Document:

nxrt-ex102_149.htm

Exhibit 10.2

Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) private or confidential

 

MASTER ONBOARDING Agreement

THIS MASTER ONBOARDING AGREEMENT (this “Agreement”) is entered into as of ___________ ____, 2021 (the “Effective Date”), by and between NLFM Leaseco, LLC (“Onboarding Agent”) and _____________1 (“Owner”). 

WHEREAS, Owner owns a multiple dwelling unit as described on Exhibit A attached hereto (the “Designated MDU”); and

WHEREAS, Owner desires to retain the services of the Onboarding Agent to assist the Owner in obtaining, from a third-party, internet services for the Designated MDU owned by the Owner and management of the fiber optic and ancillary infrastructure located at the Designated MDU in accordance with the terms and conditions below (collectively the “Onboarding Services”).

NOW THEREFORE, the parties, for good and valuable consideration, intending to be legally bound, agree as follows:

	
1.
	
Definitions. In addition to other terms defined in this Agreement, the following terms whenever used in this Agreement have the meanings set forth in this Section 1, unless such meanings are expressly modified, limited or expanded herein:

	
 
	
(a)
	
“Claim” means any civil, criminal, administrative, regulatory or investigative action or proceeding commenced or threatened by a third party, including governmental authorities and regulatory agencies, however described or denominated.

	
 
	
(b)
	
“Confidential Information” means information that one party (or an affiliate) discloses to the other party under this Agreement, and which is marked as confidential or would normally under the circumstances be considered confidential information. Confidential Information does not include: (i) information that the recipient already knew, (ii) that becomes public through no fault of the recipient, (iii) that was independently developed by the recipient without access to or use of Confidential Information of the discloser, or (iv) that was lawfully given to the recipient by a third party.

	
 
	
(c)
	
“Law” means all applicable laws, statutes, codes, rules, regulations, reporting or licensing requirements, ordinances and other pronouncement having the effect of law of the United States, any state, county, city, province, or other political subdivision, including those promulgated, interpreted, or enforced by any governmental authority. 

	
 
	
(d)
	
“Losses” means any judgments, settlements, awards, losses, charges, liabilities, penalties, interest claims (including taxes and all related interest and penalties incurred directly with respect thereto), however described or denominated, and all related reasonable costs, expenses and other charges (including all reasonable attorneys’ fees and reasonable internal and external costs of investigations, litigation, hearings, proceedings, document and data productions and discovery, settlement, judgment, award, interest and penalties), however described or denominated.

	
 
	
(e)
	
“Notification Related Costs” means the Owner’s internal and external costs associated with addressing and responding to the Security Breach, and may include some or all of the following (or more): (i) preparation and mailing or other transmission of legally required notifications; (ii) preparation and mailing or other transmission of such other communications to tenants, agents or others as Owner deems reasonably appropriate; (iii) establishment of a call center or other communications procedures in response to such Security Breach; (iv) public relations and other similar crisis management services; (v) legal and accounting fees and expenses associated with the Owner’s investigation of and response to such event; and 

	
	 

	
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 See Annex A for a list of parties that have entered into this form of agreement.

 

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(vi) costs for commercially reasonable credit reporting services that are associated with legally required notifications or are advisable under the circumstances.

	
 
	
(f)
	
“Owner Data” means any and all Confidential Information of Owner or any Personally Identifiable Information of any Representative of Owner or any individual occupant of the Designated MDU, regardless of the method such information is received, collected or otherwise processed and regardless of the form, format or medium in or on which such data or information is stored.

	
 
	
(g)
	
“Personally Identifiable Information” means personally identifiable information of individuals, and any information that may be used to track, locate or identify such individuals (including, without limitation, names, addresses, credit card numbers, account numbers, specific items ordered, and also denominations and quantities ordered by customers and aggregate customer and/or product information if any individual person can be identified from such information).

	
 
	
(h)
	
“Representatives” means subcontractors, representatives and agents of a party, and the employees of the foregoing (but excluding in the case of Onboarding Agent’s Representatives, Provider and any Provider Representatives from such definition). 

	
 
	
(i)
	
“Security Breach” means (i) any circumstance pursuant to which applicable Law requires notification of such breach to be given to affected parties or other activity in response to such circumstance; or (ii) any actual, attempted, suspected, threatened, or reasonably foreseeable circumstance that compromises, or could reasonably be expected to compromise, either the physical, system or electronic security in a fashion that either does or could reasonably be expected to permit unauthorized processing, use, disclosure or acquisition of or access to any Owner Data developed, maintained, processed or transmitted by Onboarding Agent or any Onboarding Agent Representatives. 

	
 
	
(j)
	
“Service Level Credits” means the monetary amounts that a Provider is obligated to pay or credit to Onboarding Agent under a Services Contract in the event of a service level default, as specified in the applicable service level agreement that is a part to the Services Contract.

	
 
	
(k)
	
“Unit” means any current or future individual dwelling unit in the Designated MDU.

	
2.
	
Term. This Agreement shall commence on the Effective Date and shall continue in effect for an initial term of [***] (the “Initial Term”), unless extended or earlier terminated as provided herein. This Agreement shall be automatically renewed for successive periods of [***] (each, a “Renewal Period” or collectively, “Renewal Periods”), unless terminated by one party giving the other party written notice at least [***] before the expiration of the Initial Term or any subsequent Renewal Period or unless terminated as otherwise provided herein. The Initial Term, together with any Renewal Periods, is referred to as the “Term.” 

	
3.
	
Onboarding Services. Subject to the terms of this Agreement, Onboarding Agent, without further approval from Owner, will have the exclusive right and authority to select, negotiate with, engage, contract with, pay, direct and discharge third-party providers (each a “Provider”) to provide Management and Internet Services to the Designated MDU, including tenants and any common areas or courtesy outlets.  “Management and Internet Services” means collectively, internet services, the installation, operation, management, maintenance, repair, replacement and optimization of fiber optic, DSL, cable, fixed wireless, satellite or other methods of providing connection to the internet and ancillary infrastructure, and customer service related to connection, disconnection, complaints and service requests. During the Term, Owner will not contract with any third-party to provide Management and Internet Services at the Designated MDU and will not permit marketing of internet services or substantially similar services at the Designated MDU. Onboarding Agent and Provider may, in the discretion of Onboarding Agent, conduct a marketing program for the internet services at the Designated MDU. In addition, Owner or its agents may advertise the availability of internet services provided by a Provider at the Designated MDU, subject to reasonable consultation and approval rights of Onboarding Agent and approval by Provider of use of its logo/trademark. 

 

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4.
	
Services Contract.

	
 
	
(a)
	
Form of Services Contract. Except with Owner’s prior approval, all contracts with a Provider to provide the Management and Internet Services to the Designated MDU (each a “Services Contract”) must substantially meet the service level, performance standards and maintenance standards as identified in Exhibit B. 

