Document:

SHAREHOLDERS’
AGREEMENT

 

This
Shareholders’ Agreement (this “Agreement”), dated as of
the date last written below, yet effective for all purposes as of October 24, 2014, is entered into among BIOPOWER OPERATIONS
CORPORATION, a Nevada corporation (the “Company”), and each of the Persons (defined hereinafter) set forth
in Schedule 1 attached hereto (each such Person, a “Shareholder” and, collectively, the “Shareholders”).
The Company and the Shareholders may be referred to hereinafter individually as a “Party” and, collectively, as the
“Parties.” Any capitalized term herein that is not independently defined herein shall be ascribed its meaning under
the Share Exchange Agreement.

 

RECITALS

 

WHEREAS,
the Parties are also parties to that certain Share Exchange Agreement of even date hereof (the “Share Exchange Agreement”);
and

 

WHEREAS,
in accordance with the Share Exchange Agreement and as the Company and the Shareholders independently concluded, the Parties believe
it to be in their respective best interests to set forth in this Agreement their respective rights and obligations in connection
with their status as Shareholders of the Company.

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

Definitions

 

Capitalized
words or phrases used herein and not otherwise defined within the context in which they appear shall have the meanings set forth
in this Article I; provided, however, that as to any capitalized word or phrase that may neither be defined within the
context in which it may appear, nor within this Article I, same shall be ascribed their meanings set forth in the Share Exchange
Agreement.

 

“Affiliate”
means with respect to any Person, any other Person who, directly or indirectly (including through one or more intermediaries),
controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control,”
when used with respect to any specified Person, shall mean the power, direct or indirect, to direct or cause the direction of
the management and policies of such Person, whether through ownership of voting securities or partnership or other ownership interests,
by contract or otherwise; and the terms “controlling” and “controlled” shall have correlative meanings.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Applicable
Law” means all applicable provisions of (a) constitutions, treaties, statutes, laws (including the common law), rules,
regulations, decrees, ordinances, codes, proclamations, declarations or orders of any Governmental Authority, (b) any consents
or approvals of any Governmental Authority and (c) any orders, decisions, advisory or interpretative opinions, injunctions, judgments,
awards, decrees of, or agreements with, any Governmental Authority.

 

    	1

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

“Articles
of Incorporation” means the articles of incorporation of the Company, as filed on with the Secretary of State of the
State of Nevada and as amended, modified, supplemented or restated from time to time in accordance with the terms of this Agreement.

 

“Board”
has the meaning set forth in Section 2.01.

 

“Business”
means the business and affairs of the Company and its Subsidiaries as presently conducted and any such future business of
the Company and its Subsidiaries.

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in Broward County, Florida are
authorized or required to close.

 

“Bylaws”
means the Bylaws of the Company, as amended, modified, supplemented or restated from time to time in accordance with the terms
of this Agreement.

 

“Capital
Stock” means the Common Stock and Preferred Stock of the Company, collectively.

 

“Common
Stock” means the common stock, $.0001 par value per share, of the Company and any securities issued in respect thereof,
or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization,
merger, consolidation, exchange or similar reorganization.

 

“Company”
has the meaning set forth in the preamble.

 

“Competitor”
means any Person that directly or indirectly competes with the Company in the Business (or any portion thereof) and/or whose
business is or includes the Business (or any portion thereof).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations
thereunder, which shall be in effect at the time.

 

“Financing
Equity” means any Capital Stock, warrants or other similar rights to purchase Capital Stock issued to lenders or other
institutional investors (excluding the Shareholders) in any arm’s length transaction providing debt financing to the Company.

 

“Fiscal
Year” means for financial accounting purposes, December 1 to November 30.

 

“G3P
Shareholders” means Company shareholders J2SB International, LLC, Thomas Roberts, SGP, LLC, 4Times, LLC, and Rafael
Aguayo.

 

“G3P
Entities” means Company subsidiaries GREEN3POWER HOLDINGS COMPANY, a Delaware corporation, GREEN3POWER OPERATIONS,
INC., a Delaware corporation, and GREEN3POWER INTERNATIONAL COMPANY, LTD, an international business corporation existing under
the laws of the Federation of Nevis.

 

“GAAP”
means United States generally accepted accounting principles in effect from time to time.

 

    	2

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

“Government
Approval” means any authorization, consent, approval, waiver, exception, variance, order, exemption, publication, filing,
declaration, concession, grant, franchise, agreement, permission, permit, or license of, from or with any Governmental Authority,
the giving notice to, or registration with, any Governmental Authority or any other action in respect of any Governmental Authority.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or
instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory
authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Initial
Public Offering” means any underwritten public offering of Capital Stock pursuant to a registration statement filed
in accordance with the Securities Act, other than pursuant to a registration statement on Forms S-1, S-4 or Form S-8 or any similar
or successor form.

 

“Information”
has the meaning set forth in Section 4.03(b).

 

“Kohn”
means Company shareholder Robert Kohn, or/and, as applicable, his indirect interest as a shareholder in the Company through his
interest in Company shareholder China Energy Partners, LLC.

