Document:

Exhibit 10.2

 

PLACEMENT AGENCY AGREEMENT

 

FT Global Capital, Inc.

5 Concourse Parkway, Suite 3000

Atlanta, GA, 30328

 

May 11, 2021

 

Ladies and Gentlemen:

 

This letter (this “Agreement”)
constitutes the agreement between Senmiao Technology Limited (the “Company”) and FT Global Capital, Inc. (“FT
Global”) pursuant to which FT Global shall serve as the placement agent (the “Placement Agent”) (the “Services”),
for the Company, on a reasonable “best efforts” basis, in connection with the proposed offer and placement (the “Offering”)
by the Company of its Securities (as defined Section 3 of this Agreement). The Company expressly acknowledges and agrees that FT Global’s
obligations hereunder are on a reasonable “best efforts” basis only and that the execution of this Agreement does not constitute
a commitment by FT Global to purchase the Securities and does not ensure the successful placement of the Securities or any portion thereof
or the success of FT Global placing the Securities.

 

		1.	Appointment of FT Global as Exclusive Placement Agent. 

 

On the basis of the representations,
warranties, covenants and agreements of the Company herein contained, and subject to all the terms and conditions of this Agreement, the
Company hereby appoints the Placement Agent as its exclusive placement agent in connection with a distribution of its Shares and Warrants
(as defined below) to be offered and sold by the Company pursuant to a registration statement filed under the Securities Act of 1933,
as amended (the “Securities Act”) on Form S-3 (File No. 333-230397), and FT Global agrees to act as the Company’s
exclusive Placement Agent. Pursuant to this appointment, the Placement Agent will solicit offers for the purchase of or attempt to place
all or part of the Securities of the Company in the proposed Offering. Until the final closing or earlier upon termination of this Agreement
pursuant to Section 5 hereof, the Company shall not, without the prior written consent of the Placement Agent, solicit or accept offers
to purchase the Securities other than through the Placement Agent. The Company acknowledges that the Placement Agent will act as an agent
of the Company and use its reasonable “best efforts” to solicit offers to purchase the Securities from the Company on the
terms, and subject to the conditions, set forth in the Prospectus (as defined below). The Placement Agent shall use commercially reasonable
efforts to assist the Company in obtaining performance by each Purchaser whose offer to purchase Securities has been solicited by the
Placement Agent, but the Placement Agent shall not, except as otherwise provided in this Agreement, be obligated to disclose the identity
of any potential purchaser or have any liability to the Company in the event any such purchase is not consummated for any reason. Under
no circumstances will the Placement Agent be obligated to underwrite or purchase any Securities for its own account and, in soliciting
purchases of the Securities, the Placement Agent shall act solely as an agent of the Company. The Services provided pursuant to this Agreement
shall be on an “agency” basis and not on a “principal” basis.

 

The Placement Agent will solicit
offers for the purchase of the Securities in the Offering at such times and in such amounts as the Placement Agent deems advisable. The
Company shall have the sole right to accept offers to purchase Securities and may reject any such offer, in whole or in part. The Company
and Placement Agent shall negotiate the timing and terms of the Offering and acknowledge that the Offering and the provision of Placement
Agent services related to the Offering are subject to market conditions and the receipt of all required related clearances and approvals.

 

		2.	Fees; Expenses; Other Arrangements.

 

A.                  Placement
Agent’s Fee. As compensation for services rendered, the Company shall pay to the Placement Agent in cash by wire transfer
in immediately available funds to an account or accounts designated by the Placement Agent an amount (the “Placement
Fee”) equal to 7.5% of the aggregate gross proceeds received by the Company from the sale of the Securities, at the
closing (the “Closing” and the date on which the Closing occurs, the “Closing Date”); and the
Company shall issue to the Placement Agent or its designees at the Closing five-year warrants to purchase such number of Shares (as
defined in Section 3) equal to 7.5% of the Shares sold in this Offering at an exercise price of $1.05 (the “Placement Agent
Warrant” and together with the shares of Common Stock (as defined below) underlying the Placement Agent Warrant, the
 “Placement Agent Securities”). The Placement Agent may deduct from the net proceeds of the Offering payable to
the Company on the Closing Date the Placement Fee set forth herein to be paid by the Company to the Placement Agent.

 

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B.                 
Offering Expenses. The Company will be responsible for and will pay all expenses relating to the Offering, including, without
limitation, (a) all filing fees and expenses relating to the registration of the Securities with the Commission; (b) all FINRA Public
Offering filing fees; (c) all fees and expenses relating to the listing of the Shares on the NASDAQ Stock Market; (d) the costs of all
mailing and printing of the Offering documents; (e) transfer and/or stamp taxes, if any, payable upon the transfer of Securities from
the Company to Investors; (f) the fees and expenses of the Company’s accountants; (g) travel expenses and diligence expenses of
FT Global not to exceed $30,000; and (h) legal fees of FT Global’s counsel of $30,000. The Placement Agent may deduct from the net
proceeds of the Offering payable to the Company on the Closing Date the expenses set forth herein to be paid by the Company to the Placement
Agent, provided, however, that in the event that the Offering is terminated, the Company agrees to reimburse the Placement Agent to the
extent required by Section 5 hereof.

 

C.                 
Tail Financing. The Placement Agent shall be entitled to fees per Section 2.A. of this Agreement with respect to any public
or private offering or other financing or capital-raising transaction of any kind (“Tail Financing”) to the extent
that such Tail Financing is provided to the Company by any investors that the Placement Agent has contacted on behalf of the Company or
investors that the Placement Agent had “wall-crossed” in connection with this Offering (or any entity under common management
or having a common investment advisor), if such Tail Financing is consummated at any time within the 12-month period following the termination
of the Engagement Letter (as defined herein) (the “Tail Period”).

 

		3.	Description of the Offering. 

 

The Securities to be offered
directly to various investors (each, an “Investor” or “Purchaser” and, collectively, the “Investors”
or the “Purchasers”) pursuant to the Securities Purchase Agreement dated on or about the date hereof between the Company
and the Investors (the “Securities Purchase Agreement”) shall consist of 7,234,044 shares (the “Shares”)
of Company common stock (the “Common Stock”) and warrants to purchase 7,234,044 shares of Common Stock at an exercise
price of $1.05 (the “Warrants,” and collectively with the Shares, the “Securities”). The purchase
price for one Share and an accompanying Warrant shall be $1.175 per unit of securities (the “Purchase Price”). If the
Company shall default in its obligations to deliver Securities to a Purchaser whose offer it has accepted and who has tendered payment,
the Company shall indemnify and hold the Placement Agent harmless against any loss, claim, damage or expense arising from or as a result
of such default by the Company under this Agreement.

 

		4.	Delivery and Payment; Closing.

 

Settlement of the Securities
purchased by an Investor shall be made as set forth in the Securities Purchase Agreement. On the Closing Date, the Shares to which the
Closing relates shall be delivered through such means as the parties to the Securities Purchase Agreement may hereafter agree. The Securities
shall be registered in such name or names and in such authorized denominations as set forth in the Securities Purchase Agreement. The
term “Business Day” means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions
are authorized or obligated by law to close in New York, New York.

 

		5.	Term and Termination of Agreement. 

 

The term of this
Agreement will commence upon the execution of this Agreement and will terminate on the earlier of the closing of this Offering or 30
days from the date hereof. Notwithstanding anything to the contrary contained herein, any provision in this Agreement concerning or
relating to confidentiality, indemnification, contribution, advancement, the Company’s representations and warranties and the
Company’s obligations to pay fees and reimburse expenses will survive any expiration or termination of this Agreement. If any
condition specified in Section 8 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the
Placement Agent by notice to the Company at any time on or prior to a Closing Date, which termination shall be without liability on
the part of any party to any other party, except that those portions of this Agreement specified in Section 19 shall at all times be
effective and shall survive such termination.

 

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		6.	Permitted Acts. 

 

Nothing in this Agreement
shall be construed to limit the ability of the Placement Agent, its officers, directors, employees, agents, associated persons and any
individual or entity “controlling,” controlled by,” or “under common control” with the Placement Agent (as
those terms are defined in Rule 405 under the Securities Act) to conduct its business including without limitation the ability to pursue,
investigate, analyze, invest in, or engage in investment banking, financial advisory or any other business relationship with any individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock
company, government (or an agency or subdivision thereof) or other entity of any kind.

