Document:

EX-10.4

 Exhibit 10.4 

FORM OF TRANSFER RESTRICTION AGREEMENT 

This Transfer Restriction Agreement, dated as of [            ], 2017, (this
“Agreement”), is by and among NACCO Industries, Inc., a Delaware corporation (“NACCO”), Hamilton Beach Brands Holding Company, a Delaware corporation (“Hamilton Beach Holding”), each of the
undersigned members of the Rankin and Taplin families (each an “Undersigned Family Member” and, collectively, the “Undersigned Family Members”), and Hamilton Beach Holding, in its capacity as the Administrator. 

WHEREAS, this Agreement is being entered into in connection with NACCO’s spin-off of Hamilton
Beach Holding to NACCO stockholders (the “Spin-Off”) as more fully described in Hamilton Beach Holding’s Registration Statement on Form S-1 filed
with the Securities and Exchange Commission on [            ], 2017, as amended; 

WHEREAS, to effect the Spin-Off, NACCO will make a distribution of all of the outstanding shares of
Hamilton Beach Holding common stock to holders of NACCO Class A Common Stock (“NACCO Class A Common Stock”) and NACCO Class B Common Stock (“NACCO Class B Common
Stock” and together with NACCO Class A Common Stock, the “NACCO Common Stock”); 
 WHEREAS, each holder of
NACCO Common Stock will receive one share of Hamilton Beach Holding Class A common stock (“Hamilton Beach Holding Class A Common Stock”) and one share of Hamilton Beach Holding Class B common stock
(“Hamilton Beach Holding Class B Common Stock” and together with the Hamilton Beach Holding Class A Common Stock, the “Hamilton Beach Holding Common Stock”), for each share of NACCO Common
Stock held by such holder; 
 WHEREAS, as of the date hereof, the Family Members Beneficially Own an aggregate of (i) [●] shares of
NACCO Class A Common Stock and (ii) [●] shares of NACCO Class B Common Stock, by the persons and in the amounts set forth on Schedule 1 hereto; 

WHEREAS, immediately following the Spin-Off, the Family Members will Beneficially Own an aggregate of
(i) [●] shares of Hamilton Beach Holding Class A Common Stock and (ii) [●] shares of Hamilton Beach Holding Class B Common Stock, by the persons and in the amounts set forth on Schedule 1 hereto; 

WHEREAS, the Spin-Off is being undertaken pursuant to a single, integrated plan and for federal income
tax purposes it is intended that the Spin-Off will qualify as tax-free under Section 355 of the Internal Revenue Code of 1986, as amended (the
“Code”), and the rules and regulations promulgated thereunder, except to the extent that NACCO shareholders receive cash in lieu of fractional shares of Hamilton Beach Holding Common Stock; 

WHEREAS, the parties hereto desire to maintain favorable tax treatment for the Spin-Off and to cause
the Spin-Off to qualify as tax-free under Section 355 of the Code; and 

WHEREAS, this Agreement is being entered into, in part, in order to maintain favorable tax treatment for the
Spin-Off pursuant to Section 355 of the Code and the rules and regulations promulgated thereunder (including, but not limited to, Treasury Regulations
Section 1.355-7). 

  
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 NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements contained
herein, and for other good and valuable consideration, the receipt of which are hereby acknowledged, each of the parties hereby agree as follows: 
  

	1.	CERTAIN DEFINITIONS. 

 As used in this Agreement and the schedules hereto, the following
terms have the respective meanings set forth below. 
 “Acquire” means to purchase or otherwise acquire, or enter into any
agreement with respect to the purchase or acquisition of, any security that is treated as an acquisition of Beneficial Ownership. For the avoidance of doubt, Acquire will include any Constructive Acquisition that is treated as an acquisition of
Beneficial Ownership. 
 “Acquisition” means a purchase or other acquisition, or entering into any agreement with respect
to the purchase or acquisition of any security that is treated as an acquisition of Beneficial Ownership. For the avoidance of doubt an Acquisition will include any Constructive Acquisition that is treated as an acquisition of Beneficial Ownership.

 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, Controls, or is Controlled by, or is
under common Control with, such Person. For this purpose, “Control” (including, with its correlative meanings, “Controlled by” and “under common Control with”) means the possession, directly or indirectly, of the power
to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise, and with respect to a natural Person, such Person’s
immediate family members and any trust, partnership, limited liability company or similar vehicle established and maintained for the benefit of such Person. For purposes of this Agreement, (i) no Family Member shall be deemed an Affiliate of
any other Family Member, (ii) none of NACCO or Hamilton Beach Holding shall be considered an Affiliate of any Family Member, (iii) none of NACCO or any of its subsidiaries shall be deemed to be an Affiliate of Hamilton Beach Holding and
(iv) after completion of the Spin-Off, none of Hamilton Beach Holding or any of its subsidiaries shall be deemed to be an Affiliate of NACCO. 

“Beneficial Owner” and “Beneficial Ownership” and words of similar import have the meaning assigned to such terms
for United States federal income tax purposes. For the avoidance of doubt, Beneficial Ownership as of the date of this Agreement is set forth on Schedule 1. 

“Board of Directors” means the Board of Directors of NACCO or Hamilton Beach Holding, as applicable. 

“Charitable Transferee” means, with respect to any Family Member, any organization to which Section 501 of the Code
applies and which is Controlled, directly or indirectly, solely by such Family Member and/or one or more Related Parties with respect to such Family Member. 

“Constructive Acquisition” means entering into or acquiring a derivative contract with respect to a security, entering into
or acquiring a futures or forward contract or option to acquire 

  
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a security or entering into any other hedging or other derivative transaction that has the effect of assuming the material economic benefits and risks of ownership. 

“Constructive Disposition” means entering into or acquiring an offsetting derivative contract with respect to a security,
entering into or acquiring a futures or forward contract or option to deliver a security or entering into any other hedging or other derivative transaction that has the effect of materially divesting the economic benefits and risks of ownership.

 “Convertible Securities” means (x) any securities of a Person (other than any class or series of common stock) or
any subsidiary thereof that are convertible into or exercisable or exchangeable for any shares of any class or series of common stock, whether upon conversion, exercise, exchange, pursuant to antidilution provisions of such securities or otherwise,
(y) any securities of any other Person that are convertible into or exercisable or exchangeable for, securities of such Person or any other Person, whether upon conversion, exercise, exchange, pursuant to antidilution provisions of such
securities or otherwise, and (z) any subscriptions, options, rights, warrants, calls, convertible or exchangeable securities (or any similar securities) or agreements or arrangements of any character to Acquire common stock, preferred stock or
other capital stock. 
 “Counsel” means McDermott Will & Emery LLP. 

“Direct Relatives” means, with respect to any Person, the spouse, siblings (whether by the whole or half blood) and lineal
descendants and ancestors (which shall include a Person adopted before the age of 18) of such Person; for the avoidance of doubt, such term shall not include such Person’s in-laws, cousins, sibling’s
lineal descendents (e.g., nieces or nephews) or parent’s siblings (i.e., uncles or aunts). 
 “Equity Security” means
(i) any common stock, preferred stock or other capital stock, (ii) any securities convertible into or exchangeable for common stock, preferred stock or other capital stock or (iii) any subscriptions, options, rights, warrants, calls,
convertible or exchangeable securities (or any similar securities) or agreements of any character to Acquire common stock, preferred stock or other capital stock. 