 

“Nelson”
means Company shareholder Bonnie Nelson or/and, as applicable, her indirect interest as a shareholder in the Company through her
interest in Company shareholder China Energy Partners, LLC..

 

“Organizational
Documents” means the Company’s Bylaws and Certificate of Incorporation.

 

“Permitted
Transferee” means with respect to any Shareholder, (a) any Affiliate of such Shareholder and (b) any Person to whom
shares of Capital Stock are Transferred from such Shareholder (i) by will or the laws of descent and distribution or (ii) by gift
without consideration of any kind, provided in the case of (i) and (ii) that such transferee is the spouse or the lineal descendant,
sibling or parent of such Shareholder or a trust that is for the exclusive benefit of such Shareholder or his, her or its Permitted
Transferees.

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated
organization, trust, association or other entity.

 

“Preferred
Stock” means the $1 par value preferred stock of the Company as authorized and designated from time to time by the Company
in accordance with its Articles of Incorporation and Bylaws and any securities issued in respect thereof, or in substitution therefor,
in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation,
exchange or similar reorganization.

 

“Reiner”
means Company shareholder Robert Reiner.

 

    	3

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

“Representative”
means, with respect to any Person, any and all directors, officers, employees, consultants, principals, financial advisors,
counsel, accountants and other agents of such Person.

 

“Williams”
means Neil Williams, a Shareholder of the Company.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations thereunder,
which shall be in effect at the time.

 

“Series
B Preferred Stock” means the Series B Preferred Stock of the Company as authorized in the Company’s Certificate
of Designation which is to be filed with the Nevada Secretary of State pursuant to the terms of the Share Exchange Agreement.

 

“Shareholders”
has the meaning set forth in the preamble.

 

“Share
Exchange Agreement” means the Share Exchange Agreement of even date hereof, by and among the Company, on the one hand,
and the Shareholders, who are the shareholders of the Green3Power Entities, on the other.

 

“Transfer”
means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily
or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any Capital Stock owned by a Person or any interest
(including a beneficial interest) in any Capital Stock owned by a Person.

 

ARTICLE
II

Management
and Operation of the Company

 

Section
2.01 Board of Directors.

 

(a) The
Shareholders agree that the business and affairs of the Company shall be managed through a board of directors (the “Board”)
in accordance with the applicable provisions of Company’s Organizational Documents and pursuant to Applicable Laws. The
Shareholders acknowledge that Robert Kohn, Bonnie Nelson and Michael Dinkes constitute the present members of the Board.

 

(b) The
Board shall consist of as many directors as the shareholders may determine from time to time, consistent with the Company’s
Articles of Incorporation, subject to the following:

 

(i) three
(3) members shall be designated by China Energy Partners, LLC (the “China Energy Designee”) and they consist
of Robert Kohn, Bonnie Nelson, and Michael Dinkes;

 

(ii) one
(1) shall be designated by Williams (the “Williams Designee”);

 

    	4

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

(iii) the
Shareholders, and existing Company shareholder, China Energy, hereby agree to cause the votes of their shares in the Company to
elect, or, as applicable, their own vote, or that of their board designee, to cause the Company’s board of directors to
appoint, Dr. Neil Williams (“Williams Designee”) to the board of directors of the Company. Additionally, the
Shareholders and China Energy also hereby agree to cause the Company, or as applicable, the Company’s subsidiary G3P Entities
to appoint Williams as the Chairman, CEO and President of the G3P Entities.

 

(iv) the
Shareholders and China Energy agree that they shall vote their shares in the Company to elect, or, as applicable, vote as a board
member of the Company’s board of directors, or otherwise cause their board designee to appoint, Reiner to the Board once
the Company obtains directors’ and officers’ indemnity insurance;

 

(v) the
remaining present and prospective directors shall be elected by a vote of the shareholders of the Company, including the G3P shareholders
hereunder, in accordance with the Company’s Organizational Documents and pursuant to Applicable Laws.

 

Section
2.02 Meetings of the Board of Directors. Meetings of the Board shall be called and conducted in accordance with the applicable
provisions of the Company’s Organizational Documents and pursuant to Applicable Laws.

 

Section
2.03 Matters Regarding G3P Entities. Kohn, Nelson and the G3P Shareholders shall cause their votes as
direct or indirect Company shareholders, and/or shall cause their Company designees to the Board, to vote or designate, as applicable,
the following persons or constituents to the boards of directors of the G3P Entities: Kohn, Nelson and four (4) of the G3P Shareholders.

 

Section
2.04 Resolution to Cause $25 Million Capital Raise. Kohn, Nelson and the G3P Shareholders shall cause their votes as
Company shareholders and/or cause their Company designees to the Board to vote or resolve, as applicable to cause the Company
to adopt appropriate resolutions authorizing the undertaking of a private equity capital raise of up to TWENTY-FIVE MILLION DOLLARS
($25,000,000), consistent with the parameters set forth in Section 3.07 of the Share Exchange Agreement as detailed on Exhibit
“E” thereto.

