Document:

Exhibit 10.2

 

CONVERTIBLE PROMISSORY NOTE

 

	Effective Date: January 6, 2021	 	U.S. $1,670,000.00

 

FOR VALUE RECEIVED,
TD Holdings, Inc., a Delaware corporation (“Borrower”), promises
to pay to Streeterville Capital, LLC, a Utah limited liability company, or its successors
or assigns (“Lender”), $1,670,000.00 and any interest, fees, charges, and late fees accrued hereunder on the
date that is twelve (12) months after the Purchase Price Date (the “Maturity Date”) in accordance with the terms
set forth herein and to pay interest on the Outstanding Balance at the rate of ten percent (10%) per annum from the Purchase Price
Date until the same is paid in full. All interest calculations hereunder shall be computed on the basis of a 360-day year comprised
of twelve (12) thirty (30) day months, shall compound daily and shall be payable in accordance with the terms of this
Note. This Convertible Promissory Note (this “Note”) is issued and made effective as of the date set forth above
(the “Effective Date”). This Note is issued pursuant to that certain Securities Purchase Agreement dated January
6, 2021, as the same may be amended from time to time, by and between Borrower and Lender (the “Purchase Agreement”).
Certain capitalized terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference.

 

This Note carries an
OID of $150,000.00. In addition, Borrower agrees to pay $20,000.00 to Lender to cover Lender’s legal fees, accounting costs,
due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of this Note (the “Transaction
Expense Amount”), all of which amount is fully earned and included in the initial principal balance of this Note. The
purchase price for this Note shall be $1,500,000.00 (the “Purchase Price”), computed as follows: $1,670,000.00
original principal balance, less the OID, less the Transaction Expense Amount. The Purchase Price shall be payable by Lender by
wire transfer of immediately available funds.

 

1. 
Payment; Prepayment.

 

1.1. 
Payment. All payments owing hereunder shall be in lawful money of the United States of America or Conversion Shares
(as defined below), as provided for herein, and delivered to Lender at the address or bank account furnished to Borrower for that
purpose. All payments shall be applied first to (a) costs of collection, if any, then to (b) fees and charges, if any, then to
(c) accrued and unpaid interest, and thereafter, to (d) principal.

 

1.2. 
Prepayment. Notwithstanding the foregoing, Borrower shall have the right to prepay all or any portion of the Outstanding
Balance (less such portion of the Outstanding Balance for which Borrower has received a Redemption Notice (as defined below) from
Lender where the applicable Conversion Shares have not yet been delivered). If Borrower exercises its right to prepay this Note,
Borrower shall make payment to Lender of an amount in cash equal to 125% multiplied by the portion of the Outstanding Balance Borrower
elects to prepay.

 

2. 
Security. This Note is unsecured.

 

3. 
Borrower Redemptions.

 

3.1. 
Redemption Conversion Price. Subject to the adjustments set forth herein, the conversion price for each Redemption
Conversion shall be the Redemption Conversion Price.

 

     

     

    

 

3.2. 
Redemption Conversions. Beginning on the date that is three (3) months from the Purchase Price Date, Lender shall
have the right, exercisable at any time in its sole and absolute discretion, to redeem all or any portion of the Note (such amount,
the “Redemption Amount”), subject to the Maximum Monthly Redemption Amount, by providing Borrower with a notice
substantially in the form attached hereto as Exhibit A (each, a “Redemption Notice”, and each date on
which Lender delivers a Redemption Notice, a “Redemption Date”). For the avoidance of doubt, Lender may submit
to Borrower one (1) or more Redemption Notices in any given calendar month; provided that the aggregate Redemption Amounts in such
calendar month do not exceed the Maximum Monthly Redemption Amount. Payments of each Redemption Amount may be made (a) in cash,
or (b) by converting such Redemption Amount into registered Common Stock (the “Conversion Shares”) for the period
beginning on the date that is three (3) months from the Purchase Price Date and ending on the date that is six (6) months from
the Purchase Price Date and in registered or unregistered Common Stock thereafter in accordance with this Section 3.2 (each, a
“Redemption Conversion”) per the following formula: the number of Redemption Conversion Shares equals the portion
of the applicable Redemption Amount being converted divided by the Redemption Conversion Price, or (c) by any combination of the
foregoing, so long as the cash is delivered to Lender on the third (3rd) Trading Day immediately following the applicable
Redemption Date and the Redemption Conversion Shares are delivered to Lender on or before the applicable Delivery Date (as defined
below). Notwithstanding the foregoing, Borrower will not be entitled to elect a Redemption Conversion with respect to any portion
of any applicable Redemption Amount and shall be required to pay the Redemption Amount in cash, if on the applicable Redemption
Date there is an Equity Conditions Failure, and such failure is not waived in writing by Lender. Notwithstanding that failure to
repay this Note in full by the Maturity Date is an Event of Default (as defined below), the Redemption Dates shall continue after
the Maturity Date pursuant to this Section 3.2 until the Outstanding Balance is repaid in full.

 

3.3. 
Allocation of Redemption Amounts. Following its receipt of a Redemption Notice, Borrower may either ratify Lender’s
proposed allocation in the applicable Redemption Notice or elect to change the allocation by written notice to Lender by email
or fax within twenty-four (24) hours of its receipt of such Redemption Notice, so long as the sum of the cash payments and the
amount of Redemption Conversions equal the applicable Redemption Amount. If Borrower fails to notify Lender of its election to
change the allocation prior to the deadline set forth in the previous sentence, it shall be deemed to have ratified and accepted
the allocation set forth in the applicable Redemption Notice prepared by Lender. Borrower acknowledges and agrees that the amounts
and calculations set forth thereon are subject to correction or adjustment because of error, mistake, or any adjustment resulting
from an Event of Default or other adjustment permitted under the Transaction Documents (an “Adjustment”). Furthermore,
no error or mistake in the preparation of such notices, or failure to apply any Adjustment that could have been applied prior to
the preparation of a Redemption Notice may be deemed a waiver of Lender’s right to enforce the terms of any Note, even if
such error, mistake, or failure to include an Adjustment arises from Lender’s own calculation. Borrower shall deliver the
Redemption Conversion Shares from any Redemption Conversion to Lender in accordance with Section 7 below on or before each applicable
Delivery Date.

