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THE CHEFS’ WAREHOUSE, INC.
NON-EMPLOYEE DIRECTOR DEFERRAL PLAN

Section 1.General.
a.Purpose. The purpose of the Non-Employee Director Deferral Plan (the “Deferral Plan”) is to attract and retain the services of experienced Non-Employee Directors by providing them with opportunities to defer income taxes on their compensation and encouraging them to acquire additional Shares, thereby furthering the best interests of The Chefs’ Warehouse, Inc. (the “Company”) and its stockholders.
b.Relationship to the 2019 Plan. The Deferral Plan does not authorize or contemplate any additional Shares beyond the Share Reserve authorized under The Chefs’ Warehouse, Inc. 2019 Omnibus Equity Incentive Plan (the “2019 Plan”), and the Deferral Plan incorporates by reference herein the terms of the 2019 Plan.
c.Eligibility. Except as otherwise determined by the Board, each Non-Employee Director is eligible to participate in the Deferral Plan.
Section 2.Definitions.
Unless otherwise defined in the Deferral Plan, capitalized terms used in the Deferral Plan shall have the meanings assigned to them in the 2019 Plan. 
a.“Deferral” means a Deferred Retainer or a Deferred RSU.
b.“Deferral Date” means (x) with respect to a Non-Employee Director’s Deferred Retainer, the date on which the corresponding Retainer was scheduled to be paid to such Non-Employee Director, or (y) with respect to a Non-Employee Director’s Deferred RSU, the date on which the Shares covered by the corresponding RSU were scheduled to be issued to such Non-Employee Director, in either case had such Non-Employee Director not deferred such Retainer or RSU. 
c.“Deferred Retainer” means a Retainer that is deferred by a Non-Employee Director pursuant to Section 4. 
d.“Deferred RSU” means an RSU that is deferred by a Non-Employee Director pursuant to Section 4. 
e.“Non-Employee Director” means a member of the Board who is not an officer or employee of the Company or any Subsidiary or Affiliate.
f.“Retainer” means a cash retainer payable to a Non-Employee Director for service on the Board. 
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g.“RSU” means a Restricted Share Unit Award granted to a Non-Employee Director pursuant to Section 10.1 of the 2019 Plan.
Section 3.Administration.
a.Authority of the Board. The Deferral Plan shall be administered by the Board. Subject to the terms of the Deferral Plan and applicable law, and in addition to other express powers and authorizations conferred on the Board by the Deferral Plan, the Board shall have full power and authority in its discretion (and in accordance with Section 409A of the Code with respect to Awards subject thereto) to:
(i)determine any limits on Deferrals, including whether to allow Deferrals of Retainers or RSUs at any time;
(ii)make and enforce such rules, regulations, and procedures, consistent with the terms of the Deferral Plan, as the Board deems necessary or proper for the efficient administration of the Deferral Plan;
(iii)interpret the terms and provisions of the Deferral Plan and to decide any and all questions arising under the Deferral Plan, including, without limitation, the right to remedy possible ambiguities, inconsistencies, or omissions by a general rule or particular decision;
(iv)determine the amounts to be distributed to any Non-Employee Director or beneficiary in accordance with the terms of the Deferral Plan and determine the Person or Persons to whom such amounts will be distributed;
(v)to allocate or delegate its powers to other Persons; and
(vi)to appoint Persons to carry out administrative and recordkeeping functions with respect to the Deferral Plan.
b.Finality of Board Determinations. Unless otherwise expressly provided in the Deferral Plan or the 2019 Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Deferral Plan or any Award shall be within the sole discretion of the Board, may be made at any time and shall be final, conclusive, and binding upon all Persons, including the Company, any Subsidiary or Affiliate, any Participant and any holder or beneficiary of any Award. A Participant or other holder of an Award may contest a decision or action by the Board with respect to such Person or Award only on the grounds that such decision or action was arbitrary or capricious or was unlawful, and any review of such decision or action shall be limited to determining whether the Board’s decision or action was arbitrary or capricious or was unlawful.
c.No Liability. No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the Deferral Plan or any Award deferred hereunder.
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d.Right to Suspend Benefits and Correct Errors. To the extent consistent with Section 409A of the Code, the Board or its designee may delay any payment until satisfied as to the correctness of the payment or the Person to receive the payment or to allow filing in any court of competent jurisdiction for a legal determination of the benefits to be paid and the Person to receive them. The Board specifically reserves the right to correct errors of every sort, and each Non-Employee Director hereby agrees, on his or her own behalf and on behalf of any beneficiary, to any method of error correction specified by the Board or its designee. The Board is authorized to recover any payment made in error.
Section 4.Deferral Elections.
a.Election Forms.
(i)A Non-Employee Director may elect to defer receipt of a Retainer or RSU pursuant to a form approved by the Board and filed with the Secretary of the Company (an “Election Form”). Each Election Form will remain in effect until superseded or revoked pursuant to Section 4.3 or Section 4.4.
(ii)An Election Form may provide for a Non-Employee Director to elect to receive distribution of such Non-Employee Director’s Deferral at the following times or such other times as are determined by the Board and consistent with Section 409A of the Code (but in no event earlier than the applicable Deferral Date): (x) a specified date, (y) cessation of such Non-Employee Director’s service on the Board or (z) the earlier or the later of a specified date or cessation of such Non-Employee Director’s service on the Board. 
b.Initial Elections.
(i)An Election Form shall apply to any Retainer that is paid or any RSU that is granted to a Non-Employee Director for any period of service that commences following the calendar year in which such Election Form is filed. 
(ii)Notwithstanding Section 4.2(a), a Non-Employee Director who first becomes eligible to participate in the Deferral Plan (including any other plan that is required to be treated as a single plan with the Deferral Plan under Section 409A of the Code) may file an Election Form during the first 30 days of such eligibility; provided that such Election Form shall apply only to any Retainer that is paid or any RSU that is granted to such Non-Employee Director for any period of service that commences after the date that such Election Form is filed. 
c.Adjusting Elections. A Non-Employee Director who has an Election Form on file with the Company may file with the Secretary of the Company a subsequent Election Form at any time permitted by Section 409A of the Code to adjust the terms of the Non-Employee Director’s Deferral. Such Election Form adjusting the terms of the Non-Employee Director’s Deferral shall apply to any Retainer that is paid or any RSU that is granted to such Non-Employee Director for any period of service that commences following 
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the calendar year in which such Election Form adjusting the terms of the Non-Employee Director’s Deferral is filed.
d.Revoking Elections. A Non-Employee Director may revoke an Election Form at any time by providing written notice to the Secretary of the Company. Such revocation shall apply to any Retainer that is paid or any RSU that is granted to such Non-Employee Director for any period of service that commences following the calendar year in which such revocation is filed.
e.Redeferrals. Not less than 12 months prior to the date on which a Deferral is scheduled to be distributed to a Non-Employee Director, such Non-Employee Director may elect to redefer such Deferral to a date that is not less than five years after the scheduled distribution date. Such redeferral election shall be made in an Election Form approved by the Board and filed with the Secretary of the Company.
f.Vesting. Each Deferred Retainer shall be fully vested and non-forfeitable at all times from the Deferral Date and each Deferred RSU shall vest in accordance with the terms of the 2019 Plan and any applicable Award Agreement.
Section 5.Distributions.
a.Regular Distribution Date. Subject to this Section 5, distribution with respect to a Non-Employee Director’s Deferral shall be made to such Non-Employee Director in a lump sum payment at the time specified in the applicable Election Form.
b.Change in Control, Death and Disability. All of a Non-Employee Director’s Deferrals shall be distributed to such Non-Employee Director on a Change in Control or such Non-Employee Director’s death or Disability.
c.Unforeseeable Emergency. The Board, in its sole discretion, may accelerate the distribution of a Non-Employee Director’s Deferral (but in no event to a date prior to the applicable Deferral Date) if such Non-Employee Director experiences an unforeseeable emergency; provided that such distribution complies with Section 409A of the Code. To request such a distribution, a Non-Employee Director must file an application with the Board and furnish such supporting documentation as the Board may require. Such application shall specify the basis for the distribution and the amount to be distributed. If such request is approved by the Board, distribution shall be made in a lump sum payment as soon as administratively practicable, but not more than 30 days, following such approval.
d.Specified Employees. If the Board considers a Non-Employee Director to be one of the Company’s “specified employees” under Section 409A of the Code at the time of such Non-Employee Director’s cessation of service on the Board, any distribution that otherwise would be made to such Non-Employee Director with respect to a Deferral as a result of such cessation of service shall not be made until the date that is six months after such cessation of service, except to the extent that earlier distribution would not result in 
