Document:

Exhibit
10.2

 

DATED:
27th September 2022

 

Koala
Malta Limited

(Shareholder
1)

 

Professional
Diversity Network, Inc.

(Shareholder
2)

 

Koala
Crypto Limited

(the
Company)

 

 

Shareholders’
Agreement

relating
to Koala Crypto Limited

 

 

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A
SHAREHOLDERS’ AGREEMENT dated 27th September 2022

 

BETWEEN:

 

		1.	KOALA
                                            MALTA LIMITED, a private limited liability company registered under the laws of Malta
                                            with company registration number C 94406 and having its registered office situated at Dragonara
                                            Business Centre, 5th Floor, Dragonara Road, St Julian’s STJ 3141, Malta, represented
                                            hereon by Mr Mingrui Xu (hereinafter referred to as ‘Shareholder 1’);
	 	 	 
		2.	PROFESSIONAL
                                            DIVERSITY NETWORK, INC., a public company listed in the NASDAQ market (trading symbol:
                                            IPDN) incorporated under the laws of the State of Delaware with company tax number 80-0900177
                                            and having its principal executive office situated at 55 East Monroe Street, Suite 2120,
                                            Chicago, Illinois 60603, USA, represented hereon by its Chief Executive Officer, Mr Xin (Adam)
                                            He (hereinafter referred to as ‘Shareholder 2’);

 

(Shareholder
1 and Shareholder 2 shall hereinafter be collectively referred to as the “Shareholders”)

 

IN
THE PRESENCE OF:

 

		3.	KOALA
                                            CRYPTO LIMITED, a private limited liability company registered and incorporated under
                                            the laws of Malta with company registration number C 97348 and having its registered office
                                            situated at Dragonara Business Centre, 5th Floor, Dragonara Road, St Julian’s STJ 3141,
                                            Malta (hereinafter referred to as the “Company”).

 

The
Shareholders and the Company shall be collectively referred to as the “Parties” and individually as a “Party”.

 

WHEREAS

 

	A.	The
                                            Shareholders each hold shares in the Company;
	 	 
	B.	The
                                            Parties wish to set out in this Agreement the terms and conditions which, in addition to
                                            the memorandum and articles of association of the Company, shall govern their relationship
                                            as shareholders of the Company and their mutual understanding with regard to the business
                                            activities of the Company.

 

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NOW
THEREFORE the Parties hereto hereby agree as follows:

 

	1.	INTERPRETATION
	 	 
	1.1	In
                                            this Agreement the following words and expressions shall (unless the context otherwise requires)
                                            have the following meanings respectively:

 

	“Agreement”	 	means
  this shareholders’ agreement;
	 	 	 
	“Articles”	 	means
  the memorandum and articles of association of the Company from time to time;
	 	 	 
	“Business”	 	means
  the business of the Company as carried on from time to time in line with the objects of the Company;
	 	 	 
	“Business
  Days”	 	means
  a day other than Saturday or Sunday or a public or bank holiday when banks are open for business in Malta;
	 	 	 
	“Control”	 	means,
  in relation to a Shareholder, where a person (or that person in conjunction with an affiliate or a related party): (i) holds directly
  or indirectly more than fifty per cent (50%) of the total voting rights conferred by all the issued shares in the capital of that Shareholder
  which are ordinarily exercisable in a general meeting of the shareholders of that Shareholder; or (ii) has the right to appoint the
  majority of the board of directors of the Shareholder; or (iii) has direct or indirect control of the affairs of that Shareholder,
  and “to Control” or “Controlled” shall be construed accordingly;
	 	 	 
	“Encumbrances”	 	means
  any mortgage, security, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third party right
  or interest, other encumbrance or security interest of any kind restricting the full ownership or the transferability of the relevant
  asset (whether contractual, statutory or otherwise) or any agreement, arrangement or obligation to create any of them;
	 	 	 
	“Exercise
  Price”	 	means
  the price for the sale of the Shares in the Company as a result of the exercise of the Put Option, which shall be the price of USD
  $1,350,000;
	 	 	 
	“Law”	 	means
  the applicable laws and regulations of Malta and any other jurisdiction (as the case may be) relevant to the rights, duties and obligations
  set out in or derived from this Agreement;

 

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	“Ordinary
  Shares” or “Shares” 	 	means
  any shares in the issued share capital of
                                            the Company, of whatever class or denomination;

	 	 	 
	“Person”
  or “Entity”	 	means
  any legal entity including a company, partnership,foundation,trust, unincorporated associations any similar or equivalent organisation,
  whether or not having legal personality;
	 	 	 
	“Relevant
  Percentage”	 	means
  in relation to a Shareholder the proportion which the number of Ordinary Shares held by him bears to the total number of Ordinary Shares
  in issue at the relevant time.

 

	1.2	References
                                            to statutory provisions shall be construed as references to those provisions as respectively
                                            amended or re-enacted or as their application is modified by other provisions (whether before
                                            or after the date hereof) from time to time and shall include any provisions of which they
                                            are re-enactments (whether with or without modification).
	 	 
	1.3	References
                                            to Clauses or to Schedules are to Clauses of or Schedules to this Agreement and references
                                            to sub-clauses are to sub-clauses of the Clause in which the reference appears.
	 	 
	1.4	The
                                            headings are inserted for convenience and shall not affect the construction of this Agreement.
	 	 
	1.5	Unless
                                            the context otherwise requires, references to singular shall include the plural, references
                                            to any gender include other genders and reference to ‘persons’ shall include
                                            bodies, corporate and unincorporated associations and partnerships.
	 	 
	2.	MATTERS
                                            REQUIRING CONSENT OF ALL SHAREHOLDERS
	 	 
	2.1	None
                                            of the following actions or decisions shall be decided, approved, authorised, made or implemented
                                            in respect of the Company or any of its subsidiaries (and no authority to do the same will
                                            be delegated) without the relevant matter or actions first being referred to, and approved
                                            by, all Shareholders of the Company:

 

		(i)	the
                                            granting of security, guarantees, indemnities or Encumbrances by the Company or any of its
                                            subsidiaries;
	 	 	 
		(ii)	the
                                            incurrence of any borrowings by the Company or any of its subsidiaries in excess of a maximum
                                            aggregate sum outstanding at any time of €50,000;
	 	 	 
		(iii)	the
                                            grant of a loan or advance of whatever amount to any person or the grant of credit (other
                                            than normal trade credit);

 

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		(iv)	the
                                            sale, transfer, lease, assignment or disposal in whatever form of any of the undertaking,
                                            property or assets (or any interest in them) of the Company or any of its subsidiaries;
	 	 	 
		(v)	the
                                            issuance of any debentures, debt or equity securities or any securities convertible into
                                            shares or shares in the Company or any of its subsidiaries or grant any option, warrant,
                                            pre-emption or other right to subscribe for such in the Company or any of its subsidiaries
                                            or the making of any changes to the Company’s share capital, including any increase
                                            in share capital of the Company;
	 	 	 
		(vi)	the
                                            implementation of the winding-up or dissolution of the Company or any of its subsidiaries
                                            or file an application in court for the purpose of dissolving the Company or any of its subsidiaries;
	 	 	 
		(vii)	the
                                            acquisition, purchase or subscription for shares, debentures, mortgages or securities (or
                                            any interest in any of them) in any Person;
	 	 	 
		(viii)	the
                                            initiation of any litigation, arbitration or other legal proceedings in any official or quasi-official
                                            forum, or initiation of any negotiation, compromise or settlement, with respect to any claim
                                            or litigation by or against the Company or any of its subsidiaries involving an amount in
                                            excess of €50,000;
	 	 	 
		(ix)	any
                                            material or significant change to the Business strategy or nature of the Business of the
                                            Company or any of its subsidiaries;
	 	 	 
		(x)	the
                                            alteration or amendment of the memorandum and/or articles of association of the Company or
                                            any of its subsidiaries in any way;
	 	 	 
		(xi)	the
                                            making of any material change in the corporate or legal or tax structure of the Company or
                                            any of its subsidiaries (including making any change to the place of incorporation, place
                                            of residence or the legal form of the Company or any of its subsidiaries);
	 	 	 
		(xii)	the
                                            undertaking of any capital call or financing involving recourse to the Shareholders;
	 	 	 
		(xiii)	the
                                            redemption, purchase or acquisition its own Ordinary Shares or securities or otherwise variation
                                            of its issued share capital;
	 	 	 
		(xiv)	the
                                            entering into any agreement, commitment of arrangement to effect any of the foregoing.

 

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	3.	EXERCISE
                                            OF VOTING RIGHTS
	 	 
	3.1	Each
                                            Shareholder shall:

 

		(i)	exercise
                                            all voting rights and powers available to it in relation to the Company so as to give full
                                            effect to the terms of this agreement including, where appropriate, the carrying into effect
                                            of the terms as if they were embodied in the Company’s memorandum and articles of association;
	 	 	 
		(ii)	procure
                                            that the representative nominated by it support and implement all reasonable proposals put
                                            forward at the general meetings of the Company for the proper development and conduct of
                                            the Business as contemplated in this Agreement;
	 	 	 
		(iii)	procure
                                            that all third parties directly or indirectly under its Control refrain from acting in a
                                            manner which hinders or prevents the Company from carrying on the Business in a proper and
                                            reasonable manner; and
	 	 	 
		(iv)	generally
                                            use its best endeavours to promote the Business and the interests of the Company and any
                                            of its subsidiaries.