“Exempt Gift” means, with respect to any Family Member Shares, any transfer to the extent that it is treated as a gift for
U.S. federal income tax purposes: 
 (i)    by an Undersigned Family Member to an Exempt Transferee; or

 (ii)    by an Exempt Transferee to a Subsequent Exempt Transferee of any Family Member Shares (or any
substitute therefor) received from an Undersigned Family Member, but only if such transfer of such Family Member Shares would have qualified as an Exempt Gift under clause (i) above if such transfer were directly from the Undersigned Family
Member to the Subsequent Exempt Transferee; 
 provided, however, that no transfer pursuant to clause (i) or (ii) shall be an Exempt
Gift unless each Person to whom any such transfer is made (unless such Person is already a party and so bound) simultaneously therewith becomes a party to this Agreement and 

  
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agrees to be bound hereby with respect to such Family Member Shares to the same extent as such Family Member. 

“Exempt Transferee” means, with respect to an Undersigned Family Member, any Related Party of such Undersigned Family Member.

 “Exempt Voting Transfer” means, with respect to any Family Member Shares, any Transfer: 

(i)    by an Undersigned Family Member to an Exempt Transferee; 

(ii)    by an Exempt Transferee to a Subsequent Exempt Transferee of any Family Member Shares (or any
substitute therefor) received from an Undersigned Family Member, but only if the Transfer of such Family Member Shares would have qualified as an Exempt Voting Transfer under clause (i) above if the Transfer were directly from the Undersigned
Family Member to the Subsequent Exempt Transferee; or 
 (iii)    that is a Permitted Pledge or Permitted
Constructive Disposition; 
 provided, however, that no Transfer pursuant to clause (i) or (ii) shall be an Exempt Voting Transfer
unless each Person to whom any such Transfer is made (unless such Person is already a party and so bound) simultaneously therewith becomes a party to this Agreement and agrees to be bound hereby with respect to such Family Member Shares to the same
extent as such Family Member. 
 “Family Member” means (i) each Undersigned Family Member and (ii) each other
Person (including any Permitted Transferee) who is required to become or becomes a party to this Agreement, in each case, for so long as such Person is the Beneficial Owner of any Family Member Shares. 

“Family Member Shares” means, with respect to any Family Member (including any Permitted Transferee), any and all shares of
NACCO Common Stock and Hamilton Beach Holding Common Stock Beneficially Owned by such Family Member as of the relevant determination date (including any shares of NACCO Common Stock and Hamilton Beach Holding Common Stock Acquired by such Family
Member following the date hereof). 
 “IRS” means the U.S. Internal Revenue Service or any successor thereto, including,
but not limited to, its agents, representatives, and attorneys. 
 “Law” means any U.S. or
non-U.S. federal, national, supranational, state, provincial, local or similar statute, treaty, law, ordinance, regulation, rule, code, administrative pronouncement, order, requirement or rule of law
(including common law). 
 “Lock-Up Period” means the period beginning on the date
of the Spin-Off and ending on the day after the second (2nd) anniversary of the date thereof.  

  
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 “Opinion” means the opinion of Counsel with respect to certain tax aspects of
the Spin-Off. 
 “Permitted Constructive Disposition” means, with respect to a
security, a Constructive Disposition that does not, and will not at any subsequent time, result in a transfer of ownership of such security for federal income tax purposes, so long as, in the case of an Equity Security, the Person effecting such
Constructive Disposition retains the sole right to vote such Equity Security in accordance with this Agreement and otherwise complies with his, her or its obligations hereunder, in all material respects. 

“Permitted Pledge” means the pledge by any Family Member of Family Member Shares, Equity Securities or any Convertible
Securities of NACCO or Hamilton Beach Holding Beneficially Owned by any Family Member to a bank or other financial institution to secure indebtedness, which pledge and related indebtedness is on customary terms and conditions and which (prior to any
default or foreclosure thereunder) does not (i) interfere with or limit such Person’s rights or obligations hereunder to vote such Family Member Shares, Equity Securities or Convertible Securities, (ii) constitute a proxy in favor of
a third party in respect of rights to vote such Family Member Shares, Equity Securities or Convertible Securities, (iii) interfere with or limit such Person’s or any Family Member’s ability to otherwise comply with his, her or its
obligations hereunder, in any material respect, or (iv) result in a transfer of ownership of such securities for federal income tax purposes. 

“Permitted Transferee” means, with respect to any Family Member, any Person to whom any of such Family Member’s Family
Member Shares are Transferred, directly or indirectly, in an Exempt Voting Transfer, in each case where such Person becomes a party to this Agreement and a Family Member pursuant to any provision of this Agreement, in each case, so long as such
Person is, or becomes as a result of such Transfer, the Beneficial Owner of any Family Member Shares. 
 “Person” means any
individual, person, entity, general partnership, limited partnership, limited liability partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative, association, foreign trust or foreign business
organization and the heirs, executors, administrators, legal representatives, successors and assigns of the “Person” when the context so permits. 

“Qualified Trust” means, with respect to any Family Member, any trust with respect to which such Family Member or a Related
Party is the grantor. 
 “Related Party” means, with respect to any Family Member (including any Permitted Transferee):

 (i)    the Direct Relatives of such Family Member; 

(ii)    any Qualified Trust with respect to such Family Member; 

(iii)    a corporation, limited liability company, or other entity organized under the laws of any state in
the United States which is Controlled by, and all equity, participation, beneficial or similar interests (and rights to Acquire any 

  
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thereof, contingently or otherwise) of which are Beneficially Owned solely by, such Person or such Person and one or more Related Parties of such Person referred to in this definition; or 

(iv)    any other Person who is related to such Family Member as described in Section 355(d)(7)(A) of
the Code. 
 “Representatives” means, as to any Person, that Person’s investment bankers, financial advisors,
attorneys, accountants, agents and other representatives. Representatives of NACCO or Hamilton Beach Holding shall be deemed to not be Representatives of any Family Member, unless also acting for or representing a Family Member. Representatives of
NACCO shall be deemed to not be Representatives of Hamilton Beach Holding, unless also acting for or representing Hamilton Beach Holding, and Representatives of Hamilton Beach Holding shall be deemed to not be Representatives of NACCO, unless also
acting for or representing NACCO. 
 “Share Conversion” means the conversion of NACCO Class B Common Stock into NACCO
Class A Common Stock or the conversion of Hamilton Beach Holding Class B Common Stock into Hamilton Beach Holding Class A Common Stock. 

“Share Swap” means (i) with respect to NACCO, a transaction in which one Family Member exchanges NACCO Class A
Common Stock for NACCO Class B Common Stock held by another Family Member, or (ii) with respect to Hamilton Beach Holding, a transaction in which one Family Member exchanges Hamilton Beach Holding Class A Common Stock for Hamilton
Beach Holding Class B Common Stock held by another Family Member. 
 “Subsequent Exempt Transferee” means, with
respect to an Exempt Transferee, any Related Party of such Exempt Transferee. 
 “Tax-Free
Status of the Spin-Off” means the tax-free treatment accorded to the Spin-Off as set forth in the Opinion. 

