Document:

Exhibit 10.2

 

THE
EXCHANGE CONTEMPLATED HEREIN IS INTENDED TO COMPORT WITH THE REQUIREMENTS OF SECTION 3(a)(9) OF THE SECURITIES ACT OF 1933, AS
AMENDED.

 

EXCHANGE
AGREEMENT

 

This
Exchange Agreement (this “Agreement”) is entered into as of March 6, 2020 by and between Iliad Research and
Trading, L.P., a Utah limited partnership (“Lender”), and China Recycling Energy Corporation, a Nevada corporation
(“Borrower”). Capitalized terms used in this Agreement without definition shall have the meanings given to
them in the Exchange Note (defined below).

 

A.
Borrower previously sold and issued to Lender that certain Convertible Promissory Note dated January 31, 2019 in the original
principal amount of $1,050,000.00 (the “Original Note”) pursuant to that certain Securities Purchase Agreement
dated January 31, 2019 by and between Lender and Borrower (the “Purchase Agreement”).

 

B.
Pursuant to an Exchange Agreement dated April 14, 2019 (the “Exchange Agreement”), Borrower and Lender exchanged
the Original Note for a new Promissory Note in the original principal amount of $1,173,480.00 (the “Exchange Note,”
and together with the Exchange Agreement and all other documents entered into in conjunction therewith, the “Exchange
Documents”).

 

C.
Subject to the terms of this Agreement, Borrower and Lender desire to partition a new Promissory Note in the original principal
amount of $145,000.00 (the “Partitioned Note”) from the Exchange Note and then cause the outstanding balance
of the Exchange Note to be reduced by an amount equal to the initial outstanding balance of the Partitioned Note.

 

D.
Borrower and Lender further desire to exchange (such exchange is referred to as the “Note Exchange”) the Partitioned
Note for the delivery of 483,333 shares of the Company’s Common Stock, par value $0.001 (the “Common Stock,”
and such 483,333 shares of Common Stock, the “Exchange Shares”), according to the terms and conditions of this
Agreement.

 

E.
The Note Exchange will consist of Lender surrendering the Partitioned Note in exchange for the Exchange Shares, which will be
issued free of any restrictive securities legend pursuant to Rule 144. Other than the surrender of the Partitioned Note, no consideration
of any kind whatsoever shall be given by Lender to Borrower in connection with this Agreement.

 

F.
Lender and Borrower now desire to exchange the Partitioned Note for the Exchange Shares on the terms and conditions set forth
herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

1.
Recitals and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this
Agreement are true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

2.
Partition. Effective as of the date hereof, Borrower and Lender agree that the Partitioned Note is hereby partitioned from
the Exchange Note. Following such partition of the Exchange Note, Borrower and Lender agree that the Exchange Note shall remain
in full force and effect, provided that the outstanding balance of the Exchange Note shall be reduced by an amount equal to the
initial outstanding balance of the Partitioned Note.

 

     

     

    

 

3.
Issuance of Shares. Pursuant to the terms and conditions of this Agreement, the Exchange Shares shall be delivered to Lender
on or before February 7, 2020 and the Note Exchange shall occur with Lender surrendering the Partitioned Note to Borrower on the
Free Trading Date (as defined below). On the Free Trading Date, the Partitioned Note shall be cancelled and all obligations of
Borrower under the Partitioned Note shall be deemed fulfilled. All Exchange Shares delivered hereunder shall be delivered via
DWAC to Lender’s designated brokerage account. Subject to the securities laws and regulations, Borrower agrees to provide
all necessary cooperation or assistance that may be required to cause all Exchange Shares delivered hereunder to become Free Trading
(the first date such occurs, the “Free Trading Date”). For purposes hereof, the term “Free Trading”
means that (a) the Exchange Shares have been cleared and approved for public resale by the compliance departments of Lender’s
brokerage firm and the clearing firm servicing such brokerage, and (b) such shares are held in the name of the clearing firm servicing
Lender’s brokerage firm and have been deposited into such clearing firm’s account for the benefit of Lender.

