Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 STOCK
PURCHASE AGREEMENT 
 by and between 

ARMSTRONG FLOORING, INC., 

as Seller, 
 AND 

ZHEJIANG GIMIG TECHNOLOGY CO., LTD., 

as Buyer, 
 Dated as of
July 11, 2022 
  
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	Article I	  

	
	DEFINITIONS	  

			
	 Section 1.1
	  	Defined Terms	  	 	1	 
	
	Article II	  

	
	PURCHASE AND SALE	  

			
	 Section 2.1
	  	Purchase and Sale	  	 	13	 
	 Section 2.2
	  	Consideration	  	 	13	 
	 Section 2.3
	  	Deposit Funds	  	 	13	 
	 Section 2.4
	  	Closing	  	 	14	 
	 Section 2.5
	  	Designated Buyer(s)	  	 	16	 
	 Section 2.6
	  	Withholding	  	 	16	 
	
	Article III	  

	
	REPRESENTATIONS AND WARRANTIES	  

	OF SELLER	  

			
	 Section 3.1
	  	Organization	  	 	17	 
	 Section 3.2
	  	Authority	  	 	17	 
	 Section 3.3
	  	No Conflict; Required Filings and Consents	  	 	17	 
	 Section 3.4
	  	Transferred Stock	  	 	18	 
	 Section 3.5
	  	Transferred Subsidiaries	  	 	18	 
	 Section 3.6
	  	Absence of Certain Changes or Events	  	 	19	 
	 Section 3.7
	  	Compliance with Law; Permits	  	 	19	 
	 Section 3.8
	  	Litigation	  	 	20	 
	 Section 3.9
	  	Employee Benefit Plans	  	 	20	 
	 Section 3.10
	  	Labor and Employment Matters	  	 	21	 
	 Section 3.11
	  	Real Property	  	 	21	 
	 Section 3.12
	  	Intellectual Property	  	 	21	 
	 Section 3.13
	  	Tax Matters	  	 	22	 
	 Section 3.14
	  	Environmental Matters	  	 	23	 
	 Section 3.15
	  	Material Contracts	  	 	23	 
	 Section 3.16
	  	Certain Payments	  	 	24	 
	 Section 3.17
	  	Insurance	  	 	24	 
	 Section 3.18
	  	Brokers	  	 	24	 
	 Section 3.19
	  	Locked Box Accounts and No Leakage	  	 	25	 
	 Section 3.20
	  	Exclusivity of Representations and Warranties	  	 	25	 

							
	Article IV	  

	
	REPRESENTATIONS AND WARRANTIES OF BUYER	  

			
	 Section 4.1
	  	Organization	  	 	25	 
	 Section 4.2
	  	Authority	  	 	25	 
	 Section 4.3
	  	No Conflict; Required Filings and Consents	  	 	26	 
	 Section 4.4
	  	Absence of Litigation	  	 	27	 
	 Section 4.5
	  	Qualification	  	 	27	 
	 Section 4.6
	  	Legal Requirements and Approvals	  	 	27	 
	 Section 4.7
	  	Investment Intent	  	 	27	 
	 Section 4.8
	  	Brokers	  	 	27	 
	 Section 4.9
	  	Sufficient Funds	  	 	27	 
	 Section 4.10
	  	Solvency	  	 	28	 
	 Section 4.11
	  	Exclusivity of Representations and Warranties	  	 	28	 
	
	Article V	  

	
	BANKRUPTCY COURT MATTERS	  

			
	 Section 5.1
	  	Debtors-in-Possession	  	 	29	 
	 Section 5.2
	  	Sale Order	  	 	29	 
	 Section 5.3
	  	Cooperation with Respect to Bankruptcy Court Approvals	  	 	29	 
	 Section 5.4
	  	Bidding Procedures Order	  	 	29	 
	 Section 5.5
	  	Bankruptcy Court Filings	  	 	29	 
	
	Article VI	  

	
	COVENANTS	  

			
	 Section 6.1
	  	Conduct of Transferred Subsidiaries Prior to the Closing	  	 	30	 
	 Section 6.2
	  	Covenants Regarding Information	  	 	32	 
	 Section 6.3
	  	Employee Matters	  	 	33	 
	 Section 6.4
	  	Consents and Filings; Further Assurances	  	 	34	 
	 Section 6.5
	  	Certain Director and Officer Matters	  	 	37	 
	 Section 6.6
	  	Public Announcements	  	 	38	 
	 Section 6.7
	  	Intellectual Property Matters and Covenant	  	 	39	 
	 Section 6.8
	  	Communications with Customers and Suppliers	  	 	39	 
	 Section 6.9
	  	Intercompany Accounts and Arrangements	  	 	39	 
	 Section 6.10
	  	Intellectual Property License	  	 	39	 
	
	Article VII	  

	
	TAX MATTERS	  

			
	 Section 7.1
	  	Transfer Taxes	  	 	40	 
	 Section 7.2
	  	Tax Cooperation	  	 	40	 
	 Section 7.3
	  	Prohibited Actions	  	 	40	 

  
 ii 

							
	Article VIII	  

		
	CONDITIONS TO CLOSING	  			
	 Section 8.1
	  	General Conditions	  	 	41	 
	 Section 8.2
	  	Conditions to Obligations of Seller	  	 	41	 
	 Section 8.3
	  	Conditions to Obligations of Buyer	  	 	42	 
	Article IX	  			
		
	TERMINATION	  			
	 Section 9.1
	  	Termination	  	 	42	 
	 Section 9.2
	  	Effect of Termination	  	 	44	 
	 Section 9.3
	  	Alternative Proposals	  	 	44	 
		
	Article X	  			
		
	GENERAL PROVISIONS	  			
			
	 Section 10.1
	  	Nonsurvival of Representations, Warranties and Covenants	  	 	44	 
	 Section 10.2
	  	Fees and Expenses	  	 	45	 
	 Section 10.3
	  	Amendment and Modification	  	 	45	 
	 Section 10.4
	  	Waiver	  	 	45	 
	 Section 10.5
	  	Notices	  	 	45	 
	 Section 10.6
	  	Interpretation	  	 	46	 
	 Section 10.7
	  	Entire Agreement	  	 	47	 
	 Section 10.8
	  	Parties in Interest	  	 	47	 
	 Section 10.9
	  	Governing Law	  	 	47	 
	 Section 10.10
	  	Submission to Jurisdiction	  	 	47	 
	 Section 10.11
	  	Personal Liability	  	 	49	 
	 Section 10.12
	  	Assignment; Successors	  	 	49	 
	 Section 10.13
	  	Specific Performance	  	 	50	 
	 Section 10.14
	  	Currency	  	 	50	 
	 Section 10.15
	  	Severability	  	 	50	 
	 Section 10.16
	  	Waiver of Jury Trial	  	 	50	 
	 Section 10.17
	  	Counterparts	  	 	51	 
	 Section 10.18
	  	Jointly Drafted	  	 	51	 
	 Section 10.19
	  	Limitation on Damages	  	 	51	 
	 Section 10.20
	  	No Recourse	  	 	51	 
	 Section 10.21
	  	Time of Essence	  	 	52	 

  
 iii 

 INDEX OF EXHIBITS 

 

			
	SCHEDULE A    	  	LIST OF TRANSFERRED SUBSIDIARIES
		
	EXHIBIT A	  	FORM OF SALE ORDER
		
	EXHIBIT B	  	FORM OF TRADEMARK LICENSE CONSENT

  
 iv 

 STOCK PURCHASE AGREEMENT 

STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of July 11, 2022 (the “Execution Date”),
by and between (i) Armstrong Flooring, Inc., a Delaware corporation (“Seller”), and (ii) Zhejiang GIMIG Technology Co., Ltd., a company established under the laws of the People’s Republic of China
(“Buyer”). Capitalized terms have the definitions set forth in Article I below. 
 RECITALS 

A. Seller owns, directly or indirectly, all of the issued and outstanding shares of capital stock and other equity interests (collectively,
the “Transferred Stock”) of AFI Hong Kong (together with the Subsidiaries of AFI Hong Kong, each of which is listed on Schedule A, collectively, the “Transferred Subsidiaries”); 

B. Seller, Armstrong Flooring Canada Ltd., a British Columbia corporation, Armstrong Flooring Latin America, Inc., a Delaware corporation, and
AFI Licensing LLC, a Delaware limited liability company (collectively, “Debtors”), filed voluntary petitions for relief commencing cases under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code”), in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) on or about May 8, 2022 (the “Petition
Date”), and are being jointly administered for procedural purposes as In re Armstrong Flooring, Inc., et. al., case number 22-10426 (collectively, the “Chapter 11 Case”);
 
 C. Seller desires to sell to Buyer all of the Transferred Stock and Buyer desires to purchase from Seller the Transferred Stock in a
sale authorized by the Bankruptcy Court pursuant to, inter alia, Sections 105, 363 and 365 of the Bankruptcy Code, in accordance with the other applicable provisions of the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure and the
local rules for the Bankruptcy Court, all on the terms and subject to the conditions set forth in this Agreement and subject to entry of the Sale Order; and 

D. The execution and delivery of this Agreement and Seller’s ability to consummate the transactions set forth in this Agreement are
subject to, among other things, the entry of the Sale Order under, inter alia, Sections 363 and 365 of the Bankruptcy Code, as further set forth herein. The Parties desire to consummate the proposed transaction as promptly as practicable
after the Bankruptcy Court enters the Sale Order. 
 AGREEMENT 

In consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the
Parties agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Defined Terms. For purposes of this Agreement: 

“AAA” has the meaning set forth in Section 10.10(b). 

 “AAA Rules” has the meaning set forth in
Section 10.10(b). 
 “Action” means any action, complaint, claim, suit, litigation, arbitration,
proceeding (including any civil, criminal, administrative, or appellate proceeding), hearing, inquiry, investigation or audit commenced, brought, conducted or heard by or before any Governmental Authority. 

“Advisors” means, with respect to any Person, the accountants, attorneys, consultants, advisors, investment bankers, or other
Representatives of such Person. 
 “Additional Deposit Funds” has the meaning set forth in
Section 2.3(a). 
 “Affiliate” means, with respect to any Person, another Person that directly or
indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first Person, where “control,” “controlled by” and “under common control with,” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, as general partner or managing member, by contract or
otherwise. 
 “AFI Credit Agreement” shall mean that certain Credit Agreement, dated as of December 31, 2018, as
amended, restated, amended and restated, supplemented or otherwise modified, by and among Seller, as borrower, the guarantors named therein, the lenders party thereto and Bank of America, N.A., as administrative agent for the lenders. 

“AFI Hong Kong” means Armstrong Flooring Hong Kong Limited, a private company limited by shares incorporated in Hong Kong.

 “AFI Term Loan Agreement” shall mean that certain Term Loan Agreement, dated as of June 23, 2020, as amended,
restated, amended and restated, supplemented or otherwise modified, by and among Seller, as borrower, Armstrong Flooring Pty Ltd, as Australian borrower, the guarantors named therein, the lenders party thereto and Pathlight Capital LP, as
administrative agent and collateral agent. 
 “Agreement” has the meaning set forth in the Preamble. 

“Alternative Transaction” means the sale, transfer or other disposition, directly or indirectly, including through an asset
sale, share sale, merger, amalgamation, or other similar transaction, including a plan of reorganization approved by the Bankruptcy Court, of a material portion of the Transferred Stock or the Transferred Subsidiaries, in a transaction or series of
transactions with one or more Persons other than Buyer. 
 “Ancillary Agreements” means, collectively, the agreements to be
executed in connection with the transactions contemplated by this Agreement, including the IP Assignment Agreement and the Trademark License Consent. 

“Antitrust Authority” has the meaning set forth in Section 6.4(a). 

  
 2 

 “Antitrust Law” means any competition, merger control and antitrust Law of
any other applicable supranational, national, federal, state, provincial or local Law designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolizing or restraining trade or lessening competition of any
other country or jurisdiction, to the extent applicable to the transactions contemplated by this Agreement. 
 “Auction”
has the meaning set forth in the Bidding Procedures. 
 “AWI” means Armstrong World Industries, Inc., a Pennsylvania
corporation. 
 “Banker’s Fees” means the aggregate amount of fees and expenses payable to Seller’s financial
advisor, Houlihan Lokey Capital, Inc., in connection with the transactions contemplated by this Agreement. 
 “Bankruptcy
Code” has the meaning set forth in the Recitals. 
 “Bankruptcy Court” has the meaning set forth in the Recitals.

 “Bidding Procedures” means the bidding procedures in the form attached to the Bidding Procedures Order, as they may be
amended in accordance with the Bidding Procedures Order. 
 “Bidding Procedures Order” means the Order of the Bankruptcy
Court governing the bidding procedures for the Auction. 
 “Business Day” means any day that is not a Saturday, a Sunday or
other day on which banks are required or authorized by Law to be closed in the State of Delaware, the Commonwealth of Pennsylvania, the State of New York, Hong Kong or the People’s Republic of China. 

“Buyer” has the meaning set forth in the Preamble. 

“Buyer Deposit Amount” has the meaning set forth in Section 2.3(a)(i). 

“Buyer Non-Recourse Person” has meaning set forth in
Section 10.20(a). 
 “Buyer Plan” has the meaning set forth in
Section 6.3(b). 
 “Chairperson” has the meaning set forth in
Section 10.10(b)(ii). 
 “Chapter 11” means chapter 11 of the Bankruptcy Code. 

“Chapter 11 Case” has the meaning set forth in the Recitals. 

“China Facility” means (a) that certain RMB 10 million line of credit extended by the Bank of China, Wujiang Branch
to the borrower thereto, which expires on or about March 27, 2023, and (b) that certain RMB 60 million line of credit extended by Minsheng Bank, which will expire on or about August 31, 2022. 

“Closing” has the meaning set forth in Section 2.4(a). 

  
 3 

 “Closing Date” has the meaning set forth in
Section 2.4(a). 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Compliance Date” means May 1, 2020. 

“Confidentiality Agreement” means the Confidentiality Agreement, dated as of May 7, 2022, entered into between Seller
and Zhejiang GIANT Group CO., Ltd. the shareholder of Buyer, with respect to the transactions contemplated hereby. 

“Contract” means any contract, agreement, insurance policy, lease, license, sublicense, sales order, purchase order,
instrument, or other commitment, that is binding on any Person or any part of its assets or properties under applicable Law. 

“Covered Territories” means collectively, the following geographical regions: the People’s Republic of China, India,
Indonesia, Japan, Malaysia, Myanmar, Philippines, Thailand, Singapore, South Korea, Vietnam, Russia, Pakistan, Sri Lanka, Laos, Africa, and the geographical regions in the Middle East and Middle Asia, and a “Covered Territory” means
any one of them. 
 “COVID-19 Measure” means any
(i) required or recommended quarantines, travel restrictions, or social distancing, in each case, issued by a Governmental Authority, (ii) factory shutdowns or slowdowns, workplace or worksite shutdowns or slowdowns or work from home
requirements or recommendations, or shipping, freight, rail or other shipment interruptions or slowdowns, in each case, related to or resulting from COVID-19, (iii) other measures initiated or occurring
in response to COVID-19 and (iv) other events or conditions related to or resulting from COVID-19 and/or the response of any Governmental Authority thereto. 

“Debtors” has the meaning set forth in the Recitals. 

“Deposit Funds” has the meaning set forth in Section 2.3(a). 

“Designated Buyer” has the meaning set forth in Section 2.5(a). 

“Diamond 10 IP” means all Intellectual Property (other than Trademarks) owned by Seller and its Subsidiaries, or the
Transferred Subsidiaries, if any, at Closing to the extent relating to the Diamond 10 technology and expressly including the Diamond 10 patents which are listed in Section 3.12(a) of the Disclosure Letter. 

“DIP Credit Agreements” means, collectively, (a) that certain senior secured, super-priority debtor-in-possession credit agreement, dated as of May 17, 2022, by and among Seller, the other borrowers and guarantors party thereto, the lenders party thereto, and
Bank of America, N.A., as administrative agent and collateral agent, as the same may be amended, restated, supplemented or refinanced from time to time in accordance with the DIP Order, and (b) that certain senior secured, super-priority debtor-in-possession term loan agreement, dated as of May 17, 2022, by and among Seller, the other borrowers and guarantors party thereto, the lenders party thereto, and
Pathlight Capital LP, as administrative agent and collateral agent, as the same may be amended, restated, supplemented or refinanced from time to time in accordance with the DIP Order. 

