Document:

Exhibit 10.51

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND 

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

DEVELOPMENT AGREEMENT FOR PRODUCTS BETWEEN ELITE
PHARMACEUTICALS, INC. AND MIKAH PHARMA

 

This DEVELOPMENT AGREEMENT (the “Agreement”),
dated December 3, 2018 (the “Effective Date”) between Mikah Pharma LLC, 20 Kilmer Drive, Hillsborough, NJ 08844 (“Mikah”)
and Elite Laboratories, Inc. (a subsidiary of Elite Pharmaceuticals, Inc.), organized under the laws of the State of Delaware,
with offices at 165 Ludlow Avenue, Northvale, New Jersey, USA (“Elite”); Mikah and Elite may sometimes hereinafter
be referred to as a “Party” or collectively as the “Parties”.

 

WHEREAS Mikah is engaged in the research,
development, and licensing of generic pharmaceutical products; and

 

WHEREAS Elite is engaged in the research,
development, manufacturing, sales and marketing of generic products;

 

WHEREAS Mikah and Elite wish to collaborate
to develop and commercialize generic products including formulation development and analytical method development and bioequivalence
studies and manufacture of development batches of generic products:

 

NOW, THEREFORE in consideration of the mutual covenants
and agreements contained herein, the sufficiency, adequacy and satisfaction of which are hereby acknowledged, Mikah and Elite hereby
agree as follows:

 

ARTICLE 1

 

DEFINITIONS

 

The following terms shall have the meanings set forth in this Agreement:

 

		1.1	“Affiliate” shall mean any person or entity, which, directly or indirectly, controls,
is controlled by, or is under common control with, a party or its assignee. Control shall be determined based upon either their
legal right to control or de facto control of the entity.

 

		1.2	“Agreement” shall have the meaning set forth in the Preamble and shall include any
exhibits and attachments hereto.

 

		1.3	“ANDA” shall mean Abbreviated New Drug Application pursuant to the applicable part
of FD&C Act, and any supplements and amendments thereto which may be filed by the Parties.

 

		1.4	“API” shall mean the active pharmaceutical ingredient.

 

		1.5	“Data” shall refer to all data, materials, plans, reports, test results and other information
developed in connection with the Products.

 

      

     

    

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND 

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

		1.6	“FDA” shall mean the United States Food and Drug Administration.

 

		1.7	“FD&C Act” shall mean the United States Federal Food, Drug and Cosmetics Act, (21
U.S.C. 301, et seq.), as amended from time to time, and any regulation promulgated thereunder, including, without limitation, all
current Good Manufacturing Practices and current good laboratory practices as defined therein, in each case, as amended from time
to time.

 

		1.8	“Force Majeure” shall mean the occurrence of an event which materially interferes with
the ability of a Party to perform its obligations or duties hereunder which is not within the reasonable control of the Party affected,
not due to malfeasance, and which could not with the exercise of due diligence have been avoided, including, but not limited to,
fire, accident, work stoppage, sabotage, strike, riot, civil commotion, terrorism, act of God or change in law.

 

		1.9	“Know-How” means proprietary know-how, trademarks, inventions, data, technology and
information relating to Product, which either Party hereto has the lawful right to disclose to the other Party. “Know-How”
shall include, without limitation, processes and analytical methodology used in development, testing, analysis and manufacture
and medical, clinical, toxicological testing as well as other scientific data relating to Product.

 

		1.10	“Product” means products as listed in Exhibit A.

 

		1.11	“Regulatory Filings” means filings with the FDA such as the ANDA.

 

		1.12	“Regulatory Approvals” shall mean the approvals required under the FD&C Act to
sell and market the Product in the Territory.

 

		1.13	“Territory” means the United States of America, its territories, possessions, commonwealths.

 

ARTICLE 2

 

DEVELOPMENT

 

		2.1	Product Development. Mikah will provide, at its sole cost and expense, an approvable, generic bioequivalent
formulation of the Product, including all formulation know-how, analytical methods and API sourcing

 

		2.2	The Parties will collaborate to transfer the formulation and methods to Elite’s facility
and to file the product.

 

		2.3	Elite will, on a contract basis, transfer in the formulation, manufacture submission batches and
file the Product as directed by Mikah. Elite will provide its facility including, but not limited to, equipment, analytical, quality
assurance, regulatory support and legal. Elite will manufacture, as directed by Mikah, required pilot, pivotal clinical trials,
and registration batches. Elite will, as directed by Mikah, transfer in all methods and perform method validation for assay, dissolution,
impurity, and cleaning. Elite will perform release testing and stability studies for development. These functions performed by
Elite are collectively the “Services”.