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such Non-Employee Director’s incurring interest or additional tax under Section 409A of the Code.
Section 6.Amount of Distribution.
a.Each Deferral shall be allocated to a separate bookkeeping account (an “Account”) established and maintained by the Board to record how such Deferral is notionally invested.
b.With respect to the period beginning on the Deferral Date applicable to a Non-Employee Director’s Deferral and ending on the distribution date applicable to such Deferral, to the extent a Deferral is notionally invested in Shares, such Non-Employee Director shall receive a cash payment with respect to any cash dividend that would have been paid on a number of outstanding Shares equal to the number of notional Shares credited to the applicable Account as of the applicable dividend record date. Each such payment shall be made on the date on which the applicable dividend is paid to holders of Shares generally or such other date as is determined by the Board.
c.In the event that the Board shall determine that any dividend or other distribution (whether in the form of cash, Shares or other securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event constitutes an equity restructuring transaction, as that term is defined in Accounting Standards Codification Topic 718 (or any successor thereto), or otherwise affects the Shares, then the Board shall adjust the number and type of securities or other property (including cash) payable with respect to outstanding Deferrals in a manner that is determined by the Board to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Deferral Plan.
d.On the distribution date applicable to a Non-Employee Director’s Deferral, such Non-Employee Director shall receive cash with respect to any amount credited to the applicable Account and not notionally invested in Shares and that number of Shares equal to the number of notional Shares credited to the applicable Account as of such distribution date; provided that cash shall be distributed in lieu of any fractional Shares and that no Shares shall be distributed other than as authorized by the 2019 Plan.
Section 7.General Provisions Applicable to Deferrals.
a.Except as provided by the Board, no Deferral and no right under any Deferral, shall be assignable, alienable, saleable or transferable by a Non-Employee Director otherwise than by will or by the laws of descent and distribution; provided, however, that, if so determined by the Board, a Non-Employee Director may, in the manner established by the Board, designate a beneficiary or beneficiaries to exercise the rights of the Non-Employee Director with respect to a Deferral on the death of the Non-
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Employee Director. Each Deferral, and each right under any Deferral, shall be exercisable, during the Non-Employee Director’s lifetime, only by the Non-Employee Director or, if permissible under applicable law, by the Non-Employee Director’s guardian or legal representative. No Deferral, and no right under any Deferral, may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate.
b.All Shares or other securities delivered under the Deferral Plan shall be subject to such stop transfer orders and other restrictions as the Board may deem advisable under the Deferral Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange on which such Shares or other securities are then listed, and any applicable federal, state or local securities laws, and the Board may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.
Section 8.Amendments and Termination.
a.The Board, in its sole discretion, may amend, suspend or discontinue the Deferral Plan or any Deferral at any time; provided that no such amendment, suspension or discontinuance shall reduce the accrued benefit of any Non-Employee Director except to the extent necessary to comply with any provision of federal, state or other applicable law. The Board further has the right, without a Non-Employee Director’s consent, to amend or modify the terms of the Deferral Plan and such Non-Employee Director’s Deferrals to the extent that the Board deems it necessary to avoid adverse or unintended tax consequences to such Non-Employee Director under Section 409A of the Code.
b.The Board, in its sole discretion, may terminate the Deferral Plan at any time, as long as such termination complies with then applicable tax and other requirements. Distributions of Deferrals outstanding under the Deferral Plan as of the date on which the Deferral Plan is terminated will be made in a lump sum payment 12 months after such termination (except in instances of a termination in connection with a Change in Control under Section 409A of the Code), unless the right to receive a distribution in accordance with the terms of the Deferral Plan would occur before the end of such 12-month period, in which case distribution will be made in accordance with the terms of the Deferral Plan. 
c.Such other changes to Deferrals shall be permitted and honored under the Deferral Plan to the extent authorized by the Board and consistent with Section 409A of the Code.
Section 9.Miscellaneous.
a.No Rights to Participation. No Non-Employee Director or other Person shall have any claim to be entitled to make a deferral under the Deferral Plan, and there is no obligation for uniformity of treatment of Non-Employee Directors or beneficiaries under 
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the Deferral Plan. The terms and conditions of deferrals under the Deferral Plan need not be the same with respect to each Non-Employee Director.
b.Tax Withholding. The Company or any Subsidiary shall be authorized to withhold from any Deferral the amount (in cash, Shares or other securities) of taxes required or permitted to be withheld (up to the maximum statutory tax rate in the relevant jurisdiction) in respect of such Deferral and to take such other action as may be necessary or appropriate in the opinion of the Company or Subsidiary to satisfy withholding taxes.
c.No Limit on Other Compensation Arrangements. Nothing contained in the Deferral Plan shall prevent the Company or any Subsidiary or Affiliate from adopting or continuing in effect other or additional compensation arrangements.
d.No Right to Continued Service. The opportunity to make a Deferral under the Deferral Plan shall not be construed as giving a Non-Employee Director the right to be retained in the service of the Board or the Company. A Non-Employee Director’s Deferral under the Deferral Plan is not intended to confer any rights on such Non-Employee Director except as set forth in the Deferral Plan. The Company expressly reserves the right at any time to replace or to not nominate a Non-Employee Director without any liability for any claim against the Company for any payment or distribution except to the extent provided for in the Deferral Plan.
e.No Rights as a Stockholder. A Non-Employee Director will have no rights as a stockholder unless and until Shares are issued hereunder and such Non-Employee Director becomes the holder of record of such Shares.
f.Governing Law. The validity, construction and effect of the Deferral Plan and any rules and regulations relating to the Deferral Plan shall be determined in accordance with the laws of the State of Delaware without giving effect to conflict of laws principles.
g.Severability. If any provision of the Deferral Plan or any Election Form is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any Person, or would disqualify the Deferral Plan or any Deferral under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Board, materially altering the intent of the Deferral Plan or such Deferral, such provision shall be stricken as to such jurisdiction, Person or Deferral, and the remainder of the Deferral Plan and such Election Form shall remain in full force and effect.
h.Unfunded Plan. The Deferral Plan is unfunded. The Deferral Plan, together with the applicable Election Form, shall represent at all times an unfunded and unsecured contractual obligation of the Company. Each Non-Employee Director and beneficiary will be an unsecured creditor of the Company with respect to all obligations owed to them under the Deferral Plan. Amounts payable under the Deferral Plan will be satisfied solely out of the general assets of the Company subject to the claims of its creditors. No Non-
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Employee Director or beneficiary will have any interest in any fund or in any specific asset of the Company of any kind, nor shall any Non-Employee Director or beneficiary or any other Person have any right to receive any payment or distribution under the Deferral Plan except as, and to the extent, expressly provided in the Deferral Plan and the applicable Election Form. The Company will not segregate any funds or assets to provide for any distribution under the Deferral Plan. Any reserve or other asset that the Company may establish or acquire to assure itself of the funds to provide payments required under the Deferral Plan shall not serve in any way as security to any Non-Employee Director or beneficiary for the Company’s performance under the Deferral Plan.
i.Headings. Headings are given to the Sections and subsections of the Deferral Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Deferral Plan or any provision thereof.
j.Section 409A of the Code. The Deferral Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Deferral Plan and any Election Form shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Deferral Plan shall be operated accordingly. If any provision of the Deferral Plan or any Election Form would otherwise frustrate or conflict with this intent, such provision will be interpreted and deemed amended so as to avoid such conflict.
Section 10.Term of the Deferral Plan.
a.Effective Date of the Deferral Plan. The Deferral Plan shall be effective as of the date on which the Deferral Plan is adopted by the Board.
    8Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