  
 4 

 “DIP Order” means the final Order entered by the Bankruptcy Court approving
or authorizing Seller’s entry into and performance under the DIP Credit Agreements. 
 “Disclosure Letter” means the
disclosure letter being delivered to Buyer contemporaneously with the execution of this Agreement. Notwithstanding anything to the contrary contained in the Disclosure Letter or in this Agreement, (a) the information and disclosures contained
in any section of the Disclosure Letter shall be deemed to be disclosed and incorporated by reference in any other section of the Disclosure Letter as though fully set forth in such other section for which the applicability of such information and
disclosure is reasonably apparent on the face of such information or disclosure, (b) the disclosure of any matter in the Disclosure Letter shall not be construed as indicating that such matter is necessarily required to be disclosed in order
for any representation or warranty to be true and correct, (c) the Disclosure Letter is qualified in its entirety by reference to this Agreement and is not intended to constitute, and shall not be construed as constituting, representations and
warranties by any Party except to the extent expressly set forth herein, (d) the inclusion of any item in the Disclosure Letter shall be deemed neither an admission that such item is material to the business, financial condition or results of
operations of Seller or any Transferred Subsidiary nor an admission of any liability to any third party, (e) matters reflected in the Disclosure Letter are not necessarily limited to matters required by this Agreement to be reflected therein
and any additional matters are set forth therein for informational purposes and (f) headings are inserted in the Disclosure Letter for convenience of reference only and shall not have the effect of amending or changing the express
description of the sections as set forth in this Agreement. 
 “Disclosure Limitations” has the meaning set forth in
Section 6.2(a). 
 “Dispute” has the meaning set forth in
Section 10.10. 
 “dollars” or “$” has the meaning set forth in
Section 10.14. 
 “Employee Benefit Plans” means each benefit and compensation plan, contract,
policy, program, practice, arrangement or agreement, including pension, profit-sharing, savings, termination, executive compensation, phantom stock, change-in-control,
retention, salary continuation, vacation, sick leave, disability, death benefit, insurance, hospitalization, medical, dental, life (including all individual life insurance policies as to which any Transferred Subsidiary is an owner, a beneficiary or
both), employee loan, educational assistance, fringe benefit, deferred compensation, retirement or post-retirement, severance, equity or equity-based compensation, incentive and bonus plan, contract, policy, program, practice, arrangement or
agreement and other employment, consulting or other individual agreement or arrangement, in each case, (a) that is sponsored or maintained or contributed to by any Transferred Subsidiary in respect of any current or former employees, directors,
independent contractors, consultants or leased employees of any Transferred Subsidiary or (b) with respect to which any Transferred Subsidiary has any actual or contingent Liability (including any such plan or arrangement formerly maintained by
any Transferred Subsidiary). 
 “Encumbrance” means any charge, claim, mortgage, lien, encumbrance, option, pledge,
hypothecation, security interest or similar interest, preemptive right, right of first refusal, conditional sale or title retention agreements or other similar restriction. 

  
 5 

 “Enforceability Exceptions” has the meaning set forth in
Section 3.2. 
 “Environmental Claim” means any action, cause of action, claim, suit, proceeding,
investigation, Order, demand or notice by any Person alleging Liability (including Liability for investigatory costs, governmental response costs, remediation or clean-up costs, natural resources damages,
property damages, personal injuries, attorneys’ fees, fines or penalties) arising out of, based on, resulting from or relating to (a) the presence, Release or threatened Release of, or exposure to any Hazardous Materials;
(b) circumstances forming the basis of any violation, or alleged violation, of any Environmental Law; or (c) any other matters for which liability is imposed under Environmental Laws. 

“Environmental Law” means any Law relating to pollution, the protection of, restoration or remediation of the environment or
natural resources, or the protection of human health and safety (regarding exposure to Hazardous Materials), including Laws relating to: (a) the exposure to, or Releases or threatened Releases of, Hazardous Materials; (b) the generation,
manufacture, processing, distribution, use, transport, treatment, containment, storage, disposal, or handling of Hazardous Materials; or (c) recordkeeping, notification, disclosure and reporting requirements respecting Hazardous Materials. 

“Environmental Permit” means any Permit required under or issued pursuant to any Environmental Law. 

“Escrow Agent” has the meaning set forth in Section 2.3(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated
thereunder). 
 “Execution Date” has the meaning set forth in the Preamble. 

“Fundamental Representations” means the representations and warranties set forth in Section 3.1,
Section 3.2, Section 3.5(a) and the first sentence of Section 3.5(b). 

“GAAP” means United States generally accepted accounting principles as in effect on the date hereof. 

“Governmental Authority” means any United States or non-United States national,
federal, state or local governmental, regulatory or administrative authority, agency, court, tribunal or commission or any other judicial or arbitral body, including the Bankruptcy Court. 

“Hazardous Materials” means any material, substance, chemical, or waste (or combination thereof) that (a) is listed,
defined, designated, regulated or classified as hazardous, toxic, radioactive, dangerous, a pollutant, a contaminant, petroleum, oil, or words of similar meaning or effect under any Law relating to pollution, hazardous or toxic waste, or protection
of the environment; or (b) forms the basis of any Liability under any Law relating to pollution, hazardous or toxic waste, or protection of the environment. 

  
 6 

 “Hong Kong” means the Hong Kong Special Administrative Region of the
People’s Republic of China. 
 “Indemnification Arrangements” means any agreement or arrangement to which any
Transferred Subsidiary is a party and pursuant to which any present or former director or officer of any Transferred Subsidiary or any agent, Affiliate or Representative of any Transferred Subsidiary receives indemnification from a Transferred
Subsidiary, including pursuant to a separate Contract (other than insurance policies) but excluding such Transferred Subsidiary’s Organizational Documents. 

“Initial Deposit Funds” has the meaning set forth in Section 2.3(a). 

“Intellectual Property” means all intellectual property rights throughout the world, including all U.S. and foreign rights in
(a) trade names, trademarks and service marks, business names, corporate names, domain names, trade dress, logos, slogans, design rights, and other similar designations of source or origin, together with the goodwill symbolized by any of the
foregoing (“Trademarks”); (b) patents, patent applications, invention disclosures, and all related continuations, continuations-in-part, divisionals,
reissues, re-examinations, substitutions, and extensions thereof (“Patents”); (c) copyrights and copyrightable subject matter (whether registered or unregistered)
(“Copyrights”); (d) computer programs (whether in source code, object code, or other form), firmware, software, models, algorithms, methodologies, databases, compilations, data, all technology supporting the foregoing, and all
documentation, including user manuals and training materials, programmers’ annotations, notes, and other work product used to design, plan, organize, maintain, support or develop, or related to any of the foregoing; (e) confidential or
proprietary information, trade secrets and know-how, and all other inventions, proprietary processes, formulae, models, and methodologies; (f) rights of publicity, privacy rights, and rights to personal
information; (g) all applications and registrations for any of the foregoing; and (h) all rights and remedies (including the right to sue for and recover damages) against past, present, and future infringement, misappropriation, or other
violation relating to any of the foregoing. 
 “IP Assignment Agreement” has the meaning set forth in
Section 2.4(b)(i). 
 “IRD” has the meaning set forth in Section 7.1.

 “IRS” means the Internal Revenue Service of the United States. 

“Knowledge” with respect to Seller means (a) the actual (but not constructive or imputed) knowledge of Michel Vermette,
Amy Peacock Trojanowski, Matt McColgan, Chris Chen and Jenny Xu as of the date of this Agreement (or, with respect to a certificate delivered pursuant to this Agreement, as of the date of delivery of such certificate) and (b) knowledge that
would have been acquired by such individuals had they made reasonable inquiries. 
 “Law” means any and all federal, state,
local and foreign laws, statutes, ordinances, rules, regulations, policies, orders, judgments and decrees, in each case, enacted, adopted or promulgated by a Governmental Authority. 

  
 7 

 “Leakage” means any of the following actions by any Transferred Subsidiary
that does not fall within the definition of Permitted Leakage: (a) sell, transfer, lease, sublease or otherwise dispose of any material assets of any Transferred Subsidiary, other than in the Ordinary Course of Business and on arm’s length
terms; (b) make any payment of any sum to, or for the benefit of, any Seller Related Party, other than in the Ordinary Course of Business and on arm’s length terms; (c) declare, set aside or pay any dividend or other distribution
(whether in cash or property or any combination thereof) in respect of any securities of any Transferred Subsidiary; (d) issue, sell, grant, pledge, dispose of or transfer any equity interests in any Transferred Subsidiary; (e) enter into
any guarantee or indemnity or the creation of any Encumbrance by any Transferred Subsidiary for the benefit of any Seller Related Party, other than in the Ordinary Course of Business and on arm’s length terms; (f) forgive, release or waive
any debt or claim outstanding against any Seller Related Party, other than in the Ordinary Course of Business or as expressly permitted under this Agreement; (g) repurchase, redeem or otherwise acquire, or offer to repurchase, redeem or
otherwise acquire, any capital stock or voting securities of, or equity interests in, any Transferred Subsidiary or any securities of any Transferred Subsidiary convertible into or exchangeable or exercisable for capital stock or voting securities
of, or equity interests in, any Transferred Subsidiary, or any warrants, calls, options or other rights to acquire any such capital stock, securities or interests, other than any transfers among Transferred Subsidiaries; (h) transfer of any
assets, rights or other benefits by any Transferred Subsidiary to or for the benefit of any Seller Related Party, other than in the Ordinary Course of Business and on arm’s length terms; and (i) agree or commit to any of the foregoing.

 “Lease” means any lease, sublease, license, or other use or occupancy agreement with respect to real property to which
any Transferred Subsidiary is a party as lessee, sublessee, tenant, subtenant or in a similar capacity. 
 “Leased Real
Property” means any real property used primarily by a Transferred Subsidiary that is leased, subleased, licensed or otherwise occupied by any Transferred Subsidiary pursuant to a Lease. 

“Legal Restraint” has the meaning set forth in Section 8.1(a). 

“Liability” means any debt, loss, claim, damage, demand, fine, judgment, penalty, liability or obligation (whether known or
unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due). 

“Locked Box Accounts” means: (a) the unaudited consolidated financial statements of Armstrong (China) Investment Co.,
Ltd. for the twelve (12) months period ended on Locked Box Accounts Date (which includes the consolidated statement of financial position, consolidated income and cash flow statement and consolidated balance sheet) and (b) the unaudited non-consolidated financial statements of each of AFI Hong Kong, Armstrong Flooring (Shanghai) Co., Ltd. and Armstrong Flooring Singapore Pte. Ltd, in each case, for the twelve (12) months period ended on the
Locked Box Accounts Date (which includes the non-consolidated statement of financial position, non-consolidated income and cash flow statement and non-consolidated balance sheet for each of the entities described in this paragraph (b)). 

“Locked Box Accounts Date” means December 31, 2021. 

  
 8 

 “Material Adverse Effect” means any event, change, condition, occurrence or
effect that individually or in the aggregate (a) has had, or would reasonably be expected to have, a material adverse effect on the business of the Transferred Subsidiaries or the condition (financial or otherwise), assets, liabilities, or
operations of the Transferred Subsidiaries, taken as a whole, or (b) prevents or materially impedes, or would reasonably be expected to prevent or materially impede, the performance by Seller of its obligations under this Agreement, other than,
in each case of the preceding clauses (a) and (b), any event, change, condition, occurrence or effect to the extent arising out of, attributable to or resulting from, alone or in combination, (i) general changes or developments in the
industry or geographical areas in which the Transferred Subsidiaries operate, (ii) changes in general domestic or foreign economic, social, political, financial market or geopolitical conditions (including the existence, occurrence, escalation,
outbreak or worsening of any hostilities, war, police action, acts of terrorism or military conflicts, whether or not pursuant to the declaration of an emergency or war), (iii) the occurrence of any act of God or other calamity or force majeure
event (whether or not declared as such), including any strike, labor dispute, civil disturbance, embargo, natural disaster, earthquake, fire, flood, hurricane, tornado or other weather event, or the onset or continuation of any global or national
health concern, epidemic, pandemic (whether or not declared as such by any Governmental Authority), viral outbreak (including “Coronavirus” or “COVID-19” or any variant thereof) or any
quarantine, lockdown, travel restriction, business restriction or trade restriction related thereto, (iv) changes in any applicable Laws or GAAP or interpretations thereof, (v) the execution, existence, performance, announcement, pendency
or consummation of this Agreement or the transactions contemplated hereby, (vi) the announcement or pendency of the Chapter 11 Case (and any limitations therein pursuant to the Bankruptcy Code, any Order of the Bankruptcy Court, or the DIP
Credit Agreements (or limitations of funding thereunder)) or any objections in the Bankruptcy Court to (1) this Agreement or any of the transactions contemplated hereby, (2) the reorganization of Debtors and any related plan of
reorganization or disclosure statement, (3) the Sale Motion or (4) any action approved by the Bankruptcy Court, (vii) any action taken by Seller or any Transferred Subsidiary at the request of Buyer or that is required by this
Agreement, (viii) the identity of Buyer or any of its Affiliates, (ix) any failure to achieve any budgets, projections, forecasts, estimates, plans, predictions, performance metrics or operating statistics (but, for the avoidance or doubt,
not the underlying causes of any such failure to the extent such underlying cause is not otherwise excluded from the definition of Material Adverse Effect), (x) the effect of any action taken by Buyer or its Affiliates with respect to the
transactions contemplated by this Agreement, (xi) any breach by Buyer of its obligations under this Agreement, or (xii) any change in the cost or availability or other terms of any financing; provided, however, that changes
or developments set forth in clauses (i), (ii), (iii) or (iv) may be taken into account in determining whether there has been or is a Material Adverse Effect if such changes or developments have a disproportionate impact on the business of the
Transferred Subsidiaries, taken as a whole, relative to the other participants in the industries and markets in which the Transferred Subsidiaries operate. 

“Material Contract” has the meaning set forth in Section 3.15(a). 

“New York Court” has the meaning set forth in Section 10.10(b)(vi). 

“Order” means any award, writ, injunction, judgment, order or decree entered, issued, made, or rendered by any Governmental
Authority. 

  
 9 

 “Ordinary Course of Business” means the operation of the business of the
Transferred Subsidiaries in the ordinary and usual course consistent with past practice and custom of the Transferred Subsidiaries, as such practice and custom is, or may have been, modified as a result of the Chapter 11 Case, in each case subject
to (a) the filing of the Chapter 11 Case, (b) any Orders of the Bankruptcy Court, and (c) the conduct of the process as contemplated by the bidding procedures approved by the Bankruptcy Court. 

“Organizational Documents” means (i) with respect to any corporation, its certificate or articles of incorporation, its
bylaws, and any shareholder or stockholder agreement, (ii) with respect to any limited partnership, its certificate of limited partnership and its partnership agreement, (iii) with respect to any general partnership, any statement of
partnership and its partnership agreement, (iv) with respect to any limited liability company, its certificate of formation or articles of organization and its operating agreement, (v) with respect to any other form of entity, any charter
or similar document adopted or filed in connection with the creation, formation or organization of a Person and any agreement amongst its members, (vi) any documents equivalent to any of the foregoing applicable to non-U.S. jurisdictions, and (vii) any amendments, side letters, modifications, or other arrangements with respect to any of the foregoing. 

“Owned Real Property” means any real property owned by any Transferred Subsidiary including all of such Transferred
Subsidiary’s right, title and interest in and to any improvements, fixtures and structures thereon and appurtenances thereto. 

“Party” or “Parties” means, individually or collectively, Buyer and Seller. 

“Permits” has the meaning set forth in Section 3.7(b). 

“Permitted Encumbrance” means (a) Encumbrances for Taxes not yet due and payable or the validity or amount of which is
being contested in good faith by appropriate proceedings, (b) mechanics’, carriers’, workers’, repairers’, suppliers’, vendors’ and other similar common law or statutory Encumbrances arising or incurred in the
Ordinary Course of Business, (c) pledges, deposits or other liens securing the performance of bids, trade Contracts, leases or statutory obligations (including workers’ compensation, unemployment insurance or other social security
legislation), (d) with respect to any Leased Real Property, any Encumbrance primarily affecting the interest of the landlord, sublandlord or licensor of such real property, (e) with respect to any Real Property, covenants, conditions,
restrictions, easements, licenses, rights-of-way and other similar charges or encumbrances or defects or imperfections of title of any kind (i) that do not,
individually or in the aggregate, materially interfere with the present use or materially impair the value of the Real Property subject to such encumbrances or (ii) that would be revealed by an investigation of title to the extent and nature
that a prudent buyer of property in the jurisdiction in which the applicable Real Property is located would carry out, (f) any licenses to Intellectual Property, (g) public roads, highways, zoning codes, building codes, entitlements,
conservation restrictions or other land use or environmental Laws regulating the use or occupancy of the Real Property or the activities conducted thereon which are imposed by any governmental authority having jurisdiction over the Real Property,
(h) Encumbrances arising under purchase money security interests, equipment leases or other similar arrangements entered into in the Ordinary Course of Business, (i) any Encumbrances arising under the China Facility, and (j) any
Encumbrances permitted by or that will be removed or released by operation of the Sale Order. 

  
 10 

 “Permitted Leakage” means any of the following: (a) any payments made
by any Transferred Subsidiary which have been specifically provided for in the Locked Box Accounts or disclosed in the VDR; and (b) any payments made in respect of salaries, directors’ fees, pension contributions, expenses or bonuses made
to, or in respect of services provided by, employees, directors, officers or consultants of any Transferred Subsidiary which are made by any Transferred Subsidiary in the Ordinary Course of Business and in accordance with the terms of the related
employment or service contract or otherwise in the Ordinary Course of Business. 
 “Person” means an individual,
corporation, partnership, limited liability company, limited liability partnership, syndicate, person, trust, association, organization or other entity, including any Governmental Authority, and including any successor, by merger or otherwise, of
any of the foregoing. 
 “Petition Date” has the meaning set forth in the Recitals. 

“Proceeding” means any charge, investigation, audit, complaint, action, suit, arbitration or proceeding by or before any
Governmental Authority. 
 “Purchase Price” has the meaning set forth in Section 2.2. 

“Real Property” means the Leased Real Property and the Owned Real Property. 

“Registered IP” has the meaning set forth in Section 3.12(a). 

“Relative” means, with respect to an individual, any spouse, parent, child or sibling of such individual. 

“Release” means any release, spill, emission, discharge, leaking, pouring, dumping or emptying, pumping, injection, deposit,
disposal, dispersal, leaching or migration of Hazardous Materials into the indoor or outdoor environment (including soil, ambient air, surface water, groundwater and surface or subsurface strata) or into or out of any property, including the
migration of Hazardous Materials through or in the air, soil, surface water, groundwater or property. 
 “Remaining Deposit
Amount” has the meaning set forth in Section 2.3(a)(i). 
 “Representatives” means, with
respect to any Person, the officers, managers, directors, principals, employees, agents, auditors, Advisors, bankers and other representatives of such Person. 

“Requisite Filings” has the meaning set forth in Section 8.1(d). 

“SAFE Approval” has the meaning set forth in Section 2.4(a). 