 

    2

     

    

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND 

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

		2.4	Mikah will be responsible for API costs.

 

		2.5	Mikah will be responsible for the cost of the BE studies.

 

		2.6	The parties will negotiate in good faith a Manufacturing and Supply Agreement to produce the Products
in which Elite will have the right to contract manufacture Product at cost plus [**]% (cost of materials, labor, and allocable
overhead costs per GAAP including GDUFA facility fee).

 

ARTICLE 3

 

REGULATORY

 

3.1       Elite
shall be responsible for the filing and prosecution of the ANDA with the FDA and Mikah shall own any ANDA filed and/or approved.
Following Regulatory Approval, Mikah shall have sole discretion with respect to the maintenance of the ANDA, correspondence with
and reporting to the FDA and other regulatory authorities,

 

ARTICLE 4

 

PAYMENTS

 

4.1       Mikah
shall pay Elite for services rendered at cost plus [**]%. Services hours shall be tracked by Elite with appropriate signed offs.
Out-of-pocket expenses will be charged at the invoiced cost. 

 

ARTICLE 5

 

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

		5.1	Representations and warranties:

 

		(a)	Each Party represents and warrants to the other that it is authorized to enter into and to perform
its obligations under this Agreement.

 

		(b)	Each Party represents and warrants to the other that its obligations created under this Agreement
do not conflict in any manner with any of its pre-existing obligations.

 

    3

     

    

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND 

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

		(c)	Each Party represents and warrants to the other that it is the owner of any Know-How to be used
or relied upon by such Party in performing its obligations under this Agreement.

 

		(d)	Both Mikah and Elite represent and warrant that:

 

		(i)	it has not received any notice or claim that the use of its Know-How infringes any patent or intellectual
property rights of any third party in the Territory; and

 

		(ii)	to its actual knowledge, without any independent investigation, the use of its Know-How will not
infringe any patent or intellectual property rights of any third party in the Territory.

 

		(e)	Each Party hereby represents and warrants that it is not in violation of any law or regulation, nor is it aware of any violation
of any law or regulation by any other Person, which violation could reasonably be expected to adversely affect its performance
of its obligations hereunder, and except as otherwise contemplated hereby, such Party holds each of the licenses, permits, approvals
or authorizations necessary with respect to its current business and operations (and its rights and obligations contemplated hereby)
in compliance with all laws and regulations and maintains compliance with cGMP.

 

		5.2	Cooperation Upon Bankruptcy. If there is a voluntary or involuntary filing of a petition for bankruptcy, insolvency or placing
in receivership of either Party, the Party shall use, and cause its representatives and affiliates to use, best efforts to make
all necessary arrangements and take all required actions to permit the other Party to retain all rights hereunder with respect
to the Products.

 

ARTICLE 6

 

INTELLECTUAL PROPERTY
RIGHTS

 

		6.1	Elite shall be responsible for the patent reviews.

 

		6.2	With respect to any Product developed hereunder, Mikah shall own the Know-how and Intellectual
Property. Mikah shall be responsible for filing and prosecuting the patents, defending the patents against infringement and defending
patent infringement claims brought by others.

  

    4

     

    

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

		6.3	LIMITATION OF DAMAGES. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR LOST PROFITS
(OTHER THAN AS ARE ORDINARILY ENCOMPASSED BY CONTRACT DAMAGES), LOSS OF GOODWILL, OR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR INCIDENTAL
DAMAGES, HOWEVER CAUSED, ARISING UNDER ANY THEORY OF LIABILITY. THIS LIMITATION SHALL APPLY EVEN IF A PARTY HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES, AND NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY.

 

ARTICLE 7

 

TERM AND TERMINATION
AND DEFAULT

 

		7.1	Termination. Either Party shall have the option to terminate this Agreement upon the 30 day written
notice to the other Party.

 

		7.2	WARRANTY LIMITATION. EXCEPT AS EXPRESSLY SET FORTH IN SECTION 5, THE PARTIES MAKE NO WARRANTIES,
EXPRESSED OR IMPLIED, CONCERNING TECHNOLOGY, GOODS, SERVICES, RIGHTS OR THE MANUFACTURE AND SALE OF PRODUCTS, AND HEREBY DISCLAIM:
ANY OTHER WARRANTIES, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE OR PURPOSE OR
NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING.

