Document:

Exhibit 10.2

 

THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE
OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT AND THE SHARES ISSUABLE UPON
EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
OR APPLICABLE EXEMPTION OR SAFE HARBOR PROVISION.

 

TDH HOLDINGS, INC.

COMMON SHARES PURCHASE WARRANT

 

Warrant Shares: [●]

Issuance Date: July 26, 2022

 

In connection with the closing of the transaction
contemplated by that certain Securities Purchase Agreement, dated of even date herewith, by and among TDH Holdings, Inc., a British Virgin
Islands corporation (the “Company”), and the other signatories thereto (the “Securities Purchase Agreement”),
the Company agrees to issue you a warrant (the “Warrant”) to purchase the number of shares of common shares, $0.02
par value per share (the “Common Shares”), of the Company set forth herein, subject to the terms and conditions contained
herein. Unless otherwise separately defined herein, all capitalized terms in this Warrant shall have the same meaning as is set forth
in the Securities Purchase Agreement.

 

1. Issuance of Warrant; Exercise Price.
The Warrant shall provide that you and such other holder(s) of the Warrant, as such may be assigned in accordance herewith, shall have
the right to purchase an aggregate of up to [●] shares of Common Shares for an exercise price equal to $2.44 per share (the
”Exercise Price”), as described more fully herein. The number, character and Exercise Price of such shares are subject
to adjustment as hereinafter provided, and the term “shares” shall mean, unless the context otherwise requires, the shares
of Common Shares and other securities and property receivable upon exercise of the Warrant. The term “Exercise Price” shall
mean, unless the context otherwise requires, the price per share purchasable under the Warrant as set forth in this Section 1, as
adjusted from time to time pursuant to Section 4.

 

2. No Impairment. The Company
shall not, by amendment of its organizational documents or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities, or any other action, avoid or seek to avoid the observance or performance of any other action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith take any and all action
as may be necessary in order to protect the rights of the holder(s) of the Warrant against impairment. Without limiting the generality
of the foregoing, the Company (a) will at all times reserve and keep available, solely for issuance and delivery upon exercise of
the Warrant, shares issuable from time to time upon exercise of the Warrant, and (b) will take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares upon the exercise of the Warrant,
or any portion of it.

 

3. Exercise of Warrant.

 

(a)  Exercise for Cash. At
any time and from time to time on or after the issuance of this Warrant and expiring on July 26, 2024 at 11:59 p.m., Eastern Standard
Time (the “Exercise Period”), the Warrant may be exercised as to all or any portion of the whole number of shares covered
by the Warrant by the holder thereof by surrender of the Warrant, in whole or in part, by delivery (whether via facsimile or otherwise)
of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”) and by a wire transfer
or check payable to the order of the Company in the amount required for purchase of the shares as to which the Warrant is being exercised,
delivered to the Company at its principal office at 2521 Tiejueshan Road, Huangdao District, Qingdao, Shandong Province,
PRC.

 

     

     

    

 

(b) Cashless Exercise. In lieu of
an exercise under Section 3(a), the Warrant may be exercised in whole or in part and, in lieu of making the cash payment otherwise contemplated
to be made to the Company upon such exercise in payment, elect instead to receive upon such exercise the “Net Number” of Common
Shares determined according to the following formula (a “Cashless Exercise”):

 

Net Number = (A x B) - (A x C)

D

 

For purposes of the foregoing formula:

 

A= the total number of shares with respect to
which this Warrant is then being exercised.

 

B = the quotient of (x) the sum of the closing
sales price of the Common Shares as reported by NASDAQ of each of the ten (10) trading days prior to and ending at the close of business
of NASDAQ on the date of exercise as set forth in the applicable Exercise Notice, divided by (y) ten (10).

 

C = the exercise price then in effect for the
applicable Common Shares at the time of such exercise.

 

D = as elected by the holder, either (i) the closing
sale price of the Common Shares on the trading day immediately preceding the date of the applicable Exercise Notice, (ii) the bid price
of the Common Shares as of the time of the holder’s execution of the applicable Exercise Notice if such Exercise Notice is executed
during “regular trading hours” on a trading day and is delivered within two (2) hours to the Company, or (iii) the closing
sale price of the Common Shares on the date of the applicable Exercise Notice if the date of such Exercise Notice is a trading day and
such Exercise Notice is both executed and delivered to the Company after the close of “regular trading hours” on such trading
day.

 

In no event shall the Net Number of Common Shares
issued under a Cashless Exercise exceed the aggregate amount of Common Shares identified in paragraph 1 to this Warrant. If the Common
Shares are issued in a Cashless Exercise, for purposes of Rule 144(d) promulgated under the 1933 Act, as currently in effect, it is intended
that the Common Shares issued in a Cashless Exercise shall be deemed to have been acquired by the holder, and the holding period for the
Common Shares shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Securities Purchase Agreement.

