” means,
with respect to a particular date of determination, the aggregate daily dollar trading volume (as reported on Bloomberg, LP) of the Common
Stock on the principal Trading Market of the Common Stock on any Trading Day during the seven (7) Trading Day period ending on the Trading
Day immediately preceding such date of determination, is less than $1,500,000 (as adjusted for any stock splits, stock dividends, stock
combinations, recapitalizations or other similar transactions occurring after the date hereof).

 

For the purposes of Rule
144, the Company acknowledges and agrees that the holding period of the Note, as amended by this letter agreement, commenced as of the
issuance date of such Note, and the Company agrees not to take a position contrary to this paragraph.

 

In order to induce the Agent
and the applicable Purchasers to enter into this letter agreement, the Issuer hereby represents and warrants to the Agent and the applicable
Purchasers, immediately after giving effect to this letter agreement, as of the date hereof and in each case, that all material non-public
information regarding the Issuer or any other Credit Party that has been disclosed to the Agent or the applicable Purchasers on or prior
to the date hereof, has been disclosed in the Issuer’s public filings with the Commission prior to the date hereof or will be disclosed
within one Business Day of such disclosure.

 

Except as otherwise expressly
provided herein, nothing contained herein shall constitute or be deemed to be a waiver or amendment of, or consent to any departure from
any other term or provision in the SPA or any other Financing Document, each of which shall continue unmodified and in full force and
effect, nor shall the foregoing consent and amendment constitute a course of dealing among the parties. Except as specifically set forth
herein, the Agent and each Purchaser reserves all of its rights and remedies under the SPA and the Financing Documents.

 

On or before 9:00 a.m., New
York time, on the first (1st) Business Day after the date of this letter agreement, the Company shall file a Current Report
on Form 8-K describing all the material terms of the transactions contemplated hereby in the form required by the Securities Exchange
Act of 1934, as amended, and attaching the form of this letter agreement (including all attachments, the “8-K Filing”).
From and after the filing of the 8-K Filing, the Company shall have disclosed all material, non-public information (if any) provided to
the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents in connection
with the transactions contemplated hereby. In addition, effective upon the filing of the 8-K Filing, the Company acknowledges and agrees
that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its
Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Holder or any of
its affiliates, on the other hand, relating to the transactions contemplated by this Agreement, shall terminate.

 

Except as may be required
by the Transaction Documents (as amended hereby), the Company shall not, and the Company shall cause each of its Subsidiaries and each
of its and their respective officers, directors, employees and agents not to, provide the Holder with any material, non-public information
regarding the Company or any of its Subsidiaries from and after the date hereof without the express prior written consent of the Holder
(which may be granted or withheld in the Holder’s sole discretion). To the extent that the Company delivers any material, non-public
information to the Holder without the Holder’s consent, other than as required by the Transaction Documents (as amended hereby),
the Company hereby covenants and agrees that the Holder shall not have any duty of confidentiality with respect to such material, non-public
information. Subject to the foregoing, neither the Company, its Subsidiaries nor the Holder shall issue any press releases or any other
public statements with respect to the transactions contemplated hereby; provided, however, the Company shall be entitled, without the
prior approval of the Holder, to make any press release or other public disclosure with respect to such transactions (i) in substantial
conformity with the 8-K Filing and (ii) as is required by applicable law and regulations. Notwithstanding anything contained in this letter
agreement to the contrary and without implication that the contrary would otherwise be true, the Company expressly acknowledges and agrees
that the Holder shall not have (unless expressly agreed to by the Holder after the date hereof in a written definitive and binding agreement
executed by the Company and the Holder), any duty of confidentiality with respect to any material, non-public information regarding the
Company or any of its Subsidiaries.

 

    2

     

    

 

The Company shall pay each
of (i) Kelley Drye & Warren, LLP (counsel to the lead Purchaser) and (ii) Olshan Frome Wolosky LLP (counsel to Senyun International
Ltd., a Purchaser), by no later than the first (1st) Business Day after the effective date of this letter agreement a non-accountable
amount of $5,000 for the fees and expenses incurred by it in connection with preparing and delivering this letter agreement (the “Legal
Fee Amount”).

