Document:

Exhibit 10.2

 

Execution Version

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration
Rights Agreement (this “Agreement”) is made and entered into as of December 23, 2019 by and among Selecta
Biosciences, Inc., a Delaware corporation (the “Company”), and the “Investors” named in the Securities
Purchase Agreement, dated December 18, 2019, by and among the Company and the Investors identified on Exhibit A attached thereto
(the “Purchase Agreement”). Capitalized terms used herein have the respective meanings ascribed thereto in the
Purchase Agreement unless otherwise defined herein.

 

The parties hereby agree as follows:

 

1.                 
Certain Definitions.

 

As used in this Agreement, the following
terms shall have the following meanings:

 

“Closing Date” has the
meaning ascribed to it in the Purchase Agreement.

 

“Closing Securities”
has the meaning ascribed to it in the Purchase Agreement.

 

“Warrant Shares” has
the meaning ascribed to it in the Purchase Agreement.

 

“Investors” means the
Investors identified in the Purchase Agreement and any Affiliate or permitted transferee of any such Investor who is a subsequent
holder of Registrable Securities.

 

“Prospectus” means (i) the
prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments
and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus,
and (ii) any “free writing prospectus” as defined in Rule 405 under the 1933 Act.

 

“Register,” “registered”
and “registration” refer to a registration made by preparing and filing a Registration Statement or similar
document in compliance with the 1933 Act, and the declaration or ordering of effectiveness of such Registration Statement or document.

 

“Registrable
Securities” means (i) the Shares and Warrant Shares and (ii) any other shares of Common Stock issued as a
dividend or other distribution with respect to, in exchange for or in replacement of the Shares or Warrant Shares; provided, however,
that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to
maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) upon the first to
occur of (A) a Registration Statement with respect to the sale of such Registrable Securities being declared effective by the
SEC under the 1933 Act and such Registrable Securities having been disposed of or transferred by the holder thereof in
accordance with such effective Registration Statement, (B) such Registrable Securities having been previously sold or
transferred in accordance with Rule 144 (or another exemption from the registration requirements of the 1933 Act),
(C) such securities becoming eligible for resale without volume or manner-of-sale restrictions and without current
public information requirements pursuant to Rule 144 and (D) the fifth anniversary of the Closing Date.

 

    

     

    

 

“Registration Statement”
means any registration statement of the Company under the 1933 Act that covers the resale of any of the Registrable Securities
pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement, including post-effective
amendments, all exhibits and all material incorporated by reference in such Registration Statement.

 

“Required Investors”
means the Investors holding a majority of the Registrable Securities outstanding from time to time.

 

“SEC” means the U.S.
Securities and Exchange Commission.

 

“SEC
Guidance” means (i) any publicly-available written or oral guidance of the SEC staff, or any comments, requirements or
requests of the SEC staff and (ii) the 1933 Act.

 

“Shares” means the shares
of Common Stock purchased by the Investors pursuant to the Purchase Agreement.

 

2.                 
Registration.

 

(a)              
Registration Statements.

 

(i)                 Promptly
following the Closing Date but no later than forty-five (45) calendar days after the Closing Date (the
“Filing Deadline”), the Company shall prepare and file with the SEC one Registration Statement covering
the resale of all of the Registrable Securities which, for the avoidance of doubt, may also register the sale of primary
securities. Subject to any SEC comments, such Registration Statement shall include the plan of distribution, substantially in
the form and substance, set forth in Part III of each Investor’s Selling Stockholder Notice and Questionnaire. Such
Registration Statement also shall cover, to the extent allowable under the 1933 Act and the rules promulgated thereunder
(including Rule 416), such indeterminate number of additional shares of Common Stock resulting from stock splits, stock
dividends or similar transactions with respect to the Registrable Securities. Upon request, such Registration Statement (and
each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided in
accordance with Section 3(c) to the Investors prior to its filing or other submission. If a Registration Statement covering
the Registrable Securities is not filed with the SEC on or prior to the fifth Business Day following the Filing Deadline, the
Company will make pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount equal to 1% of
the aggregate amount paid pursuant to the Purchase Agreement by such Investor for such Registrable Securities then held by
such Investor for each 30-day period or pro rata for any portion thereof following the Filing Deadline for which no
Registration Statement is filed with respect to the Registrable Securities. Such payments shall constitute the
Investors’ exclusive monetary remedy for such events, but shall not affect the right of the Investors to seek
injunctive relief. Such payments shall be made to each Investor in cash no later than five (5) Business Days after the end of
each 30-day period (the “Payment Date”). Interest shall accrue at the rate of 1% per month on any
such liquidated damages payments that shall not be paid by the Payment Date until such amount is paid in full.
Notwithstanding the foregoing, the Company will not be liable for any liquidated damages under this Section 2(a)(i) with
respect to any Warrant Shares prior to their issuance.

 

    

     

    

 

(ii)             
The Company shall take reasonable best efforts to register the Registrable Securities on Form S-3 following the date such
form is available for use by the Company, provided that if at such time the Registration Statement is on Form S-1, the Company
shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form
S-3 covering the Registrable Securities has been declared effective by the SEC.

 

(b)              
Expenses. The Company will pay all expenses associated with each Registration Statement, including filing and printing
fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing the Registrable Securities for
sale under applicable state securities laws and listing fees, but excluding discounts, commissions, fees of underwriters, selling
brokers, dealer managers or similar securities industry professionals with respect to the Registrable Securities being sold. Except
as provided in Section 6 hereof, the Company shall not be responsible for legal fees incurred by holders of Registrable Securities
in connection with the performance of its rights and obligations under the Transaction Documents.

 

(c)              
Effectiveness.

 

(i)                 The
Company shall use reasonable best efforts to have the Registration Statements declared effective as soon as practicable. The
Company shall notify the Investors by facsimile or e-mail as promptly as practicable, and in any event, within
forty-eight (48) hours, after any Registration Statement is declared effective and shall simultaneously provide the
Investors with access to a copy of any related Prospectus to be used in connection with the sale or other disposition of the
securities covered thereby. Subject to Section 2(d), if (A) a Registration Statement covering the Registrable Securities is
not declared effective by the SEC prior to the earlier of (i) ten (10) Business Days after the SEC informs the Company that
no review of such Registration Statement will be made or that the SEC has no further comments on such Registration Statement
and (ii) the 90th day after the Closing Date (or the 120th day if the SEC reviews such Registration Statement) (the
“Effectiveness Deadline”), or (B) after a Registration Statement has been declared effective by the SEC,
sales cannot be made pursuant to such Registration Statement for any reason (including without limitation by reason of a stop
order, or the Company’s failure to update such Registration Statement), but excluding any Allowed Delay (as defined
below) or, if the Registration Statement is on Form S-1, for a period of twenty (20) days following the date on which the
Company files a post-effective amendment to incorporate the Company’s Annual Report on Form 10-K (a
“Maintenance Failure”), then the Company will make pro rata payments to each Investor then holding
Registrable Securities, as liquidated damages and not as a penalty, in an amount equal to 1% of the aggregate amount paid
pursuant to the Purchase Agreement by such Investor for such Registrable Securities then held by such Investor for each
30-day period or pro rata for any portion thereof following the date by which such Registration Statement should have
been effective (the “Blackout Period”). Such payments shall constitute the Investors’ exclusive
monetary remedy for such events, but shall not affect the right of the Investors to seek injunctive relief. The amounts
payable as liquidated damages pursuant to this paragraph shall be paid no later than five (5) Business Days after each such
30-day period following the commencement of the Blackout Period until the termination of the Blackout Period (the
“Blackout Period Payment Date”). Such payments shall be made to each Investor in cash. Interest shall
accrue at the rate of 1% per month on any such liquidated damages payments that shall not be paid by the Blackout Payment
Date until such amount is paid in full. Notwithstanding the foregoing, the Company will not be liable for any liquidated
damages under this Section 2(c)(i) with respect to any Warrant Shares prior to their issuance.

 

    

     

    

 

(ii)             
Notwithstanding anything to the contrary contained herein, the Company may, upon written notice to any holder of Registrable
Securities included in a Registration Statement, suspend the use of any Registration Statement, including any Prospectus that forms
a part of a Registration Statement, if the Company (X) determines that it would be required to make disclosure of material information
in the Registration Statement that the Company has a bona fide business purpose for preserving as confidential, (Y) the Company
determines it must amend or supplement the Registration Statement or the related Prospectus so that such Registration Statement
or Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the case of the Prospectus in light of the circumstances under which they were
made, not misleading or (Z) the Company has experienced or is experiencing some other material non-public event, including
a pending transaction involving the Company, the disclosure of which at such time, in the good faith judgment of the Company, would
adversely affect the Company; provided, however, in no event shall holders of Registrable Securities be suspended
from selling Registrable Securities pursuant to the Registration Statement for a period that exceeds 30 consecutive Trading Days
or 60 total Trading Days in any 360-day period (any such suspension contemplated by this Section 2(c)(ii), an “Allowed
Delay”). Upon disclosure of such information or the termination of the condition described above, the Company shall provide
prompt notice to holders whose Registrable Securities are included in the Registration Statement, and shall promptly terminate
any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable
Securities as contemplated hereby.

 

    

     

    

 

(d)               Rule 415;
Cutback. If at any time the SEC takes the position that the offering of some or all of the Registrable Securities in a
Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of
Rule 415 under the 1933 Act (provided, however, the Company shall be obligated to use diligent efforts to advocate with
the SEC for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without
limitation, Compliance and Disclosure Interpretation 612.09) or requires any Investor to be named as an
“underwriter,” the Company shall (i) promptly notify each holder of Registrable Securities thereof and (ii) make
reasonable best efforts to persuade the SEC that the offering contemplated by such Registration Statement is a valid
secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that none
of the Investors is an “underwriter.” The Investors shall have the right to select one legal counsel designated
by the Required Investors to review and oversee any registration or matters pursuant to this Section 2(d), including
participation in any meetings or discussions with the SEC regarding the SEC’s position and to comment on any written
submission made to the SEC with respect thereto. No such written submission with respect to this matter shall be made to the
SEC to which the Investors’ counsel reasonably objects. In the event that, despite the Company’s reasonable best
efforts and compliance with the terms of this Section 2(d), the SEC refuses to alter its position, the Company shall
(i) remove from such Registration Statement such portion of the Registrable Securities (the “Cut Back
Shares”) and/or (ii) agree to such restrictions and limitations on the registration and resale of the
Registrable Securities as the SEC may require to assure the Company’s compliance with the requirements of Rule 415
(collectively, the “SEC Restrictions”); provided, however, that the Company shall not agree
to name any Investor as an “underwriter” in such Registration Statement without the prior written consent of such
Investor. In the event of a cutback hereunder, the Company shall give the Investor at least five (5) Business Days
prior written notice along with the calculations as to such Investor’s allotment. Any cut-back imposed on the Investors
pursuant to this Section 2(d) shall be allocated among the Investors on a pro rata basis and shall be applied first to any of
the Registrable Securities of such Investor as such Investor shall designate, unless the SEC Restrictions otherwise require
or provide or the Investors otherwise agree. No liquidated damages shall accrue as to any Cut Back Shares until such date as
the Company is able to effect the registration of such Cut Back Shares in accordance with any SEC Restrictions applicable to
such Cut Back Shares (such date, the “Restriction Termination Date”). In furtherance of the foregoing,
each Investor shall provide the Company with prompt written notice of its sale of substantially all of the Registrable
Securities under such Registration Statement such that the Company will be able to file one or more additional Registration
Statements covering the Cut Back Shares. From and after the Restriction Termination Date applicable to any Cut Back Shares,
all of the provisions of this Section 2 (including the Company’s obligations with respect to the filing of a
Registration Statement and its obligations to use reasonable best efforts to have such Registration Statement declared
effective within the time periods set forth herein and the liquidated damages provisions relating thereto) shall again be
applicable to such Cut Back Shares; provided, however, that (i) the Filing Deadline for such Registration
Statement including such Cut Back Shares shall be ten (10) Business Days after such Restriction Termination Date, and
(ii) the date by which the Company is required to obtain effectiveness with respect to such Cut Back Shares shall be the
60th day immediately after the Restriction Termination Date (or the 90th day if the SEC reviews such Registration
Statement).