	
 
	
(b)
	
Courtesy Services. The Services Contract must include the specified number of courtesy services and outlets available to Owner at no charge as set forth on Exhibit A. Owner agrees to be bound, with respect to use of such courtesy services and outlets, by Provider’s acceptable use policy and privacy policy as provided to Owner. 

	
 
	
(c)
	
Enforcement of Services Contract. Onboarding Agent shall take all reasonable action (and as reasonably requested by Owner) necessary to enforce the Services Contract, including the representations, warranties, service level agreements and other covenants provided therein. Notwithstanding the foregoing, prior to taking any legal action or retaining third parties to pursue damages or enforcement efforts in connection with the enforcement of a Services Contract, Onboarding Agent will consult with Owner. Owner will be responsible for all direct and documented third party costs (including reasonable attorneys’ fees) for enforcement of and collection efforts associated with enforcement of a Services Contract. Owner will be entitled to any awards, proceeds, or other recovery associated with such enforcement and collection efforts. Owner will have the right to select counsel and control such enforcement.

	
 
	
(d)
	
Step-in Rights. If Onboarding Agent fails to perform its obligations under a Services Contract that would give rise to a right for a Provider to terminate such Services Contract or if Onboarding Agent fails to enforce the Services Contract as required under this Agreement, Owner may, but does not have the obligation to, exercise any and all rights, obligations and remedies of Onboarding Agent under such Services Contract (the “Step-in Right”). Each Services Contract shall include (i) Owner as an express third-party beneficiary of such Services Contract and (ii) a Step-in Right in favor of Owner and will require the Provider to promptly give Owner copies of any default notices given to Onboarding Agent and at least [***] prior written notice of any termination by Provider of a Services Contract. Onboarding Agent shall cooperate fully with Owner and its Representatives and provide all reasonable assistance at no charge to Owner in Owner’s exercise of its Step-in Right. Onboarding Agent is liable to Owner for any fees or expenses that Owner may incur in exercising its Step-in Right and curing any default, or performing any obligations in connection with any default, of Onboarding Agent under a Services Contract. 

	
 
	
(e)
	
Provider Indemnification. Each Services Contract shall include an indemnification in favor of Owner in substantially the form set forth in Section 12 of this Agreement. 

	
 
	
(f)
	
Pass Through Warranties. In addition to the Step-in Right, Onboarding Agent shall to the greatest extent available pass through or assign to Owner the rights Onboarding Agent obtains from Providers under a Services Contract (including warranty and indemnification rights), to the extent that such rights are assignable.

	
5.
	
Providers.

	
 
	
(a)
	
Selection of Providers. Onboarding Agent will select and engage a Provider for the Designated MDU. Other than Onboarding Agent’s selection of a Pre-Approved Provider, Owner will have the right to pre-approve a Provider, such approval shall not be unreasonably withheld, conditioned or delayed. “Pre-Approved Provider” means any Provider listed on Exhibit C attached hereto or any Provider approved by Owner subsequently. The parties may from time to time by mutual agreement add or remove Providers from Exhibit C, and any Provider that becomes insolvent or bankrupt, or ceases to offer internet services shall be deemed automatically removed from Exhibit C.

	
 
	
(b)
	
Replacement of Provider. Owner may request, by written notice to Onboarding Agent, that Onboarding Agent replace a specific Provider with another Provider for reasons that are not unlawful. Such notice must provide reasonable detail for why Owner is requesting a replacement of a Provider. Onboarding Agent will 

 

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use reasonable efforts, but is not required, to replace a Provider with a different Provider selected by Onboarding Agent, subject to the terms of the applicable Services Contract.  

	
6.
	
Onboarding Agent’s Obligations. During the Term, Onboarding Agent agrees to use its commercially reasonable efforts to obtain the Management and Internet Services for the Designated MDU meeting the service levels and performance standards set forth on Exhibit B In furtherance of the foregoing, Onboarding Agent will:

	
 
	
(a)
	
Use reasonable care in the selection of each Provider. 

	
 
	
(b)
	
Conduct negotiations with prospective new Providers for the Designated MDU and coordinate any renewals or extensions of an existing Services Contract. 

	
 
	
(c)
	
Observe, satisfy, and perform its obligations under each Services Contract and maintain each Services Contract free of material defaults by Onboarding Agent, including without limitation payment of the fees due to the Provider under each Services Contract, subject to Owner’s payment of the Fees due hereunder.

	
 
	
(d)
	
Manage the Provider and monitor the Provider’s performance under the Services Contract, including without limitation monitor and verify (i) Provider’s performance of the Management and Internet Services in accordance with the terms of the Services Contract, (ii) Provider’s achievement of the service levels and performance standards set forth in the Services Contract, and (iii) Provider’s performance of maintenance services and achievement of maintenance specifications set forth in the Services Contract.

	
 
	
(e)
	
Enforce the terms of each Services Contract as required herein. 

	
 
	
(f)
	
Promptly notify Owner of any defaults or disputes with a Provider that cannot be readily resolved by Onboarding Agent or that may materially affect Owner’s rights and obligations. 

	
 
	
(g)
	
Comply with all Laws in all material respects in performing the Onboarding Services. 

	
 
	
(h)
	
Use reasonable efforts and due diligence to assure that Provider complies with all Laws in providing the Management and Internet Services, provided, however, Onboarding Agent shall not be liable for the failure of the Provider to comply with all Laws unless such failure arises because of the gross negligence or willful misconduct of Onboarding Agent. 

	
7.
	
Limitation on Authority. Except as specifically set forth herein, Onboarding Agent shall not, without the express prior written approval of Owner: (1) modify, or in any way alter the provisions of any Services Contract in a manner which would materially reduce the service level and performance and maintenance standards below those set forth in Exhibit B, (2) execute any written document which materially waives, compromises or in any manner releases or discharges any Provider from its obligations under the Services Contract; (3) hold itself out as an agent of Owner and obligate Owner on any contract or for any fees or commissions to any Provider or third party; or (4) pledge the credit of or borrow money in the name of or on behalf of Owner. The limitations set forth in the preceding sentence shall be in addition to all other restrictions on the authority of Onboarding Agent set forth in this Agreement.

	
8.
	
Personnel. 

	
 
	
(a)
	
Personnel. Onboarding Agent shall, and shall cause its Representatives, vendors and invitees to, comply with Owner’s rules and regulations governing access to and conduct on the Designated MDU. Onboarding Agent shall provide Owner’s rules and regulations governing access to and conduct on the Designated MDU to each applicable Provider and will require Provider’s compliance with such rules and regulations. Owner will allow Onboarding Agent and Provider personnel carrying Onboarding Agent or Provider-issued identifications to enter the Designated MDU for the purposes of providing the Onboarding Services or the Management and Internet Services, as applicable, (i) at mutually agreed upon or scheduled times, (ii) during normal business hours upon [***] prior notice, or (iii) with as much notice as possible under the circumstances (or promptly afterward) for emergency maintenance.