“Sale Motion” means the motion filed with the Bankruptcy Court seeking entry of the Bidding Procedures Order and the Sale
Order. 
 “Sale Order” means an Order of the Bankruptcy Court approving this Agreement and the transactions contemplated
hereby, the form of which Order is attached hereto as Exhibit A, with such changes that are in form and substance reasonably acceptable to Buyer and Seller. 

  
 11 

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

“Securities Act” has the meaning set forth in Section 4.7. 

“Seller” has the meaning set forth in the Preamble. 

“Seller Non-Recourse Person” has meaning set forth in
Section 10.20(b). 
 “Seller Related Parties” means collectively, (a) Seller, (b)
Seller’s Affiliates (other than the Transferred Subsidiaries), (c) the directors and officers of Seller or its Affiliates and (d) Affiliates and Relatives of the Persons described in paragraph (c) of this definition, and a
“Seller Related Party” means any one of them. 
 “Seller SEC Documents” means all reports, schedules,
forms, statements and other documents (including exhibits and other information incorporated therein) required to be furnished or filed by Seller with the SEC since January 1, 2021 (together with any documents filed with the SEC during such
period by Seller on a voluntary basis on a Current Report on Form 8-K, including any amendments or supplements to such documents). 

“Subsidiary” of any Person means any entity (a) of which 50% or more of the outstanding share capital, voting securities
or other voting equity interests are owned, directly or indirectly, by such Person, (b) of which such Person is entitled to elect, directly or indirectly, at least 50% of the board of directors or similar governing body of such entity or
(c) if such entity is a limited partnership or limited liability company, of which such Person or one of its Subsidiaries is a general partner or managing member or has the power to direct the policies, management or affairs. 

“Tax Law” means any statute, law, ordinance, regulation, rule, code, injunction, judgment, decree or order of any
Governmental Authority relating to Taxes. 
 “Tax Return” means any return, document, declaration, report, claim for
refund, statement, information statement or other information or filing relating to Taxes, including any schedule or attachment thereto or amendment thereof, that is filed with or supplied to, or required to be filed with or supplied to, any
Governmental Authority. 
 “Taxes” means any and all U.S. federal, state and local, foreign, and other taxes, charges,
fees, duties, levies, tariffs, imposts, tolls, customs or other assessments imposed by any Governmental Authority, including net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, branch profits, profit
share, license, lease, service, service use, value added, withholding, payroll, employment, fringe, fringe benefits, excise, estimated, severance, stamp, occupation, premium, property, windfall profits or other taxes, together with any interest,
penalties, additions to tax, or other additional amounts imposed with respect thereto. 
 “Trademark License Agreement”
means that certain Trademark License Agreement, dated as of April 1, 2016, by and among AWI, Seller and AWI Licensing LLC, as amended. 

  
 12 

 “Trademark License Consent” means the Assignment and Assumption Agreement,
substantially in the form attached hereto as Exhibit B, under which AWI and AWI Licensing LLC (collectively, the “AWI Licensors”) agree to the partial assignment of the Trademark License Agreement from Seller to Buyer, which
provides Buyer with reasonable access to the Trademarks licensed under the Trademark License Agreement necessary to the activities of the Transferred Subsidiaries in the Ordinary Course of Business for the Covered Territories. 

“Transfer Taxes” has the meaning set forth in Section 7.1. 

“Transferred Employees” means all of the employees of the Transferred Subsidiaries on the Closing Date. 

“Transferred Stock” has the meaning set forth in the Recitals. 

“Transferred Subsidiaries” has the meaning set forth in the Recitals. 

“Treasury Regulations” means the regulations promulgated under the Code by the United States Department of the Treasury
(whether in final, proposed or temporary form), as the same may be amended from time to time. 
 “VDR” means the virtual
data site entitled “Project Apollo” maintained by Datasite as of 12:01 PM Hong Kong time on June 27, 2022. 

ARTICLE II 

PURCHASE AND SALE 

Section 2.1 Purchase and Sale. Pursuant to Sections 105, 363 and 365 of the Bankruptcy Code, upon the terms and subject to the
conditions of this Agreement and subject to approval of the Bankruptcy Court, at the Closing, Seller shall sell, assign, transfer, convey and deliver, or cause to be sold, transferred, assigned, conveyed and delivered, to Buyer, and Buyer shall
purchase, all right, title and interest of Seller, in, to or under the Transferred Stock free and clear of any and all Encumbrances (other than any transfer restrictions created under applicable securities Laws). 

Section 2.2 Consideration. The aggregate consideration for the purchase, sale, assignment and conveyance of the Transferred Stock
from Seller to Buyer (the “Purchase Price”) shall consist of the payment by Buyer and/or one or more Designated Buyers, by wire transfer of immediately available funds to one or more accounts designated in writing by Seller in
accordance with Section 2.4(c)(iii) in an aggregate amount equal to fifty-nine million dollars ($59,000,000). 

Section 2.3 Deposit Funds. 

(a) As of the date hereof, Buyer has deposited, or caused to be deposited, into escrow with an escrow agent reasonably acceptable to Seller
(the “Escrow Agent”) an aggregate amount equal to three million, seven hundred fifty thousand dollars ($3,750,000) (such amount, together with all interest and other earnings accrued thereon, the “Initial Deposit
Funds”), and Buyer shall use commercially reasonable efforts to deposit, or cause to be deposited, as soon as practicable, an amount equal to six hundred seventy-five thousand dollars ($675,000) (such

  
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amount, together with all interest and other earnings accrued thereon, the “Additional Deposit Funds” and such amount, if deposited, together with the Initial Deposit Funds, the
“Deposit Funds”)), by wire transfer of immediately available funds pursuant to the escrow terms approved by the Bankruptcy Court. The Deposit Funds shall be released by the Escrow Agent and delivered to either (x) Buyer and
another Person designated by Buyer or (y) Seller, as follows: 
 (i) if the Closing shall occur, (1) the Deposit
Funds and all interest and other earnings accrued on the Deposit Funds minus the Remaining Deposit Amount (collectively, the “Buyer Deposit Amount”) shall be applied towards the Purchase Price payable by Buyer pursuant to
Section 2.2 and (2) seven hundred fifty thousand dollars ($750,000) of the Deposit Funds (the “Remaining Deposit Amount”) shall be delivered to another Person designated by Buyer as soon as reasonably practicable after the
Closing but in no event later than five (5) Business Days after the Closing; 
 (ii) if this Agreement is terminated by
Seller pursuant to Section 9.1(d)(i), the Deposit Funds shall be delivered to Seller; or 

(iii) if this Agreement is terminated other than in a manner provided by
Section 9.1(d)(i), the Buyer Deposit Amount shall be delivered to Buyer and the Remaining Deposit Amount shall be delivered to another Person designated by Buyer, in each case, as soon as reasonably
practicable after such termination but in no event later than five (5) Business Days after such termination. 
 (b) The Parties
acknowledge that the agreements contained in this Section 2.3 are an integral part of the transactions contemplated in this Agreement, that the damages resulting from termination of this Agreement under circumstances where
Seller is entitled to the Deposit Funds are uncertain and incapable of accurate calculation and that the delivery of the Deposit Funds is not a penalty but rather shall constitute liquidated damages in a reasonable amount that will compensate Seller
in the circumstances where Seller is entitled to the Deposit Funds for the efforts and resources expended and opportunities forgone while negotiating this Agreement and in reliance on this Agreement and on the expectation of the consummation of the
transactions contemplated hereby, and that, without these agreements, Seller would not enter into this Agreement. If Buyer fails to take any action necessary to cause the delivery of the Deposit Funds to Seller pursuant to the terms of this
Agreement under circumstances where Seller is entitled to the Deposit Funds and, in order to obtain such Deposit Funds, Seller commences a suit which results in a judgment in favor of Seller, Buyer shall pay to Seller an amount in cash equal to the
costs and expenses (including attorney’s fees) incurred by Seller in connection with such suit. 
 Section 2.4 Closing.

 (a) The purchase, sale, assignment and conveyance of the Transferred Stock contemplated by this Agreement shall take place at a closing
(the “Closing”) to be held by telephone conference and electronic exchange of documents (or, if the Parties agree to hold a physical closing, at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, located at One
Manhattan West, New York, NY 10001) at 10:00 a.m. Eastern Time on the second (2nd) Business Day following the satisfaction or, to the extent permitted by applicable Law, waiver of all conditions
to the obligations of the Parties set forth in Article VIII (other than such conditions as 

  
 14 

 
may, by their terms, only be satisfied at the Closing or on the Closing Date, but subject to the satisfaction or waiver of such conditions), or at such other place or at such other time or on
such other date as Seller and Buyer mutually may agree in writing; provided, however, that the Closing shall not take place before the earlier of (i) the tenth (10th) Business Day following
the date hereof and (ii) the third (3rd) Business Day following receipt of approval by Buyer for the payment of the Purchase Price hereunder from the corresponding provincial authority of the State Administration of Foreign Exchange of the
People’s Republic of China (which approval Buyer shall use its reasonable best efforts to obtain as soon as practicable after the date hereof) (the “SAFE Approval”). The day on which the Closing takes place is referred to as
the “Closing Date.” 
 (b) At or prior to the Closing, Seller shall deliver or cause to be delivered to Buyer: 

(i) an intellectual property assignment agreement, in form and substance reasonably satisfactory to the Parties, assigning the
Intellectual Property owned by Seller and its Subsidiaries and primarily used by the Transferred Subsidiaries in the Ordinary Course of Business (the “IP Assignment Agreement”), duly executed by Seller; 

(ii) a copy of the Sale Order; 

(iii) certificates evidencing the Transferred Stock, duly endorsed in blank (or with stock powers in form and substance
reasonably satisfactory to Buyer, acting in good faith, duly executed by Seller), and instruments of transfer for the Transferred Stock duly executed by Seller (and, in relation to the shares of AFI Hong Kong, the sold notes duly executed by Seller)
reasonable and customary for Hong Kong, in each case free and clear of all Encumbrances (except for any transfer restrictions created under applicable securities Laws), and Seller shall deliver the original copies of the documents described in this
Section 2.4(b)(iii) to the Hong Kong offices of Sidley Austin LLP, legal counsel to Buyer, as soon as reasonably practicable after the Closing (and in any event, within ten (10) days after the Closing); 

(iv) an Internal Revenue Service Form W-9, duly executed by Seller; 

(v) a duly executed certificate of a duly authorized officer of Seller certifying the satisfaction of the conditions set forth
in Section 8.3(a) and Section 8.3(b); 
 (vi) the Trademark License
Consent, duly executed by Seller; and 
 (vii) such other documents as Buyer may reasonably request that are not inconsistent
with the terms of this Agreement and reasonably necessary to effectuate or consummate the transactions contemplated by this Agreement (without expanding or supplementing any of the representations and warranties hereunder or Buyer’s remedies
with respect thereto). 

  
 15 

 (c) At or prior to the Closing, Buyer shall deliver or cause to be delivered to Seller: 

(i) instruments of assignment of the Transferred Stock, duly executed by Buyer, as may be necessary to transfer to Buyer
ownership of the Transferred Stock, free and clear of any and all Encumbrances; 
 (ii) the IP Assignment Agreement, duly
executed by Buyer; 
 (iii) the Purchase Price (minus the Buyer Deposit Amount) in cash by wire transfer of immediately
available funds to an account or accounts designated by Seller; 
 (iv) the Trademark License Consent, duly executed by
Buyer; and 
 (v) a duly executed certificate of an executive officer of Buyer certifying the satisfaction of the conditions
set forth in Section 8.2(a) and Section 8.2(b). 
 Section 2.5 Designated
Buyer(s). 
 (a) In connection with the Closing, without limitation by the terms of Section 10.12, Buyer shall
be entitled to designate, in accordance with the terms and subject to the limitations set forth in this Section 2.5, one (1) or more Affiliates to purchase the Transferred Stock on and after the Closing Date (any such
Affiliate of Buyer that shall be properly designated by Buyer in accordance with this Section 2.5, a “Designated Buyer”); provided that no such designation would impede or materially delay the
Closing or affect the timely receipt of any regulatory approval; provided, further, that no such designation shall be permitted if any Taxes required to be withheld under applicable Law from any amounts otherwise payable hereunder
would be higher than the amount of Taxes that would be required to be withheld absent such designation. At and after the Closing, Buyer shall, or shall cause its Designated Buyer(s) to, honor Buyer’s obligations at the Closing. After the
Closing, any reference to Buyer made in this Agreement in respect of any purchase or assumption referred to in this Agreement shall include reference to the appropriate Designated Buyer(s), if any. 

(b) Without limitation of Section 6.4, the designation of a Designated Buyer in accordance with
Section 2.5(a) shall be made by Buyer by way of a written notice to be delivered to Seller as soon as reasonably practicable following the date of this Agreement but in no event later than two (2) Business Days prior
to Closing, which written notice shall (i) contain appropriate information about the Designated Buyer(s), (ii) indicate which Transferred Subsidiaries Buyer intends such Designated Buyer(s) to purchase and/or assume, as applicable, hereunder
and (iii) include a signed counterpart to this Agreement pursuant to which the Designated Buyer(s) agree to be bound by the terms of this Agreement as it relates to such Designated Buyer(s) and which authorizes Buyer to act as such Designated
Buyer(s)’ agent for all purposes hereunder. Notwithstanding the foregoing, and for the avoidance of doubt, any designation pursuant to Section 2.5(a) shall not relieve Buyer of any of its obligations under this
Agreement (or otherwise) and Buyer shall remain primarily liable therefor. 
 Section 2.6 Withholding. Notwithstanding anything
in this Agreement to the contrary, Buyer shall be entitled to deduct and withhold from any amount (or portion thereof) payable under this Agreement such Taxes as are required to be deducted and withheld from such amount under the Code or any other
applicable provision of U.S. or foreign Tax Law. To the extent that Buyer  

  
 16 

 
intends to withhold any such amounts from the Purchase Price, it shall notify Seller of such intention as soon as reasonably possible after the date hereof and shall provide Seller with an
opportunity to provide forms or evidence that would exempt or reduce such amounts from withholding and shall otherwise cooperate in good faith with Seller and use commercially reasonable efforts to minimize or eliminate any such deductions or
withholdings. To the extent that any amounts are so deducted and withheld and paid to the applicable Governmental Authority, such deducted and withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in
respect of which such deduction and withholding was made. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

OF SELLER 
 Except
(i) as set forth in the Seller SEC Documents furnished or filed and publicly available after January 1, 2021 and prior to the date of this Agreement or (ii) as set forth in the Disclosure Letter attached hereto, Seller represents and
warrants to Buyer as follows: 
 Section 3.1 Organization. Each Transferred Subsidiary and Seller (a) is an entity duly
incorporated or organized, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, as applicable, (b) has all requisite power and authority to own and operate its properties and to carry on
its businesses as now conducted, subject to the provisions of the Bankruptcy Code, and (c) is qualified to do business and is in good standing (or its equivalent) in every jurisdiction in which its ownership of property or the conduct of its
business as now conducted requires it to qualify, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect. 

Section 3.2 Authority. Subject to required Bankruptcy Court approvals, (a) Seller has the corporate (or equivalent) power and
authority to execute and deliver this Agreement and each of the Ancillary Agreements to which it will be a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby, (b) the
execution, delivery and performance by Seller of this Agreement and each of the Ancillary Agreements to which it will be a party and the consummation by Seller of the transactions contemplated hereby and thereby have been duly and validly authorized
by all necessary corporate (or equivalent) action and (c) this Agreement has been, and upon its execution each of the Ancillary Agreements to which Seller will be a party will have been, duly executed and delivered by Seller and, assuming due
execution and delivery by each of the other parties thereto, this Agreement constitutes, and upon its execution each of the Ancillary Agreements to which Seller will be a party will constitute, the legal, valid and binding obligations of Seller,
enforceable against Seller in accordance with their respective terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general
principles of equity (regardless of whether considered in a proceeding in equity or at law) (the “Enforceability Exceptions”). 

Section 3.3 No Conflict; Required Filings and Consents. 

  
 17 

 (a) Except as set forth on Section 3.3(a) of the Disclosure Letter
and assuming that (w) requisite Bankruptcy Court approvals are obtained, (x) the notices, authorizations, approvals, Orders, permits or consents set forth on Section 3.3(b) of the Disclosure Letter are made, given
or obtained (as applicable), (y) the requirements of any Antitrust Laws are complied with, and (z) any filings required by any applicable federal or state securities or “blue sky” Laws are made, the execution, delivery and performance
by Seller of this Agreement and the consummation by Seller of the transactions contemplated hereby, do not: (i) violate the Organizational Documents of Seller or the Transferred Subsidiaries; (ii) in any material respect conflict with or
violate any Law applicable to Seller or the Transferred Subsidiaries or by which any property or asset of the Transferred Subsidiaries is bound; or (iii) result in any material breach of, constitute a material default (or an event that, with
notice or lapse of time or both, would become a material default) under, create in any party thereto the right to terminate or cancel, or require any consent under, or result in the creation or imposition of any material Encumbrance (other than a
Permitted Encumbrance) on any Contract to which any Transferred Subsidiary is party except for any such violations, breaches, defaults or other occurrences that are not material to the business of the Transferred Subsidiaries taken as a whole. 