 

(e)              
Other Limitations. Notwithstanding any other provision herein or in the Purchase Agreement, (i) the Filing Deadline
and each Effectiveness Deadline for a Registration Statement shall be extended and any Maintenance Failure shall be automatically
waived by no action of the Investors, in each case, without default by or liquidated damages payable by the Company hereunder in
the event that the Company’s failure to make such filing or obtain such effectiveness or a Maintenance Failure results from the
failure of an Investor to timely provide the Company with information requested by the Company and necessary to complete a Registration
Statement in accordance with the requirements of the 1933 Act (in which case any such deadline would be extended, and a Maintenance
Failure waived, with respect to all Registrable Securities until such time as the Investor provides such requested information)
and (ii) in no event shall the aggregate amount of liquidated damages (or interest thereon) paid hereunder exceed, in the aggregate,
8% of the aggregate purchase price of the Closing Securities purchased by the Investors under the Purchase Agreement.

 

    

     

    

 

3.                 
Company Obligations. The Company will use reasonable best efforts to effect the registration of the Registrable Securities
in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible:

 

(a)              
use reasonable best efforts to cause such Registration Statement to become effective and to remain continuously effective
until such time as there are no longer Registrable Securities held by the Investors (the “Effectiveness Period”)
and advise the Investors promptly in writing when the Effectiveness Period has expired;

 

(b)              
prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and the related
Prospectus as may be necessary to keep such Registration Statement effective for the Effectiveness Period and to comply with the
provisions of the 1933 Act and the 1934 Act with respect to the distribution of all of the Registrable Securities covered thereby;

 

(c)              
permit, upon request, any counsel designated by the Investors to review each Registration Statement and all amendments and
supplements thereto prior to their filing with the SEC;

 

(d)              
furnish to each Investor whose Registrable Securities are included in any Registration Statement (i) promptly after
the same is prepared and filed with the SEC, if requested by the Investor, one (1) copy of any Registration Statement and any amendment
thereto, each preliminary prospectus and Prospectus and each amendment or supplement thereto, and each letter written by or on
behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC,
in each case relating to such Registration Statement (other than any portion of any thereof which contains information for which
the Company has sought confidential treatment), and (ii) such number of copies of a Prospectus, including a preliminary prospectus,
and all amendments and supplements thereto and such other documents as each Investor may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by such Investor (it being understood and agreed that such documents, or access
thereto, may be provided electronically);

 

(e)              
use reasonable best efforts to (i) prevent the issuance of any stop order or other suspension of effectiveness and,
(ii) if such order is issued, obtain the withdrawal of any such order at the earliest possible moment;

 

(f)               
prior to any public offering of Registrable Securities, use reasonable best efforts to assist or cooperate with the Investors
and their counsel in connection with their registration or qualification of such Registrable Securities for the offer and sale
under the securities or blue sky laws of such jurisdictions reasonably requested by the Investors; provided, however,
that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in
any jurisdiction where it would not otherwise be required to qualify but for this Section 3(f), (ii) subject itself to
general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 3(f), or (iii) file
a general consent to service of process in any such jurisdiction;

 

(g)              
use reasonable best efforts to cause all Registrable Securities covered by a Registration Statement to be listed on the
Nasdaq Global Market (or the primary securities exchange, interdealer quotation system or other market on which the Common Stock
then listed);

 

    

     

    

 

(h)              
promptly notify the Investors, at any time prior to the end of the Effectiveness Period, upon discovery that, or upon the
happening of any event as a result of which, the Prospectus includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing, and promptly prepare, file with the SEC and furnish to such holder a supplement to or an amendment of such Prospectus
as may be necessary so that such Prospectus shall not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then
existing;

 

(i)                
otherwise use reasonable best efforts to comply with all applicable rules and regulations of the SEC under the 1933 Act
and the 1934 Act, including, without limitation, Rule 172 under the 1933 Act, file any final Prospectus, including any supplement
or amendment thereof, with the SEC pursuant to Rule 424 under the 1933 Act, promptly inform the Investors in writing if, at
any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result
thereof, the Investors are required to deliver a Prospectus in connection with any disposition of Registrable Securities and take
such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder;

 

(j)                
with a view to making available to the Investors the benefits of Rule 144 (or its successor rule) and any other rule
or regulation of the SEC that may at any time permit the Investors to sell shares of Common Stock to the public without registration,
the Company covenants and agrees to: (i) make and keep public information available, as those terms are understood and defined
in Rule 144, until the earlier of (A) six months after such date as all of the Registrable Securities may be sold without
restriction by the holders thereof pursuant to Rule 144 or any other rule of similar effect or (B) such date as there
are no longer Registrable Securities; (ii) file with the SEC in a timely manner all reports and other documents required of
the Company under the 1934 Act; and (iii) furnish electronically to each Investor upon request, as long as such Investor owns
any Registrable Securities, (A) a written statement by the Company that it has complied with the reporting requirements of
the 1934 Act, (B) a copy of or electronic access to the Company’s most recent Annual Report on Form 10-K or Quarterly
Report on Form 10-Q, and (C) such other information as may be reasonably requested in order to avail such Investor of any
rule or regulation of the SEC that permits the selling of any such Registrable Securities without registration; and

 

(k)              
 if requested by an Investor, cooperate with such Investor to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be delivered to a transferee pursuant to an effective Registration Statement, which certificates
shall be free, to the extent permitted by the Purchase Agreement and applicable law, of all restrictive legends, and to enable
such certificates to be in such denominations and registered in such names as any such Investor may request.

 

    

     

    

 

4.                  Due
Diligence Review; Information. If any Investor is required under applicable securities laws to be described in a
Registration Statement as an “underwriter,” the Company shall, upon reasonable prior notice, make
available, during normal business hours, for inspection and review by the Investors, advisors to and representatives of the
Investors (who may or may not be affiliated with the Investors and who are reasonably acceptable to the Company)
(collectively, the “Inspectors”), all pertinent financial and other records, and all other corporate
documents and properties of the Company (collectively, the “Records”) as may be reasonably necessary for
the purpose of such review, and cause the Company’s officers, directors and employees, within a reasonable time period,
to supply all such information reasonably requested by the Inspectors (including, without limitation, in response to all
questions and other inquiries reasonably made or submitted by any of them), prior to and from time to time after the filing
and effectiveness of such Registration Statement for the sole purpose of enabling such Investor and its accountants and
attorneys to conduct such due diligence solely for the purpose of establishing a due diligence defense to underwriter
liability under the 1933 Act; provided, however, that each Inspector shall agree to hold in strict confidence
and shall not make any disclosure (except to such Investor) or use of any Record or other information which the Company
determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the
disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or
is otherwise required under the 1933 Act, (b) the release of such Records is ordered pursuant to a final, non-appealable
subpoena or order from a court or government body of competent jurisdiction, or (c) the information in such Records has been
made generally available to the public other than by disclosure in violation of this Agreement or the Purchase Agreement.
Each Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its
expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed
confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed
to limit the Investors’ ability to sell Registrable Securities in a manner which is otherwise consistent with
applicable laws and regulations.

 

Notwithstanding the foregoing, the Company
shall not disclose material nonpublic information to the Investors, or to advisors to or representatives of the Investors, unless
prior to disclosure of such information the Company identifies such information as being material nonpublic information and provides
the Investors, such advisors and representatives with the opportunity to accept or refuse to accept such material nonpublic information
for review and any Investor wishing to obtain such information enters into an appropriate confidentiality agreement with the Company
with respect thereto.

 

5.                 
Obligations of the Investors.

 

(a)               Each
Investor shall execute and deliver a Selling Stockholder Questionnaire prior to the Closing Date. Each Investor
shall additionally furnish in writing to the Company such other information regarding itself, the Registrable Securities held
by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to
effect the registration of such Registrable Securities and shall execute such documents in connection with such registration
as the Company may reasonably request. At least five (5) Business Days prior to the first anticipated filing date of any
Registration Statement, the Company shall notify each Investor of the additional information the Company requires from such
Investor if such Investor elects to have any of the Registrable Securities included in such Registration Statement (the
“Registration Information Notice”). An Investor shall provide such information to the Company no later
than two (2) Business Days following receipt of a Registration Information Notice if such Investor elects to have any of
the Registrable Securities included in such Registration Statement. It is agreed and understood that it shall be a condition
precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the
Registrable Securities of a particular Investor that (i) such Investor furnish to the Company such information regarding
itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it
as shall be reasonably required to effect the effectiveness of the registration of such Registrable Securities, and (ii) the
Investor execute such documents in connection with such registration as the Company may reasonably request, including,
without limitation, a waiver of its registration rights hereunder to the extent an Investor elects not to have any of its
Registrable Securities included in a Registration Statement.

 

    

     

    

 

(b)              
Each Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested
by the Company in connection with the preparation and filing of a Registration Statement hereunder, unless such Investor has notified
the Company in writing of its election to exclude all of its Registrable Securities from such Registration Statement.

 

(c)              
Each Investor agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed
Delay pursuant to Section 2(c)(ii) or (ii) the happening of an event pursuant to Section 3(h) hereof, such Investor will
immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable
Securities, until the Investor is advised by the Company that such dispositions may again be made.

 

(d)              
Each Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable
to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to any Registration Statement.

 

6.                 
Indemnification.

 

(a)               Indemnification
by the Company. The Company will indemnify and hold harmless each Investor and its officers, directors, members,
employees and agents, successors and assigns, and each other person, if any, who controls such Investor within the meaning of
the 1933 Act, against any losses, claims, damages or liabilities, joint or several, to which they may become subject
under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement or omission or alleged omission of any material
fact contained in any Registration Statement, any preliminary Prospectus or final Prospectus, or any amendment or supplement
thereof; provided, however, that the Company will not be liable in any such case if and to the extent that any
such loss, claim, damage or liability arises out of or is based upon (i) an untrue statement or alleged untrue statement or
omission or alleged omission so made in conformity with information furnished by such Investor or any such controlling person
in writing specifically for use in such Registration Statement or Prospectus, (ii) the use by an Investor of an outdated or
defective Prospectus after the Company has notified such Investor in writing that such Prospectus is outdated or defective or
(iii) an Investor’s failure to send or give a copy of the Prospectus or supplement (as then amended or supplemented),
if required (and not exempted) to the Persons asserting an untrue statement or omission or alleged untrue statement or
omission at or prior to the written confirmation of the sale of Registrable Securities.

 

    

     

    

 

(b)              
Indemnification by the Investors. Each Investor agrees, severally but not jointly, to indemnify and hold harmless,
to the fullest extent permitted by law, the Company, its directors, officers, employees, stockholders and each person who controls
the Company (within the meaning of the 1933 Act) against any losses, claims, damages, liabilities and expense (including reasonable
attorney fees) resulting from any untrue statement of a material fact or any omission of a material fact required to be stated
in any Registration Statement or Prospectus or preliminary Prospectus or amendment or supplement thereto or necessary to make the
statements therein not misleading, to the extent, but only to the extent, that such untrue statement or omission is contained in
any information regarding such Investor and furnished in writing by such Investor to the Company specifically for inclusion in
such Registration Statement or Prospectus or amendment or supplement thereto. In no event shall the liability of an Investor be
greater than the dollar amount of the proceeds received by such Investor upon the sale of the Registrable Securities included in
such Registration Statement giving rise to such indemnification obligation.