 

ARTICLE
8

 

 MISCELLANEOUS

 

		8.1	Recitals. The recitals are hereby incorporated by reference and made part of this Agreement.

 

		8.2	Survival. Except as expressly provided in this Agreement, expiration or termination of this Agreement
will not relieve the Parties of any obligation that accrued prior to such expiration or termination. Upon expiration or early termination
of this Agreement, all rights and obligations of the Parties shall cease, except as follows:

 

		(a)	The obligations of confidentiality set forth in Section
8.5 of Article 8 shall survive;

 

		(b)	The Parties obligations under Article 5 shall survive;
and

 

		(c)	Any cause of action or claim of Mikah or Elite
accrued or to accrue because of any breach or default by the other Party hereunder shall survive.

 

		8.3	Entire Agreement; Amendment. This Agreement, with all of the Exhibits, contains the entire understanding
of the Parties with respect to the subject matter hereof and supersedes all previous verbal and written agreements, representations
and warranties. This Agreement may be released, waived or modified only by written agreement signed by the Party against whom enforcement
of any release, waiver, modification, or other change is sought.

 

    5

     

    

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

		8.4	Standard Forms. In ordering and delivering the services or Product, Mikah and Elite may employ
their standard forms, but nothing in those forms shall be construed to modify, amend or supplement the terms of this Agreement
and, in the case of any conflict herewith, the terms of this Agreement shall govern and control.

 

		8.5	Confidentiality. Elite and Mikah shall not use, except in connection with this Agreement, nor disclose
any information concerning the other Party's business or any proprietary information of the other Party, including but not limited
to, technical or scientific data, unpublished findings, biological material, know-how, specifications, processes, techniques, patent,
patent litigation strategies or tactics, trade secrets, algorithms, programs, designs, drawings, or formulae; and any engineering,
manufacturing, marketing, financial, litigation, intellectual property or business plan, confidential knowledge, data or other
similar information, whether received pursuant to this Agreement or otherwise ("Confidential Information") without the
prior written consent of such other Party. The obligation of non-disclosure referred to above shall not apply to:

 

		(i)	Information which is known to the receiving Party or one of its Affiliates or independently developed
by the receiving Party or one of its Affiliates prior to the time of disclosure, in each case, to the extent evidenced by written
records;

 

		(ii)	Information disclosed to the receiving Party by a third party, which has a right to make such disclosure;

 

		(iii)	Information which is or becomes patented, published or otherwise part of the public domain as a
result of acts by the disclosing Party or a third person obtaining such information as a matter of right; or

 

		(iv)	Information which is required to be disclosed by order of the FDA or similar authority in other
countries or a court of competent jurisdiction; provided that the Parties shall use their best efforts to obtain confidential treatment
of such information by the court or agency.

 

		8.6	Force Majeure. Failure of any Party to perform its obligations under this Agreement as a result
of Force Majeure shall not subject such Party to any liability or place it in breach of any term or condition of this Agreement
to the other Party if such failure is caused by any cause beyond the reasonable control of such non-performing Party. The Party
prevented from performing its obligations or duties because of Force Majeure shall promptly notify the other Party hereto of the
occurrence and particulars of such Force Majeure and shall provide the other Party, from time to time, with its best estimate of
the duration of such Force Majeure and with notice of the termination thereof. The Party so affected shall use its best efforts
to avoid or remove such causes of nonperformance. Upon termination of Force Majeure, the performance of any suspended obligation
or duty shall promptly recommence. Neither Party shall be liable to the other Party for any direct, indirect, consequential, incidental,
special, punitive or exemplary damages arising out of or relating to the suspension or termination of any of its obligations or
duties under this Agreement by reason of the occurrence of Force Majeure. In the event that Force Majeure has occurred and is continuing
for a period of at least three (3) months, the other Party shall have the right to terminate this Agreement upon thirty (30) day
notice.

 

    6

     

    

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

		8.7	Waiver. The failure of a Party to enforce any breach or provision of this Agreement shall not constitute
a continuing waiver of such breach or provision and such Party may at any time thereafter act upon or enforce such breach or provisions
of this Agreement. Any waiver of breach executed by either Party shall affect only the specific breach and shall not operate as
a waiver of any subsequent or preceding breach.

 

		8.9	Severability. If a court of competent jurisdiction declares any clause or provision of this Agreement
invalid or unenforceable, such provision shall be severed and the remaining provisions of the Agreement shall continue in full
force and effect. The Parties shall use their best efforts to agree upon a valid and enforceable provision as a substitute for
the severed provision, taking into account the intent of this Agreement.

 

		8.10	Notices. Except as otherwise specifically provided, any notice or other documents to be given under
this Agreement shall be in writing and shall be deemed to have been duly given if sent by registered mail, nationally recognized
overnight delivery service or facsimile transmission to a party or delivered in person to a party at the address or facsimile number
set out below for such party or such other address as the party may from time to time designate by written notice to the other:

 

If to Elite, to:

 

Elite Pharmaceuticals,
Inc.