 

(c) Issuance of Shares. Upon
the exercise of a Warrant in whole or in part, and upon receipt of an Exercise Notice, the Company will, within fifteen (15) days
thereafter, at its expense (including the payment by the Company of any applicable issue or transfer taxes), cause to be issued in the
name of and delivered to the Warrant holder a certificate or certificates for the number of fully paid and non-assessable shares to which
such holder is entitled upon exercise of the Warrantor or issue the number of Common Shares to which the Holder shall be entitled pursuant
to such exercise to the Transfer Agent via book-entry for the account of the holder. In the event such holder is entitled to a fractional
share, in lieu thereof, such holder will receive the number of Common Shares rounded down to the nearest whole number. Certificates for
shares issuable by reason of the exercise of the Warrant or book entry shall be dated and shall be effective as of the date of the surrendering
of the Warrant for exercise, notwithstanding any delays in the actual execution, issuance or delivery of the certificates or transfer
to book-entry for the shares so purchased. In the event the Warrant is exercised as to less than the aggregate amount of all shares issuable
upon exercise of the Warrant held by such person, the Company shall issue a new Warrant to the holder of the Warrant so exercised covering
the aggregate number of shares as to which the Warrant remains unexercised.

 

    2

     

    

 

4. Protection Against Dilution.
The Exercise Price for the shares and number of shares issuable upon exercise of the Warrant, in whole or in part, is subject to adjustment
from time to time as described in this Section 4. The Exercise Price will be equitably adjusted for any distributions or corporate
actions that would otherwise have the effect of reducing the value of the warrants except for ordinary monthly cash dividends. Specifically,
Exercise Price adjustments shall result from stock dividends, splits, subdivisions, reclassifications, reorganization, consolidation,
and any other extraordinary corporate action that has the effect of reducing the value of the warrants. This provision shall not, however,
be interpreted to grant the Warrant holder price protection on any subsequent financing.

 

(a) Certificate as to Adjustments.
In the event of adjustment as herein, the Company shall promptly mail to each Warrant holder a certificate setting forth the Exercise
Price and number of shares issuable upon exercise after such adjustment and setting forth a brief statement of facts requiring such adjustment.
Such certificate shall also set forth the kind and amount of stock or other securities or property into which the Warrant shall be exercisable
after any adjustment of the Exercise Price as provided in this Warrant.

 

(b) Minimum Adjustment.
Notwithstanding the foregoing, no certificate as to adjustment of the Exercise Price hereunder shall be made if such adjustment results
in a change in the Exercise Price then in effect of less than five cents ($0.05) and any adjustment of less than five cents ($0.05) of
any Exercise Price shall be carried forward and shall be made at the time of and together with any subsequent adjustment that, together
with any subsequent adjustment that, together with the adjustment or adjustments so carried forward, amounts to five cents ($0.05) or
more; provided however, that upon the exercise of a Warrant, the Company shall have made all necessary adjustments (to the nearest cent)
not theretofore made to the Exercise Price up to and including the date upon which such Warrant is exercised.

 

5. Successors and Assigns; Binding Effect.
This Warrant shall be binding upon and inure to the benefit of you and the Company and their respective successors and permitted assigns.

 

6. Notices. Any notice hereunder
shall be given by registered or certified mail, if to the Company, at its principal office referred to in Section 3(a) and, if to
a holder, to the holder’s address shown in the Warrant ledger of the Company, provided that any holder may at any time on three
(3) days’ written notice to the Company designate or substitute another address where notice is to be given. Notice shall be
deemed given and received after a certified or registered letter, properly addressed with postage prepaid, is deposited in the U.S. mail.

 

7. Assignment; Replacement of Warrant.
Subject to the terms of the Securities Act of 1933, relevant state securities law this Warrant is assignable. If the Warrant is assigned,
in whole or in part, the Warrant shall be surrendered at the principal office of the Company, and thereupon, in the case of a partial
assignment, a new Warrant shall be issued to the holder thereof covering the number of shares not assigned, and the assignee shall be
entitled to receive a new Warrant covering the number of shares so assigned. Upon receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of any Warrant and appropriate bond or indemnification protection, the Company shall issue
a new Warrant of like tenor.

 

    3

     

    

 

9. Rights of Shareholders. Until
exercised, the Warrant shall not entitle the holder thereof to any of the rights of a shareholder of the Company.