 

(c)              
Conduct of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt
notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, that
any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense
of such claim, but the fees and expenses of such counsel shall be at the expense of such person unless (A) the indemnifying
party has agreed to pay such fees or expenses, (B) the indemnifying party shall have failed to assume the defense of such
claim and employ counsel reasonably satisfactory to such person or (C) in the reasonable judgment of any such person, based
upon written advice of its counsel, a conflict of interest exists between such person and the indemnifying party with respect to
such claims (in which case, if the person notifies the indemnifying party in writing that such person elects to employ separate
counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such
claim on behalf of such person); and provided, further that the failure of any indemnified party to give notice as
provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent that such failure to
give notice shall materially adversely affect the indemnifying party in the defense of any such claim or litigation. It is understood
that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses
of more than one separate firm of attorneys at any time for all such indemnified parties. No indemnifying party will, except with
the consent of the indemnified party, which shall not be unreasonably withheld or conditioned, consent to entry of any judgment
or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to
such indemnified party of a release from all liability in respect of such claim or litigation.

 

    

     

    

 

(d)               Contribution.
If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an
indemnified party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party
shall contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or
liability in such proportion as is appropriate to reflect the relative fault of the indemnified party and the indemnifying
party, as well as any other relevant equitable considerations. No person guilty of fraudulent misrepresentation within the
meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any person not guilty of such fraudulent
misrepresentation. In no event shall the contribution obligation of a holder of Registrable Securities be greater in amount
than the dollar amount of the proceeds received by it upon the sale of the Registrable Securities giving rise to such
contribution obligation.

 

7.                 
Miscellaneous.

 

(a)              
Amendments and Waivers. This Agreement may be amended only by a writing signed by the Company and the Required Investors.
The Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the
Company shall have obtained the written consent to such amendment, action or omission to act, of the Required Investors.

 

(b)              
Notices. All notices and other communications provided for or permitted hereunder shall be made as set forth in Section 9.4
of the Purchase Agreement.

 

(c)              
Assignments and Transfers by Investors. The provisions of this Agreement shall be binding upon and inure to
the benefit of the Investors and their respective successors and assigns. An Investor may transfer or assign, in whole or from
time to time in part, to one or more persons its rights hereunder in connection with the transfer of Registrable Securities by
such Investor to such person, provided that (i) the Investor agrees in writing with the transferee or assignee to assign such rights
and a copy of such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within
a reasonable time after such transfer or assignment, furnished with written notice of (A) the name and address of such transferee
or assignee and (B) the securities with respect to which such registration rights are being transferred or assigned; (iii) immediately
following such transfer or assignment the further disposition of such securities by the transferee or assignee is restricted under
the 1933 Act or applicable state securities laws; (iv) at or before the time the Company receives the written notice contemplated
by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions
contained herein; (v) such transfer shall have been made in accordance with the applicable requirements of the Purchase Agreement
and (vi) unless the transferee or assignee is an Affiliate of, and after such transfer or assignment continues to be an Affiliate
of, such Investor, the amount of Registrable Securities transferred or assigned to such transferee or assignee represents at least
$5.0 million of Registrable Securities (based on the then-current market price of the Common Stock).

 

(d)               Assignments
and Transfers by the Company. This Agreement may not be assigned by the Company (whether by operation of law or
otherwise) without the prior written consent of the Required Investors, provided, however, that in the event that the Company
is a party to a merger, consolidation, share exchange or similar business combination transaction in which the Common Stock
is converted into the equity securities of another Person, from and after the effective time of such transaction, such
Person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder, the term
“Company” shall be deemed to refer to such Person and the term “Registrable Securities” shall be
deemed to include the securities received by the Investors in connection with such transaction unless such securities are
otherwise freely tradable by the Investors after giving effect to such transaction.

 

    

     

    

 

(e)              
Benefits of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding
upon the respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f)               
Counterparts; Faxes. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed via facsimile
or e-mail, which shall be deemed an original.

 

(g)              
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to
be considered in construing or interpreting this Agreement.

 

(h)              
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision of law which renders
any provisions hereof prohibited or unenforceable in any respect.

 

(i)                
Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all
such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment
of the agreements herein contained.

 

(j)                
Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject
matter.

 

    

     

    

 

(k)               Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of New York without regard to the choice of law principles thereof (other than sections
5-1401 and 5-1402 of the General Obligations Law). Each of the parties hereto irrevocably submits to the exclusive
jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the
Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this
Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding
may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under
this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit,
action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the
laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such
suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO
WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS
BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

(l)                
Filing Restrictions. The Company will register the resale of Registrable Securities representing Cut Back Shares
on an effective Registration Statement prior to or concurrent with registering the resale of its securities by a selling security
holder not holding Registrable Securities; provided, however, that this Section 7(l) shall not apply to Registrable Securities
representing Cut Back Shares that were excluded from any such Registration Statement on account of the failure of a holder of such
Registrable Securities to comply with the provisions hereof, including, but not limited to, the requirement of a holder to provide
information required to be included in a Registration Statement.

 

(m)            
Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor hereunder are several
and not joint with the obligations of any other Investor hereunder, and no Investor shall be responsible in any way for the performance
of the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership,
an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting
in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other
matters, and the Company acknowledges that the Investors are not acting in concert or as a group, and the Company shall not assert
any such claim, with respect to such obligations or transactions. Each Investor shall be entitled to protect and enforce its rights,
including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Investor to
be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations
of the Company contained was solely in the control of the Company, not the action or decision of any Investor, and was done solely
for the convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly understood
and agreed that each provision contained in this Agreement is between the Company and an Investor, solely, and not between the
Company and the Investors collectively and not between and among Investors.

 

[remainder of page intentionally
left blank]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.

  

	COMPANY:	SELECTA BIOSCIENCES, INC.
	 	 
	 	By:	/s/ Carsten Brunn, Ph.D.
	 	 	Name: Carsten Brunn, Ph.D.   
	 	 	Title: President and CEO

 

     

     

    

  

	INVESTOR:	Vivo Opportunity Fund, L.P.
	 	 
	 	By:	/s/ Albert Cha
	 	 	Name: Albert Cha
	 	 	Title: Managing Member of Vivo Opportunity, LLC, General Partner 

 

     

     

    

 

	INVESTOR:	Vivo Capital Fund IX, L.P.
	 	 
	 	By:	/s/ Albert Cha
	 	 	Name: Albert Cha
	 	 	Title: Managing Member of Vivo Capital IX, LLC, General Partner 

 

     

     

    

 

	INVESTOR:	Vivo Capital Fund VIII, L.P.
	 	 
	 	By:	/s/ Albert Cha
	 	 	Name: Albert Cha
	 	 	Title: Managing Member of Vivo Capital VIII, LLC, General Partner 

 

     

     

    

 

	INVESTOR:	Vivo Capital Surplus Fund VIII, L.P.
	 	 
	 	By:	/s/ Albert Cha
	 	 	Name: Albert Cha
	 	 	Title: Managing Member of Vivo Capital VIII, LLC, General Partner 

 

     

     

    

 

	INVESTOR:	EcoRl Capital Fund, LP
	 	EcoRl Capital Fund Qualified, LP
	 	 
	 	By:	/s/ Oleg Nodelman
	 	 	Name: Oleg Nodelman
	 	 	Title: Manager, EcoRl Capital LLC, as GP 

 

     

     

    

 

	INVESTOR:	The Mangrove Partners Master Fund, Ltd.
	 	 
	 	By:	/s/ Ward Dietrich
	 	 	Name: Ward Dietrich
	 	 	Title: Authorized Person 

 

     

     

    

 

	INVESTOR:	Acuta Opportunity Fund, LP
	 	 
	 	By:	/s/ Manfred Yu
	 	 	Name: Manfred Yu
	 	 	Title: Chief Operating Officer of Acuta Capital Partners, LLC, the general partner 

 

     

     

    

 

	INVESTOR:	Acuta Capital Fund, LP
	 	 
	 	By:	/s/ Manfred Yu
	 	 	Name: Manfred Yu
	 	 	Title: Chief Operating Officer of Acuta Capital Partners, LLC, the general partner 

 

     

     

    

 

	INVESTOR:	Biotechnology Value Fund, L.P.
	 	 
	 	By:	/s/ Mark Lampert
	 	 	Name: Mark Lampert
	 	 	Title: President of BVF Inc., General Partner of BVF Partners L.P., General Partner of Biotechnology Value Fund, L.P. 

 

     

     

    

 

	INVESTOR:	Biotechnology Value Fund II, L.P.
	 	 
	 	By:	/s/ Mark Lampert
	 	 	Name: Mark Lampert
	 	 	Title: President of BVF Inc., General Partner of BVF Partners L.P., General Partner of Biotechnology Value Fund II, L.P. 

 

     

     

    

 

	INVESTOR:	Biotechnology Value Trading Fund OS, L.P.
	 	 
	 	By:	/s/ Mark Lampert
	 	 	Name: Mark Lampert
	 	 	Title: President of BVF Inc., General Partner of BVF Partners L.P., General Partner of Biotechnology Value Trading Fund OS, L.P. 

 

     

     

    

 

	INVESTOR:	MSI BVF SPV LLC
	 	 
	 	By:	/s/ Mark Lampert
	 	 	Name: Mark Lampert
	 	 	Title: President of BVF Inc., General Partner of BVF Partners LP, Attorney-in-fact for MSI BVF SPV LLC

 

     

     

    

 

	INVESTOR:	TAS Partners, LLC
	 	 
	 	By:	/s/ Tim Springer
	 	 	Name: Tim Springer
	 	 	Title: Manager

 

     

     

    

 

	INVESTOR:	Boxer Capital, LLC
	 	 
	 	By:	/s/ Aaron Davis
	 	 	Name: Aaron Davis
	 	 	Title: Chief Executive Officer

 

     

     

    

 

	INVESTOR:	Cronus & Co. FBO Wasatch Ultra Growth Fund
	 	 
	 	By:	/s/ Michael Xeates
	 	 	Name: Michael Xeates
	 	 	Title: Vice President of Wasatch Global Investors investment advisor Wasatch Funds Trust on behalf of Wasatch Ultra Growth Fund

 

     

     

    

 

	INVESTOR:	Casing & Co. FBO Wasatch Micro Cap Fund
	 	 
	 	By:	/s/ Michael Xeates
	 	 	Name: Michael Xeates
	 	 	Title: Vice President of Wasatch Global Investors investment advisor Wasatch Funds Trust on behalf of Wasatch Micro Cap Fund

 

     

     

    

 

	INVESTOR:	Invus Public Equities, L.P.
	 	 
	 	By:	/s/ Philip Bafundo
	 	 	Name: Philip Bafundo
	 	 	Title: CFO of the General Partner

 

     

     

    

 

	INVESTOR:	Altium Growth Fund, LP
	 	 
	 	By:	/s/ Mark Gottlieb
	 	 	Name: Jacob Gottlieb
	 	 	Title: Authorized Signatory

 

     

     

    

 

	INVESTOR:	NanoDimension II, L.P.
	 	 
	 	By:	/s/ Jonathan Nicholson
	 	 	Name: Jonathan Nicholson
	 	 	Title: Director of the General Partner

 

     

     

    

 

	INVESTOR:	Reinet Columbus Limited
	 	 
	 	By:	/s/ Mr Johan Mostert
	 	 	Name: Mr Johan Mostert
	 	 	Title: Director

 

     

     

    

 

	INVESTOR:	Hering-Kirchhof Living Trust
	 	 
	 	By:	/s/ Bernhard J. Hering
	 	 	Name: Bernhard J. Hering
	 	 	Title: Trustee

 

     

     

    

 

	INVESTOR:	The Eiger Trust
	 	 
	 	By:	/s/ Jonathan Nicholson
	 	 	Name: Jonathan Nicholson
	 	 	Title: Trustee

 

     

     

    

 

	INVESTOR:	 
	 	/s/ Timothy Barabe
	 	Timothy Barabe

 

     

     

    

 

	INVESTOR:	 
	 	/s/ Carrie S. Cox
	 	Carrie S. Cox

 

     

     

    

 

	INVESTOR:	 
	 	/s/ Scott D. Myers
	 	Scott D. MyersExhibit 10.1

 

Note
Purchase Agreement

 

This
Note Purchase Agreement (this “Agreement”)
dated as of December 19, 2019 is entered into by and between Future FinTech Group Inc.,
a Florida corporation (“Company”), and Iliad Research and Trading, L.P.,
a Utah limited partnership, its successors and/or assigns (“Investor”) (Company and Investor, each a “Party”
and collectively, the “Parties”).