 

	4.	DIVIDEND
                                            AND DISTRIBUTION POLICY
	 	 
	4.1	Any
                                            distribution of dividends shall be made by the Company to the Shareholders pro rata to
                                            the holding of Ordinary Shares.
	 	 
	5.	TRANSFER
                                            AND SALE OF SHARES
	 	 
	5.1	The
                                            Shareholders agree not to transfer any Ordinary Shares or securities in the Company other
                                            than in compliance with the provisions of the Articles and any applicable laws.
	 	 
	5.2	The
                                            Shareholders shall act in good faith at all times in seeking to ensure that no act is undertaken
                                            by them for the purpose of seeking to avoid the provisions of the Articles in connection
                                            with any direct or indirect transfer of an interest in any Ordinary Shares in the Company
                                            other than in accordance with the Articles.
	 	 
	6.	TAG-ALONG
                                            RIGHT
	 	 
	6.1	No
                                            Shareholder shall enter into or complete a transfer of any of its Ordinary Shares or securities
                                            in the Company to a third party purchaser (such purchaser being a “Tag Purchaser”
                                            and such sale being a “Third Party Tag Sale”) unless it ensures that the
                                            relevant Tag Purchaser offers to buy from all the Shareholders an amount of the Ordinary
                                            Shares or securities in the Company that represents the same proportion of its holding of
                                            Ordinary Shares or securities of the Company as the proportion of the holding of the Ordinary
                                            Shares or securities of the Company of the selling Shareholder that is proposed to be sold
                                            pursuant to the Third Party Tag Sale at a price per share or security that is equal to the
                                            price per share or security in the Third Party Tag Sale and on the same terms as those of
                                            the Third Party Tag Sale (such sale being a “Tag Along Sale”).
	 	 
	6.2	The
                                            selling Shareholder shall notify the other Shareholders of the Company (together, the “Tag
                                            Beneficiaries”) in respect of a Tag Along Sale by written notice which shall specify
                                            the terms of the offer (the “Tag Along Notice”), including:

 

		(i)	the
                                            name and address of the third party purchaser;
	 	 	 
		(ii)	the
                                            type and number of Ordinary Shares to be transferred;

 

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		(iii)	all
                                            elements of any consideration (including any contingent or deferred consideration) payable
                                            to the Shareholders in connection with the contemplated transfer of Ordinary Shares;
	 	 	 
		(iv)	the
                                            proposed price per Ordinary Share to be received in cash on completion of the Tag Along Sale
                                            (excluding the amount of any deferred or contingent consideration potentially receivable
                                            following completion) by any Shareholder selling its Ordinary Shares pursuant to the Tag
                                            Along Notice;
	 	 	 
		(v)	all
                                            the representations and warranties to be given by the Shareholders; and
	 	 	 
		(vi)	any
                                            other material terms or elements of the Tag Along Sale.

 

	6.3	A
                                            Tag Along Notice shall be open for acceptance for a period of not less than ten (10) Business
                                            Days after receipt of it, failing which the relevant Tag Beneficiary shall be deemed to have
                                            waived its tag along right with respect to the relevant Tag Along Notice.
	 	 
	6.4	If
                                            the Tag Along Notice is accepted by a Tag Beneficiary (the “Tagging Shareholder”),
                                            the selling Shareholder shall procure that the Tag Purchaser shall acquire Ordinary Shares
                                            from the selling Shareholders so that the total number of Ordinary Shares acquired by the
                                            Tag Purchaser pursuant to the Tag Along Sale and the Third Party Tag Sale is the aggregate
                                            of (i) the number of Ordinary Shares specified in the Tag Along Notice as being sold by the
                                            selling Shareholder; and (ii) the number of Ordinary Shares that the Tag Beneficiaries elect
                                            to sell in response to the Tag Along Notice.
	 	 
	6.5	The
                                            Tag Along Sale shall be conditional only upon completion of the Third Party Tag Sale and
                                            shall be completed at the same time as the Third Party Tag Sale.
	 	 
	6.6	The
                                            Ordinary Shares to which the Tag Along Right applies shall be transferred at the same price
                                            (for each category of Ordinary Shares) and under the same terms and conditions (including
                                            representations and warranties, which shall be borne by each seller pro rata the sale proceeds
                                            received by it in respect of the transferred Ordinary Shares).
	 	 
	6.7	The
                                            price payable for the Ordinary Shares to which the Tag Along Notice applies shall be payable
                                            wholly in cash.
	 	 
	7.	REPORTING
                                            AND INFORMATION RIGHTS
	 	 
	7.1	The
                                            Company shall ensure that each Shareholder shall receive annual reporting from the Board
                                            of Directors or its authorized officer so that each Shareholder can stay informed regarding
                                            the status of the Company’s operations over a period of time.
	 	 
	7.2	Each
                                            Shareholder of the Company shall be provided with access to and copies of such information
                                            and records of the Company and any of its subsidiaries as it may reasonably require from
                                            time to time for its tax, accounting, internal reporting or compliance purposes.

 

Each
of the Shareholders of the Company shall be afforded access at any reasonable time and from time to time to examine the books, records
and accounts kept by the Company or any of its subsidiaries.

 

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	8.	PUT
                                            OPTION
	 	 
	8.1	Shareholder
                                            2 shall have the right to call upon Shareholder 1 to purchase all of the Shares held by Shareholder
                                            2 in the event of a change of Control of Shareholder 1 or any company forming part of the
                                            same corporate group as Shareholder 1, whether such change of Control takes place on a direct
                                            or indirect basis (the “Put Option”).
	 	 
	8.2	With
                                            respect to the Put Option granted to Shareholder 2 in terms of clause 8.1 above, Shareholder
                                            2 shall have the right to exercise the Put Option by sending the Exercise Notice (as defined
                                            in clause 8.3 below) and requiring Shareholder 1 to purchase all of its Shares in the Company
                                            at the Exercise Price and in accordance with the provisions of this clause 8. Shareholder
                                            2 undertakes to sell its Shares subject to a Put Option to Shareholder 1 in accordance with
                                            the terms and conditions of this Agreement.
	 	 
	8.3	In
                                            the event that Shareholder 2 wishes to exercise the Put Option, Shareholder 2 shall provide
                                            a notice in writing to this effect to Shareholder 1, which notice shall specify the number
                                            of Shares to be acquired by Shareholder 1 pursuant to the Put Option and the Exercise Price
                                            (the “Exercise Notice”).
	 	 
	8.4	The
                                            Put Option shall be deemed exercised on the date of receipt of the Exercise Notice delivered
                                            by hand or on the date of the first presentation by the postal service of the Exercise Notice
                                            (the “Exercise Date”).
	 	 
	8.5	Subject
                                            to any regulatory consents or approvals which may be required, the completion of the Put
                                            Option and the transfer of title to the Shares held by Shareholder 2 to Shareholder 1 shall
                                            occur on a date following the exercise of the Put Option determined by Shareholder 2, being
                                            a date which is no later than 15 days following the Exercise Date (the completion date of
                                            the Put Option being referred to as the “Completion Date”).
	 	 
	8.6	On
                                            the Completion Date, Shareholder 2 shall deliver to Shareholder 1 a share transfer instrument
                                            providing for the sale and purchase of the legal and beneficial ownership of the shares being
                                            sold with full title guarantee and free from any Encumbrance in accordance with the relevant
                                            terms set out in this Agreement, duly signed and made out to Shareholder 1, together with
                                            the share certificates relating thereto and such other documents as Shareholder 1 may reasonably
                                            require to show good title to the shares in question or to enable Shareholder 1 to be registered
                                            as holder of the shares in question.
	 	 
	8.6	Shareholder
                                            1 shall, on the Completion Date and upon receipt of the share transfer instrument as set
                                            out in clause 8.5 above, pay the Exercise Price by wire transfer to a bank account, the details
                                            of which shall be provided by the Shareholder 2.
	 	 
	8.7	Shareholder
                                            1 shall enjoy, as from the Exercise Date, all rights relating to the Shares sold pursuant
                                            to the Put Option.
	 	 
	8.8	The
                                            exercise of the Put Option by Shareholder 2 pursuant to the terms of this Agreement shall
                                            be without prejudice to any other remedies available to such Shareholder whether under this
                                            Agreement or otherwise.

 

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	9.	ACCESSION
                                            OF NEW SHAREHOLDERS
	 	 
	9.1	No
                                            transfer or issue of Ordinary Shares or other securities in the Company may be made in accordance
                                            with this Agreement until the relevant transferee has executed and sent to the Company an
                                            accession agreement substantially identical to the form set out in Schedule 1 attached hereto
                                            (an “Accession Agreement”) pursuant to which it agrees to adhere to the
                                            terms of this agreement.
	 	 
	10.	GOOD
                                            FAITH
	 	 
	10.1	Each
  of the Parties hereto undertakes with each of the others to do all things reasonably within his power which are necessary or desirable
  to give effect to the spirit and intent of this Agreement.
	 	 
	11.	FURTHER
                                            ASSURANCE
	 	 
	11.1	Each
                                            of the Shareholders undertake to the other that it will exercise all voting rights and powers
                                            of control available to it in relation to the Company and any of its subsidiaries so as to
                                            give full effect to the terms and conditions of this Agreement including, where appropriate
                                            but without limitation, the carrying into effect of such terms as if they were embodied in
                                            the memorandum and articles of association of the Company.
	 	 