  

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”) is dated as of July 26, 2021 by and among Future FinTech Group Inc.,
a Florida corporation, (the “Company”), and individuals listed in Exhibit B hereto and each affixes its signature
on the signature page of this Agreement (each, a “Purchaser”; collectively, the “Purchasers”).

 

RECITALS

 

WHEREAS,
the Company and the Purchasers are executing and delivering this Agreement in accordance with and in reliance upon the exemption from
securities registration afforded by Section 4(2) of the Securities Act of 1933 (the “Securities Act”) and/or Regulation S
(“Regulation S”) as promulgated under the Securities Act;

 

WHEREAS,
the Company is offering certain shares of its common stock, par value $0.001 per share, (the “Common Stock”) at price of
$2.83 per share to the Purchasers (based on 113% of the average closing price of the Company’s common stock listed on Nasdaq Stock
Exchange for the five (5) trading days prior to the date of this Share Purchase Agreement);

 

WHEREAS,
the Company is offering up to 548,799 shares of Common Stock to the Purchasers listed in Exhibit B, who severally but not jointly enters
into this Agreement and makes representations and warranties hereunder;

 

WHEREAS,
the Purchaser is a “non-US person” as defined in Regulation S, acquiring the Shares solely for its own account for the purpose
of investment;

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

ARTICLE
I

Purchase
and Sale of the Shares

 

Section
1.1 Purchase Price and Closing.

 

(a) Subject
to the terms and conditions hereof, the Company agrees to issue and sell to the Purchaser and, in consideration of and in express reliance
upon the representations, warranties, covenants, terms and conditions of this Agreement, the Purchaser agrees to purchase for $2.83 per
Share, such number of shares of Common Stock (each a “Share” and collectively the “Shares”) for
an aggregate price of listed on the signature page hereto (the “Purchase Price”).

 

(b) Subject
to all conditions to closing being satisfied or waived, the closing of the purchase and sale of the Shares (the “Closing”)
shall take place at the office of the Company, on the date of the occurrence of completion of and receipt by the Company of the Purchase
Price (the “Closing Date”).

 

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(c) Subject
to the terms and conditions of this Agreement, at the Closing the Company shall deliver or cause to be delivered to the Purchaser (i)
a certificate for such number of Shares, and (ii) any other documents required to be delivered pursuant to this Agreement. At the time
of the Closing, the Purchaser shall have delivered its Purchase Price by wire transfer pursuant to the wire information provided by the
Company.

 

(d) Subject
to all conditions to Closing being satisfied or waived, the Closing shall take place with the number of Shares no more than 19.9% of
the outstanding number of shares of Common Stock of the Company on the Closing Date (the “19.9% Limit”). Any number of Shares
not purchased as a result of the 19.9% Limit shall be purchased by the Purchaser within three (3) business days after shareholders of
the Company shall have approved the transactions contained herein as required by the rules and regulation of the NASDAQ Stock Market
(the “Shareholder Approval”)

 

ARTICLE
II

Representations
and Warranties

 

Section
2.1 Representations and Warranties of the Company and its Subsidiaries. The Company hereby represents and warrants to the Purchaser
on behalf of itself, its Subsidiaries (as hereinafter defined), as of the date hereof (except as set forth on the Schedule of Exceptions
attached hereto with each numbered Schedule corresponding to the section number herein), as follows:

 

(a) Organization,
Good Standing and Power. The Company is a corporation or other entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of its jurisdiction of incorporation or organization (as applicable) and respectively, has the requisite
corporate power to own, lease and operate its properties and assets and to conduct its business as it is now being conducted. Except
as set forth on Schedule 2.1(a), the Company and each of its Subsidiaries is duly qualified to do business and is in good standing
in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary except
for any jurisdiction(s) (alone or in the aggregate) in which the failure to be so qualified will not have a Material Adverse Effect (as
defined in Section 2.1(g) hereof).

 

(b) Corporate
Power; Authority and Enforcement. The Company has the requisite corporate power and authority to enter into and perform its obligations
under this Agreement, and to issue and sell the Shares in accordance with the terms hereof. The execution, delivery and performance of
this Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly
authorized by all necessary corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders
is required. This Agreement constitutes, or shall constitute when executed and delivered, a valid and binding obligation of the Company
enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation, conservator ship, receiver ship or similar laws relating to, or affecting generally
the enforcement of, creditor’s rights and remedies or by other equitable principles of general application.

 

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(c) Capitalization.
The authorized capital stock of the Company and the shares thereof currently issued and outstanding as of July 15, 2021 is 67,274,192
and, except as set forth in the on Schedule 2.1(c) hereto, is the authorized and issued and outstanding capital stock of the Company
as at the date hereof.

 

(i)
no shares of Common Stock are entitled to preemptive, conversion or other rights and there are no outstanding options, warrants, scrip,
rights to subscribe to, call or commitments of any character whatsoever relating to, or securities or rights convertible into, any shares
of capital stock of the Company, except for those have already been disclosed in the SEC filings of the Company;

 

(ii)The
offer and sale of all capital stock, convertible securities, rights, warrants, or options of the Company issued prior to the Closing
complied with all applicable Federal and state securities laws, except where non-compliance would not have a Material Adverse Effect.
The Company has furnished or made available to the Purchaser true and correct copies of the Company’s Articles of Incorporation,
as amended and in effect on the date hereof (the “Articles”), and the Company’s Bylaws, as amended and in effect
on the date hereof (the “Bylaws”).

 

(d) Issuance
of Shares. The Shares to be issued at the Closing have been duly authorized by all necessary corporate action, when paid for or issued
in accordance with the terms hereof, shall be validly issued and outstanding, fully paid and non-assessable.