 

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4. 
Defaults; Remedies.

 

4.1. 
Defaults. The following are events of default (each, an “Event of Default”) under this Note: (a)
Borrower fails to pay any principal, interest, fees, charges, or any other amount when due and payable hereunder; (b) Borrower
fails to deliver any Conversion Shares in accordance with the terms hereof; (c) a receiver, trustee or other similar official shall
be appointed over Borrower or a material part of its assets and such appointment shall remain uncontested for twenty (20) days
or shall not be dismissed or discharged within sixty (60) days; (d) Borrower becomes insolvent or generally fails to pay, or admits
in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; (e) Borrower makes
a general assignment for the benefit of creditors; (f) Borrower files a petition for relief under any bankruptcy, insolvency or
similar law (domestic or foreign); (g) an involuntary bankruptcy proceeding is commenced or filed against Borrower; (h) Borrower
or any pledgor, trustor, or guarantor of this Note defaults or otherwise fails to observe or perform any covenant, obligation,
condition or agreement of Borrower or such pledgor, trustor, or guarantor contained herein or in any other Transaction Document
(as defined in the Purchase Agreement) in any material respect, other than those specifically set forth in this Section 4.1 and
Section 4 of the Purchase Agreement; (i) any representation, warranty or other statement made or furnished by or on behalf of Borrower
to Lender herein, in any Transaction Document, or otherwise in connection with the issuance of this Note is false, incorrect, incomplete
or misleading in any material respect when made or furnished; (j) the occurrence of a Fundamental Transaction without Lender’s
prior written consent unless this Note is paid in full in connection with such Fundamental Transaction, in which case no consent
will be required; (k) Borrower fails to maintain the Share Reserve (as defined in the Purchase Agreement); (l) Borrower effectuates
a reverse split of its Common Stock without twenty (20) Trading Days prior written notice to Lender unless the reverse split is
required to maintain compliance with the minimum bid price requirements of the principal market; (m) any money judgment, writ or
similar process is entered or filed against Borrower or any subsidiary of Borrower or any of its property or other assets for more
than $500,000.00, and shall remain unvacated, unbonded or unstayed for a period of twenty (20) calendar days unless otherwise consented
to by Lender; (n) Borrower fails to be DWAC Eligible; (o) Borrower fails to observe or perform any covenant set forth in Section
4 of the Purchase Agreement; or (p) Borrower or any subsidiary of Borrower, breaches any covenant or other term or condition contained
in any Other Agreements in any material respect. Notwithstanding the foregoing, the occurrence of any of the events described in
Section 4.1(i) through (o) above shall not be considered to be an Event of Default if such event is cured within fifteen (15) Trading
Days of the occurrence of such event.

 

4.2. 
Default Remedies. At any time and from time to time after Lender becomes aware of the occurrence of any Event of
Default, Lender may accelerate this Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and
payable in cash at the Mandatory Default Amount. Notwithstanding the foregoing, at any time following the occurrence of any Event
of Default, Lender may, at its option, elect to increase the Outstanding Balance by applying the Default Effect (subject to the
limitation set forth below) via written notice to Borrower without accelerating the Outstanding Balance, in which event the Outstanding
Balance shall be increased as of the date of the occurrence of the applicable Event of Default pursuant to the Default Effect,
but the Outstanding Balance shall not be immediately due and payable unless so declared by Lender (for the avoidance of doubt,
if Lender elects to apply the Default Effect pursuant to this sentence, it shall reserve the right to declare the Outstanding Balance
immediately due and payable at any time and no such election by Lender shall be deemed to be a waiver of its right to declare the
Outstanding Balance immediately due and payable as set forth herein unless otherwise agreed to by Lender in writing). Notwithstanding
the foregoing, upon the occurrence of any Event of Default described in clauses (c), (d), (e), (f) or (g) of Section 4.1, the Outstanding
Balance as of the date of acceleration shall become immediately and automatically due and payable in cash at the Mandatory Default
Amount, without any written notice required by Lender. At any time following the occurrence of any Event of Default, upon written
notice given by Lender to Borrower, interest shall accrue on the Outstanding Balance beginning on the date the applicable Event
of Default occurred at an interest rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted
under applicable law (“Default Interest”). For the avoidance of doubt, Lender may continue making Redemption
Conversions at any time following an Event of Default until such time as the Outstanding Balance is paid in full. In connection
with acceleration described herein, Lender need not provide, and Borrower hereby waives, any presentment, demand, protest or other
notice of any kind, and Lender may immediately and without expiration of any grace period enforce any and all of its rights and
remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled
by Lender at any time prior to payment hereunder and Lender shall have all rights as a holder of the Note until such time, if any,
as Lender receives full payment pursuant to this Section 4.2. No such rescission or annulment shall affect any subsequent Event
of Default or impair any right consequent thereon. Nothing herein shall limit Lender’s right to pursue any other remedies
available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with
respect to Borrower’s failure to timely deliver Conversion Shares upon Conversion of the Note as required pursuant to the
terms hereof.

 

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5. 
Unconditional Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and
enforceable obligation of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights
of offset it now has or may have hereafter against Lender, its successors and assigns, and agrees to make the payments or Conversions
called for herein in accordance with the terms of this Note.

 

6. 
Waiver. No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by
the party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any
other provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in
writing.