	11.2	The
                                            Parties hereto shall and shall use their respective reasonable endeavours to procure that
                                            any necessary third parties shall execute and perform all such further deeds documents assurances
                                            acts and things as any of the parties hereto may reasonably require by notice in writing
                                            to the others to carry the provisions of this Agreement into full force and effect.
	 	 
	12.	CONFLICT
	 	 
	12.1	In
                                            the event of any ambiguity or discrepancy between the provisions of this Agreement and the
                                            memorandum and articles of association of the Company, it is intended that the provisions
                                            of this Agreement shall prevail between the Shareholders and accordingly the Shareholders
                                            shall exercise all voting and other rights and powers available to them so as to give effect
                                            to the provisions of this Agreement and shall further (if necessary) procure any required
                                            amendment to the memorandum and articles of association of the Company.
	 	 
	13.	DURATION
	 	 
	13.1	This
                                            Agreement shall continue in full force and effect until the earliest of the following dates:

 

		(i)	the
                                            express written agreement of the Shareholders that this Agreement should cease, or
		(ii)	the
                                            completion of the dissolution and winding up of the Company, or
		(iii)	the
                                            acquisition by one Shareholder of all the shares registered in the name of the other Shareholders;

 

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provided
that the terms of this Agreement will nevertheless continue to bind the Shareholders thereafter to such extent and for so long as may
be necessary to give effect to the rights and obligations embodied herein and provided further that this Agreement shall cease to have
effect as regards as Shareholder who has transferred its Ordinary Shares in accordance with this Agreement provided always that nothing
in this Agreement shall operate so as to prejudice any rights which one party may have against another and which may have accrued before
the date of termination hereunder.

 

	14.	WAIVER
                                            AND VARIATION
	 	 
	14.1	No
  failure to exercise and no delay in exercising on the part of any of the Shareholders any right, power or privilege hereunder shall
  operate as a waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude any other or further
  exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided in this Agreement are cumulative
  and not exclusive of any rights or remedies otherwise provided by law. Moreover this Agreement shall not be varied unless the variation
  is expressly agreed in writing by all the Shareholders.

 

	15	CONFIDENTIALITY
	 	 
	15.1	The
                                            Shareholders shall at all times keep confidential (and ensure that their employees and agents
                                            shall keep confidential) any information which they may acquire relating to the Company or
                                            in relation to the business or affairs of any other Shareholder nor to make any public announcement
                                            concerning this Agreement or the matters provided for herein except as agreed in writing
                                            by each Shareholder.
	 	 
	15.2	This
                                            obligation and restriction shall continue to apply after the termination of this Agreement
                                            without limit in point of time except to the extent that said information or knowledge comes
                                            into the public domain through no fault of any Shareholder.
	 	 
	16	THIS
                                            AGREEMENT NOT TO CONSTITUTE A PARTNERSHIP
	 	 
	16.1	None
                                            of the provisions of this Agreement shall be deemed to constitute a partnership between the
                                            Shareholders or any other party or parties hereto and neither of them shall have any authority
                                            to bind the other in any way.
	 	 
	17	SUCCESSORS
	 	 
	17.1	This
                                            Agreement shall operate for the benefit of and be binding on the respective successors in
                                            title and permitted assignees of each of the Parties hereto, but, no Party shall assign or
                                            transfer or purport to assign or transfer any of its rights or obligations hereunder without
                                            the prior written consent of the other Shareholders and without the proposed assignee having
                                            first executed an Accession Agreement.
	 	 
	18	SEVERABILITY
	 	 
	18.1	If
                                            any of the provisions of this Agreement is found by a court or other competent authority
                                            to be void or unenforceable, such provision shall be deemed to be deleted from this Agreement
                                            and the remaining provisions of this Agreement shall continue in full force and effect. Notwithstanding
                                            the foregoing, the Shareholders shall thereupon negotiate in good faith in order to agree
                                            the terms of a mutually satisfactory provision to be substituted for the provision so found
                                            to be void and unenforceable.

 

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	19	LIQUIDATION
	 	 
	19.1	In
                                            the event of the winding up of the Company pursuant to the provisions of this Agreement,
                                            the Shareholders will procure that the Company appoint the liquidator, who shall liquidate
                                            the assets and discharge the liabilities of the Company in accordance with the laws, rules
                                            and regulations applicable to the Company. Any remaining assets after liquidation and repayment
                                            of debts shall be distributed to the Shareholders according to their respective ratios of
                                            Shareholdings. The Shareholders shall execute, do or concur in all necessary or proper instruments,
                                            acts, matters and things for affecting or facilitating the sale, realisation and collection
                                            of the assets of the Company and the due application and division of the proceeds thereof.
	 	 
	20	ENTIRE
                                            AGREEMENT
	 	 
	20.1	This
                                            Agreement supersedes any previous agreement between the Parties in relation to the matters
                                            dealt with herein and represents the entire understanding between the Parties in relation
                                            thereto.
	 	 
	21	NOTICES
	 	 
	21.1	Any
                                            notice to be given under this Agreement shall be in writing and either be delivered by hand
                                            with acknowledgement of receipt or sent by registered post with acknowledgement of receipt,
                                            by email (provided that in respect of email transmission the recipient shall have acknowledged
                                            receipt of such email transmission).
	 	 
	21.2	For
                                            the purposes of the notices pursuant to this Agreement, the relevant details of the Parties
                                            are as follows:

 

		Koala
  Malta Limited

 

	 	Attn:	Mingrui
  Xu
	 	Address:	Dragonara
                                            Business Centre, 5th Floor,
	 	 	Dragonara
                                            Road,
	 	 	St
                                            Julian’s STJ 3141, Malta
	 	Email:	raymond@koalaplatform.com

 

	 	Professional
  Diversity Network, Inc.

 

	 	Attn:	Adam
  He
		Address:	55
                                            East Monroe Street, Suite 2120, 
	 	 	Chicago,
                                            Illinois 60603,
	 	 	USA
	 	Email:	adamhe@ipdnusa.com

 

		Koala
  Crypto Limited

 

	 	Attn:	Mingrui
  Xu
		Address:	Dragonara
                                            Business Centre, 5th Floor,

                                                                                Dragonara
                                            Road,

                                                                                St
                                            Julian’s STJ 3141,

                                                                                Malta

	 	Email:	raymond@koalaplatform.com

 

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	22	MISCELLANEOUS
	 	 
	22.1	Save
                                            as otherwise provided herein, the liability of each Party under this Agreement shall be several
                                            and not joint and several, irrespective of the fact that the Parties are referred to as a
                                            same category of Parties.
	 	 
	22.2	Each
                                            Party shall cooperate with the others and execute and deliver to the others such other instruments
                                            and documents and take such other actions as may be reasonably requested from time to time
                                            in connection with the execution and performance of this Agreement, including the convening
                                            of all meetings and passing of all resolutions reasonably required to give effect to the
                                            terms of this Agreement.
	 	 
	22.3	Any
                                            merger, spin-off or other restructuring transaction involving the Company shall not affect
                                            the rights and obligations of the Parties under this Agreement which shall apply to the shares
                                            and other securities received by the Parties following such restructuring.
	 	 
	22.4	This
                                            Agreement may be executed in any number of parts each of which, when executed by one or more
                                            of the Parties hereto, shall constitute an original document but all of which shall together
                                            constitute one and the same instrument.
	 	 
	23	GOVERNING
                                            LAW
	 	 
	23.1	This
                                            Agreement shall be governed and enforced in accordance with the laws of Malta.
	 	 
	23.2	All
                                            disputes arising out of or in connection with this Agreement shall be exclusively settled
                                            by the courts of Malta.

 

THIS
AGREEMENT WAS SIGNED AND EXECUTED ON THIS THE 27th SEPTEMBER 2022 IN THREE ORIGINALS, ONE FOR EACH PARTY.

 

Signed:

 

		 
	Name:
  Mingrui Xu	
	For
  and on behalf of	 
	Koala
  Malta Limited Shareholder 1	 

 

	 	 
	Name:	 
	For
  and on behalf of	
	Professional
                                            Diversity Network, Inc. Shareholder 2

	 

 

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	Name:
  Mingrui Xu	
	For
  and on behalf of	 
	Koala
  Crypto Limited Company	 

 

		 
	Name:
  Chengyu Li	 
	For
  and on behalf of	
	Koala
  Crypto Limited Company	 

 

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Schedule
1

Accession
Agreement

 

This
Accession Agreement is made the [DAY] day of [MONTH AND YEAR] BETWEEN:

 

(1)
[TRANSFEREE / incoming shareholder] a company incorporated in [COUNTRY] with company number [NUMBER] and having its registered office
at [ADDRESS] (the “New Shareholder”);

 

(2)
[continuing Shareholder] a company incorporated in [COUNTRY] with company number [NUMBER] and having its registered office at [ADDRESS]
(the “Continuing Shareholder”);

 

(3)
KOALA CRYPTO LIMITED, a private limited liability company registered and incorporated under the laws of Malta with company registration
number C 97348 and having its registered office situated at Dragonara Business Centre, 5th Floor, Dragonara Road, St Julian’s STJ
3141, Malta (hereinafter referred to as the “Company”).