 

10. Governing Law. This Warrant
shall be governed and construed in accordance with the laws of the State of New York without giving effect to the principles of choice
of laws thereof.

 

11. Definition. All references
to the word “you” in this Warrant shall be deemed to apply with equal effect to any persons or entities to whom a Warrant
has been transferred in accordance with the terms hereof, and, where appropriate, to any persons or entities holding shares issuable upon
exercise of a Warrant.

 

12. Headings. The headings herein
are for purposes of reference only and shall not limit or otherwise affect the meaning of any of the provisions hereof.

 

	 	TDH HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	Name:	 Dandan Liu
	 	Title:	
    Chair and CEO

    

 

Name of Holder

 

	By: 	 	 
	Name:	 	 
	Title:	 	 

  

    4

     

    

EXHIBIT A

 

EXERCISE
NOTICE

 

TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE common SHARES

 

TDH HOLDINGS, INC.

 

The undersigned holder hereby
elects to exercise the Warrant to Purchase Common Shares No. _______ (the “Warrant”) of TDH Holdings, Inc. a British
Virgin Islands business company (the “Company”) as specified below. Capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Warrant.

 

1. Form of Exercise Price.
The Holder intends that payment of the Aggregate Exercise Price shall be made as:

 

	 	[  ]	a “Cash Exercise” with respect to _________________ Warrant Shares; and/or
	 	 	 
	 	[  ]	a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

In the event that the Holder
has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder hereby represents
and warrants that (i) this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the date set forth below and (ii)
if applicable, the Bid Price as of such time of execution of this Exercise Notice was $________.

 

2. Payment of Exercise
Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued pursuant
hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms
of the Warrant.

 

3. Delivery of Warrant
Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Common Shares in accordance with
the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

[  ] Check here
if requesting delivery as a certificate to the following name and to the following address:

 

	 	Issue to:	 
	 	 	 
	 	 	 

 

	 	[  ]	Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows: 

 

	 	DTC Participant:	 
	 	DTC Number:	 
	 	Account Number:	 

 

[  ] Check here
if requesting delivery as book-entry to VStock Transfer LLC:

 

	 	Issue to:	 
	 	Account Number:	 

 

	Date: _____________ __,____	 
	 	 
	________________________	 
	Name of Registered Holder	 

 

	By: 	 	 
	Name:	 	 
	Title:	 	 

 

	 	Tax ID:		 
	 	Facsimile:		 
	 	E-mail Address:		 

 

 

5Exhibit 10.1

 

SECOND AMENDMENT TO REVOLVING PROMISSORY NOTE
AGREEMENT

 

This Second Amendment to Revolving Promissory Note
Agreement is made and entered into as of the 2nd day of June 2022, by and between Outdoor Specialty Products, Inc., a Nevada corporation
(“Borrower”), and Kirk Blosch (“Noteholder”).

 

WHEREAS, Borrower and Noteholder entered into that
certain Revolving Promissory Note Agreement, dated January 4, 2021, in the original principal amount of $40,000.00, as amended by that
certain First Amendment to Revolving Promissory Note Agreement, dated as of December 1, 2021 (collectively, the “Original Note”);
and

 

WHEREAS, Borrower and Noteholder desire to amend
the Original Note to increase the amount of Principal Indebtedness and extend the Maturity Date as provided herein.

 

NOW, THEREFORE, in consideration of the premises
and covenants set forth herein, the parties hereto agree as follows:

 

1. Increase in Principal Indebtedness. The
Original Note is hereby amended by changing the principal amount of the Note at the top of the first page from US $40,000 to US
$55,250 and by changing the amount of the Principal Indebtedness in the preamble of the Original Note from FORTY THOUSAND AND NO/100
DOLLARS (US$40,000.00) to FIFTY-FIVE THOUSAND TWO HUNDRED FIFTY AND NO/100 DOLLARS (US$55,250.00).

 

2. Extension of Maturity Date. Section 1(a)
of the Original Note captioned “Maturity Date,” is hereby amended by changing the Maturity Date from June 30, 2022, to December
31, 2022.

 

3. Defined Terms / No Further Modification.
Any terms used but not defined herein shall have the meanings ascribed to them in the Original Note. Except as expressly set forth herein,
the Original Note shall remain unmodified and shall continue in full force and effect.

 

Dated as of June 2, 2022.

 

	 	Borrower:
	 	 
		OUTDOOR SPECIALTY PRODUCTS, INC.
	 	 	 
	 	By 	/s/ Kirk Blosch
	 	Name: 	Kirk Blosch
	 	Title: 	President
	 	 	 
		Noteholder:
	 	 	 
	 	/s/ Kirk Blosch
	 	Kirk Blosch

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