Attn: CFO

165 Ludlow
Avenue Northvale

New Jersey
07647

 

If to Mikah
to:

 

Mikah Pharma
LLC

Attn: CEO

20 Kilmer
Drive

Hillsborough,
NJ 08844

 

Any such notice provided pursuant to
this Section 8.10 shall be deemed to have been received by the addressee ten business days following the date of dispatch of the
notice or other document by registered mail or, where the notice or other document is sent by overnight delivery service, by hand
or is given by facsimile, simultaneously with the transmission or delivery. Notwithstanding the foregoing, any notice or other
document sent by overnight delivery service, by hand or by facsimile and received by the recipient after 5:30 p.m. local time (of
the recipient) shall be deemed to be delivered the next Business Day. To prove the giving of a notice or other document it shall
be sufficient to show that it was dispatched. Either party may change its address at which notice is to be received by written
notice provided pursuant to this Section 8.10.

 

    7

     

    

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

		8.11	Governing Law; Dispute Resolution; Venue. Agreement shall be construed, and the rights of the Parties
determined, in accordance with the laws of the State of New Jersey without regard to conflict of law or choice of law rules. Any
controversy or claim pursuant to this Agreement or the breach thereof shall be settled in accordance with Article 9 of this Agreement.
Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof, including any non-U.S.
Court and both Parties agree that such non-U.S. Court shall apply judicial comity to any such judgment and enforcement thereof.
For purposes of dispute resolution, including litigation, each Party hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in Essex County, State of New Jersey, 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 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 manner permitted by law.

 

		8.12	Independent Parties. The relationship of the Parties under
this Agreement is that of independent contractors. Neither Party shall be deemed to be the agent of the other, nor shall the Parties
be deemed to be partners or joint venturers, and neither is authorized to take any action binding upon the other. Elite expressly
acknowledges for itself, its employees, agents and subcontractors, that none of them are employees of Mikah and that none of them
are entitled to participate in any benefit plans of Mikah. Elite further acknowledges that none of its employees, agents or subcontractors
are eligible to participate in any benefit plans of Mikah, even if it is later determined that the status of any of them was that
of an employee during the period of this engagement of Elite by Mikah.

 

		8.13	Headings. The headings contained in this Agreement are included herein for reference and convenience
and shall not affect the meaning of the provisions of this Agreement.

 

		8.14	Publicity. Neither Party shall make any public announcement concerning, or otherwise publicly disclose,
any information with respect to the transactions contemplated by this Agreement or any of the terms and conditions hereof without
the prior written consent of the other Party hereto. Notwithstanding the foregoing, either Party may make any public disclosure
concerning the transactions contemplated hereby that in the opinion of such Party's counsel may be required by law, government
agencies, the U.S. Securities and Exchange Commission, or the rules of any stock exchange on which such Party's or its Affiliates'
securities trade; provided, however, the Party making such disclosure shall provide the non-disclosing Party with a copy of the
intended disclosure reasonably, and to the extent practicable, prior to public dissemination, and the Parties hereto shall coordinate
with one another regarding the timing, form and content of such disclosure.

 

    8

     

    

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

		8.15	No Third Party Beneficiaries. Except as specifically stated to the contrary herein, no person or
entity not a Party to this Agreement, including any employee of any Party to this Agreement, shall have or acquire any rights by
reason of this Agreement, nor shall either Party have any obligations or liabilities to such other person or entity by reason of
this Agreement.

 

		8.16	Remedies Cumulative. Except as otherwise provided herein, any and all remedies herein expressly
conferred upon a Party shall be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity
upon such Party, and the exercise by a Party of any one remedy shall not preclude the exercise of any other remedy.

 

		82.17	Further Assurances. Each Party shall execute and deliver such additional instruments and other
documents and use commercially reasonable efforts to take or cause to be taken, all actions and to do, or cause to be done, all
things necessary under applicable law to consummate the transactions contemplated hereby.

 

		8.18	Counterparts; Facsimile, Electronic Signatures. This Agreement may be executed in counterparts,
each of which shall be deemed an original, and all of which together shall constitute a single agreement. This Agreement may be
executed by facsimile signatures or by a pdf (or other similar format) copy of the signature delivered by e-mail, which signatures
shall have the same force and effect as original signatures.

 

		18.19	Drafting. The Parties have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship
of any of the provisions of this Agreement.

 

		8.20	Currency. Wherever a monetary currency is indicated throughout this Agreement, that currency shall
be United States Dollars, unless otherwise clearly indicated.