 

(e) Compliance
with Law. The Company and the Subsidiaries have all material franchises, permits, licenses, consents and other governmental or regulatory
authorizations and approvals necessary for the conduct of their respective business as now being conducted by it unless the failure to
possess such franchises, permits, licenses, consents and other governmental or regulatory authorizations and approvals, individually
or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. “Material Adverse Effect” shall
mean (i) any material adverse effect upon the assets, properties, financial condition, business or prospects of the Company, and its
Subsidiaries, when taken as a consolidated whole, and/or (ii) any condition, circumstance, or situation that would prohibit or otherwise
materially interfere with the ability of the Company to perform any of its material covenants, agreements and obligations under this
Agreement.

 

(f) No
Violation. The business of the Company and the Subsidiaries is not being conducted in violation of any Federal, state, local or foreign
governmental laws, or rules, regulations and ordinances of any of any governmental entity, except for possible violations which singularly
or in the aggregate could not reasonably be expected to have a Material Adverse Effect. The Company is not required under Federal, state,
local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any
court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement, or issue and
sell the Shares in accordance with the terms hereof or thereof (other than (x) any consent, authorization or order that has been obtained
as of the date hereof, (y) any filing or registration that has been made as of the date hereof or (z) any filings which may be required
to be made by the Company with the U.S. Securities and Exchange Commission (the “Commission” or “SEC”) or state
securities administrators subsequent to the Closing.)

 

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(g) No
Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions
contemplated herein and therein do not and will not (i) violate any provision of the Company’s Certificate or Bylaws, (ii) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond,
license, lease agreement, instrument or obligation to which the Company is a party or by which it or its properties or assets are bound,
(iii) create or impose a lien, mortgage, security interest, pledge, charge or encumbrance (collectively, “Lien”) of
any nature on any property of the Company under any agreement or any commitment to which the Company is a party or by which the Company
is bound or by which any of its respective properties or assets are bound, or (iv) result in a violation of any federal, state, local
or foreign statute, rule, regulation, order, judgment or decree (including Federal and state securities laws and regulations) applicable
to the Company or any of its subsidiaries or by which any property or asset of the Company or any of its subsidiaries are bound or affected,
provided, however, that, excluded from the foregoing in all cases are such conflicts, defaults, terminations, amendments,
accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect.

 

(h) Certain
Fees. Except as set forth on Schedule 2.1(o) hereto, no brokers fees, finders fees or financial advisory fees or commissions
will be payable by the Company with respect to the transactions contemplated by this Agreement.

 

(i) Disclosure.
Except as set forth in Schedule 2.1(p), neither this Agreement nor the Schedules hereto nor any other documents, certificates
or instruments furnished to the Purchaser by or on behalf of the Company or the Subsidiaries in connection with the transactions contemplated
by this Agreement contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
made herein or therein, taken as a whole and in the light of the circumstances under which they were made herein or therein, not false
or misleading.

 

(j) Intellectual
Property. Each of the Company and the Subsidiaries owns or has the lawful right to use all patents, trademarks, domain names (whether
or not registered) and any patentable improvements or copyrightable derivative works thereof, websites and intellectual property rights
relating thereto, service marks, trade names, copyrights, licenses and authorizations, and all rights with respect to the foregoing,
which are necessary for the conduct of their respective business as now conducted without any conflict with the rights of others, except
where the failure to so own or possess would not have a Material Adverse Effect.

 

(k) Private
Placement. Assuming the accuracy of each Purchaser’s representations and warranties set forth in Section 2.2, no registration
under the Securities Act is required for the offer and sale of the Shares by the Company to the Purchaser as contemplated hereby. The
issuance and sale of the Shares hereunder does not contravene the rules and regulations of NASDAQ Stock Market.

 

(l) Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares, will not be or
be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company
shall conduct its business in a manner so that it will not become an “investment company” subject to registration under the
Investment Company Act of 1940, as amended.

 

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(m) No
Integrated Offering. Assuming the accuracy of the Purchaser’s representations and warranties set forth in Section 2.2, neither
the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or
sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Shares to
be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any
such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of NASDAQ Stock Market on which any
of the securities of the Company are listed or designated.

 

Section
2.2 Representations and Warranties of the Purchaser. Each Purchaser, severally but not jointly, hereby makes the following
representations and warranties to the Company as of the date hereof:

 

(a) No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by such Purchaser of the transactions contemplated
hereby and thereby or relating hereto do not and will not conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of
any agreement, indenture or instrument or obligation to which such Purchaser is a party or by which its properties or assets are bound,
or result in a violation of any law, rule, or regulation, or any order, judgment or decree of any court or governmental agency applicable
to such Purchaser or its properties (except for such conflicts, defaults and violations as would not, individually or in the aggregate,
have a material adverse effect on such Purchaser). Such Purchaser is not required to obtain any consent, authorization or order of, or
make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations
under this Agreement, provided, that for purposes of the representation made in this sentence, such Purchaser is assuming and relying
upon the accuracy of the relevant representations and agreements of the Company herein.

 

(b) Status
of Purchaser. The Purchaser is a “non-US person” as defined in Regulation S. The Purchaser further makes the representations
and warranties to the Company set forth on Exhibit A. Such Purchaser is not required to be registered as a broker-dealer under
Section 15 of the Exchange Act and such Purchaser is not a broker-dealer, nor an affiliate of a broker-dealer.

 

(c) Reliance
on Exemptions. The Purchaser understands that the Shares are being offered and sold to it in reliance upon specific exemptions from
the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy
of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the
Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire
the Shares.

 

    5

     

    

 

(d) Information.
The Purchaser and its advisors, if any, have had the opportunity to ask questions of management of the Company and its Subsidiaries and
have been furnished with all information relating to the business, finances and operations of the Company and information relating to
the offer and sale of the Shares which have been requested by the Purchaser or its advisors. Neither such inquiries nor any other due
diligence investigation conducted by the Purchaser or any of its advisors or representatives shall modify, amend or affect the Purchaser’s
right to rely on the representations and warranties of the Company contained herein. The Purchaser understands that its investment in
the Shares involves a significant degree of risk. The Purchaser further represents to the Company that the Purchaser’s decision
to enter into this Agreement has been based solely on the independent evaluation of the Purchaser and its representatives.

 

(e) Governmental
Review. The Purchaser understands that no United States federal or state agency or any other government or governmental agency has
passed upon or made any recommendation or endorsement of the Shares.

 

(f) Transfer
or Re-sale. The Purchaser understands that the sale or re-sale of the Shares has not been and is not being registered under the Securities
Act or any applicable state securities laws, and the Shares may not be transferred unless (i) the Shares are sold pursuant to an effective
registration statement under the Securities Act, (ii) the Purchaser shall have delivered to the Company an opinion of counsel that shall
be in form, substance and scope customary for opinions of counsel in comparable transactions to the effect that the Shares to be sold
or transferred may be sold or transferred pursuant to an exemption from such registration, which opinion shall be reasonably acceptable
to the Company, (iii) the Shares are sold or transferred to an “affiliate” (as defined in Rule 144 promulgated under the
Securities Act (or a successor rule) (“Rule 144”)) of the Purchaser who agrees to sell or otherwise transfer the Shares
only in accordance with this Section 2.2(f) and who is a non-US person, (iv) the Shares are sold pursuant to Rule 144, or (v) the Shares
are sold pursuant to Regulation S under the Securities Act (or a successor rule) (“Regulation S”). Notwithstanding
the foregoing or anything else contained herein to the contrary, the Shares may be pledged as collateral in connection with a bona
fide margin account or other lending arrangement.