 

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(b)
	
Subcontractors. Onboarding Agent shall not subcontract any portion of the Onboarding Services without the prior written consent of Owner. Any purported subcontracting not consented to by Owner shall be void at Owner’s option and shall constitute a material breach of this Agreement. Onboarding Agent acknowledges that Owner has entered this Agreement in reliance on Onboarding Agent’s ability and agreement to personally perform its obligations hereunder. In the event Owner consents to any subcontracting, Onboarding Agent shall, on request by Owner, provide Owner with a copy of each subcontractor agreement. Notwithstanding any Owner consent to any subcontracting: (i) Onboarding Agent shall cause subcontractor to comply with all applicable provisions of this Agreement; (ii) Onboarding Agent hereby assumes responsibility to Owner for the proper performance of the Onboarding Services of each such subcontractor or affiliate and shall be liable for any act or omission of such subcontractor(s) or affiliate(s) as if such act or omission was performed (or failed to be performed) directly by Onboarding Agent; and (iii) all insurance policies that this Agreement requires Onboarding Agent to maintain shall provide coverage with respect to all applicable actions or inactions of subcontractors as if they were those of Onboarding Agent.

	
9.
	
Fees.

	
 
	
(a)
	
Fees. As compensation for the Onboarding Services provided by Onboarding Agent, Owner will pay Onboarding Agent [***].

	
 
	
(b)
	
Payment terms. Onboarding Agent shall invoice Owner [***]. Fees will not begin to accrue with respect to the Designated MDU until the date set forth on Exhibit A. Payment shall be due and payable within [***] of receipt of an invoice.

	
 
	
(c)
	
Service Level Credits. If Onboarding Agent receives Service Level Credits from a Provider under a Services Contract, [***]. The Service Level Credits represent credits for the reduced value of the Management and Internet Services, are not liquidated damages or penalties, [***].  

	
 
	
(d)
	
Responsibility for Costs. [***].

	
 
	
(e)
	
[***]. 

	
 
	
(f)
	
Charged Amount; Records. Owner shall provide Onboarding Agent in writing a list of the Charged Amount for each Unit at the Designated MDU prior to commencement of Fees as provided in Section 9(b) and Exhibit A. Owner shall update the list of Charged Amounts promptly upon a change in the Charged Amount for a Unit, but no less than [***] after a change in the Charged Amount for a Unit.  During the Term and for a period of [***], Owner shall keep and maintain complete and accurate books and records of the amount charged to, and paid by, each occupant of a Unit for internet services (collectively, the “Records”). During the Term and for a period of [***], Onboarding Agent and its Representatives may, once in any consecutive [***], unless specific follow-up audits are required because of a bona fide good faith dispute or other reasonable suspicion of breach of this Agreement by Owner, upon [***] written notice to Owner, conduct an audit and/or inspection of the Records during Owner’s regular business hours, (each, an “Audit”). In connection with each Audit, Onboarding Agent and Onboarding Agent’s Representatives may make copies of the Records or require that Owner make copies of the Records and mail (or provide them electronically) them to Onboarding Agent at Onboarding Agent’s sole cost and expense. Onboarding Agent may conduct an Audit, regardless of the existence of any claim, dispute, controversy, mediation, arbitration, litigation or negotiation between or otherwise involving the parties. In the event an Audit reveals that Owner has understated the Charged Amount resulting in an underpayment by Owner, then, [***] following Onboarding Agent’s delivery of notice of such underpayment, Owner shall pay the Onboarding Agent the amount of such underpayment. In the event the amount of such underpayment is greater than [***] of the Fees actually paid by Owner to Onboarding Agent during the [***], then in addition to payment of the amount of the underpayment Owner shall pay Onboarding Agent the sum of all direct costs and expenses incurred by Onboarding Agent in connection with the Audit, including without limitation, reasonable attorneys’ and accountants’ fees. 

 

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10.
	
Mutual Representations and Warranties. By execution of this Agreement, each party represents and warrants to the other:

	
 
	
(a)
	
No Conflict. That the representing party has full right and authority to enter into and perform this Agreement in accordance with the terms hereof and thereof, and that by entering into or performing this Agreement, the representing party is not in violation of its charter or bylaws, or any Law or agreement by which it is bound or to which it is subject; and

	
 
	
(b)
	
Authority. That the execution, delivery and performance of this Agreement by such party has been duly authorized by all requisite corporate action, that the signatories for such party hereto are authorized to sign this Agreement, and that the joinder or consent of any other party, including a court or trustee or referee, is not necessary to make valid and effective the execution, delivery and performance of this Agreement by such party.

	
11.
	
Contractor Representations and Covenants. 

	
 
	
(a)
	
Compliance with Privacy Policy, Laws, and Regulations. Onboarding Agent represents, warrants, and covenants that it will comply with all applicable Laws in its performance of this Agreement, including, but not limited to, all local, state, federal, and international privacy, confidentiality, consumer protection, advertising, electronic mail, data security, data destruction, and other similar Laws whether in effect now or in the future. 

	
 
	
(b)
	
Disclaimer of Other Warranties. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE AND MERCHANTABILITY AND ALL SUCH WARRANTIES ARE HEREBY SPECIFICALLY DISCLAIMED.

	
12.
	
Indemnity.

	
 
	
(a)
	
[***]

	
 
	
(b)
	
[***] 

	
13.
	
LIMITATION OF LIABILITY

	
 
	
(a)
	
LIABILITY CAP.  [***]

	
 
	
(b)
	
[***]

	
14.
	
Insurance. Each party shall obtain, pay for, and maintain in full force and effect during the Term insurance as follows: (a) Workers’ compensation and employers’ liability insurance with limits to conform with the greater of the amount required by applicable law or [***] each accident, including occupational disease coverage; (b) Commercial general liability insurance with limits not less than [***] combined single limit for bodily injury, death, and property damage, including personal injury, contractual liability, independent contractors, broad-form property damage, and products and completed operations coverage; and (c) Commercial automobile liability insurance with limits not less than [***] each occurrence combined single limit of liability for bodily injury, death, and property damage, including owned and non-owned and hired automobile coverages, as applicable. To the extent any insurance coverage required under this Section is purchased on a “claims-made” basis, such insurance shall cover all prior acts of insured party during the Term, and such insurance shall be continuously maintained until at least [***] the expiration or termination of the Term, or the insured party shall purchase “tail” coverage, effective upon termination of any such policy or upon termination or expiration of the Term, to provide coverage for at least [***] from the occurrence of either such event. Certificates of Insurance evidencing all coverages described in this Section shall be furnished to the requesting party on written request. Each party shall give [***] prior written notice to the other party of cancellation, non-renewal, or material change in coverage, scope, or amount of any policy.

 

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15.
	
Termination.

	
 
	
(a)
	
Termination for Breach.  Upon written notice, a party may terminate this Agreement if the other party breaches any material term or condition of this Agreement and fails to cure the breach within [***] after receipt of written notice (or such longer period as may be reasonably required if the breach is not susceptible of cure within [***] after receipt of written notice, but no more than [***].