 

7. 
Method of Conversion Share Delivery. On or before the close of business on the third (3rd) Trading Day
following each Redemption Date (the “Delivery Date”), Borrower shall, provided it is DWAC Eligible at such time
and such Conversion Shares are eligible for delivery via DWAC, deliver or cause its transfer agent to deliver the applicable Conversion
Shares electronically via DWAC to the account designated by Lender in the applicable Redemption Notice. If Borrower is not DWAC
Eligible or such Conversion Shares are not eligible for delivery via DWAC, it shall deliver to Lender or its broker (as designated
in the Redemption Notice), via reputable overnight courier, a certificate representing the number of shares of Common Stock equal
to the number of Conversion Shares to which Lender shall be entitled, registered in the name of Lender or its designee. For the
avoidance of doubt, Borrower has not met its obligation to deliver Conversion Shares by the Delivery Date unless Lender or its
broker, as applicable, has actually received the certificate representing the applicable Conversion Shares no later than the close
of business on the relevant Delivery Date pursuant to the terms set forth above. Moreover, and notwithstanding anything to the
contrary herein or in any other Transaction Document, in the event Borrower or its transfer agent refuses to deliver any Conversion
Shares without a restrictive securities legend to Lender on grounds that such issuance is in violation of Rule 144 under the Securities
Act of 1933, as amended (“Rule 144”), Borrower shall deliver or cause its transfer agent to deliver the applicable
Conversion Shares to Lender with a restricted securities legend, but otherwise in accordance with the provisions of this Section
7. In conjunction therewith, Borrower will also deliver to Lender a written explanation from its counsel or its transfer agent’s
counsel opining as to why the issuance of the applicable Conversion Shares violates Rule 144.

 

8. 
Issuance Cap. Notwithstanding anything to the contrary contained in this Note or the other Transaction Documents,
Borrower and Lender agree that the total cumulative number of shares of Common Stock issued to Lender hereunder together with all
other Transaction Documents may not exceed the requirements of Nasdaq Listing Rule 5635(d) (the “Issuance Cap”),
except that such limitation will not apply following Approval (defined below). If the number of shares of Common Stock issued to
Investor reaches the Issuance Cap, so as not to violate the 20% limit established in Listing Rule 5635(d), Borrower, at its election,
will use reasonable commercial efforts to obtain stockholder approval of the Note and the issuance of additional Conversion Shares,
if necessary, in accordance with the requirements of Nasdaq Listing Rule 5635(d) (the “Approval”). If the Borrower
is unable to obtain such Approval, any remaining Outstanding Balance of this Note must be repaid in cash. For the avoidance of
doubt, failure to seek or obtain the Approval shall not be considered an Event of Default hereunder.

 

9. 
Ownership Limitation. Notwithstanding anything to the contrary contained in this Note or the other Transaction Documents,
Borrower shall not effect any conversion of this Note to the extent that after giving effect to such conversion would cause Lender
(together with its affiliates) to beneficially own a number of shares exceeding 4.99% of the number of shares of Common Stock outstanding
on such date (including for such purpose the Common Stock issuable upon such issuance) (the “Maximum Percentage”).
For purposes of this section, beneficial ownership of Common Stock will be determined pursuant to Section 13(d) of the 1934 Act.
Notwithstanding the forgoing, the term “4.99%” above shall be replaced with “9.99%” at such time as the
Market Capitalization is less than $10,000,000.00. Notwithstanding any other provision contained herein, if the term “4.99%”
is replaced with “9.99%” pursuant to the preceding sentence, such increase to “9.99%” shall remain at 9.99%
until increased, decreased or waived by Lender as set forth below. By written notice to Borrower, Lender may increase, decrease
or waive the Maximum Percentage as to itself but any such waiver will not be effective until the 61st day after delivery thereof.
The foregoing 61-day notice requirement is enforceable, unconditional and non-waivable and shall apply to all affiliates and assigns
of Lender.

 

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10. 
Opinion of Counsel. In the event that an opinion of counsel is needed for conversion of this Note, Lender has the
right to have any such opinion provided by its counsel.

 

11. 
Governing Law; Venue. This Note shall be construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of
Utah, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Utah. The provisions set
forth in the Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference.

 

12. 
Arbitration of Disputes. By its issuance or acceptance of this Note, each party agrees to be bound by the Arbitration
Provisions (as defined in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

13. 
Cancellation. After repayment or conversion of the entire Outstanding Balance, this Note shall be deemed paid in
full, shall automatically be deemed canceled, and shall not be reissued.

 

14. 
Amendments. The prior written consent of both parties hereto shall be required for any change or amendment to this
Note.

 

15. 
Assignments. Borrower may not assign this Note without the prior written consent of Lender. This Note and any Common
Stock issued upon conversion of this Note may be offered, sold, assigned or transferred by Lender without the consent of Borrower.

 

16. 
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall
be given in accordance with the subsection of the Purchase Agreement titled “Notices.”

 

17. 
Liquidated Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or
provisions of this Note, Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because
of the parties’ inability to predict future interest rates, future share prices, future trading volumes and other relevant
factors. Accordingly, Lender and Borrower agree that any fees, balance adjustments, Default Interest or other charges assessed
under this Note are not penalties but instead are intended by the parties to be, and shall be deemed, liquidated damages (under
Lender’s and Borrower’s expectations that any such liquidated damages will tack back to the Purchase Price Date for
purposes of determining the holding period under Rule 144).

 

18. 
Severability. If any part of this Note is construed to be in violation of any law, such part shall be modified to
achieve the objective of Borrower and Lender to the fullest extent permitted by law and the balance of this Note shall remain in
full force and effect.

 

[Remainder of page intentionally left
blank; signature page follows]

 

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IN WITNESS WHEREOF,
Borrower has caused this Note to be duly executed as of the Effective Date.