“Taxing Authority” means any governmental authority or any subdivision, agency, commission or entity thereof or any
quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any tax (including the IRS). 

“Transfer” means, when used as a verb, to sell, transfer (including by operation of law), give, pledge, encumber, assign or
otherwise dispose of, or enter into any agreement with respect to the sale, transfer, gift, pledge, encumbrance, assignment or other disposition of, any security; and when used as a noun, a sale, transfer (including by operation of law), gift,
pledge, encumbrance, assignment or other disposition of, or the entering into of any agreement with respect to the sale transfer, gift, pledge, encumbrance, assignment or other disposition of (including any Constructive Disposition of), any
security. 
 “Unqualified Tax Opinion” means a reasoned “will” opinion, without qualifications, of a nationally
recognized law firm to the effect that a transaction will not affect the Tax-Free Status of the Spin-Off. For purposes of this definition, an opinion is reasoned if it
describes the reasons for the conclusions and includes the facts, assumptions, and supporting legal analysis. 

  
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 “Voting Shift” means the increase in voting power of the Hamilton Beach Holding
Common Stock held by the Family Members resulting from the Share Conversion of Hamilton Beach Holding Common Stock by Hamilton Beach Holding shareholders other than the Family Members. 

 

	2.	STANDSTILL; TRANSFER RESTRICTIONS. 

  

	 	(a)    Standstill.	

 (i)    During the
Lock-Up Period each Family Member agrees that he, she or it shall not and shall not agree to, and shall cause each of his, her or its Affiliates not to, and not to agree to, in each case without the express
written consent of the Administrator, which consent shall not be unreasonably withheld, do any of the following: 

(A)    effect any Acquisition of any Equity Securities of, or Convertible Securities with respect to, NACCO
or Hamilton Beach Holding or any of their respective subsidiaries, or enter into any agreement, understanding, arrangement or substantial negotiations (all within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7) concerning any of the foregoing; 

(B)    request that NACCO or Hamilton Beach Holding amend or waive any provision of this paragraph, or make
any public announcement with respect to the restrictions of this paragraph, or take any action, in each case, which would reasonably be expected to require NACCO or Hamilton Beach Holding to make a public announcement regarding the possibility of a
business combination or merger. 
 (ii)    Section 2(a)(i) shall not apply to any Acquisition of Equity
Securities of, or Convertible Securities with respect to, NACCO or Hamilton Beach Holding by a Family Member pursuant to an equity compensation plan of either NACCO or Hamilton Beach Holding. 

 

	 	(b)    Restrictions	on Transfer. 

 (i)    During the Lock-Up Period, each Family Member agrees that he, she or it shall not and shall not agree to, and shall cause each of his, her or its Affiliates not to, and not to agree to, in each case without the express written
consent of the Administrator, which consent shall not be unreasonably withheld, do any of the following: 

(A)    directly or indirectly (x) deposit any Family Member Shares into a voting trust or grant any
proxies or enter into a voting agreement, power of attorney or voting trust with respect to any Family Member Shares, (y) take any action that would make any representation or warranty of the Family Members set forth in this Agreement untrue or
incorrect in any material respect or have the effect of preventing or materially delaying the Family Members from performing any of their obligations under this Agreement, or (z) agree (whether or not in

  
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writing) to take any of the actions referred to in the foregoing clauses (x) or (y) of this Section 2(b)(i)(A); 

(B)    directly or indirectly Transfer (including in any Constructive Disposition) any Family Member
Shares, or enter into any agreement, understanding, arrangement or substantial negotiations (all within the meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7) with
respect to any Transfer of Family Member Shares; and 
 (C)    convert any Family Member Shares pursuant
to a Share Conversion. 
  

	 	(c)	Exception for Certain Acquisitions or Transfers 

(i)    Notwithstanding the restrictions imposed by subparagraph (a) and (b), during the Lock-Up Period, a Family Member shall be permitted to take such action or one or more actions set forth in the foregoing subparagraphs (a) and (b), if, prior to taking any such actions, the Family Member taking
the action set forth in the foregoing subparagraphs (a) and (b) shall: 
 (A)    have received a
favorable private letter ruling from the IRS, or a ruling from another appropriate Taxing Authority that confirms that such action or actions will not affect the Tax-Free Status of the Spin-Off, taking into account such actions and any other relevant transactions in the aggregate (including the Voting Shift unless a favorable private letter ruling from the IRS or an Unqualified Tax Opinion has
been obtained as described in Section 2(d)(iii)), in form and substance reasonably satisfactory to the Administrator; 

(B)    have received an Unqualified Tax Opinion that confirms that such action or actions will not affect
the Tax-Free Status of the Spin-Off, taking into account such actions and any other relevant transactions in the aggregate (including the Voting Shift unless a favorable
private letter ruling from the IRS or an Unqualified Tax Opinion has been obtained as described in Section 2(d)(iii)), in form and substance reasonably satisfactory to the Administrator; or 

(C)    have received the approval of the Administrator in accordance with subparagraph (d) below. 

(ii)    In determining whether a ruling or opinion is satisfactory, the Administrator shall exercise its
discretion, in good faith, solely to preserve the Tax-Free Status of the Spin-Off and may consider, among other factors, the appropriateness of any underlying
assumptions or representations used as a basis for the ruling or opinion and the Administrator’s views on the substantive merits of such ruling or opinion; provided, however, that a private letter ruling or an Unqualified Tax Opinion will not
be treated as reasonably satisfactory to the Administrator unless such ruling or opinion concludes that such action or actions set forth in the foregoing subparagraphs (a) and (b) will not be taken into account in determining whether the Spin-Off is part of a plan (or series of related transactions) pursuant to which one or more persons acquire directly or indirectly 

  
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stock representing a 50-percent or greater interest (as defined in Section 355(e)(4)(A) of the Code) in Hamilton Beach Holding. 

(iii)    The Family Member receiving a private letter ruling or an Unqualified Tax Opinion shall provide a
copy of any private letter ruling or Unqualified Tax Opinion described in this paragraph to the Administrator as soon as practicable prior to taking or failing to take any action set forth in the foregoing subparagraphs (a) and (b).

(iv)     The Family Member seeking the private letter ruling or Unqualified Tax Opinion shall bear all
costs and expenses of securing any such private letter ruling or Unqualified Tax Opinion and shall reimburse NACCO, Hamilton Beach Holding, or the Administrator for all reasonable
out-of-pocket costs and expenses that NACCO, Hamilton Beach Holding, or the Administrator may incur in good faith in seeking to obtain or evaluate any such private
letter ruling or Unqualified Tax Opinion. NACCO, Hamilton Beach Holding, and the Administrator agree to cooperate fully with all reasonable requests in writing from any Family Member seeking a private letter ruling or Unqualified Tax Opinion, or
from a Representative to such Family Member, in connection with seeking such private letter ruling or Unqualified Tax Opinion. 
  

	 	(d)	Administrator Approval of Transfers and Acquisitions by Family Members.  