 

(g) Legends.
The Purchaser understands that the Shares shall bear a restrictive legend in the form as set forth under Section 5.1 of this Agreement.
The Purchaser understands that, until such time the Shares may be sold pursuant to Rule 144 or Regulation S without any restriction as
to the number of securities as of a particular date that can then be immediately sold, the Shares may bear a restrictive legend in substantially
the form set forth under Section 5.1 (and a stop-transfer order may be placed against transfer of the certificates evidencing such Securities).

 

(h) Residency.
The Purchaser is a resident of the jurisdiction set forth immediately below such Purchaser’s name on the signature pages hereto.

 

(i) No
General Solicitation. The Purchaser acknowledges that the Shares were not offered to such Purchaser by means of any form of general
or public solicitation or general advertising, or publicly disseminated advertisements or sales literature, including (i) any advertisement,
article, notice or other communication published in any newspaper, magazine, or similar media, or broadcast over television or radio,
or (ii) any seminar or meeting to which such Purchaser was invited by any of the foregoing means of communications.

 

    6

     

    

 

(j) Rule
144. Such Purchaser understands that the Shares must be held indefinitely unless such Shares are registered under the Securities
Act or an exemption from registration is available. Such Purchaser acknowledges that such Purchaser is familiar with Rule 144 and Rule
144A, of the rules and regulations of the Commission, as amended, promulgated pursuant to the Securities Act (“Rule 144”),
and that such person has been advised that Rule 144 and Rule 144A, as applicable, permits resales only under certain circumstances. Such
Purchaser understands that to the extent that Rule 144 or Rule 144A is not available, such Purchaser will be unable to sell any Shares
without either registration under the Securities Act or the existence of another exemption from such registration requirement.

 

(k) Brokers.
Purchaser does not have any knowledge of any brokerage or finder’s fees or commissions that are or will be payable by the Company
to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person or entity with respect
to the transactions contemplated by this Agreement.

 

(l) Acquisition
for Investment. The Purchaser is a “non-US person” as defined in Regulation S, acquiring the Shares solely for the its
own account for the purpose of investment and not with a view to or for sale in connection with a distribution to anyone.

 

(m)
 Independent Investment Decision. Such Purchaser has independently evaluated the merits
of its decision to purchase Shares pursuant to this Agreement, and such Purchaser confirms that it has not relied on the advice of any
other person’s business and/or legal counsel in making such decision. Such Purchaser understands that nothing in this Agreement
or any other materials presented by or on behalf of the Company to the Purchaser in connection with the purchase of the Shares constitutes
legal, tax or investment advice. Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion,
has deemed necessary or appropriate in connection with its purchase of the Securities.

 

(n) Lock-up. Each
Purchaser agrees not sell, contract to sell, or otherwise dispose of or transfer any of his/her Shares for a period of one year commencing
from the date of this Agreement.

 

ARTICLE
III

Covenants

 

The
Company covenants with the Purchaser as follows, which covenants are for the benefit of the Purchaser and its permitted assignees (as
defined herein).

 

Section
3.1 Securities Compliance. The Company shall notify the Commission in accordance with its rules and regulations, of the transactions
contemplated by any of this Agreement, and shall take all other necessary action and proceedings as may be required and permitted by
applicable law, rule and regulation, for the legal and valid issuance of the Shares to the Purchaser or subsequent holders.

 

Section
3.2 Confidential Information. The Purchaser agrees that such Purchaser and its employees, agents and representatives will keep
confidential and will not disclose, divulge or use (other than for purposes of monitoring its investment in the Company) any confidential
information which such Purchaser may obtain from the Company pursuant to financial statements, reports and other materials submitted
by the Company to such Purchaser pursuant to this Agreement, unless such information is known to the public through no fault of such
Purchaser or his or its employees or representatives; provided, however, that a Purchaser may disclose such information (i) to its attorneys,
accountants and other professionals in connection with their representation of such Purchaser in connection with such Purchaser’s
investment in the Company, (ii) to any prospective permitted transferee of the Shares, so long as the prospective transferee agrees to
be bound by the provisions of this Section 3.2, or (iii) to any general partner or affiliate of such Purchaser.

 

    7

     

    

 

Section
3.3 Compliance with Laws. The Company shall comply to comply in all material respects, with all applicable laws, rules, regulations
and orders, except where non-compliance could not reasonably be expected to have a Material Adverse Effect.

 

Section
3.4 Keeping of Records and Books of Account. The Company shall keep adequate records and books of account, in which complete
entries will be made in accordance with GAAP consistently applied, reflecting all financial transactions of the Company, and in which,
for each fiscal year, all proper reserves for depreciation, depletion, obsolescence, amortization, taxes, bad debts and other purposes
in connection with its business shall be made.

 

Section
3.5 Disclosure of Material Information. The Company covenants and agrees that neither it nor any other person acting on its
or their behalf has provided or, from and after the filing of the Form 8-K of this Agreement, will provide any Purchaser or its agents
or counsel with any information that the Company believes constitutes material non-public information (other than with respect to the
transactions contemplated by this Agreement), unless prior thereto such Purchaser shall have executed a specific written agreement regarding
the confidentiality and use of such information. The Company understands and confirms that the Purchaser shall be relying on the foregoing
covenants in effecting transactions in securities of the Company. The Company shall not disclose the identity of any Purchaser in any
filing with the SEC except as required by the rules and regulations of the SEC thereunder. In the event of a breach of the foregoing
covenant by the Company, or any of its or their respective officers, directors, employees and agents, in addition to any other remedy
provided herein, a Purchaser may notify the Company, and the Company shall make public disclosure of such material nonpublic information
within two (2) trading days of such notification.

 

Section
3.6 No Manipulation of Price. The Company will not take, directly or indirectly, any action designed to cause or result in,
or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities
of the Company.

 

Section
3.7 Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the securities in a manner
that would require the registration under the Securities Act of the sale of the securities or that would be integrated with the offer
or sale of the securities for purposes of the rules and regulations of NASDAQY Stock Market such that it would require shareholder approval
prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

Section
3.8 Use of Proceeds. The Company shall use the net proceeds from the sale of the Shares hereunder for working capital purposes
and shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s debt, (b) for the redemption of any Common
Stock or Common Stock Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation of FCPA or OFAC regulations.

 

    8

     

    

 

For
the purpose of this Agreement, the term “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.

  

ARTICLE
IV

CONDITIONS

 

Section
4.1 Conditions Precedent to the Obligation of the Company to Sell the Shares. The obligation hereunder of the Company to issue
and sell the Shares is subject to the satisfaction or waiver, at or before the Closing, of each of the conditions set forth below. These
conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion.

 

(a) Accuracy
of the Purchaser’s Representations and Warranties. The representations and warranties of the Purchaser in this Agreement shall
be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that time, except
for representations and warranties that are expressly made as of a particular date, which shall be true and correct in all material respects
as of such date.

 

(b) Performance
by the Purchaser. The Purchaser shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by such Purchaser at or prior to the Closing.

 

(c) No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions
contemplated by this Agreement.

 

(d) Delivery
of Purchase Price. The Purchase Price for the Shares shall have been delivered to the Company.

 

(e) Delivery
of this Agreement. This Agreement shall have been duly executed and delivered by the Purchaser to the Company.