 

4.
Closing. The closing of the transaction contemplated hereby (the “Closing”) along with the delivery
of the Exchange Shares to Lender shall occur on the date that is mutually agreed to by Borrower and Lender by means of the exchange
by email of .pdf documents, but shall be deemed to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi,
Utah.

 

5.
Holding Period, Tacking and Legal Opinion. Lender and Borrower agree that for the purposes of Rule 144 (“Rule
144”) of the Securities Act of 1933, as amended (the “Securities Act”), the holding period of the
Partitioned Note and the Exchange Shares will include Lender’s holding period of the Exchange Note from January 31, 2019,
which date is the date that the Original Note was originally issued. Borrower agrees not to take a position contrary to this Section
5 in any document, statement, setting, or situation. Borrower agrees to take all action necessary to issue the Exchange Shares
without restriction, and not containing any restrictive legend without the need for any action by Lender; provided that the applicable
holding period has been met. In furtherance thereof, prior to the Closing, counsel to Lender may, in its sole discretion, provide
an opinion that: (a) the Exchange Shares may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions or current
public information requirements; and (b) the transactions contemplated hereby and all other documents associated with this transaction
comport with the requirements of Section 3(a)(9) of the Securities Act. Borrower represents that it is in full compliance with
the tests and standards set forth in Rule 144(i)(2) as of the date of this Agreement. The Exchange Shares are being issued in
substitution of and exchange for and not in satisfaction of the Partitioned Note. The Exchange Shares shall not constitute a novation
or satisfaction and accord of the Partitioned Note. Borrower acknowledges and understands that the representations and agreements
of Borrower in this Section 5 are a material inducement to Lender’s decision to consummate the transactions contemplated
herein.

 

6. Representations,
Warranties and Agreements of Borrower. In order to induce Lender to enter into this Agreement, Borrower, for itself, and
for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a)
Borrower has full power and authority to enter into this Agreement and to incur and perform all obligations and covenants
contained herein, all of which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing
or registration with or notice to any governmental authority is required as a condition to the validity of this Agreement or
the performance of any of the obligations of Borrower hereunder, (c) except as specifically set forth herein, nothing herein
shall in any manner release, lessen, modify or otherwise affect Borrower’s obligations under the Exchange Note, (d) the
issuance of the Exchange Shares is duly authorized by all necessary corporate action and the Exchange Shares are validly
issued, fully paid and non-assessable, free and clear of all taxes, liens, claims, pledges, mortgages, restrictions,
obligations, security interests and encumbrances of any kind, nature and description, (e) Borrower has not received any
consideration in any form whatsoever for entering into this Agreement, other than the surrender of the Partitioned Note, and
(f) Borrower has taken no action which would give rise to any claim by any person for a brokerage commission, placement agent
or finder’s fee or other similar payment by Borrower related to this Agreement.

 

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7.
Representations, Warranties and Agreements of Lender. In order to induce Borrower to enter into this Agreement, Lender,
for itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a)
Lender has full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained
herein, all of which have been duly authorized by all proper and necessary action, and (b) no consent, approval, filing or registration
with or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of
any of the obligations of Lender hereunder.

 

8.
Arbitration. By its execution of this Agreement, each party agrees to be bound by the Arbitration Provisions (as defined
in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement and the parties agree to submit all Claims (as defined
in the Purchase Agreement) arising under this Agreement or any Transaction Document or other agreement between the parties and
their affiliates to binding arbitration pursuant to the Arbitration Provisions.

 

9.
Governing Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State
of Utah, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any
other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Utah. The provisions
set forth in the Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference.
BORROWER HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF
ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

10.
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing parties
had signed the same document. All counterparts shall be construed together and constitute the same instrument. The exchange of
copies of this Agreement and of signature pages by facsimile transmission or other electronic transmission (including email) shall
constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement
for all purposes. Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including
email) shall be deemed to be their original signatures for all purposes.