	
 
	
(b)
	
Other Rights to Terminate. Either party shall be entitled to terminate this Agreement, immediately by giving written notice to the other party (the “Defaulting Party”) if one of the following events occur:

	
 
	
(i)
	
the Defaulting Party permanently ceases for any reason to conduct its business in the normal course;

	
 
	
(ii)
	
if the Defaulting Party passes a resolution, or any court of competent jurisdiction makes an order, that the affected party shall be dissolved, or if a trustee in bankruptcy, liquidator, receiver or manager on behalf of a creditor or similar officer is appointed; or

	
 
	
(iii)
	
the Defaulting Party makes an assignment for the benefit of creditors, has a trustee or receiver appointed to manage all or a substantial part of its assets or if a petition in bankruptcy or under any insolvency law is filed by or against the Defaulting Party and such petition is not dismissed within sixty (60) days after it has been filed. 

	
 
	
(c)
	
Effects of Termination.  If the Agreement expires or is terminated, then: (i) other than as provided in Section 15(d), the rights granted by one party to the other will immediately cease; and (ii) upon request, to the maximum extent permitted by law, each party will, upon notice by the other party, promptly return or destroy (at the other party’s option) all Confidential Information of the other party and certify to the same.

	
 
	
(d)
	
Transition Services. In the event of any termination of this Agreement, Onboarding Agent will assist in the transition of the Management and Internet Services to a third-party provider to allow for a smooth transition of the Management and Internet Services with minimal interruption in the Management and Internet Services to each Unit, to the extent requested by Owner, not to exceed a period of [***] or the period set forth in the Services Contract, whichever is longer. During any such transition period, Owner shall continue to pay Fees to Onboarding Agent. 

	
 
	
(e)
	
Wrongful Termination.

	
 
	
(i)
	
In the event that Owner terminates this Agreement for a reason that is not permitted under this Agreement (“Wrongful Agreement Termination”), Onboarding Agent shall be entitled to receive, as of the effective date of such Wrongful Agreement Termination, a dollar amount equal to: [***].The sum owed under this Section 15(e)(i) is agreed upon as liquidated damages and not as a penalty. The parties hereto have computed, estimated, and agreed upon the sum as an attempt to make a reasonable forecast of probable actual loss because of the difficulty of estimating with exactness the damages which will result.

	
 
	
(ii)
	
In the event that Owner sells, conveys or otherwise transfers the Designated MDU in violation of Section 18(c) (including with limitation the failure of the purchaser or subsequent owner of the Designated MDU to assume this Agreement or enter into a replacement Agreement in substantially the form of this Agreement) (a “Wrongful MDU Termination”), Onboarding Agent shall be entitled to receive, as of the effective date of such Wrongful MDU Termination, a dollar amount equal to: [***]. The sum owed under this Section 15(e)(ii) is agreed upon as liquidated damages and not as a penalty. The parties hereto have computed, estimated, and agreed upon the sum as an attempt to make a reasonable forecast of probable actual loss because of the difficulty of estimating with exactness the damages which will result. 

	
 
	
(f)
	
Onboarding Agent Equipment. Upon expiration or termination of this Agreement for any reason, Onboarding Agent shall have a period of [***] following such expiration or termination (or if extended pursuant to Section 15(d) after termination of the transition services provided in Section 15(d)) during 

 

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which it shall be entitled, but not required, to remove any and all equipment provided by or through Onboarding Agent, which may include without limitation a network interface unit, one or more wall plates with a fiber jack, or other equipment and appurtenant devices (collectively “Onboarding Agent Equipment”). In the event of removal of the Onboarding Agent Equipment, Onboarding Agent shall promptly repair any damage to the Designated MDU caused by such removal and return the Designated MDU to its original condition, ordinary wear and tear excepted. [***]. The Owner shall be liable for any damage to the Onboarding Agent Equipment caused by Owner or the Owner’s Representatives. [***]. The foregoing provision shall survive termination of this Agreement. To the extent Onboarding Agent Equipment is located in a Unit, the occupant shall be responsible for any loss or damage to the Onboarding Agent Equipment, except to the extent resulting from Onboarding Agent or Provider’s negligence, willful misconduct or breach of this Agreement.  Owner shall promptly notify Onboarding Agent if it becomes aware of any lost or damaged Onboarding Agent Equipment.

	
16.
	
Confidentiality. Each party agrees to keep strictly confidential all Confidential Information received in whatever form from the other party (the “Discloser”).  The party who received the Confidential Information (the “Recipient”), to the maximum extent permitted by law, will not disclose the Confidential Information, except to affiliates, employees, agents or professional advisors, potential purchasers of the Designated MDU, or individuals as required by Law, who need to know it and who have agreed in writing (or in the case of professional advisors are otherwise bound) to keep it confidential. The Recipient will ensure that those people and entities use the received Confidential Information only to exercise rights and fulfill obligations under this Agreement, while using reasonable care to keep it confidential. The Recipient may also disclose Confidential Information when required by Law after giving reasonable notice to the discloser if allowed by Law. 

	
17.
	
Data Security.

	
 
	
(a)
	
Safeguards. Onboarding Agent shall use, or require Provider to use, all appropriate or reasonable legal, organizational, physical, administrative and technical measures and security procedures to safeguard and ensure the security of the Owner Data and to protect Owner Data from unauthorized access, disclosure, duplication, use, modification or loss. In implementing such measures and procedures, Onboarding Agent will use, or require Provider to use, at least the same level of care (including both physical security and electronic security) to prevent unauthorized access by, storage, disclosure, publication, dissemination to and/or use by third parties of, Owner Data, as it employs, and Owner employs, to avoid unauthorized access, storage, disclosure, publication, dissemination or use of their own information of a similar nature, but in no event less than a reasonable standard of care. 

	
 
	
(b)
	
Security Breach. In the event Onboarding Agent becomes aware of any Security Breach, Onboarding Agent shall, within [***] after becoming aware of such Security Breach, notify Owner, of such Security Breach. In addition, with respect to any Security Breach resulting from or due to acts or omissions of Onboarding Agent or any Representative of Onboarding Agent other than in accordance with the terms of the Agreement, Onboarding Agent shall, at its own expense, comply with reasonable remediation requirements required by Owner, or as applicable require Provider to comply with reasonable remediation requirements of Owner. Owner shall make the final decision on notifying Owner’s tenants, employees, service providers or the general public of such Security Breach, and the implementation of the remediation plan. If a notification to a customer is required under any Law or pursuant to any privacy or security policies of Owner, then notifications to all tenants who are affected by the same event (as reasonably determined by Owner) shall be considered legally required. Onboarding Agent shall reimburse Owner on demand for all reasonable Notification Related Costs incurred by the Owner arising out of or in connection with any such Security Breach resulting in a requirement for legally required notifications (as determined in accordance with the previous sentence). Notwithstanding the foregoing, with respect to any Security Breach which is not due to acts or omissions of Onboarding Agent or any Representative of Onboarding Agent other than in accordance with the terms of the Agreement, the parties shall reasonably cooperate regarding which of the foregoing or other activities may be appropriate under the circumstances, including any applicable fees for the same.