 

 Section
4.2 Conditions Precedent to the Obligation of the Purchaser to Purchase the Shares. The obligation hereunder of the Purchaser
to acquire and pay for the Shares offered in Offering is subject to the satisfaction or waiver, at or before the Closing, of each of
the conditions set forth below. These conditions are for the Purchaser’s sole benefit and may be waived by such Purchaser at any
time in its sole discretion.

 

(a) Accuracy
of the Company’s Representations and Warranties. Each of the representations and warranties of the Company in this Agreement
shall be true and correct in all respects as of the date when made and as of the Closing Date as though made at that time, except for
representations and warranties that are expressly made as of a particular date, which shall be true and correct in all respects as of
such date.

 

    9

     

    

 

(b) Performance
by the Company. The Company shall have performed, satisfied and complied in all respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing.

 

(c) No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions
contemplated by this Agreement.

 

(d)
Certificates. The Company shall have executed and delivered to the Purchaser the certificates for the Shares being acquired by
such Purchaser immediately after the Closing to such address set forth next to the Purchaser with respect to the Closing.

 

(e) Resolutions.
The Board of Directors of the Company shall have adopted resolution consistent with Section 2.1(b) hereof in a form reasonably acceptable
to such Purchaser (the “Resolution”).

  

ARTICLE
V

Stock
Certificate Legend

 

Section
5.1 Legend. Each certificate representing the Shares shall be stamped or otherwise imprinted with a legend substantially in
the following form (in addition to any legend required by applicable state securities or “blue sky” laws):

 

THESE
SECURITIES REPRESENTED BY THIS CERTIFICATE (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”). THE SECURITIES WERE ISSUED IN A TRANSACTION EXEMPT FROM THE REGISTRATION REDISTRICTIREMENTS
OF THE SECURITIES ACT PURSUANT TO REGULATION S PROMULGATED UNDER IT. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED
OF IN THE UNITED STATES UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE COMPANY SHALL HAVE
RECEIVED AN OPINION OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT IS NOT REDISTRICTIRED. FURTHER, HEDGING
TRANSACTIONS WITH REGARD TO THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

    10

     

    

 

ARTICLE
VI

Indemnification

 

Section
6.1 General Indemnity. The Company agrees to indemnify and hold harmless the Purchaser (and their respective directors, officers,
managers, partners, members, shareholders, affiliates, agents, successors and assigns) from and against any and all losses, liabilities,
costs, damages and expenses (including, without limitation, reasonable attorneys’ fees, charges and disbursements) incurred by
the Purchaser as a result of any breach of the representations, warranties or covenants made by the Company herein. The Purchaser, severally
but not jointly, agrees to indemnify and hold harmless the Company and its directors, officers, affiliates, agents, successors and assigns
from and against any and all losses, liabilities, costs, damages and expenses (including, without limitation, reasonable attorneys’
fees, charges and disbursements) incurred by the Company as a result of any breach of the representations, warranties or covenants made
by such Purchaser herein. The maximum aggregate liability of the Purchaser pursuant to its indemnification obligations under this Article
VI shall not exceed the portion of the Purchase Price paid by the Purchaser hereunder. In no event shall any “Indemnified Party”
(as defined below) be entitled to recover consequential or punitive damages resulting from a breach or violation of this Agreement.

 

Section
6.2 Indemnification Procedure. Any party entitled to indemnification under this Article VI (an “Indemnified Party”)
will give written notice to the indemnifying party of any matters giving rise to a claim for indemnification; provided, that the
failure of any party entitled to indemnification hereunder to give notice as provided herein shall not relieve the indemnifying party
of its obligations under this Article VI except to the extent that the indemnifying party is actually prejudiced by such failure to give
notice. In case any action, proceeding or claim is brought against an Indemnified Party in respect of which indemnification is sought
hereunder, the indemnifying party shall be entitled to participate in and, unless in the reasonable judgment of the Indemnified Party
a conflict of interest between it and the indemnifying party may exist with respect of such action, proceeding or claim, to assume the
defense thereof with counsel reasonably satisfactory to the Indemnified Party. In the event that the indemnifying party advises an Indemnified
Party that it will contest such a claim for indemnification hereunder, or fails, within thirty (30) days of receipt of any indemnification
notice to notify, in writing, such person of its election to defend, settle or compromise, at its sole cost and expense, any action,
proceeding or claim (or discontinues its defense at any time after it commences such defense), then the Indemnified Party may, at its
option, defend, settle or otherwise compromise or pay such action or claim. In any event, unless and until the indemnifying party elects
in writing to assume and does so assume the defense of any such claim, proceeding or action, the Indemnified Party’s costs and
expenses arising out of the defense, settlement or compromise of any such action, claim or proceeding shall be losses subject to indemnification
hereunder. The Indemnified Party shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any
such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the
Indemnified Party which relates to such action or claim. The indemnifying party shall keep the Indemnified Party fully apprised at all
times as to the status of the defense or any settlement negotiations with respect thereto. If the indemnifying party elects to defend
any such action or claim, then the Indemnified Party shall be entitled to participate in such defense with counsel of its choice at its
sole cost and expense. The indemnifying party shall not be liable for any settlement of any action, claim or proceeding effected without
its prior written consent, provided, however, that the indemnifying party shall be liable for any settlement if the indemnifying
party is advised of the settlement but fails to respond to the settlement within thirty (30) days of receipt of such notification. Notwithstanding
anything in this Article VI to the contrary, the indemnifying party shall not, without the Indemnified Party’s prior written consent,
settle or compromise any claim or consent to entry of any judgment in respect thereof which imposes any future obligation on the Indemnified
Party or which does not include, as an unconditional term thereof, the giving by the claimant or the plaintiff to the Indemnified Party
of a release from all liability in respect of such claim. The indemnification required by this Article VI shall be made by periodic payments
of the amount thereof during the course of investigation or defense, as and when bills are received or expense, loss, damage or liability
is incurred, so long as the Indemnified Party irrevocably agrees to refund such moneys if it is ultimately determined by a court of competent
jurisdiction that such party was not entitled to indemnification. The indemnity agreements contained herein shall be in addition to (a)
any cause of action or similar rights of the Indemnified Party against the indemnifying party or others, and (b) any liabilities the
indemnifying party may be subject to pursuant to the law.

 

    11

     

    

 

ARTICLE
VII

Miscellaneous

 

Section
7.1 Fees and Expenses. Except as otherwise set forth in this Agreement, each party shall pay the fees and expenses of its advisors,
counsel, accountants and other experts, if any, and all other expenses, incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement.

 

Section
7.2 Specific Enforcement, Consent to Jurisdiction.

 

(a) The
Company and the Purchaser acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall
be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically
the terms and provisions hereof or thereof, this being in addition to any other remedy to which any of them may be entitled by law or
equity.

 

(b) Each
of the Company and the Purchaser (i) hereby irrevocably submits to the jurisdiction of the United States District Court sitting in the
Southern District of New York and the courts of the State of New York located in New York county for the purposes of any suit, action
or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby or thereby and (ii) hereby waives,
and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such
court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is
improper. Each of the Company and the Purchaser consents to process being served in any such suit, action or proceeding by mailing a
copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing in this Section 7.2 shall affect or limit any right to serve process in any other manner permitted by law. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any manner permitted by law.