 

Section
2.05 Company’s Entry into Management and Operating Agreement.  Kohn, Nelson and the G3P Shareholders agree
that they shall vote their shares of the Company’s Common Stock or/and their votes as members of the boards of directors
of the Company and the G3P Entities to cause the Company to enter into a Management and Operations Agreement, consistent with
the provisions of the Section 3.08 of the Share Exchange Agreement and the form thereof attached as Exhibit “F” thereto.

 

ARTICLE
III

Transfer
of Interests

 

Section
3.01 General Restrictions on Transfer.

 

(a) Except
as allowed under the Lock-Up Agreement, each Shareholder agrees that such Shareholder will not, directly or indirectly, voluntarily
or involuntarily, Transfer any of its Capital Stock for a period of TWO (2) YEARS from the date hereof.

 

    	5

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

(b) Prior
notice shall be given to the Company by the transferor of any Transfer to a Permitted Transferee of any Capital Stock. Prior to
consummation of any Transfer by any Shareholder of any of its Capital Stock, such party shall cause the Permitted Transferee to
execute and deliver to the Company a joinder to this Agreement, agreeing to be bound by the terms and conditions of this Agreement.
Upon any Transfer by any Shareholder of any of its Capital Stock, in accordance with the terms of this Agreement, the Permitted
Transferee shall be substituted for, and shall assume, all the rights and obligations of such transferring Shareholder under this
Agreement. If a Permitted Transferee is an Affiliate of, or a trust for the exclusive benefit of certain persons related to a
Shareholder, but following the Transfer of Capital Stock by such Shareholder such Permitted Transferee is to cease to be an Affiliate
of, or such trust is to cease to be for the exclusive benefit of such persons related to such Shareholder, as the case may be,
such Permitted Transferee shall immediately prior to ceasing to be an Affiliate of such Shareholder, or such trust, shall immediately
prior to ceasing to be for the exclusive benefit of such Persons, as the case may be, Transfer such Capital Stock back to such
Shareholder or one of the Shareholder’s Permitted Transferees.

 

(c) Notwithstanding
any other provision of this Agreement, each Shareholder agrees that it will not, directly or indirectly, Transfer any of its Capital
Stock (i) except as permitted under the Securities Act and other applicable federal or state securities laws, and then, if requested
by the Company, only upon delivery to the Company of an opinion of counsel in form and substance satisfactory to the Company to
the effect that such Transfer may be effected without registration under the Securities Act, (ii) if it would cause the Company
or any of its Subsidiaries to be required to register as an investment company under the Investment Company Act of 1940, as amended,
or (iii) if it would cause the assets of the Company or any of its Subsidiaries to be deemed plan assets as defined under the
Employee Retirement Income Security Act of 1974 or its accompanying regulations or result in any “prohibited transaction”
thereunder involving the Company. In any event, the Board may refuse the Transfer to any Person if such Transfer would have a
material adverse effect on the Company as a result of any regulatory or other restrictions imposed by any Governmental Authority.
Robert Reiner agrees to only restrict 1,500,000 shares of BioPower common stock per this Agreement and there are no restrictive
covenants on any other shares of Robert Reiner or his affiliates.

 

(d) Any
Transfer or attempted Transfer of any Capital Stock in violation of this Agreement shall be null and void, no such Transfer shall
be recorded on the Company’s books and the purported transferee in any such Transfer shall not be treated (and the purported
transferor shall continue be treated) as the owner of such Capital Stock for all purposes of this Agreement.

 

ARTICLE
IV 

Non-Compete
and Other Agreements

 

Section
4.01 Non-Compete. No Shareholder nor any of its Permitted Transferees shall directly or indirectly through one or more
of any of their respective Affiliates, own, manage, operate, control or participate in the ownership, management, operation or
control of any Competitor, for so long as such Person is a Shareholder and for a period of two (2) years following such Shareholder
or any Permitted Transferee ceasing to be bound by this Agreement or the termination of this Agreement; provided that nothing
in this Section 4.01 shall prohibit such Shareholder or any of its Permitted Transferees or any of their respective Affiliates
from acquiring or owning, directly or indirectly:

 

(a) up
to 2% of the aggregate voting securities of any Competitor that is a publicly traded Person; or

 

    	6

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

(b) up
to 2% of the aggregate voting securities of any Competitor that is not a publicly traded Person; provided that neither such Shareholder
nor any of its Permitted Transferees, directly or indirectly through one or more of their respective Affiliates, designates a
member of the board of directors (or similar body) of such Competitor or its Affiliates or is granted any other governance rights
with respect to such Competitor or its Affiliates (other than customary governance rights granted in connection with the ownership
of debt securities).

 

Section
4.02 Blue Pencil. If any court determines that any of the covenants set forth in Section 4.01, or any part thereof,
is unenforceable because of the duration or geographic scope of such provision, such court shall have the power to reduce the
duration or scope of such provision, as the case may be, and, in its reduced form, such provision shall then be enforceable.

 

Section
4.03 Confidentiality.