 

		7.	Representations, Warranties and Covenants of the Company.

 

As of the date and time of
the execution of this Agreement, the Closing Date and the Initial Sale Time (as defined herein), the Company (i) makes such representations
and warranties to the Placement Agent as the Company makes to the Investors pursuant to the Securities Purchase Agreement, and (ii) further
represents, warrants and covenants to the Placement Agent, other than as disclosed in any of its filings with the Securities and Exchange
Commission (the “Commission”), that:

 

A.          
Registration Matters.

 

i.              
The Company has filed with the Commission a registration statement on Form S-3 (File No. 333-230397) including a related prospectus,
for the registration of certain securities (the “Shelf Securities”), including the Shares, Warrant and Common Stock
underlying the Warrants under the Securities Act and the rules and regulations thereunder (the “Securities Act Regulations”).
The registration statement has been declared effective under the Securities Act by the Commission. The “Registration Statement,”
as of any time, means such registration statement as amended by any post-effective amendments thereto to such time, including the exhibits
and any schedules thereto at such time, the documents incorporated or deemed to be incorporated by reference therein at such time pursuant
to Form S-3 under the Securities Act and the documents otherwise deemed to be a part thereof as of such time pursuant to Rule 430A (“Rule
430A”) or Rule 430B under the Securities Act Regulations (“Rule 430B”); provided, however, that the “Registration
Statement” without reference to a time means such registration statement as amended by any post-effective amendments thereto as
of the time of the first contract of sale for the Shares, which time shall be considered the “new effective date” of such
registration statement with respect to the Shares within the meaning of paragraph (f)(2) of Rule 430B, including the exhibits and schedules
thereto as of such time, the documents incorporated or deemed incorporated by reference therein at such time pursuant to Form S-3 under
the Securities Act and the documents otherwise deemed to be a part thereof as of such time pursuant to Rule 430A or Rule 430B. Any registration
statement filed pursuant to Rule 462(b) of the Securities Act Regulations is hereinafter called the “Rule 462(b) Registration
Statement,” and after such filing the term “Registration Statement” shall include the Rule 462(b) Registration Statement.
The prospectus covering the Shelf Securities in the form first used to confirm sales of the Shares (or in the form first made available
to the Placement Agent by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred
to as the “Base Prospectus.” The Base Prospectus, as supplemented by the prospectus supplement specifically related
to the Shares in the form first used to confirm sales of the Shares (or in the form first made available to the Placement Agent by the
Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act), is hereinafter referred to, collectively, as the
 “Prospectus,” and the term “Preliminary Prospectus” means any preliminary form of the Prospectus,
including any preliminary prospectus supplement specifically related to the Shares filed with the Commission by the Company with the consent
of the Placement Agent.

 

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ii.                All
references in this Agreement to financial statements and schedules and other information which is “contained,”
 “included” or “stated” (or other references of like import) in the Registration Statement, any Preliminary
Prospectus or the Prospectus shall be deemed to include all such financial statements and schedules and other information
incorporated or deemed incorporated by reference in the Registration Statement, such Preliminary Prospectus or the Prospectus, as
the case may be, prior to the execution and delivery of this Agreement; and all references in this Agreement to amendments or
supplements to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to include the filing of any
document under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and
regulations thereunder (the “Exchange Act Regulations”), incorporated or deemed to be incorporated by reference
in the Registration Statement, such Preliminary Prospectus or the Prospectus, as the case may be, at or after the execution and
delivery of this Agreement.

 

iii.             
The term “Disclosure Package” means (i) the Preliminary Prospectus, if any, as most recently amended or supplemented
immediately prior to the Initial Sale Time (as defined herein), and (ii) the Issuer Free Writing Prospectuses (as defined below), if any,
identified in Schedule I hereto.

 

iv.            
The term “Issuer Free Writing Prospectus” means any issuer free writing prospectus, as defined in Rule 433 of
the Securities Act Regulations. The term “Free Writing Prospectus” means any free writing prospectus, as defined in
Rule 405 of the Securities Act Regulations.

 

v.              
Any Preliminary Prospectus when filed with the Commission, and the Registration Statement as of each effective date and as of the
date hereof, complied or will comply, and the Prospectus and any further amendments or supplements to the Registration Statement, any
Preliminary Prospectus or the Prospectus will, when they become effective or are filed with the Commission, as the case may be, comply,
in all material respects, with the requirements of the Securities Act and the Securities Act Regulations; and the documents incorporated
by reference in the Registration Statement, any Preliminary Prospectus or the Prospectus complied, and any further documents so incorporated
will comply, when filed with the Commission, in all material respects to the requirements of the Exchange Act and Exchange Act Regulations.

 

vi.            
The issuance by the Company of the Shares has been registered under the Securities Act. The Shares will be issued pursuant to the
Registration Statement and will be freely transferable and freely tradable by each of the Investors without restriction, unless otherwise
restricted by applicable law or regulation. The Company is eligible to use Form S-3 under the Securities Act and it meets the transaction
requirements with respect to the aggregate market value of the Shares being sold pursuant to this offering and during the twelve (12)
months prior to this offering, as set forth in General Instruction I.B.6 of Form S-3.

 

B.           
Stock Exchange Listing. The Common Stock is approved for listing on the NASDAQ Capital Market (the “Exchange”)
and the Company has taken no action designed to, or likely to have the effect of, delisting the Common Stock from the Exchange, nor has
the Company received any notification that the Exchange is contemplating terminating such listing.

 

C.           
No Stop Orders, etc. Neither the Commission nor, to the Company's knowledge, any state regulatory authority has issued any
order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or,
to the Company's knowledge, threatened to institute, any proceedings with respect to such an order. The Company has complied with each
request (if any) from the Commission for additional information.

 

D.           
Disclosures in Registration Statement.

 

		i.	Compliance with Securities Act and 10b-5 Representation. 

 

(a)                 Each
of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material
respects with the requirements of the Securities Act and the Securities Act Regulations. The Preliminary Prospectus and the
Prospectus, at the time each was or will be filed with the Commission, complied or will comply in all material respects with the
requirements of the Securities Act and the Securities Act Regulations. The Preliminary Prospectus delivered to the Placement Agent
for use in connection with this Offering and the Prospectus was or will be identical to the electronically transmitted copies
thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

 

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(b)               
None of the Registration Statement, any amendment thereto, or the Preliminary Prospectus, as of 8:00 a.m. (Eastern time) on the
date hereof (the “Initial Sale Time”), and at the Closing Date, contained, contains or will contain an untrue statement
of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading; provided, however, that this representation and warranty shall not apply to statements made or statements omitted
in reliance upon and in conformity with written information furnished to the Company with respect to the Placement Agent by the Placement
Agent expressly for use in the Registration Statement or any amendment thereof or supplement thereto. The parties acknowledge and agree
that such information provided by or on behalf of any Placement Agent consists solely of the following disclosure contained in the “Plan
of Distribution” section of the Prospectus: (i) the name of the Placement Agent, and (ii) the fees and expenses of the Placement
Agent (the “Placement Agent’s Information”).

 

(c)                
The Disclosure Package, as of the Initial Sale Time and at the Closing Date, did not, does not and will not include an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and each Issuer Free Writing Prospectus does not conflict with the information contained in
the Registration Statement, any Preliminary Prospectus, or the Prospectus, and each such Issuer Free Writing Prospectus, as supplemented
by and taken together with the Preliminary Prospectus as of the Initial Sale Time, did not include an untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading; provided, however, that this representation and warranty shall not apply to statements made or statements omitted
in reliance upon and in conformity with written information furnished to the Company with respect to the Placement Agent by the Placement
Agent expressly for use in the Registration Statement, the Preliminary Prospectus or the Prospectus or any amendment thereof or supplement
thereto. The parties acknowledge and agree that such information provided by or on behalf of any Placement Agent consists solely of the
Placement Agent’s Information; and

 

(d)               
 Neither the Prospectus nor any amendment or supplement thereto, as of its issue date, at the time of any filing with the Commission
pursuant to Rule 424(b), or at the Closing Date, included, includes or will include an untrue statement of a material fact or omitted,
omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided, however, that this representation and warranty shall not apply to the Placement Agent's
Information.

 

ii.               Disclosure
of Agreements. The agreements and documents described in the Registration Statement, the Disclosure Package and the Prospectus
conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents
required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Disclosure
Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so
described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by
which it is or may be bound or affected and (i) that is referred to in the Registration Statement, the Disclosure Package and the
Prospectus, and (ii) is material to the Company's business, has been duly authorized and validly executed by the Company, is in full
force and effect in all material respects and is enforceable against the Company and, to the Company's knowledge, the other parties
thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or
similar laws affecting creditors' rights generally, (y) as enforceability of any indemnification or contribution provision may be
limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and other forms
of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor
may be brought. None of such agreements or instruments has been assigned by the Company, and neither the Company nor, to the
Company's knowledge, any other party is in default thereunder and, to the Company's knowledge, no event has occurred that, with the
lapse of time or the giving of notice, or both, would constitute a default thereunder, except as disclosed in the Registration
Statement, the Disclosure Package and the Prospectus. To the Company's knowledge, performance by the Company of the material
provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation,
judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of
its assets or businesses (each, a “Governmental Entity”), including, without limitation, those relating to
environmental laws and regulations.

 

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iii.             
Changes After Dates in Registration Statement.

 

(a)                
No Material Adverse Change. Since the respective dates as of which information is given in the Registration Statement, the
Disclosure Package and the Prospectus, except as otherwise specifically stated therein: (i) there has been no material adverse change
in the financial position or results of operations of the Company, nor any change or development that, singularly or in the aggregate,
would involve a material adverse change, in or affecting the condition (financial or otherwise), results of operations, business, assets
or prospects of the Company (a “Material Adverse Change”); (ii) there have been no material transactions entered into
by the Company, other than as contemplated pursuant to this Agreement; and (iii) no officer or director of the Company has resigned from
any position with the Company.