 

A.
Company and Investor are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded
by the Securities Act of 1933, as amended (the “1933 Act”), and the rules and regulations promulgated thereunder
by the United States Securities and Exchange Commission (the “SEC”).

 

B.
Investor desires to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement,
a Secured Promissory Note, in the form attached hereto as Exhibit A, in the original principal amount of $1,060,000.00
(the “Note”).

 

C.
This Agreement, the Note, the Pledge Agreement (as defined below), the Investor Note (as defined below), and all other certificates,
documents, agreements, resolutions and instruments delivered to any party under or in connection with this Agreement, as the same
may be amended from time to time, are collectively referred to herein as the “Transaction Documents”.

 

NOW,
THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Company and Investor hereby agree as follows:

 

1.
Purchase and Sale of Note.

 

1.1.
Purchase of Note. Company shall issue and sell to Investor and Investor shall purchase from Company the Note. In consideration
thereof, Investor shall pay (i) the amount designated as the initial cash purchase price on the signature page to this Agreement
(the “Initial Cash Purchase Price”), and (ii) issue to Company the Investor Note (the sum of the initial principal
amount of the Investor Note, together with the Initial Cash Purchase Price, the “Purchase Price”).

 

1.2.
Form of Payment. On the Closing Date (as defined below), (i) Investor shall pay the Purchase Price to Company by delivering
the following at the Closing: (A) the Initial Cash Purchase Price, which shall be delivered by wire transfer of immediately available
funds in U.S. Dollars to Company, in accordance with Company’s written wiring instructions; and (B) an Investor Note in
the principal amount of $500,000.00 duly executed by Investor and substantially in the form attached hereto as Exhibit B
(“Investor Note”); and (ii) Company shall deliver the duly executed Note on behalf of Company, to Investor,
against delivery of such Purchase Price.

 

1.3.
Closing Date. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section 6 below,
the date of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be December
19, 2019, or another mutually agreed upon date. The closing of the transactions contemplated by this Agreement (the “Closing”)
shall occur on the Closing Date by means of the exchange by email of signed .pdf documents, but shall be deemed for all purposes
to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

1.4.
Collateral for the Note. The Note shall be secured by the collateral set forth in that certain Stock Pledge Agreement attached
hereto as Exhibit C whereby Mengyao Chen, an individual (“Pledgor”), is pledging 2,500,000 shares (the
“Pledged Shares”) of common stock, $0.001 par value per share, of Company (the “Common Stock”),
as security for Company’s obligations under the Transaction Documents (the “Pledge Agreement”).

 

    1

     

    

 

1.5.
Collateral for Investor Note. Initially, the Investor Note will not be secured, but the Investor Note may become secured
subsequent to the Closing by such collateral and at such time as determined by Investor in its sole discretion. In the event Investor
desires to secure the Investor Note, Company shall timely execute any and all amendments and documents and take such other measures
requested by Investor that are necessary or advisable in order for the Investor to properly secure the Investor Note for the benefit
of the Company. The Initial Cash Purchase Price shall be the Purchase Price less the sum of the initial principal amounts of the
Investor Note.

 

1.6.
Original Issue Discount; Transaction Expense Amount. The Note carries an original issue discount of $50,000.00 (the “OID”).
In addition, Company agrees to pay $10,000.00 to Investor to cover Investor’s legal fees, accounting costs, due diligence,
monitoring and other transaction costs incurred in connection with the purchase and sale of the Note (the “Transaction
Expense Amount”), all of which amount is included in the initial principal balance of the Note. The “Purchase
Price”, therefore, shall be $1,000,000.00, computed as follows: $1,060,000.00 initial principal balance, less the OID,
less the Transaction Expense Amount.

 

2.
Investor’s Representations and Warranties. Investor represents and warrants to Company that as of the Closing Date:
(i) this Agreement has been duly and validly authorized; (ii) Investor is a limited partnership duly organized, validly existing
and in good standing under the laws of its state of organization; (iii) this Agreement constitutes the valid and binding obligations
of Investor enforceable in accordance with its terms; (iv) Investor is an “accredited investor” as that term is defined
in Rule 501(a) of Regulation D of the 1933 Act; and (v) this Agreement has been duly executed and delivered on behalf of Investor.
Investor further represents and warrants to Company that Investor is aware of Company’s business affairs and financial condition
and has acquired sufficient information about Company to reach an informed and knowledgeable decision to acquire the Note. Investor
acknowledges that it has had the opportunity to review all reports, schedules, forms, statements and other documents required
to be filed by Company under the Securities Act and the Securities Exchange Act of 1934, as amended (the “1934 Act”),
including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as Company
was required by law or regulation to file such material) and has been afforded (i) the opportunity to ask such questions as it
has deemed necessary of, and to receive answers from, representatives of Company concerning the terms and conditions of the offering
of the Note and the merits and risks of investing in the Note; (ii) access to information about 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 Company possesses or can acquire without unreasonable effort
or expense that is necessary to make an informed investment decision with respect to the investment. Investor hereby confirms
that Investor is purchasing the Note for Investor’s own account, not as a nominee or agent, and not with a view to the resale
or distribution of any part thereof, and that Investor has no present intention of selling, granting any participation in, or
otherwise distributing the same. By executing this Agreement, Investor further represents that Investor does not presently have
any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or
to any third person, with respect to the Note. Investor has not been formed for the specific purpose of acquiring the Note.

 

    2

     

    

 

3.
Company’s Representations and Warranties. Company represents and warrants to Investor that as of the Closing Date:
(i) Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation
and has the requisite corporate power to own its properties and to carry on its business as now being conducted; (ii) Company
is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction where the nature of the
business conducted or property owned by it makes such qualification necessary; (iii) Company has registered its Common Stock under
Section 12(g) of the 1934 Act, and is obligated to file reports pursuant to Section 13 or Section 15(d) of the
1934 Act; (iv) each of the Transaction Documents and the transactions contemplated hereby and thereby, have been duly and validly
authorized by Company and all necessary actions have been taken; (v) this Agreement, the Note, and the other Transaction Documents
have been duly executed and delivered by Company and constitute the valid and binding obligations of Company enforceable in accordance
with their terms; (vi) the execution and delivery of the Transaction Documents by Company, the issuance of the Note in accordance
with the terms hereof, and the consummation by Company of the other transactions contemplated by the Transaction Documents do
not and will not conflict with or result in a breach by Company of any of the terms or provisions of, or constitute a default
under (a) Company’s formation documents or bylaws, each as currently in effect, (b) any indenture, mortgage, deed of trust,
or other material agreement or instrument to which Company is a party or by which it or any of its properties or assets are bound,
including, without limitation, any listing agreement for the Common Stock, or (c) any existing applicable law, rule, or regulation
or any applicable decree, judgment, or order of any court, United States federal, state or foreign regulatory body, administrative
agency, or other governmental body having jurisdiction over Company or any of Company’s properties or assets; (vii) no further
authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory organization, or stock
exchange or market or the stockholders or any lender of Company is required to be obtained by Company for the issuance of the
Note to Investor or the entering into of the Transaction Documents; (viii) none of Company’s filings with the SEC contained,
at the time they were filed, any untrue statement of a material fact or omitted to state any material fact required to be stated
therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading;
(ix) Company has filed all reports, schedules, forms, statements and other documents required to be filed by Company with the
SEC under the 1934 Act during the past twelve (12) months; (x) except as set forth in Company’s SEC filings and included
in information already disclosed to Investor by Company, there is no action, suit, proceeding, inquiry or investigation before
or by any court, public board or body pending or, to the knowledge of Company, threatened against or affecting Company before
or by any governmental authority or non-governmental department, commission, board, bureau, agency or instrumentality or any other
person, wherein an unfavorable decision, ruling or finding would have a material adverse effect on Company or which would adversely
affect the validity or enforceability of, or the authority or ability of Company to perform its obligations under, any of the
Transaction Documents; (xi) Company has not consummated any financing transaction that has not been disclosed in a periodic filing
or current report with the SEC under the 1934 Act; (xii) Company is not, nor has it been at any time in the previous twelve (12)
months, a “Shell Company,” as such type of “issuer” is described in Rule 144(i)(1) under the 1933 Act;
(xiii) with respect to any commissions, placement agent or finder’s fees or similar payments that will or would become due
and owing by Company to any person or entity as a result of this Agreement or the transactions contemplated hereby (“Broker
Fees”), any such Broker Fees will be made in full compliance with all applicable laws and regulations and only to a
person or entity that is a registered investment adviser or registered broker-dealer; (xiv) Investor shall have no obligation
with respect to any Broker Fees or with respect to any claims made by or on behalf of other persons for fees of a type contemplated
in this subsection that may be due in connection with the transactions contemplated hereby and Company shall indemnify and hold
harmless each of Investor, Investor’s employees, officers, directors, stockholders, members, managers, agents, and partners,
and their respective affiliates, from and against all claims, losses, damages, costs (including the costs of preparation and attorneys’
fees) and expenses suffered in respect of any such claimed Broker Fees; (xv) neither Investor nor any of its officers, directors,
stockholders, members, managers, employees, agents or representatives has made any representations or warranties to Company or
any of its officers, directors, employees, agents or representatives except as expressly set forth in the Transaction Documents
and, in making its decision to enter into the transactions contemplated by the Transaction Documents, Company is not relying on
any representation, warranty, covenant or promise of Investor or its officers, directors, members, managers, employees, agents
or representatives other than as set forth in the Transaction Documents; (xvi) Company acknowledges that the State of Utah has
a reasonable relationship and sufficient contacts to the transactions contemplated by the Transaction Documents and any dispute
that may arise related thereto such that the laws and venue of the State of Utah, as set forth more specifically in Section 9.2
below, shall be applicable to the Transaction Documents and the transactions contemplated therein; and (xvii) Company will not
use its own lack of due diligence with respect to the background and history of John M. Fife or Investor or any of the representations
and warranties made by Investor in Section 3 above as a defense to or justification of its failure to perform any of its obligations
under the Transaction Documents or in any attempt to avoid, modify or reduce such obligations.

 

    3

     

    

 

4.
Company Covenants. Until all of Company’s obligations under all of the Transaction Documents are paid and performed
in full, or within the timeframes otherwise specifically set forth below, Company will at all times comply with the following
covenants: (i) so long as Investor beneficially owns the Note and for at least twenty (20) Trading Days (as defined in the Note)
thereafter, Company will timely file on the applicable deadline all reports required to be filed with the SEC pursuant to Sections 13
or 15(d) of the 1934 Act, and will take all reasonable action under its control to ensure that adequate current public information
with respect to Company, as required in accordance with Rule 144 of the 1933 Act, is publicly available, and will not terminate
its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder
would permit such termination; (ii) the Common Stock shall be listed or quoted for trading on any of (a) NYSE, (b) NASDAQ, (c)
OTCQX, or (d) OTCQB; (iii) trading in Company’s Common Stock will not be suspended, halted, chilled, frozen, reach zero
bid or otherwise cease on Company’s principal trading market for a period of more than two (2) consecutive Trading Days
except as trading may be generally suspended on such principal market; (iv) Company will not transfer, assign, sell, pledge, hypothecate
or otherwise alienate or encumber the Investor Note in any way without the prior written consent of Investor, which consent may
be given or withheld in Investor’s sole and absolute discretion; and (v) Company will not make any Restricted Issuance (as
defined below) where Company receives net proceeds of less than $1,000,000.00 from such Restricted Issuance, without Investor’s
prior written consent, which consent may be granted or withheld in Investor’s sole and absolute discretion. For purposes
hereof, the term “Restricted Issuance” means any issuance of any Company securities that (A) have or may have
conversion rights of any kind, contingent, conditional or otherwise, in which the number of shares that may be issued pursuant
to such conversion right varies with the market price of the Common Stock, or (B) are or may become convertible into Common Stock
(including without limitation convertible debt, warrants or convertible preferred stock), with a conversion price that varies
with the market price of the Common Stock, even if such security only becomes convertible following an event of default, the passage
of time, or another trigger event or condition. For avoidance of doubt, the issuance of shares of Common Stock under, pursuant
to, in exchange for or in connection with any contract or instrument, whether convertible or not, is deemed a Restricted Issuance
for purposes hereof if the number of shares of Common Stock to be issued is based upon or related in any way to the market price
of the Common Stock, including, but not limited to, Common Stock issued in connection with a Section 3(a)(9) exchange, a Section
3(a)(10) of the 1933 Act settlement, or any other similar settlement or exchange. Notwithstanding the foregoing, no issuance of
Company equities or securities under existing equity incentive plans shall be deemed to be a Restricted Issuance.