(b) Except as set forth on Section 3.3(b) of the Disclosure Letter, none of Seller nor any Transferred Subsidiary is
required to file, seek or obtain any notice, authorization, approval, Order, permit, or consent of or with any Governmental Authority in connection with the execution, delivery and performance by Seller of this Agreement or the consummation by
Seller of the transactions contemplated hereby, except (i) requisite Bankruptcy Court approvals, (ii) any filings required to be made under any Antitrust Laws, (iii) such filings as may be required by any applicable federal or state
securities or “blue sky” Laws, (iv) where failure to obtain such consent, approval, authorization or action, or to make such filing or notification, is not material to the business of the Transferred Subsidiaries taken as a whole, or
(v) as may be necessary as a result of any facts or circumstances relating to Buyer or any of its Affiliates. 
 Section 3.4
Transferred Stock. Subject to requisite Bankruptcy Court approvals and except as a result of the commencement of the Chapter 11 Cases, this Agreement and the instruments and documents to be delivered by Seller to Buyer at the Closing
shall be adequate and sufficient to transfer Seller’s entire right, title and interest in and to the Transferred Stock. 

Section 3.5 Transferred Subsidiaries. 

(a) To the extent such legal concepts exist in the applicable jurisdiction, each Transferred Subsidiary is duly organized, validly existing
and in good standing under the Laws of the jurisdiction of its organization. 
 (b) All of the outstanding shares of capital stock of (or
comparable interest in) each Transferred Subsidiary (i) are owned directly or indirectly by Seller, (ii) are free and clear of any Encumbrance (other than any transfer restrictions created by applicable securities Law) and (iii) have
been validly issued and are fully paid and, as applicable, non-assessable. Section 3.5(b) of the Disclosure Letter lists all of the Transferred Subsidiaries and the outstanding shares
of capital stock or voting securities of, or other equity securities therein and, in each case, the owner(s) thereof. There are no accumulated but unpaid dividends or distributions with respect to any of the Transferred Stock. There are no options,
warrants, convertible securities or other rights, 

  
 18 

 
agreements, arrangements or commitments relating to the Transferred Stock (other than this Agreement) obligating Seller or any Transferred Subsidiary to issue or sell any shares of capital stock
of, or any other comparable interest in, a Transferred Subsidiary (other than this Agreement). No Transferred Subsidiary owns, directly or indirectly, any capital stock, membership interest, partnership interest, joint venture interest or other
equity interest in any other Person (other than a Transferred Subsidiary). There are no voting trusts or other agreements or understandings with respect to the equity interests of the Transferred Subsidiaries. 

(c) No insolvency proceeding of any character, including bankruptcy, receivership, reorganization, composition, administration or arrangement
with creditors, voluntary or involuntary, of any Transferred Subsidiary or directly with respect to any of their assets or properties, is pending or, to the Knowledge of Seller, threatened. None of Seller nor any Transferred Subsidiary has taken any
action in preparation for the institution of any such insolvency proceedings, and the execution, delivery and performance by Seller of this Agreement and the consummation by Seller of the transactions contemplated hereby, do not, and will not,
result in or give rise to any rights or claims with respect to any such insolvency proceeding. 
 (d) A copy of each Organizational Document
or Indemnification Arrangement has been provided to Buyer prior to the date of this Agreement. No Organizational Document or Indemnification Arrangement of any Transferred Subsidiary has been amended, modified, terminated or otherwise revised in any
respect, no new Organizational Documents have been adopted and no new Indemnification Arrangements have been entered into, in all cases since January 1, 2021. The Transferred Subsidiaries are not party to any Indemnification Arrangement. 

Section 3.6 Absence of Certain Changes or Events. Since January 1, 2022, through the date of this Agreement, there has not
been any event, change, condition, occurrence or effect that, individually or in the aggregate, has had, or would be reasonably expected to have, a Material Adverse Effect. Except for (i) any actions taken in response to COVID-19 Measures, (ii) discussions, negotiations and activities related to this Agreement or other potential strategic transactions, (iii) the solicitation of, discussions and negotiations with,
presentations and provision of other diligence to and similar engagement with other potential bidders for the negotiation and execution of this Agreement, (iv) the preparation and commencement of the Chapter 11 Case and Seller’s debtor-in-possession financing in the Chapter 11 Case, or (v) as set forth on Section 3.6 of the Disclosure Letter or as expressly contemplated
by this Agreement, from April 30, 2022, until the date hereof, none of Seller nor any Transferred Subsidiary has taken any action or failed to take any action, as applicable, that would be prohibited by
Section 6.1(b)(i), Section 6.1(b)(iii), Section 6.1(b)(vii), Section 6.1(b)(ix), Section 6.1(b)(x),
Section 6.1(b)(xi), or Section 6.1(b)(xii), if taken, failed to be taken or proposed to be taken, except for the execution and delivery of this Agreement. 

Section 3.7 Compliance with Law; Permits. 

(a) As of the date hereof, (i) the Transferred Subsidiaries are in material compliance with all applicable Laws relating to their
operation in the Ordinary Course of Business and (ii) there are no pending or, to the Knowledge of Seller, threatened, claims from any Governmental Authority relating to any non-compliance of the
Transferred Subsidiaries, except, in each case of (i) and (ii), that has not had, or would be reasonably expected to have, a Material Adverse Effect. 

  
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 (b) The Transferred Subsidiaries are in possession of all material permits (including work
permits and visas), licenses, franchises, approvals, certificates, consents, waivers, concessions, exemptions, orders, registrations, notices or other authorizations of any Governmental Authority (the “Permits”) necessary for them
to own, lease and operate their assets and properties, to employ or engage officers, workers and employees who are not citizens of the country where they are carrying out their duties or performing their services in the Ordinary Course of Business.
All material Permits held by the Transferred Subsidiaries: (i) are valid and in full force and effect and no Transferred Subsidiary is in default under, or in violation of, any such Permit, except for such defaults or violations which would not
reasonably be expected, individually or in the aggregate, to materially restrict or interfere with Buyer’s ability to operate in the Ordinary Course of Business and no suspension or cancellation of any such Permit is pending (other than
pursuant to its terms) or, to Seller’s Knowledge, threatened and (ii) subject to entry of the Sale Order, each such Permit may be transferred or reissued to Buyer in accordance with this Agreement and without the approval of any Person
(other than the Bankruptcy Court). 
 Section 3.8 Litigation. Except for the Chapter 11 Case, and any Order entered in the
Chapter 11 Case, as of the date hereof, there is no Action by or against Seller or any Transferred Subsidiary pending, or to the Knowledge of Seller, threatened other than any Action pursuant to which no injunctive or equitable relief is sought and
where the monetary damages are covered by insurance or would not reasonably be expected to have a Material Adverse Effect. 

Section 3.9 Employee Benefit Plans. 

(a) (i) Each Employee Benefit Plan has been operated and administered in all material respects in accordance with applicable Law, with the
express and implied terms of the Employee Benefit Plan concerned to the extent compatible with applicable Law and with administrative or governmental rules and regulations, and with all other agreements or instruments applicable to any Employee
Benefit Plan, and (ii) there are no pending or threatened actions, suits or claims by, on behalf of or against any Employee Benefit Plan or any administrator or fiduciary thereof (other than routine claims for benefits) that would reasonably be
expected to have a Material Adverse Effect. 
 (b) The execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated by this Agreement will not, alone or in combination with any other event, (i) entitle any Transferred Employee to severance pay, unemployment compensation or any other compensation (other than from a Governmental
Authority), (ii) accelerate the time of payment or vesting, or increase the amount of compensation due to any Transferred Employee, (iii) cause any individual to accrue or receive additional benefits, service or accelerated rights to payment of
benefits under any Employee Benefit Plan or employment agreement or (iv) directly or indirectly cause Seller or any Affiliate of Seller to transfer or set aside any assets to fund or otherwise provide for benefits for any individual. 

  
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 (c) All contributions and premiums required by Law or by the terms of any Employee Benefit
Plan have been timely made to any funds or trusts established thereunder or in connection therewith in all material respects. 

Section 3.10 Labor and Employment Matters. 

(a) Except as set forth on Section 3.10 of the Disclosure Letter, no Transferred Subsidiary is a party to or bound
by a collective bargaining agreement. 
 (b) As of the date hereof, solely with respect to the Transferred Employees, (i) there is no
unfair labor practice charge or complaint pending or, to Seller’s Knowledge, threatened against the Transferred Subsidiaries before any Governmental Authority, (ii) no labor union, labor organization, works council or group of Transferred
Employees has made a pending demand in writing for recognition or certification as the bargaining agent of the Transferred Employees, and there are no representation or certification proceedings or petitions seeking a representation proceeding
presently pending or, to the Knowledge of Seller, threatened to be brought or filed with any Governmental Authority, (iii) to the Knowledge of Seller, there are no pending or threatened union organizing or certification activities and
(iv) there are no pending or, to Seller’s Knowledge, threatened strikes, work stoppages, lockouts, slowdowns or other labor disputes, that, in each case of (i) through (iv), have had, or would be reasonably expected to have, a
Material Adverse Effect. 
 (c) Solely with respect to the Transferred Employees, Seller and each Transferred Subsidiary is in compliance
with all applicable Laws respecting labor, labor relations, employment and employment practices pertaining to the Transferred Employees, except as would not reasonably be expected to have a Material Adverse Effect. 

Section 3.11 Real Property. 

(a) Each Transferred Subsidiary, as applicable, has good and valid fee simple title (or its jurisdictional equivalent) to the Owned Real
Property it owns that is, subject to the entry of the Sale Order, free and clear of all Encumbrances, other than Permitted Encumbrances. 

(b) Each Transferred Subsidiary party thereto has a valid leasehold, subleasehold or other similar interest in all Leased Real Property, that
is, subject to the entry to the Sale Order, free and clear of all Encumbrances, other than Permitted Encumbrances. Seller has made available to Buyer true, correct and complete copies of each Lease for Leased Real Property. 

(c) Except as set forth on Section 3.11(c) of the Disclosure Letter, none of Seller nor any Transferred Subsidiary
is a party to or obligated under any option, right of first refusal or other contractual right to sell, dispose of or lease any of the Real Property or any portion thereof or interest therein to any Person other than Buyer. 

Section 3.12 Intellectual Property. 

  
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 (a) A true, correct and complete (in all material respects) list of all (i) issued
Patents and pending Patent applications, (ii) registered Trademarks and applications to register any Trademarks, (iii) registered Copyrights and applications for registration of Copyrights, and (iv) domain name registrations, in each case,
owned by Seller and its Subsidiaries and primarily used by the Transferred Subsidiaries in the Ordinary Course of Business (the “Registered IP”) is set forth on Section 3.12(a) of the Disclosure Letter.
Seller or its Subsidiaries, as applicable, are the sole and exclusive beneficial and record owners of all Registered IP, and all material items of such Registered IP are subsisting and, to the Knowledge of Seller, valid and enforceable. 

(b) The use, practice or exploitation of the Registered IP and other Intellectual Property as currently used, practiced or exploited by the
Transferred Subsidiaries in the Ordinary Course of Business does not infringe, misappropriate or otherwise violate (and, since January 1, 2021 has not infringed, misappropriated or otherwise violated) any Person’s Intellectual Property
rights, and since January 1, 2021 there has been no such Action asserted or, to the Knowledge of Seller, threatened against Seller or any Transferred Subsidiary, in each case as have had, or would be reasonably expected to have, a Material
Adverse Effect. 
 (c) The rights in the Registered IP, together with the rights in Intellectual Property licensed to Buyer pursuant to this
Agreement, constitute all material rights in Intellectual Property owned by the Transferred Subsidiaries and used in and necessary for the Transferred Subsidiaries in the Ordinary Course of Business. 

(d) To the Knowledge of Seller, no Person is infringing, misappropriating or otherwise violating in any material respect any Intellectual
Property owned by or exclusively licensed to the Transferred Subsidiaries, and since January 1, 2021, no such Actions have been asserted or threatened against any Person by any Transferred Subsidiary or, to the Knowledge of Seller, any other
Person. 
 (e) Seller has taken commercially reasonable steps to safeguard and maintain the confidentiality of all trade secrets and other
material confidential or proprietary information primarily used by the Transferred Subsidiaries. 
 (f) Seller has provided a true, correct
and complete copy of the Trademark License Agreement to Buyer. Seller has also provided to Buyer a true, correct and complete (in all material respects) list, as of the date of this Agreement, of all registrations of and applications for
Intellectual Property owned by any of the Transferred Subsidiaries (including the jurisdiction of such registration) and all material Intellectual Property, if any, that is licensed (and if such Intellectual Property is registered, the jurisdiction
of such registration) to any Transferred Subsidiary. 
 Section 3.13 Tax Matters. 

(a) All material Tax Returns required to be filed by or with respect to the Transferred Subsidiaries have been timely filed, and all such Tax
Returns are true, correct and complete in all material respects. Subject to any obligation of Seller under the Bankruptcy Code, all material Taxes due and payable by or with respect to the Transferred Subsidiaries (whether or not shown as due on any
Tax Return) have been paid. 

  
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 (b) There is no action, suit, claim, deficiency, assessment, or audit pending, proposed in
writing, or, to Seller’s Knowledge, threatened in writing with respect to material Taxes of or relating to the Transferred Subsidiaries. 

(c) There are no Encumbrances for Taxes upon any of the assets of the Transferred Subsidiaries other than Permitted Encumbrances. 

(d) None of the Transferred Subsidiaries is a party to any Tax allocation, indemnity, sharing or similar agreement or arrangement, other than
any such agreement entered into in the Ordinary Course of Business the principal purpose of which is not to address Taxes. 
 (e) No
agreement, waiver, extension or consent regarding the application of the statute of limitations with respect to any material Taxes or Tax Returns of or with respect to the Transferred Subsidiaries is outstanding, nor is there pending any request for
such an agreement, waiver, extension or consent. 
 (f) None of the Transferred Subsidiaries has entered into, participated in or engaged in
any “listed transaction” (as defined in Treasury Regulations Section 1.6011-4(b) or any similar provision under any state, local or foreign Tax Law). 

(g) The representation and warranties set forth in this Section 3.13 are the sole and exclusive representations and
warranties with respect to Taxes. 
 Section 3.14 Environmental Matters. Except as would not be reasonably be expected to be
material to the business of the Transferred Subsidiaries, taken as a whole: 
 (a) As of the date hereof, the Transferred Subsidiaries are
in compliance in all respects with all applicable Environmental Laws, which compliance includes the possession of, and compliance with the terms of, all Environmental Permits required by the Transferred Subsidiaries in the Ordinary Course of
Business except as has not had, or would be reasonably expected not to have, a Material Adverse Effect. There is no claim or action currently pending or, to the Knowledge of Seller, threatened, that is or would reasonably be expected to result in
the cancellation, revocation or other adverse or limiting modification of any such Environmental Permit. 
 (b) There is no Environmental
Claim pending or, to the Knowledge of Seller, threatened against or affecting any Transferred Subsidiary that would be reasonably expected to have a Material Adverse Effect. There are no environmental conditions, including the presence of any
Hazardous Material at the Real Property, which would be reasonably likely to form the basis of any Liability of any Transferred Subsidiary or of any Environmental Claim against or affecting any Transferred Subsidiary that would be reasonably
expected to have, a Material Adverse Effect. 
 Section 3.15 Material Contracts. 

  
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 (a) Except as set forth on Section 3.15(a) of the Disclosure
Letter, none of Seller or any Transferred Subsidiary is a party to any Contract required to be filed by Seller as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the
Securities Act (a “Material Contract”) that has not been so filed; provided, that the following Contracts shall not be deemed a “Material Contract” for any purposes under this Agreement: (1) any Employee Benefit Plan,
(2) any Contract between Seller, on the one hand, and one or more Transferred Subsidiaries, on the other hand, or between one or more Transferred Subsidiaries, (3) any Lease for Leased Real Property and (4) any Contracts to which
Buyer is a party. 
 (b) Except as a result of the commencement of the Chapter 11 Cases, each material Contract of the Transferred
Subsidiaries and each of the Leases for Leased Real Property is in full force and effect and is a valid, binding and enforceable obligation of the applicable Transferred Subsidiary and, to the Knowledge of Seller, each of the other parties thereto,
except as may be limited by the Enforceability Exceptions. Except as set forth on Section 3.15(b) of the Disclosure Letter, or as would not reasonably be expected to be material to the business of the Transferred
Subsidiaries, taken as a whole, no Transferred Subsidiary is in default, or is alleged in writing by the counterparty thereto to have breached or to be in default, under any Lease for Leased Real Property or Contract of the Transferred Subsidiaries,
and, to the Knowledge of Seller, the other party to each Lease for Leased Real Property or Contract of the Transferred Subsidiaries is not in default thereunder. No Leases for Leased Real Property or Contract of the Transferred Subsidiaries has been
canceled or otherwise terminated, and none of Seller nor any Transferred Subsidiary, has received any written notice from any Person regarding any such cancellation or termination. 

Section 3.16 Certain Payments. Since the Compliance Date, none of Seller or the Transferred Subsidiaries (nor, to the Knowledge of
Seller, any of their respective Representatives) (a) has used or is using any corporate funds for any illegal contributions, gifts, entertainment or other unlawful expenses relating to political activity; (b) has used or is using any
corporate funds for any direct or indirect unlawful payments to any foreign or domestic governmental officials or employees; (c) has violated or is violating any provision of any applicable anti-money laundering, anti-bribery, or
anti-corruption Law; (d) has established or maintained, or is maintaining, any unlawful fund of corporate monies or other properties; or (e) has made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful payment
of any nature. 
 Section 3.17 Insurance. Each material insurance policy maintained by the Transferred Subsidiaries on the
properties, assets, products, business or personnel of the Transferred Subsidiaries is legal, valid, binding, enforceable by such Transferred Subsidiary, and in full force and effect, and all premiums with respect thereto covering all periods up to
and including the date hereof have been paid, and no notice of cancellation or termination has been received with respect to any such insurance policy. 

Section 3.18 Brokers. Except for the Banker’s Fees, no broker, finder or investment banker is entitled to any brokerage,
finder’s or other fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of Seller or the Transferred Subsidiaries. 

  
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 Section 3.19 Locked Box Accounts and No Leakage. 