 

The foregoing consent shall
be deemed to be effective (the “Effective Time”) upon the time the Company shall have entered into letter agreements,
in the form of this letter agreement, with each of the Other Holders (each, an “Other Agreement”)

 

This letter agreement may
be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple
separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this letter by facsimile transmission
or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

 

THE INTERNAL LAWS OF THE STATE
OF NEW YORK SHALL GOVERN ALL MATTERS ARISING OUT OF, IN CONNECTION WITH OR RELATING TO THIS LETTER AGREEMENT, INCLUDING, WITHOUT LIMITATION,
ITS VALIDITY, INTERPRETATION, CONSTRUCTION, PERFORMANCE AND ENFORCEMENT, WITHOUT REGARD TO CONFLICTS OF LAWS PROVISIONS OF SUCH STATE.

 

The obligations of the Holder
under this letter agreement are several and not joint with the obligations of any Other Holder, and the Holder shall not be responsible
in any way for the performance of the obligations of any Other Holder under any Other Agreement. Nothing contained herein or in any Other
Agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and Other Holders as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Holder and Other Holders are in any way
acting in concert or as a group with respect to such obligations or the transactions contemplated by this letter agreement or any Other
Agreement and the Company acknowledges that, to the best of its knowledge, the Holder and the Other Holders are not acting in concert
or as a group with respect to such obligations or the transactions contemplated by this letter agreement or any Other Agreement. The Company
and the Holder confirm that the Holder has independently participated in the negotiation of the transactions contemplated hereby with
the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without
limitation, the rights arising out of this letter agreement, and it shall not be necessary for any Other Holder to be joined as an additional
party in any proceeding for such purpose.

 

The Company hereby represents
and warrants as of the date hereof and covenants and agrees that from the date hereof through the date that the Notes are no longer outstanding
(the “MFN Termination Date”) none of the terms offered to any Other Holder with respect to any Note (including any
security subsequently exchanged therefor), including, without limitation with respect to any consent, release, amendment, settlement,
or waiver relating to any exchange of any such security (each an “Settlement Document”), is or will be more favorable
to such Person (other than any reimbursement of legal fees) than those of the Holder and this letter agreement. If, and whenever during
the period beginning on the date hereof and ending on the MFN Termination Date, the Company enters into a Settlement Document, then (i)
the Company shall provide notice thereof to the Holder immediately following the occurrence thereof and (ii) the terms and conditions
of this letter agreement shall be, without any further action by the Holder or the Company, automatically amended and modified in an economically
and legally equivalent manner such that the Holder shall receive the benefit of the more favorable terms and/or conditions (as the case
may be) set forth in such Settlement Document, provided that upon written notice to the Company at any time the Holder may elect not to
accept the benefit of any such amended or modified term or condition, in which event the term or condition contained in this letter agreement
shall apply to the Holder as it was in effect immediately prior to such amendment or modification as if such amendment or modification
never occurred with respect to the Holder. The provisions of this paragraph shall apply similarly and equally to each Settlement Document
entered into on or prior to the MFN Termination Date.

 

- Remainder of page intentionally blank; signature
pages follow -

 

    3

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this letter agreement to be duly executed by their respective duly authorized officers on the date first written above

 

	 	HOLDER:
	 	 
	 	FF SIMPLICITY VENTURES LLC 
	 	 
	 	By: 	/s/ Antonio Ruis-Gimenez
	 	Name: 	Antonio Ruiz-Gimenez
	 	Title: 	Managing Member

 

(Signature Page to Amendment to Notes) 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this letter agreement to be duly executed by their respective duly authorized officers on the date first written above

 

	 	ISSUER:
	 	 
	 	FARADAY FUTURE INTELLIGENT ELECTRIC INC.
	 	 