(i)    For purposes of Section 2(c)(i)(C) above, the Administrator may, in its reasonable discretion,
approve a Transfer of Family Member Shares only if each of the following requirements is met at the time of such Transfer, taking into account such Transfer: 

(A)    if a Family Member proposes to Transfer NACCO Common Stock, such Family Member must simultaneously
Transfer two shares of Hamilton Beach Holding Common Stock together with every one share of NACCO Common Stock proposed to be Transferred; 

(B)    if a Family Member proposes to Transfer Hamilton Beach Holding Common Stock, such Family Member must
simultaneously Transfer one share of NACCO Common Stock together with every two shares of Hamilton Beach Holding Common Stock proposed to be Transferred; 

(C)    the Family Members in the aggregate shall not have Transferred or Acquired more than 35% of the
total number of outstanding shares of NACCO Common Stock; 
 (D)    the Family Members in the aggregate
shall not have Transferred or Acquired more than 35% of the total number of outstanding shares of Hamilton Beach Holding Common Stock; 

(E)    the Family Members in the aggregate shall not have Transferred or Acquired NACCO Common Stock
representing more than 35% of the voting power of all NACCO Common Stock then outstanding; 

  
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 (F)    the Family Members in the aggregate shall not have
Transferred or Acquired Hamilton Beach Holding Common Stock representing more than 5% of the total voting power of all Hamilton Beach Holding Common Stock then outstanding; 

provided, however, that (x) the restrictions set forth in clauses (A) - (F) above shall not be applicable to Exempt Gifts; (y) the
restrictions set forth in clauses (E) and (F) above shall not be applicable to Exempt Voting Transfers; and (z) the restrictions set forth in clauses (A) and (B) above shall not be applicable to Share Swaps or Share Conversions. 

(ii)    In applying clause (i), the following rules of construction shall apply: 

(A)    each proposed Transfer or Acquisition shall be considered by the Administrator in determining
whether such Transfer or Acquisition meets the requirements of clause (i) (and, for the avoidance of doubt, earlier Transfers or Acquisitions shall not be netted against proposed Transfers or Acquisitions); 

(B)    any transaction in which one Family Member Transfers NACCO Common Stock or Hamilton Beach Holding
Common Stock to another Family Member shall be counted only once toward the limitations in paragraphs (C) through (F) of clause (i) (so as to avoid double counting through, for example, treating such transaction as both an Acquisition by one
Family Member and a Transfer by another Family Member); and 
 (C)    in determining the amount of voting
power of NACCO Common Stock or Hamilton Beach Holding Common Stock Transferred or Acquired for purposes of paragraphs (E) and (F) of clause (i) as a result of a Share Swap, only the net increase or decrease in voting power of a Family
Member resulting from such Share Swap shall be taken into account (such that, for example, a Family Member who exchanges NACCO Class A Common Stock for NACCO Class B Common Stock pursuant to a Share Swap is treated as Acquiring NACCO
Common Stock representing the voting power of the NACCO Class B Common Stock Acquired less the voting power of the NACCO Class A Common Stock Transferred). 

(iii)    The restriction set forth in paragraph (F) of clause (i) above shall be amended by
replacing “5%” with “35%” if NACCO or Hamilton Beach Holding shall have received a favorable private letter ruling from the IRS or an Unqualified Tax Opinion, in form and substance reasonably satisfactory to the Administrator,
substantially to the effect that the Voting Shift will not be taken into account in determining whether the Spin-Off is part of a plan (or series of related transactions) pursuant to which one or more persons
acquire directly or indirectly stock representing a 50-percent or greater interest (as defined in Section 355(e)(4)(A) of the Code) in Hamilton Beach Holding. 

(e)    Tax Counsel Advance Conflict Waiver. Unless prohibited by Law or the ethical rules applicable to attorneys,
each of the parties hereto agrees to waive or to cause its Affiliates 

  
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to waive in advance any conflicts that must be waived in order to permit McDermott Will & Emery LLP to (i) evaluate whether a party’s proposed action or actions constitute any
of the actions described in clauses (a) or (b) of Section 2 or (ii) issue any Unqualified Tax Opinion to be obtained by a party pursuant to this Section 2. 

 

	3.	ACTIONS TAKEN BY FAMILY MEMBERS IN THEIR CAPACITIES AS DIRECTORS OR OFFICERS. 

 The
parties hereto acknowledge that any Person executing this Agreement who is also an officer or director of NACCO or Hamilton Beach Holding (collectively, the “Family Directors and Officers”), is entering into this Agreement solely in his or
her capacity as a stockholder, and not as an officer or director, of NACCO or Hamilton Beach Holding. Nothing contained herein shall (i) restrict, limit or prohibit (or be construed or deemed to restrict, limit, or prohibit) the Family
Directors and Officers, solely in their capacities as directors or officers of NACCO or Hamilton Beach Holding, from engaging in discussions, negotiations, or other activities in which NACCO or Hamilton Beach Holding, their respective subsidiaries,
their respective Affiliates and their respective Representatives are permitted to engage under this Agreement; (ii) restrict, limit or prohibit (or be construed or deemed to restrict, limit, or prohibit) the Family Directors and Officers,
solely in their capacities as directors or officers of NACCO or Hamilton Beach Holding, from exercising and acting in accordance with their fiduciary duties as directors or officers; (iii) require the Family Directors and Officers to act in a
manner that would violate their fiduciary duties as directors or officers of NACCO or Hamilton Beach Holding; or (iv) require Mr. Rankin, solely in his capacity as a director of NACCO or an officer or director of Hamilton Beach Holding, to
take any action in contravention of, or omit to take any action pursuant to, or otherwise take any actions which are inconsistent with, instructions or directions of the board of directors of NACCO or Hamilton Beach Holding, as applicable,
undertaken in the exercise of its fiduciary duties. 
  

	4.	COOPERATION. 

 In the event that any sale of Family Member Shares pursuant to this
Agreement would violate any rules or regulations of any governmental or regulatory agency having jurisdiction or any other material law, rule, regulation, order, judgment or decree applicable to the parties hereto, then each party hereto hereby
agrees (i) to cooperate with and assist the others in filing such applications and giving such notices, (ii) to use reasonable efforts to obtain, and to assist the other in obtaining, such consents, approvals and waivers, and (iii) to
take such other actions, including supplying all information necessary for any filing, as any affected party may reasonably request, all as and to the extent necessary or advisable so that the consummation of such sale will not constitute or result
in such a violation. Each party hereto hereby further agrees that he, she or it shall not take any action or enter into any agreement restricting or limiting in any material respect his, her or its ability to perform all of his, her or its material
obligations under this Agreement timely and fully. 
  