(a) Each of the Locked Box Accounts have been prepared in accordance with the applicable accounting principles set forth therein as applied on
a consistent basis throughout the periods indicated therein. 
 (b) The Locked Box Accounts have been prepared with due care and attention
and do not materially misstate the financial position of any of the Transferred Subsidiaries as of the Locked Box Accounts Date or their performance and results of operations for the twelve (12) months period ended on the Locked Box Accounts
Date. 
 (c) No Transferred Subsidiary has factored any of its debts or engaged in financing of a type which would not be required to be
shown or reflected in the Locked Box Accounts under the accounting principles set forth therein. 
 (d) At any time from the Locked Box
Accounts Date up to and including the date of this Agreement, there has been no Leakage other than any Permitted Leakage. 
 (e) As of the
Closing Date, at any time from the date hereof up to and including the Closing Date, there shall be no Leakage other than any Permitted Leakage. 

Section 3.20 Exclusivity of Representations and Warranties. Notwithstanding the delivery or disclosure to Buyer or any of its
Affiliates or Representatives of any documentation or other information (including any financial projections or other supplemental data), except for the representations and warranties expressly set forth in this Article III, none of Seller or
the Transferred Subsidiaries makes, or has made, (and Seller and each Transferred Subsidiary, and their respective Affiliates and Representatives, hereby disclaims) any express or implied representation or warranty with respect to any Transferred
Subsidiary or with respect to the accuracy or completeness of any information provided, or made available, to Buyer or any of its Affiliates or Representatives, and Buyer and its Representatives are not relying on any representation, warranty or
other information of Seller or any Person except for those expressly set forth in this Article III. None of Seller or the Transferred Subsidiaries makes (and Seller and each Transferred Subsidiary, and their respective Affiliates and
Representatives, hereby disclaim) any express or implied representation or warranty (including as to completeness or accuracy) to Buyer with respect to, and none of Seller or the Transferred Subsidiaries or any other Person shall be subject to any
liability to Buyer or any other Person resulting from, Seller or any Transferred Subsidiary or their respective Representatives providing, or making available, to Buyer or any of its Affiliates or its Representatives, or resulting from the omission
of, any estimate, projection, prediction, data, budget, forecast, financial information, memorandum, prospect information, presentation or any other materials or information, including any oral, written, video, electronic or other materials or
information presented to or made available to Buyer in connection with presentations by Seller’s management or information made available on any “data sites” or in the course of their due diligence investigation of the Transferred
Subsidiaries, the negotiation of this Agreement or the course of the transactions contemplated by this Agreement. 

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF BUYER 

Buyer represents and warrants to Seller as follows: 

Section 4.1 Organization. Buyer is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its
organization and has all necessary corporate (or equivalent) power and authority to perform its obligations hereunder and under any Ancillary Agreement. 

Section 4.2 Authority. Buyer has the power and authority to execute and deliver this Agreement and each of the Ancillary
Agreements to which it will be a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by Buyer of this Agreement and each of the
Ancillary Agreements to which it will be a party and the consummation by Buyer of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action and this Agreement has been, and upon its
execution each of the Ancillary Agreements to which Buyer will be a party will have been, duly executed and delivered by Buyer and assuming due execution and delivery by each of the other Parties and thereto, this Agreement constitutes, and upon its
execution each of the Ancillary Agreements to which Buyer will be a party will constitute, the legal, valid and binding obligations of Buyer, enforceable against Buyer in accordance with its respective terms, except as enforcement may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at law). 

Section 4.3 No Conflict; Required Filings and Consents. 

(a) Assuming that (w) requisite Bankruptcy Court approvals are obtained, (x) the notices, authorizations, approvals, Orders, permits
or consents set forth on Section 3.3(b) of the Disclosure Letter are made, given or obtained (as applicable), (y) any filings required by any applicable federal or state securities or “blue sky” Laws are made and
(z) the Requisite Filings have been completed and the SAFE Approval has been obtained, the execution, delivery and performance by Buyer of this Agreement and each of the Ancillary Agreements to which Buyer will be a party, and the consummation
of the transactions contemplated hereby and thereby, or compliance by Buyer with any of the provisions hereof, do not and will not: 

(i) conflict with the Organizational Documents of Buyer; 

(ii) conflict with or violate any Law applicable to Buyer or by which any property or asset of Buyer is bound or affected; 

(iii) conflict with or violate any Order of any Governmental Authority; or 

  
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 (iv) conflict with, result in any breach of, constitute a default (or an
event that, with notice or lapse of time or both, would become a default) under, or give rise to a right of termination, modification, notice or cancellation or require any consent of any Person pursuant to, any Contract to which Buyer is a party.

 (b) Buyer is not required to file, seek or obtain any notice, authorization, approval, order, permit or consent of or with any
Governmental Authority in connection with the execution, delivery and performance by Buyer of this Agreement and each of the Ancillary Agreements to which it will be a party or the consummation of the transactions contemplated hereby or thereby,
except for the Requisite Filings, the SAFE Approval and any filings required to be made under Antitrust Laws. 
 Section 4.4 Absence
of Litigation. There is no Action pending or, to the knowledge of Buyer, threatened in writing, against Buyer that, if adversely determined, (a) would prevent or materially restrict, impede or delay the performance by Buyer of its
obligations under this Agreement or (b) would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of Buyer to perform its obligations under this Agreement. 

Section 4.5 Qualification. To the knowledge of Buyer, there exist no facts or circumstances that would cause, or be reasonably
expected to cause, Buyer and/or its Affiliates not to qualify as “good faith” purchasers under Section 363(m) of the Bankruptcy Code. 

Section 4.6 Legal Requirements and Approvals. Buyer has no knowledge of any consent of any Governmental Authority that will be
required to consummate the transactions contemplated by this Agreement that it will not be able to obtain or make, or that it may obtain only after substantial delay, or any material requirement of any Governmental Authority that it will be unable
to satisfy in connection with the transactions contemplated hereby. 
 Section 4.7 Investment Intent. Buyer acknowledges that
neither the offer nor the sale of the Transferred Stock has been registered under the Securities Act of 1933, as amended (together with the rules and regulations promulgated thereunder, the “Securities Act”) or under any state or
foreign securities Laws. Buyer is acquiring the Transferred Stock for its own account for investment, without a view to, or for a resale in connection with, the distribution thereof in violation of the Securities Act or any applicable state or
foreign securities Laws and with no present intention of distributing or reselling any part thereof. 
 Section 4.8 Brokers. No
broker, finder or investment banker is entitled to any fee, commission or expense from Buyer that would be payable by Seller in connection with the transactions contemplated hereby. 

Section 4.9 Sufficient Funds. Buyer will have available to it at all times through the Closing sufficient funds to satisfy all
obligations of Buyer under this Agreement, including the payment of the Purchase Price and any associated expenses including to pay all fees, costs and expenses to be paid by Buyer related to the transactions contemplated hereby. 

  
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 Section 4.10 Solvency. Immediately after giving effect to the transactions
contemplated by this Agreement and the Ancillary Agreements (including the payment of the Purchase Price and the payment of all related fees and expenses), (i) Buyer and its Affiliates will not have incurred debts beyond their ability to pay such
debts as they mature or become due, (ii) the then present fair saleable value of the assets of Buyer and its Affiliates will exceed the amount that will be required to pay their existing debts (including the probable amount of all contingent
liabilities) as such debts become absolute and matured, (iii) the assets of Buyer and its Affiliates at a fair valuation will exceed their debts (including the probable amount of all contingent liabilities) and (iv) Buyer and its
Affiliates will not have unreasonably small capital to carry on their business as proposed to be conducted following the Closing. No transfer of property is being made and no obligation is being incurred in connection with the transactions
contemplated hereby, in either case, with the intent to hinder, delay or defraud either present or future creditors of Buyer and its Affiliates. 

Section 4.11 Exclusivity of Representations and Warranties. 

(a) Except for the representations and warranties expressly set forth in this Article IV, neither Buyer nor any other Person on behalf
of Buyer makes (and Buyer, on behalf of itself, its Subsidiaries, and their respective Affiliates and Representatives, hereby disclaims), and Seller has not relied on, any express or implied representation or warranty with respect to Buyer, its
Subsidiaries or any of their respective businesses, operations, properties, assets, liabilities or otherwise in connection with this Agreement or the transactions contemplated hereby, including as to the accuracy or completeness of any information.

 (b) Except for the representations and warranties expressly set forth in Article III, Buyer acknowledges and agrees that
(x) none of Seller or the Transferred Subsidiaries or any other Person on behalf of Seller makes, or has made, any express or implied representation or warranty, at law or in equity, with respect to Seller, the Transferred Stock or the
Transferred Subsidiaries or with respect to the accuracy or completeness of any information provided, or made available, to Buyer or any of its Affiliates or Representatives, including with respect to its business, operations, assets, liabilities,
conditions (financial or otherwise), prospects or otherwise in connection with this Agreement or the transactions contemplated by this Agreement, including any representation or warranty as to value, merchantability, fitness for any particular
purpose or for ordinary purposes, and Buyer and its Representatives are not relying on any written or oral statement, representation, warranty, guaranty or other information of Seller or any Person except for those expressly set forth in Article III
and (y) no person has been authorized by Seller or the Transferred Subsidiaries or any other Person on behalf of Seller to make any representation or warranty relating to the Transferred Stock or any Transferred Subsidiary in connection with
this Agreement, and if made, such representation or warranty shall not be relied upon by Buyer as having been authorized by such entity. Without limiting the generality of the foregoing, Buyer acknowledges and agrees that none of Seller or the
Transferred Subsidiaries or any other Person has made a representation or warranty (including as to completeness or accuracy) to Buyer with respect to, and none of Seller or the Transferred Subsidiaries or any other Person shall be subject to any
liability to Buyer or any other Person resulting from, Seller or the Transferred Subsidiaries or their respective Representatives providing, or making available, to Buyer or any of its Affiliates or their respective Representatives, or resulting
from the omission of, any estimate, projection, prediction, data, financial information, memorandum, presentation or any other materials or information, including any materials or information made available to Buyer and/or its Representatives in
connection with presentations by Seller’s management or information made 

  
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available on any “data sites.” Buyer acknowledges that it has conducted, to its satisfaction, its own independent investigation of the condition (financial or otherwise), operations and
business of the Transferred Subsidiaries and, in making its determination to proceed with the transactions contemplated by this Agreement, Buyer has relied solely on the results of its own independent investigation and representations and warranties
set forth in Article III and has not relied directly or indirectly on any materials or information made available to Buyer and/or its Representatives by or on behalf of Seller. Buyer acknowledges that, should the Closing occur, Buyer shall
acquire the Transferred Stock and the Transferred Subsidiaries without any surviving representations or warranties, on an “as is” and “where is” basis. 

ARTICLE V 

BANKRUPTCY COURT MATTERS 

Section 5.1 Debtors-in-Possession. As of the date
hereof through the Closing, Debtors shall continue to operate their businesses as debtors-in-possession pursuant to the Bankruptcy Code. 

Section 5.2 Sale Order. The Sale Order shall (i) be substantially in the form attached hereto as Exhibit A or
otherwise in form and substance reasonably acceptable to Buyer and Seller and (ii) among other things, (a) approve, pursuant to Sections 105, 363, and 365 of the Bankruptcy Code, (i) the execution, delivery and performance by Seller
of this Agreement, (ii) the sale of the Transferred Stock to Buyer on the terms set forth herein and free and clear of all Encumbrances (other than any transfer restrictions created under any applicable securities Laws), and (iii) the
performance by Seller of its obligations under this Agreement; (b) find that Buyer is a “good faith” purchaser within the meaning of Section 363(m) of the Bankruptcy Code and the sale is entitled to the protections afforded under
Section 363(m) of the Bankruptcy Code; and (c) find that Buyer did not engage in any conduct which would allow this Agreement to be set aside pursuant to Section 363(n) of the Bankruptcy Code. 

Section 5.3 Cooperation with Respect to Bankruptcy Court Approvals. Buyer shall take such actions as are reasonably requested by
Seller to assist in obtaining entry by the Bankruptcy Court of the Sale Order, including furnishing affidavits or other documents or information for filing with the Bankruptcy Court for purposes of, among other things: (a) demonstrating that
Buyer is a “good faith” purchaser within the meaning of Section 363(m) of the Bankruptcy Code; and (b) establishing “adequate assurance of future performance” within the meaning of Section 365 of the Bankruptcy
Code. 
 Section 5.4 Bidding Procedures Order. Buyer shall comply with the Bidding Procedures Order, including with respect to
serving as a “Backup Bidder” (as defined therein). 
 Section 5.5 Bankruptcy Court Filings. Seller shall consult with
Buyer concerning the Sale Order and any other Orders of the Bankruptcy Court entered after the date hereof relating to the transactions contemplated herein, and the bankruptcy proceedings in connection therewith, and provide Buyer with copies of any
material applications, pleadings, notices, proposed Orders and other documents to be filed by Seller in the Chapter 11 Case that relate in any material respect to this Agreement, the Transferred Stock or Buyer prior to the making of any such filing
or submission to the Bankruptcy Court. 

  
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 ARTICLE VI 

COVENANTS 

Section 6.1 Conduct of Transferred Subsidiaries Prior to the Closing. From the date of this Agreement until the Closing Date or
earlier termination of this Agreement, 
 (a) except (1) as otherwise expressly permitted, contemplated or required by this Agreement,
(2) as expressly set forth in Section 6.1 of the Disclosure Letter, (3) as required by, arising out of, or resulting from the Chapter 11 Case or otherwise required by Law (including the Bankruptcy Code) or
required or approved by any Order, (4) for any limitations on operations imposed by the Bankruptcy Court or the Bankruptcy Code or the DIP Credit Agreements, (5) as affected by or taken in good faith in response to any COVID-19 Measure; or (6) with the prior written consent of Buyer (which shall not be unreasonably withheld, conditioned or delayed); provided, that, in the case of this clause (6), if Buyer fails to
respond to a request from Seller for consent required pursuant to this Section 6.1 within ten (10) Business Days after receipt of Seller’s request, Buyer’s approval of such action shall be deemed granted,
from the date of this Agreement until the Closing Date or earlier termination of this Agreement, Seller shall cause the Transferred Subsidiaries to use commercially reasonable efforts to operate in the Ordinary Course of Business and preserve the
material business relationships with customers, suppliers, distributors and others with whom the Transferred Subsidiaries deal in the Ordinary Course of Business; and 

(b) except (1) as otherwise expressly permitted, contemplated or required by this Agreement, (2) as expressly set forth in
Section 6.1 of the Disclosure Letter, (3) as required by, arising out of, or resulting from the Chapter 11 Case or otherwise required by Law (including the Bankruptcy Code) or required or approved by any Order,
(4) for any limitations on operations or requirements imposed by the Bankruptcy Court or the Bankruptcy Code or the DIP Credit Agreements, (5) as affected by or taken in good faith in response to any
COVID-19 Measure; or (6) with the prior written consent of Buyer (which shall not be unreasonably withheld, conditioned or delayed); provided, that, in the case of this clause (6), if Buyer fails
to respond to a request from Seller for consent required pursuant to this Section 6.1 within ten (10) Business Days after receipt of Seller’s request, Buyer’s approval of such action shall be deemed granted,
from the date of this Agreement until the Closing Date or earlier termination of this Agreement, Seller shall not, and shall cause the Transferred Subsidiaries not to: 

(i) sell, transfer, lease, sublease, encumber or otherwise dispose of any material assets of a Transferred Subsidiary, other
than in the Ordinary Course of Business and on an arm’s length basis; 
 (ii) issue, sell, grant, pledge, dispose or
transfer any equity interests in any Transferred Subsidiary; 

  
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 (iii) acquire any corporation, partnership, limited liability company, other
business organization or division thereof related to or affecting the Transferred Subsidiaries, except (i) acquisitions in all material respects in the Ordinary Course of Business of such Transferred Subsidiary, or (ii) acquisitions
pursuant to Contracts in existence on the date of this Agreement; 
 (iv) merge or consolidate any Transferred Subsidiary
with or into any legal entity, dissolve, liquidate or otherwise terminate its existence; 
 (v) split, combine, consolidate,
subdivide or reclassify any of the capital stock, other equity interests or voting securities, or securities convertible into or exchangeable or exercisable for capital stock or other equity interests or voting securities, or issue or authorize the
issuance of any other securities in respect of, in lieu of or in substitution for its capital stock, other equity interests or voting securities, in each case, of any Transferred Subsidiary; 

(vi) declare, set aside or pay any dividend or other distribution (whether in cash, stock or property or any combination
thereof) in respect of any securities of any Transferred Subsidiary, other than dividends or distributions between or among the Transferred Subsidiaries; 

(vii) repurchase, redeem or otherwise acquire, or offer to repurchase, redeem or otherwise acquire, any capital stock or voting
securities of, or equity interests in, any Transferred Subsidiary or any securities of any Transferred Subsidiary convertible into or exchangeable or exercisable for capital stock or voting securities of, or equity interests in, any Transferred
Subsidiary, or any warrants, calls, options or other rights to acquire any such capital stock, securities or interests, other than any transfers among Transferred Subsidiaries; 

(viii) amend the Organizational Documents of any Transferred Subsidiary, except as may be required by the rules and regulations
of the Governmental Authorities in the jurisdictions in which any Transferred Subsidiary is organized or incorporated; 

(ix) enter into any joint venture agreement that involves a sharing of profits, cash flows, expenses or losses with other
Persons related to or affecting the Transferred Subsidiaries; 
 (x) with respect to any Transferred Subsidiary, waive in any
material respect any term of, or waive any material default under, or release, settle or compromise any material claim by or against any Transferred Subsidiary or material liability or obligation owing to any Transferred Subsidiary under, any
Material Contract; 
 (xi) with respect to any Transferred Subsidiary, change, make or revoke any material Tax election,
change any material method of accounting with respect to Taxes, or file any amended Tax Return; 