 

    12

     

    

 

Section
7.3 Entire Agreement; Amendment. This Agreement contains the entire understanding and agreement of the parties with respect
to the matters covered hereby and, except as specifically set forth herein, neither the Company nor any of the Purchaser makes any representations,
warranty, covenant or undertaking with respect to such matters and they supersede all prior understandings and agreements with respect
to said subject matter, all of which are merged herein. No provision of this Agreement may be waived or amended other than by a written
instrument signed by the Company and the Purchaser, and no provision hereof may be waived other than by a written instrument signed by
the party against whom enforcement of any such waiver is sought.

 

Section
7.4 Notices. All notices, demands, consents, requests, instructions and other communications to be given or delivered or permitted
under or by reason of the provisions of this Agreement or in connection with the transactions contemplated hereby shall be in writing
and shall be deemed to be delivered and received by the intended recipient as follows: (i) if personally delivered, on the business day
of such delivery (as evidenced by the receipt of the personal delivery service), (ii) if mailed certified or registered mail return receipt
requested, two (2) business days after being mailed, (iii) if delivered by overnight courier (with all charges having been prepaid),
on the business day of such delivery (as evidenced by the receipt of the overnight courier service of recognized standing), or (iv) if
delivered by facsimile transmission, on the business day of such delivery if sent by 6:00 p.m. in the time zone of the recipient, or
if sent after that time, on the next succeeding business day (as evidenced by the printed confirmation of delivery generated by the sending
party’s telecopier machine). If any notice, demand, consent, request, instruction or other communication cannot be delivered because
of a changed address of which no notice was given (in accordance with this Section 7.4), or the refusal to accept same, the notice, demand,
consent, request, instruction or other communication shall be deemed received on the second business day the notice is sent (as evidenced
by a sworn affidavit of the sender). All such notices, demands, consents, requests, instructions and other communications will be sent
to the following addresses or facsimile numbers as applicable:

 

If
to the Company:

 

Room
2302, South Tower T1, Kaisa Plaza

No.
86 Jianguo Avenue, Chaoyang District

Beijing,
China 100025

 

If
to Purchaser:  

 

The
address listed on Exhibit B

 

Any
party hereto may from time to time change its address for notices by giving at least ten (10) days written notice of such changed address
to the other party hereto.

 

Section
7.5 Waivers. No waiver by any party of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any other provisions, condition or requirement hereof, nor shall
any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it
thereafter.

 

    13

     

    

 

Section
7.6 Headings. The section headings contained in this Agreement (including, without limitation, section headings and headings
in the exhibits and schedules) are inserted for reference purposes only and shall not affect in any way the meaning, construction or
interpretation of this Agreement. Any reference to the masculine, feminine, or neuter gender shall be a reference to such other gender
as is appropriate. References to the singular shall include the plural and vice versa.

 

Section
7.7 Successors and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company
or the Purchaser, as applicable, r. The provisions of this Agreement shall inure to the benefit of and be binding upon the respective
permitted successors and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon
any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement.

 

Section
7.8 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New
York, without giving effect to any of the conflicts of law principles which would result in the application of the substantive law of
another jurisdiction. This Agreement shall not be interpreted or construed with any presumption against the party causing this Agreement
to be drafted.

 

Section
7.9 Survival. The representations and warranties of the Company and the Purchaser shall survive the execution and delivery
hereof and the Closing hereunder for a period of three (3) years following the Closing Date.

 

Section
7.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and, all of which taken together shall constitute one and the same Agreement and shall become effective when counterparts
have been signed by each party and delivered to the other parties hereto, it being understood that all parties need not sign the same
counterpart. In the event that any signature is delivered by facsimile transmission or .pdf scanned copy, such signature shall create
a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect
as if such facsimile or .pdf scanned copy signature were the original thereof.

 

Section
7.11 Severability. The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction
shall determine that any one or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other
provision or part of a provision of this Agreement and such provision shall be reformed and construed as if such invalid or illegal or
unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal and
enforceable to the maximum extent possible.

 

 Section
7.12 Individual Capacity. Each Purchaser enters into this Agreement on its own capacity, and not as a group with other Purchasers.
Each Purchaser, severally but not jointly, makes representations and warranties contained under this Agreement.

 

 Section
7.13 Termination. This Agreement may be terminated prior to Closing by mutual written agreement of the Purchaser and the Company.

 

[Remainder
of Page Intentionally Left Blank; Signature Pages Follow]

 

    14

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officer as of the date
first above written.

 

	The Company:	 	 
	 	By:	/s/ Shanchun Huang
	 	 	Name:  	ShanChun Huang
	 	 	Title: 	Chief Executive Officer

  

[Signature
Page of the Company]

 

    15

     

    

 

Signature
Page of the Purchaser

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

 

The
Purchaser: 

  

	By:	/s/
    Bo Ye	 
	Name:  	Bo Ye	 

  

Number
of Shares Purchased : 54,607 shares

Total
Purchase Price: ($2.83 x ) $ 154,538

  

Address
of Purchaser: Cixi City, Zhejiang Province

  

    16

     

    

  

Signature
Page of the Purchaser

 

IN
WITNESS WHEREOF, the Purchaser has caused this Agreement to be duly executed individually or by its authorized officer or member as of
the date first above written.

 

The
Purchaser: 

 

	By:	/s/
Jianlie Tong	 
	Name:  	Jianlie Tong	 

  

Number
of Shares Purchased: 109,214 shares

Total
Purchase Price: ($2.83 x) $309,076

  

Address
of Purchaser: Cixi City, Zhejiang Province

  

    17

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Hui Jin	 
	Name: 	Hui Jin	 

 

Number of Shares Purchased : 13,652 shares

Total Purchase Price: ($2.83x ) $ 38,635

 

Address of Purchaser:
Changning District, Shanghai

 

    18

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Zhihao Gu	 
	Name: 	Zhihao Gu	 

 

Number of Shares Purchased : 16,382 shares

Total Purchase Price: ($2.83 x ) $ 46,361

 

Address of Purchaser:
Minhang District, Shanghai

 

    19

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Yueyi Miao	 
	Name:	Yueyi Miao	 

 

Number of Shares Purchased : 54,607 shares

Total Purchase Price: ($2.83x ) $154,538

 

Address of Purchaser:
Cixi City, Zhejiang Province

 

    20

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Shaoheng Wei	 
	Name:	Shaoheng Wei	 

 

Number of Shares Purchased : 27,303 shares

Total Purchase Price: ($2.83 x ) $ 77,269

 

Address of Purchaser:
Suzhou City, Jiangsu Province

 

    21

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Xue Zhang	 
	Name:	Xue Zhang	 

 

Number of Shares Purchased : 120,135 shares

Total Purchase Price: ($2.83 x ) $339,984

 

Address of Purchaser
: Yanta District, Xi'an City, Shaanxi Province

 

    22

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Xiangning Li	 
	Name:	Xiangning Li	 

 

Number of Shares Purchased : 10,921 shares

Total Purchase Price: ($2.83 x ) $30,908

 

Address of Purchaser:
Pudong New Area, Shanghai

 

    23

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Liqing Wang	 
	Name:	Liqing Wang	 

 

Number of Shares Purchased : 10,921 shares

Total Purchase Price: ($2.83 x ) $ 30,908

 

Address of Purchaser:
Madang Road, Shanghai

 

    24

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Yong Le	 
	Name:	Yong Le	 

 

Number of Shares Purchased : 10,921 shares

Total Purchase Price: ($2.83 x ) $ 30,908

 

Address of Purchaser:
Pudong New Area, Shanghai

 

    25

     

    

 

Signature Page of the
Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Xiaofeng Tang	 
	Name:	Xiaofeng Tang	 

 

Number of Shares Purchased :54,607 shares

Total Purchase Price: ($2.83 x ) $ 154,538

 

Address of Purchaser:
Pudong New District, Shanghai.