 

(a) Each
Shareholder shall, and shall cause its Representatives to, keep confidential and not divulge any information (including all budgets,
business plans and analyses) concerning the Company, including its assets, business, operations, financial condition or prospects
(“Information”), and to use, and cause its Representatives to use, such Information only in connection with
the operation of the Company; provided that nothing herein shall prevent any Shareholder from disclosing such Information
(i) upon the order of any court or administrative agency, (ii) upon the request or demand of any regulatory agency or authority
having jurisdiction over such Shareholder, (iii) to the extent compelled by legal process or required or requested pursuant to
subpoena, interrogatories or other discovery requests, (iv) to the extent necessary in connection with the exercise of any remedy
hereunder, (v) to other Shareholders, (vi) to such Shareholder’s Representatives that in the reasonable judgment of such
Shareholder need to know such Information or (vii) to any potential Permitted Transferee in connection with a proposed Transfer
of Capital Stock from such Shareholder as long as such transferee agrees to be bound by the provisions of this Section 4.03
as if a Shareholder, provided further, that in the case of clause (i), (ii) or (iii), such Shareholder shall
notify the other parties hereto of the proposed disclosure as far in advance of such disclosure as practicable and use reasonable
efforts to ensure that any Information so disclosed is accorded confidential treatment, when and if available.

 

(b) The
restrictions of Section 4.03(a) shall not apply to information that (i) is or becomes generally available to the public
other than as a result of a disclosure by a Shareholder or any of its Representatives in violation of this Agreement; (ii) is
or becomes available to a Shareholder or any of its Representatives on a non-confidential basis prior to its disclosure to the
receiving Shareholder and any of its Representatives, (iii) is or has been independently developed or conceived by such Shareholder
without use of the Company’s Information or (iv) becomes available to the receiving Shareholder or any of its Representatives
on a non-confidential basis from a source other than the Company, any other Shareholder or any of their respective Representatives,
provided that such source is not known by the recipient of the information to be bound by a confidentiality agreement with the
disclosing Shareholder or any of its Representatives.

 

    	7

    	 

    

  

SHAREHOLDERS’
AGREEMENT

 

ARTICLE
V

Special
Shareholder Rights

 

Section
5.01 Financial Statements. The Company shall furnish copies of the Company’s Financial Statements to Shareholders
as may be required under Applicable Laws or pursuant to any other agreement.

 

Section
5.02 Access to Information. Notwithstanding anything herein to the contrary, the Company shall furnish information or provide
access to information as may be required pursuant to a valid Shareholder request under Applicable Laws.

 

ARTICLE
VI

Representations
and Warranties

 

Section
6.01 Representations and Warranties. Each Shareholder, severally and not jointly, represents and warrants to the Company
and each other Shareholder that:

 

(a) If
such Shareholder is a business entity, such Shareholder duly organized, validly existing and in good standing under the laws of
the state of its incorporation, organization, or formation.

 

(b) If
such Shareholder is a business entity, such Shareholder has full corporate power and authority to execute and deliver this Agreement,
to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this
Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby have been
duly authorized by all requisite corporate action of such Shareholder. Such Shareholder has duly executed and delivered this Agreement.

 

(c) This
Agreement constitutes the legal, valid and binding obligation of such Shareholder, enforceable against such Shareholder in accordance
with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is
sought by proceedings in equity or at law). The execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby, require no action by or in respect of, or filing with, any Governmental Authority.

 

(d) The
execution, delivery and performance by such Shareholder of this Agreement and the consummation of the transactions contemplated
hereby do not (i) conflict with or result in any violation or breach of any provision of any of the organizational documents of
such Shareholder, (ii) conflict with or result in any violation or breach of any provision of any Applicable Law or (iii) require
any consent or other action by any Person under any provision of any material agreement or other instrument to which the Shareholder
is a party.

 

(e) Except
for this Agreement, such Shareholder has not entered into or agreed to be bound by any other agreements or arrangements of any
kind with any other party with respect to the Capital Stock, including agreements or arrangements with respect to the acquisition
or disposition of the Capital Stock or any interest therein or the voting of the Capital Stock (whether or not such agreements
and arrangements are with the Company or any other Shareholder).

 

    	8

    	 

    

 

ARTICLE
VII

Term
and Termination

 

Section
7.01 Termination. This Agreement shall terminate upon the earliest of:

 

(a) the
consummation of a merger or other business combination involving the Company whereby the Capital Stock or the securities received
in exchange for the Capital Stock becomes or is a security that is listed or admitted to trading on the NASDAQ Stock Market, the
New York Stock Exchange or another national securities exchange;

 

(b) the
date on which none of the Shareholders holds any Capital Stock;

 

(c) the
dissolution, liquidation, or winding up of the Company; or

 

(d) upon
the unanimous agreement of the Company and the Shareholders.

 

Section
7.02 Effect of Termination.

 

(a) The
termination of this Agreement shall terminate all further rights and obligations of the Shareholders under this Agreement except
that such termination shall not affect:

 

(i) the
existence of the Company;

 

(ii) the
obligation of any Party to pay any amounts arising on or prior to the date of termination, or as a result of or in connection
with such termination;

 

(iii) the
rights which any Shareholder may have by operation of law as a shareholder of the Company; or

 

(iv) the
rights contained herein which, but their terms are intended to survive termination of this Agreement.

 

(b) The
following provisions shall survive the termination of this Agreement: this Section 7.02 and ARTICLE IV, Section 6.01,
and ARTICLE VIII .