  
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 (xii) with respect to any Transferred Subsidiary, make or adopt any material
change in any method of accounting or accounting practice or policy, except as may be required by applicable Law or GAAP (or interpretations thereof) or as may be required or permitted by a change in the foregoing (whether occurring before or after
the date of this Agreement); 
 (xiii) with respect to any Transferred Subsidiary, fail to maintain in full force and effect
existing insurance policies; 
 (xiv) with respect to any Transferred Subsidiary, make any loans, advances or capital
contributions to, or investments in, any other Person (other than to another Transferred Subsidiary in the Ordinary Course of Business); 

(xv) incur any indebtedness for borrowed money, enter into any capital lease or guarantee any such indebtedness except for
indebtedness under the China Facility and indebtedness incurred by Seller under the AFI Credit Agreement, the AFI Term Loan Agreement, or the DIP Credit Agreements; 

(xvi) with respect to any Transferred Subsidiary, sell, lease (as lessor), license (as licensor), mortgage, sell and leaseback
or otherwise subject to any Encumbrance, or otherwise dispose of any material properties or assets or any material interests therein other than (1) in the Ordinary Course of Business and on an arm’s length basis; (2) pursuant to
Contracts in existence on the date of this Agreement; (3) in transactions between or among Transferred Subsidiaries; (4) to secure indebtedness for borrowed money under the China Facility; or (5) pursuant to any lease, sublease or
other use or occupancy agreement or arrangement to which such Transferred Subsidiary is party as lessor, sublessor or in a similar capacity with respect to any applicable Owned Real Property in the Ordinary Course of Business; 

(xvii) in each case solely with respect to the Transferred Employees, (1) make or grant any general or special wage or
salary increase (other than standard merit increases in the Ordinary Course of Business), (2) increase the level of benefits under any Employee Benefit Plan, (3) take any action with respect to the grant of any material severance or termination
pay (other than pursuant to Employee Benefit Plans in effect on the date of this Agreement), (4) adopt, amend or terminate any Employee Benefit Plan, other than in the Ordinary Course of Business, and (5) enter into any material employment,
consulting or similar agreement or amend any existing employment agreement; or 
 (xviii) agree or commit to any of the
foregoing. 
 Without in any way limiting any Party’s rights or obligations under this Agreement, the Parties understand and agree that
(i) nothing contained in this Agreement shall give Buyer, directly or indirectly, the right to control or direct the operations of Seller, or the Transferred Subsidiaries prior to the Closing and (ii) prior to the Closing, Seller shall
exercise, consistent with, and subject to, the terms and conditions of this Agreement, complete control and supervision over the Transferred Subsidiaries and their operations. 

Section 6.2 Covenants Regarding Information. 

  
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 (a) Subject to the Bidding Procedures and applicable Law, from the date hereof until the
Closing Date or earlier termination of this Agreement, upon reasonable request, Seller shall afford Buyer and its Representatives reasonable access to the properties, offices, plants and other facilities, books and records (including Tax books and
records) of the Transferred Subsidiaries and shall furnish Buyer with such financial, operating and other data and information, and access to all the officers, employees, accountants and other Representatives of the Transferred Subsidiaries, as
Buyer may reasonably request in connection with the transactions contemplated by this Agreement. Notwithstanding anything to the contrary in this Agreement, Seller shall not be required to provide access to or disclose any information to Buyer or
its Representatives if (i) such access or disclosure is prohibited pursuant to the terms of a confidentiality agreement with a third party entered into prior to the date hereof, (ii) such access or disclosure would violate applicable Law,
or (iii) such access or disclosure would adversely affect any attorney-client or other legal privilege or contravene any applicable Laws (the “Disclosure Limitations”); provided that the Parties shall reasonably
cooperate in seeking to find a way to allow disclosure of such information to the extent doing so would not (in the good faith belief of Seller after consultation with outside counsel) violate any such confidentiality agreement or applicable Law, or
cause such privilege to be undermined with respect to such information. 
 (b) The information provided pursuant to this
Section 6.2 prior to Closing will be used solely for the purpose of effecting the transactions contemplated hereby, and will be governed by the terms and conditions of the Confidentiality Agreement, which Confidentiality
Agreement shall not terminate upon the execution of this Agreement notwithstanding anything to the contrary therein. Seller does not make any representation or warranty as to the accuracy of any information, if any, provided pursuant to this
Section 6.2, and Buyer may not rely on the accuracy of any such information. 
 (c) From and after the Closing,
until the closing of the Chapter 11 Case, Buyer will provide Seller and its Representatives, with reasonable access, during normal business hours, and upon reasonable advance notice, subject to reasonable denials of access or delays to the extent
any such access would unreasonably interfere with the operations of Buyer or the business of the Transferred Subsidiaries, to the books and records, including work papers, schedules, memoranda, and other documents (for the purpose of examining and
copying) of the Transferred Subsidiaries with respect to periods or occurrences prior to the Closing Date, for the purposes of (i) complying with the requirements of any Governmental Authority, including the Bankruptcy Court, (ii) the
closing of the Chapter 11 Case and the wind down of Seller’s estate (including reconciliation of claims and preparation of Tax Returns or other Tax proceedings and the functions of any trusts established under a Chapter 11 plan of Seller or any
other successors of Seller), (iii) complying with applicable Laws or (iv) other reasonable business purposes; provided that Buyer shall not be obligated to provide any such access that would, in the reasonable, good faith judgment of
Buyer, conflict with the Disclosure Limitations. Unless otherwise consented to in writing by Seller, Buyer will not, for a period of three (3) years following the Closing Date, destroy, alter or otherwise dispose of any of such books and
records without first offering to surrender to Seller such books and records or any portion thereof that Buyer may intend to destroy, alter or dispose of. 

Section 6.3 Employee Matters.  

  
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 (a) Except with the prior written consent of Buyer, Seller shall not transfer the employment
of any Transferred Employee out of the relevant Transferred Subsidiary that employs them as of the date of this Agreement, and shall not change their then current terms and conditions of employment, except as otherwise permitted by this Agreement.
Buyer shall, or shall cause one of its Affiliates to continue the employment as of the Closing of each then-current Transferred Employee who is employed by a Transferred Subsidiary as of immediately prior to the Closing, and provide compensation and
benefits to such Transferred Employees, in each case consistent with the requirements of applicable Law, and otherwise on the terms set forth in this Section 6.3. 

(b) Buyer shall, and shall cause its Affiliates to, provide each Transferred Employee with credit for such Transferred Employee’s service
with any Transferred Subsidiary or their Affiliates or predecessors prior to the Closing for all purposes, including for purposes of eligibility and determination of level of benefits, under any benefit plan sponsored or maintained by Buyer or any
of their Affiliates in which such Transferred Employee is eligible to participate on or following the Closing Date (each, a “Buyer Plan”); provided, however, that such service shall not be recognized to the extent that
such recognition would result in a duplication of benefits. With respect to each Buyer Plan that is a health or welfare plan, Buyer shall, and shall cause its Affiliates to use commercially reasonable efforts to, (i) waive any limitation on
health and welfare coverage of such Transferred Employees due to pre-existing conditions, waiting periods, active employment requirements and requirements to show evidence of good health and (ii) credit
each such Transferred Employee with all deductible payments, co-payments and co-insurance paid by such Transferred Employee under any Employee Benefit Plan prior to the
Closing during the year in which the Closing occurs for the purpose of determining the extent to which any such Transferred Employee has satisfied any applicable deductible and whether such Transferred Employee has reached the out-of-pocket maximum for such year. 
 (c) Without limitation of
Section 10.8, nothing express or implied in this Section 6.3 or this Agreement shall (i) confer upon any Transferred Employee, or legal representative or beneficiary thereof, any rights or
remedies, including any right to employment or benefits for any specified period, of any nature or kind whatsoever, under or by reason of this Agreement, (ii) be treated as an amendment to, or prevent the termination of any Employee Benefit
Plan, Buyer Plan or any other employee benefit plan, program, arrangement or agreement sponsored or maintained by Buyer, Seller or their respective Affiliates, as applicable, or (iii) obligate Buyer, Seller or any of their respective Affiliates
to maintain any particular employee benefit plan, program or arrangement. 
 (d) Prior to the Closing, any written or material oral
communications proposed to be delivered by Buyer or an Affiliate of Buyer to any Transferred Employee regarding such employees’ level of (or rights with respect to) continued employment or benefits or compensation at or after Closing will be
subject to the prior written approval of Seller, which will not be unreasonably withheld, conditioned or delayed; provided that in all cases, Seller will be given no less than three (3) Business Days to review and comment on any such
communications. If Seller does not comment within five (5) Business Days after receipt of such request for approval from the Buyer, Seller’s approval of such action shall be deemed granted. 

Section 6.4 Consents and Filings; Further Assurances. 

  
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 (a) Subject to the terms and conditions of this Agreement, each of the Parties shall, and
shall cause its Subsidiaries to, cooperate with each other Party to, promptly (i) take, or cause to be taken, any and all actions, and to do, or cause to be done, all things necessary, proper or advisable under applicable Law or otherwise to
consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement and the Ancillary Agreements, including taking, or causing to be taken, all actions, and doing, or causing to be done, all
things necessary to obtain all necessary waivers, consents and approvals and effecting all necessary registrations and filings, including all necessary waivers, consents and approvals from any third-party Person. Without limiting the generality of
the previous sentence, the Parties shall (i) cooperate with each other party hereto to take, or cause to be taken, any and all actions, and to do, or cause to be done, all things necessary, appropriate or desirable to obtain from Governmental
Authorities all consents, approvals, clearances, expiration or termination of waiting periods, authorizations, qualifications and orders as are necessary for the consummation of the transactions contemplated by this Agreement and the Ancillary
Agreements; (ii) as promptly as practicable, make all necessary filings, and thereafter make any other required submissions, with respect to this Agreement required under any applicable Law, including any Antitrust Law; (iii) take, or
cause to be taken, all actions, and do, or cause to be done, all things necessary, proper or advisable under applicable Laws to comply at the earliest practicable date with any request under any Antitrust Law, for additional information, documents
or other materials received by each of them or any of their respective Subsidiaries from the Federal Trade Commission, the Antitrust Division of the United States Department of Justice or any other Governmental Authority in respect of such filings
(collectively, an “Antitrust Authority”); (iv) cooperate with each other in connection with any such filing or request (including, to the extent permitted by applicable Law, providing copies of all such documents to the non-filing parties prior to filing and considering all reasonable additions, deletions or changes suggested in connection therewith) and in connection with resolving any investigation or other inquiry of any of the
Antitrust Authorities under any Antitrust Law with respect to any such filing; (v) (1) take all other actions necessary, proper or advisable to cause the expiration or termination of the applicable waiting periods under any Antitrust Law as
soon as possible or (2) not enter into any agreement with an Antitrust Authority not to consummate the transactions contemplated hereby; and (vi) take any and all steps not prohibited by applicable Law to defend and resolve any
investigation or other inquiry of any Governmental Authority under all applicable Laws, including by defending against and contesting administratively and in court any litigation or adverse determination initiated or made by a Governmental Authority
under applicable Law. This Section 6.4(a) does not apply with respect to Taxes. 
 (b) In furtherance of the
foregoing Section 6.4(a), each of the Parties shall promptly notify the other Parties of, and if in writing, furnish the other Parties with copies of (or, in the case of oral communications, advise the others of the
contents of) any material communication it or any of its Affiliates receives from any Governmental Authority relating to the matters that are the subject of this Agreement and permit the other Parties to review in advance any proposed communication
by such Party to any Governmental Authority (other than any material or communication relating to the Requisite Filings or the SAFE Approval). No Party shall agree to participate in any meeting with any Governmental Authority in respect of any
filings, investigation or other inquiry unless it consults with the other Parties in advance and, to the extent permitted by such Governmental Authority, gives the other Parties and their respective counsel the

  
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opportunity to attend and participate at such meeting. The Parties will coordinate and cooperate fully with each other in exchanging such information and providing such assistance as the other
Parties may reasonably request in connection with the foregoing and in seeking early termination or expiration of any applicable waiting periods. Subject to applicable Law and except for any material or communication relating to the Requisite
Filings or the SAFE Approval, the Parties will provide each other with copies of all correspondence, filings or communications between them or any of their Representatives, on the one hand, and any Governmental Authority or members of its staff, on
the other hand, with respect to this Agreement and the transactions contemplated hereby. This Section 6.4(b) does not apply with respect to Taxes. 

(c) From time to time, whether at or following the Closing, Seller and Buyer shall execute, acknowledge and deliver all such further
conveyances, notices, assumptions and releases and such other instruments, and shall take such further actions, as may be necessary or appropriate to vest in Buyer all the right, title, and interest in, to or under the Transferred Stock, to provide
Buyer and Seller all rights and obligations to which they are entitled and subject pursuant to this Agreement and the Ancillary Agreements, and to otherwise make effective as promptly as practicable the transactions contemplated by this Agreement
and the Ancillary Agreements. Each of the Parties will take, or cause to be taken, all actions, and do, or cause to be done, all things necessary, proper or advisable under applicable Laws to cause all of the obligations imposed upon it in this
Agreement to be duly complied with and to cause all conditions precedent to such obligations to be satisfied. Notwithstanding the foregoing, nothing in this Section 6.4 shall (a) require Seller or any of its Affiliates to make any expenditure
or incur any obligation on their own or on behalf of Buyer (unless funds in the full amount thereof are advanced to Seller in cash) or (b) prohibit Seller or any of its Affiliates from ceasing operations or winding up its affairs following the
Closing. 
 (d) Subject to any approval of the Bankruptcy Court that may be required, Seller and Buyer shall cooperate with each other and,
as promptly as practicable after the date of this Agreement, take, or cause to be taken, all actions, and do, or cause to be done, all things necessary, proper or advisable under applicable Laws to obtain the transfer or reissuance to Buyer of all
Environmental Permits necessary to lawfully own and operate the Transferred Subsidiaries. The Parties shall take, or cause to be taken, all actions, and do, or cause to be done, all things necessary, proper or advisable under applicable Laws to
(i) respond promptly to any requests for additional information made by such agencies, (ii) participate in any hearings, settlement proceedings or other proceedings ordered with respect to applications to transfer or reissue such
Environmental Permits, and (iii) cause regulatory approval to be obtained as soon as practicable after the date of filing. Each Party will bear its costs of the preparation and review of any such filing. Seller and Buyer shall have the right to
review in advance all characterizations of the information relating to the transactions contemplated by this Agreement which appear in any filing made in connection with any filings to transfer the Environmental Permits and the filing Party shall
consider in good faith any revisions reasonably requested by the non-filing Party. 
 (e) Following
Closing, Seller shall cooperate with Buyer’s reasonable requests with respect to the investigation and prosecution of any Actions related primarily to the business of the Transferred Subsidiaries (other than in connection with disputes between
the Parties), including taking, or causing to be taken, all actions, and doing, or causing to be done, all things 

  
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necessary, proper or advisable under applicable Laws to furnish all reasonably available information and testimony, to arrange discussions with, and the calling as witnesses of, officers,
directors, employees, agents and Representatives, and to provide other reasonable assistance in connection with any such Actions, with such cooperation to be at the cost and expense of Buyer. Without limiting this
Section 6.4, Buyer agrees to take any and all steps and to make any and all undertakings necessary to avoid or eliminate each and every impediment under any Law that may be asserted by any Governmental Authority with
respect to the transactions contemplated by this Agreement so as to enable the Closing to occur as soon as reasonably practicable, including proposing, negotiating, committing to, and effecting by consent decree, hold separate order, or otherwise,
the sale, divestiture, licensing, or disposition of such assets or businesses of Buyer (or its Subsidiaries or other Affiliates), any Transferred Subsidiary, or otherwise taking or committing to take actions that limit Buyer’s or its
Subsidiaries’ or Affiliates’ freedom of action with respect to, or their ability to retain, any of the businesses, product lines, or assets of Buyer (or its Subsidiaries or other Affiliates) or any Transferred Subsidiary, in each case, as
may be required in order to avoid the entry of, or to effect the dissolution of, any injunction, temporary restraining order, or other order in any suit or proceeding that would otherwise have the effect of preventing or delaying the Closing. 

Section 6.5 Certain Director and Officer Matters. 

(a) As soon as possible after the Closing Date, Buyer (i) shall adopt, or shall cause to be adopted, the required resolutions,
(ii) shall make, or shall cause to be made, the necessary applications or filings, (iii) shall cause each of the Transferred Subsidiaries to hold such corporate meetings, or (iv) take such other corporate actions (e.g., action
by written consent), in each case, as are necessary pursuant to applicable Laws or the Transferred Subsidiaries’ constitutive documents as in effect at the Closing to procure that those directors and officers of the Transferred Subsidiaries who
resign as of the Closing shall no longer be directors and/or officers of such Transferred Subsidiaries, that they shall be discharged in their respective function as directors and/or officers, and that the effect of such resignations shall be
registered with the relevant commercial or similar register, if any, as applicable, and Buyer shall vote all of the Transferred Stock, or cause the relevant Transferred Subsidiary to vote all of the voting shares of capital stock of any other
Transferred Subsidiary owned by such relevant Transferred Subsidiary, at such meetings or in such other corporate action in favor of the foregoing. 