 

(b)               
Recent Securities Transactions, etc. Subsequent to the respective dates as of which information is given in the Registration
Statement, the Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in
the Registration Statement, the Disclosure Package and the Prospectus, the Company has not: (i) issued any securities (other than (i)
grants under any stock compensation plan and (ii) Common Stock issued upon exercise or conversion of option, warrants or convertible securities
described in the Registration Statement, the Disclosure Package and the Prospectus) or incurred any liability or obligation, direct or
contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.

 

E.            
Transactions Affecting Disclosure to FINRA.

 

i.                  
Finder's Fees. There are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's,
consulting or origination fee by the Company or any executive officer or director of the Company (each an “Insider”)
with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the
Company's knowledge, any of its stockholders.

 

ii.                  
Payments Within Six (6) Months. The Company has not made any direct or indirect payments (in cash, securities or otherwise)
to: (i) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or
introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity
that has any direct or indirect affiliation or association with any FINRA member, within the six (6) months prior to the date hereof,
other than (A) the payment to the Placement Agent as provided hereunder in connection with the Offering, and (B) other payments to the
Placement Agent under other engagement letters.

 

iii.                
Use of Proceeds. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member
or its affiliates, except as specifically authorized herein.

 

iv.                 FINRA
Affiliation. There is no (i) officer or director of the Company, (ii) to the Company’s knowledge, beneficial owner of 10%
or more of any class of the Company's securities or (iii) to the Company’s knowledge, beneficial owner of the Company's
unregistered equity securities which were acquired during the 180-day period immediately preceding the filing of the Registration
Statement that is an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance
with the rules and regulations of FINRA).

 

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F.            
Integration. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause
the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration
of any such securities under the Securities Act.

 

G.           
Restriction on Sales of Capital Stock. The Company, on behalf of itself and any successor entity, agrees that it will not,
for a period of 180 days after the date of this Agreement (the “Lock-Up Period”), without the prior written consent
of the Placement Agent (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares
of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company;
(ii) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of capital stock
of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company, other than
pursuant to a registration statement on Form S-8 for employee benefit plans; whether any such transaction described in clause (i) or (ii)
above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise; or (iii)
publicly announce an intention to effect any transaction specified in clause (i) or (ii). The restrictions contained in this section shall
not apply to (i) the issuance by the Company of Common Stock upon the exercise of stock options, warrants or the conversion of a security,
in each case, that is outstanding on the date hereof, or (ii) the grant by the Company of stock options or other stock-based awards, or
the issuance of shares of capital stock of the Company under any stock compensation plan of the Company in effect on the date hereof.

 

H.           
Variable Rate Transactions. From the date hereof until one (1) year after the Closing Date, the Company shall be prohibited
from effecting or entering into an agreement to effect any issuance by the Company or any of its subsidiaries of Common Stock or Common
Stock equivalents (or a combination of units thereof) involving a Variable Rate Transaction. For purposes of this Agreement, “Variable
Rate Transaction” shall mean a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible
into, exchangeable or exercisable for, or include the right to receive additional Common Stock either (A) at a conversion price, exercise
price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Stock at
any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject
to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock or (ii) enters into, or effects
a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities
at a future determined price. The Placement Agent shall be entitled to obtain injunctive relief against the Company to preclude any such
issuance, which remedy shall be in addition to any right to collect damages.

 

		8.	Conditions of the Obligations of the Placement Agent. 

 

The obligations of the Placement
Agent hereunder shall be subject to the accuracy of the representations and warranties on the part of the Company set forth in Section
7 hereof, in each case as of the date hereof and as of the Closing Date as though then made, to the timely performance by each of the
Company of its covenants and other obligations hereunder on and as of such dates, and to each of the following additional conditions: 

 

A.           
Regulatory Matters.

 

i.                   Effectiveness
of Registration Statement; Rule 424 Information. The Registration Statement is effective on the date of this Agreement, and, on
the Closing Date no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto
has been issued under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus
has been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company’s
knowledge, contemplated by the Commission. The Company has complied with each request (if any) from the Commission for additional
information. All filings with the Commission required by Rule 424 under the Securities Act to have been filed by the Closing Date,
shall have been made within the applicable time period prescribed for such filing by Rule 424.

 

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ii.                 
FINRA Clearance. On or before the Closing Date of this Agreement, the Placement Agent shall have received clearance from
FINRA as to the amount of compensation allowable or payable to the Placement Agent as described in the Registration Statement.

 

iii.               
Listing of Additional Shares. On or before the Closing Date of this Agreement, the Company shall have received clearance
from The Nasdaq Stock Market, Inc. with respect to the Company’s application for the additional listing of the securities sold in
the Offering.

 

B.           
Company Counsel Matters. On the Closing Date, the Placement Agent shall have received the favorable opinion of Pryor Cashman
LLP, U.S. counsel for the Company, and Yuan Tai Law Offices, PRC counsel for the Company, dated the Closing Date and addressed to the
Placement Agent, substantially in form and substance reasonably satisfactory to the Placement Agent.

 

C.           
Comfort Letter. The Placement Agent shall have received a letter dated the Closing Date, in form and substance satisfactory
to the Placement Agent, from the Company's independent public accountants, containing statements and information of the type ordinarily
included in accountants' "comfort letters" with respect to the financial statements and certain financial information contained
in the Registration Statement and Prospectus.

 

D.           
Officers Certificate. On the Closing Date, the Placement Agent shall have received a certificate of the chief executive
officer and chief financial officer of the Company, dated the Closing Date, to the effect that, (i) such officers have carefully examined
the Registration Statement, the Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus and, in their opinion, the Registration
Statement and each amendment thereto, as of the Initial Sale Time and through the Closing Date did not include any untrue statement of
a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading, and the Disclosure Package, as of the Initial Sale Time through the Closing Date, any Issuer Free Writing Prospectus as of
its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as
of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances in which they were made, not misleading; and (ii) as of the Closing
Date the representations and warranties of the Company contained herein and in the Securities Purchase Agreement were and are accurate
in all material respects, and that the obligations to be performed by the Company hereunder have been fully performed in all material
respects.

 

E.            
Secretary Certificate. On the Closing Date, the Placement Agent shall have received from the Company a certificate of the
corporate secretary of the Company, dated the Closing Date, certifying to the organizational documents of the Company, good standing in
the jurisdiction of formation of the Company and board resolutions authorizing the Offering of the Securities.

 

F.           
Lock-Up Agreements. The Company has caused each of its officers, directors, and 5% shareholders to deliver to the Placement
Agent an executed Lock-Up Agreement, in the form attached as Exhibit A hereto (the “Lock-Up Agreement”).

 

    8

     

    

 

G.            No
Material Changes. Prior to and on the Closing Date: (i) there shall have been no Material Adverse Change or development
involving a prospective Material Adverse Change in the condition or prospects or the business activities, financial or otherwise, of
the Company from the latest dates as of which such condition is set forth in the Registration Statement, the Disclosure Package and
the Prospectus; (ii) no action, suit or proceeding, at law or in equity, shall have been pending or threatened against the Company
or any affiliates of the Company before or by any court or federal or state commission, board or other administrative agency wherein
an unfavorable decision, ruling or finding may materially adversely affect the business, operations, prospects or financial
condition or income of the Company, except as set forth in the Registration Statement, the Disclosure Package and the Prospectus;
(iii) no stop order shall have been issued under the Securities Act and no proceedings therefor shall have been initiated or
threatened by the Commission; and (iv) the Registration Statement, the Disclosure Package and the Prospectus and any amendments or
supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Securities
Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the Securities Act and the
Securities Act Regulations, and neither the Registration Statement, the Disclosure Package nor the Prospectus nor any amendment or
supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

H.           
Delivery of Agreements.

 

(i) Lock-Up Agreements.
On or before the Closing Date of this Agreement, the Company shall have delivered to the Placement Agent executed copies of the Lock-Up
Agreements from each of the Company’s officers, directors and 5% shareholders.

 

(ii) Placement
Agent Warrant. On the Closing Date, the Company shall have delivered to the Placement Agent an executed copy of the Placement Agent
Warrant in such designations as requested by the Placement Agent.

 

I.             
Additional Documents. At the Closing Date, Placement Agent Counsel shall have been furnished with such documents and opinions
as they may require in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions,
herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Securities as herein contemplated
shall be satisfactory in form and substance to the Placement Agent and Placement Agent Counsel.