 

This
Agreement is supplemental to a shareholders’ agreement dated [DATE] between the [TRANSFEROR] a company incorporated in [COUNTRY]
with company number [NUMBER] and having its registered office at [ADDRESS] (the “Transferor”), the Continuing
Shareholder and the Company (the “Shareholders’ Agreement”)

 

1.
The New Shareholder hereby confirms that it has been supplied with a copy of the Shareholders’ Agreement and hereby covenants with
the Continuing Shareholder and the Company to observe, perform and be bound by all the terms of the Shareholders’ Agreement which
are capable of applying to the New Shareholder and which have not been performed at the date hereof to the effect that the New Shareholder
shall be deemed, with effect from the date on which the New Shareholder is registered as a member of the Company, to be a party to the
Shareholders’ Agreement as if the New Shareholder had executed the Shareholders’ Agreement and accordingly, shall be entitled
to the benefits and obligations of the provisions of the Shareholders’ Agreement.

 

3.
The Continuing Shareholder and the Company hereby release the Transferor from all liabilities and obligations arising under the Shareholders’
Agreement after the date on which the New Shareholder is registered as a member of the Company.

 

4.
For the avoidance of doubt, it is hereby agreed and declared that nothing contained in this Agreement shall:

 

(a)
release the Transferor from any liability or obligations accrued or outstanding prior to the date on which the New Shareholder is registered
as a member of the Company; or

 

(b)
release the Continuing Shareholder or the Company from any liabilities (whether present or future) in respect of any of their respective
obligations under the Shareholders’ Agreement.

 

5.
Notices under this Agreement may be served as set out in clause 21 of the Shareholders’ Agreement. The address for service of notices
on the New Shareholder shall be its registered office for the time being (if a company) and the last known address (if an individual)
or such other address as may be notified from time to time in writing by it to the other shareholders from time to time to the Shareholders’
Agreement. Clause 23 of the Shareholders’ Agreement shall apply mutatis mutandis to this Agreement.

 

    	14Exhibit 10.3

 

DATED
27th September 2022

 

ALAN
TAK WAI YAU

 

and

 

PROFESSIONAL
DIVERSITY NETWORK, INC.

 

 

 

CHARGE
OVER SHARES

 

 

 

    	 

    	 

    

 

CONTENTS

 

	1.	Definitions
    and interpretation	1
	2.	Covenant	5
	3.	Grant
    of security	5
	4.	Liability
    of the Chargor	5
	5.	Representations
    and warranties	6
	6.	Covenants	7
	7.	Voting
    rights and dividends	8
	8.	Powers
    of the Buyer	10
	9.	When
    security becomes enforceable	11
	10.	Enforcement
    of security	11
	11.	Receiver	13
	12.	Powers
    of Receiver	14
	13.	Delegation	16
	14.	Application
    of proceeds	16
	15.	Costs
    and indemnity	17
	16.	Further
    assurance	17
	17.	Power
    of attorney	18
	18.	Release	18
	19.	Assignment
    and transfer	18
	20.	Amendments,
    waivers and consents	18
	21.	Severance	19
	22.	Counterparts	19
	23.	Third
    party rights	19
	24.	Notices	20
	25.	Additional
    Provisions	21
	26.	Governing
    law and jurisdiction	21

 

    	 

    	 

    

 

THIS
DEED IS DATED 27th September 2022

 

PARTIES

 

	(1)	ALAN
    TAK WAI YAU of 32 The Phoenix, 8 Bird Street, London, W1U 1BU (Chargor); and
	 	 
	(2)	PROFESSIONAL
    DIVERSITY NETWORK, INC., a public company listed in the NASDAQ market (trading symbol: IPDN) incorporated under the laws of the
    State of Delaware with company tax number 80-0900177 and having its principal executive office situated at 55 East Monroe Street,
    Suite 2120, Chicago, Illinois 60603, USA (Buyer).

 

BACKGROUND

 

	(A)	Koala
    Crypto Limited is a private limited liability company registered under the laws of Malta with company registration number C 97348
    and having its registered office situated at Dragonara Business Centre, 5th Floor, Dragonara Road, St Julian’s STJ 3141, Malta
    (KCL).
	 	 
	(B)	KCL
    is licensed as a Virtual Financial Assets Service Provider by the MFSA in terms of the VFA Licence and the VFA Act. KCL has voluntarily
    suspended, and the MFSA has approved the voluntary suspension of, the VFA Licence.
	 	 
	(C)	The
    Buyer has agreed to purchase 9% of the total issued share capital of KCL from the Seller on the terms and conditions of the Share
    Purchase Agreement.
	 	 
	(D)	The
    Chargor has agreed to provide security for certain obligations of the Seller and the Company to the Buyer. Under this deed, the Chargor
    provides security to the Buyer for the Secured Obligations.

 

AGREED
TERMS

 

	1.	DEFINITIONS
                                            AND INTERPRETATION

 

	1.1	Definitions

 

Business
Day: a day other than a Saturday, Sunday or public holiday in England when banks in London are open for business.

 

Charged
Property: means the Shares and any Related Rights.

 

Company:
means Koala Capital Limited, incorporated and registered in England and Wales with company number 07886666 whose registered office is
at 33 St. James’s Square, London, England, SW1Y 4JS.

 

Delegate:
any person appointed by the Buyer or any Receiver pursuant to clause 13, and any person appointed as attorney of the Buyer, Receiver
or Delegate.

 

    	1

    	 

    

 

Deposit:
the cash sum of US$350,000 advanced by the Buyer to the Company pursuant to the terms of the LOI as a refundable deposit.

 

Event
of Default: means any of: (a) the obligation referred to in paragraph (a) of the definition of Secured Obligations fails to be discharged
by 31 December 2022; or (b) any failure on the part of the Company to pay any amount due under the Guarantee within 5 Business Days of
demand by the Buyer; or (c) any failure on the part of the Company to refund the full amount of the Deposit to the Buyer when due.

 

Financial
Collateral: has the meaning given to that expression in the Financial Collateral Regulations.

 

Financial
Collateral Regulations: the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003/3226).

 

Guarantee:
the deed of guarantee and indemnity entered into between the Company and the Buyer and dated the same date as this deed.

 

LOI:
the letter of intent made between the Buyer and the Company and dated 22 July 2021, as amended or supplemented from time to time.

 

LPA
1925: the Law of Property Act 1925.

 

MFSA:
means the Malta Financial Services Authority as established by the Malta Financial Services Authority Act, Chapter 330 of the Laws of
Malta.

 

Receiver:
a receiver, or receiver and manager appointed by the Buyer under clause 11.

 

Related
Rights: any:

 

		(a)	dividend,
                                            interest or other distribution paid or payable in relation to any Share;
	 	 	 
		(b)	right,
                                            money or property accruing, offered or issued at any time in relation to any Share by way
                                            of redemption, substitution, exchange, conversion, bonus, preference or otherwise, under
                                            option rights or otherwise; and
	 	 	 
		(c)	stock,
                                            shares and securities offered in addition to or substitution for the Shares;

 

Secured
Obligations: (a) the Seller’s obligation under the Share Purchase Agreement to obtain the MFSA’s consent, ‘no objection’
or similar decision in writing for the suspension of the VFA Licence to be lifted (in such form and substance as is acceptable to the
Buyer) such that, by no later than 31 December 2022, KCL will be in a position to operate its business in the ordinary course; (b) the
obligations and/or liabilities of the Company to pay the Buyer under the Guarantee, together with any default interest accruing in respect
of those obligations or liabilities; and (c) the obligations of the Company to refund the Deposit to the Buyer in accordance with the
terms of the LOI.

 

    	2

    	 

    

 

Security
Financial Collateral Arrangement: has the meaning given to that expression in the Financial Collateral Regulations.

 

Security:
any mortgage, charge (whether fixed or floating, legal or equitable), pledge, lien, assignment by way of security or other security interest
securing any obligation of any person, or any other agreement or arrangement having a similar effect.

 

Security
Period: the period starting on the date of this deed and ending on the date on which the Secured Obligations have been discharged
in full.

 

Seller:
Koala Malta Limited, a private limited liability company registered under the laws of Malta with company registration number C 94406
and having its registered office situated at Dragonara Business Centre, 5th Floor, Dragonara Road, St Julian’s STJ 3141, Malta.

 

Share
Purchase Agreement: the share purchase agreement made between the Buyer and the Seller and dated the same date as this deed, relating
to the sale and purchase of 9% of the total issued share capital of KCL.

 

Shares:
fifteen (15) ordinary shares of £1.00 each in the capital of the Company registered in the name of the Chargor, representing 15%
of the entire issued share capital of the Company.

 

VFA
Act: means the Virtual Financial Assets Act, Chapter 590 of the Laws of Malta.

 

VFA
Licence: means the ‘Class 4 Virtual Financial Assets Licence’ issued by the MFSA in favour of KCL on the 3rd December
2020.

