Document:

Exhibit 10.2

 

DEBT ASSIGNMENT AND ASSUMPTION
AGREEMENT

 

Dated as of March 30, 2022

 

This Debt Assignment and Assumption
Agreement (the “Agreement”) is entered into as of the date first set forth above (the “Effective Date”) by and
between (i) Chongqing Jinghuangtai Business Management Consulting Co., Ltd. (“WFOE”) and (ii) WVM Inc. (“WVM”).
Each of WFOE and WVM may be referred to herein individually as a “Party” and collectively as the “Parties.”

 

WHEREAS, WFOE is an indirect
subsidiary of WVM. China Xiangtai Food Co., Ltd. (“China Xiangtai”) holds 100% equity interest in WVM and WVM is a direct
subsidiary of China Xiangtai. WFOE is an indirect subsidiary of China Xiangtai

 

WHEREAS, WFOE, as a borrower,
received intracompany loans from China Xiangtai, as the lender, during the period from August 2020 to December 2020 in an aggregate amount
of RMB 60,870,501 (approximately US$8,992,163.72) with no interest, as the lender.

 

WHEREAS, WFOE now wishes to
assign US$8,992,163.72 (the “Debt”), representing 100% of such intracompany loans to WVM and WVM now wishes to assume the
Debt subject to the terms and conditions as set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and of the terms and conditions herein contained, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:

 

		1.	Assignment and Assumption. WFOE hereby assigns and transfers to WVM and WVM hereby assumes all
of WFOE’s right and obligation, as the borrower, in and to the Debt, and to the extent permitted by applicable law, all suits, claims,
causes of action and any other right of WFOE against any person, whether known or unknown, arising under or with respect to the Debt.

 

		2.	Issuance of Promissory Note. WFOE hereby agrees to issue a promissory note in the amount of US$8,992,163.72
with no interest (a form of which is attached hereto as Exhibit A) to WVM on the Effective Date.

 

		3.	Representation. WFOE represents and warrants as follows:

 

		(a)	WFOE is a company duly organized, validly existing and in good standing under the laws of the People’s
Republic of China.

 

		(b)	WFOE has the full power, authority and legal right to assign and transfer the debt and to execute, deliver
and perform this Agreement.

 

		(c)	WFOE has duly authorized, executed and delivered this Agreement and, assuming the due authorization, execution
and delivery by WVM, this Agreement constitutes the legal, valid and binding agreement of WFOE, enforceable in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium and other laws
relating to or affecting the enforcement of debt’ rights generally and by general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law).

 

     

     

    

 

		(d)	As of the date hereof, the Debt is in the principal amount of US$8,992,163.72 and bears no interest.

 

	 	 	WVM represents and warrants as follows:

 

		(a)	WVM is a company duly organized, validly existing and in good standing under the laws of the British Virgin
Islands.

 

		(b)	WVM has the full power, authority and legal right to assign and transfer the debt and to execute, deliver
and perform this Agreement.

 

		(c)	WVM has duly authorized, executed and delivered this Agreement and, assuming the due authorization, execution
and delivery by WFOE, this Agreement constitutes the legal, valid and binding agreement of WVM, enforceable in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium and other laws
relating to or affecting the enforcement of creditor’ rights generally and by general principles of equity (regardless of whether
such enforcement is considered in a proceeding in equity or at law).

 

		4.	Choice of Law. This Agreement and any documents to be executed in connection herewith shall be
delivered and accepted in and shall be deemed to be contracts made under and governed by the internal laws of the State of New York, and
for all purposes shall be construed in accordance with the laws of the State of New York, without giving effect to the choice of law provisions.

 

		5.	Amendments; Modifications; Counterparts. This Agreement shall not be modified, amended, supplemented,
or otherwise changed except by a writing signed by all Parties. This Agreement may be executed in counterparts. The execution of this
Agreement and the transmission thereof by facsimile or e-mail shall be binding on the Party signing and transmitting same by facsimile
or e-mail fully and to the same extent as if a counterpart of this Agreement bearing such Party’s original signature has been delivered.