 

		9.	Indemnification and Contribution; Procedures. 

 

A.           
Indemnification of the Placement Agent. The Company agrees to indemnify and hold harmless the Placement Agent, its affiliates
and each person controlling such Placement Agent (within the meaning of Section 15 of the Securities Act), and the directors, officers,
agents and employees of the Placement Agent, its affiliates and each such controlling person (the Placement Agent, and each such entity
or person hereafter is referred to as an “Indemnified Person”) from and against any losses, claims, damages, judgments,
assessments, costs and other liabilities (collectively, the “Liabilities”), and shall reimburse each Indemnified Person
for all fees and expenses (including the reasonable fees and expenses of counsel for the Indemnified Persons, except as otherwise expressly
provided in this Agreement) (collectively, the “Expenses”) and agrees to advance payment of such Expenses as they are
incurred by an Indemnified Person in investigating, preparing, pursuing or defending any actions, whether or not any Indemnified Person
is a party thereto, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in (i)
the Registration Statement, the Disclosure Package, the Preliminary Prospectus, the Prospectus or in any Issuer Free Writing Prospectus
(as from time to time each may be amended and supplemented); (ii) any materials or information provided to investors by, or with the approval
of, the Company in connection with the marketing of the Offering, including any “road show” or investor presentations made
to investors by the Company (whether in person or electronically); or (iii) any application or other document or written communication
(in this Section 9, collectively called “application”) executed by the Company or based upon written information furnished
by the Company in any jurisdiction in order to qualify the Securities under the securities laws thereof or filed with the Commission,
any state securities commission or agency, any national securities exchange; or the omission or alleged omission therefrom of a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, unless such statement or omission was made in reliance upon, and in conformity with, the Placement Agent’s
information. The Company also agrees to reimburse each Indemnified Person for all Expenses as they are incurred in connection with such
Indemnified Person’s enforcement of his or its rights under this Agreement. Each Indemnified Person is an intended third party beneficiary
with the same rights to enforce the indemnification that each Indemnified Person would have if he was a party to this Agreement.

 

    9

     

    

 

B.                  Procedure.
Upon receipt by an Indemnified Person of actual notice of an action against such Indemnified Person with respect to which indemnity
may reasonably be expected to be sought under this Agreement, such Indemnified Person shall promptly notify the Company in writing;
provided that failure by any Indemnified Person so to notify the Company shall not relieve the Company from any obligation or
liability which the Company may have on account of this Section 9 or otherwise to such Indemnified Person, except to the extent (and
only to the extent) that its ability to assume the defense is actually impaired by such failure or delay. The Company shall, if
requested by the Placement Agent, assume the defense of any such action (including the employment of counsel and reasonably
satisfactory to the Placement Agent). Any Indemnified Person shall have the right to employ separate counsel in any such action and
participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person
unless: (i) the Company has failed promptly to assume the defense and employ counsel for the benefit of the Placement Agent and the
other Indemnified Persons or (ii) such Indemnified Person shall have been advised that in the opinion of counsel that there is an
actual or potential conflict of interest that prevents (or makes it imprudent for) the counsel engaged by the Company for the
purpose of representing the Indemnified Person, to represent both such Indemnified Person and any other person represented or
proposed to be represented by such counsel, it being understood, however, that the Company shall not be liable for the expenses of
more than one separate counsel (together with local counsel), representing the
Placement Agent and all Indemnified persons who are parties to such action. The Company shall not be liable for any settlement of
any action effected without its written consent (which shall not be unreasonably withheld). In addition, the Company shall not,
without the prior written consent of the Placement Agent, settle, compromise or consent to the entry of any judgment in or otherwise
seek to terminate any pending or threatened action in respect of which advancement, reimbursement, indemnification or contribution
may be sought hereunder (whether or not such Indemnified Person is a party thereto) unless such settlement, compromise, consent or
termination (i) includes an unconditional release of each Indemnified Person, acceptable to such Indemnified Party, from all
Liabilities arising out of such action for which indemnification or contribution may be sought hereunder and (ii) does not include a
statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Person. The
advancement, reimbursement, indemnification and contribution obligations of the Company required hereby shall be made by periodic
payments of the amount thereof during the course of the investigation or defense, as every Liability and Expense is incurred and is
due and payable, and in such amounts as fully satisfy each and every Liability and Expense as it is incurred (and in no event later
than 30 days following the date of any invoice therefor).

 

C.                 
Indemnification of the Company. The Placement Agent agrees to indemnify and hold harmless the Company, its directors, its
officers who signed the Registration Statement and persons who control the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act against any and all Liabilities, but only with respect to untrue statements or omissions, or alleged
untrue statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Disclosure Package or Prospectus or
any amendment or supplement thereto, in reliance upon, and in strict conformity with, the Placement Agent’s Information. In case
any action shall be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration
Statement, the Disclosure Package or Prospectus or any amendment or supplement thereto, and in respect of which indemnity may be sought
against the Placement Agent, the Placement Agent shall have the rights and duties given to the Company, and the Company and each other
person so indemnified shall have the rights and duties given to the Placement Agent by the provisions of Section 9.B. The Company agrees
promptly to notify the Placement Agent of the commencement of any litigation or proceedings against the Company or any of its officers,
directors or any person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, in connection with the issuance and sale of the Securities or in connection with the Registration Statement, the Disclosure
Package, the Prospectus or any Issuer Free Writing Prospectus, provided, that failure by the Company
so to notify the Placement Agent shall not relieve the Placement Agent from any obligation or liability which the Placement Agent may
have on account of this Section 9.C. or otherwise to the Company, except to the extent the Placement Agent is materially prejudiced as
a proximate result of such failure..

 

D.                  Contribution.
In the event that a court of competent jurisdiction makes a finding that indemnity is unavailable to any indemnified person, then
each indemnifying party shall contribute to the Liabilities and Expenses paid or payable by such indemnified person in such
proportion as is appropriate to reflect (i) the relative benefits to the Company, on the one hand, and to the Placement Agent and
any other Indemnified Person, on the other hand, of the matters contemplated by this Agreement or (ii) if the allocation provided by
the immediately preceding clause is not permitted by applicable law, not only such relative benefits but also the relative fault of
the Company, on the one hand, and the Placement Agent and any other Indemnified Person, on the other hand, in connection with the
matters as to which such Liabilities or Expenses relate, as well as any other relevant equitable considerations; provided that in no
event shall the Company contribute less than the amount necessary to ensure that all Indemnified Persons, in the aggregate, are not
liable for any Liabilities and Expenses in excess of the amount of commissions actually received by the Placement Agent pursuant to
this Agreement. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company on the one hand or the Placement Agent on the other and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Company and the Placement Agent agree that it would not be
just and equitable if contributions pursuant to this subsection (D) were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to above in this subsection (D). For purposes of
this paragraph, the relative benefits to the Company, on the one hand, and to the Placement Agent on the other hand, of the matters
contemplated by this Agreement shall be deemed to be in the same proportion as: (a) the total value received by the Company in the
Offering, whether or not such Offering is consummated, bears to (b) the commissions paid to the Placement Agent under this
Agreement. Notwithstanding the above, no person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the
Securities Act shall be entitled to contribution from a party who was not guilty of fraudulent misrepresentation.

 

    10

     

    

 

E.                  
Limitation. The Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in
contract or tort or otherwise) to the Company for or in connection with advice or services rendered or to be rendered by any Indemnified
Person pursuant to this Agreement, the transactions contemplated thereby or any Indemnified Person’s actions or inactions in connection
with any such advice, services or transactions, except to the extent that a court of competent jurisdiction has made a finding that Liabilities
(and related Expenses) of the Company have resulted primarily from such Indemnified Person’s gross negligence or willful misconduct
in connection with any such advice, actions, inactions or services.

 

F.                  
Survival. The advancement, reimbursement, indemnity and contribution obligations set forth in this Section 9 shall remain
in full force and effect regardless of any termination of, or the completion of any Indemnified Person’s services under or in connection
with, this Agreement. Each Indemnified Person is an intended third-party beneficiary of this Section 9, and has the right to enforce the
provisions of Section 9 as if he/she/it was a party to this Agreement.

 

		10.	Limitation of FT Global’s Liability to the Company. 

 

FT Global and the Company
further agree that neither FT Global nor any of its affiliates or any of their respective officers, directors, controlling persons (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), employees or agents shall have any liability to the
Company, its security holders or creditors, or any person asserting claims on behalf of or in the right of the Company (whether direct
or indirect, in contract or tort, for an act of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or
equitable relief arising out of or relating to this Agreement or the Services rendered hereunder, except for losses, fees, damages, liabilities,
costs or expenses that arise out of or are based on any action of or failure to act by FT Global and that are finally judicially determined
to have resulted solely from the gross negligence or willful misconduct of FT Global.

 

		11.	Limitation of Engagement to the Company. 

 

The Company acknowledges
that FT Global has been retained only by the Company, that FT Global is providing services hereunder as an independent contractor
(and not in any fiduciary or agency capacity) and that the Company’s engagement of FT Global is not deemed to be on behalf of,
and is not intended to confer rights upon, any shareholder, owner or partner of the Company or any other person not a party hereto
as against FT Global or any of its affiliates, or any of its or their respective officers, directors, controlling persons (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), employees or agents. Unless otherwise expressly
agreed in writing by FT Global, no one other than the Company is authorized to rely upon any statement or conduct of FT Global in
connection with this Agreement. The Company acknowledges that any recommendation or advice, written or oral, given by FT Global to
the Company in connection with FT Global’s engagement is intended solely for the benefit and use of the Company’s
management and directors in considering a possible Offering, and any such recommendation or advice is not on behalf of, and shall
not confer any rights or remedies upon, any other person or be used or relied upon for any other purpose. FT Global shall not have
the authority to make any commitment binding on the Company. The Company, in its sole discretion, shall have the right to reject any
investor introduced to it by FT Global. If any purchase agreement and/or related transaction documents are entered into between the
Company and the investors in the Offering, FT Global will be entitled to rely on the representations, warranties, agreements and
covenants of the Company contained in any such purchase agreement and related transaction documents as if such representations,
warranties, agreements and covenants were made directly to FT Global by the Company.