 

	 	BORROWER:
	 	 
	 	TD
    Holdings, Inc.
	 	 	 
	 	By:	/s/ Renmei Ouyang
	 	Name: 	Renmei Ouyang
	 	Title:	Chief Executive Officer

 

ACKNOWLEDGED,
ACCEPTED AND AGREED:

 

LENDER:

 

Streeterville
Capital, LLC

 

	By:	/s/ John
    M. Fife	 
	 	John M. Fife, President	 

 

[Signature
Page to Convertible Promissory Note]

 

     

     

    

 

ATTACHMENT 1

DEFINITIONS

 

For purposes
of this Note, the following terms shall have the following meanings:

 

A1. 
“Closing Bid Price” and “Closing Trade Price” means the last closing bid price and
last closing trade price, respectively, for the Common Stock on its principal market, as reported by Bloomberg, or, if its principal
market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as
the case may be) then the last bid price or last trade price, respectively, of the Common Stock prior to 4:00:00 p.m., New
York time, as reported by Bloomberg, or, if its principal market is not the principal securities exchange or trading market for
the Common Stock, the last closing bid price or last trade price, respectively, of the Common Stock on the principal securities
exchange or trading market where the Common Stock is listed or traded as reported by Bloomberg, or if the foregoing do not apply,
the last closing bid price or last trade price, respectively, of the Common Stock in the over-the-counter market on the electronic
bulletin board for the Common Stock as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is
reported for the Common Stock by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers
for the Common Stock as reported by OTC Markets Group, Inc., and any successor thereto. If the Closing Bid Price or the Closing
Trade Price cannot be calculated for the Common Stock on a particular date on any of the foregoing bases, the Closing Bid Price
or the Closing Trade Price (as the case may be) of the Common Stock on such date shall be the fair market value as mutually determined
by Lender and Borrower. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination
or other similar transaction during such period.

 

A2. 
“Default Effect” means multiplying the Outstanding Balance as of the date the applicable Event of Default
occurred by (a) fifteen percent (15%) for each occurrence of any Major Default, or (b) five percent (5%) for each occurrence of
any Minor Default, and then adding the resulting product to the Outstanding Balance as of the date the applicable Event of Default
occurred, with the sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Event
of Default occurred; provided that the Trigger Effect may only be applied three (3) times hereunder with respect to Major Defaults
and three (3) times hereunder with respect to Minor Defaults.

 

A3. 
“DTC” means the Depository Trust Company or any successor thereto.

 

A4. 
“DTC/FAST Program” means the DTC’s Fast Automated Securities Transfer program.

 

A5. 
“DWAC” means the DTC’s Deposit/Withdrawal at Custodian system.

 

A6. 
“DWAC Eligible” means that (a) Borrower’s Common Stock is eligible at DTC for full services pursuant
to DTC’s operational arrangements, including without limitation transfer through DTC’s DWAC system; (b) Borrower has
been approved (without revocation) by DTC’s underwriting department; (c) Borrower’s transfer agent is approved as an
agent in the DTC/FAST Program; (d) the Conversion Shares are otherwise eligible for delivery via DWAC; and (e) Borrower’s
transfer agent does not have a policy prohibiting or limiting delivery of the Conversion Shares via DWAC.

 

A7. 
“Equity Conditions Failure” means that any of the following conditions has not been satisfied on any
given Redemption Date: (a) with respect to the applicable date of determination all of the Conversion Shares would be freely
tradable under Rule 144 or without the need for registration under any applicable federal or state securities laws (in each case,
disregarding any limitation on conversion of this Note); (b) no Event of Default shall have occurred or be continuing hereunder;
(c) the average and median daily dollar volume of the Common Stock on its principal market for the previous twenty (20) and two
hundred (200) Trading Days is be greater than $120,000.00; and (d) the Closing Trade Price for the previous Trading Day must be
greater than or equal to $1.30.

 

A8. 
“Fundamental Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly
or indirectly, in one or more related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries
is the surviving corporation) any other person or entity, or (ii) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of its respective properties or assets to any other person or entity, or (iii) Borrower or any of its subsidiaries shall,
directly or indirectly, in one or more related transactions, allow any other person or entity to make a purchase, tender or exchange
offer that is accepted by the holders of more than 50% of the outstanding shares of voting stock of Borrower (not including any
shares of voting stock of Borrower held by the person or persons making or party to, or associated or affiliated with the persons
or entities making or party to, such purchase, tender or exchange offer), or (iv) Borrower or any of its subsidiaries shall,
directly or indirectly, in one or more related transactions, consummate a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other person or
entity whereby such other person or entity acquires more than 50% of the outstanding shares of voting stock of Borrower (not including
any shares of voting stock of Borrower held by the other persons or entities making or party to, or associated or affiliated with
the other persons or entities making or party to, such stock or share purchase agreement or other business combination), or (v) Borrower
or any of its subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize or reclassify
the Common Stock, other than an increase in the number of authorized shares of Borrower’s Common Stock, or (b) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations
promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding voting stock of Borrower.

 

    Exhibit A to Convertible Promissory Note, Page 1

     

    

 

A9. 
“Major Default” means any Event of Default occurring under Sections 4.1(a), 4.1(b), 4.1(k), or 4.1(o).

 

A10. 
 “Mandatory Default Amount” means the Outstanding Balance following the application of the Trigger Effect.

 

A11. 
“Market Capitalization” means a number equal to (a) the average VWAP of the Common Stock for the immediately
preceding fifteen (15) Trading Days, multiplied by (b) the aggregate number of outstanding Common Stock as reported on Borrower’s
most recently filed Form 10-Q or Form 10-K.

 

A12. 
“Maximum Monthly Redemption Amount” means $187,500.00 per calendar month.