	
 
	
(c)
	
Exclusions. [***].

 

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18.
	
Miscellaneous.  

	
 
	
(a)
	
Independent Contractor. Onboarding Agent acknowledges that it is at all times acting as an independent contractor under this Agreement and not as an agent, employee, or partner of Owner. Onboarding Agent agrees to be solely responsible for all matters relating to compensation of its employees, subcontractors, agents, partners or consultants including but not limited to compliance with laws governing workers’ compensation, Social Security, provident fund, retrenchment, lay-off or termination compensation, withholding and payment of any and all federal, state and local personal income taxes, disability/death insurance, unemployment, and any other taxes for such persons, including any related employer assessment or contributions required by law, and all other regulations governing such matters, and the payment of all salary, vacation and other employee benefits.

	
 
	
(b)
	
Force Majeure.  If either party cannot perform any of its obligations because of any act of God, court order, war, or any other cause not within the party’s reasonable control and could not be avoided through the exercise of reasonable care and diligence (a “Force Majeure Event”), then the non-performing party will: (i) immediately notify the other party; (ii) take reasonable steps to resume performance as soon as possible; and (iii) not be considered in breach during the duration of the Force Majeure Event. Notwithstanding the foregoing, the parties agree and acknowledge that the COVID-19 pandemic and related rules, orders or other voluntary guidance and mandatory restrictions promulgated by governmental authorities are ongoing and shall in no event be deemed a Force Majeure Event.  In the event a Force Majeure Event continues for a period of [***], Owner may terminate this Agreement by providing written notice to Onboarding Agent. For the avoidance of doubt, in the event Onboarding Agent’s performance hereunder is the subject of a Force Majeure Event, the fees to be paid by Owner hereunder shall be equitably adjusted to reflect the period in which Onboarding Agent performance was effected.

	
 
	
(c)
	
Assignability; Binding Effect. Onboarding Agent may assign this Agreement without the prior written consent of Owner. This Agreement may not be assigned by Owner, by operation of law or otherwise, to a transferee other than a Permitted Transferee without the prior written consent of Onboarding Agent. This Agreement may be assigned by Owner without the prior written consent of Onboarding Agent solely to a purchaser or subsequent owner of the Designated MDU (each such purchaser or owner of the Designated MDU a “Permitted Transferee”), provided, that the Permitted Transferee enters into an assignment and assumption agreement providing for assumption by such Permitted Transferee of this Agreement in a form reasonably satisfactory to Onboarding Agent. In the event of a sale, transfer, or other conveyance of the Designated MDU by Owner, Owner shall assign to the Permitted Transferee, and the Permitted Transferee shall assume, this Agreement, as provided in this Section 18(c). This Agreement shall be binding upon the parties and their respective successors and assigns.

	
 
	
(d)
	
Applicable Law; Venue. This Agreement shall be governed and construed in accordance with applicable federal laws and regulations and by the laws of the jurisdiction in Texas, without regard to its choice of law principles. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Agreement shall be brought and enforced in the courts of Dallas, Texas, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

	
 
	
(e)
	
Invalidity. If any provision of this Agreement is found to be invalid or unenforceable, the validity and enforceability of the remaining provisions of this Agreement will not be affected or impaired.

	
 
	
(f)
	
Notices. All notices under this Agreement will be in writing and will be deemed to have been duly given if delivered personally or by an internationally recognized courier service or, mailed by U.S. registered or certified mail, return receipt requested, postage prepaid, to the parties at the addresses set forth below. All notices under this Agreement that are addressed as provided in this Section, (a) if delivered personally or by a nationally recognized courier service, will be deemed given upon delivery, or (b) if delivered by mail in the manner described above, will be deemed given on the fifth business day after the day it is deposited in a regular depository of the United States mail. Either party may change its address or designee for 

 

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notification purposes by giving notice to the other of the new address or designee and the date upon which such change will become effective.

If to Onboarding Agent:

[***]

If to Owner:

[***]

	
 
	
(g)
	
Entire Agreement; Amendments. All recitals set forth above are hereby incorporated into the body of this Agreement. This Agreement, including all exhibits attached hereto, constitutes the entire agreement between the parties and supersedes all prior agreements, promises and understandings, whether oral or written. This Agreement shall not be modified, amended, supplemented or revised, except by a written document signed by both parties.

	
 
	
(h)
	
 Counterparts; Electronic Signatures. The parties may execute this Agreement in counterparts, including PDF, and other electronic copies, which taken together will constitute one instrument. Each party to this Agreement agrees to: (a) use electronic signatures; and (b) be subject to the provisions of the U.S. ESIGN Act (i.e., the Electronic Signatures in Global and National Commerce Act (ESIGN, Pub.L. 106229, 14 Stat. 464, enacted June 30, 2000, 15 U.S.C. ch.96)).

	
 
	
(i)
	
Further Assurances. Each party to this Agreement will, at the request of the other, execute, acknowledge (if appropriate) and deliver additional documents, and do such other acts, as may be reasonably requested by the other, to reflect the terms and carry out the purpose of this Agreement.

	
 
	
(j)
	
Change In Law.  If any Law is amended, repealed, enacted or otherwise changed in a way that makes any term of this Agreement illegal or unenforceable, or would have a material adverse effect on the parties’ respective rights and obligations hereunder (including the economic, marketing, or other material terms herein), the parties shall negotiate in good faith to modify the Agreement to account for such change in Law. If the parties are unable to mutually agree to a modification of the Agreement within sixty (60) calendar days following such change in such Law either party may, at its sole discretion, terminate the Agreement without liability, except for accrued liabilities prior to the effective date of such termination.

 

[SIGNATURE PAGE FOLLOWS]

 

10

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officers or representatives as of the Effective Date.

 

	
ONBOARDING AGENT
	
 
	
OWNER

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
NLFM Leaseco, LLC
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Authorized signature:
	
 
	
 
	
Authorized signature:
	
 

	
Name:
	
 
	
 
	
 
	
Name:
	
 
	
 

	
Title:
	
 
	
 
	
 
	
Title:
	
 
	
 

 

 

11

 

Exhibit A

Designated MDU

1.Description of Designated MDU. The Designated MDU is located at the following address: [INSERT ADDRESS OF MDU]. The Designated MDU consists of [INSERT NUMBER] of Units and requires [***] outlets in each Unit.  

2.Fee. The Fee due for each Unit located in the Designated MDU shall be the sum of [***]. 

3.Commencement of Fee. The Fee shall commence [***].

4.Internet Connection. Internet connection speed of [***]. 

5.Courtesy Outlets. The Designated MDU identified in Section 1 of this Exhibit A will be entitled to [***] of courtesy outlets. 