 

	1.2	Interpretation
                                            In this deed:

 

	 	1.2.1	clause and Schedule headings shall not affect the interpretation
of this deed;

 

	 	1.2.2	a reference to a person shall include a reference to
an individual, firm, company, corporation, partnership, unincorporated body of persons, government, state or agency of a state or any
association, trust, joint venture or consortium (whether or not having separate legal personality) and that person’s personal representatives,
successors, permitted assigns and permitted transferees;

 

	 	1.2.3	unless the context otherwise requires, words in the singular
shall include the plural and in the plural shall include the singular;

 

    	3

    	 

    

 

	 	1.2.4	unless the context otherwise requires, a reference to one gender
shall include a reference to the other genders;

 

		1.2.5	a reference to a party shall include that party’s successors,
permitted assigns and permitted transferees and this deed shall be binding on, and enure to the benefit of, the parties to this deed
and their respective personal representatives, successors, permitted assigns and permitted transferees;

 

	 	1.2.6	a reference to a statute or statutory provision is a reference
to it as amended, extended or re-enacted from time to time;

 

	 	1.2.7	a reference to a statute or statutory provision shall include
all subordinate legislation made under that statute or statutory provision;

 

	 	1.2.8	a reference to writing or written includes email
but not fax;

 

	 	1.2.9	an obligation on a party not to do something includes an obligation
not to allow that thing to be done;

 

	 	1.2.10	a reference to this deed (or any provision of it) or
to any other agreement or document referred to in this deed is a reference to this deed, that provision or such other agreement or document
as amended (in each case, other than in breach of the provisions of this deed) from time to time;

 

	 	1.2.11	unless the context otherwise requires, a reference to a clause
or Schedule is to a clause of, or Schedule to, this deed and a reference to a paragraph is to a paragraph of the relevant Schedule;

 

	 	1.2.12	any words following the terms including, include,
in particular, for example or any similar expression shall be construed as illustrative and shall not limit the sense of
the words, description, definition, phrase or term preceding those terms;

 

	 	1.2.13	a reference to an amendment includes a novation, re-enactment,
supplement or variation (and amend and amended shall be construed accordingly);

 

	 	1.2.14	a reference to assets includes present and future properties,
undertakings, revenues, rights and benefits of every description;

 

	 	1.2.15	a reference to an authorisation includes an approval,
authorisation, consent, exemption, filing, licence, notarisation, registration and resolution;

 

	 	1.2.16	a reference to continuing in relation to an Event of
Default means an Event of Default that has not been remedied or waived;

 

    	4

    	 

    

 

	 	1.2.17	a reference to determines or determined means,
unless the contrary is indicated, a determination made at the absolute discretion of the person making it; and

 

	 	1.2.18	a reference to a regulation includes any regulation,
rule, official directive, request or guideline (whether or not having the force of law) of any governmental, inter-governmental or supranational
body, agency, department or regulatory, self-regulatory or other authority or organisation.

 

	1.3	Perpetuity
                                            period

 

If
the rule against perpetuities applies to any trust created by this deed, the perpetuity period shall be 125 years (as specified by section
5(1) of the Perpetuities and Accumulations Act 2009).

 

	1.4	Schedules

 

The
schedules form part of this deed and shall have effect as if set out in full in the body of this deed. Any reference to this deed includes
the schedules.

 

	2.	COVENANT

 

	2.1	The
                                            Chargor shall, as primary obligor and not only as a surety, pay or otherwise procure the
                                            discharge the Secured Obligations (as applicable).

 

	2.2	It
                                            is expressly agreed by the Buyer that, without limiting the liabilities of the Chargor to
                                            the Buyer under any other document, that the Chargor’s liability to the Buyer under
                                            this Charge is limited to the Charged Property.

 

	3.	GRANT
                                            OF SECURITY

 

	3.1	Fixed
                                            charge

 

As
a continuing security for the payment and discharge of the Secured Obligations, the Chargor with full title guarantee charges to the
Buyer by way of a first fixed charge:

 

3.1.1
the Shares; and

 

3.1.2
all Related Rights.

 

	4.	LIABILITY
                                            OF THE CHARGOR

 

	4.1	Liability
                                            not discharged

 

The
Chargor’s liability under this deed in respect of any of the Secured Obligations shall not be discharged, prejudiced or affected
by:

 

	 	4.1.1	any security, guarantee, indemnity, remedy or other right held
by, or available to, the Buyer that is or becomes wholly or partially illegal, void or unenforceable on any ground;

 

    	5

    	 

    

 

	 	4.1.2	the Buyer renewing, determining, varying or increasing any
facility or other transaction in any manner or concurring in, accepting or varying any compromise, arrangement or settlement, or omitting
to claim or enforce payment from any other person; or

 

	 	4.1.3	any other act or omission, that, but for this clause 4.1, might
have discharged, or otherwise prejudiced or affected, the liability of the Chargor.

 

	4.2	Immediate
                                            recourse

 

The
Chargor waives any right it may have to require the Buyer to enforce any security or other right, or claim any payment from, or otherwise
proceed against, any other person before enforcing this deed against the Chargor.

 

	5.	REPRESENTATIONS
                                            AND WARRANTIES

 

	5.1	Times
                                            for making representations and warranties

 

5.1.1
The Chargor makes the representations and warranties set out in this clause 5 to the Buyer on the date of this deed.

 

	5.2	Shares

 

	 	5.2.1	The Shares are fully paid and are not subject to any option
to purchase or similar rights.

 

	 	5.2.2	The Shares represent fifteen per cent (15%) of the issued share
capital of the Company and no person has any option, warrant or other similar right to subscribe for any shares the Company.
	 	 	 
	 	5.2.3	The Chargor is the sole legal and beneficial owner of the Shares.

 

	 	5.2.4	The constitutional documents of any of the Company do not:

 

		(a)	restrict
                                            or inhibit any transfer of the Shares on creation or enforcement of the security constituted
                                            by this deed; or

 

		(b)	contain
                                            any rights of pre-emption.

 

	 	5.2.5	The Chargor has complied with all notices relating to all or
any of the Shares received by it pursuant to sections 790D and 790E of the Companies Act 2006.

 

	 	5.2.6	No warning notice has been issued under paragraph 1(2) of Schedule
1B of the Companies Act 2006, and no restrictions notice has been issued under paragraph 1(3) of Schedule 1B of the Companies Act 2006,
in respect of all or any of the Shares.

 

	5.3	No
                                            Security

 

The
Shares are free from any Security other than the Security created by this deed.

 

    	6

    	 

    

 

	5.4	No
                                            adverse claims

 

The
Chargor has not received, or acknowledged notice of, any adverse claim by any person in respect of the Shares or any interest in them.

 

	5.5	No
                                            breach of laws

 

There
is no breach of any law or regulation which materially and adversely affects the Shares.

 

	5.6	Avoidance
                                            of security

 

No
Security expressed to be created under this deed is liable to be avoided, or otherwise set aside, on the liquidation or administration
of the Chargor or otherwise.

 

	5.7	Enforceable
                                            security

 

This
deed constitutes and will constitute the legal, valid, binding and enforceable obligations of the Chargor, and is and will continue to
be effective security over the Charged Property in accordance with its terms.

 

	6.	COVENANTS

 

	6.1	Negative
                                            pledge and disposal restrictions

 

The
Chargor shall not at any time, except with the prior written consent of the Buyer:

 

	 	6.1.1	create, purport to create or permit to subsist any Security
on, or in relation to, the Charged Property other than any Security created by this deed;

 

	 	6.1.2	sell, assign, transfer, part with possession of or otherwise
dispose of in any manner (or purport to do so) all or any part of, or any interest in, the Charged Property; or

 

	 	6.1.3	create or grant (or purport to create or grant) any interest
in the Charged Property in favour of a third party.

 

	6.2	Preservation
                                            of Secured Assets

 

The
Chargor shall not do, or permit to be done, any act or thing that would or might depreciate, jeopardise or otherwise prejudice the security
held by the Buyer, or diminish the value of any of the Charged Property or the effectiveness of the security created by this deed.

 

	6.3	Compliance
                                            with laws and regulations

 

The
Chargor shall comply with the requirements of any law or regulation relating to or affecting the Charged Property or the use of them
or any part of them.

 

    	7

    	 

    

 

	6.4	Title
                                            to Charged Property

 

The
Chargor shall on the execution of this deed, or if later, upon it becoming entitled to the relevant Charged Property, deposit with the
Buyer, or as the Buyer may direct:

 

	 	6.4.1	all share certificates and other documents of title or evidence
of ownership of the Charged Property; and

 

	 	6.4.2	stock transfer forms relating to the Charged Property duly
completed and executed by or on behalf of the Chargor but with the name of the transferee, the consideration and the date left blank;

 

so
that the Buyer may, at any time and without notice to the Chargor, complete and present those stock transfer forms to the Company for
registration.

 

	6.5	Calls
                                            and other obligations

 

	 	6.5.1	Notwithstanding the security created by this deed, the Chargor
shall promptly pay all calls, instalments and other payments that may be or become due and payable in respect of all or any part of the
Charged Property.

 

	 	6.5.2	If the Chargor fails to do so, the Buyer may, at its discretion
but without obligation, pay the calls, instalments or other payments on behalf of the Chargor.

 

	 	6.5.3	The Chargor shall, immediately on request by the Buyer, reimburse
the Buyer for any payment made by it under this clause 6.5.

 

	 	6.5.4	The Chargor shall comply with, and shall remain liable to perform,
all of the other conditions and obligations assumed by it in respect of all or any part of the Charged Property.