 

5.
Conditions Precedent to Company’s Obligation to Sell. The obligation of Company hereunder to issue and sell the Note
to Investor at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions:

 

5.1.
Investor shall have executed this Agreement and the Investor Note and delivered the same to Company.

 

5.2.
Investor shall have delivered the Initial Cash Purchase Price to Company in accordance with Section 1.2 above.

 

    4

     

    

 

6.
Conditions Precedent to Investor’s Obligation to Purchase. The obligation of Investor hereunder to purchase the Note
at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, provided that
these conditions are for Investor’s sole benefit and may be waived by Investor at any time in its sole discretion:

 

6.1.
Company shall have executed this Agreement, the Note and the Pledge Agreement and delivered the same to Investor.

 

6.2.
Pledgor shall have delivered to Investor a fully executed copy of the Pledge Agreement.

 

6.3.
Company shall have delivered to Investor a fully executed Irrevocable Letter of Instructions to Transfer Agent (the “TA
Letter”) substantially in the form attached hereto as Exhibit D acknowledged and agreed to in writing by Company’s
transfer agent (the “Transfer Agent”).

 

6.4.
Company shall have delivered to Investor a fully executed Secretary’s Certificate substantially in the form attached hereto
as Exhibit E evidencing Company’s approval of the Transaction Documents.

 

6.5.
Company shall have delivered to Investor fully executed copies of all other Transaction Documents required to be executed by Company
herein or therein.

 

7.
Restricted Securities and Legends.

 

(a)
Investor understands that the Note not been, and may not be, registered under the Securities Act, by reason of a specific exemption
from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment
intent and the accuracy of Investor’s representations as expressed herein. Investor understands that the Note is a “restricted
securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, Investor must hold
the Note indefinitely unless it is registered with the Securities and Exchange Commission and qualified by state authorities,
or an exemption from such registration and qualification requirements is available. Investor acknowledges that Company has no
obligation to register or qualify the Note for resale. Investor further acknowledges that if an exemption from registration or
qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of
sale, the holding period for the Note, and on requirements relating to Company which are outside of Investor’s control,
and which Company is under no obligation and may not be able to satisfy.

 

(b)
Investor understands that the Note, and any securities issued in respect thereof or exchange therefor, may, if the Note is not
registered or exempt from registration, bear one or all of the following legends:

 

(i)
“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

(ii)
Any legend required by the blue sky laws of any state to the extent such laws are applicable to the shares represented by the
certificate so legended.

 

    5

     

    

 

8.
OFAC; Patriot Act.

 

8.1.
OFAC Certification. Company certifies that (i) it is not acting on behalf of any person, group, entity, or nation named
by any Executive Order or the United States Treasury Department, through its Office of Foreign Assets Control (“OFAC”)
or otherwise, as a terrorist, “Specially Designated Nation”, “Blocked Person”, or other banned or blocked
person, entity, nation, or transaction pursuant to any law, order, rule or regulation that is enforced or administered by OFAC
or another department of the United States government, and (ii) Company is not engaged in this transaction on behalf of, or instigating
or facilitating this transaction on behalf of, any such person, group, entity or nation.

 

8.2.
Foreign Corrupt Practices. Neither Company, nor any of its subsidiaries, nor any director, officer, agent, employee or
other person acting on behalf of Company or any subsidiary has, in the course of his actions for, or on behalf of, Company, used
any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity;
made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds;
violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

8.3.
Patriot Act. Company shall not (i) be or become subject at any time to any law, regulation, or list of any government agency
(including, without limitation, the OFAC) that prohibits or limits Investor from making any advance or extension of credit to
Company or from otherwise conducting business with Company, or (ii) fail to provide documentary and other evidence of Company’s
identity as may be requested by Investor at any time to enable Investor to verify Company’s identity or to comply with any
applicable law or regulation, including, without limitation, Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318.
Company shall comply with all requirements of law relating to money laundering, anti-terrorism, trade embargos and economic sanctions,
now or hereafter in effect. Upon Investor’s request from time to time, Company shall certify in writing to Investor that
Company’s representations, warranties and obligations under this Section 8.3 remain true and correct and have not been breached.
Company shall immediately notify Investor in writing if any of such representations, warranties or covenants are no longer true
or have been breached or if Company has a reasonable basis to believe that they may no longer be true or have been breached. In
connection with such an event, Company shall comply with all requirements of law and directives of governmental authorities and,
at Investor’s request, provide to Investor copies of all notices, reports and other communications exchanged with, or received
from, governmental authorities relating to such an event. Company shall also reimburse Investor any expense incurred by Investor,
in obtaining any necessary license from governmental authorities as may be necessary for Investor to enforce its rights under
the Transaction Documents, and in complying with all requirements of law applicable to Investor as the result of the existence
of such an event and for any penalties or fines imposed upon Investor as a result thereof.

 

    6

     

    

 

9.
Miscellaneous. The provisions set forth in this Section 9 shall apply to this Agreement, as well as all other Transaction
Documents as if these terms were fully set forth therein; provided, however, that in the event there is a conflict between any
provision set forth in this Section 9 and any provision in any other Transaction Document, the provision in such other Transaction
Document shall govern.

 

9.1.
Arbitration of Claims. The Parties shall submit all Claims (as defined in Exhibit F) arising under this Agreement
or any other Transaction Document or any other agreement between the parties and their affiliates or any Claim relating to the
relationship of the parties to binding arbitration pursuant to the arbitration provisions set forth in Exhibit F attached
hereto (the “Arbitration Provisions”). For the avoidance of doubt, the parties agree that the injunction described
in Section 9.3 below may be pursued in an arbitration that is separate and apart from any other arbitration regarding all other
Claims arising under the Transaction Documents. The parties hereby acknowledge and agree that the Arbitration Provisions are unconditionally
binding on the parties hereto and are severable from all other provisions of this Agreement. By executing this Agreement, each
Party represents, warrants and covenants that it has reviewed the Arbitration Provisions carefully, consulted with legal counsel
about such provisions (or waived its right to do so), understands that the Arbitration Provisions are intended to allow for the
expeditious and efficient resolution of any dispute hereunder, agrees to the terms and limitations set forth in the Arbitration
Provisions, and that neither Party will take a position contrary to the foregoing representations. Each Party acknowledges and
agrees that the other Party may rely upon the foregoing representations and covenants regarding the Arbitration Provisions.

 

9.2.
Governing Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Agreement shall be governed by, the laws of the State of Utah,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Utah. Each party consents to and expressly
agrees that the exclusive venue for arbitration of any dispute arising out of or relating to any Transaction Document or the relationship
of the parties or their affiliates shall be in Salt Lake County, Utah. Without modifying the parties’ obligations to resolve
disputes hereunder pursuant to the Arbitration Provisions, for any litigation arising in connection with any of the Transaction
Documents (and notwithstanding the terms (specifically including any governing law and venue terms) of any transfer agent services
agreement or other agreement between the Transfer Agent and Company, such litigation specifically includes, without limitation
any action between or involving Company and the Transfer Agent under the TA Letter or otherwise related to Investor in any way
(specifically including, without limitation, any action where Company seeks to obtain an injunction, temporary restraining order,
or otherwise prohibit the Transfer Agent from issuing shares of Common Stock to Investor for any reason)), each party hereto hereby
(i) consents to and expressly submits to the exclusive personal jurisdiction of any state or federal court sitting in Salt Lake
County, Utah, (ii) expressly submits to the exclusive venue of any such court for the purposes hereof, (iii) agrees to not bring
any such action (specifically including, without limitation, any action where Company seeks to obtain an injunction, temporary
restraining order, or otherwise prohibit the Transfer Agent from issuing shares of Common Stock to Investor for any reason) outside
of any state or federal court sitting in Salt Lake County, Utah, and (iv) waives any claim of improper venue and any claim or
objection that such courts are an inconvenient forum or any other claim, defense or objection to the bringing of any such proceeding
in such jurisdiction or to any claim that such venue of the suit, action or proceeding is improper. Finally, Company covenants
and agrees to name Investor as a party in interest in, and provide written notice to Investor in accordance with Section 9.9 below
prior to bringing or filing, any action (including without limitation any filing or action against any person or entity that is
not a party to this Agreement, including without limitation the Transfer Agent) that is related in any way to the Transaction
Documents or any transaction contemplated herein or therein, including without limitation any action brought by Company to enjoin
or prevent the issuance of any shares of Common Stock to Investor by the Transfer Agent, and further agrees to timely name Investor
as a party to any such action. Company acknowledges that the governing law and venue provisions set forth in this Section 9.2
are material terms to induce Investor to enter into the Transaction Documents and that but for Company’s agreements set
forth in this Section 9.2 Investor would not have entered into the Transaction Documents.

 

    7

     

    

 

9.3.
Specific Performance. Each Party acknowledges and agrees that irreparable damage may occur to the other Party (the “Non-defaulting
Party”) in the event that either Party (“Defaulting Party”) fails to perform any material provision
of this Agreement or any of the other Transaction Documents in accordance with its specific terms. It is accordingly agreed that
the Non-defaulting Party shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this
Agreement or such other Transaction Document and to enforce specifically the terms and provisions hereof or thereof, this being
in addition to any other remedy to which the Non-defaulting Party may be entitled under the Transaction Documents, at law or in
equity. Company specifically agrees that following an Event of Default (as defined in the Note) for failure to pay any amount
when due under the Note (following expiration of any applicable cure periods), Investor shall have the right to seek and receive
injunctive relief from a court or an arbitrator prohibiting Company from issuing any of its common or preferred stock to any party
unless the Note is being paid in full simultaneously with such issuance. Each Party specifically acknowledges that a Non-Defaulting
Party’s right to obtain specific performance constitutes bargained for leverage and that the loss of such leverage would
result in irreparable harm to the Non-defaulting Party. For the avoidance of doubt, in the event the Non-defaulting Party seeks
to obtain an injunction from a court or an arbitrator against the Defaulting Party or specific performance of any provision of
any Transaction Document, such action shall not be a waiver of any right of the Non-defaulting Party under any Transaction Document,
at law, or in equity, including without limitation its rights to arbitrate any Claim pursuant to the terms of the Transaction
Documents, nor shall the Non-defaulting Party’s pursuit of an injunction prevent the Non-defaulting Party, under the doctrines
of claim preclusion, issues preclusion, res judicata or other similar legal doctrines, from pursuing other Claims in the future
in a separate arbitration.

 

9.4.
Counterparts. Each Transaction Document may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another
party’s executed counterpart of a Transaction Document (or such party’s signature page thereof) will be deemed to
be an executed original thereof.

 

9.5.
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the
interpretation of, this Agreement.

 

9.6.
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision hereof.

 

9.7.
Entire Agreement. This Agreement, together with the other Transaction Documents, contains the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Company nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters. For the avoidance
of doubt, all prior term sheets or other documents between Company and Investor, or any affiliate thereof, related to the transactions
contemplated by the Transaction Documents (collectively, “Prior Agreements”), that may have been entered into
between Company and Investor, or any affiliate thereof, are hereby null and void and deemed to be replaced in their entirety by
the Transaction Documents. To the extent there is a conflict between any term set forth in any Prior Agreement and the term(s)
of the Transaction Documents, the Transaction Documents shall govern.