 

[Signature page follows]

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF, the Parties
hereto knowingly and voluntarily executed this Agreement as of the Effective Date.

 

	 	Chongqing Jinghuangtai Business Management Consulting Co., Ltd.
	 	 	 	 
	 	By:	/s/ Zeshu Dai	 
	 	Name:	Zeshu Dai	 
	 	Title:	Legal Representative	 
	 	 	 	 
	 	WVM Inc.	 
	 	 	 	 
	 	By:	/s/ Zeshu Dai	 
	 	Name:	Zeshu Dai	 
	 	Title:	Director	 

 

    	 	3Exhibit 10.3 

 

DEBT SETTLEMENT AND MUTUAL
RELEASE

 

Dated as of March 30, 2022

 

This Debt Settlement and Mutual
Release Agreement (the “Agreement”) is entered into as of the date first set forth above (the “Effective Date”)
by and between (i) China Xiangtai Food Co., Ltd. (“China Xiangtai”) and (ii) WVM Inc. (“WVM”). Each of China Xiangtai
and WVM may be referred to herein individually as a “Party” and collectively as the “Parties.”

 

WHEREAS, China Xiangtai holds
100% equity interest in WVM and WVM is a direct subsidiary of China Xiangtai.

 

WHEREAS, CVS Limited, a direct
subsidiary of WVM and an indirect subsidiary of China Xiangtai, received intracompany loans in an aggregate amount of US$8,930,649.41
with no interest from China Xiangtai during the period from June 2019 to October 2021 and pursuant to a debt assignment and assumption
agreement between WVM and CVS Limited, dated March __, 2022, WVM assumed the obligations of $7,144,519.53, representing 80% of such intracompany
loans (the “CVS Debt”).

 

WHEREAS, Jinghuangtai Business
Management Consulting Co., Ltd., a direct subsidiary of CVS Limited and an indirect subsidiary of China Xiangtai, received intracompany
loans in an aggregate amount of RMB 60,870,501 (approximately US$8,992,163.72) with no interest from China Xiangtai during the period
from August 2020 to December 2020 and pursuant to a debt assignment and assumption agreement between WVM and Jinghuangtai Business Management
Consulting Co., Ltd., dated March __, 2022, WVM assumed the obligations of $8,992,163.72, representing 100% of such intracompany
loans (the “Jinghuangtai Debt” and together with the CVS Debt, the “Debt”).

 

WHEREAS, the Parties now wish
to settle the Debt in a total amount of US$16,136,683.25 subject to the terms and conditions as set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and of the terms and conditions herein contained, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:

 

		1.	Conversion of Debt into Equity Interest. Effective as of the Effective Date, the Parties acknowledge
and agree that the Debt is hereby converted into equity interest in WVM Inc. and shall be of no further force or effect and, to the extent
payable, shall be deemed paid in full.

 

		2.	Issuance of Shares. WVM shall issue 16,136,683 ordinary shares, valued at US$1.00 per share (the
 “Shares”) to China Xiangtai. The Shares shall be duly authorized, fully paid, non-assessable. The Shares shall be subject
to restrictions pursuant to Rule 144 of the Securities Act of 1933, as amended.

 

    	 		 

     

    

 

		3.	Mutual Release. Upon completion of the requirement contained in Section 2 hereof, the Parties,
on behalf of themselves and their respective direct or indirect predecessors, successors, parent companies, divisions, subsidiaries, agents,
affiliates, subrogees, insurers, trustees, trusts, administrators, representatives, personal representatives, legal representatives, transferees,
assigns and successors in interest of assigns, and any firm, trust, corporation, partnership, and the respective consultants, employees,
legal counsel, officers, directors, managers, shareholders, stockholders, owners of any of the foregoing (collectively, in such capacity,
the “Releasors”), in consideration of completion of the items contained in Section 1 above, hereby remise, release,
acquit and forever discharge the other Party and their agents, transferees, consultants, employees, legal counsel, successors, assigns,
successors in interest of assigns, subrogees, insurers, trustees, trusts, administrators, fiduciaries and representatives, legal representatives,
personal representatives and any firm, trust, corporation or partnership (collectively, in such capacity, the “Releasees”),
of and from any and all federal, state, local, foreign and any other jurisdiction’s statutory or common law claims (including claims
for contribution and indemnification), causes of action, complaints, actions, suits, defenses, debts, sums of money, accounts, covenants,
controversies, agreements, promises, losses, damages, orders, judgments, professional liability actions, and demands of any nature whatsoever,
in law or equity, known or unknown, of any kind, including, but not limited to, claims or other legal forms of action or from any other
conduct, act, omission or failure to act, whether negligent, intentional, with or without malice, that the Parties ever had, now have,
may have, may claim to have, or may hereafter have or claim to have, against the other Party, from the beginning of time up to and including
the date hereof. The releases contained in this Agreement shall not operate to release obligations under this Agreement.