 

	6.6	Changes
                                            to rights

 

	 	6.6.1	The Chargor shall not take, or allow the taking of, any action
on its behalf which may result in the rights attaching to, or conferred by, all or any of the Charged Property being altered.

 

	 	6.6.2	The Chargor shall not cause or permit:

 

		(a)	any
                                            of the Charged Property to be consolidated, sub-divided or converted; or

 

		(b)	any
                                            further shares in the share capital of the Company to be issued; or

 

		(c)	any
                                            changes to the Company’s constitutional documents.

 

	7.	VOTING
                                            RIGHTS AND DIVIDENDS

 

	7.1	Voting
                                            rights and dividends - before enforcement

 

    	8

    	 

    

 

Before
the security constituted by this deed becomes enforceable, the Chargor may exercise all voting and other rights and powers in respect
of the Charged Property provided that:

 

	 	7.1.1	
                                            it shall not do so in any way that would breach any provision
of the Guarantee or this deed or for any purpose inconsistent with the Guarantee or this deed; and

 

	 	7.1.2	the exercise of, or failure to exercise, those voting rights
or other rights and powers would not, in the Buyer’s opinion, have an adverse effect on the value of any of the Charged Property
or otherwise prejudice the Buyer’s security under this deed.

 

Before
the security constituted by this deed becomes enforceable, the Chargor may retain and apply for its own use all dividends, interest and
other monies paid or payable in respect of the Charged Property.

 

	7.2	Voting
                                            rights and dividends - following an Event of Default

 

	 	7.2.1	After the security constituted by this deed has become enforceable,
the Buyer may at its discretion (in the name of the Chargor and without any further consent or authority from the Chargor and irrespective
of any direction given by the Chargor):

 

		(a)	exercise
                                            or refrain from exercising (or direct its nominee to exercise or refrain from exercising)
                                            all voting rights and any other powers or rights in respect of the Charged Property, and
                                            the Chargor shall comply, or procure compliance, with any directions the Buyer may give,
                                            in its absolute discretion, in respect of the exercise of those voting and other rights and
                                            powers;

 

		(b)	apply
                                            all dividends, interest or other monies paid or payable in respect of the Charged Property
                                            in accordance with clause 14 and, if any such dividends, interest or other monies are received
                                            by or on behalf of the Chargor, the Chargor shall hold all such dividends, interest and other
                                            monies on trust for the Buyer and shall immediately pay them to the Buyer or as it may direct;

 

		(c)	complete
                                            all instruments of transfer held by it in relation to the Charged Property in favour of itself
                                            or such other person as it may select and have the Charged Property transferred into its
                                            name or the name of its nominee or, as applicable, into an account in its own name or the
                                            name of its nominee; and

 

		(d)	in
                                            addition to any other power created under this deed, exercise or refrain from exercising
                                            (or direct its nominee to exercise or refrain from exercising) all the powers and rights
                                            conferred on or exercisable by the legal or beneficial owner of the Charged Property.

 

    	9

    	 

    

 

	8.	POWERS
                                            OF THE BUYER

 

	8.1	Power
                                            to remedy

 

	 	8.1.1	The Buyer shall be entitled (but shall not be obliged) to remedy,
at any time, a breach by the Chargor of any of its obligations contained in this deed.

 

	 	8.1.2	The Chargor irrevocably authorises the Buyer and its agents
to do all things that are necessary or desirable for that purpose.

 

	 	8.1.3	Any monies expended by the Buyer in remedying a breach by the
Chargor of its obligations contained in this deed, shall be reimbursed by the Chargor to the Buyer on a full indemnity basis and shall
carry interest in accordance with clause 15.1.

 

	8.2	Exercise
                                            of rights

 

	 	8.2.1	The rights of the Buyer under clause 8.1
are without prejudice to any other rights of the Buyer under this deed.

 

	 	8.2.2	The exercise of any rights of the Buyer under this deed shall
not make the Buyer liable to account as a mortgagee in possession.

 

	8.3	Buyer
                                            has Receiver’s powers

 

To
the extent permitted by law, any right, power or discretion conferred by this deed (either expressly or impliedly) or by law on a Receiver
may, after the security constituted by this deed has become enforceable, be exercised by the Buyer in relation to any of the Charged
Property whether or not it has taken possession of any Charged Property and without first appointing a Receiver or notwithstanding the
appointment of a Receiver.

 

	8.4	No
                                            duties

 

The
Buyer shall not, in respect of any of the Charged Property, have any duty or incur any liability for:

 

	 	8.4.1	ascertaining or taking action in respect of any calls, instalments,
conversions, exchanges, maturities, tenders or other matters relating to any Charged Property or the nature or sufficiency of any payment
whether or not the Buyer has or is deemed to have knowledge of such matters; or

 

	 	8.4.2	taking any necessary steps to preserve rights against prior
parties or any other rights relating to any of the Charged Property.

 

    	10

    	 

    

 

	8.5	Indulgence

 

The
Buyer may, at its discretion, grant time or other indulgence or make any other arrangement, variation or release with any person not
being a party to this deed (whether or not such person is jointly liable with the Chargor) in respect of any of the Secured Obligations
or of any other security for them without prejudice either to this deed or to the liability of the Chargor for the Secured Obligations.

 

	9.	WHEN
                                            SECURITY BECOMES ENFORCEABLE

 

	9.1	Event
                                            of Default

 

The
security constituted by this deed shall become immediately enforceable if there occurs an Event of Default.

 

	9.2	Discretion

 

After
the security constituted by this deed has become enforceable, the Buyer may, in its absolute discretion, enforce all or any part of that
security at the times, in the manner and on the terms it thinks fit, and take possession of and hold or dispose of all or any part of
the Charged Property.

 

	10.	ENFORCEMENT
                                            OF SECURITY

 

	10.1	Enforcement
                                            powers

 

	 	10.1.1	For the purposes of all powers implied by statute, the Secured
Obligations are deemed to have become due and payable on the date of this deed.

 

	 	10.1.2	The power of sale and other powers conferred by section 101
of the LPA 1925 (as varied or extended by this deed) shall be immediately exercisable at any time after the security constituted by this
deed has become enforceable under clause 9.1.

 

	 	10.1.3	Section 103 of the LPA 1925 (restricting the power of sale)
does not apply to the security constituted by this deed.

 

	10.2	Redemption
                                            of prior Security

 

	 	10.2.1	At any time after the security constituted by this deed has
become enforceable, or after any powers conferred by any Security having priority to this deed shall have become exercisable, the Buyer
may:

 

		(a)	redeem
                                            any prior Security over any Charged Property;

 

		(b)	procure
                                            the transfer of that Security to itself; and

 

		(c)	settle
                                            and pass the accounts of the holder of any prior Security (and any accounts so settled and
                                            passed shall, in the absence of any manifest error, be conclusive and binding on the Chargor).

 

    	11

    	 

    

 

	 	10.2.2	The
  Chargor shall pay to the Buyer immediately on demand all principal, interest, costs, charges and expenses of, and incidental to, any
  such redemption or transfer, and such amounts shall be secured by this deed as part of the Secured Obligations.

 

	10.3	Protection
                                            of third parties

 

No
purchaser, mortgagee or other person dealing with the Buyer, any Receiver or any Delegate shall be concerned to enquire:

 

	 	10.3.1	whether any of the Secured
  Obligations have become due or payable, or remain unpaid or undischarged;
	 	 	 
	 	10.3.2	whether any power the Buyer,
  a Receiver or Delegate is purporting to exercise has become exercisable or is being properly exercised; or
	 	 	 
	 	10.3.3	how any money paid to the
  Buyer, any Receiver or any Delegate is to be applied.

 

	10.4	Privileges

 

Each
Receiver and the Buyer is entitled to all the rights, powers, privileges and immunities conferred by the LPA 1925 on mortgagees and receivers.

 

	10.5	No
                                            liability as mortgagee in possession

 

Neither
the Buyer nor any Receiver or any Delegate shall be liable to account as mortgagee in possession in respect of all or any of the Charged
Property, nor shall any of them be liable for any loss on realisation of, or for any act, default or omission for which a mortgagee in
possession might be liable.

 

	10.6	Conclusive
                                            discharge to purchasers

 

The
receipt of the Buyer or any Receiver or Delegate shall be a conclusive discharge to a purchaser and, in making any sale or other disposal
of any of the Charged Property or in making any acquisition in the exercise of their respective powers, the Buyer, and every Receiver
and Delegate may do so for any consideration, in any manner and on any terms that it thinks fit.

 

	10.7	Right
                                            of appropriation

 

	 	10.7.1	To the extent that:

 

		(a)	the
                                            Charged Property constitute Financial Collateral; and
	 	 	 
		(b)	this
                                            deed and the obligations of the Chargor under it constitute a Security Financial Collateral
                                            Arrangement,

 

the
Buyer shall have the right, at any time after the security constituted by this deed has become enforceable, to appropriate all or any
of those Charged Property in or towards the payment and discharge of the Secured Obligations in any order that the Buyer, in its absolute
discretion, may from time to time determine.

 

    	12

    	 

    

 

	 	10.7.2	The value of any Charged
  Property appropriated in accordance with this clause 10.7 shall be determined by any method that the Buyer may select, including independent
  valuation.
	 	 	 
	 	10.7.3	The Chargor agrees that the
  method of valuation provided for in this clause 10.7 is commercially reasonable for the purposes of the Financial Collateral Regulations.