 

		8.21	Days. Wherever reference is made to days, working days or any measurement of time in days, calendar
days shall be used regardless of weekends and holidays. Wherever reference is made to “Business Days” such reference
shall exclude weekend days and dates which are official government holidays in New Jersey.

 

(Signature Page follows)

 

    9

     

    

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

IN WITNESS WHEREOF, the Parties have caused this Agreement
to be executed by their duly authorized representatives as of the day and year first above written.

 

	Mikah Pharma, LLC	 	Elite Pharmaceuticals, Inc.
	 	 	 	 	 
	By:	/s/ Nasrat Hakim	 	By:	/s/ Carter Ward
	Name:	Nasrat Hakim	 	Name:	Carter Ward
	Title:	CEO	 	Title:	CFO
	Date:	12/5/18	 	Date:	12/5/18

 

    10

     

    

 

EXPLANATORY NOTE: [**] INDICATES THE PORTION
OF THIS EXHIBIT 

THAT HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND

(II) WOULD BE COMPETITIVELY HARMFUL IN PUBLICLY
DISCLOSED.

 

Exhibit A

 

PRODUCTS

 

The following table lists Products as defined in Section
1.10.

 

	Products	 	RLD
	TDB	 	TBD

 

 

11Exhibit 10.1 

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of June 17, 2019, between Planet Green Holdings Corporation, a Nevada
corporation (the “Company”), and investors as listed in the Exhibit I (the “Purchaser”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”), the Company desires to issue and sell to the Purchaser, and the Purchaser desires to
purchase from the Company, 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, for all purposes of this Agreement, the following
terms have the meanings set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“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”
shall have the meaning ascribed to such term in Section 2.1(a).

 

“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.

 

    1

     

    

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto pursuant to Section 2.2(a), and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription
Amount as to the Closing and (ii) the Company’s obligations to deliver the Securities as to the Closing, in each case, have
been satisfied or waived.

 

“Closing
Shares” shall have the meaning ascribed to such term in Section 2.1(a).

 

“Closing
Subscription Amount” means $5,460,000, in United States dollars and in immediately available funds.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Liens”
means a material lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Per
Share Purchase Price” equals $4.20, subject to adjustment for reverse and forward stock splits, stock dividends, stock
combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

“Person”
means an individual or 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.

 

    2

     

    

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“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(h).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“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 the Closing Subscription Amount.

 

“Subsidiary”
means any direct or indirect subsidiary of the Company formed or acquired.

 

“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 NYSE MKT, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select
Market or the OTC Bulletin Board (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, and any other documents or agreements executed by the Company and/or the Purchaser in
connection with the transactions contemplated hereunder. 

 

“Transfer
Agent” means Issuer Direct Corporation., the current transfer agent of the Company, with a mailing address of 1981 Murray
Holladay Road, Suite 100, SLC UT, 84117, and any successor transfer agent of the Company.

 

    3

     

    

 

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 agree to purchase 1,300,000 shares of Common Stock (the “Closing Shares”). The Purchaser shall
deliver to the Company, via wire transfer or a certified check, immediately available funds equal to the Closing Subscription Amount
and the Company shall deliver to the Purchaser the Closing Shares within three Trading Days of the Closing Date, and the Company
and the Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants
and conditions set forth in Sections 2.2 and 2.3, but no later than three Trading Days subsequent to the Closing date, the Closing
shall occur at the location as the parties shall mutually agree or remotely by exchange of Closing documents.

 

2.2 Deliveries.

 

(a)  On
or prior to each Closing, the Company shall deliver or cause to be delivered to the Purchaser the following:

 

(i)
as to each Closing, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver a certificate
evidencing the Shares, registered in the name of the Purchaser

 

(b)  On
or prior to each Closing, the Purchaser shall deliver or cause to be delivered to the Company, as to the Closing, the Closing Subscription
Amount, by wire transfer of immediately available funds to the account specified in writing by the Company;

 

2.3 Closing
Conditions.

 

(a)  The
obligations of the Company hereunder in connection with each Closing are subject to the following conditions being met:

 

(i)
all obligations, covenants and agreements of the Purchaser required to be performed at or prior to the applicable Closing shall
have been performed; and

 

(ii) as
to the Closing, the Company and the Purchaser shall have agreed on the use of proceeds from the transactions contemplated
hereunder; and

 

(iii)
the delivery by the Purchaser of the items set forth in Section 2.2(b) of this Agreement.  