	5.	REPRESENTATIONS AND WARRANTIES OF THE FAMILY MEMBERS. 

 Each of the Family Members hereby
represents and warrants that: 

  
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 (a)    Authority for this Agreement. The execution and delivery of
this Agreement by or on behalf of such Family Member and the consummation by such Family Member of the transactions contemplated hereby and compliance by such Family Member with the provisions hereof (i) will not violate any order, writ,
injunction, decree, statute, rule, regulation or law applicable to such Family Member or by which any of his, her or its Family Member Shares are bound, (ii) will not violate or constitute a breach or default under any agreement by which such
Family Member or his, her or its Family Member Shares may be bound, and (iii) will not require the consent of or any notice to or other filing with any third party, including any Governmental Authority. Such Family Member, or the Person signing
on the behalf of such Family Member, has all requisite capacity, power and authority to enter into and perform this Agreement. This Agreement has been duly and validly executed and delivered by such Family Member and, assuming it has been duly and
validly authorized, executed and delivered by the other parties hereto, this Agreement constitutes a legal, valid and binding agreement of such Family Member, enforceable against him, her or it in accordance with its terms, except to the extent that
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws relating to or affecting enforcement of creditors’ rights generally, and general principles of equity (regardless
of whether enforcement is considered in a proceeding at law or in equity). 
 (b)    Ownership of Shares. Each
Family Member is the Beneficial Owner of the number of shares of NACCO Common Stock and Hamilton Beach Holding Common Stock set forth opposite such Family Member’s name on Schedule 1 hereto, in each case, free and clear of all pledges,
liens, proxies, claims, charges, security interests, preemptive rights, voting trusts, voting agreements, options, rights of first offer or refusal and any other encumbrances whatsoever with respect to the ownership, transfer or other voting of such
Family Member Shares (collectively, “Liens”), other than encumbrances created by this Agreement, any restrictions on transfer under applicable federal and state securities laws, any Permitted Pledges, and other encumbrances
indicated on Schedule 5(b). Except as set forth on Schedule 5(b), there are no outstanding options, warrants or rights to purchase or Acquire, or agreements relating to the voting of, any Family Member Shares and each Family Member has
the sole authority to direct the voting of his, her or its respective Family Member Shares in accordance with the provisions of this Agreement and the sole power of disposition with respect to his or her Family Member Shares, with no restrictions
(other than encumbrances created by this Agreement, any restrictions on transfer under applicable federal and state securities laws and any Permitted Pledges). Except for the Family Member Shares, as of the date hereof, no Family Member Beneficially
Owns (i) any other shares of NACCO Common Stock or Hamilton Beach Holding Common Stock, (ii) any securities that are convertible into or exercisable or exchangeable for NACCO Common Stock or Hamilton Beach Holding Common Stock or
(iii) any Equity Securities of any subsidiary of NACCO or Hamilton Beach Holding. 
 (c)    No Plan or Intent to
Transfer Shares. Each Undersigned Family Member has no present plan or intention to Transfer or Acquire any Family Member Shares except for Transfers or Acquisitions that meet the requirements of Section 2(d)(i) (without regard to whether
such Transfers or Acquisitions occur during or after the Lock-Up Period). The Undersigned Family Members taken together have no plan or intention to Transfer or Acquire any Family Member Shares except for
Transfers or Acquisitions that, in the aggregate, meet the requirements of Section 2(d)(i) (without regard to whether such Transfers or Acquisitions occur during or after 

  
 - 12 - 

 
the Lock-Up Period). Notwithstanding the foregoing, if during the Lock-Up Period any Undersigned Family Member
Transfers or Acquires any Family Member Shares, other than pursuant to a Transfer or Acquisition that meets the requirements of Section 2(d)(i), such Undersigned Family Member shall: 

(i)    if such Transfer or Acquisition is between such Undersigned Family Member and a public shareholder,
Transfer (in the case where Family Member Shares were previously Acquired) or Acquire (in the case where Family Member Shares were previously Transferred) an equivalent number of shares of NACCO Common Stock or Hamilton Beach Holding Common Stock,
as applicable, in open market transactions on the NYSE or any other national securities exchange within three business days after any such Transfer or Acquisition; or 

(ii)    if such Transfer or Acquisition is between such Undersigned Family Member and another Family
Member, Transfer (in the case where Family Member Shares were previously Acquired) or Acquire (in the case where Family Member Shares were previously Transferred) an equivalent number of shares of NACCO Common Stock or Hamilton Beach Holding Common
Stock, as applicable, to or from such Family Member within three business days after any such Transfer or Acquisition; 
 unless, and then solely to the
extent, otherwise required by applicable securities law (without regard to whether such sale would be subject to any required disgorgement pursuant to Section 16 of the Securities Exchange Act of 1934, as amended) and the insider trading
policies of NACCO and Hamilton Beach Holding, respectively, in which case such Transfer or Acquisition, as applicable, shall be required as soon as permitted by such law and such policies, respectively. 

 

	6.	REPRESENTATIONS AND WARRANTIES OF NACCO AND HAMILTON BEACH HOLDING. 

(a)    NACCO represents and warrants that: it is a corporation duly organized, validly existing and in good standing under
the laws of the jurisdiction in which it is organized and has all necessary corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby; the execution and delivery of this Agreement by
it and the consummation by it of the transactions contemplated hereby (i) will not violate any order, writ, injunction, decree, statute, rule, regulation or law applicable to it, (ii) will not violate or constitute a breach or default
under any agreement by which it may be bound, (iii) will not require the consent of or any notice or other filing with any third party, including any governmental authority, and (iv) have been duly and validly authorized, and no other
proceedings on the part of NACCO are necessary to authorize this Agreement or to consummate the transactions contemplated hereby; this Agreement has been duly and validly executed and delivered by NACCO and, assuming it has been duly and validly
authorized, executed and delivered by the other parties hereto, constitutes a legal, valid and binding obligation of NACCO enforceable against NACCO in accordance with its terms, except to the extent that enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws relating to or affecting enforcement of creditors’ rights generally, and general 

  
 - 13 - 

 
principles of equity (regardless of whether enforcement is considered in a proceeding at Law or in equity). 

(b)    Hamilton Beach Holding represents and warrants that: it is a corporation duly organized, validly existing and in
good standing under the laws of the jurisdiction in which it is organized and has all necessary corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby; the execution and delivery of
this Agreement by it and the consummation by it of the transactions contemplated hereby (i) will not violate any order, writ, injunction, decree, statute, rule, regulation or law applicable to it, (ii) will not violate or constitute a
breach or default under any agreement by which it may be bound, (iii) will not require the consent of or any notice or other filing with any third party, including any governmental authority, and (iv) have been duly and validly authorized,
and no other proceedings on the part of Hamilton Beach Holding are necessary to authorize this Agreement or to consummate the transactions contemplated hereby; this Agreement has been duly and validly executed and delivered by Hamilton Beach Holding
and, assuming it has been duly and validly authorized, executed and delivered by the other parties hereto, constitutes a legal, valid and binding obligation of Hamilton Beach Holding enforceable against Hamilton Beach Holding in accordance with its
terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws relating to or affecting enforcement of creditors’ rights generally, and general
principles of equity (regardless of whether enforcement is considered in a proceeding at Law or in equity). 
  

	7.	TERM; TERMINATION. 

 This Agreement shall terminate automatically, without further action
of the parties hereto, upon the expiration of the Lock-Up Period. No party hereto will be relieved from any liability for breach of this Agreement by reason of such termination. 

 

	8.	MISCELLANEOUS. 

 (a)    Remedies. The parties 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 breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the Court of Chancery of the State of Delaware or any federal court sitting in the State of Delaware, without
bond or other security being required, this being in addition to any other remedy to which they are entitled at law or in equity. 