 

	11.	RECEIVER

 

	11.1	Appointment

 

At
any time after the security constituted by this deed has become enforceable, or at the request of the Chargor, the Buyer may, without
further notice, appoint by way of deed, or otherwise in writing, any one or more persons to be a Receiver of all or any part of the Charged
Property.

 

	11.2	Removal

 

The
Buyer may, without further notice (, from time to time, by way of deed, or otherwise in writing, remove any Receiver appointed by it
and may, whenever it thinks fit, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated.

 

	11.3	Remuneration

 

The
Buyer may fix the remuneration of any Receiver appointed by it without the restrictions contained in section 109 of the LPA 1925, and
the remuneration of the Receiver shall be a debt secured by this deed, to the extent not otherwise discharged.

 

	11.4	Power
                                            of appointment additional to statutory powers

 

The
power to appoint a Receiver conferred by this deed shall be in addition to all statutory and other powers of the Buyer under the Insolvency
Act 1986, the LPA 1925 or otherwise, and shall be exercisable without the restrictions contained in sections 103 and 109 of the LPA 1925
or otherwise.

 

	11.5	Power
                                            of appointment exercisable despite prior appointments

 

The
power to appoint a Receiver (whether conferred by this deed or by statute) shall be, and remain, exercisable by the Buyer despite any
prior appointment in respect of all or any part of the Charged Property.

 

	11.6	Agent
                                            of the Chargor

 

Any
Receiver appointed by the Buyer under this deed shall be the agent of the Chargor and the Chargor shall be solely responsible for the
contracts, engagements, acts, omissions, defaults, losses and remuneration of that Receiver and for liabilities incurred by that Receiver.
The agency of each Receiver shall continue until the Chargor goes into liquidation and after that the Receiver shall act as principal
and shall not become the agent of the Buyer.

 

    	13

    	 

    

 

	12.	POWERS
                                            OF RECEIVER

 

	12.1	General

 

	 	12.1.1	Any Receiver appointed by
  the Buyer under this deed shall, in addition to the powers conferred on it by statute, have the rights, powers and discretions set
  out in clause 12.2 to clause 12.12.
	 	 	 
	 	12.1.2	A Receiver has all the rights,
  powers and discretions conferred on a receiver (or a receiver and manager) under the LPA 1925, and shall have those rights, powers
  and discretions conferred on an administrative receiver under the Insolvency Act 1986 whether it is an administrative receiver or not.
	 	 	 
	 	12.1.3	If there is more than one
  Receiver holding office at the same time, each Receiver may (unless the document appointing it states otherwise) exercise all of the
  powers conferred on a Receiver under this deed individually and to the exclusion of any other Receiver.
	 	 	 
	 	12.1.4	Any exercise by a Receiver
  of any of the powers given by clause 12 may be on behalf of the Chargor, the directors of the Chargor or itself.

 

	12.2	Employ
                                            personnel and advisers

 

	 	12.2.1	A Receiver may provide services
  and employ, or engage any managers, officers, servants, contractors, workmen, agents, other personnel and professional advisers on
  any terms, and subject to any conditions, that it thinks fit.
	 	 	 
	 	12.2.2	A Receiver may discharge
  any such person or any such person appointed by the Chargor.

 

	12.3	Remuneration

 

A
Receiver may charge and receive any sum by way of remuneration (in addition to all costs, charges and expenses incurred by it) that the
Buyer may prescribe or agree with it.

 

	12.4	Possession

 

A
Receiver may take immediate possession of, get in and realise any Charged Property.

 

	12.5	Dispose
                                            of Charged Property

 

A
Receiver may sell, exchange, convert into money and realise all or any of the Charged Property in respect of which it is appointed in
any manner (including, without limitation, by public auction or private sale) and generally on any terms and conditions as it thinks
fit. Any sale may be for any consideration that the Receiver thinks fit and a Receiver may promote, or concur in promoting, a company
to purchase the Charged Property to be sold.

 

    	14

    	 

    

 

	12.6	Valid
                                            receipts

 

A
Receiver may give a valid receipt for all monies and execute all assurances and things that may be proper or desirable for realising
any of the Charged Property.

 

	12.7	Make
                                            settlements

 

A
Receiver may settle, adjust, refer to arbitration, compromise and arrange any claim, account, dispute, question or demand with or by
any person who claims to be a creditor of the Chargor or relating in any way to any Charged Property.

 

	12.8	Legal
                                            action

 

A
Receiver may bring, prosecute, enforce, defend and abandon all actions, suits and proceedings in relation to any of the Charged Property
as it thinks fit.

 

	12.9	Borrow

 

A
Receiver may, for whatever purpose it thinks fit, raise and borrow money either unsecured or on the security of all or any of the Charged
Property in respect of which it is appointed on any terms that it thinks fit (including, if the Buyer consents, terms under which that
security ranks in priority to this deed).

 

	12.10	Delegation

 

A
Receiver may delegate its powers in accordance with this deed.

 

	12.11	Absolute
                                            beneficial owner

 

A
Receiver may, in relation to any of the Charged Property, exercise all powers, authorisations and rights it would be capable of exercising
as, and do all those acts and things, an absolute beneficial owner could exercise or do, in the ownership and management of the Charged
Property or any part of the Charged Property.

 

	12.12	Incidental
                                            powers

 

A
Receiver may do any other acts and things that it:

 

	 	12.12.1	may consider desirable or
  necessary for realising any of the Charged Property;
	 	 	 
	 	12.12.2	may consider incidental or
  conducive to any of the rights or powers conferred on a Receiver under or by virtue of this deed or law; or
	 	 	 
	 	12.12.3	lawfully may or can do as
  agent for the Chargor.

 

    	15

    	 

    

 

	13.	DELEGATION

 

	13.1	Delegation

 

The
Buyer or any Receiver may delegate (either generally or specifically) by power of attorney or in any other manner to any person any right,
power, authority or discretion conferred on it by this deed (including the power of attorney granted under clause 17.1).

 

	13.2	Terms

 

The
Buyer and each Receiver may delegate on any terms and conditions (including the power to sub-delegate) that it thinks fit.

 

	13.3	Liability

 

Neither
the Buyer nor any Receiver shall be in any way liable or responsible to the Chargor for any loss or liability arising from any act, default,
omission or misconduct on the part of any Delegate.

 

	14.	APPLICATION
                                            OF PROCEEDS

 

	14.1	Order
                                            of application of proceeds

 

All
monies received or recovered by the Buyer, a Receiver or a Delegate under this deed or in connection with the realisation or enforcement
of all or part of the security constituted by this deed, shall (subject to the claims of any person having prior rights and by way of
variation of the LPA 1925) be applied in the following order of priority:

 

	 	14.1.1	in or towards payment of
  all costs, liabilities, charges and expenses incurred by or on behalf of the Buyer (and any Receiver, Delegate, attorney or agent appointed
  by it) under or in connection with this deed, and of all remuneration due to any Receiver under or in connection with this deed;
	 	 	 
	 	14.1.2	in or towards payment of
  the Secured Obligations in any order and manner that the Buyer determines; and
	 	 	 
	 	14.1.3	in payment of the surplus
  (if any) to the Chargor or other person entitled to it.

 

	14.2	Appropriation

 

Neither
the Buyer, any Receiver nor any Delegate shall be bound (whether by virtue of section 109(8) of the LPA 1925, which is varied accordingly,
or otherwise) to pay or appropriate any receipt or payment first towards interest rather than principal or otherwise in any particular
order between any of the Secured Obligations.

 

	14.3	Suspense
                                            account

 

All
monies received by the Buyer, a Receiver or a Delegate under this deed:

 

	 	14.3.1	may, at the discretion of
  the Buyer, Receiver or Delegate, be credited to any suspense or securities realised account;

 

    	16

    	 

    

 

	 	14.3.2	shall bear interest, if any,
  at the rate agreed in writing between the Buyer and the Chargor; and
	 	 	 
	 	14.3.3	may be held in that account
  for so long as the Buyer, Receiver or Delegate thinks fit.

 

	15.	COSTS
                                            AND INDEMNITY

 

	15.1	Costs

 

The
Chargor shall, promptly on demand, pay to, or reimburse, the Buyer and any Receiver, on a full indemnity basis, all costs, charges, expenses,
taxes and liabilities of any kind (including, without limitation, legal, printing and out-of-pocket expenses) incurred by the Buyer,
any Receiver or any Delegate in connection with:

 

	 	15.1.1	taking, holding, protecting,
  perfecting, preserving or enforcing (or attempting to do so) any of the Buyer’s, a Receiver’s or a Delegate’s rights under this deed;
  or
	 	 	 
	 	15.1.2	taking proceedings for, or
  recovering, any of the Secured Obligations,

 

together
with interest, which shall accrue and be payable (without the need for any demand for payment being made) from the date on which the
relevant cost, charge, expense, tax or liability arose until full discharge of that cost, charge, expense, tax or liability (whether
before or after judgment, liquidation, winding up or administration of the Chargor) at the rate of 4% above the Bank of England Base
Rate.