 

ARTICLE
VIII

Miscellaneous

 

Section
8.01 Expenses. Except as otherwise expressly provided herein, all costs and expenses, including fees and disbursements
of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby
shall be paid by the party incurring such costs and expenses.

 

Section
8.02 Release of Liability. In the event any Shareholder shall Transfer all of the Capital Stock held by such Shareholder
in compliance with the provisions of this Agreement without retaining any interest therein, then such Shareholder shall cease
to be a party to this Agreement and shall be relieved and have no further liability arising hereunder (other than ARTICLE IV
and ARTICLE  VIII) for events occurring from and after the date of such Transfer.

 

    	9

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

Section
8.03 Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in
writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt) or (b) when received
by the addressee if sent by a nationally recognized overnight courier (receipt requested). Such communications must be sent to
the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given
in accordance with this Section 8.03):

 

	 	If
    to the Company:	BioPower
    Operations Corporation
	 	 	1000
    Corporate Dr.
	 	 	Ste.
    200
	 	 	Ft.
    Lauderdale, FL 33334
	 	 	Attention:
    Robert Kohn
	 	 	 
	 	 	rkohn@biopowercorp.com
	 	 	 
	 	If
    to any Shareholder:	To
    the address set forth on Schedule 1 attached hereto.

 

Section
8.04 Interpretation. For purposes of this Agreement, (a) the words “include,” “includes” and “including”
shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive;
and (c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder”
refer to this Agreement as a whole. The definitions given for any defined terms in this Agreement shall apply equally to both
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. Unless the context otherwise requires, references herein: (x) to Articles, Sections, and
Exhibits mean the Articles and Sections of, and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other
document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent
permitted by the provisions thereof and (z) to a statute means such statute as amended from time to time and includes any successor
legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption
or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.
The Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they
were set forth verbatim herein.

 

Section
8.05 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section
8.06 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision
is invalid, illegal or unenforceable, 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 possible in a mutually acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the greatest extent possible.

 

    	10

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

Section
8.07 Entire Agreement. This Agreement and the Organizational Documents constitute the sole and entire agreement of the
parties with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency or conflict between
this Agreement and any Organizational Document, the Shareholders and the Company shall, to the extent permitted by Applicable
Law, amend such Organizational Document to comply with the terms of this Agreement.

 

Section
8.08 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective heirs, administrators, legal representatives, successors and permitted assigns.

 

Section
8.09 No Third-party Beneficiaries. This Agreement is for the sole benefit of the Parties hereto and their Permitted Transferees
and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable
right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
8.10 Amendment and Modification; Waiver.

 

(a) Subject
to Section 8.10(b), no provision of this Agreement may be amended, waived or otherwise modified except by an instrument
in writing executed by the Company with approval of the Board and Shareholders holding at least eighty-five percent (85%) of the
outstanding voting Capital Stock held by such Shareholders at the time of such proposed amendment or modification; provided that,
to the extent each provision requires a greater percentage vote, then such provision shall not be amended, waived or otherwise
modified by less than the percentage called for by such provision. In addition, any party may waive any provision of this Agreement
with respect to itself by an instrument in writing executed by the party against whom the waiver is to be effective. No failure
or delay by any party in exercising any right, power, or privilege hereunder shall operate as a waiver thereof nor shall any single
or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable
Law.

 

(b) In
addition, any amendment, waiver, or modification of any provision of this Agreement that would adversely affect the rights of
any Shareholder in an a manner that is adverse relative to the treatment of any other Shareholder shall also require the prior
written consent of such Shareholder; provided that any amendment, waiver or modification to Error! Reference source not found.
shall require the written consent of each Shareholder, regardless of the relative effect of such amendment as compared to
the other Shareholders.

 

Section
8.11 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of Florida without giving effect to any choice or conflict of law provision or rule (whether of the State of Florida or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than those of the State of Florida.

 

    	11

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

Section
8.12 Submission to Jurisdiction. Any legal suit, action or proceeding arising out of or relating to this Agreement shall
be instituted in the federal courts of the United States of America or the courts of the State of Florida in each case located
in the County of Palm Beach, Florida, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such
suit, action or proceeding. Service of process, summons, notice or other document by certified mail in accordance with Section
8.03 shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties
irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or proceeding in such courts and
irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum.

 

Section
8.13 Equitable Remedies. Each party hereto acknowledges that the other parties hereto would be irreparably damaged in the
event of a breach or threatened breach by such party of any of its obligations under this Agreement and hereby agrees that in
the event of a breach or a threatened breach by such party of any such obligations, each of the other parties hereto shall, in
addition to any and all other rights and remedies that may be available to them in respect of such breach, be entitled to an injunction
from a court of competent jurisdiction (without any requirement to post bond) granting such parties specific performance by such
party of its obligations under this Agreement. In the event that any party files a suit to enforce the covenants contained in
this Agreement (or obtain any other remedy in respect of any breach thereof), the prevailing party in the suit shall be entitled
to receive in addition to all other damages to which it may be entitled, the costs incurred by such party in conduction the suit,
including reasonable attorney’s fees and expenses.