 

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11.
Attorneys’ Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms
of this Agreement, the prevailing party shall therefore be entitled to an additional award of the full amount of the attorneys’
fees and expenses paid by such prevailing party in connection with the arbitration, litigation and/or dispute without reduction
or apportionment based upon the individual claims or defenses giving rise to the fees and expenses. Nothing herein shall restrict
or impair an arbitrator’s or a court’s power to award fees and expenses for frivolous or bad faith pleading.

 

12.
No Reliance. Each party acknowledges and agrees that neither the other party nor any of such other party’s officers,
directors, members, managers, equity holders, representatives or agents has made any representations or warranties to the party
or any of its agents, representatives, officers, directors, or employees except as expressly set forth in this Agreement and the
Exchange Documents and, in making its decision to enter into the transactions contemplated by this Agreement, the party is not
relying on any representation, warranty, covenant or promise of the other party or such other party’s officers, directors,
members, managers, equity holders, agents or representatives other than as set forth in this Agreement.

 

13.
Severability. If any part of this Agreement is construed to be in violation of any law, such part shall be modified to
achieve the objective of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force
and effect.

 

14.
Entire Agreement. This Agreement, together with the Exchange Documents, and all other documents referred to herein, supersedes
all other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf with respect
to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of
the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters.

 

15.
Amendments. This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision
of this Agreement may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

16.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed
by Lender hereunder may be assigned by Lender to a third party, including its financing sources, in whole or in part. Neither
party shall assign this Agreement or any of its obligations herein without the prior written consent of the other party.

 

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17.
Continuing Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Exchange Note
and each of the other Exchange Documents shall remain in full force and effect, enforceable in accordance with all of its original
terms and provisions. This Agreement shall not be effective or binding unless and until it is fully executed and delivered by
Lender and Borrower. If there is any conflict between the terms of this Agreement, on the one hand, and the Exchange Note or any
other Transaction Document, on the other hand, the terms of this Agreement shall prevail.

 

18.
Time of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

19.
Notices. Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under
this Agreement to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Purchase
Agreement.

 

20.
Further Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

[Remainder
of page intentionally left blank]

 

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IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	CHINA RECYCLING ENERGY CORPORATION
	 	 
	 	By: 	/s/ Guohua Ku
	 	Name: 	Guohua Ku
	 	Title:	Chairman and Chief Executive Officer

 

	 	LENDER:
	 	 	 	 	 
	 	ILIAD RESEARCH AND TRADING, L.P.
	 	 	 	 	 
	 	By:	Iliad Management, LLC, its General Partner
	 	 	 
	 	 	By:	Fife Trading, Inc., its Manager
	 	 	 	 	 
	 	 	 	By:	/s/ John M. Fife
	 	 	 	 	John M. Fife, President

 

 

 

[Signature Page to Exchange Agreement]Exhibit
10.29

 

China
Recycling Energy Corporation

 

DIRECTOR
AGREEMENT

 

This
Director Agreement (the “Agreement”) is made and entered into as of March 6, 2020, by and between China Recycling
Energy Corporation, a Nevada corporation (the “Company”), and Zhongli Liu, an individual whose ID No. is 610113195910060015
(“Director”).

 

I. SERVICES

 

1.1 Board
of Directors. The Stockholders of Company elected Director to the Company’s Board of Directors (the “Board”)
on March 6, 2020. Director agrees to perform such tasks as may be necessary to fulfill Director’s obligations as a member
of the Board and serve as a director so long as he is duly appointed or elected and qualified in accordance with the applicable
provisions of the Articles of Incorporation, Bylaws and any applicable stockholders’ agreement of the Company or any subsidiary
of the Company and until such time as he resigns, fails to stand for election, fails to be elected by the stockholders of the
Company or is removed from his position. Director may at any time and for any reason resign or be removed from such position (subject
to any other contractual obligation or other obligation imposed by operation of law), in which event the Company shall have no
obligation under this Agreement with respect to the Director.