 

(b) The obligations
of the Purchaser hereunder in connection with each applicable Closing are subject to the following conditions being met:

 

(i)
all obligations, covenants and agreements of the Company required to be performed at or prior to the applicable Closing shall have
been performed;

 

    4

     

    

 

(ii)
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iii) the
Company is listed as a public company on, and the shares of Common Stock are tradable over the NYSE American;

 

(v) as to the
Closing, the Company and the Purchaser shall have agreed on the use of proceeds from the transactions contemplated hereunder; and

 

(vi) On
the date of the applicable Closing, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, on the date of the applicable Closing, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of the Purchaser, makes it impracticable or inadvisable to purchase the Securities at the
applicable Closing.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1
Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules and the SEC Reports, which
Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent
of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations
and warranties to the Purchaser:

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth in the SEC Reports. The Company owns,
directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and
all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid and non-assessable.
If the Company has no subsidiaries, all other references to the Subsidiaries or any of them in the Transaction Documents shall
be disregarded.

 

(b) Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company
nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity
or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, or business,
of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform
in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material
Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking
to revoke, limit or curtail such power and authority or qualification.

 

    5

     

    

 

(c)
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. This Agreement and each other Transaction
Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in
accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d) No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any
of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing
a Company or Subsidiary debt or otherwise) to which the Company or any Subsidiary is a party or by which any property or asset
of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a
violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority
to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any
property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such
as could not have or would not reasonably be expected to result in a Material Adverse Effect.

 

(e) 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 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, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) application(s) to each
applicable Trading Market for the additional listing of the Shares for trading thereon in the time and manner required
thereby, and (iii) such filings as are required to be made under applicable state securities laws (collectively, the
“Required Approvals”).

 

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(f) Issuance
of the Securities. The Securities 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 nonassessable, free and clear of all Liens
imposed by the Company other than restrictions on transfer provided by the Transaction Documents. The Company has reserved
from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement.

 

(g) Capitalization.
As of May 14, 2019, the company has 6,577,765 shares issued and outstanding. Since May 14, 2019, the Company has not issued any
capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee
stock options under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the
Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding
as of the date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive
right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents.
All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable,
have been issued in material compliance with all federal and state securities laws, and none of such outstanding shares was issued
in violation of any preemptive rights or similar rights to subscribe for or purchase securities. No further approval or authorization
of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities. There are no stockholders
agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company
is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

(h) SEC
Reports; Financial Statements. 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 and documents incorporated by reference therein being collectively
referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of
filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC
Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and
none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. The Company is an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the
Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

    7

     

    

 

(i)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements
included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i)
there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse
Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses
incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the
Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not
altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property
to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v)
the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock
option plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except
for the issuance of the Securities contemplated by this Agreement or as set forth in the SEC Reports, no event, liability, fact,
circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the
Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition that would be
required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made
that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

(j)
Litigation. Except as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or
investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of
their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal,
state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality,
validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision,
have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director
or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state
securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending
or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the
Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement
filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

(k)
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or
any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant
in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of
its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance
with all applicable laws and regulations relating to employment and employment practices, terms and conditions of employment and
wages and hours, except where the failure to be in compliance would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

  

    8

     

    

 

(l)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other material agreement or instrument to which it is a party or by which it
or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment,
decree or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule,
ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws
relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor
matters, except in each case as would not have or reasonably be expected to result in a Material Adverse Effect.

 

(m) Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens
for the payment of federal, state or other taxes, for which appropriate reserves have been made in accordance with GAAP and, the
payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by the Company
and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries
are in compliance in all material respects.

 

(n) Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged,
including, but not limited to, directors and officers insurance. Neither the Company nor any Subsidiary has any reason to
believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business without a significant increase in
cost.

 

(o)
Internal Accounting Controls. The Company and the Subsidiaries have established disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures
to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. The
Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and
the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date,
the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange
Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their
evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over financial
reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is
reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

    9

     

    

 

(p)
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiary to any
broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions
contemplated by the Transaction Documents. The Purchaser shall have no obligation with respect to any fees or with respect to any
claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with
the transactions contemplated by the Transaction Documents.

 

(q)
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers
as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the
Trading Market.

 

(r) No
General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of
the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale
only to the Purchasers and certain other “accredited investors” within the meaning of Rule 501 under the
Securities Act.

 

(s)
Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. The Company is in compliance with all such listing and maintenance requirements. The Common Stock
is currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation
and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation)
in connection with such electronic transfer.

 

(t) Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to
render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a
rights agreement) or other similar anti-takeover provision under the Company’s certificate of incorporation (or
similar charter documents) or the laws of its state of incorporation that is or could become applicable to the Purchaser as a
result of the Purchaser and the Company fulfilling their obligations or exercising their rights under the Transaction
Documents, including without limitation as a result of the Company’s issuance of the Securities and the
Purchaser’s ownership of the Securities.