 

Section
8.14 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
OR THE SHARE EXCHANGE AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE SHARE EXCHANGE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT
CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS
OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 8.14.

 

Section
8.15 Further Assurances. Each of the Parties hereto shall, and shall cause their respective Affiliates to, execute and
deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably
required to carry out the provisions hereof and of the Share Exchange Agreement and give effect to the transactions contemplated
hereby and thereby.

 

Section
8.16 Counterparts. This Agreement may be executed in one (1) or more counterparts, each of which shall be an original.
Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment
to an electronic mail message, shall be treated in all manner and respects as an original executed counterpart and shall be considered
to have the same binding legal effect as if it were the original signed version thereof delivered in person.

 

[Signature
Page Follows]

 

    	12

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Shareholders’ Agreement to be executed as of the date last written
by them, or as applicable, by their respective officers thereunto duly authorized.

 

	 	THE
    COMPANY:
	 	 	 
	 	BIOPOWER
    OPERATIONS CORPORATION, 

a Nevada corporation
	 	 	 
	 	By:	/s/
    Robert Kohn
	 	Name:	Robert Kohn
	 	Title:	President

 

	 	SHAREHOLDERS:
	 	 	 
	 	J2SB
    INTERNATIONAL, LLC, 

    a Nevis limited liability company
	 	 	 
	 	By:
    	/s/
    Neil Williams
	 	 	Neil Williams,
    Manager
	 	 	 
	 	Date:	_________________
	 	 	 
	 	 	/s/
    Thomas Roberts
	 	 	THOMAS ROBERTS
	 	 	 
	 	Date: 	_________________
	 	 	 
	 	SGP,
    LLC, a Delaware limited liability company
	 	 	 
	 	By:
    	/s/
    Joel R. Oppenheim
	 	 	Joel R. Oppenheim,
    Manager
	 	 	 
	 	Date:	_________________
	 	 	 
	 	4Times,
    LLC, a Nevis limited liability company
	 	 	 
	 	By:	/s/
    Benjamin M. Williams
	 	 	Benjamin
    M. Williams, Manager
	 	 	 
	 	Date: 	_________________
	 	 	 
	 	/s/
    Rafael Aguayo
	 	RAFAEL
    AGUAYO
	 	 
	 	Date:	_________________

 

    	13

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

	 	/s/ Robert Reiner
	 	ROBERT REINER
	 	 
	 	Date:
    	_________________
	 	 	 
	 	/s/ Robert Kohn
	 	ROBERT KOHN
	 	 
	 	Date:	_________________
	 	 	 
	 	CHINA
    ENERGY PARTNERS, LLC, 

a Florida limited liability company
	 	 	 
	 	By:
    	/s/
    Robert Kohn
	 	 	Robert
    Kohn, a Manager
	 	 	 
	 	Date:	_________________

 

JOINDER
OF ENTITY SHAREHOLDER MEMBER PRINCIPALS

 

The
undersigned principals of the Shareholder parties to this Agreement that are not individuals hereby join in this Shareholders
Agreement for purposes of reconfirming their agreement to be bound by the obligations owing by their Shareholder entities under
this Agreement, including the covenants of non-competition and confidentiality set forth at Sections 4.01 and 4.03, respectively,
of this Agreement.

 

	 	As
    to J2SB International, LLC:
	 	 	 
	 	/s/ Neil Williams
	 	Neil Williams
	 	 
	 	Date:	_________________
	 	 	 
	 	As
    to SGP, LLC:
	 	 	 
	 	/s/ Joel R. Oppenheim
	 	Joel R. Oppenheim
	 	 
	 	Date:	_________________
	 	 	 
	 	As
    to Times4, LLC:
	 	 	 
	 	/s/ Benjamin M. Williams
	 	Benjamin M. Williams
	 	 
	 	Date:	_________________
	 	 	 
	 	RISKLESS
    PARTNERS, LLC
	 	 	 
	 	/s/ Bonnie Nelson
	 	Bonnie Nelson
	 	 
	 	Date:
    	_________________

 

    	14

    	 

    

 

SHAREHOLDERS’
AGREEMENT

 

SCHEDULE
1

SHAREHOLDERS

 

	Shareholder
    Name	 	Address	 	Number
    and Class of Shares Owned
	 	 	 	 	 
	J2SB
        International, Inc.