 

1.2 Director
Services. Director’s services to the Company hereunder shall include service on the Board to manage the business of
the Company in accordance with applicable law and stock exchange rules as well as the Articles of Incorporation and Bylaws, serving
on committees of the Board as appointed and such other services mutually agreed to by Director and the Company (the “Director
Services”).

 

1.3 Audit
Committee Chair and Member of Nominating and Corporate Governance Committee. The Company intends that Director will chair
the Audit Committee of the Board and serve as a member of Nominating and Corporate Governance Committee of the Board. The Director
will provide independent, effective leadership to the Audit Committee and lead the Audit Committee in fulfilling the duties set
out in its charter. The Company and the Director acknowledge that all official appointments to committees of the Board are made
by the Board.

 

1.4
Term. This Agreement shall terminate upon the “Expiration Date,” which shall be the earlier of the date
on which Director ceases to be a member of the Board for any reason, including death, resignation, removal, fails to stand for
election, or failure to be elected by the stockholders of the Company, or the date of termination of this Agreement in accordance
with Section 5.2 hereof.

  

     

     

    

 

II. COMPENSATION

 

2.1 Expense
Reimbursement. The Company shall reimburse Director for all reasonable travel and other out-of-pocket expenses incurred in
connection with the Director Services rendered by Director.

 

2.2 Fees
to Director. The Company agrees to pay Director a fee of RMB 50,000 a year in cash for Director Services, service as Chairman
of the Audit Committee and member of the Nominating and Corporate Governance Committee. The fee shall be payable to the Director
at the end of each quarter in equal installments, from the date of this agreement.

 

2.3
Director and Officer Liability Insurance. The Company will purchase a customary director and officer liability insurance
policy before Director joins the Board and such policy shall cover Director to the same extent as other directors and officers
covered under the policy.

 

III. Confidentiality
and nondisclosure

 

3.1 Confidentiality.
During the term of this Agreement, and for a period of one (1) year after the Expiration Date, Director shall maintain in strict
confidence all information he has obtained or shall obtain from the Company, which the Company has designated as “confidential”
or which is by its nature confidential, relating to the Company’s business, operations, properties, assets, services, condition
(financial or otherwise), liabilities, employee relations, customers (including customer usage statistics), suppliers, prospects,
technology, or trade secrets, except to the extent such information (i) is in the public domain through no act or omission of
the Director, (ii) is required to be disclosed by law or a valid order by a court or other governmental body, or (iii) is independently
learned by Director outside of this relationship (the “Confidential Information”).

 

3.2 Nondisclosure
and Nonuse Obligations. Director will use the Confidential Information solely to perform his obligations for the benefit of
the Company hereunder. Director will treat all Confidential Information of the Company with the same degree of care as Director
treats his own Confidential Information, and Director will use his best efforts to protect the Confidential Information. Director
will not use the Confidential Information for his own benefit or the benefit of any other person or entity, except as may be specifically
permitted in this Agreement. Director will immediately give notice to the Company of any unauthorized use or disclosure by or
through him, or of which he becomes aware, of the Confidential Information. Director agrees to assist the Company in remedying
any such unauthorized use or disclosure of the Confidential Information.

 

3.3 Return
of Company Property. All materials furnished to Director by the Company, whether delivered to Director by the Company or made
by Director in the performance of Director Services under this Agreement (the “Company Property”), are the
sole and exclusive property of the Company. Director agrees to promptly deliver the original and any copies of the Company Property
to the Company at any time upon the Company’s request. Upon termination of this Agreement by either party for any reason,
Director agrees to promptly deliver to the Company or destroy, at the Company’s option, the original and any copies of the
Company Property. Director agrees to certify in writing that Director has so returned or destroyed all such Company Property.