(b) Buyer shall not initiate, and shall cause its Affiliates or any Transferred Subsidiary not to initiate, any civil or administrative
Proceeding of whatsoever nature against any present or former director or officer of the Transferred Subsidiaries, out of or in connection with the transactions contemplated by this Agreement, without prejudice to Buyer’s right to bring a Claim
or initiate a Proceeding against Seller under and in accordance with the terms and limitations of this Agreement. 
 (c) Buyer shall not
initiate, and shall cause its Affiliates or any Transferred Subsidiary not to initiate, any civil or administrative Proceeding of whatsoever nature against any present or former director or officer of the Transferred Subsidiaries, out of or in
connection with any acts or omissions of such person in connection with his position as a director, officer or employee of the Transferred Subsidiaries prior to the Closing, without prejudice to Buyer’s right to bring a Claim or initiate a
Proceeding against Seller under and in accordance with the terms and limitations of this Agreement. 

  
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 (d) In the event that any present or former director or officer of any Transferred
Subsidiary, is sued in or made party to or subject of (or is threatened to be sued in or made party to or subject of) any Proceeding out of or in connection with any acts or omissions of such person in connection with his position as a director,
officer or employee of any Transferred Subsidiary prior to the Closing, Buyer shall arrange that, subject to adequate measures regarding confidentiality (such as the execution of a customary confidentiality agreement), such director or officer shall
have reasonable access to non-privileged documents and information of the Transferred Subsidiaries as are in the possession of such Transferred Subsidiaries, and that such director and officer may make copies
of such documents at the actual cost of such copies, as are reasonably necessary for the defense of such Proceeding. 
 (e) Following the
Closing until the six (6) year anniversary thereof, Buyer shall (i) cause the Transferred Subsidiaries not to amend, repeal or otherwise modify the Transferred Subsidiaries’ Organizational Documents or, if any, Indemnification
Arrangements as in effect at the Closing, in any manner that would limit or otherwise adversely affect the rights thereunder of individuals who are or were directors or officers of the Transferred Subsidiaries prior to Closing and (ii) cause
the Transferred Subsidiaries to honor and pay the indemnification, advancement of expenses, and exculpation provisions of each of the Transferred Subsidiaries’ Organizational Documents or, if any, Indemnification Arrangements as in effect at
the Closing; provided that all rights to indemnification in respect of any Proceeding pending or asserted or any claim made within such period shall continue until the disposition of such Proceeding or resolution of such claim. Buyer shall
not cancel or otherwise reduce coverage under any “tail”, “run-off,” or other insurance policies purchased by Seller or the Transferred Subsidiaries prior to the Closing; provided
that no payments shall be required of the Transferred Subsidiaries or Buyer with respect to such policies after the Closing. 
 (f) This
Section 6.5 is intended to be for the benefit of each of the directors and officers described in this Section 6.5 and may be enforced by any such Person as if such Person were a party to this
Agreement. The obligations under this Section 6.5 will not be terminated or modified in such a manner as to adversely affect any Person to whom this Section 6.5 applies without the consent of such
affected Person. 
 (g) Buyer shall not initiate, and shall cause its Affiliates or any Transferred Subsidiary not to initiate, any civil or
administrative Proceeding related to preference claims under Chapter 5 of the Bankruptcy Code against any non-Seller party to any Material Contract. 

Section 6.6 Public Announcements. From the date hereof through the Closing Date, neither Buyer, on the one hand, nor Seller or any
Transferred Subsidiaries, on the other hand, shall issue any public report, statement, press release or otherwise make any public statement regarding this Agreement or the transactions contemplated hereby, without the prior written consent of Buyer
and Seller, unless otherwise required by applicable Law, in which case such Party shall coordinate and consult with the other Party with respect to the timing, basis, scope and content before issuing any such report, statement or press release;
provided, however, that nothing in this Section 6.6 shall delay any required filing or other disclosure with the SEC, the Bankruptcy Court, or any other 

  
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Governmental Authority or otherwise hinder either Seller’s or its Representatives’ ability to timely comply with all Laws (including the Bankruptcy Code) or rules and regulations of the
SEC or any other Governmental Authority including with respect to any public announcement, regulatory filing, statement or comment made in order to comply with applicable Laws (including the Bankruptcy Code) or rules of the SEC or any other
Governmental Authority in the reasonable judgment of Seller. 
 Section 6.7 Intellectual Property Matters and Covenant.
From the date hereof until the earlier of the termination of this Agreement or the Closing, the Parties shall use their commercially reasonable efforts: (a) to enter into the Trademark License Consent and (b) to include in the Trademark
License Consent a requirement that the AWI Licensors shall not use or grant any license to any third party (other than Buyer and the Transferred Subsidiaries) to use in any Covered Territory and in connection with the business of manufacturing,
distributing, marketing and selling Licensee Products and Services, any trademark, service mark or tradename that is similar to any of the Marks (as defined in the Trademark License Agreement) (other than with respect to Walls (as defined in the
Trademark License Agreement)). 
 Section 6.8 Communications with Customers and Suppliers. Prior to the Closing, Buyer shall
not, and shall cause its Affiliates and instruct its Representatives not to, contact, or engage in any discussions or otherwise communicate with, Seller’s or the Transferred Subsidiaries’ customers, suppliers, licensors, licensees and
other Persons with which Seller or the Transferred Subsidiaries have commercial dealings without obtaining the prior written consent of Seller (other than any such communication in the ordinary course of business of Buyer or its Affiliates without
reference to or any purpose relating to the Transferred Subsidiaries or the transactions contemplated by this Agreement), which consent shall not be unreasonably withheld, conditioned or delayed. 

Section 6.9 Intercompany Accounts and Arrangements. Effective prior to the Closing, all outstanding intercompany accounts, whether
payables or receivables, between Seller or any of its Subsidiaries (other than any Transferred Subsidiaries), on the one hand, and any of the Transferred Subsidiaries, on the other hand, shall be settled in full without any cash payment required to
be made, and shall be of no further force and effect, in each case, without Liability to the Transferred Subsidiaries or Seller at or after the Closing. 

Section 6.10 Intellectual Property License. 

(a) Effective as of the Closing Date, Seller, on behalf of itself and its Subsidiaries (other than the Transferred Subsidiaries), hereby
grants to Buyer a perpetual, irrevocable, sublicensable (for use in connection with the business of such Party and its Affiliates but not for the independent use by third parties), non-exclusive and
royalty-free license to the Diamond 10 IP for use, modification and other exploitation anywhere in the world. 
 (b) Effective as of the
Closing Date, Buyer, on behalf of the Transferred Subsidiaries, hereby grants to Seller a perpetual, irrevocable, sublicensable (for use in connection with the business of such Party and its Affiliates but not for the independent use by third
parties), non-exclusive and royalty-free license to the Diamond 10 IP for use, modification and other exploitation anywhere in the world. 

  
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 (c) The foregoing licenses granted in Section 6.10(a) and
Section 6.10(b) shall be freely assignable (in whole or in relevant part) by such Parties in connection with the sale or other transfer of any of the applicable assets or business of such Party or its Affiliates, including
in connection with the Chapter 11 Case. 
 ARTICLE VII 

TAX MATTERS 

Section 7.1 Transfer Taxes. Any and all transfer, stamp, registration, recording, filing, or other similar Taxes
(“Transfer Taxes”) payable solely as a result of the sale or transfer of the Transferred Stock pursuant to this Agreement shall be borne by Buyer. Seller and Buyer shall use commercially reasonable efforts and cooperate in good
faith to mitigate, reduce, or eliminate any such Transfer Taxes, and shall each sign and file (or cause its respective Affiliates to sign and file) all documentation with the relevant Governmental Authority relating to such Transfer Taxes as it may
be required to sign or file under applicable Law. Buyer shall prepare and file all necessary Tax Returns or other documents with respect thereto and shall promptly provide a copy of any such Tax Returns or other documents to Seller. Without limiting
the foregoing, Buyer shall, within the applicable time period required by schedule 1 to the Stamp Duty Ordinance (Cap. 117) of Hong Kong: (i) deliver the instruments of transfer and contract notes in respect of the shares of AFI Hong Kong, each
duly executed by Buyer and Seller, as applicable, together with all supporting documents, to the Hong Kong Inland Revenue Department (“IRD”) for assessment of the amount of stamp duty payable on the transfer of the shares of AFI
Hong Kong; and (ii) remit the full amount of the Hong Kong stamp duty to the IRD, on behalf of Buyer and Seller. 
 Section 7.2
Tax Cooperation. Buyer and Seller agree to furnish or cause to be furnished to each other, upon reasonable request, as promptly as practicable, such information (including access to books and records relating to Taxes) and assistance relating
to the Transferred Subsidiaries as is reasonably necessary for determining any Liability for Taxes, the filing of all Tax Returns, the making of any election relating to Taxes, the preparation for any audit by any Governmental Authority and the
prosecution or defense of any claim, suit or proceeding relating to any Tax. Any reasonable expenses incurred in furnishing such information or assistance pursuant to this Section 7.2 shall be borne by the Party requesting
it. 
 Section 7.3 Prohibited Actions. Following the Closing, Buyer shall not, and shall cause its Affiliates (including the
Transferred Subsidiaries) not to (a) make any entity classification election with respect to a Transferred Subsidiary pursuant to Treasury Regulations Section 301.7701-3, which election or change
would be effective on or prior to the Closing Date, (b) make an election under Section 338(g) of the Code (or any analogous provision of state, local or foreign Tax Law) with respect to the acquisition of any of the Transferred
Subsidiaries or (c) cause any Transferred Subsidiary to engage in any transaction outside the Ordinary Course of Business on or prior to December 31 of the calendar year in which the Closing occurs that would reasonably be expected to
increase any Tax liability of Seller. 

  
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 ARTICLE VIII 

CONDITIONS TO CLOSING 

Section 8.1 General Conditions. The respective obligations of Buyer and Seller to consummate the Closing shall be subject to the
satisfaction, at or prior to the Closing, of each of the following conditions, any of which may, to the extent permitted by applicable Law, be waived in writing by any Party in its sole discretion (provided that such waiver shall only be effective
as to the obligations of such Party): 
 (a) No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law
or Order (whether temporary, preliminary or permanent), or shall have initiated and be actively pursuing any legal proceedings seeking any such Order, that enjoins, restrains, makes illegal or otherwise prohibits the consummation of the transactions
contemplated by this Agreement or the Ancillary Agreements (any such Law or Order, a “Legal Restraint”). 
 (b) Any waiting
period (and any extension thereof) under any Antitrust Law applicable to the transactions contemplated by this Agreement shall have expired or shall have been terminated or the necessary clearance thereunder shall have been received. 

(c) The Bankruptcy Court shall have entered the Sale Order and the Sale Order shall not have been stayed, reversed or modified in a manner
adverse to Buyer in any material respect absent consent of Buyer. 
 (d) Buyer shall have obtained written confirmation from the Department
of Commerce of Zhejiang Province, the People’s Republic of China and the Zhejiang Provincial Development and Reform Commission of the People’s Republic China that the filing procedures for Chinese enterprises’ investment outside the
People’s Republic of China (People’s Republic of China shall, for this Section 8.1(d) only, exclude the Special Administrative Regions of Hong Kong and Macau and the territory of Taiwan) required for the transactions contemplated
under this Agreement have been completed (the “Requisite Filings”). 
 Section 8.2 Conditions to Obligations of
Seller. The obligations of Seller to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction, at or prior to the Closing, of each of the following conditions, any of which may be waived in writing
by Seller in its sole discretion: 
 (a) The representations and warranties of Buyer contained in this Agreement shall be true and correct in
all material respects as of the date of this Agreement and at and as of the Closing with the same force and effect as if made at and as of the Closing (other than those representations and warranties that address matters only as of a particular date
or only with respect to a specific period of time, which need only be true and correct in all material respects as of such date or with respect to such period). 

(b) Buyer shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be
performed or complied with by Buyer on or prior to the Closing Date. 

  
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 (c) Seller shall have received the documents listed in
Section 2.4(c). 
 Section 8.3 Conditions to Obligations of Buyer. The obligations of Buyer to
consummate the transactions contemplated by this Agreement shall be subject to the satisfaction, at or prior to the Closing, of each of the following conditions, any of which may be waived in writing by Buyer in its sole discretion: 

(a) Representations and Warranties. 

(i) The representations and warranties of Seller contained in this Agreement, other than the Fundamental Representations of
Seller, shall be true and correct as of the date of this Agreement and at and as of the Closing with the same force and effect as if made at and as of the Closing (other than those representations and warranties that address matters only as of a
particular date or only with respect to a specific period of time, which need only be true and correct as of such date or with respect to such period); except where the failure of such representations and warranties to be true and correct (without
giving effect to any “materiality” or “Material Adverse Effect” qualifiers set forth therein) would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

(ii) The Fundamental Representations of Seller contained in this Agreement shall be true and correct in all but de minimis
respects (other than those Fundamental Representations of Seller that address matters only as of a particular date or only with respect to a specific period of time, which need only be true and correct in all but de minimis respects as of such date
or with respect to such period). 
 (b) Seller shall have performed or complied in all material respects with all agreements and covenants
required by this Agreement to be performed or complied with by it at or prior to the Closing. 
 (c) No Material Adverse Effect shall have
occurred after the date of this Agreement. 
 (d) Buyer shall have received the documents listed in
Section 2.4(b). 
 (e) The Trademark License Consent shall have been duly executed and delivered on terms agreed
to pursuant to (or in the event the applicable Persons are not able to agree, as determined by the Bankruptcy Court based on) Section 6.7. 

ARTICLE IX 

TERMINATION 

Section 9.1 Termination. This Agreement may be terminated at any time prior to the Closing (the date on which this Agreement
terminates in accordance with its terms): 
 (a) by mutual written consent of Buyer and Seller; 

  
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 (b) by either Seller or Buyer, if: 

(i) a Legal Restraint is in effect that has become final and nonappealable; provided that no Party may terminate this Agreement
pursuant to this Section 9.1(b)(i) whose breach of any of its representations, warranties, covenants or agreements contained herein results in such Legal Restraint; or 

(ii) if Seller consummates any Alternative Transaction that the Bankruptcy Court finally approves as “superior” in
accordance with the Bidding Procedures Order (unless the Bankruptcy Court approves the acceptance by Seller of an Alternative Transaction as a “back-up bid” in the event the Closing does not occur).

 (c) by Buyer, if: 

(i) at any time, if Seller shall have breached or violated any of its representations, warranties or covenants set forth in
this Agreement in a manner that would prevent the satisfaction of the conditions to Closing set forth in Section 8.3(a) or Section 8.3(b), and (except in the case of a breach of the obligation to
close within two (2) Business Days after the date contemplated in Section 2.4, in which case such two (2) Business Day period shall apply) such breach or violation shall not have been cured within ten
(10) days after written notice thereof has been given by Buyer to Seller, provided that Buyer shall not be entitled to terminate the Agreement pursuant to this Section 9.1(c) if the failure of the Closing to be
consummated by such date is caused by Buyer’s breach of any of its obligations under this Agreement; 
 (ii) if the
Chapter 11 Case is dismissed or converted to a case under chapter 7 of the Bankruptcy Code, and neither such dismissal nor conversion expressly contemplates the transactions provided for in this Agreement; 

(iii) Seller withdraws or seeks authority to withdraw the Sale Motion; 

(iv) a Material Adverse Effect has occurred; or 

(v) Seller publicly announces any plan of reorganization or plan of liquidation or supports any such plan filed by any third
party, other than any such plan that would not prevent or materially delay the Closing from occurring in accordance with the terms of this Agreement. 

(d) by Seller: 

(i) at any time, if (x) Buyer shall have breached or violated any of its representations, warranties or covenants set
forth in this Agreement in a manner that, either individually or in the aggregate, would prevent the satisfaction of the conditions to Closing set forth in Section 8.2(a) or Section 8.2(b), as the
case may be or (y) Buyer shall have materially breached the Bidding Procedures Order or the Sale Order, and in each case, (except in the case of a breach of the obligation to close within two (2) Business Days after the date contemplated
in Section 2.4, in which case such two (2) Business Day period shall 

  
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apply, but subject to any qualifications described under Section 2.4) such breach or violation shall not have been cured within ten (10) days after written notice
thereof has been given by Seller to Buyer, provided that Seller shall not be entitled to terminate the Agreement pursuant to this Section 9.1(d) if the failure of the Closing to be consummated by such date is caused by
Seller’s breach of any of its obligations under this Agreement; or 
 (ii) if the Board of Directors of Seller
determines in good faith, after consultation with legal counsel, that proceeding with the transactions contemplated by this Agreement would be inconsistent with its fiduciary duties. 

The Party seeking to terminate this Agreement pursuant to this Section 9.1 (other than
Section 9.1(a)) shall, if such Party is Seller, give prompt written notice of such termination to Buyer, and if such Party is Buyer, give prompt written notice of such termination to Seller. 

Section 9.2 Effect of Termination. In the event of termination of this Agreement as provided in
Section 9.1, this Agreement shall forthwith become void and there shall be no liability on the part of any Party except (i) for the provisions of Section 6.6 (Public Announcements),
Section 10.2 (Fees and Expenses), Section 10.5 (Notices), Section 10.8 (Parties in Interest), Section 10.9 (Governing Law),
Section 10.10 (Submission to Jurisdiction) and this Article IX and (ii) that no such termination shall relieve any Party from liability for any willful and material breach of this Agreement. 

Section 9.3 Alternative Proposals. Notwithstanding anything in this Agreement to the contrary, Seller may participate in
discussions or negotiations with, or furnish information with respect to either Debtors, the Transferred Stock, the Transferred Subsidiaries, and/or their Affiliates to any Person (a) in accordance with the Bidding Procedures or (b) if (i)
such Person has submitted to Seller a bona fide written proposal to acquire the stock or assets of either Seller or one or more of the Transferred Subsidiaries, upon receipt of which Seller shall give prompt written notice to Buyer and
(ii) Seller determines in its good faith judgment that taking such action is consistent with its fiduciary duties. In addition, notwithstanding anything in this Agreement to the contrary, Seller may terminate this Agreement if the Board of
Directors of Seller determines in its good faith judgment, after consultation with legal counsel, that taking such action is consistent with its fiduciary duties. 