	 	By: 	/s/ Carsten Breitfeld
	 	Name: 	 Carsten Breitfeld
	 	Title:	Chief Executive Officer

 

(Signature Page to Amendment to Notes) 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this letter agreement to be duly executed by their respective duly authorized officers on the date first written above

 

	 	HOLDER:
	 	 
	 	RAAJJ TRADING LLC 
	 	 
	 	By: 	/s/ Alan Rubenstein
	 	Name: 	Alan Rubenstein
	 	Title: 	Member

 

(Signature Page to Amendment to Notes) 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this letter agreement to be duly executed by their respective duly authorized officers on the date first written above

 

	 	HOLDER:
	 	 
	 	SENYUN INTERNATIONAL LTD.
	 	 
	 	By:	/s/ Zhang Bo
	 	Name: 	Zhang Bo                  
	 	Title:	CEO

 

(Signature Page to Amendment to Notes)Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase Agreement
(this “Agreement”) is dated as of November 7, 2022, between Avalon GloboCare Corp., a Delaware corporation (the “Company”),
and the purchaser identified on the signature page hereto (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 Rule 506 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 the Purchaser agrees as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1 Definitions. In
addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set
forth in this Section 1.1:

 

  “Acquisition
Agreement” means the Membership Interest Purchase Agreement dated as of November 7, 2022, by and among the Company, Laboratory
Services MSO LLC (“Lab Services”), a Delaware limited liability company, and the other parties named therein.

 

“Acquisition Closing”
shall have the meaning ascribed to such term in Section 2.1.

 

“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.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required
by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any
other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so
long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are
open for use by customers on such day.

 

     

     

    

 

“Certificate
of Designations” means the Certificate of Designations for the Preferred Stock to be filed with the Secretary of State of the
State of Delaware in the form attached hereto as Exhibit A.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties
thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s
obligations to deliver the Securities, in each case, have been satisfied or waived.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share, and any other class of securities into which such
securities may hereafter be reclassified or changed.

 

“Conversion
Shares” means the shares of Common Stock issuable upon conversion of the share of Preferred Stock.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Liens”
means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” means one of the following: (i) a material adverse effect on the legality, validity or enforceability of any
Transaction Documents, (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 the Transaction Documents.

 

“Per Share
Purchase Price” equals $1,000 per share of Preferred Stock.

 

“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.

 

“Preferred
Stock” means the Company’s Series A Preferred Stock, par value $0.0001 per share.

 

    2

     

    

 

“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.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(d).

 

“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.

 

“SEC Reports”
shall have the meaning ascribed to such term in Section 3.1(f).

 

“Securities”
means the shares of Preferred Stock issued or issuable to the Purchaser pursuant to this Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Stockholder
Approval” means the approval by the Company’s stockholders of the issuance of the Conversion Shares upon conversion of
the Preferred Stock pursuant to the rules of the Nasdaq Stock Market.

 

“Subscription
Amount” means the aggregate amount to be paid for Securities purchased hereunder as specified below the Purchaser’s name
on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars and in immediately
available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth in the SEC Reports and shall, where applicable, also include any direct or indirect subsidiary
of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange (or any successors to any of the foregoing).

 

“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.

 

    3

     

    

 

ARTICLE II.

PURCHASE AND SALE

 

2.1 Closing. On the Closing Date, upon
the terms and subject to the conditions set forth herein, substantially concurrent with the closing of the transactions contemplated by
the Acquisition Agreement (the “Acquisition Closing”), the Company agrees to sell, and the Purchaser agrees to purchase,
$5,000,000 of Securities. The Purchaser shall deliver to the Company via wire transfer, immediately available funds equal to the Purchaser’s
Subscription Amount as set forth on the signature page hereto executed by the Purchaser, and the Company shall deliver to the Purchaser
its Securities, as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in
Section 2.2 deliverable at the Closing. 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. In addition, the Purchaser acknowledges
that the Company is selling up to an additional $10,000,000 of Securities pursuant to securities purchase agreements dated the date hereof
with additional purchasers. In the event the Company provides any additional purchaser any right, interest, benefit, privilege or protection
more favorable to such additional purchaser than those granted to the Purchaser hereunder, then, without prejudice to any other remedies
the Purchaser may be entitled to herein, the Company shall concurrently grant the same more favorable right, interest, benefit, privilege
or protection to the Purchaser and shall promptly notify each Purchaser that it is, or will become, entitled to such additional right,
interest, benefit, privilege or protection.