 

    11

     

    

 

		12.	Amendments and Waivers. 

 

No supplement, modification
or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. The failure of a party to exercise
any right or remedy shall not be deemed or constitute a waiver of such right or remedy in the future. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (regardless of whether similar), nor shall
any such waiver be deemed or constitute a continuing waiver unless otherwise expressly provided.

 

		13.	Confidentiality.

 

In the event of the consummation
or public announcement of any Offering, FT Global shall have the right to disclose its participation in such Offering, including, without
limitation, the placement at its cost of “tombstone” advertisements in financial and other newspapers and journals. FT Global
agrees not to use any confidential information concerning the Company provided to FT Global by the Company for any purposes other than
those contemplated under this Agreement.

 

		14.	Headings. 

 

The headings of the various
sections of this Agreement have been inserted for convenience of reference only and will not be deemed to be part of this Agreement.

 

		15.	Counterparts. 

 

This Agreement may be executed
in one or more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original
and all such counterparts shall together constitute one and the same instrument.

 

		16.	Severability. 

 

In case any provision contained
in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein will not in any way be affected or impaired thereby.

 

		17.	Use of Information. 

 

The Company will furnish FT
Global such written information as FT Global reasonably requests in connection with the performance of its services hereunder. The Company
understands, acknowledges and agrees that, in performing its services hereunder, FT Global will use and rely entirely upon such information
as well as publicly available information regarding the Company and other potential parties to an Offering and that FT Global does not
assume responsibility for independent verification of the accuracy or completeness of any information, whether publicly available or otherwise
furnished to it, concerning the Company or otherwise relevant to an Offering, including, without limitation, any financial information,
forecasts or projections considered by FT Global in connection with the provision of its services.

 

		18.	Absence of Fiduciary Relationship. 

 

The Company acknowledges
and agrees that: (a) the Placement Agent has been retained solely to act as Placement Agent in connection with the sale of the
Securities and that no fiduciary, advisory or agency relationship between the Company and the Placement Agent has been created in
respect of any of the transactions contemplated by this Agreement, irrespective of whether the Placement Agent has advised or is
advising the Company on other matters; (b) the Purchase Price and other terms of the Securities set forth in this Agreement were
established by the Company following discussions and arms-length negotiations with the Investors and the Company is capable of
evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this
Agreement; (c) it has been advised that the Placement Agent and its affiliates are engaged in a broad range of transactions that may
involve interests that differ from those of the Company and that the Placement Agent has no obligation to disclose such interest and
transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and (d) it has been advised that the
Placement Agent is acting, in respect of the transactions contemplated by this Agreement, solely for the benefit of the Placement
Agent, and not on behalf of the Company and that the Placement Agents may have interests that differ from those of the Company. The
Company waives to the full extent permitted by applicable law any claims it may have against the Placement Agent arising from an
alleged breach of fiduciary duty in connection with the Offering.

 

    12

     

    

 

		19.	Survival of Indemnities, Representations, Warranties, Etc. 

 

The respective indemnities,
covenants, agreements, representations, warranties and other statements of the Company and Placement Agent, as set forth in this Agreement
or made by them respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation made
by or on behalf of the Placement Agent, the Company, the Purchasers or any person controlling any of them and shall survive delivery of
and payment for the Securities. Notwithstanding any termination of this Agreement, including without limitation any termination pursuant
to Section 5, the payment, reimbursement, indemnity, contribution and advancement agreements contained in Sections 2, 9, 10, and 11, respectively,
and the Company’s covenants, representations, and warranties set forth in this Agreement shall not terminate and shall remain in
full force and effect at all times. The indemnity and contribution provisions contained in Section 9 and the covenants, warranties and
representations of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of any Placement Agent, any person who controls any Placement Agent within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act or any affiliate of any Placement Agent, or by
or on behalf of the Company, its directors or officers or any person who controls the Company within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act, and (iii) the issuance and delivery of the Securities.

 

		20.	Governing Law. 

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of Georgia applicable to agreements made and to be fully performed therein.
Any disputes that arise under this Agreement, even after the termination of this Agreement, will be heard only in the state or federal
courts located in Fulton County, Georgia. The parties hereto expressly agree to submit themselves to the jurisdiction of the foregoing
courts in Fulton County, Georgia. The parties hereto expressly waive any rights they may have to contest the jurisdiction, venue or authority
of any court sitting in Fulton County, Georgia.

 

		21.	Notices. 

 

All communications hereunder
shall be in writing and shall be mailed or hand delivered and confirmed to the parties hereto as follows: 

 

If to the Company:

 

Senmiao Technology Limited

16F, Shihao Square

Middle Jiannan Blvd, High-Tech
Zone

Chengdu, Sichuan, China

Attention: CEO

 

If to the Placement Agent:

 

FT Global Capital, Inc.

5 Concourse Parkway, Suite
3000

Atlanta, GA, 30328

Attention: President

 

Any party hereto may change
the address for receipt of communications by giving written notice to the others. 

 

    13

     

    

 

		22.	Miscellaneous. 

 

This Agreement constitutes
the entire agreement of FT Global and the Company, and supersedes any prior agreements, with respect to the subject matter hereof; provided
that notwithstanding anything to the contrary set forth herein, it is understood and agreed by the parties hereto that all other terms
and conditions of that certain engagement letter between the Company and Placement Agent dated as of January 5, 2021 (the “Engagement
Letter”) shall remain in full force and effect. If any provision of this Agreement is determined to be invalid or unenforceable
in any respect, such determination will not affect such provision in any other respect, and the remainder of this Agreement shall remain
in full force and effect. This Agreement may be executed in counterparts (including facsimile or .pdf counterparts), each of which shall
be deemed an original but all of which together shall constitute one and the same instrument.

 

		23.	Successors. 

 

This Agreement will inure
to the benefit of and be binding upon the parties hereto, and to the benefit of the employees, officers and directors and controlling
persons referred to in Section 9 hereof, and to their respective successors, and personal representative, and, except as set forth in
Section 9 of this Agreement, no other person will have any right or obligation hereunder. 

 

		24.	Partial Unenforceability. 

 

The invalidity or unenforceability
of any section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph
or provision hereof. If any Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable,
there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

 

[SIGNATURE PAGE TO FOLLOW]

 

    14

     

    

 

In acknowledgment that the
foregoing correctly sets forth the understanding reached by FT Global and the Company, and intending to be legally bound, please sign
in the space provided below, whereupon this letter shall constitute a binding Agreement as of the date executed.

 

	Very
    truly yours,	 
	 	 
	SENMIAO
    TECHNOLOGY LIMITED	 
	 	 
	By:	/s/
    Xi Wen	 
	 	Name:  	Xi
    Wen	 
	 	Title:	Chief
    Executive Officer	 
	 	 
	Confirmed
    as of the date first written above:	 
	 	 
	FT
    GLOBAL CAPITAL, INC.	 
	 	 
	By:	/s/
    Patrick Ko	 
	 	Name:	Patrick
    Ko	 
	 	Title:	President	 

 

    15

     

    

 

SCHEDULE I

 

Issuer General Use Free Writing
Prospectuses

 

None.

 

    16

     

    

 

Exhibit A

 

Lock-Up Agreement

 

May 13, 2021

 

FT Global Capital, Inc.

5 Concourse Parkway, Suite 3000

Atlanta, GA, 30328

Attention: President

 

Ladies and Gentlemen:

 

The undersigned understands
that FT Global Capital, Inc. (the “Placement Agent”) proposes to enter into a Placement Agency Agreement (the “Agreement”)
wit Senmiao Technology Limited, a Nevada corporation (the “Company”), providing for the registered direct offering
(the “Offering”) of securities of the Company, including shares (the “Shares”) of the Company’s
common stock (the “Common Stock”) and warrants to purchase Common Stock (collectively with the Shares, the Securities).

 

To induce the Placement Agent
to continue its efforts in connection with the Offering, the undersigned hereby agrees that, without the prior written consent of the
Placement Agent, the undersigned will not, during the period commencing on the date hereof and ending 180 days after the date of the prospectus
supplement (the “Prospectus”) relating to the Offering (the “Lock-Up Period”), (1) offer, pledge,
sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Stock, any securities convertible
into or exercisable or exchangeable for Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which
the undersigned has or hereafter acquires the power of disposition (collectively, the “Lock-Up Securities”); (2) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities,
in cash or otherwise; (3) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities; or (4)
publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other
arrangement relating to any Lock-Up Securities.

 

Notwithstanding the foregoing,
and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Placement
Agent in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of
the Offering; provided that no filing under Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), shall be required or shall be voluntarily made in connection with subsequent sales of Lock-Up Securities acquired in
such open market transactions; (b) transfers of Lock-Up Securities as a bona fide gift, by will or intestacy or to a family member
or trust for the benefit of a family member (for purposes of this lock-up agreement, “family member” means any relationship
by blood, marriage or adoption, not more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution;
or (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity,
any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned,
as the case may be; provided that in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such
transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Placement Agent a lock-up agreement
substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a) of the Exchange Act shall be required
or shall be voluntarily made. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s
transfer agent and registrar against the transfer of the undersigned’s Lock-Up Securities except in compliance with this lock-up
agreement.