 

A13. 
“Minor Default” means any Event of Default that is not a Major Default.

 

A14. 
“OID” means an original issue discount.

 

A15. 
“Other Agreements” means, collectively, all existing and future agreements and instruments between, among
or by Borrower (or it subsidiary), on the one hand, and Lender (or an affiliate), on the other hand.

 

A16. 
“Outstanding Balance” means as of any date of determination, the Purchase Price, as reduced or increased,
as the case may be, pursuant to the terms hereof for payment, Conversion, offset, or otherwise, plus the OID, the Transaction Expense
Amount, accrued but unpaid interest, collection and enforcements costs (including attorneys’ fees) incurred by Lender, transfer,
stamp, issuance and similar taxes and fees related to Conversions, and any other fees or charges (including without limitation
Conversion Delay Late Fees) incurred under this Note.

 

A17. 
“Purchase Price Date” means the date the Purchase Price is delivered by Lender to Borrower.

 

A18. 
“Redemption Conversion Price” means 80% multiplied by the average of the lowest VWAP during the fifteen
(15) Trading Days immediately preceding the date the applicable Redemption Notice is delivered.

 

A19. 
“Trading Day” means any day on which Borrower’s principal market is open for trading.

 

A20. 
“VWAP” means the volume weighted average price of the Common Stock on the principal market for a particular
Trading Day or set of Trading Days, as the case may be, as reported by Bloomberg.

 

[Remainder of page
intentionally left blank]

 

    Exhibit A to Convertible Promissory Note, Page 2

     

    

 

EXHIBIT A

 

Streeterville Capital, LLC

303 East Wacker Drive, Suite 1040

Chicago, Illinois 60601

 

	TD Holdings, Inc.	Date:	 

Attn: Renmei Ouyang

 

REDEMPTION NOTICE

 

The above-captioned Lender hereby gives
notice to TD Holdings, Inc., a Delaware corporation (the “Borrower”), pursuant to that certain Convertible Promissory
Note made by Borrower in favor of Lender on January 6, 2021 (the “Note”), that Lender elects to redeem a portion
of the Note in Redemption Conversion Shares or in cash as set forth below. In the event of a conflict between this Redemption Notice
and the Note, the Note shall govern, or, in the alternative, at the election of Lender in its sole discretion, Lender may provide
a new form of Redemption Notice to conform to the Note. Capitalized terms used in this notice without definition shall have the
meanings given to them in the Note.

 

REDEMPTION INFORMATION 

 

		A.	Redemption Date: ____________, 201_

		B.	Redemption Amount: ____________

		C.	Portion of Redemption Amount to be Paid in Cash: ____________

		D.	Portion of Redemption Amount to be Converted into Common Stock: ____________ (B minus C)

		E.	Redemption Conversion Price: _______________

		F.	Redemption Conversion Shares: _______________ (D divided by E)

		G.	Remaining Outstanding Balance of Note: ____________ *

 

		*	Subject to adjustments for corrections, defaults, interest
and other adjustments permitted by the Transaction Documents (as defined in the Purchase Agreement), the terms of which shall
control in the event of any dispute between the terms of this Redemption Notice and such Transaction Documents.

 

Please transfer the Redemption Conversion
Shares, if applicable, electronically (via DWAC) to the following account:

 

	Broker:  	 	 	Address:	 

	DTC#:  	 	 	 	 

	Account #:  	 	 	 	 

	Account Name:  	 	 	 	 

 

To the extent the
Redemption Conversion Shares are not able to be delivered to Lender electronically via the DWAC system, deliver all such certificated
shares to Lender via reputable overnight courier after receipt of this Redemption Notice (by facsimile transmission or otherwise)
to:

_____________________________________

_____________________________________

_____________________________________

 

    Exhibit B to Convertible Promissory Note, Page 1

     

    

 

Sincerely,

 

Lender:

 

Streeterville
Capital, LLC

 

	By:	Streeterville Management, LLC, its Manager	 
	 	 	 
	By:	 	 
	 	John M. Fife, President	 

 

Exhibit B to Convertible
Promissory Note, Page 2Exhibit 10.1

 

AMENDED AND RESTATED AGREEMENT UNDER
THE

FIRST UNITED CORPORATION

CHANGE IN CONTROL SEVERANCE PLAN

 

THIS AMENDED AND RESTATED
AGREEMENT (the “Agreement”) is entered into this 8th day of January, 2021 by and between First
United Corporation, a Maryland corporation (“the Company”), and Carissa L. Rodeheaver, an executive officer
of the Company (the “Eligible Employee”).

 

RECITALS:

 

WHEREAS, the Company
adopted the First United Corporation Change in Control Severance Plan effective as of February 14, 2007, as amended and supplemented
from time to time, a copy of which is attached hereto as Exhibit A (the “Plan”); and

 

WHEREAS,  the
Eligible Employee has been designated as a participant in the Plan;

 

WHEREAS, the Company
and the Eligible Employee entered into an Agreement under the First United Corporation Change in Control Severance Plan, dated
as of February 14, 2007, that sets forth the benefits to which the Eligible Employee is entitled under the Plan, which was
amended by a First Amendment thereto, dated as of December 28, 2012 (collectively, the “Original Agreement”),
the current term of which commenced on February 14, 2020 (the “Effective Date”); and

 

WHEREAS, the Company
and the Eligible Employee desire to amend and restate the Original Agreement to revise certain provisions relating to the benefits
to which the Eligible Employee is entitled under the Plan and to update the Original Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing, the agreements and covenants set forth herein, and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree to enter into this Agreement, as follows:

 

1.            Definitions.
Except as defined in the Recitals and below, capitalized terms in this Agreement shall have the meanings given those terms in the
Plan.