 

    26

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Jianping Xu	 
	Name:	Jianping Xu	 

 

Number of Shares Purchased : 13,652 shares

Total Purchase Price: ($2.83 x ) $ 38,635

 

Address of Purchaser:
Yuhang District, Hangzhou City, Zhejiang Province

 

    27

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Dewu Lin	 
	Name:	Dewu Lin	 

 

Number of Shares Purchased : 13,652 shares

Total Purchase Price: ($2.83 x ) $ 38,635

 

Address of Purchaser:
Jingyu South Road, Shanghai.

 

    28

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Huifang Wei	 
	Name:	Huifang Wei	 

 

Number of Shares Purchased: 27,304 shares

Total Purchase Price: ($2.83 x ) $ 77,269

 

Address of Purchaser:Linhai
City, Zhejiang Province

 

    29

     

    

 

Signature Page of the
Purchaser

 

IN WITNESS WHEREOF, the Purchaser
has caused this Agreement to be duly executed individually or by its authorized officer or member as of the date first above written.

 

The Purchaser:

 

	By:	/s/ Lijing Chen	 
	Name:	Lijing Chen	 

 

Number of Shares Purchased: 10,921 shares

Total Purchase Price: ($2.83 x ) $30,908

 

Address of Purchaser:
Songjiang District, Shanghai

 

    30

     

    

 

EXHIBIT A TO

THE SECURITIES PURCHASE AGREEMENT

 

 

 

NON U.S. PERSON REPRESENTATIONS

 

The Purchaser indicating that it is not a U.S. person, severally and
not jointly, further represents and warrants to the Company as follows:

 

		1.	At the time of (a) the offer by the Company and (b) the acceptance of the offer by the Purchase, of the
Shares, such Purchaser was outside the United States.

 

		2.	The Purchaser is acquiring the Shares for such Purchaser r’s own account, for investment and not
for distribution or resale to others and is not purchasing the Shares for the account or benefit of any U.S. person, or with a view towards
distribution to any U.S. person, in violation of the registration requirements of the Securities Act.

 

		3.	The Purchaser will make all subsequent offers and sales of the Shares either (x) outside of the United
States in compliance with Regulation S; (y) pursuant to a registration under the Securities Act; or (z) pursuant to an available exemption
from registration under the Securities Act. Specifically, the Purchaser will not resell the Shares to any U.S. person or within the United
States prior to the expiration of a period commencing on the Closing Date and ending on the date that is one year thereafter (the “Distribution
Compliance Period”), except pursuant to registration under the Securities Act or an exemption from registration under the Securities
Act.

 

		4.	The Purchaser has no present plan or intention to sell the Shares in the United States or to a U.S. person
at any predetermined time, has made no predetermined arrangements to sell the Shares and is not acting as a Distributor of such securities.

 

		5.	Neither the Purchaser, its Affiliates nor any Person acting on behalf of the Purchaser, has entered into,
has the intention of entering into, or will enter into any put option, short position or other similar instrument or position in the U.S.
with respect to the Shares at any time after the Closing Date through the Distribution Compliance Period except in compliance with the
Securities Act.

 

		6.	The Purchaser consents to the placement of a legend on any certificate or other document evidencing the
Shares substantially in the form set forth in Section 5.1.

 

		7.	The Purchaser is not acquiring the Shares in a transaction (or an element of a series of transactions)
that is part of any plan or scheme to evade the registration provisions of the Securities Act.

 

		8.	The Purchaser has sufficient knowledge and experience in finance, securities, investments and other business
matters to be able to protect such person’s or entity’s interests in connection with the transactions contemplated by this
Agreement.

 

    31

     

    

 

		9.	The Purchaser has consulted, to the extent that it has deemed necessary, with its tax, legal, accounting
and financial advisors concerning its investment in the Shares.

 

		10.	The Purchaser understands the various risks of an investment in the Shares and can afford to bear such
risks for an indefinite period of time, including, without limitation, the risk of losing its entire investment in the Shares.

 

		11.	The Purchaser has had access to the Company’s publicly filed reports with the SEC and has been furnished
during the course of the transactions contemplated by this Agreement with all other public information regarding the Company that The
Purchaser has requested and all such public information is sufficient for such person or entity to evaluate the risks of investing in
the Shares.

 

		12.	The Purchaser has been afforded the opportunity to ask questions of and receive answers concerning the
Company and the terms and conditions of the issuance of the Shares.

 

		13.	The Purchaser is not relying on any representations and warranties concerning the Company made by the
Company or any officer, employee or agent of the Company, other than those contained in this Agreement.

 

		14.	The Purchaser will not sell or otherwise transfer the Shares unless either (A) the transfer of such
securities is registered under the Securities Act or (B) an exemption from registration of such securities is available.

 

		15.	The Purchaser represents that the address furnished on its signature page to this Agreement is the principal
residence if he/she is an individual or its principal business address if it is a corporation or other entity.

 

		16.	The Purchaser understands and acknowledges that the Shares have not been recommended by any federal or
state securities commission or regulatory authority, that the foregoing authorities have not confirmed the accuracy or determined the
adequacy of any information concerning the Company that has been supplied to the Purchaser and that any representation to the contrary
is a criminal offense.

 

    32

     

    

 

Exhibit
B

 

List
of Purchasers

 

	Name	 	Address	 	Number of shares
	 	 	 	 	 
	Bo Ye	 	Cixi City, Zhejiang Province	 	54,607
	 	 	 	 	 
	Jianlie Tong	 	Cixi City, Zhejiang Province	 	109,214
	 	 	 	 	 
	Hui Jin	 	Changning District, Shanghai	 	13,652
	 	 	 	 	 
	Liqing Wang	 	Madang Road, Shanghai	 	10,921
	 	 	 	 	 
	Shaoheng Wei	 	Suzhou City, Jiangsu Province	 	27,303
	 	 	 	 	 
	Xiangning Li	 	Pudong New Area, Shanghai	 	10,921
	 	 	 	 	 
	Xue Zhang	 	Yanta District, Xi'an City, Shaanxi Province	 	120,135
	 	 	 	 	 
	Yong Le	 	Pudong New Area, Shanghai	 	10,921
	 	 	 	 	 
	Yueyi Miao	 	Cixi City, Zhejiang Province	 	54,607
	 	 	 	 	 
	Zhihao Gu	 	Minhang District, Shanghai	 	16,382
	 	 	 	 	 
	Xiaofeng Tang	 	Pudong New District, Shanghai.	 	54,607
	 	 	 	 	 
	Jianping Xu	 	Yuhang District, Hangzhou City, Zhejiang Province	 	13,652
	 	 	 	 	 
	Dewu Lin	 	Jingyu South Road, Shanghai.	 	13,652
	 	 	 	 	 
	Huifang Wei	 	Linhai City, Zhejiang Province	 	27,304
	 	 	 	 	 
	Lijing Chen	 	Songjiang District, Shanghai	 	10,921
	 	 	 	 	 
	Total	 	 	 	548,799

 

 

33

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