 

Any release or waiver
granted by the Placement Agent hereunder shall only be effective two (2) business days after the publication date of a press release
announcing such release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely
to permit a transfer of Lock-Up Securities not for consideration and (b) the transferee has agreed in writing to be bound by the
same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of
such transfer.

 

    17

     

    

 

No provision in this agreement
shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable
for or convertible into Common Stock, as applicable; provided that the undersigned does not transfer the Common Stock acquired
on such exercise, exchange or conversion during the Lock-Up Period, unless otherwise permitted pursuant to the terms of this lock-up agreement.
In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called “10b5-1”
plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities
within the Lock-Up Period).

 

The undersigned understands
that the Company and the Placement Agent are relying upon this lock-up agreement in proceeding toward consummation of the Offering. The
undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal
representatives, successors and assigns.

 

[SIGNATURE PAGE TO FOLLOW]

 

    18

     

    

 

	 	Very
    truly yours,
	 	 
	 	 
	 	(Name
    - Please Print)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name
    of Signatory, in the case of entities - Please Print)
	 	 
	 	 
	 	(Title
    of Signatory, in the case of entities - Please Print)

 

    19Document

Execution Version                       Exhibit 10.1

AGREEMENT

This Agreement, dated as of May 10, 2021 (the “Agreement”), is by and among Bank of Marin Bancorp, a California corporation (the “Company”), The Jon S. Kelly Administrative Trust UTD January 14, 2000 (the “Kelly Trust”), Shawn Devlin (“Ms. Devlin”) and Riley Gardner (“Mr. Gardner”; and collectively with the Kelly Trust and Ms. Devlin, the “Kelly Trust Parties”). Each of the foregoing shall be referred to herein individually, as a “Party” and collectively, as the “Parties.”
WHEREAS, prior to the date hereof the Kelly Trust (i) delivered a letter (the “Original Nomination Letter”) to the Company, dated as of April 5, 2021, nominating (the “Original Kelly Trust Nomination”) one individual for election to the Board of Directors of the Company (the “Board”), (ii) delivered a letter supplement (the “Nomination Supplement”, and collectively with the Original Nomination Letter, the “Nomination Letter”) to the Company, dated as of April 26, 2021, nominating (the “Second Kelly Trust Nomination” and collectively with the Original Kelly Trust Nomination, the “Kelly Trust Nomination”), an additional individual for election to the Board, and (iii) filed two amended Schedule 13Ds disclosing the Kelly Trust Nomination with the Securities and Exchange Commission (the “SEC”) related to the matters set forth in the Nomination Letter;
WHEREAS, the Parties have agreed that it is in their mutual interests to enter into this Agreement, which, among other things, terminates the pending proxy contest for the election of directors at the 2021 Annual Meeting (as defined below);
WHEREAS, the Company has agreed, at the request of the Kelly Trust, to increase the size of the Board from eleven (11) to twelve (12) members effective as of the date hereof and to immediately appoint Sanjiv Sanghvi (the “Kelly Trust Nominee”; together, and including any Replacement Kelly Trust Nominee (as defined below), the “Kelly Trust Nominees”) to fill the vacancies on the Board resulting from such increase;
WHEREAS, the Company has agreed, at the request of the Kelly Trust, in connection with the Company’s 2021 Annual Meeting of Shareholders (including any adjournment, postponement, rescheduling or postponement thereof in accordance with this Agreement, the “2021 Annual Meeting”), to nominate the Kelly Trust Nominee for election as a member of the Board, and recommend that the shareholders vote to elect the Kelly Trust Nominee as a director of the Company; and
WHEREAS, provided the Company is not in breach of this Agreement, the Kelly Trust desires to withdraw its Nomination Letter and to refrain from submitting any director nominations and to vote for the election of the Company’s nominees for directors at the 2021 Annual Meeting.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

ARTICLE I
DEFINITIONS
Section 1.1     Defined Terms. For purposes of this Agreement:

(a)    The term “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
(b)    The terms “beneficial owner” and “beneficially own” have the same meanings as set forth in Rule 13d-3 promulgated by the SEC under the Exchange Act.
(c)    The term “Restricted Period” means the period from the date of this Agreement through the date that is 30 days prior to the first day of the notice period specified in the Company’s advance notice bylaw (Section 2.14 of Article 2 of the Company’s Bylaws) applicable to the Company’s 2022 Annual Meeting of Shareholders; provided, that the Kelly Trust Parties may terminate the Restricted Period at any time by written notice to the Company if (i) the Company refuses to grant its consent to a Replacement Kelly Trust Nominee as provided in clause (ii) to Section 2.1(d) within ten days following the request therefor, or (ii) there is a material breach of this Agreement by the Company that is not cured by the Company within ten days of the date on which the Kelly Trust Parties provide the Company with notice of such breach.
Section 1.2    Interpretation. When reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein,” “hereby” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “or” shall not be exclusive. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted.

Section 1.3    The Kelly Trust Parties.  

(a)All decisions and other actions to be taken or made by the Kelly Trust Parties under or pursuant to this Agreement shall be taken or made by in the discretion of the Kelly Trust Party(ies) then holding a majority of the shares of Common Stock collectively held by the Kelly Trust Parties as of the date thereof.
(b)The Kelly Trust holds the shares of Common Stock, no par value, of the Company (the “Common Stock”) indicated on Schedule A. From and after the 
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date the Kelly Trust distributes all of the shares indicated on Schedule A to Ms. Devlin and Mr. Gardner, the parties hereby acknowledge and agree that (i) the Kelly Trust shall no longer be deemed to be a “Kelly Trust Party,” (ii) the Kelly Trust Party shall cease to be a party hereunder and (iii) all rights, obligations, liabilities and privileges of the Kelly Trust shall be assumed by and inure to the benefit equally of the remaining Kelly Trust Parties.

ARTICLE II
COVENANTS
 Section 2.1    Board of Directors, Annual Meeting and Related Matters.
(a)    Board Expansion.  Simultaneously with the execution of this Agreement, the Board shall take all necessary actions to immediately (i) increase the size of the Board from eleven (11) to twelve (12) directors and maintain such size through the conclusion of the 2021 Annual Meeting, and (ii) appoint the Kelly Trust Nominee as a director to the Board.
(b)    2021 Annual Meeting. The Company shall use all reasonable best efforts to cause the 2021 Annual Meeting to be held and the election of directors thereat to be conducted on June 29, 2021 and shall not delay or postpone such meeting date or election, unless a quorum is not obtained, in which case the 2021 Annual Meeting shall be held as promptly thereafter as practicable. 

(c)    Board Reduction.  Following the closing of the Company’s previously announced acquisition of American River Bankshares (the “AMRB Acquisition”) and before the 2022 Annual Meeting, the Board shall take all necessary actions to reduce the size of the Board to twelve (12) directors (including the Kelly Trust Nominee and any directors added as a result of such acquisition).  Until the conclusion of the 2022 Annual Meeting, the Board shall take all necessary actions to ensure that the size of the Board does not exceed twelve (12) directors.