 

2.2 Deliveries.

 

(a) On or prior
to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

		(i)	this Agreement duly executed by the Company;

 

		(ii)	a certificate or book entry statement evidencing a number of shares of Preferred Stock equal to the Purchaser’s
Subscription Amount divided by the Stated Value (as defined in the Certificate of Designation), registered in the name of the Purchaser;
and

 

		(iii)	the Company shall have provided each Purchaser with the Company’s wire instructions, on Company
letterhead and duly executed by the Chief Executive Officer or Chief Financial Officer at least five (5) Business Days prior to the Closing
Date.

 

(b) On or prior to the Closing Date, 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 previously provided to the Purchaser.

 

 

    4

     

    

 

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 Date of the representations and warranties of the Purchaser 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 Purchaser required to be performed at or prior to the
Closing Date shall have been performed;

 

		(iii)	the filing of the Certificate of Designations for the Preferred Stock with the Secretary of State of the
State of Delaware; and

 

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

 

(b) The respective
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
Date 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 Date shall have been performed;

 

		(iii)	the consummation of the Acquisition Closing;

 

		(iv)	the filing of the Certificate of Designations for the Preferred
Stock with the Secretary of State of the State of Delaware; and

 

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

 

    5

     

    

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1 Representations and
Warranties of the Company. Except as set forth in the SEC Reports, the Company hereby makes the following representations and warranties
to the Purchaser:

 

(a) 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. Neither the Company nor any Subsidiary is in
violation nor 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 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 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.

 

(b) 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. The
execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the
transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further
action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith other
than in connection with the Required Approvals. This Agreement and each other Transaction Document to which it is a party 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.

 

(c) 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 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, or (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,
anti-dilution or similar adjustments, 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) subject
to the Required Approvals, 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.

 

    6

     

    

 

(d) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to,
or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection
with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filing of the Certificate
of Designations with the Secretary of State of the State of Delaware, (ii) the notice and/or application(s) to each applicable Trading
Market for the issuance and sale of the Securities and the listing of the Conversion Shares for trading thereon in the time and manner
required thereby, (iii) the filing of Form D with the Commission, if required, and such filings as are required to be made under applicable
state securities laws and (iv) the Stockholder Approval (collectively, the “Required Approvals”).

 

(e) Issuance
of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction
Documents, 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 in the Transaction Documents. The Conversion Shares, when issued in accordance with the terms of
the Certificate of Designations, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company
other than restrictions on transfer provided for in the Transaction Documents. The Company has reserved from its duly authorized capital
stock the maximum number of Conversion Shares issuable pursuant to the Preferred Stock.

 

(f) SEC Reports.
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 two years 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”) on a timely
basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such
extension. 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.

.

    7

     

    

 

3.2 Representations and
Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Date to the
Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

 

(a) Organization;
Authority. The Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under
the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar
power 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 all necessary corporate, partnership, limited
liability company or similar action, as applicable, on the part of the Purchaser. Each Transaction Document to which it is a party 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 pursuant to the Registration Statement or otherwise 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 each date on which it
converts any Preferred Stock, it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3),
(a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities
Act.

 

(d) Experience
of the 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 became aware of the Offering and was offered the Securities solely by means of direct contact between Purchaser and the,
and not by any other means. 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, to the knowledge of the Purchaser, any other general solicitation or general advertisement.

 

    8

     

    

 

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. As a condition of transfer, any such transferee shall agree
in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

 

(b) The Purchaser
agrees to the imprinting, so long as is required by this Section 4.1, of a legend on any of the shares of Preferred Stock or Conversion
Shares in the following form:

 

[NEITHER] THIS SECURITY [NOR THE SECURITIES
INTO WHICH THIS SECURITY IS [CONVERTIBLE/EXERCISABLE] [HAS NOT] [HAVE] BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

(c) The Purchaser
agrees with the Company that the Purchaser will sell any share of Preferred Stock and Conversion Shares pursuant to either the registration
requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom.