 

    8

     

    

 

9.8.
Amendments. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by both
parties hereto.

 

9.9.
Notices. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall
be deemed effectively given on the earliest of: (i) the date delivered, if delivered by personal delivery as against written receipt
therefor or by email to an executive officer, or by facsimile), (ii) the earlier of the date delivered or the third Trading Day
after deposit, postage prepaid, in the United States Postal Service by certified mail, or (iii) the earlier of the date delivered
or the third Trading Day after mailing by express courier, with delivery costs and fees prepaid, in each case, addressed to each
of the other parties thereunto entitled at the following addresses (or at such other addresses as such party may designate by
five (5) calendar days’ advance written notice similarly given to each of the other parties hereto):

 

If
to Company:

 

Future
FinTech Group Inc.

Attn:
Yongke Xue

23F,
China Development Bank Tower

No.
2, Gaoxin 1st Road

Xi'an,
China 710075

 

If
to Investor:

 

Iliad
Research and Trading, L.P.

Attn:
John Fife

303
East Wacker Drive, Suite 1040

Chicago,
Illinois 60601

 

With
a copy to (which copy shall not constitute notice):

 

Hansen
Black Anderson Ashcraft PLLC

Attn:
Jonathan Hansen

3051
West Maple Loop Drive, Suite 325

Lehi,
Utah 84043

 

9.10.
Successors and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be
performed by either party hereunder may not be assigned to a third party, including its affiliates, in whole or in part, without
prior written consent of the other party. Neither party may assign its rights or obligations under this Agreement or delegate
its duties hereunder without the prior written consent of the other party.

 

9.11.
Survival. The representations and warranties of Company and the agreements and covenants set forth in this Agreement shall
survive the Closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of Investor. Company agrees
to indemnify and hold harmless Investor and all its officers, directors, employees, attorneys, and agents for loss or damage arising
as a result of or related to any breach or alleged breach by Company of any of its representations, warranties and covenants set
forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they
are incurred.

 

    9

     

    

 

9.12.
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

9.13.
Rights and Remedies Cumulative. All rights, remedies, and powers conferred in this Agreement and the Transaction Documents
are cumulative and not exclusive of any other rights or remedies, and shall be in addition to every other right, power, and remedy
that a Party may have, whether specifically granted in this Agreement or any other Transaction Document, or existing at law, in
equity, or by statute, and any and all such rights and remedies may be exercised from time to time and as often and in such order
as the Party may deem expedient.

 

9.14.
Attorneys’ Fees and Cost of Collection. In the event of any arbitration or action at law or in equity to enforce
or interpret the terms of this Agreement or any of the other Transaction Documents, the parties agree that the prevailing party
shall be entitled to full recovery of its reasonable attorneys’ fees, deposition costs, and expenses in connection with
the arbitration or litigation. Nothing herein shall restrict or impair an arbitrator’s or a court’s power to award
fees and expenses for frivolous or bad faith pleading. If there occurs any bankruptcy, reorganization, receivership of Company
or other proceedings affecting Company’s creditors’ rights and involving a claim under the Note; Company shall pay
the direct costs incurred by Investor for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, without limitation, Investor’s reasonable attorneys’ fees, expenses,
deposition costs, and disbursements.

 

9.15.
Waiver. No waiver of any provision of this Agreement shall be effective unless it is in the form of a writing signed by
the party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any
other provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in
writing.

 

9.16.
Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO DEMAND
THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT,
OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY
ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH
PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

9.17.
Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement
and the other Transaction Documents.

 

9.18.
Voluntary Agreement. Each Party has carefully read this Agreement and each of the other Transaction Documents and has asked
any questions needed for it to understand the terms, consequences and binding effect of this Agreement and each of the other Transaction
Documents and fully understand them. Each Party has had the opportunity to seek the advice of an attorney of its choosing, or
has waived the right to do so, and is executing this Agreement and each of the other Transaction Documents voluntarily and without
any duress or undue influence by the other Party or anyone else.

 

[Remainder
of page intentionally left blank; signature page follows]

 

    10

     

    

 

IN
WITNESS WHEREOF, the undersigned Investor and Company have caused this Agreement to be duly executed as of the date first above
written.

 

SUBSCRIPTION
AMOUNT:

 

	Principal
    Amount of Note:	$1,060,000.00
	 	 
	Initial
    Cash Purchase Price:	$500,000.00

  

	 	INVESTOR:	 
	 	 	 	 	 
	 	Iliad
    Research and Trading, L.P.
	 	 	 	 	 
	 	By:
    	Iliad
    Management, LLC, its General Partner
	 	 	 	 	 
	 	 	By:
    	Fife
    Trading, Inc., its Manager
	 	 	 	 	 
	 	 	 	By:	   
	 	 	 	 	John
    M. Fife, President

 

	 	COMPANY:	 
	 	 	 
	 	Future FinTech Group Inc.
	 	 	 
	 	By:	      
	 	Printed
    Name: 	 
	 	Title:
    	 

  

ATTACHED
EXHIBITS:

 

	Exhibit A	 Note
	Exhibit B	 Investor Note
	Exhibit C	 Pledge Agreement
	Exhibit
    D	 TA Letter
	Exhibit
    E 	 Secretary’s Certificate
	Exhibit F	Arbitration
Provisions

 

     

     

    

 

Exhibit
F

 

ARBITRATION
PROVISIONS

 

1.
Dispute Resolution. For purposes of this Exhibit F, the term “Claims” means any disputes, claims,
demands, causes of action, requests for injunctive relief, requests for specific performance, liabilities, damages, losses, or
controversies whatsoever arising from, related to, or connected with the transactions contemplated in the Transaction Documents
and any communications between the parties related thereto, including without limitation any claims of mutual mistake, mistake,
fraud, misrepresentation, failure of formation, failure of consideration, promissory estoppel, unconscionability, failure of condition
precedent, rescission, and any statutory claims, tort claims, contract claims, or claims to void, invalidate or terminate the
Agreement (or these Arbitration Provisions (defined below)) or any of the other Transaction Documents. For the avoidance of doubt,
a party’s pursuit of an injunction or other Claim pursuant to these Arbitration Provisions or with a court will not later
prevent the party under the doctrines of claim preclusion, issue preclusion, res judicata or other similar legal doctrines from
pursuing other Claims in a separate arbitration in the future. The parties to this Agreement (the “parties”)
hereby agree that the Claims may be arbitrated in one or more Arbitrations pursuant to these Arbitration Provisions (one for an
injunction or injunctions and a separate one for all other Claims). The term “Claims” specifically excludes a dispute
over Calculations. The parties to the Agreement hereby agree that the arbitration provisions set forth in this Exhibit F
(“Arbitration Provisions”) are binding on each of them. As a result, any attempt to rescind the Agreement (or
these Arbitration Provisions) or declare the Agreement (or these Arbitration Provisions) or any other Transaction Document invalid
or unenforceable for any reason is subject to these Arbitration Provisions. These Arbitration Provisions shall also survive any
termination or expiration of the Agreement. Any capitalized term not defined in these Arbitration Provisions shall have the meaning
set forth in the Agreement.

 

2.
Arbitration. Except as otherwise provided herein, all Claims must be submitted to arbitration (“Arbitration”)
to be conducted exclusively in Salt Lake County, Utah and pursuant to the terms set forth in these Arbitration Provisions. Subject
to the arbitration appeal right provided for in Paragraph 5 below (the “Appeal Right”), the parties agree that
the award of the arbitrator rendered pursuant to Paragraph 4 below (the “Arbitration Award”) shall be (a) final
and binding upon the parties, (b) the sole and exclusive remedy between them regarding any Claims, counterclaims, issues, or accountings
presented or pleaded to the arbitrator, and (c) promptly payable in United States dollars free of any tax, deduction or offset
(with respect to monetary awards). Subject to the Appeal Right, any costs or fees, including without limitation attorneys’
fees, incurred in connection with or incident to enforcing the Arbitration Award shall, to the maximum extent permitted by law,
be charged against the party resisting such enforcement. The Arbitration Award shall include default interest (as defined or otherwise
provided for in the Note, “Default Interest”) (with respect to monetary awards) at the rate specified in the
Note for Default Interest both before and after the Arbitration Award. Judgment upon the Arbitration Award will be entered and
enforced by any state or federal court sitting in Salt Lake County, Utah.

 

3.
The Arbitration Act. The parties hereby incorporate herein the provisions and procedures set forth in the Utah Uniform
Arbitration Act, U.C.A. § 78B-11-101 et seq. (as amended or superseded from time to time, the “Arbitration
Act”). Notwithstanding the foregoing, pursuant to, and to the maximum extent permitted by, Section 105 of the Arbitration
Act, in the event of conflict or variation between the terms of these Arbitration Provisions and the provisions of the Arbitration
Act, the terms of these Arbitration Provisions shall control and the parties hereby waive or otherwise agree to vary the effect
of all requirements of the Arbitration Act that may conflict with or vary from these Arbitration Provisions.

 

4.
Arbitration Proceedings. Arbitration between the parties will be subject to the following:

 

4.1
Initiation of Arbitration. Pursuant to Section 110 of the Arbitration Act, the parties agree that a party may initiate
Arbitration by giving written notice to the other party (“Arbitration Notice”) in the same manner that notice
is permitted under Section 9.9 of the Agreement; provided, however, that the Arbitration Notice may not be given by email
or fax. Arbitration will be deemed initiated as of the date that the Arbitration Notice is deemed delivered to such other party
under Section 9.9 of the Agreement (the “Service Date”). After the Service Date, information may be delivered,
and notices may be given, by email or fax pursuant to Section 9.9 of the Agreement or any other method permitted thereunder. The
Arbitration Notice must describe the nature of the controversy, the remedies sought, and the election to commence Arbitration
proceedings. All Claims in the Arbitration Notice must be pleaded consistent with the Utah Rules of Civil Procedure.

 

     

     

    

 

4.2
Selection and Payment of Arbitrator.

 

(a)
Within ten (10) calendar days after the Service Date, Investor shall select and submit to Company the names of three (3) arbitrators
that are designated as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com) (such
three (3) designated persons hereunder are referred to herein as the “Proposed Arbitrators”). For the avoidance
of doubt, each Proposed Arbitrator must be qualified as a “neutral” with Utah ADR Services. Within five (5) calendar
days after Investor has submitted to Company the names of the Proposed Arbitrators, Company must select, by written notice to
Investor, one (1) of the Proposed Arbitrators to act as the arbitrator for the parties under these Arbitration Provisions. If
Company fails to select one of the Proposed Arbitrators in writing within such 5-day period, then Investor may select the arbitrator
from the Proposed Arbitrators by providing written notice of such selection to Company.

 

(b)
If Investor fails to submit to Company the Proposed Arbitrators within ten (10) calendar days after the Service Date pursuant
to subparagraph (a) above, then Company may at any time prior to Investor so designating the Proposed Arbitrators, identify the
names of three (3) arbitrators that are designated as “neutrals” or qualified arbitrators by Utah ADR Service by written
notice to Investor. Investor may then, within five (5) calendar days after Company has submitted notice of its Proposed Arbitrators
to Investor, select, by written notice to Company, one (1) of the Proposed Arbitrators to act as the arbitrator for the parties
under these Arbitration Provisions. If Investor fails to select in writing and within such 5-day period one (1) of the three (3)
Proposed Arbitrators selected by Company, then Company may select the arbitrator from its three (3) previously selected Proposed
Arbitrators by providing written notice of such selection to Investor.