 

12

 

EXHIBIT B

Service Level Requirements

This Exhibit describes the performance standards and service levels to be achieved by Contractor in providing the Services:

[***]

 

13

 

EXHIBIT C

Pre-Approved Providers

[***]

 

 

 

14

Exhibit 10.2

ANNEX A

1. NXRT Bella Solara, LLC

2. NXRT Torreyana, LLC

3. NXRT Bloom, LLC

 

1Exhibit 10.1

 

NOTE PURCHASE AGREEMENT 

 

THIS NOTE PURCHASE AGREEMENT
(the “Purchase Agreement”) dated as of 29 th July 2021, is between Sharing Economy International Inc., a
Nevada corporation (the “Company”), and PYRAM LC ARCHITECTURE LIMITED (the “Purchaser”).

 

RECITALS

 

A. The Company has requested
that the Purchaser purchase a convertible promissory note in the form attached hereto as Exhibit A (the “Note”)
for a purchase price of US$ 102,564 on the terms and conditions set forth herein.

 

B. The Purchaser has agreed
to purchase the Note on the terms and conditions set forth therein.

 

NOW, THEREFORE, in consideration
of the mutual promises and covenants contained in this Purchase Agreement, the parties hereto, intending to be legally bound, agree as
follows:

 

ARTICLE I DEFINITIONS 

 

1.01 Defined Terms.

 

As used in this Purchase
Agreement and to the extent not otherwise defined herein, the following terms shall have the following meanings:

 

“Affiliate”
means with respect to the Purchaser, another entity that controls, is controlled by, or is under common control with the Purchaser, for
so long as such control exists. For purposes of this definition only, “control” shall mean beneficial ownership (direct or
indirect) of at least fifty percent (50%) of the equity securities of an entity entitled to vote in the election of directors (or,
in the case of an entity that is not a corporation, in the election of the corresponding managing authority).

 

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

 

“Common Stock”
means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter
be reclassified or changed.

 

“Common Stock Equivalents”
means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

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

 

“Material Adverse
Effect” means a material adverse effect on the business, operations, property or financial condition of the Company.

 

“Person”
means an individual, partnership, corporation, business trust, joint stock company, limited liability company, trust, unincorporated association,
joint venture, governmental authority or other entity of whatever nature.

 

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

 

“Subsidiary”
means any subsidiary of the Company, 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.

 

     

     

    

 

ARTICLE II PURCHASE OF CONVERTIBLE NOTE

 

2.01 Purchase and Sale
of the Note by the Purchaser. Subject to and upon the terms and conditions set forth in this Purchase Agreement and in reliance on
the representations and warranties set forth herein, the Company agrees to issue and sell to Purchaser, and Purchaser agrees to purchase
from the Company, at the Closing referred to in Section 2.02 below, a Note made by the Company in favor of such Purchaser in the principal
amount of US$ 102,564.

 

2.02 The Closing.
The sale and purchase of the Note under this Purchase Agreement shall be made pursuant to a closing on or before 28th January
2022 and at such closing, the Company will deliver to Purchaser the Note against payment of the purchase price therefor (the “Closing”
and the date thereof, the “Closing Date”). The parties agree that the delivery of this Purchase Agreement and any other
documents at the Closing may be completed by means of an exchange of facsimile (or email) signatures with original copies to follow by
mail or courier service.

 

ARTICLE III REPRESENTATIONS AND WARRANTIES
OF THE COMPANY

 

The Company hereby makes
the following representations and warranties to the Purchaser as of the date hereof and as of the Closing.

 

3.01 Incorporation and
Good Standing. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of
Nevada. The Company has the requisite power and authority to own, lease and operate its properties and to carry on its business as now
being conducted or as proposed to be conducted.

 

3.02 Corporate Power and
Authority; Authorization; Enforceability. All corporate action on the part of the Company necessary for the authorization of this
Purchase Agreement, the Note and the performance of all obligations of the Company hereunder and thereunder at the Closing has been taken
or will be taken prior to the Closing. This Purchase Agreement has been, and the Note will be, when executed and delivered at the Closing,
duly executed and delivered by the Company. This Purchase Agreement constitutes, and the Note when executed and delivered at the Closing,
will constitute valid and binding obligations of the Company enforceable in accordance with their terms, except as limited by (a) applicable
bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights,
and (b) general principles of equity that restrict the availability of equitable remedies.

 

3.03 No Conflict.
Neither the authorization, execution, delivery and performance of this Purchase Agreement, the consummation of the transactions contemplated
hereby, or the sale, issuance and delivery of the Note, or any of the shares of capital stock of the Company which may be issued pursuant
to the terms of the Note will conflict with or result in a breach of or default under (or with due notice or lapse of time or both would
result in a default under) the Company’s Articles of Incorporation or by-laws, as amended or any statute, law, rule, regulation,
judgment, decree, writ, injunction, order or award of any arbitrator, court or governmental authority.

 

3.04 Capitalization. The
Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to
the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock to employees
pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents
outstanding as of the date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal,
preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Purchase Agreement.
Except as a result of the purchase and sale of the Note, there are no outstanding options, warrants, scrip rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable
for, or giving any Person any right to subscribe for or acquire any shares of Common Stock or the capital stock of any Subsidiary, or
contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional
shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary. The issuance and sale of the Note will not obligate
the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other than the Purchaser) and will not
result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities.
There are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions,
and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound
to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom stock”
plans or any similar plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued,
fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding
shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval
or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Note.

 

    2

     

    

 

3.05 Financial Statements.
The Company is current with all reports, schedules, forms, statements and other documents required to be filed by the Company under the
Securities Act and the Exchange Act, (the “SEC Reports”). As of their respective dates, the SEC Reports complied in
all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when
filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements
of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and
its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

3.06 Absence of Undisclosed
Liabilities. Since the date of the latest audited financial statements included within the SEC Reports, except as specifically disclosed
in a subsequent SEC Report filed prior to the date hereof: (i) there has been no event, occurrence or development that has had or that
could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or
otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice
and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings
made with the Commission, (iii) the Company has not altered its method of accounting, and (iv) the Company has not declared or made any
dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem
any shares of its capital stock. The Company does not have pending before the Commission any request for confidential treatment of information.
Except for the issuance of the Note contemplated by this Purchase Agreement, no event, liability, fact, circumstance, occurrence or development
has occurred or exists, or is reasonably expected to occur or exist, with respect to the Company or its Subsidiaries or their respective
businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Company under applicable
securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) Trading Day
prior to the date that this representation is made.

 

3.07 Litigation. There
is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened
against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental
or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which (i) adversely affects or challenges the legality, validity or enforceability of any of the Purchase Agreement or the Note or (ii)
could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company
nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or
liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the
Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director
or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

3.08 No Broker. The
Company has no contract, arrangement or understanding with any broker, finder, agent, financial advisor or other intermediary with respect
to the transactions contemplated by this Purchase Agreement.

 

3.09 Compliance. Neither
the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with
notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary
received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other
agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation
has been waived), (ii) is in violation of any judgment, decree, or order of any court, arbitrator or other governmental authority or (iii)
is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation
all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality
and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse
Effect.