(b)    Further Assurances. Each party shall cooperate and take such actions as may be reasonably requested by
another party in order to carry out the provisions and purposes of this Agreement and the transactions contemplated hereby and compliance with the provisions hereof. 

(c)    Expenses. Except as otherwise expressly provided in this Agreement, all costs and expenses incurred after
the date hereof in connection with the transactions contemplated 

  
 - 14 - 

 
hereby and compliance with the provisions hereof shall be paid by the party incurring such costs and expenses. 

(d)    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware. 
 (e)    Jurisdiction. All actions and proceedings arising out of or relating to this Agreement shall
be heard and determined in the Court of Chancery of the State of Delaware, or, if the Court of Chancery lacks subject matter jurisdiction, in any federal court sitting in the State of Delaware, and the parties hereto hereby irrevocably submit to the
exclusive jurisdiction of such courts (and, in the case of appeals, appropriate appellate courts there from) in any such action or proceeding and irrevocably waive the defense of an inconvenient forum to the maintenance of any such action or
proceeding. The consents to jurisdiction set forth in this paragraph shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be
deemed to confer rights on any Person other than the parties hereto. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by applicable Law. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. 

(f)    Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations hereunder
shall be assigned or delegated in whole or in part, by operation of Law, or otherwise, by any of the parties without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall be binding upon, inure to
the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns, including, in the case of any Family Member, any trustee, executor, heir, legatee or personal representative succeeding to the ownership
of the Family Member Shares (including upon the death, disability or incapacity of any Family Member). Any purported assignment or delegation not permitted under this Section 8(f) shall be null and void and shall not
relieve the assigning or delegating party of any obligation hereunder. 
 (g)    Descriptive Headings. Headings
of Sections and subsections of this Agreement are for convenience of the parties only, and shall be given no substantive or interpretive effect whatsoever. 

(h)    Entire Agreement; No Third-Party Beneficiaries. This Agreement constitutes the entire agreement, and
supersedes all other prior agreements and understandings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. Nothing in this Agreement shall be construed as giving any person, other than the parties
hereto and their respective heirs, successors, legal representatives and permitted assigns, any right, remedy or claim under or in respect of this Agreement or any provision hereof. 

(i)    Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall
be deemed given if delivered personally, facsimiled (which is 

  
 - 15 - 

 
confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 

If to any Family Member, to: 
  

	
	 Hamilton Beach Brands Holding Company, as the Administrator

4421 Waterfront Dr.

	 Glen Allen, VA 23060

	 Attention: Dana B. Sykes

	 Facsimile: (804) 527-7218

 If to NACCO, to: 
  

	
	 NACCO Industries, Inc.

	 5875 Landerbrook Drive

	 Cleveland, OH 44124

	 Attention: John Neumann

	 Facsimile: (972) 387-1031

 If to Hamilton Beach Holding, to: 
  

	
	 Hamilton Beach Holding

	 4421 Waterfront Dr.

	 Glen Allen, VA 23060

	 Attention: Dana B. Sykes

	 Facsimile: (804) 527-7218

 In each case, with a copy (which shall not constitute notice) to: 

 

	
	 McDermott Will & Emery LLP

	 444 West Lake Street, Suite 4000

	 Chicago, IL 60606

	 Attention: Thomas J. Murphy

	 Facsimile: (312) 277-9085

 or such other address or facsimile number as such party may hereafter specify by like notice to the other parties hereto. All
such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such
notice, request or communication shall be deemed not to have been received until the next succeeding business day in the place of receipt. 

(j)    Severability. If any term or other provision of this Agreement is determined by a court of competent
jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as

  
 - 16 - 

 
possible to the fullest extent permitted by applicable law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. 

(k)    Amendments and Waivers. Subject to Section 8(j) hereof, the provisions of this
Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers of or consents to departures from the provisions hereof may not be given, unless approved in writing by each of NACCO, Hamilton Beach
Holding and the Administrator. 
 (l)    No Implied Waivers. No action taken pursuant to this Agreement,
including any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained herein or made pursuant hereto.
The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by any party to exercise any right or privilege hereunder shall be
deemed a waiver of such party’s rights or privileges hereunder or shall be deemed a waiver of such party’s rights to exercise the same at any subsequent time or times hereunder. 

(m)    Legends; Stop Transfer Instructions. 

(i)    The Administrator may require that each certificate or other instrument representing any Family
Member Shares that are subject to any of the provisions of this Agreement bear a legend substantially in the following form, in addition to any other legend required under applicable law or by contract: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A TRANSFER RESTRICTION AGREEMENT, DATED AS OF
[            ], 2017, BY AND AMONG NACCO INDUSTRIES, INC., A DELAWARE CORPORATION, HAMILTON BEACH BRANDS HOLDING COMPANY, A DELAWARE CORPORATION, AND EACH OF THE MEMBERS OF THE RANKIN AND
TAPLIN FAMILIES PARTY THERETO. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE ISSUER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE. THE SALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE OR ANY INTEREST THEREIN IS RESTRICTED BY SUCH AGREEMENT AND ANY SUCH SALE, PLEDGE, TRANSFER OR OTHER DISPOSITION MAY BE MADE ONLY UPON COMPLIANCE THEREWITH.” 

(ii)    In order to ensure compliance with the transfer restrictions provided for in this Agreement, NACCO
and/or Hamilton Beach Holding may issue appropriate “stop transfer” certificates or instructions in the event of a Transfer in violation of any provision of this Agreement and may make appropriate notations to the same effect in their
stock record books. 
 (n)    Interpretation. When a reference is made in this Agreement to a Section, Exhibit or
Schedule, such reference shall be to a Section of, or an Exhibit or Schedule to, this Agreement 

  
 - 17 - 

 
unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. The words “hereof”,
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 

(o)    Counterparts. This Agreement may be executed in counterparts (each of which shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement) and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties. 

(p)    The Administrator. 

(i)    Appointment of the Administrator. Each Family Member hereby constitutes and irrevocably
appoints, effective from and after the date hereof, Hamilton Beach Holding as such Family Member’s agent and attorney-in-fact (the “Administrator”)
to act as the Family Members’ Representative under this Agreement in accordance with the terms of this Section 8(p). In the event of the resignation of the Administrator, a successor Administrator reasonably satisfactory to NACCO and
Hamilton Beach Holding shall thereafter be appointed by an instrument in writing signed by such successor Administrator and by those Family Members who, as of the date hereof, held a majority of the outstanding Family Member Shares held by all
Family Members, and such appointment shall become effective as to any such successor Administrator when a copy of such instrument shall have been delivered to NACCO and Hamilton Beach Holding. 