 

	16.	FURTHER
                                            ASSURANCE

 

	16.1	Further
                                            assurance

 

The
Chargor shall promptly, at its own expense, take whatever action the Buyer or any Receiver may reasonably require for:

 

	 	16.1.1	creating, perfecting or protecting
  the security created or intended to be created by this deed;
	 	 	 
	 	16.1.2	facilitating the realisation
  of any of the Charged Property; or
	 	 	 
	 	16.1.3	facilitating the exercise
  of any right, power, authority or discretion exercisable by the Buyer or any Receiver in respect of any of the Charged Property,

 

including,
without limitation, the execution of any mortgage, transfer, conveyance, assignment or assurance of all or any of the assets forming
part of (or intended to form part of) the Charged Property (whether to the Buyer or to its nominee) and the giving of any notice, order
or direction and the making of any filing or registration which, in any such case, the Buyer may consider necessary or desirable.

 

    	17

    	 

    

 

	17.	POWER
                                            OF ATTORNEY

 

	17.1	Appointment
                                            of attorneys

 

By
way of security, the Chargor irrevocably appoints the Buyer, every Receiver and every Delegate separately to be the attorney of the Chargor
and, in its name, on its behalf and as its act and deed, to execute any documents and do any acts and things that:

 

	 	17.1.1	the Chargor is required to
  execute and do under this deed; or
	 	 	 
	 	17.1.2	any attorney deems proper
  or desirable in exercising any of the rights, powers, authorities and discretions conferred by this deed or by law on the Buyer, any
  Receiver or any Delegate.

 

	17.2	Ratification
                                            of acts of attorneys

 

The
Chargor ratifies and confirms, and agrees to ratify and confirm, anything that any of its attorneys may do in the proper and lawful exercise,
or purported exercise, of all or any of the rights, powers, authorities and discretions referred to in clause 17.1.

 

	18.	RELEASE

 

At
the end of the Security Period, the Buyer shall, at the request and cost of the Chargor, take whatever action is necessary to release
the Charged Property from the security constituted by this deed.

 

	19.	ASSIGNMENT
                                            AND TRANSFER
	 	 
	19.1	Neither
                                            party may assign any of its rights, or transfer any of its rights or obligations, under this
                                            deed without the prior written consent of the other party.
	 	 
	20.	AMENDMENTS,
                                            WAIVERS AND CONSENTS
	 	 
	20.1	Amendments

 

No
amendment of this deed shall be effective unless it is in writing and signed by, or on behalf of, each party (or its authorised representative).

 

	20.2	Waivers
                                            and consents

 

	 	20.2.1	A waiver of any right or
  remedy under this deed or by law, or any consent given under this deed, is only effective if given in writing by the waiving or consenting
  party and shall not be deemed a waiver of any other breach or default. It only applies in the circumstances for which it is given and
  shall not prevent the party giving it from subsequently relying on the relevant provision.

 

    	18

    	 

    

 

	 	20.2.2	A failure or delay by a party
  to exercise any right or remedy provided under this deed or by law shall not constitute a waiver of that or any other right or remedy,
  prevent or restrict any further exercise of that or any other right or remedy or constitute an election to affirm this deed. No single
  or partial exercise of any right or remedy provided under this deed or by law shall prevent or restrict the further exercise of that
  or any other right or remedy. No election to affirm this deed by the Buyer shall be effective unless it is in writing.

 

	20.3	Rights
                                            and remedies

 

The
rights and remedies provided under this deed are cumulative and are in addition to, and not exclusive of, any rights and remedies provided
by law.

 

	21.	SEVERANCE

 

	21.1	Severance

 

If
any provision (or part of a provision) of this deed is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the
minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision (or part
of a provision) shall be deemed deleted. Any modification to or deletion of a provision (or part of a provision) under this clause shall
not affect the legality, validity and enforceability of the rest of this deed.

 

	22.	COUNTERPARTS

 

	22.1	Counterparts

 

This
deed may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original,
but all the counterparts shall together constitute one deed.

 

	22.2	Transmission
                                            of the executed signature page of a counterpart of this Agreement by email (in PDF, JPEG
                                            or other agreed format) shall take effect as delivery of an executed counterpart of this
                                            Agreement. If this method of delivery is adopted, without prejudice to the validity of the
                                            Agreement thus made, each Party shall provide the others with the original of such counterpart
                                            as soon as reasonably possible thereafter.
	 	 
	22.3	No
                                            counterpart shall be effective until each party has executed at least one counterpart.
	 	 
	23.	THIRD
                                            PARTY RIGHTS
	 	 
	23.1	Third
                                            party rights

 

	 	23.1.1	Except as expressly provided
  elsewhere in this deed, a person who is not a party to this deed shall not have any rights under the Contracts (Rights of Third Parties)
  Act 1999 to enforce, or enjoy the benefit of, any term of this deed. This does not affect any right or remedy of a third party which
  exists, or is available, apart from that Act.

 

    	19

    	 

    

 

	 	23.1.2	The rights of the parties
  to rescind or agree any amendment or waiver under this deed are not subject to the consent of any other person.

 

	24.	NOTICES

 

	24.1	Delivery

 

Any
notice or other communication given to a party under or in connection with this deed shall be:

 

	 	24.1.1	in writing;
	 	 	 
	 	24.1.2	delivered by hand, by pre-paid
  first-class post or other next working day delivery service or sent by email; and
	 	 	 
	 	24.1.3	sent to:

 

		(a)	the
                                            Buyer at 55 East Monroe Street, Suite 2120, Chicago, Illinois 60603, USA (marked for the
                                            attention of: Adam He)

 

Email
address: adamhe@ipdnusa.com

 

		(b)	the
                                            Chargor at 32 The Phoenix, 8 Bird Street, London, W1U 1BU

                                                                                 

                                                                                Email
                                            address: alanyautakwai@futurecenturylondon.com

 

or
to any other address or email address as is notified in writing by one party to the other from time to time.

 

	24.2	Receipt

 

Any
notice or other communication shall be deemed to have been received:

 

	 	24.2.1	if delivered by hand, at
  the time it is left at the relevant address;
	 	 	 
	 	24.2.2	if posted by pre-paid first-class
  post or other next working day delivery service, on the second Business Day after posting; and
	 	 	 
	 	24.2.3	if sent by email, on transmission.

 

    	20

    	 

    

 

A
notice or other communication given as described in clause 24.2.1 or clause 24.2.3 on a day which is not a Business Day, or after normal
business hours, in the place it is received, shall be deemed to have been received on the next Business Day.

 

	24.3	Service
                                            of proceedings

 

This
clause 24 does not apply to the service of any proceedings or other documents in any legal action or, where applicable, any arbitration
or other method of dispute resolution.

 

	25.	ADDITIONAL
                                            PROVISIONS

 

		25.1	Independent
                                            security

 

This
deed shall be in addition to, and independent of, any other security or guarantee that the Buyer may hold for any of the Secured Obligations
at any time. No prior security held by the Buyer over the whole or any part of the Charged Property shall merge in the security created
by this deed.

 

		25.2	Continuing
                                            security

 

This
deed shall remain in full force and effect as a continuing security for the Secured Liabilities, despite any settlement of account, or
intermediate payment, or other matter or thing, unless and until the Buyer discharges this deed in writing.

 

		25.3	Discharge
                                            conditional

 

Any
release, discharge or settlement between the Chargor and the Buyer shall be deemed conditional on no payment or security received by
the Buyer in respect of the Secured Obligations being avoided, reduced or ordered to be refunded under any law relating to insolvency,
bankruptcy, winding up, administration, receivership or otherwise.

 

	26.	GOVERNING
                                            LAW AND JURISDICTION

 

	26.1	Governing
                                            law

 

This
deed and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter
or formation shall be governed by and construed in accordance with the law of England and Wales.

 

	26.2	Jurisdiction

 

Each
party irrevocably agrees that, subject as provided below, the courts of England and Wales shall have exclusive jurisdiction over any
dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this deed or its subject matter
or formation. Nothing in this clause shall limit the right of the Buyer to take proceedings against the Chargor in any other court of
competent jurisdiction, nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of proceedings in any
other jurisdictions, whether concurrently or not, to the extent permitted by the law of such other jurisdiction.

 

	26.3	Other
                                            service

 

The
Chargor irrevocably consents to any process in any legal action or proceedings under clause 26.2 being served on it in accordance
with the provisions of this deed relating to service of notices. Nothing contained in this deed shall affect the right to serve
process in any other manner permitted by law.

 

This
document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

 

    	21

    	 

    

 

	Executed and delivered as deed by

                                                                                Alan
                                            Tak Wai Yau
	
	 	[SIGNATURE]
	In
    the presence of:	 
	 	 
		 
	Witness
    signature	 
	 	 
	Claire
    Wang	 
	Witness
    name (BLOCK CAPITALS)	 
	 	 
	 	 
	40
    Gracechurch Street	 
	London,
    England, EC3V 0BT	 
	 	 
	Witness
    address	 
	 	 
	 	 
	Solicitor	 
	Witness
    occupation	 

 

    	22

    	 

    

 

	Executed and delivered as deed by

                                                                     Professional
Diversity Network, Inc. acting by

                                                                     its director, Adam He,
	 
	 	[SIGNATURE]
	In
    the presence of:	 
	 	 
	 	 
	Witness
    signature	 
	 	 
	 	 
	Witness
    name (BLOCK CAPITALS)	 
	 	 
	 	 
	 	 
	 	 
	Witness
    address	 
	 	 
	 	 
	Witness
    occupation	 

 

    	23

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