 

    3

     

    

 

3.10 Listing and Maintenance
Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no
action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under
the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration. The
Company is, and has no reason to believe that it will not continue to be, in compliance with all such listing and maintenance requirements.

 

3.11 Tax Status. Except
for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the
Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise
tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental
assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii)
has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to
which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority
of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.

 

ARTICLE IV REPRESENTATIONS AND WARRANTIES
OF THE PURCHASER 

 

Purchaser hereby represents and warrants to the
Company as follows:

 

4.01 Authorization.
The execution, delivery and performance by Purchaser of this Purchase Agreement and the Note have been duly authorized by all requisite
corporate, partnership or other action on the part of Purchaser. This Purchase Agreement and the Note to which Purchaser is a party have
been duly executed and delivered on behalf of Purchaser by a duly authorized representative of Purchaser and constitute the valid and
legally binding obligations of Purchaser enforceable against Purchaser in accordance with their respective terms, except as such enforceability
may be limited by bankruptcy, insolvency, reorganization and other laws affecting creditors’ rights generally and by general equitable
principles.

 

4.02 Information.
Purchaser has been furnished with or has had access to all information it has requested from the Company and has had an opportunity to
review the books and records of the Company and to discuss with management of the Company its business and financial affairs and has generally
such knowledge and experience in business and financial matters and with respect to investments in securities of this nature so as to
enable it to understand and evaluate the risks of such investment and form an investment decision with respect thereto.

 

4.03 Own Account.
The Purchaser understands that the Common Stock underlying the Note are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is making this investment for its own account and not with a view
to or for distributing or reselling such Common Stock or any part thereof in violation of the Securities Act, has no present intention
of distributing any of such Common Stock in violation of the Securities Act and has no direct or indirect arrangement or understandings
with any other persons to distribute or regarding the distribution of such Common Stock in violation of the Securities Act.

 

4.04 Experience of Such
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 Company, and
has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Company
and, at the present time, is able to afford a complete loss of such investment.

 

4.05 General Solicitation.
The Purchaser is not, to such Purchaser’s knowledge, purchasing the Note as a result of any advertisement, article, notice or other
communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or any other general solicitation or general advertisement.

 

4.06 Purchaser Status.
The Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with
any invitation to subscribe for the Note or any use of this Purchase Agreement, including (i) the legal requirements within its jurisdiction
for the purchase of the Note, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents
that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding,
redemption, sale, or transfer of the Note. The Purchaser’s subscription and payment for and continued beneficial ownership of the
Common Stock will not violate any applicable securities or other laws of the Purchaser’s jurisdiction.

 

    4

     

    

 

4.07 Regulation S Compliance.
If the Purchaser is a non-U.S. Person (as defined in Regulation S promulgated under the Securities Act), neither the Purchaser nor any
person acting on its behalf has engaged, nor will engage, in any directed selling efforts to a U.S. Person (as defined in Regulation S
promulgated under the Securities Act) with respect to the Note and the Purchaser and any person acting on its behalf has complied and
will comply with the “offering restrictions” requirements of Regulation S. The transactions contemplated by this Agreement
have not been pre-arranged with a buyer located in the United States or with a U.S. Person, and are not part of a plan or scheme to evade
the registration requirements of the Securities Act. Neither the Purchaser nor any person acting on its behalf has undertaken or carried
out any activity for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United
States, its territories or possessions, for the Note. The Purchaser agrees not to cause any advertisement of the Note to be published
in any newspaper or periodical or posted in any public place and not to issue any circular relating to the Note, except such advertisements
that include the statements required by Regulation S, and only offshore and not in the U.S. or its territories, and only in compliance
with any local applicable securities laws.

 

4.08 Accredited Investor.
If the Purchaser is a U.S. Person, the Purchaser is an “accredited investor” within the meaning set forth in Rule 501 under
the Securities Act, is capable of evaluating the merits and risks of the transactions contemplated hereunder and is able to bear the economic
risks of its investment in the Note.

 

ARTICLE V CONDITIONS 

 

5.01 Conditions to Purchaser’s
Obligations at the Closing. Purchaser’s obligations under Article II of this Purchase Agreement are subject to the satisfaction,
at or prior to the Closing Date, of the following conditions:

 

(a) Representations and
Warranties True; Performance of Obligations. The representations and warranties made by the Company in Article III hereof shall be
true and correct in all material respects as of the Closing;

 

(b) Legal Investment.
On the Closing Date, the sale and issuance of the Note shall be legally permitted by all laws and regulations to which Purchaser and the
Company are subject;

 

(c) Consents, Permits,
and Waivers. The Company shall have obtained any and all consents, permits and waivers necessary or appropriate for consummation of
the transactions contemplated by this Purchase Agreement; and

 

(d) Delivery of the Note.
The Company shall have delivered the Note to Purchaser.

 

5.02 Conditions to Obligations
of the Company. The Company’s obligation to issue and sell the Note is subject to the satisfaction, at or prior to each Closing
Date, of the following conditions:

 

(a) Representations and
Warranties True. The representations and warranties in Article IV made by Purchaser shall be true and correct as of the Closing Date;

 

(b) Legal Investment.
On the Closing Date, the sale and issuance of the Note shall be legally permitted by all laws and regulations to which Purchaser and the
Company are subject;

 

(c) Consents, Permits,
and Waivers. The Company shall have obtained any and all consents, permits and waivers necessary or appropriate for consummation of
the transactions contemplated by this Purchase Agreement; and

 

(d) Purchase Price Delivery.
The Company shall have received from Purchaser in immediately available funds the principal amount of the Note.

 

ARTICLE VI AFFIRMATIVE COVENANTS OF THE COMPANY

 

For so long as the Note is
outstanding, the Company agrees to the following:

 

6.01 Payment of Notes.
The Company will punctually pay or cause to be paid the principal of and interest on the Note at the times and places and in the manner
specified in the Note.

 

6.02 Reservation of Shares
of Capital Stock. The Company agrees to take any and all action as is necessary or desirable to authorize, reserve and issue the shares
of the Company’s capital stock issuable upon conversion of the Note promptly upon a determination of the terms of such securities.

 

    5

     

    

 

ARTICLE VII MISCELLANEOUS 

 

7.01 Amendments and Waivers.
This Purchase Agreement and the Note may be amended, and any term or provision of this Purchase Agreement and the Note may be waived (either
generally or in a particular instance and either retroactively or prospectively) only upon the written consent of the Company and the
Purchaser.

 

7.02 No Stockholder Rights.
Nothing contained in this Purchase Agreement or the Note shall be construed as conferring upon Purchaser the right to vote or to consent
or to receive notice as a stockholder in respect of meetings of stockholders for the election of directors of the Company or any other
matters or any rights whatsoever as a stockholder of the Company and (ii) no dividends shall be payable or accrued in respect of the Note
or the Common Stock obtainable thereunder, in both cases of (i) and (ii) until, and only to the extent that, the Note shall have been
duly converted into and/or exercised for Common Stock.