         
	 	 	 	_________
    shares of Common Stock; _________ shares of Preferred Stock
	 	 	 	 	 
	Thomas
    Roberts	 	 	 	_________
    shares of Common Stock; _________ shares of Preferred Stock
	 	 	 	 	 
	SGP,
    LLC	 	 	 	_________
    shares of Common Stock; _________ shares of Preferred Stock
	 	 	 	 	 
	4Times,
    LLC	 	 	 	_________
    shares of Common Stock; _________ shares of Preferred Stock
	 	 	 	 	 
	Rafael
    Aguayo	 	 	 	_________
    shares of Common Stock; _________ shares of Preferred Stock
	 	 	 	 	 
	China
    Energy Partners, LLC	 	 	 	_____0____
    shares of Common Stock; ____1_____ shares of Preferred Stock A
	 	 	 	 	 
	Robert
    Kohn	 	 	 	7,297,400
    shares of Common Stock; ____0____ shares of Preferred Stock
	 	 	 	 	 
	Riskless
    Partners, LLC	 	 	 	5,805,000
    shares of Common Stock; ____0_____ shares of Preferred Stock Series A
	 	 	 	 	 
	Robert
    Reiner	 	 	 	1,500,000
    shares of Common Stock; _____0____ shares of Preferred Stock Series A

 

    	15Management
AND Operations Agreement

 

THIS
MANAGEMENT AND OPERATIONS AGREEMENT (“Agreement”) is entered into as of the date last written below, yet is
effective for all purposes as of October 24, 2014 between BIOPOWER OPERATIONS CORPORATION, a Nevada corporation (“BioPower”),
on the one hand, and GREEN3POWER HOLDINGS COMPANY., a Delaware corporation (“G3P Holdings”), GREEN3POWER OPERATIONS,
INC., a Delaware corporation (“G3P Operations”), GREEN3POWER INTERNATIONAL COMPANY, LTD., an international
business corporation existing under the laws of the Federation of Nevis (“G3P International”; along with G3P
Holdings and G3P Operations, collectively, the “G3P Entities”). This Agreement is entered into incident to
the consummation by BioPower and G3P Holding, and certain of their affiliates, of the transactions documented under that certain
SHARE EXCHANGE AGREEMENT of even date hereof (the “SEA”); consequently, any capitalized term herein that is
not independently defined shall be ascribed its meaning under the SEA.

 

Recitals:

 

1.
 Incident to the closing of the SEA, the persons previously holding 100% of the equity interests in G3P Holdings exchanged
all their equity interests in G3P Holdings for common and preferred capital stock in BioPower, and, thereupon, G3P Holdings became
a 100% owned subsidiary of BioPower;

 

2. G3P
Operations and G3P International were and continue to be 100% owned subsidiaries of G3P Holdings; hence, they, become sub-subsidiaries
of BioPower;

 

3. Notwithstanding
the parent-subsidiary relationship of BioPower as to G3P Holdings resulting through the consummation of the SEA, part of the basis
for the parties’ bargain thereunder was post-closing there would be available certain degrees of earned independence in
the management of the G3P Entities upon the realization of certain financial benchmarks, as well as the possibility of engaging
in certain joint venture undertakings as between BioPower and one or more the G3P Entities designed to result in a priority financial
benefit them through the articulated departure from certain elements of the conventional subsidiary-to-parent pass-through, effectuated
through those joint ventures; and

 

4. The
parties desire to further memorialize the aforesaid arrangements in this Agreement.

 

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

 

Article
I

Agreements
of the Parties

 

1.1 G3P
Entities’ Conditional Managerial Independence.  The board of directors of G3P Holdings and the other G3P Entities’
boards of directors shall be authorized to expend and invest, on a consolidated basis, net GAAP income as such amounts are required
for the growth of the business to produce greater profits, after tax and interest and reduced by any dividends or interest paid
on the intended Convertible Preferred Stock or Debenture financing in the event that the said amount exceeds TWENTY-FIVE MILLION
DOLLARS ($25,000,000) during the EIGHTEEN (18) months subsequent to the Effective Date, with the G3P Entities’ boards or
directors reserving the discretion to reasonably modify or amend said amount.

 

    	1

    	 

    

 

1.2 Restriction
on Acquisitive Corporate Transactions.  The G3P Entities shall be required to obtain authorization by the BioPower board
of directors to engage in any acquisitive corporate transaction of any nature whatsoever. The G3P Entities Agree that in any case
in which the BioPower board of directors has authorized any acquisitive corporate transaction it will comply with such due diligence
processes as may be specified by that body.

 

1.3
Limit on G3P Entity Expenditures and Investment. The G3P Entities shall not expend amounts or incur debt in excess of the
$25 million amount budgeted for the first EIGHTEEN (18) months from the Effective Date, unless expenditures or investments in
excess of said amount are out of organically generated GAAP net operating income, as reduced by federal income tax, interest and
any dividends paid for the intended Convertible Preferred Stock financing.

 

1.4 Prohibition
on Affiliation with Felons and Disqualified Parties. The G3P Entities shall not enter into any joint venture or contract
with any party comprised of persons who are known felons or persons who have been disqualified by the engineering board.

 

1.5
Compliance with Laws. The G3P Entities shall comply with all applicable law, including the Foreign Corrupt Practices Act
and any analogues thereto.

 

1.6 Reserve
for Convertible Preferred Stock Dividends.  G3P will place a reserve with BioPower equaling no less than two (2) years
of dividends or interest for any capital financing of up to $25,000,000 before any expenditures from such financing or from GAAP
profits earned.

 

1.7 Accounting
and Treasury Functions Vested in BioPower. BioPower hereby reserves sole authority, and the G3P Entities hereby expressly
acknowledge and agree to comply, to perform all accounting and treasury functions respective to the G3P Entities.