(ii)    Authority. The Administrator is hereby authorized and empowered to act for, and on behalf
of, any or all of the Family Members (with full power of substitution in the premises) in connection with (i) the approval of any Transfer as required by, and in accordance with, this Agreement and (ii) such other matters as are reasonably
necessary for continued compliance by the Family Members with the terms of this Agreement. The Family Members shall cooperate with the Administrator and any attorneys or other agents whom the Family Member may retain to assist in carrying out its
duties hereunder. Each Family Member by execution of this Agreement, and without any further action, confirms such appointment and authority. Notices given to the Administrator in accordance with the provisions of this Agreement shall constitute
notice to the Family Members for all purposes under this Agreement. 
 (iii)    Extent and Survival of
Authority. The appointment of the Administrator is an agency coupled with an interest and is irrevocable and any action taken by the Administrator pursuant to the authority granted in this Section 8(p) shall be effective and absolutely
binding on each Family Member notwithstanding any contrary action of or direction from such Family Member, except for actions or omissions of the Administrator constituting willful 

  
 - 18 - 

 
misconduct or gross negligence. The death or incapacity, or dissolution or other termination of existence, of any Family Member shall not terminate the authority and agency of the Administrator.

 (iv)    Release from Liability; Indemnification. Each Family Member hereby releases the
Administrator from, and each Family Member agrees to indemnify the Administrator against, liability for any action taken or not taken by the Administrator in his capacity as such, except for the liability of the Administrator to a Family Member for
loss which such Family Member may suffer from the willful misconduct or gross negligence of the Administrator in carrying out his duties hereunder. The Administrator shall not be liable to any Family Member or to any other Person, with respect to
any action taken or omitted to be taken by the Administrator in his role as Administrator under or in connection with this Agreement, unless such action or omission results from or arises out of willful misconduct or gross negligence on the part of
the Administrator. 
 [Signature Page Follows] 

  
 - 19 - 

 IN WITNESS WHEREOF, each of the undersigned has executed this agreement as of the date first
above written. 
  

			
	NACCO INDUSTRIES, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	HAMILTON BEACH BRANDS HOLDING COMPANY

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [FAMILY MEMBER SIGNATURE PAGES
ATTACHED]                                 

  
 - 20 - 

 Schedule 1 

Ownership 
  

																	
	 	  	NACCO Common Stock	 	  	Hamilton Beach Holding Common Stock	 
	 Name
	  	Class A	 	  	Class B	 	  	Class A	 	  	Class B	 
		  				  				  				  			

  
 - 21 - 

 Schedule 5(b) 

Liens on Family Member Shares 
  

	1.	Stockholders’ Agreement: 

  

	 	a.	Stockholders’ Agreement dated as of [            ], 2017 by and among the signatures thereto, Hamilton Beach Brands Holding Company and Depository (as
defined in Section 1.10 of the Agreement) 

  

	2.	Employee Incentive and Director Fee Shares: 

 Messrs. Alfred Rankin and J.C. Butler, Jr.
have received shares of NACCO Class A Common Stock pursuant to the terms of NACCO’s employee long-term equity incentive program. David B.H. Williams, David F. Taplin and Britton T. Taplin have received shares of NACCO Class A Common
Stock pursuant to the terms of NACCO’s director fee equity program. All such shares are issued with restriction on transfer language. 

  
 - 22 -merion_ex101.htm

EXHIBIT 10.1
  
 SECURITIES PURCHASE AGREEMENT
  
 This Securities Purchase Agreement (this “Agreement”) is dated as of September 1, 2017 (the “Effective Date”) by and between Merion, Inc., a Nevada corporation (the “Company”) and Jinhua Wang (the “Purchaser”).
  
 RECITALS
  
 WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an exemption from the registration requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulations D and S thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, certain securities of the Company as more fully described in this Agreement.
  
 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 agree as follows:
  
 ARTICLE I.
 DEFINITIONS
  
 1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth in this Section 1.1:
  
 “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in, and construed, under Rule 405 under the Securities Act. 
  
 “Board of Directors” means the board of directors of the Company.
  
 “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
  
 “Closing” means the closing of the purchase and sale of the Shares pursuant to Section 2.1.
  
 “Closing Date” means the day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchaser’s obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Shares, in each case, have been satisfied or waived, but in no event later than September 30, 2017.
  
 “Commission” means the United States Securities and Exchange Commission.
  
 “Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
  
 “Exchange Rules” shall mean the listing rules of The OTCQB Marketplace.
   	 
	1
	 
 
	 

  
 “Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
  
 “Per Share Purchase Price” equals $0.90 per share of Common Stock, subject to adjustment for reverse and forward stock splits, stock combinations and other similar transactions of the Common Stock that may occur after the date of this Agreement.
  
 “Person” means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
  
 “Required Approvals” shall have the meaning ascribed to such term in Section 3.1(c).
  
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 
  
 “SEC Reports” shall have the meaning ascribed to such term in Section 3.1(f).
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
  
 “Securities Laws” means, collectively, the Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), the Securities Act, the Exchange Act, the Rules and Regulations, the auditing principles, rules, standards and practices applicable to auditors of “issuers” (as defined in Sarbanes-Oxley) promulgated or approved by the Public Company Accounting Oversight Board, the Exchange Rules and applicable state securities laws and regulations. 
  
 “Shares” means an aggregate of 110,045 shares of Common Stock to be issued to the Purchaser pursuant to this Agreement (the “Shares”).
  
 “Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock).
  
 “Subscription Amount” means, an aggregate amount of $99,400 to be paid for Shares purchased by the Purchaser in United States dollars and in immediately available funds.
  
 “Subsidiary” means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.
  
 “Trading Day” means a day on which the principal Trading Market is open for trading.
  
 “Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the OTCQB or the OTC Pink Open Market (or any successors to any of the foregoing).
  
 “Transaction Documents” means this Agreement, and any other documents or agreements executed between the Company and the Purchaser in connection with the transactions contemplated hereunder.
  
 “Transfer Agent” means Globex Transfer, LLC, the current transfer agent of the Company, with a mailing address of 780 Deltona Blvd., Suite 202, Deltona, FL 32725, and any successor transfer agent of the Company.
  
  	 
	2
	 
 
	 

  
 ARTICLE II.
 PURCHASE AND SALE
  
 2.1 Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchaser agrees to purchase, up to an aggregate of 110,450 of Shares. Upon receiving the Purchaser’s Subscription Amount on the Closing Date and the delivery by the Purchaser of the other items set forth in Section 2.2 deliverable at the Closing, the Company shall deliver the Shares to the Purchaser as determined pursuant to Section 2.2(a). 
  
 2.2 Deliveries.
  
 (a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser each of the following:
  
 (i) this Agreement duly executed by the Company;
  
 (ii) subject to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver the Shares equal to the Purchaser’s Subscription Amount divided by the Per Share Purchase Price, in the name of the Purchaser. 
  
 (b) On or prior to the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company, as applicable, the following:
  
 (i) this Agreement duly executed by the Purchaser; and
  
 (ii) the Purchaser’s Subscription Amount by wire transfer to the bank account directed by the Company.
  
 2.3 Closing Conditions. 
  
 (a) The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:
  
 (i) the accuracy when made and on the Closing Date of the representations and warranties of the Purchaser contained herein (unless as of a specific date therein in which case they shall be accurate as of such date); 
  
 (ii) all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been performed; and
  
 (iii) the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement on or prior to the Closing Date.
  
  	 
	3
	 
 
	 

  
 (b) The obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:
  
 (i) the accuracy when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they will be accurate as of such date); 
  
 (ii) all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed; 
  
 (iii) the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement on or prior to the Closing Date; and
  
 (iv) there shall have been no material adverse effect with respect to the Company since the date hereof.
  