 

		(a)	“Base Amount” means the Eligible Employee’s “annualized includible
compensation for the base period,” within the meaning of Sections 280G(d)(1) and (d)(2) of the Code and the Treasury
Regulations thereunder.

 

		(b)	“Cause” means one of the following reasons for which the Eligible Employee’s
employment with the Employer is terminated: (1) willful or grossly negligent misconduct that is materially injurious to the
Employer; (2) embezzlement or misappropriation of funds or property of the Employer; (3) conviction of a felony or the
entrance of a plea of guilty or nolo contendere to a felony; (4) conviction of any crime involving fraud, dishonesty, moral
turpitude or breach of trust or the entrance of a plea of guilty or nolo contendere to such a crime; (5) failure or refusal
by the Eligible Employee to devote full business time and attention to the performance of her duties and responsibilities if such
breach has not been cured within 15 days after notice is given to the Eligible Employee; or (6) issuance of a final non-appealable
order or other direction by a Federal or state regulatory agency prohibiting the Eligible Employee’s employment in the business
of banking.

 

     

     

    

 

		(c)	“Change in Control Severance Benefits” means the benefits payable pursuant to
Section 3 of this Agreement.

 

		(d)	“Change in Control Protection Period” means the period commencing on the date
that is 90 days before the date a Change in Control occurs and ending on the first anniversary of the date the Change in Control
occurs.

 

		(e)	“Contingent Payments” means payments in the “nature of compensation”
to (or for the benefit) of an Eligible Employee if such payment is “contingent on a change in the ownership or effective
control of the corporation or in the ownership of a substantial portion of the assets of the corporation,” as such terms
are defined in Section 280G of the Code and the Treasury Regulations thereunder.

 

		(f)	“Disability” shall have the meaning given that term under the First United Bank &
Trust Long Term Disability Plan, as in effect at the time a determination of Disability is to be made.

 

		(g)	“Employer” means the Company or an Affiliate.

 

		(h)	“Equity Plan” means each equity compensation plan adopted by the Company’s
Board of Directors, including the First United Corporation 2018 Equity Compensation Plan, and each sub-plan thereunder or thereto.

 

		(i)	“Final Pay” means the sum of (1) the Eligible Employee’s annual salary
for the year in which employment terminates, regardless of whether all such salary has been paid at the time of termination of
employment and (2) the greater of (A) the Eligible Employee’s targeted cash bonus for the year in which employment
terminates or (B) the actual cash bonus earned by the Eligible Employee for the year immediately prior to the year in which
employment terminates.

 

		(j)	“Good Reason” means, without the specific written consent of the Eligible Employee,
any of the following:

 

(1)       A
material and adverse change in the Eligible Employee’s status or position(s) as an officer or management employee of
the Employer as in effect immediately prior to the Change in Control, including, without limitation, any adverse change in her
status or position as an employee of the Employer as a result of a material diminution in her duties or responsibilities (other
than, if applicable, any such change directly attributable to the fact that the Employer is no longer publicly owned) or the assignment
to her of any duties or responsibilities which are materially inconsistent with such status or position(s) (other than any
isolated and inadvertent failure by the Employer that is cured promptly upon her giving notice), or any removal of the Eligible
Employee from or any failure to reappoint or reelect her to such position(s) (except in connection with the Eligible Employee’s
Severance other than for Good Reason).

 

     2

     

    

 

(2)       A
10% or greater reduction in the Eligible Employee’s base salary and targeted bonus from the base salary and targeted bonus
that was in effective immediately prior to the occurrence of a Change of Control, but disregarding any reduction in bonus which
occurs in accordance with the terms of any written bonus program as it reads immediately prior to the occurrence of a Change of
Control.

 

(3)       The
failure by the Employer or any successor to continue in effect any employee benefit plan (excluding any equity compensation plan)
in which the Eligible Employee is participating at the time of the Change in Control (or plans providing the Eligible Employee
with at least substantially similar benefits in the aggregate) other than as a result of the normal expiration of any such plan
in accordance with its terms as in effect at the time of the Change in Control; or the taking of any action, or the failure to
act, by the Employer or any successor which would adversely affect the Eligible Employee’s continued participation in any
of such plans on at least as favorable a basis to her as is the case on the date of the Change in Control or which would materially
reduce her benefits under any of such plans.

 

(4)       The
Employer’s requiring the Eligible Employee to be based at an office that is both more than 50 miles from where her office
is located immediately prior to the Change in Control and further from her then current residence, except for required travel
on the Employer’s business to an extent substantially consistent with the business travel obligations which the Eligible
Employee undertook on behalf of the Employer prior to the Change in Control.

 

(5)       The
failure by the Company to obtain assumption of the Plan by a successor.

 

		(k)	“Key Employee” means, for the 12-month period beginning on a particular April 1,
an Eligible Employee described in Section 416(i) of the Code (applied in accordance with the Section 416 regulations
and disregarding Section 416(i)(5) of the Code) at any time during the 12-month period ending on the preceding December 31.

 

		(l)	“Severance” means (1) the involuntary termination of the Eligible Employee’s
employment by the Employer, other than for Cause, death or Disability or (2) a termination of the Eligible Employee’s
employment by the Eligible Employee for Good Reason, in each case, during the Change in Control Protection Period; provided,
however, that in each case the termination constitutes a “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of
the Code and Treasury Regulations thereunder.

 

     3

     

    

 

		(m)	“Severance Date” means the date on which the Eligible Employee incurs a Severance.

 

		(n)	“Welfare Benefit Continuation Period” means the period that (1) commences
on the first day of the month that immediately follows the month in which the Eligible Employee’s Severance Date occurs and
(2) ends on the last day of the month in which the second anniversary of such Severance Date occurs.