 

		4.	Full Satisfaction. Upon issuance of the Shares, the Debt owing by WVM to China Xiangtai as of the
date of such payment shall be deemed fully satisfied.

 

		5.	No Action. The Parties covenant and agree not to commence or prosecute any action or proceeding
against the other Party based on any claims released by the Parties pursuant hereto.

 

		6.	Representation. China Xiangtai represents and warrants as follows:

 

		(a)	China Xiangtai is a company duly organized, validly existing and in good standing under the laws of the
Cayman Islands.

 

		(b)	China Xiangtai has the full power, authority and legal right to assign and transfer the debt and to execute,
deliver and perform this Agreement.

 

		(c)	China Xiangtai has duly authorized, executed and delivered this Agreement and, assuming the due authorization,
execution and delivery by WVM, this Agreement constitutes the legal, valid and binding agreement of China Xiangtai, enforceable in accordance
with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium
and other laws relating to or affecting the enforcement of creditor’ rights generally and by general principles of equity (regardless
of whether such enforcement is considered in a proceeding in equity or at law).

 

    	 	2	 

     

    

 

	 	 	WVM represents and warrants as follows:

 

		(a)	WVM is a company duly organized, validly existing and in good standing under the laws of the British Virgin
Islands.

 

		(b)	WVM has the full power, authority and legal right to assign and transfer the debt and to execute, deliver
and perform this Agreement.

 

		(c)	WVM has duly authorized, executed and delivered this Agreement and, assuming the due authorization, execution
and delivery by China Xiangtai, this Agreement constitutes the legal, valid and binding agreement of WVM, enforceable in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium
and other laws relating to or affecting the enforcement of creditor’ rights generally and by general principles of equity (regardless
of whether such enforcement is considered in a proceeding in equity or at law).

 

		(d)	As of the date hereof, the outstanding principal balance of the Debt is US$16,136,683.25 and there is
no interest.

 

		7.	Choice of Law. This Agreement and any documents to be executed in connection herewith shall be
delivered and accepted in and shall be deemed to be contracts made under and governed by the internal laws of the State of New York, and
for all purposes shall be construed in accordance with the laws of the State of New York, without giving effect to the choice of law provisions.

 

		8.	Amendments; Modifications; Counterparts. This Agreement shall not be modified, amended, supplemented,
or otherwise changed except by a writing signed by all Parties. This Agreement may be executed in counterparts. The execution of this
Agreement and the transmission thereof by facsimile or e-mail shall be binding on the Party signing and transmitting same by facsimile
or e-mail fully and to the same extent as if a counterpart of this Agreement bearing such Party’s original signature has been delivered.

 

[Signature page follows]

 

    

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the Parties
hereto knowingly and voluntarily executed this Agreement as of the Effective Date.

 

	 	China Xiangtai Food Co., Ltd.
	 	 	 	 
	 	By:	/s/ Zeshu Dai	 
	 	Name:	Zeshu Dai	 
	 	Title:	Chief Executive Officer and Chairwoman of the Board	 
	 	 	 	 
	 	WVM Inc.	 
	 	 	 	 
	 	By:	/s/ Zeshu Dai	 
	 	Name:	Zeshu Dai	 
	 	Title:	Director	 

 

    	 	4

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