(d)    Replacement Directors.  If at any time during the Restricted Period any Kelly Trust Nominee refuses to serve, or is unable or unwilling to serve as a director of the Company as a result of such Kelly Trust Nominee’s death, incapacity, or otherwise, then the Kelly Trust Parties shall be entitled to designate another individual as a replacement Kelly Trust Nominee subject to the consent of the Company, such consent not to be unreasonably withheld, delayed or conditioned (any such replacement Kelly Trust Nominee, a “Replacement Kelly Trust Nominee”), and such Replacement Kelly Trust Nominee shall be deemed a Kelly Trust Nominee for all purposes of this Agreement; provided, however, that the 
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Company’s objection to a proposed Replacement Kelly Trust Nominee shall be deemed reasonable only if, (i) such individual is an officer or director of a financial institution operating in any MSA in which the Company then currently operates a full service bank branch, or (ii) such individual does not meet all other criteria for board membership as established by the Board’s Nominating and Governance Committee applicable to all directors generally.  In proposing an individual as a Replacement Kelly Trust Nominee pursuant to the immediately preceding sentence, the Kelly Trust Parties shall provide the Company with such information regarding such individual as would be required to nominate such individual as a director pursuant to Section 2.14 of Article 2 of the Company’s Bylaws.  In the event of the death, resignation or retirement from the Board of any Kelly Trust Nominee during the Restricted Period, the Board shall, as promptly thereafter as practicable, cause such Kelly Trust Nominee to be replaced with a Replacement Kelly Trust Nominee.
(e)    Committees of the Board.  Concurrently with the election and/or appointment of the Kelly Trust Nominees pursuant to Section 2.1, and throughout the Restricted Period, the Board shall ensure that a Kelly Trust Nominee or Replacement Kelly Trust Nominee shall be a member of at least each of the Compensation Committee, the Nominating & Governance Committee, and any additional or new committee of the Board formed on or after the date hereof and the Company agrees to maintain such committee appointments during the Restricted Period; provided, however, that any such Kelly Trust Nominee or Replacement Kelly Trust Nominee meets any criteria for such position as required by NASDAQ rules or rules and regulations established by the SEC; provided further that the Company acknowledges and agrees that the Kelly Trust Nominee or Replacement Kelly Trust Nominee, as applicable, shall be an observer to the Executive Committee of the Board and shall (i) receive copies of all documents distributed to the members of the Executive Committee, including, without limitation, notice of all meetings of the Executive Committee and all materials prepared for consideration at any meeting of the Executive Committee on or after the date hereof contemporaneous with their distribution to the members of the Executive Committee and (ii) have the right to attend, but not vote, at all meetings of the Executive Committee during the Restricted Period (whether such meetings are held in person, telephonically or otherwise). 
(f)    Nomination of New Directors.  The Company agrees that at the 2021 Annual Meeting, the Board will:
(1)    nominate the Kelly Trust Nominee as director of the Company whose terms shall expire at the Company’s 2022 Annual Meeting of Shareholders; and
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(2)    solicit proxies for and vote in favor of the Kelly Trust Nominee at the 2021 Annual Meeting.
(g)    Efforts.  The Company shall use all reasonable best efforts to ensure that the Kelly Trust Nominee is elected by the shareholders at the 2021 Annual Meeting; provided that such efforts shall be no less rigorous and be conducted in a manner no less favorable than the manner in which the Company supports its other nominees.
(h)    Role of Kelly Trust Nominees.  Each of the Kelly Trust Nominees, upon election and/or appointment to the Board, will be governed by the same protections and obligations regarding confidentiality, conflicts of interests, fiduciary duties, trading and disclosure policies and other governance guidelines (it being understood that such policies shall not restrict the activities of the Kelly Trust Parties) and shall have the same rights and benefits, including with respect to insurance, indemnification, compensation and fees, as are applicable to all independent directors of the Company.
(i)    Proxy Solicitation Materials.  The Company and the Board agree that the Company’s Proxy Statement and proxy cards for the 2021 Annual Meeting and all other solicitation materials to be delivered to shareholders in connection with the 2021 Annual Meeting (excepting any materials delivered prior to the date hereof) shall be prepared in accordance with, and in furtherance of, this Agreement.  The Company will provide the Kelly Trust Parties with copies of any portion of proxy materials or other solicitation materials that contain statements relating to the Kelly Trust Parties, the Kelly Trust Nominees or this Agreement a reasonable period (and, in any event, at least two business days) in advance of filing such materials with the SEC or disseminating the same in order to permit the Kelly Trust Parties a reasonable opportunity to review and comment on such materials.  The Kelly Trust Parties will provide, as promptly as reasonably practicable, all information relating to the Kelly Trust Nominees (and other information, if any) to the extent required under applicable law to be included in the Company’s Proxy Statement and any other solicitation materials to be delivered to shareholders in connection with the 2021 Annual Meeting. The Company’s Proxy Statement for the 2021 Annual Meeting shall contain the same type and tenor of information concerning the Kelly Trust Nominees as provided for the Company’s other director nominees.
(j)    Stock Ownership.  If at any time during the Restricted Period the Kelly Trust Parties fail to collectively beneficially own at least 3% of the issued and outstanding shares of the Company, then the terms and conditions of Section 2.1(d) shall cease to have any force or effect and the Kelly Trust 
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Parties shall have no rights or privileges to enforce the terms of Section 2.1(d).
Section 2.2    Voting Provisions.  During the Restricted Period, subject to the full compliance by the Company of this Agreement, the Kelly Trust Parties, together with their respective Affiliates, will cause all shares of Common Stock for which they have the right to vote as of the record date for any annual or special meeting of Company shareholders during the Restricted Period to be present for quorum purposes and to be voted at such meeting or at any adjournments or postponements thereof, (a) in favor of each director nominated and recommended by the Board for election at such meeting and (b) against any shareholder nominations for director which are not approved and recommended by the Board for election at such meeting.

Section 2.3    Withdrawal of Nomination Letter / Termination of Proxy Contest.  By executing this Agreement, subject to the full compliance by the Company of this Agreement, the Kelly Trust hereby irrevocably withdraws its Nomination Letter and agrees to terminate the pending proxy contest with respect to the election of directors at the 2021 Annual Meeting.

Section 2.4    Publicity. Promptly after the execution of this Agreement, the Company and the Kelly Trust will issue a joint press release in the form attached hereto as Schedule B.

Section 2.5    Other Actions by the Kelly Trust Parties.  During the Restricted Period, each of the Kelly Trust Parties covenants and agrees not to do the following, directly or indirectly or in concert with any Affiliate, group or person:

(a)    own, acquire, offer or propose to acquire or agree to acquire, whether by purchase, tender or exchange offer, or through the acquisition of control of another person or entity (including by way of merger or consolidation) any additional shares of the outstanding Company Common Stock, any rights to vote or direct the voting of any additional shares of Company Common Stock or any securities convertible into Company Common Stock, which would result in the collective ownership or control of, or other beneficial ownership interest of the Kelly Trust Parties of an amount equal to 9.9% or more than of the then-outstanding shares of the Common Stock in the aggregate, except for additional shares acquired by way of stock splits, stock dividends, stock reclassifications or other distributions or offerings made available and, if applicable, exercised on a pro rata basis, to holders of the Company Common Stock generally;
(b)    (i) propose or seek to effect a merger, consolidation, recapitalization, reorganization, sale, lease, exchange or other disposition of substantially all the assets of, or other business combination involving, or a tender or exchange offer for securities of, the Company or any of its subsidiaries or any material portion of the Company’s or its subsidiaries’ business or assets or any type of transaction that would result in a change in control of 
6

the Company (any such transaction described in this clause and specifically including the AMRB Acquisition (i) is a “Company Transaction” and any proposal or other action seeking to effect a Company Transaction as described in this clause (i) is defined as a “Company Transaction Proposal”), (ii) seek to exercise any control or influence over the management of the Company or the Board of Directors of the Company or any of the subsidiaries, businesses, operations or policies of the Company, (iii) present to the Company, its shareholders or any third party any proposal constituting or that could reasonably be expected to result in a Company Transaction, or (iv) seek to effect a change in control of the Company;
(c)    publicly suggest or announce its willingness or desire to engage in a transaction or group of transactions or have another person engage in a transaction or group of transactions that would constitute or could reasonably be expected to result in a Company Transaction or take any action that might require the Company to make a public announcement regarding any such Company Transaction;
(d)    initiate, request, induce, encourage or attempt to induce or give encouragement to any other person to initiate any Company Transaction Proposal, or otherwise provide assistance to any person who has made or is contemplating making, or enter into discussions or negotiations with respect to, any Company Transaction Proposal; 
(e)    solicit proxies or written consents or assist or participate in any other way, directly or indirectly, in any solicitation of proxies or written consents, or otherwise become a “participant” in a “solicitation,” or assist any “participant” in a “solicitation” (as such terms are defined in Rule 14a-1 of Regulation 14A and Instruction 3 of Item 4 of Schedule 14A, respectively, under the Securities Exchange Act of 1934) in opposition to any recommendation or proposal of the Company’s Board of Directors, or recommend or request or induce or attempt to induce any other person to take any such actions, or seek to advise, encourage or influence any other person with respect to the voting of (or the execution of a written consent in respect of) the Company Common Stock, or execute any written consent in lieu of a meeting of the holders of the Company Common Stock or grant a proxy with respect to the voting of the capital stock of the Company to any person or entity other than the Board of Directors of the Company;
(f)    initiate, propose, submit, encourage or otherwise solicit shareholders of the Company for the approval of one or more shareholder proposals or induce or attempt to induce any other person to initiate any shareholder proposal, or seek election to, or seek to place a representative or other 
7

affiliate or nominee on, the Company’s Board of Directors (other than as expressly provided for in this Agreement) or seek removal of any member of the Company’s or subsidiaries’ Board of Directors;
(g)    form, join in or in any other way (including by deposit of the Company’s capital stock) participate in a partnership, pooling agreement, syndicate, voting trust or other group with respect to Company Common Stock, or enter into any agreement or arrangement or otherwise act in concert with any other person, for the purpose of acquiring, holding, voting or disposing of Company Common Stock;
(h)    except in connection with the enforcement of this Agreement, initiate or participate, by encouragement or otherwise, in any litigation against the Company or its subsidiaries or their respective officers and directors, or in any derivative litigation on behalf of the Company, except for testimony which may be required by law;
(i)    advise, assist, encourage or finance (or arrange, assist or facilitate financing to or for) any other person in connection with any of the matters restricted by, or otherwise seek to circumvent the limitations of, this Agreement; and
(j)    publicly announce or disclose any request to be excused from any of the foregoing obligations of this Section 2.5.
Notwithstanding anything in this Agreement to the contrary, the foregoing provisions of this Section 2.5 shall not be deemed to restrict the Kelly Trust Parties from: (i) communicating privately with the Board or any of the Company’s officers regarding any matter, so long as such communications are not intended to, and would not reasonably be expected to, require any public disclosure of such communications, (ii) communicating privately with shareholders of the Company and others in a manner that does not otherwise violate this Section 2.5, (iii) taking any action necessary to comply with any law, rule or regulation or any action required by any governmental or regulatory authority or stock exchange that has, or may have, jurisdiction over the Kelly Trust Parties, or (iv) tendering shares, receiving payment for shares or otherwise participating in any Company Transaction on the same basis as the other stockholders of the Company or from participating in any Company Transaction that has been approved by the Board, subject to the other terms of this Agreement.  Furthermore, for the avoidance of doubt, nothing in this Agreement shall be deemed to restrict in any way the Kelly Trust Nominees in the exercise of their fiduciary duties under applicable law as directors of the Company.
ARTICLE III

OTHER PROVISIONS
 
Section 3.1    Representations and Warranties.