 ARTICLE III.
 REPRESENTATIONS AND WARRANTIES
  
 3.1 Representations and Warranties of the Company. Except as indicated in the SEC Reports, the Company hereby represents and warrants to the Purchaser as of the date of this Agreement and as of the Closing Date as follows:
  
 (a) Organization and Qualification. The Company and each of the Subsidiaries, if any, is an entity duly incorporated or otherwise organized and validly existing under the laws of each jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. 
  
 (b) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith other than in connection with the Required Approvals (as defined below). 
  
 (c) Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any governmental authority or any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents or the offer, issue and sale of the Shares, other than: (i) the disclosure filing required for this Agreement, (ii) such filings as are required to be made under applicable state securities laws, and (iii) such consents, waivers and authorizations that shall be obtained prior to the Closing (collectively, the “Required Approvals”).
  
 (d) Authorization of the Shares. The Shares to be sold by the Company and their issue and sale are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and free and clear of all Liens imposed by the Company.
  
 (e) Capitalization. Except as may be described in the SEC Reports, all of the issued share capital of the Company has been duly and validly authorized and issued, is fully paid and non-assessable. 
   	 
	4
	 
 
	 

  
 (f) SEC Reports. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto, documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”). 
  
 (g) 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. 
  
 (h) No Broker. The Company has not employed any broker, finder or agent, nor become obligated in any way to pay any broker’s, finder’s or agent’s or similar fee with respect to the purchase and sale of the Shares.
  
 3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as made of a specific date stated therein, in which case they shall be accurate as of such date):
  
 (a) Organization; Authority. The Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by the Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of the Purchaser. Each Transaction Document to which it is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its terms.
  
 (b) Understandings or Arrangements. The Purchaser is acquiring the Shares for its own account and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of the Shares (this representation and warranty not limiting the Purchaser’s right to sell the Shares in compliance with applicable federal and state securities laws). The Purchaser is acquiring the Shares as principal, not as nominee or agent, and not with a view to or for distributing or reselling the Shares or any part thereof in violation of the Securities Act or any applicable state securities law.
  
 (c) Foreign Investors. The Purchaser hereby represents that it has satisfied itself as to the full observance by the Purchaser of the laws of its jurisdiction applicable to the Purchaser in connection with the purchase of the Shares or the execution and delivery by the Purchaser of this Agreement and the Transaction Documents, including (i) the legal requirements within its jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to the purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the Purchaser’s purchase, holding, redemption, sale, or transfer of the Shares. The Purchaser’s subscription and payment for, and continued beneficial ownership of, the Shares will not violate any securities or other laws of the Purchaser’s jurisdiction applicable to the Purchaser.
   	 
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 (d) Experience of Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.
  
 (e) Access to Information. The Purchaser acknowledges that it has had the opportunity to review the Transaction Documents and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. 
  
 (f) Regulation S. The Purchaser is a non-U.S. person (as such term is defined in Rule 902 of Regulation S under the Securities Act) and is not acquiring the Shares for the account or benefit of a U.S. person. The Purchaser will not, within six (6) months of the date of the transfer of the Shares to the Purchaser, (i) make any offers or sales of the Shares in the United States or to, or for the benefit of, a U.S. person (in each case, as defined in Regulation S) other than in accordance with Regulation S or another exemption from the registration requirements of the Securities Act, or (ii) engage in hedging transactions with regard to the Shares unless in compliance with the Securities Act. Neither the Purchaser nor any of the Purchaser’s Affiliates or any person acting on his/her or their behalf has engaged or will engage in directed selling efforts (within the meaning of Regulation S) with respect to the Shares, and all such persons have complied and will comply with the offering restriction requirements of Regulation S in connection with the offering of the Shares outside of the United States.
  
 (g) Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, the Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that the Purchaser first discussed the transaction with the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending ending on the date when this Agreement is publicly disclosed by the Company. The Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).
  
 (h) Purchaser Status. At the time the Purchaser was offered the Shares, it was, and as of the date hereof it is, an “accredited investor” as defined in Rule 501(a) under the Securities Act.
  
 (i) No Registration. The Purchaser understands that the Shares have not been, and will not be, registered under the Securities Act or applicable securities laws of any state or country and therefore the Shares cannot be sold, pledged, assigned or otherwise disposed of unless they are subsequently registered under the Securities Act and applicable state securities laws or exemptions from such registration requirements are available. The Company shall be under no obligation to register the Shares under the Securities Act and applicable state securities laws, and any such registration shall be in the Company’s sole discretion. 
  
 (j) No General Solicitation. The Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.
   	 
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 (j) Brokers or Finders. The Purchaser has not engaged any brokers, finders or agents, and the Company has not, nor will, incur, directly or indirectly, as a result of any action taken by the Purchaser, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Agreement.
  
 ARTICLE IV.
 OTHER AGREEMENTS OF THE PARTIES
  
 4.1 Reservation of Securities. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for issuance pursuant to the Transaction Documents in such amount as may then be required to fulfill its obligations in full under the Transaction Documents. 
  
 4.2 Certain Transactions and Confidentiality. The Purchaser covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending on the date when this Agreement is publicly disclosed by the Company. The Purchaser also covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company, the Purchaser will maintain the confidentiality of the existence and terms of this transaction. 
  
 4.3 Legends. The Shares may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Shares other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of the Purchaser or in connection with a pledge as contemplated in this Section 4.3, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Shares under the Securities Act. The Purchaser agrees to the imprinting, so long as is required by this Section 4.3, of a legend on all of the certificates evidencing the Shares in the following form:
  
 THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.
  
 ARTICLE V.
 MISCELLANEOUS
  
 5.1 Termination. This Agreement may be terminated by the Company or the Purchaser by written notice to the other party if the Closing has not been consummated on or before September 30, 2017; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).
   	 
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 5.2 Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, 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. 
  
 5.3 Entire Agreement. The Transaction Documents contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
  
 5.4 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.
  
 5.5 Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and the Purchaser, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver 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 subsequent default or a waiver of any other provision, 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.
  
 5.6 Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.
  
 5.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. No party hereto may assign this Agreement or any rights or obligations hereunder without the prior written consent of the Company and the Purchaser. 
  
 5.8 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in this Section 5.8.
  
 5.9 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the Clark County, Nevada. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Clark County, Nevada, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. 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 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 contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. 
   	 
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 5.10 Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Shares. The terms of this Article V shall survive any termination of the Agreement pursuant to Section 5.1. 
  
 5.11 Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 
  
 5.12 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.
  
 5.13 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.
  
 5.14 Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement. The English version of this Agreement, regardless of whether a translation in any other language is or will be made, shall be the only authentic version.
  
 5.15 WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 
  
 (Signature Pages Follow)
  
  	 
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 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
  
 COMPANY
  
 MERION, INC.
  
 By: /s/ Dinghua Wang                                          
 Name: DINGHUA WANG 
 Title: President 
 Address for Notice:
 9550 Flair Dr, Suite 308
 El Monte CA 91731
 Fax: ________________
 Email: ______________
  
 By: /s/ Jinhua Wang                                              
 Name: JINHUA WANG
 Title:
 Address:
 Fax:
 Email:  
  
  
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