 

(c)
If a Proposed Arbitrator chosen to serve as arbitrator declines or is otherwise unable to serve as arbitrator, then the party
that selected such Proposed Arbitrator may select one (1) of the other three (3) Proposed Arbitrators within three (3) calendar
days of the date the chosen Proposed Arbitrator declines or notifies the parties he or she is unable to serve as arbitrator. If
all three (3) Proposed Arbitrators decline or are otherwise unable to serve as arbitrator, then the arbitrator selection process
shall begin again in accordance with this Paragraph 4.2.

 

(d)
The date that the Proposed Arbitrator selected pursuant to this Paragraph 4.2 agrees in writing (including via email) delivered
to both parties to serve as the arbitrator hereunder is referred to herein as the “Arbitration Commencement Date”.
If an arbitrator resigns or is unable to act during the Arbitration, a replacement arbitrator shall be chosen in accordance with
this Paragraph 4.2 to continue the Arbitration. If Utah ADR Services ceases to exist or to provide a list of neutrals and there
is no successor thereto, then the arbitrator shall be selected under the then prevailing rules of the American Arbitration Association.

 

(e)
Subject to Paragraph 4.10 below, the cost of the arbitrator must be paid equally by both parties. Subject to Paragraph 4.10 below,
if one party refuses or fails to pay its portion of the arbitrator fee, then the other party can advance such unpaid amount (subject
to the accrual of Default Interest thereupon), with such amount being added to or subtracted from, as applicable, the Arbitration
Award.

 

4.3
Applicability of Certain Utah Rules. The parties agree that the Arbitration shall be conducted generally in accordance
with the Utah Rules of Civil Procedure and the Utah Rules of Evidence. More specifically, the Utah Rules of Civil Procedure shall
apply, without limitation, to the filing of any pleadings, motions or memoranda, the conducting of discovery, and the taking of
any depositions. The Utah Rules of Evidence shall apply to any hearings, whether telephonic or in person, held by the arbitrator.
Notwithstanding the foregoing, it is the parties’ intent that the incorporation of such rules will in no event supersede
these Arbitration Provisions. In the event of any conflict between the Utah Rules of Civil Procedure or the Utah Rules of Evidence
and these Arbitration Provisions, these Arbitration Provisions shall control.

 

     

     

    

 

4.4
Answer and Default. An answer and any counterclaims to the Arbitration Notice shall be required to be delivered to the
party initiating the Arbitration within twenty (20) calendar days after the Arbitration Commencement Date. If an answer is not
delivered by the required deadline, the arbitrator must provide written notice to the defaulting party stating that the arbitrator
will enter a default award against such party if such party does not file an answer within five (5) calendar days of receipt of
such notice. If an answer is not filed within the five (5) day extension period, the arbitrator must render a default award, consistent
with the relief requested in the Arbitration Notice, against a party that fails to submit an answer within such time period.

 

4.5
Related Litigation. The party that delivers the Arbitration Notice to the other party shall have the option to also commence
concurrent legal proceedings with any state or federal court sitting in Salt Lake County, Utah (“Litigation Proceedings”),
subject to the following: (a) the complaint in the Litigation Proceedings is to be substantially similar to the claims set forth
in the Arbitration Notice, provided that an additional cause of action to compel arbitration will also be included therein, (b)
so long as the other party files an answer to the complaint in the Litigation Proceedings and an answer to the Arbitration Notice,
the Litigation Proceedings will be stayed pending an Arbitration Award (or Appeal Panel Award (defined below), as applicable)
hereunder, (c) if the other party fails to file an answer in the Litigation Proceedings or an answer in the Arbitration proceedings,
then the party initiating Arbitration shall be entitled to a default judgment consistent with the relief requested, to be entered
in the Litigation Proceedings, and (d) any legal or procedural issue arising under the Arbitration Act that requires a decision
of a court of competent jurisdiction may be determined in the Litigation Proceedings. Any award of the arbitrator (or of the Appeal
Panel (defined below)) may be entered in such Litigation Proceedings pursuant to the Arbitration Act.

 

4.6
Discovery. Pursuant to Section 118(8) of the Arbitration Act, the parties agree that discovery shall be conducted as follows:

 

(a)
Written discovery will only be allowed if the likely benefits of the proposed written discovery outweigh the burden or expense
thereof, and the written discovery sought is likely to reveal information that will satisfy a specific element of a claim or defense
already pleaded in the Arbitration. The party seeking written discovery shall always have the burden of showing that all of the
standards and limitations set forth in these Arbitration Provisions are satisfied. The scope of discovery in the Arbitration proceedings
shall also be limited as follows:

 

(i)
To facts directly connected with the transactions contemplated by the Agreement.

 

(ii)
To facts and information that cannot be obtained from another source or in another manner that is more convenient, less burdensome
or less expensive than in the manner requested.

 

(b)
No party shall be allowed (i) more than fifteen (15) interrogatories (including discrete subparts), (ii) more than fifteen (15)
requests for admission (including discrete subparts), (iii) more than ten (10) document requests (including discrete subparts),
or (iv) more than three (3) depositions (excluding expert depositions) for a maximum of seven (7) hours per deposition. The costs
associated with depositions will be borne by the party taking the deposition. The party defending the deposition will submit a
notice to the party taking the deposition of the estimated attorneys’ fees that such party expects to incur in connection
with defending the deposition. If the party defending the deposition fails to submit an estimate of attorneys’ fees within
five (5) calendar days of its receipt of a deposition notice, then such party shall be deemed to have waived its right to the
estimated attorneys’ fees. The party taking the deposition must pay the party defending the deposition the estimated attorneys’
fees prior to taking the deposition, unless such obligation is deemed to be waived as set forth in the immediately preceding sentence.
If the party taking the deposition believes that the estimated attorneys’ fees are unreasonable, such party may submit the
issue to the arbitrator for a decision. All depositions will be taken in Utah.

 

     

     

    

 

(c)
All discovery requests (including document production requests included in deposition notices) must be submitted in writing to
the arbitrator and the other party. The party submitting the written discovery requests must include with such discovery requests
a detailed explanation of how the proposed discovery requests satisfy the requirements of these Arbitration Provisions and the
Utah Rules of Civil Procedure. The receiving party will then be allowed, within five (5) calendar days of receiving the proposed
discovery requests, to submit to the arbitrator an estimate of the attorneys’ fees and costs associated with responding
to such written discovery requests and a written challenge to each applicable discovery request. After receipt of an estimate
of attorneys’ fees and costs and/or challenge(s) to one or more discovery requests, consistent with subparagraph (c) above,
the arbitrator will within three (3) calendar days make a finding as to the likely attorneys’ fees and costs associated
with responding to the discovery requests and issue an order that (i) requires the requesting party to prepay the attorneys’
fees and costs associated with responding to the discovery requests, and (ii) requires the responding party to respond to the
discovery requests as limited by the arbitrator within twenty-five (25) calendar days of the arbitrator’s finding with respect
to such discovery requests. If a party entitled to submit an estimate of attorneys’ fees and costs and/or a challenge to
discovery requests fails to do so within such 5-day period, the arbitrator will make a finding that (A) there are no attorneys’
fees or costs associated with responding to such discovery requests, and (B) the responding party must respond to such discovery
requests (as may be limited by the arbitrator) within twenty-five (25) calendar days of the arbitrator’s finding with respect
to such discovery requests. Any party submitting any written discovery requests, including without limitation interrogatories,
requests for production subpoenas to a party or a third party, or requests for admissions, must prepay the estimated attorneys’
fees and costs, before the responding party has any obligation to produce or respond to the same, unless such obligation is deemed
waived as set forth above.

 

(d)
In order to allow a written discovery request, the arbitrator must find that the discovery request satisfies the standards set
forth in these Arbitration Provisions and the Utah Rules of Civil Procedure. The arbitrator must strictly enforce these standards.
If a discovery request does not satisfy any of the standards set forth in these Arbitration Provisions or the Utah Rules of Civil
Procedure, the arbitrator may modify such discovery request to satisfy the applicable standards, or strike such discovery request
in whole or in part.

 

(e)
Each party may submit expert reports (and rebuttals thereto), provided that such reports must be submitted within sixty (60) days
of the Arbitration Commencement Date. Each party will be allowed a maximum of two (2) experts. Expert reports must contain the
following: (i) a complete statement of all opinions the expert will offer at trial and the basis and reasons for them; (ii) the
expert’s name and qualifications, including a list of all the expert’s publications within the preceding ten (10)
years, and a list of any other cases in which the expert has testified at trial or in a deposition or prepared a report within
the preceding ten (10) years; and (iii) the compensation to be paid for the expert’s report and testimony. The parties are
entitled to depose any other party’s expert witness one (1) time for no more than four (4) hours. An expert may not testify
in a party’s case-in-chief concerning any matter not fairly disclosed in the expert report.

 

4.6
Dispositive Motions. Each party shall have the right to submit dispositive motions pursuant Rule 12 or Rule 56 of the Utah
Rules of Civil Procedure (a “Dispositive Motion”). The party submitting the Dispositive Motion may, but is
not required to, deliver to the arbitrator and to the other party a memorandum in support (the “Memorandum in Support”)
of the Dispositive Motion. Within seven (7) calendar days of delivery of the Memorandum in Support, the other party shall deliver
to the arbitrator and to the other party a memorandum in opposition to the Memorandum in Support (the “Memorandum in
Opposition”). Within seven (7) calendar days of delivery of the Memorandum in Opposition, as applicable, the party that
submitted the Memorandum in Support shall deliver to the arbitrator and to the other party a reply memorandum to the Memorandum
in Opposition (“Reply Memorandum”). If the applicable party shall fail to deliver the Memorandum in Opposition
as required above, or if the other party fails to deliver the Reply Memorandum as required above, then the applicable party shall
lose its right to so deliver the same, and the Dispositive Motion shall proceed regardless.

 

4.7
Confidentiality. All information disclosed by either party (or such party’s agents) during the Arbitration process
(including without limitation information disclosed during the discovery process or any Appeal (defined below)) shall be considered
confidential in nature. Each party agrees not to disclose any confidential information received from the other party (or its agents)
during the Arbitration process (including without limitation during the discovery process or any Appeal) unless (a) prior to or
after the time of disclosure such information becomes public knowledge or part of the public domain, not as a result of any inaction
or action of the receiving party or its agents, (b) such information is required by a court order, subpoena or similar legal duress
to be disclosed if such receiving party has notified the other party thereof in writing and given it a reasonable opportunity
to obtain a protective order from a court of competent jurisdiction prior to disclosure, or (c) such information is disclosed
to the receiving party’s agents, representatives and legal counsel on a need to know basis who each agree in writing not
to disclose such information to any third party. Pursuant to Section 118(5) of the Arbitration Act, the arbitrator is hereby authorized
and directed to issue a protective order to prevent the disclosure of privileged information and confidential information upon
the written request of either party.

 

4.8
Authorization; Timing; Scheduling Order. Subject to all other portions of these Arbitration Provisions, the parties hereby
authorize and direct the arbitrator to take such actions and make such rulings as may be necessary to carry out the parties’
intent for the Arbitration proceedings to be efficient and expeditious. Pursuant to Section 120 of the Arbitration Act, the parties
hereby agree that an Arbitration Award must be made within one hundred twenty (120) calendar days after the Arbitration Commencement
Date. The arbitrator is hereby authorized and directed to hold a scheduling conference within ten (10) calendar days after the
Arbitration Commencement Date in order to establish a scheduling order with various binding deadlines for discovery, expert testimony,
and the submission of documents by the parties to enable the arbitrator to render a decision prior to the end of such 120-day
period.

 

     

     

    

 

4.9
Relief. The arbitrator shall have the right to award or include in the Arbitration Award (or in a preliminary ruling) any
relief which the arbitrator deems proper under the circumstances, including, without limitation, specific performance and injunctive
relief, provided that the arbitrator may not award exemplary or punitive damages.

 

4.10
Fees and Costs. As part of the Arbitration Award, the arbitrator is hereby directed to require the losing party (as determined
by the Arbitrator) to (a) pay the full amount of any unpaid costs and fees of the Arbitration, and (b) reimburse the prevailing
party for all reasonable attorneys’ fees, arbitrator costs and fees, deposition costs, other discovery costs, and other
expenses, costs or fees paid or otherwise incurred by the prevailing party in connection with the Arbitration.