 

2.            Term
of Agreement. The term of this Agreement shall commence on the Effective Date and shall terminate on the first (1st)
anniversary of the Effective Date; provided, however, that (a) the Agreement shall automatically extend for additional
one-year terms unless the Company provides written notice to the Eligible Employee not less than 6 months before the end of the
then-current term; and (b) the Agreement shall automatically extend until the end of the Change in Control Protection Period
if a Change in Control occurs during the term of the Agreement.

 

3.            Change
in Control Severance Benefits.

 

		(a)	Generally.  Subject to subsections (h) and (i) below and Section 4,
the Eligible Employee shall be entitled to the Change in Control Severance Benefits provided in this Section 3 if she incurs
a Severance during the Change in Control Protection Period. Except for any benefits to which the Eligible Employee may be entitled
to receive pursuant to the First United Bank & Trust Supplemental Executive Retirement Plan (as amended or supplemented
from time to time), the Change in Control Severance Benefits provided in this Section 3 shall be the sole severance payments
and benefits to which the Eligible Employee shall be entitled during the Change in Control Protection Period.

 

		(b)	Payment of Accrued Obligations.  If the Eligible Employee incurs a Severance during
the Change in Control Protection Period, the Company shall pay to her a lump sum payment in cash, no later than 10 days after the
Severance Date, equal to the sum of (1) the Eligible Employee’s accrued annual base salary and any accrued vacation
pay through the Severance Date, and (2) the Eligible Employee’s annual bonus earned for the fiscal year immediately
preceding the fiscal year in which the Severance Date occurs if such bonus has not been paid as of the Severance Date.

 

		(c)	Payment of Severance. Subject to subsections (h) and (i) below and Section 4,
if the Eligible Employee incurs a Severance during a Change in Control Protection Period, the Company shall pay to her a lump sum
cash payment on the 60th day after the Severance Date, equal to 2.99 times the Eligible Employee’s Final Pay.

 

		(d)	[Intentionally Omitted].

 

     4

     

    

 

		(e)	Immediate Vesting of Equity-Based Compensation Awards upon a Change in Control.  Subject
to subsections (h) and (i) below and Section 4, if the Eligible Employee incurs a Severance during the Change in
Control Protection Period, (1) the unexercised portions of all stock options and stock appreciation rights granted to the
Eligible Employee under the Equity Plan that have not expired or been forfeited pursuant to their terms shall automatically accelerate
and become fully exercisable, (2) the restrictions and conditions on all outstanding stock awards granted to the Eligible
Employee under the Equity Plan that have not expired or been forfeited pursuant to their terms shall immediately lapse, (3) all
unpaid dividend equivalents granted to the Eligible Employee under the Equity Plan that have not expired or been forfeited pursuant
to their terms shall become fully payable in amounts determined by the Committee, (4) the restrictions and conditions on all
outstanding stock-based awards not described in clauses (1) through (3) above granted to the Eligible Employee that vest
based solely on the passage of time and that have not expired or been forfeited pursuant to their terms shall immediately lapse,
(5) all outstanding stock-based awards not described in clauses (1) through (3) above granted to the Eligible Employee
that vest based, in whole or in part, on the satisfaction of one or more performance criteria and that have not expired or been
forfeited pursuant to their terms shall become payable in an amount not less than their target amounts, as determined by the Committee;
provided, however, that, where a Severance precedes the Change in Control and the terms of any award granted to the Eligible
Employee under the Equity Plan would otherwise call for the forfeiture of such award upon the termination of the Eligible Employee’s
employment with the Company, such award shall not be deemed to be forfeited on account of the Eligible Employee’s Severance
and shall remain outstanding (subject to the other terms of the award, including its original term) as if the Change in Control
preceded the Severance; and provided further that if there is an inconsistency between this Section 3(f) and any
term or condition of an award agreement relating to any of the foregoing equity awards, then this Section 3(f) shall
control.

 

		(f)	Benefit Continuation.  Subject to subsections (h) and (i) below and Section 4,
if the Eligible Employee incurs a Severance during the Change in Control Protection Period, then, for each month that is included
in the Welfare Benefit Continuation Period, the Company shall make a cash payment to the Eligible Employee in an amount equal to
the amount that the Employer would have paid to cover the Eligible Employee under the Employer’s medical and dental plan(s) had
the Eligible Employee remained an active employee of the Company and covered under such plan(s) during such month (with the
same type and level of coverages that she maintained as of her Severance Date), after giving effect to any amounts that the Eligible
Employee would have paid for such coverages had she remained an active employee of the Company during such month. The Company shall
not be obligated to “gross up” or otherwise compensate the Eligible Employee for any taxes due on amounts paid pursuant
to the preceding sentence.

 

     5

     

    

 

Notwithstanding any other provision
of this subsection (f), the Company’s obligation to make the payments contemplated by the preceding paragraph shall terminate
on the date on which the Eligible Employee becomes covered under one or more plans sponsored by a new employer (other than a successor
to the Company) that, in the sole discretion of the Plan Administrator, are determined to provide coverages that are at least equivalent
in the aggregate to the coverages that the Eligible Employee would have had if she had remained an active employee of the Company
and covered under the Employer’s plan(s) during the Welfare Benefit Continuation Period.

 

		(g)	Outplacement Services.  Subject to subsection (i) below and Section 4, if
the Eligible Employee incurs a Severance during the Change in Control Protection Period, the Company shall provide her with reasonable
outplacement services for up to 12 months following the Severance Date.

 

		(h)	Release. The Company will provide the Eligible Employee with a written release and agreement
within five (5) days of his Severance during a Change in Control Protection Period. The Eligible Employee shall not be eligible
to receive any Change in Control Severance Benefits provided in this Section 3 (other than payments under Section 3(b))
and such Change in Control Severance Benefits shall be forfeited unless she has executed and submitted the written release and
agreement provided by the Company and the applicable period during which the Eligible Employee may revoke such release and agreement
has expired on or before the 60th day after the date provided in subsection 3(c).