 

1.8 Agreement
Regarding Overtures for Joint Ventures. The Parties agree that BioPower may from time to time present future proposals to
pursue projects with one or more of the G3P Entities, and in any case in which any said one or more G3P Entity will do business
with BioPower in respect of such one or more circumstances, the parties hereby agree that any of same would be conducted as joint
ventures in separate entities wherein profits derived therefrom would be divided by the joint venture parties on a 50%/50% basis.

 

ARTICLE
II

MISCELLANEOUS

 

2.1 Governing
Law. This Agreement shall be governed by, enforced,
and construed under and in accordance with the laws of the State of Florida, without giving effect to the principles of conflicts
of law thereunder. Each of the parties irrevocably consents and agrees that any controversy arising under and in connection with
this Agreement and the transactions documented herein are to be submitted to mediation by the boards of directors of BioPower
and G3P Holdings which shall be conducted in good faith to a equitable settlement. Failing resolution of any such controversy
as aforesaid, doctrines of conventional corporate governance under Chapter 607, Florida Statutes and BioPower’s governing
documents shall be invoked to bring about a final lawful resolution.

 

    	2

    	 

    

 

2.2 Notices.
Any notice or other communications required or permitted hereunder shall be in writing
and shall be sufficiently given if personally delivered to it or sent by overnight courier or registered mail or certified mail,
addressed as follows:

 

If
to G3P Holdings, to:

 

Dr.
Neil Williams, Chief Executive Officer

Designee
of the G3P Shareholders

1000
Corporate Drive, Suite 200

Ft.
Lauderdale, FL 33334

nwilliams@green3power.com

 

If
to BioPower, to:

 

Robert
Kohn, Chairman CEO

BioPower
Operations Corporation

1000
Corporate Drive, Suite 200

Ft.
Lauderdale, FL 33334

rkohn@biopowercorp.com

 

or
such other addresses as shall be furnished in writing by any party in the manner for giving notices hereunder, and any such notice
or communication shall be deemed to have been given (i) upon receipt, if personally delivered, (ii) on the day after dispatch,
if sent by overnight courier and signed for, and (iii) three (3) days after mailing, if sent by registered or certified mail and
signed for.

 

2.3
Entire Agreement. This Agreement represents the entire agreement between the parties relating
to the subject matter thereof and supersedes all prior agreements, understandings and negotiations, written or oral, with respect
to such subject matter.

 

2.4 Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken
together shall be but a single instrument.

 

2.5
Amendment or Waiver. Every right and remedy provided herein shall be cumulative with
every other right and remedy, whether conferred herein, at law, or in equity, and may be enforced concurrently herewith, and no
waiver by any party of the performance of any obligation by the other shall be construed as a waiver of the same or any other
default then, theretofore, or thereafter occurring or existing. At any time prior to the Closing Date, this Agreement may by amended
by a writing signed by all parties hereto, with respect to any of the terms contained herein, and any term or condition of this
Agreement may be waived or the time for performance may be extended by a writing signed by the party or parties for whose benefit
the provision is intended.

 

2.6
Best Efforts. Subject to the terms and conditions herein provided, each party of the
G3P Entities and BioPower shall use its best efforts to perform or fulfill all conditions and obligations to be performed or fulfilled
by it under this Agreement so that the transactions contemplated in accordance with the spirit hereof and consistent with the
relevant sections of the SEA. Each party of the G3P Entities and the Company also agrees that it shall use its best efforts to
take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable
laws and regulations to consummate and make effective this Agreement and the transactions contemplated herein.

 

    	3

    	 

    

 

2.7 Further
Assurances. From time to time, as and when reasonably requested by any party hereto after the Closing, the other Parties
will (at the expense of the requesting Party) execute and deliver, or cause to be executed and delivered, all such documents,
instruments and consents and will use reasonable efforts to take all such action as may be reasonably requested or necessary to
carry out the intent and purposes of this Agreement.

 

 2.8 Advice
of Counsel. Each party to this Agreement represents and warrants to each other party that such party has read and fully understands
the terms and provisions hereof, has had an opportunity to review this Agreement with legal counsel, and has executed this Agreement
based upon such party’s own judgment and advice of independent legal counsel.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be as of the date last below written.

 

	 	THE COMPANY:
	 	 
	 	BIOPOWER OPERATIONS CORPORATION,
	 	a Nevada corporation
	 	 	 
	 	By:	/s/ Robert
    Kohn
	 	 	Robert Kohn, President
	 	 	 
	 	Date:	______________
	 	 	 
	 	G3P ENTITIES:
	 	 
	 	GREEN3POWER HOLDINGS COMPANY,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Neil Williams
	 	 	Neil Williams, President
	 	 	 
	 	Date:	______________
	 	 	 
	 	GREEN3POWER OPERATIONS INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Neil Williams
	 	 	Neil Williams, President
	 	 	 
	 	Date:	______________
	 	 	 
	 	GREEN3POWER INTERNATIONAL COMPANY, LTD, 

an International business corporation organized under the laws of the Federation of Nevis
	 	 	 
	 	By:	/s/ Neil Williams
	 	 	Neil Williams, President
	 	 	 
	 	Date:	______________

 

    	4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]