 

(u)
Disclosure. All of the disclosure furnished by or on behalf of the Company to the Purchaser regarding the Company and its
Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this
Agreement, is true and correct in all material respects and does not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they
were made, not misleading.

 

    10

     

    

 

(v)
Accountants. The Company’s current accounting firm is WWC, P. C. To the knowledge and belief of the Company, such
accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with
respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ending December 31,
2017.

 

3.2
Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and
as of each Closing to the Company as follows (unless as of a specific date therein):

 

(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 this
Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and
performance by the Purchaser of the transactions contemplated by this Agreement 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, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(b) Own
Account. The Purchaser understands that the Securities are “restricted securities” and have not been registered
under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account
and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act
or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities
Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to
distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities
law (this representation and warranty not limiting the Purchaser’s right to sell the Securities pursuant to a registration
statement or otherwise in compliance with applicable federal and state securities laws). The Purchaser is acquiring the Securities
hereunder in the ordinary course of its business.

 

(c)
Purchaser Status. At the time the Purchaser was offered the Securities, it was, and as of the date hereof it is, either:
(i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act
or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act; or (iii) non-US residents,
as permitted by Regulation S.

 

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(d)
Experience of the 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 Securities, 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 Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)
General Solicitation. The Purchaser is not, to its knowledge, purchasing the Securities as a result of any advertisement,
article, notice or other communication regarding the Securities 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.

 

(f)
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 received a term sheet (written or oral) from the Company or any other Person representing the Company
setting forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution
hereof. Notwithstanding the foregoing, in the case the Purchaser is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of the Purchaser’s assets and the portfolio managers have no direct knowledge of the investment
decisions made by the portfolio managers managing other portions of the Purchaser’s assets, the representation set forth
above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision
to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement, 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). Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation
or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of, available shares
to borrow in order to effect Short Sales or similar transactions in the future.

  

(g)
Access to Information. The Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) 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 Securities and the merits and risks of investing in the Securities; (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.

 

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(h)
Acknowledgement of Risk. The Purchaser acknowledges and understands that its investment in the Securities involves a significant
degree of risk, including, without limitation that (i) an investment in the Company is speculative, and only Purchaser who can
afford the loss of their entire investment should consider investing in the Company and the Securities and (ii) the Company has
not paid any dividends on its Common Stock since inception and does not anticipate the payment of dividends in the foreseeable
future.

 

The Company acknowledges and agrees that
the representations contained in this Section 3.2 shall not modify, amend or affect the Purchaser’s right to rely on the
Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any
other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the
consummation of the transaction contemplated hereby.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1  Transfer
Restrictions.

 

(a)  The
Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities
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 Section 4.1(b), 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
Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the
terms of this Agreement and shall have the rights and obligations of the Purchaser under this Agreement.

 

(b)
The Purchaser agrees to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities 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. THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL
INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED
BY SUCH SECURITIES.

 

    13

     

    

 

4.2
Furnishing of Information; Public Information. Until the time that the Purchaser does not own any Securities, the Company
covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file
(or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company
after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the
Exchange Act.

 

4.3
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a
manner that would require the registration under the Securities Act of the sale of the Securities or that would be integrated with
the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require
shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing
of such subsequent transaction.

 

4.4
Securities Laws Disclosure; Publicity. The Company shall (a) by 9:00 a.m. (New York City time) within four Trading Days
following the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b)
file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within the time
required by the Exchange Act. From and after the issuance of such press release, the Company represents to the Purchaser that it
shall have publicly disclosed all material, non-public information delivered to any of the Purchaser by the Company or any of its
Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated
by the Transaction Documents. The Company and the Purchaser shall consult with each other in issuing any other press releases with
respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor
otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser,
or without the prior consent of the Purchaser, with respect to any press release of the Company, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide
the other party with prior notice of such public statement or communication.

 

4.5
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other
Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison
pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue
of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchaser.

 

4.6
Use of Proceeds. The Company shall use the net proceeds from the sale of the Securities in accordance with the schedule
agreed to by the parties.

 

    14

     

    

 

4.7
Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and
keep available at all times, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares
pursuant to this Agreement.

 

4.8 Listing
of Common Stock. During the term of 5 years after the closing of this transaction, the Company hereby agrees to use commercially
reasonable efforts to maintain the listing or quotation of the Common Stock on the Trading Market on which it is currently listed,
and concurrently with each Closing, the Company shall apply to list or quote all of the Shares on such Trading Market and take
all reasonable actions to secure the listing of all of the Shares on such Trading Market. The Company will then take all action
reasonably necessary to continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects
with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading Market.