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(a)    Representations and Warranties of the Company.  The Company hereby represents and warrants that (i) this Agreement and the performance by the Company of its obligations hereunder (A) has been duly authorized, executed and delivered by it, and is a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, (B) does not require the approval of the shareholders of the Company and (C) does not and will not violate any law, any order of any court or other agency of government, the Articles of Incorporation of the Company, as amended, or the Bylaws of the Company, as amended, or any provision of any indenture, agreement or other instrument to which the Company or any of its properties or assets is bound, or conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other instrument, or result in the creation or imposition of, or give rise to, any lien, charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever pursuant to any such indenture, agreement or other instrument, and (ii) attached hereto as Exhibit 1 is a true and complete copy of the Resolutions of the Board approving this Agreement and the transactions and contemplated herein.
(b)     Representations and Warranties of the Kelly Trust Parties.  
    (i) The Kelly Trust represents and warrants that this Agreement and the performance by the Kelly Trust of its obligations hereunder (A) has been duly authorized, executed and delivered by the Kelly Trust, and is a valid and binding obligation of the Kelly Trust, enforceable against the Kelly Trust, its trustees and beneficiaries in accordance with its terms, (B) does not require approval by any owners or holders of any equity interest in the Kelly Trust (except as has already been obtained) and (C) does not and will not violate any law, any order of any court or other agency of government, the charter or other organizational documents of the Kelly Trust, as amended, or any provision of any agreement or other instrument to which the Kelly Trust or any of its properties or assets is bound, or conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument, or result in the creation or imposition of, or give rise to, any lien, charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever pursuant to any such agreement or instrument.  The Kelly Trust hereby further represent and warrant that, as of the date hereof, the Kelly Trust is the beneficial owner of such number of shares of Common Stock as are set forth on Schedule A of this Agreement.
    (ii) Each of Ms. Devlin and Mr. Gardner, each solely on behalf of his or herself, hereby represents and warrants that (A) he or she is a natural person of the age of maturity and (B) that this Agreement has been duly executed and delivered by Ms. Devlin and Mr. Gardner, and is a valid and 
9

binding obligation of Ms. Devlin and Mr. Gardner, enforceable against Ms. Devlin and Mr. Gardner, in accordance with its terms.
Section 3.2    Confidentiality.  The Company has no obligation to furnish Confidential Information to the Kelly Trust Parties or their representatives by virtue of this Agreement except for Confidential Information provided to the Kelly Trust Nominees in their capacity as directors of the Company.  Each of the Kelly Trust Parties hereby acknowledge that it, he or she is aware (and your Affiliates and representatives who are apprised of this matter have been advised) of and understands its, his or her obligations under federal and state securities laws with respect to your possession of material nonpublic information and agree that you will neither use, nor cause any third party to use, any information in contravention of such securities laws or any rules or regulations promulgated thereunder. Without limiting the foregoing, the Parties acknowledge and agree that the Kelly Trust Parties do not wish to receive material nonpublic information of the Company.  The term “Confidential Information” shall mean any information that is confidential to the Company; provided that Confidential Information will not include information which (i) becomes lawfully available to the public other than as a result of a breach of this Agreement, (ii) was lawfully known to the Kelly Trust Parties on a non-confidential basis prior to its disclosure by the Company or its representatives by the Company or on its behalf, (iii) lawfully becomes available to the Kelly Trust Parties on a non-confidential basis from a source other than the Company or the Company’s representatives or agents, provided that such source is not bound by a confidentiality agreement with the Company of which the Kelly Trust Parties have been made aware or (iv) is independently developed by the Kelly Trust Parties without use or reliance on any Confidential Information.

     Section 3.3    Remedies.

(a)    Each Party hereby acknowledges and agrees, on behalf of itself and its Affiliates, that irreparable harm would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that the Parties shall be entitled to specific relief hereunder, including an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof in Superior Court of the State of California County of Marin or federal court in the Northern District of the State of California, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements for the securing or posting of any bond with such remedy are hereby waived.
(b)    Each Party agrees, on behalf of itself and its Affiliates, that any actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated hereby shall be brought solely and exclusively in the Superior Court of the State of California County of Marin or federal court in the Northern District of the State of California (and the parties agree not to commence any action, suit or proceeding relating thereto 
10

except in such courts).  Each Party, on behalf of itself and its Affiliates, irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby, in the Superior Court of the State of California County of Marin or federal court in the Northern District of the State of California, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an improper or inconvenient forum.
Section 3.5    Entire Agreement.  This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and may be amended only by an agreement in writing executed by the parties hereto.

     Section 3.6    Expenses.  Each party shall be responsible for its own fees and expenses incurred in connection with this Agreement and all matters related to this Agreement, except that the Company will promptly reimburse the Kelly Trust Parties for their reasonable and documented out-of-pocket fees, costs and expenses (including attorneys’ fees) incurred in connection with this Agreement and/or the 2021 Annual Meeting, including in connection with the nomination and appointment of the Kelly Trust Nominees, up to a maximum aggregate amount of $60,000.

    Section 3.7    Notices.  All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party), provided that such email notice is accompanied by a notice delivered pursuant to either clause (i) or (iii) within twenty-four hours of email receipt; or (iii) one business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and email addresses for such communications shall be:

11

																		
		if to the Company:	Bank of Marin Bancorp
504 Redwood Blvd.
Suite 100
Novato, CA
	
			Facsimile:	(415) 884-9153	
			Attention:	Russell A. Colombo	
			Email:	RussColombo@bankofmarin.com	
			
	  
	with a copy to: 
	Stuart|Moore|Staub
641 Higuera Street
Suite 302
San Luis Obispo, CA 93401

	  
	  
	Facsimile:	(805) 545-8599
	  
	  
	Attention:	Kenneth E. Moore
			Email:	ken@stuartmoorelaw.com
				
		if to the Kelly Trust:	The Jon S. Kelly Administrative Trust
2020 W. El Camino Avenue, Suite 120
Sacramento, CA 95833

			Attention:	Stephen Fleming and Scott G. Nichols, Co-Trustees
			Email	sfleming@rivercitybank.com; scott@kkninc.com
		if to Ms. Devlin:	c/o The Jon S. Kelly Administrative Trust
2020 W. El Camino Avenue, Suite 120
Sacramento, CA 95833
Email: shawn@kellydevlin.org

		if to Mr. Gardner:	c/o The Jon S. Kelly Administrative Trust
2020 W. El Camino Avenue, Suite 120
Sacramento, CA 95833
Email: riley.gardner@rivercitybank.com

	  
	each with a copy to: 
	Olshan Frome Wolosky LLP
1325 Avenue of the Americas
New York, NY 10019

			Facsimile:	(212) 451-2222
			Attention:	Steve Wolosky and Rebecca Van Derlaske
			Email:	swolosky@olshanlaw.com; rvanderlaske@olshanlaw.com
			

     Section 3.8    Governing Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of California.

     Section 3.9    Further Assurances.  Each party agrees to take or cause to be taken such further actions, and to execute, deliver and file or cause to be executed, delivered and filed such further documents and instruments, and to obtain such consents, as may be reasonably required 
12

or requested by the other party in order to effectuate fully the purposes, terms and conditions of this Agreement.

     Section 3.10    Third-Party Beneficiaries.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns, and nothing in this Agreement is intended to confer on any person other than the parties hereto or their respective successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

     Section 3.11    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  A facsimile or electronic (in “.pdf” format) copy of any executed counterpart hereof shall have the same legal effect as the original. 

[Signature pages follow]
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Execution Version

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or caused the same to be executed by its duly authorized representative, as of the date first above written.

									
		BANK OF MARIN BANCORP
			
			
		By:	/s/ Russell A. Colombo
		Name:	Russell A. Colombo
		Title:	President and CEO

 

Execution Version

									
	  
  
	KELLY TRUST:

THE JON S. KELLY ADMINISTRATIVE TRUST

			
		By:	/s/ Stephen Fleming, Trustee
			Stephen Fleming, Trustee
			
		By:	/s/ Scott Nichols, Trustee
			Scott Nichols, Trustee
			
		By:	/s/ Gregory Gene Kelly, Trustee
			Gregory Gene Kelly, Trustee
			

									
		/s/ Shawn Devlin	
		Shawn Devlin

	
		
		
		/s/ Riley Gardner
		Riley Gardner

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