 

5.
Arbitration Appeal.

 

5.1
Initiation of Appeal. Following the entry of the Arbitration Award, either party (the “Appellant”) shall
have a period of thirty (30) calendar days in which to notify the other party (the “Appellee”), in writing,
that the Appellant elects to appeal (the “Appeal”) the Arbitration Award (such notice, an “Appeal
Notice”) to a panel of arbitrators as provided in Paragraph 5.2 below. The date the Appellant delivers an Appeal Notice
to the Appellee is referred to herein as the “Appeal Date”. The Appeal Notice must be delivered to the Appellee
in accordance with the provisions of Paragraph 4.1 above with respect to delivery of an Arbitration Notice. In addition, together
with delivery of the Appeal Notice to the Appellee, the Appellant must also pay for (and provide proof of such payment to the
Appellee together with delivery of the Appeal Notice) a bond in the amount of 110% of the sum the Appellant owes to the Appellee
as a result of the Arbitration Award the Appellant is appealing. In the event an Appellant delivers an Appeal Notice to the Appellee
(together with proof of payment of the applicable bond) in compliance with the provisions of this Paragraph 5.1, the Appeal will
occur as a matter of right and, except as specifically set forth herein, will not be further conditioned. In the event a party
does not deliver an Appeal Notice (along with proof of payment of the applicable bond) to the other party within the deadline
prescribed in this Paragraph 5.1, such party shall lose its right to appeal the Arbitration Award. If no party delivers an Appeal
Notice (along with proof of payment of the applicable bond) to the other party within the deadline described in this Paragraph
5.1, the Arbitration Award shall be final. The parties acknowledge and agree that any Appeal shall be deemed part of the parties’
agreement to arbitrate for purposes of these Arbitration Provisions and the Arbitration Act.

 

5.2
Selection and Payment of Appeal Panel. In the event an Appellant delivers an Appeal Notice to the Appellee (together with
proof of payment of the applicable bond) in compliance with the provisions of Paragraph 5.1 above, the Appeal will be heard by
a three (3) person arbitration panel (the “Appeal Panel”).

 

(a)
Within ten (10) calendar days after the Appeal Date, the Appellee shall select and submit to the Appellant the names of five
(5) arbitrators that are designated as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com)
(such five (5) designated persons hereunder are referred to herein as the “Proposed Appeal Arbitrators”). For
the avoidance of doubt, each Proposed Appeal Arbitrator must be qualified as a “neutral” with Utah ADR Services, and
shall not be the arbitrator who rendered the Arbitration Award being appealed (the “Original Arbitrator”).
Within five (5) calendar days after the Appellee has submitted to the Appellant the names of the Proposed Appeal Arbitrators,
the Appellant must select, by written notice to the Appellee, three (3) of the Proposed Appeal Arbitrators to act as the members
of the Appeal Panel. If the Appellant fails to select three (3) of the Proposed Appeal Arbitrators in writing within such 5-day
period, then the Appellee may select such three (3) arbitrators from the Proposed Appeal Arbitrators by providing written notice
of such selection to the Appellant.

 

(b)
If the Appellee fails to submit to the Appellant the names of the Proposed Appeal Arbitrators within ten (10) calendar days
after the Appeal Date pursuant to subparagraph (a) above, then the Appellant may at any time prior to the Appellee so designating
the Proposed Appeal Arbitrators, identify the names of five (5) arbitrators that are designated as “neutrals” or qualified
arbitrators by Utah ADR Service (none of whom may be the Original Arbitrator) by written notice to the Appellee. The Appellee
may then, within five (5) calendar days after the Appellant has submitted notice of its selected arbitrators to the Appellee,
select, by written notice to the Appellant, three (3) of such selected arbitrators to serve on the Appeal Panel. If the Appellee
fails to select in writing within such 5-day period three (3) of the arbitrators selected by the Appellant to serve as the members
of the Appeal Panel, then the Appellant may select the three (3) members of the Appeal Panel from the Appellant’s list of
five (5) arbitrators by providing written notice of such selection to the Appellee.

 

     

     

    

 

(c)
If a selected Proposed Appeal Arbitrator declines or is otherwise unable to serve, then the party that selected such Proposed
Appeal Arbitrator may select one (1) of the other five (5) designated Proposed Appeal Arbitrators within three (3) calendar days
of the date a chosen Proposed Appeal Arbitrator declines or notifies the parties he or she is unable to serve as an arbitrator.
If at least three (3) of the five (5) designated Proposed Appeal Arbitrators decline or are otherwise unable to serve, then the
Proposed Appeal Arbitrator selection process shall begin again in accordance with this Paragraph 5.2; provided, however,
that any Proposed Appeal Arbitrators who have already agreed to serve shall remain on the Appeal Panel.

 

(d)The
date that all three (3) Proposed Appeal Arbitrators selected pursuant to this Paragraph 5.2 agree in writing (including via email)
delivered to both the Appellant and the Appellee to serve as members of the Appeal Panel hereunder is referred to herein as the
“Appeal Commencement Date”. No later than five (5) calendar days after the Appeal Commencement Date, the Appellee
shall designate in writing (including via email) to the Appellant and the Appeal Panel the name of one (1) of the three (3) members
of the Appeal Panel to serve as the lead arbitrator in the Appeal proceedings. Each member of the Appeal Panel shall be deemed
an arbitrator for purposes of these Arbitration Provisions and the Arbitration Act, provided that, in conducting the Appeal, the
Appeal Panel may only act or make determinations upon the approval or vote of no less than the majority vote of its members, as
announced or communicated by the lead arbitrator on the Appeal Panel. If an arbitrator on
the Appeal Panel ceases or is unable to act during the Appeal proceedings, a replacement arbitrator shall be chosen in accordance
with Paragraph 5.2 above to continue the Appeal as a member of the Appeal Panel. If Utah ADR Services ceases to exist or
to provide a list of neutrals, then the arbitrators for the Appeal Panel shall be selected under the then prevailing rules of
the American Arbitration Association.

 

(d)
Subject to Paragraph 5.7 below, the cost of the Appeal Panel must be paid entirely by the Appellant.

 

5.3
Appeal Procedure. The Appeal will be deemed an appeal of the entire Arbitration Award. In conducting the Appeal, the Appeal
Panel shall conduct a de novo review of all Claims described or otherwise set forth in the Arbitration Notice. Subject to the
foregoing and all other provisions of this Paragraph 5, the Appeal Panel shall conduct the Appeal in a manner the Appeal Panel
considers appropriate for a fair and expeditious disposition of the Appeal, may hold one or more hearings and permit oral argument,
and may review all previous evidence and discovery, together with all briefs, pleadings and other documents filed with the Original
Arbitrator (as well as any documents filed with the Appeal Panel pursuant to Paragraph 5.4(a) below). Notwithstanding the foregoing,
in connection with the Appeal, the Appeal Panel shall not permit the parties to conduct any additional discovery or raise any
new Claims to be arbitrated, shall not permit new witnesses or affidavits, and shall not base any of its findings or determinations
on the Original Arbitrator’s findings or the Arbitration Award.

 

5.4
Timing. 

 

(a)
Within seven (7) calendar days of the Appeal Commencement Date, the Appellant (i) shall deliver or cause to be delivered to the
Appeal Panel copies of the Appeal Notice, all discovery conducted in connection with the Arbitration, and all briefs, pleadings
and other documents filed with the Original Arbitrator (which material Appellee shall have the right to review and supplement
if necessary), and (ii) may, but is not required to, deliver to the Appeal Panel and to the Appellee a Memorandum in Support of
the Appellant’s arguments concerning or position with respect to all Claims, counterclaims, issues, or accountings presented
or pleaded in the Arbitration. Within seven (7) calendar days of the Appellant’s delivery of the Memorandum in Support,
as applicable, the Appellee shall deliver to the Appeal Panel and to the Appellant a Memorandum in Opposition to the Memorandum
in Support. Within seven (7) calendar days of the Appellee’s delivery of the Memorandum in Opposition, as applicable, the
Appellant shall deliver to the Appeal Panel and to the Appellee a Reply Memorandum to the Memorandum in Opposition. If the Appellant
shall fail to substantially comply with the requirements of clause (i) of this subparagraph (a), the Appellant shall lose its
right to appeal the Arbitration Award, and the Arbitration Award shall be final. If the Appellee shall fail to deliver the Memorandum
in Opposition as required above, or if the Appellant shall fail to deliver the Reply Memorandum as required above, then the Appellee
or the Appellant, as the case may be, shall lose its right to so deliver the same, and the Appeal shall proceed regardless.

 

     

     

    

 

(b)
Subject to subparagraph (a) above, the parties hereby agree that the Appeal must be heard by the Appeal Panel within thirty (30)
calendar days of the Appeal Commencement Date, and that the Appeal Panel must render its decision within thirty (30) calendar
days after the Appeal is heard (and in no event later than sixty (60) calendar days after the Appeal Commencement Date).

 

5.5
Appeal Panel Award. The Appeal Panel shall issue its decision (the “Appeal Panel Award”) through the
lead arbitrator on the Appeal Panel. Notwithstanding any other provision contained herein, the Appeal Panel Award shall (a) supersede
in its entirety and make of no further force or effect the Arbitration Award (provided that any protective orders issued by the
Original Arbitrator shall remain in full force and effect), (b) be final and binding upon the parties, with no further rights
of appeal, (c) be the sole and exclusive remedy between the parties regarding any Claims, counterclaims, issues, or accountings
presented or pleaded in the Arbitration, and (d) be promptly payable in United States dollars free of any tax, deduction or offset
(with respect to monetary awards). Any costs or fees, including without limitation attorneys’ fees, incurred in connection
with or incident to enforcing the Appeal Panel Award shall, to the maximum extent permitted by law, be charged against the party
resisting such enforcement. The Appeal Panel Award shall include Default Interest (with respect to monetary awards) at the rate
specified in the Note for Default Interest both before and after the Arbitration Award. Judgment upon the Appeal Panel Award will
be entered and enforced by a state or federal court sitting in Salt Lake County, Utah.

 

5.6
Relief. The Appeal Panel shall have the right to award or include in the Appeal Panel Award any relief which the Appeal
Panel deems proper under the circumstances, including, without limitation, specific performance and injunctive relief, provided
that the Appeal Panel may not award exemplary or punitive damages.

 

5.7
Fees and Costs. As part of the Appeal Panel Award, the Appeal Panel is hereby directed to require the losing party (the
party being awarded the least amount of money by the arbitrator, which, for the avoidance of doubt, shall be determined without
regard to any statutory fines, penalties, fees, or other charges awarded to any party) to (a) pay the full amount of any unpaid
costs and fees of the Arbitration and the Appeal Panel, and (b) reimburse the prevailing party (as determined by the Appeal Panel)
the reasonable attorneys’ fees, arbitrator and Appeal Panel costs and fees, deposition costs, other discovery costs, and
other expenses, costs or fees paid or otherwise incurred by the prevailing party in connection with the Arbitration (including
without limitation in connection with the Appeal).

 

6.
Miscellaneous.

 

6.1
Severability. If any part of these Arbitration Provisions is found to violate or be illegal under applicable law, then
such provision shall be modified to the minimum extent necessary to make such provision enforceable under applicable law, and
the remainder of the Arbitration Provisions shall remain unaffected and in full force and effect.

 

6.2
Governing Law. These Arbitration Provisions shall be governed by the laws of the State of Utah without regard to the conflict
of laws principles therein.

 

6.3
Interpretation. The headings of these Arbitration Provisions are for convenience of reference only and shall not form part
of, or affect the interpretation of, these Arbitration Provisions.

 

6.4
Waiver. No waiver of any provision of these Arbitration Provisions shall be effective unless it is in the form of a writing
signed by the party granting the waiver.

 

6.5
Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of these Arbitration
Provisions.

  

[Remainder
of page intentionally left blank]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]