  

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IV. COVENANTS
OF DIRECTOR

 

4.1 No
Conflict of Interest. During the term of this Agreement, and for a period of one (1) year after the Expiration Date, Director
shall not be employed by, own, manage, control or participate in the ownership, management, operation or control of any person,
firm, partnership, corporation or unincorporated association or entity of any kind that is competitive with the Company or otherwise
undertake any obligation inconsistent with the terms hereof, provided that Director may continue Director’s current affiliation
or other current relationships with the entity or entities described on Exhibit A (all of which entities are referred to
collectively as “Current Affiliations”). This Agreement is subject to the current terms and agreements governing
Director’s relationship with Current Affiliations, and nothing in this Agreement is intended to be or will be construed
to inhibit or limit any of Director’s obligations to Current Affiliations. Director represents that nothing in this Agreement
conflicts with Director’s obligations to Current Affiliations. A business shall be deemed to be “competitive with
the Company” for purpose of this Article IV only if and to the extent it engages in the business substantially similar to
the Company’s recycling energy solution business.

 

4.2 Noninterference
with Business. During the term of this Agreement, and for a period of one (1) year after the Expiration Date, Director agrees
not to interfere with the business of the Company in any manner. By way of example and not of limitation, Director agrees not
to solicit or induce any employee, independent contractor, customer or supplier of the Company to terminate or breach his, her
or its employment, contractual or other relationship with the Company.

 

V. TERM
AND TERMINATION

 

5.1 Term.
This Agreement is effective as of the date first written above and will continue until the Expiration Date.

 

5.2 Termination.
Either party may terminate this Agreement at any time upon thirty (30) days prior written notice to the other party, or such shorter
period as the parties may agree upon.

 

5.3 Survival.
The rights and obligations contained in Articles III and IV will survive any termination or expiration of this Agreement.

 

VI. MISCELLANEOUS

 

6.1 Assignment.
Except as expressly permitted by this Agreement, neither party shall assign, delegate, or otherwise transfer any of its rights
or obligations under this Agreement without the prior written consent of the other party. Subject to the foregoing, this Agreement
will be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors
and assigns.

 

6.2 No
Waiver. The failure of any party to insist upon the strict observance and performance of the terms of this Agreement shall
not be deemed a waiver of other obligations hereunder, nor shall it be considered a future or continuing waiver of the same terms.

   

6.3 Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given
as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt;
(iii) by facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered
mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses set forth on the signature
page of this Agreement or such other address as either party may specify in writing.

 

6.4 Governing
Law. This Agreement shall be governed in all respects by the laws of the State of Nevada.

 

6.5 Severability.
Should any provisions of this Agreement be held by a court of law to be illegal, invalid or unenforceable, the legality, validity
and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.

 

6.6 Entire
Agreement. This Agreement constitutes the entire agreement between the parties relating to this subject matter and supersedes
all prior or contemporaneous oral or written agreements concerning such subject matter. The terms of this Agreement will govern
all Director Services undertaken by Director for the Company.

 

6.7 Amendments.
This Agreement may only be amended, modified or changed by an agreement signed by the Company and Director. The terms contained
herein may not be altered, supplemented or interpreted by any course of dealing or practices.

 

6.8 Counterparts.
This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

 

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IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

	Company:	 	China Recycling Energy Corporation
	Address:	 	 
	4/F, Tower C, Rong Cheng Yun Gu Building,	 	By: 	/s/ Guohua Ku
	Keji 3rd Road, Yanta District,	 	Name:	Guohua Ku
	Xi An City, Shan Xi Province,	 	Title: 	Chief Executive Officer
	China, 710075	 	 
	 	 	 
	Independent Director:	 	 
	Address:	 	 
	 	 	 
	 	 	By:	/s/ Zhongli Liu
	 	 	Name:	 Zhongli Liu

  

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EXHIBIT
A

 

Director’s
Current Affiliations

  

Independent
Director of the Board of China Haisheng Fresh Fruit Juice Co., Ltd. (00359.HK) since July 2017.

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