 

4.9 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 at such time that the
transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described
in Section 4.4.  The Purchaser covenants that until such time as the transactions contemplated by this Agreement are
publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, the Purchaser will
maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure
Schedules. 

 

4.10
Blue Sky Filings. The Company shall take such action as the Company shall reasonably determine is necessary in order to
obtain an exemption for, or to qualify the Securities for, sale to the Purchaser at the Closing under applicable securities or
“Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request
of the Purchaser.

   

ARTICLE V.

MISCELLANEOUS

 

5.1
Termination. This Agreement may be terminated by any Purchaser or by the Company with respect to any Purchaser, as
to the Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and
the other Purchaser, by written notice to the other parties, if the Closing has not been consummated on or before May 31, 2018;
provided, however, that no such termination will affect the right of any party to sue for any breach by any other
party (or parties).

 

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. The Company shall pay all Transfer
Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the
Company and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the
delivery of any Securities to the Purchaser.

 

    15

     

    

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, 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 the facsimile number or email attachment as set forth on the signature pages attached hereto 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 at the facsimile number or email attachment as set forth on the signature pages attached
hereto 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 or, 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. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any
Person to whom the Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound,
with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to 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.

 

    16

     

    

 

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 New York, 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 City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan 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. If either party shall commence
an action, suit or proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the
Company under Section 4.8, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for its
reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such
action or proceeding.

 

5.10 Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

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.

 

    17

     

    

 

5.13 Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the
Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of
mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument
under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the
issuance of such replacement Securities.

 

5.14 Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each
of the Purchaser and the Company will be entitled to specific performance under the Transaction Documents. The parties agree
that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained
in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such
obligation the defense that a remedy at law would be adequate.

 

5.15 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.

 

5.16 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 dividends, stock combinations and other
similar transactions of the Common Stock that occur after the date of this Agreement.

 

5.17 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 Page Follows)

 

    18

     

    

 

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.

 

	 	Planet
    green holdings corp. 
	 	 	 
	 	By:
    	/s/
    Hongxiang Yu    
	 	Name:
    	Hongxiang
    Yu 
	 	Title:
    	Chairman
    
	 	 
	 	Address
    for Notice:
	 	Room
    901, building 6, No. 1678 Jinsha River Road,
	 	Putuo
    District, Shanghai China, 200062
	 	Attention:
    Hongxiang Yu

 

    19

     

    

 

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.

 

	 	Shuguang
    ren
	 	 	 
	 	By:
    	/s/
    Shuguang Ren   
	 	Name:
    	Shuguang
    Ren
	 	 	 
	 	Address
    for Notice:
	 	No.
    9 Qingnian Street, Zhenxing District
	 	Dandong
    City, Liaoning Province, PR China

 

    20

     

    

 

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.

 

	 	Yanjie
    wang
	 	 
	 	By:
    	/s/
    Yanjie Wang   
	 	Name:
    	Yanjie
    Wang
	 	 
	 	Address
    for Notice:
	 	Suite
    201, Unit 2, Building 2, Yihe Zhuangyuan,  
	 	West
    Ring Rd, Cangzhou City, Hebei Province, PR China

 

    21

     

    

 

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.

 

	 	Shuyun
    yang
	 	 
	 	By:
    	/s/
    Shuyun Yang   
	 	Name:
    	Shuyun
    Yang
	 	 
	 	Address
    for Notice:
	 	No.
    1 Hongqiwei, Jiguang District
	 	Jix
    City, Heilongjiang Province, PR China

 

    22

     

    

 

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.

 

	 	guanghu
    shi
	 	 
	 	By: 	/s/
    Guanghu Shi   
	 	Name: 	Guanghu Shi
	 	 	 
	 	Address
    for Notice:
	 	No. 63
    Fenghua Street, Shinan District
	 	Qingdao
    City, Shandong Province, PR China

 

    23

     

    

 

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.

 

	 	zhenquan
    gao
	 	 
	 	By: 	/s/
    Zhenquan Gao   
	 	Name:	Zhenquan Gao
	 	 
	 	Address
    for Notice:
	 	No. 95
    Dahanji Erqu, Fangshan District 
	 	Beijing
    City, PR China

 

    24

     

    

 

Exhibit I 

 

	Name
    	 	Number
    Of Shares 
	Shuguang Ren	 	260,000
	Yanjie Wang	 	260,000
	Shuyun Yang 	 	260,000
	Guanghu Shi	 	260,000
	Zhenquan Gao	 	260,000

 

 

25

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