 

4.2 Reservation of Common
Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times,
free of Liens, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue the Conversion Shares upon
conversion the Preferred Stock.

 

4.3 Use of Proceeds.
The Company shall use the net proceeds from the sale of the Securities hereunder for the acquisition of 60% of the membership interests
of Lab Services and the refinancing of its outstanding indebtedness and for working capital purposes of Lab Services.

 

4.4 Limitations on Conversion.
The Preferred Stock will not be convertible into shares of Common Stock until the later of (i) the date of the Stockholder Approval and
(ii) the nine (9) month anniversary of the Closing Date (the “Initial Conversion Date”). In addition, following the
Initial Conversion Date, the Purchaser hereby agrees that it shall not be entitled to in any calendar month, sell a number of Conversion
Shares into the open market in an amount exceeding more than 10% of the Purchaser’s Subscription Amount.

 

4.5 Stockholder Approval.
Following the Closing, the Company shall hold a special meeting of its stockholders for the purpose of obtaining the Shareholder Approval.

 

    9

     

    

 

ARTICLE V.

MISCELLANEOUS

 

5.1 Termination. This
Agreement may be terminated by the Purchaser or the Company in the event that the Acquisition Closing shall not have occurred on or prior
to April 30, 2023.

 

5.2 Fees and Expenses.
Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred
by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement and the other Transaction
Documents.

 

5.3 Entire Agreement.
The Transaction Documents, together with the exhibits and schedules thereto, 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, exhibits and schedules.

 

5.4 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 time of transmission, if such notice or communication is delivered via facsimile at the
facsimile number or email attachment at the email 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 time of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment at the email 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.

 

    10

     

    

 

5.5 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.

 

5.6 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.

 

5.7 Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may
not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger).
The Purchaser may assign any or all of its rights under this Agreement to any Person to whom the Purchaser assigns or transfers any Securities,
provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction
Documents that apply to the “Purchaser.”

 

5.8 No Third-Party Beneficiaries.
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for
the benefit of, nor may any provision hereof be enforced by, any other Person.

 

5.9 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.

 

    11

     

    

 

5.10 Survival. The
representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

5.11 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.

 

5.12 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.

 

5.13 Replacement of Securities.
If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to
be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor,
a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction.
The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including
customary indemnity) associated with the issuance of such replacement Securities.

 

5.14 Remedies. In addition
to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser and the Company
will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate
compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive
and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

 

5.15 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.

 

    12

     

    

 

5.16 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.

 

5.17 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)

 

    13

     

    

 

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.

 

	AVALON GLOBOCARE CORP. 	 	Address for Notice:
	 	 	 
	 	 	 	
    4400 Route 9 South, Suite 3100

    Freehold, New Jersey 07728

	By:	/s/ Luisa Ingargiola	 	Email: luisa@avalon-globocare.com
	Name:	 Luisa Ingargiola	 	 
	Title:	Chief Financial Officer	 	 
	 	 	 	 
	
    With a copy to (which shall not constitute notice):

     

    Lowenstein Sandler LLP

    1251 Avenue of the Americas

    New York, New York 10021

    Attn: Steven M. Skolnick, Esq.

    Email: sskolnick@lowenstein.com

    
	 	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    14

     

    

 

[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.

 

Name of Purchaser: ________________________________________________________

 

Signature of Authorized Signatory of Purchaser:
__________________________________

 

Name of Authorized Signatory: ____________________________________________________

 

Title of Authorized Signatory: _____________________________________________________

 

Email Address of Authorized Signatory: ______________________________________________

 

Address for Notice to Purchaser:

 

Address for Delivery of Securities to Purchaser (if not same as address
for notice):

 

Subscription Amount: $_________________

 

Number of shares of Preferred Stock: _________________

 

[SIGNATURE PAGES CONTINUE]

 

    15

     

    

 

EXHIBIT A

 

CERTFICATE OF DESIGNATIONS FOR THE SERIES A PREFERRED
STOCK

 

 

16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]