 

		(i)	Restriction on Timing of Distribution for Key Employees. Notwithstanding any provision of
this Agreement to the contrary and to the extent required by Section 409A of the Code and the Treasury Regulations thereunder,
if the Eligible Employee is a Key Employee and any class of securities of the Company (or of any person with whom the Company would
be considered a single employer under Section 414(b) and (c) of the Code) is publicly traded as of the Eligible
Employee’s Severance Date, no distribution may be made to the Eligible Employee on account of such Severance before the date
that is six (6) months after the Severance Date (or, if earlier, the date of the Key Employee’s death).

 

4.            Reduction
of Change in Control Severance Benefits.

 

		(a)	Reduction. If it is determined
that the aggregate present value of (1) such portion of the Eligible Employee’s Change in Control Severance Benefits
that are considered Contingent Payments, and (2) all other Contingent Payments payable to the Eligible Employee
exceeds 2.99 times the Eligible Employee’s Base Amount such that the excise tax under Section 4999 of the Code would
otherwise be triggered, then the Change in Control Severance Benefits provided in Section 3(c) shall be reduced
to the extent necessary so that the aggregate present value of all Contingent Payments payable following such reduction does
not exceed 2.99 times the Eligible Employee’s Base Amount.

 

		(b)	Determination. The determination
that the aggregate present value of the Eligible Employee’s Contingent Payments exceed 2.99 times her Base Amount, and the
calculation of the amount of any reduction, shall be made, at the Company’s discretion, by the Company’s outside auditing
firm or by a nationally-recognized accounting or benefits consulting firm designated by the Company prior to a Change in Control.
The firm’s expenses shall be paid by the Company.

 

     6

     

    

 

		(c)	Payment of Remaining Benefits. If the determination is made that an Eligible Employee’s
Change in Control Severance Benefits must be reduced in accordance with Section 4(b), then the amount of such Benefits that
are actually paid to the Eligible Employee pursuant to Section 3(c) will be the amount determined under Section 4(a) (the
 “Remaining Benefits”) and such Remaining Benefits will be paid at the same time and in the same form otherwise specified
in Section 3(c).

 

5.            Taxes;
Withholding. The Eligible Employee shall be responsible for the payment of all applicable local, state and federal taxes associated
with the Eligible Employee’s participation in the Plan and the receipt of Change in Control Severance Benefits hereunder,
and the Company shall have the right to deduct from any distributions hereunder any such taxes or other amounts required by law
to be withheld therefrom.

 

6.            General
Provisions

 

		(a)	Amendment and Termination. This Agreement may not be terminated prior to the end of its
then-current term without the written consent of the Eligible Employee.  This Agreement may be amended by the Board
at any time; provided, however, that this Agreement may not be amended without the written consent of the Eligible Employee
if such amendment would in any manner adversely affect the interests of the Eligible Employee.  Any action taken by the Company
or the Plan Administrator to cause the Eligible Employee to no longer be designated as an Eligible Employee or any action taken
by the Company or the Plan Administrator to decrease the benefits for which the Eligible Employee is eligible shall be treated
as an amendment to the Agreement which adversely affects the interests of the Eligible Employee.

 

		(b)	Compliance with Law. Notwithstanding subsection (a) above or any other provision of
this Agreement to the contrary, the Company may amend, modify or terminate this Agreement, without the consent of the Eligible
Employee, as the Company deems necessary or appropriate to ensure compliance with any law, rule, regulation or other regulatory
pronouncement applicable to the Plan or this Agreement, including, without limitation, Section 409A of the Code and any Treasury
Regulations or other guidance thereunder.

 

		(c)	Governing Law. This Agreement shall be construed and enforced according to the laws of the
State of Maryland to the extent not preempted by federal law, without regard to any conflict of laws principles that would apply
the law of another jurisdiction.

 

		(d)	Severability. If any provision of this Agreement shall be held invalid or unenforceable,
such invalidity or unenforceability shall not affect any other provisions hereof, and this Agreement shall be construed and enforced
as if such provisions had not been included.

 

     7

     

    

 

		(e)	Headings and Terms. The headings and captions herein are provided for reference and convenience
only, shall not be considered part of the Agreement, and shall not be employed in the construction of the Agreement. Capitalized
terms shall have the meanings given herein. Singular nouns shall be read as plural and masculine pronouns shall be read as feminine,
and vice versa, as appropriate.

 

		(f)	Successors. This Agreement shall be binding upon each of the parties and shall also be binding
upon their respective successors or assigns.

 

		(g)	Application of the Plan; Entire Agreement. The Eligible Employee acknowledges, by executing
this Agreement, that (1) this Agreement is subject in all respects to the provisions of the Plan, as amended from time to
time, the terms of which are incorporated herein by reference and made a part hereof, (2) that a copy of the Plan and all
amendments thereto through the date hereof were provided to the Eligible Employee on the date hereof, and (3) she understands
and accepts of all of the terms and conditions of the Plan. This Agreement sets forth the entire agreement of the parties with
respect to the subject matter hereof. Any and all prior agreements or understandings with respect to such matters, including, without
limitation, the Original Agreement, are hereby superseded.

 

IN WITNESS WHEREOF,
each of the parties has caused this Agreement to be executed as of the date first set forth above.

 

	ATTEST:	 	FIRST UNITED CORPORATION
	 	 	 
	 	 	 
	/s/	 	By:	/s/ Carissa L. Rodeheaver
	 	 	Name:	Carissa L. Rodeheaver
	 	 	Title:	Chairman, President & CEO
	 	 	 
	WITNESS:	 	ELIGIBLE EMPLOYEE
	 	 	 
	/s/	 	/s/ Carissa L. Rodeheaver
	 	 	Name: Carissa L. Rodeheaver

 

     8

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