 

7.03 Successors and Assigns.
This Purchase Agreement may not be assigned, conveyed or transferred without the prior written consent of the Company. Subject to the
foregoing, the rights and obligations of the Company and Purchaser under this Purchase Agreement shall be binding upon and benefit their
respective permitted successors, assigns, heirs, administrators and transferees. The terms and provisions of this Purchase Agreement are
for the sole benefit of the parties hereto and their respective permitted successors and assigns, and are not intended to confer any third-party
benefit on any other person.

 

7.04 Notices. Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or email attachment as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City
time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or email attachment as set forth on the signature pages attached hereto on a day that is not a Trading Day or
later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required
to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent
that any notice provided pursuant to any Transaction Document constitutes, or contains material, non-public information regarding the
Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 8-K.

 

7.05 Waiver; Cumulative
Remedies. No failure to exercise and no delay in exercising, on the part of Purchaser, any right, remedy, power or privilege hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

7.06 Payment of Fees,
Expenses. Each of the parties hereto shall bear its own costs and expenses in connection with the transactions contemplated hereunder.

 

7.07 Counterparts.
This Purchase Agreement may be executed by one or more of the parties to this Purchase Agreement on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

7.08 Severability.
Any provision of this Purchase Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

7.09 Governing Law.
This Purchase Agreement shall be construed and enforced in accordance with and governed by the State of New York, without giving effect
to the conflicts of law principles thereof.

 

    6

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Purchase Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above
written.

 

	SHARING ECONOMY INTERNATIONAL INC.	 	Address for Notice:
	 	 	 
	By:	                    	 	Email:carmen.lam@seii.com
	Name: Lam Ka Man	 	 
	Title: Chief Financial Officer	 	 

 

Name of Purchaser: PYRAM LC ARCHITECTURE LIMITED

 

	Signature of Authorized Signatory of Purchaser:	

 

Name of Authorized Signatory: Yeung Shuk Mei

 

Title of Authorized Signatory: Director

 

Email Address of Authorized Signatory: lorraine.pyramarchitecture@gmail.com

 

Address for Notice to Purchaser: REDHILL PENINSULA, HOUSE 74 CEDAR
DRIVE, TAI TAM, HONG KONG

 

     

     

    

 

EXHIBIT A 

 

THIS NOTE AND ANY SHARES ACQUIRED UPON CONVERSION
OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER SUCH ACT OR PURSUANT TO AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

 

CONVERTIBLE PROMISSORY NOTE

	 	 	 
	US$102,564	 	29th  July 2021

 

FOR VALUE RECEIVED, Sharing
Economy International Inc., a Nevada corporation (the “Maker”), promises to pay to PYRAM LC ARCHITECTURE LIMITED or
its assigns (the “Holder”) the principal sum of US$102,564, together with interest on the unpaid principal balance
of this Note from time to time outstanding at the rate of one percent (12%) per annum until paid in full or converted in accordance with
the terms of the Note. Interest on this Note shall be computed on the basis of a year of 365 days for the actual number of days elapsed
and shall accrue, but not compound, daily. All payments by the Maker under this Note shall be in immediately available funds.

 

1. Conversion. On 28th January
2022, all of the outstanding principal and accrued interest under this Note (the “Outstanding Amount”) will be converted
into shares of common stock of the Company at a conversion price equal to 70% of the average of past ten days closing price prior to 28th
January 2022 (the “Conversion Date”).

 

2. Repayment. The Company shall have the
option, in its sole and absolute discretion, to repay the Outstanding Amount in full on or before the Conversion Date.

 

3. Events of Default. This Note shall become
immediately due and payable without notice or demand upon the occurrence at any time of any of the following events of default (individually,
an “Event of Default” and collectively, “Events of Default”):

 

(a) the Maker files any petition
or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating
to, debtors, now or hereafter in effect, or seeks the appointment of a custodian, receiver, trustee (or other similar official) of the
Maker or all or any substantial portion of the Maker’s assets, or makes any assignment for the benefit of creditors or takes any
action in furtherance of any of the foregoing, or fails to generally pay its debts as they become due; or

 

(b) an involuntary petition
is filed, or any proceeding or case is commenced, against the Maker (unless such proceeding or case is dismissed or discharged within
60 days of the filing or commencement thereof) under any bankruptcy, reorganization, arrangement, insolvency, adjustment of debt, liquidation
or moratorium statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar
official) is applied or appointed for the Maker or to take possession, custody or control of any property of the Maker, or an order for
relief is entered against the Maker in any of the foregoing.

 

Upon the occurrence of an
Event of Default, the Holder shall have then, or at any time thereafter, all of the rights and remedies afforded creditors generally by
the applicable federal laws or the laws of the State of New York.

 

4. Miscellaneous.

 

(a) All payments by the Maker
under this Note shall be made without set-off or counterclaim and be free and clear and without any deduction or withholding for any taxes
or fees of any nature whatever, unless the obligation to make such deduction or withholding is imposed by law.

 

(b) No delay or omission
on the part of the Holder in exercising any right under this Note shall operate as a waiver of such right or of any other right of the
Holder, nor shall any delay, omission or waiver on anyone occasion be deemed a bar to or waiver of the same or any other right on any
future occasion.

 

     

     

    

 

(c) The Maker and every endorser
of this Note, regardless of the time, order or place of signing, hereby waives presentment, demand, protest and notices of every kind
and assents to any permitted extension of the time of payment and to the addition or release of any other party primarily or secondarily
liable hereunder.

 

(d) Any notices, requests
and other communications hereunder shall be delivered in accordance with the terms of the Note Purchase Agreement.

 

(e) The Holder agrees that
no director or officer of the Maker shall have any personal liability for the repayment of this Note.

 

(f) This Note may not be
amended or modified except by an instrument executed by the Maker and the Holder.

 

(g) Until the conversion
of this Note, the Holder shall not have or exercise any rights by virtue hereof as a member or stockholder of the Maker.

 

(h) All rights and obligations
hereunder shall be governed by the laws of the State of New York (without giving effect to principles of conflicts or choices of law).

 

	SHARING ECONOMY INTERNATIONAL INC.	 
	 	 
	By:	/s/ Lam Ka Man	 
	 	Name:	 Lam Ka Man	 
	 	Title:	Chief Financial Officer	 

 

     

     

    

 

WIRE TRANSFER INSTRUCTIONS:

 

Fund in US Dollars:

 

Bank Name:The Hongkong and Shanghai Banking
Corporation Limited

 

Bank Branch:

 

Bank Address:1 Queen’s Road, Central,
Hong Kong

 

Account Name: Sharing Economy Investment Limited

 

Account Number: 456-653757-838

 

Routing/ABA Number (Domestic Wires):

 

Swift Code (Foreign Wire): HSBCHKHHHKH

 

Reference: Sharing Economy International Inc Note
Purchase

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