ARTICLE X 

GENERAL PROVISIONS 

Section 10.1 Nonsurvival of Representations, Warranties and Covenants. The respective representations, warranties and
covenants of Seller and Buyer contained in this Agreement and any certificate delivered pursuant hereto shall terminate at, and not survive, the Closing; provided that this Section 10.1 shall not limit any covenant or
agreement of the Parties to the extent that its terms require performance after the Closing. 

  
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 Section 10.2 Fees and Expenses. Except as otherwise provided herein
(including Section 6.4(a) and Section 7.1) or in the DIP Order, all fees and expenses incurred in connection with or related to this Agreement and the Ancillary Agreements and the transactions
contemplated hereby and thereby shall be paid by the Party incurring such fees or expenses, whether or not such transactions are consummated. 

Section 10.3 Amendment and Modification. This Agreement may not be amended, modified or supplemented in any manner, whether by
course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each Party. 

Section 10.4 Waiver. No failure or delay of any Party in exercising any right or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of
any other right or power. Any agreement on the part of either Party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such Party. 

Section 10.5 Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given
(a) on the date of delivery if delivered personally, (b) on the fifth (5th) Business Day following the date of dispatch if delivered utilizing a courier service by an internationally recognized courier, (c) on the day of transmission
if sent via email transmission to the email address(es) given below and the sender does not receive a notice of such transmission being undeliverable to such email address or (d) on the earlier of confirmed receipt or the tenth (10th) Business
Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be
designated in writing by the Party to receive such notice: 
  

	 	(i)	 if to Seller, to: 

Armstrong Flooring, Inc. 

1770 Hempstead Road, 

Lancaster, PA 17605 

Attention: Christopher S. Parisi 

Email:       csparisi@armstrongflooring.com 

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

Skadden, Arps, Slate, Meagher & Flom LLP 

One Manhattan West 

New York, NY 10001 

Attention: Steven J. Daniels 

Ron E. Meisler 

Email:      Steven.Daniels@skadden.com 

Ron.Meisler@skadden.com 

  
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	 	(ii)	 if to Buyer, to: 

Zhejiang GIMIG Technology Co., Ltd. 

699 Shengli Road 

Nanxun Town Huzhou City 313009 Zhejiang Province 

People’s Republic of China 

Attention: Qian, Suxing 

Zhou, Lifen 

Email:      qiansuxing@giant.cn 

zhoulifen@giant.cn 

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

Sidley Austin LLP 

39/F, Two Int’l Finance 

CentreCentral, Hong Kong 

Attention: Lee, David Kalani 

Email:       david.lee@sidley.com 

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

T&C Law 

7/F, Block A, Century Square, No. 1, Hangda Road, 

Hangzhou, People’s Republic of China 310007 

Attention: Yu, Wenyan 

Email:       yuwenyan@tclawfirm.com 

Section 10.6 Interpretation. When a reference is made in this Agreement to a Section, Article, Exhibit or Schedule such reference
shall be to a Section, Article, Exhibit or Schedule of this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement or in any Exhibit or Schedule are for convenience of reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Any capitalized terms used in any Exhibit or Schedule but not
otherwise defined therein shall have the meaning as defined in this Agreement. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth herein. The word
“including” and words of similar import when used in this Agreement will mean “including, without limitation,” unless otherwise specified. The words “hereof,” “herein” and “hereunder” and words of
similar import when used in this Agreement shall refer to the Agreement as a whole and not to any particular provision in this Agreement. The term “or” is not exclusive. The word “will” shall be construed to have the same meaning
and effect as the word “shall.” References to days mean calendar days unless otherwise specified. 

  
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 Section 10.7 Entire Agreement. This Agreement (including the Exhibits and
Schedules hereto) and the Ancillary Agreements constitute the entire agreement, and supersede all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements,
communications and understandings between the Parties with respect to the subject matter hereof and thereof. Neither this Agreement nor any Ancillary Agreement shall be deemed to contain or imply any restriction, covenant, representation, warranty,
agreement or undertaking of any Party with respect to the transactions contemplated hereby or thereby other than those expressly set forth herein or therein or in any document required to be delivered hereunder or thereunder, and none shall be
deemed to exist or be inferred with respect to the subject matter hereof. 
 Section 10.8 Parties in Interest. Except as
specifically set forth in Section 5.2, Section 6.5, Section 10.3, Section 10.11, and Section 10.20, this Agreement
shall be binding upon and inure solely to the benefit of each Party, and nothing in this Agreement, express or implied, is intended to or shall confer upon any Person (including Transferred Employees) other than the Parties and their respective
successors and permitted assigns any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 10.9 Governing Law. Except to the extent of the mandatory provisions of the Bankruptcy Code, this Agreement and all
disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby (in contract or tort) shall be governed by, and construed in accordance with the internal Laws of the State of Delaware, without regard to
the Laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of Delaware. 

Section 10.10 Submission to Jurisdiction. Each of the Parties hereby irrevocably agrees that any dispute, controversy or claim
arising out of or relating to this Agreement (and any subsequent amendments thereof), or the breach, termination or validity thereof (each a “Dispute”), shall be resolved in accordance with the following provisions. 

(a) Without limitation of any Party’s right to appeal any Order of the Bankruptcy Court, and subject only to the provisions of
Section 10.10(b) hereof, (x) the Bankruptcy Court shall retain jurisdiction to enforce the terms of this Agreement and to decide any Disputes which may arise or result from, or be connected with, this Agreement, any
breach or default hereunder, or the transactions contemplated hereby and (y) any and all claims relating to the foregoing may be filed and maintained in the Bankruptcy Court, and the Parties hereby consent and submit to the jurisdiction and
venue of the Bankruptcy Court and irrevocably waive the defense of an inconvenient forum to the maintenance of any such Action or proceeding; provided, however, that, if the Chapter 11 Case is closed or the Bankruptcy Court declines jurisdiction,
each of the Parties irrevocably agrees that any Action or proceeding arising out of or relating to this Agreement brought by another Party or its successors or assigns may be heard and determined in the Court of Chancery of the State of Delaware, or
if jurisdiction is not available in the Court of Chancery, then in the United States District Court for the District of Delaware, and each of the Parties hereby irrevocably submits to the jurisdiction of the aforesaid courts for itself and with
respect to its property, generally and unconditionally, with regard to any such action or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the Parties further agrees that notice as provided
herein shall constitute sufficient service of process and the Parties further waive any argument that such service is insufficient, without limiting any other manner of service permitted by Law. Each of the Parties hereby irrevocably and

  
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unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts of the State of Delaware, and of the United States District Court for the District of Delaware as described herein for any
reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of
judgment, execution of judgment or otherwise) and (c) that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this
Agreement, or the subject matter hereof, may not be enforced in or by such courts. 
 (b) Each of the Parties hereby irrevocably agrees that
any Party asserting any Dispute may, in its sole discretion and in lieu of bringing any such Dispute in U.S. court in accordance with Section 10.10(a), submit any Dispute to be resolved by final and binding arbitration
administered by the American Arbitration Association (the “AAA”) in accordance with its Commercial Arbitration Rules in effect at the time (the “AAA Rules”), except as modified herein. Any such arbitration shall be
administered in accordance with the following provisions. 
 (i) The seat of arbitration shall be New York, New York and the
arbitration shall be conducted in the English language. The arbitration and this arbitration agreement shall be governed by the Federal Arbitration Act (9 U.S.C. § 1 et seq.). 

(ii) The arbitration shall be conducted by three arbitrators. The claimant and respondent shall each appoint one arbitrator
within thirty (30) days of receipt by respondent of the demand for arbitration. The two arbitrators so appointed shall appoint the third and presiding arbitrator (the “Chairperson”) within thirty (30) days of the
appointment of the second arbitrator. If any Party fails to appoint an arbitrator, or if the two Party-appointed arbitrators fail to appoint the Chairperson within the time periods specified herein, then any such arbitrator shall, upon any
Party’s request, be appointed by the AAA in accordance with the AAA Rules. Any arbitrator selected pursuant to this Section shall be neutral and impartial and shall not be affiliated with or an interested person of any Party. 

(iii) By electing to proceed under the AAA Rules, the Parties confirm that any dispute, claim or controversy concerning the
arbitrability of a Dispute or the jurisdiction of the arbitral tribunal, including whether arbitration has been waived, or as to the existence, scope, validity interpretation or enforceability of the Parties’ agreement to arbitrate, shall be
determined by the arbitrators. 
 (iv) In addition to monetary relief, the arbitrators shall be empowered to award equitable
relief, including, but not limited to an injunction and specific performance of any obligation under this Agreement. The award of the arbitrators shall be final and binding upon the parties thereto, and shall be the sole and exclusive remedy between
the parties regarding any Disputes presented to the arbitrators. Judgment upon any award may be entered in any court of competent jurisdiction, including any court having jurisdiction over any party or any of its assets. 

  
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 (v) By agreeing to arbitration, the Parties do not intend to deprive any
court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration proceedings. Without prejudice to such
provisional remedies that may be granted by a court, the arbitrators shall have full authority to grant provisional remedies, to order a Party to request that a court modify or vacate any temporary or preliminary relief issued by such court, and to
award damages for the failure of any Party to respect the arbitrators’ orders to that effect. 
 (vi) The Parties
consent and submit to the non-exclusive jurisdiction of the Bankruptcy Court and the federal and state courts located in the Borough of Manhattan, New York City, New York (“New York Court”)
for the enforcement of any arbitral award rendered hereunder, to compel arbitration and/or for interim or provisional remedies in aid of arbitration. In any such action: (i) each party irrevocably waives, to the fullest extent it may
effectively do so, any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens or any right of objection to jurisdiction on account of its place of incorporation or domicile, which it may now or
hereafter have to the bringing of any such action or proceeding in any New York Court; (ii) each of the Parties agrees that notice as provided herein shall constitute sufficient service of process and the Parties further waive any argument that
such service is insufficient, without limiting any other manner of service permitted by Law; and (iii) each of the parties waives any right to trial by jury in any court. 

(vii) The arbitrators shall have power to award the prevailing party its attorneys’ fees and costs reasonably incurred in
the arbitration, including the prevailing party’s share of the arbitrator fees and AAA administrative costs. 
 Any arbitration hereunder shall be
confidential, and the parties and their agents agree not to disclose to any third party (i) the existence or status of the arbitration, (ii) all information made known and documents produced in the arbitration not otherwise in the public
domain, and (iii) all awards arising from the arbitration, except and to the extent that disclosure is required by applicable Law or is required to protect or pursue a legal right. 

Section 10.11 Personal Liability. This Agreement shall not create or be deemed to create or permit any personal liability or
obligation on the part of any direct or indirect stockholder of Seller or Buyer or any officer, director, employee, Representative or investor of any Party hereto. 

Section 10.12 Assignment; Successors. Neither this Agreement nor any of the rights, interests or obligations under this Agreement
may be assigned or delegated, in whole or in part, by operation of law or otherwise, by Seller without the prior written consent of Buyer, and by Buyer without the prior written consent of Seller, and any such assignment without such prior written
consent shall be null and void. Notwithstanding the foregoing, subject to the terms of Section 2.5, Buyer may assign any of its rights under this Agreement to any of its Affiliates without obtaining the prior written
consent of Seller; provided that in connection with such assignment, such assignment shall not relieve Buyer of any of its obligations under this Agreement (or otherwise). Subject to the preceding sentences, this Agreement will be binding
upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. 

  
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 Section 10.13 Specific Performance. Each Party acknowledges that money damages
would be both incalculable and an insufficient remedy for any breach of this Agreement by such Party and that any such breach would cause Buyer, on the one hand, and Seller, on the other hand, irreparable harm. Accordingly, each Party hereto also
agrees that, in the event of any breach or threatened breach of the provisions of this Agreement by such Party, Buyer, on the one hand, and Seller, on the other hand, shall be entitled to equitable relief without the requirement of posting a bond or
other security, including in the form of injunctions and orders for specific performance. Any and all remedies herein expressly conferred upon a Party will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law
or equity upon such Party, and the exercise by a Party of any one remedy will not preclude the exercise of any other remedy. Seller, on the one hand, and Buyer, on the other hand, hereby agree not to raise any objections to the availability of the
equitable remedy of specific performance to prevent or restrain breaches or threatened breaches of this Agreement by Seller or Buyer, as applicable, and to specifically enforce the terms and provisions of this Agreement to prevent breaches or
threatened breaches of, or to enforce compliance with, the covenants and obligations of Seller or Buyer, as applicable, under this Agreement. 

Section 10.14 Currency. All references to “dollars” or “$” in this Agreement or any Ancillary
Agreement refer to United States dollars, which is the currency used for all purposes in this Agreement and any Ancillary Agreement. 

Section 10.15 Severability. If any term or other provision of this Agreement, or any portion thereof, is invalid, illegal or
incapable of being enforced by any rule of Law or public policy, all other terms and provisions of this Agreement, or the remaining portion thereof, shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any such term or other provision, or any portion thereof, is invalid, illegal or incapable of being enforced, the Parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are consummated to the fullest extent
possible. 
 Section 10.16 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER,
(iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.16. 

  
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 Section 10.17 Counterparts. This Agreement may be executed in any number of
counterparts, including by means of email in portable document format (.pdf), each of which when executed shall be deemed to be an original copy of this Agreement and all of which taken together shall constitute one and the same agreement. 

Section 10.18 Jointly Drafted. This Agreement is the product of negotiations among the Parties, each of which is represented by
legal counsel, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. Rules of construction relating to interpretation against the drafter of an agreement
shall not apply to this Agreement and are expressly waived by each Party. The Parties acknowledge and agree that prior drafts of this Agreement and the other agreements and documents contemplated hereby will not be deemed to provide any evidence as
to the meaning of any provision hereof or the intent of the Parties with respect hereto and that such drafts will be deemed to be the joint work product of the Parties. 

Section 10.19 Limitation on Damages. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, IN NO EVENT SHALL BUYER, SELLER OR ANY
SELLER NON-RECOURSE PERSON OR BUYER NON-RECOURSE PERSON BE LIABLE FOR, OR BEAR ANY OBLIGATION IN RESPECT OF, ANY PUNITIVE, SPECIAL, OR EXEMPLARY DAMAGES OF ANY KIND OR
CHARACTER OR ANY DAMAGES RELATING TO, OR ARISING OUT OF, DIMINUTION IN VALUE, LOST PROFITS OR CHANGES IN RESTRICTIONS ON BUSINESS PRACTICES. 

Section 10.20 No Recourse. 

(a) This Agreement may be enforced only by Seller against, and any claim, action, suit, or other legal proceeding by Seller may be brought
only against Buyer, and then only as, and subject to the terms and limitations, expressly set forth in this Agreement. Neither Seller nor any other Person shall have any recourse against any past, present, or future director, officer, employee,
incorporator, manager, member, general or limited partner, stockholder, Affiliate, agent or Advisor of Buyer or of any Affiliate of Buyer (including each Transferred Subsidiary following the Closing) or any of their successors or permitted assigns
(each, a “Buyer Non-Recourse Person”), and no such Buyer Non-Recourse Person shall have any liability for any obligations or liabilities of Buyer
under this Agreement or for any claim, action, or proceeding based on, in respect of or by reason of the transactions contemplated hereby. 

(b) This Agreement may be enforced only by Buyer against, and any claim, action, suit, or other legal proceeding by Buyer may be brought only
against, Seller, and then only as, and subject to the terms and limitations, expressly set forth in this Agreement. None of Buyer, any Designated Buyer, nor any other Person shall have any recourse against any past, present, or future director,
officer, employee, incorporator, manager, member, general or limited partner, stockholder, Affiliate, agent or Advisor of Seller or of any Affiliate of Seller (including each Transferred Subsidiary prior to the Closing) or any of their successors or
permitted assigns (each, a “Seller Non-Recourse Person”), and no such Seller Non-Recourse Person shall have any liability for any obligations or
liabilities of Seller under this Agreement or for any claim, action, or proceeding based on, in respect of or by reason of the transactions contemplated hereby. 

  
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 Section 10.21 Time of Essence. Time is of the essence with regard to all dates
and time periods set forth or referred to in this Agreement. When calculating the period of time before which, within which or following which, any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in
calculating such period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business Day. 

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 52 

 IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Agreement on the
day and year first above written. 
  

			
	SELLER:
	
	ARMSTRONG FLOORING, INC.
		
	By:	 	 /s/ Michel Vermette

		 	Name: Michel Vermette
		 	Title: President and CEO

  
 [Signature page to
Stock Purchase Agreement] 

 
			
	BUYER:
	
	ZHEJIANG GIMIG TECHNOLOGY CO., LTD.
		
	By:	 	 /s/ Qian, Suxing

		 	Name: Qian, Suxing
		 	Title: Director

  
 [Signature page to
Stock Purchase Agreement]Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of July 12, 2022, between Freight Technologies, Inc.,
a British Virgin Islands business company with company number 1891111 (the “Company”), and each purchaser identified
on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to each Purchaser,
and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company, as more fully described
in this Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement: (a) capitalized terms that are not otherwise defined
herein have the meanings given to such terms in the Certificate of Designation (as defined herein), and (b) the following terms have
the meanings set forth in this Section 1.1:

 

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

 

“Action”
shall mean any action, suit, inquiry, notice of violation, proceeding or investigation pending or threatened against or affecting a party
to this Agreement, before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state,
county, local or foreign).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Attribution
Party” means a Purchaser’s Affiliates, and any other Persons acting as a group together with the Purchaser or any of
the Purchaser’s Affiliates.

 

“ATW”
means ATW Opportunities Master Fund, L.P. (including its successors and assigns). 

 

    	 

     

    

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial
banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations at the
direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial
banks in The City of New York are generally are open for use by customers on such day.

 

“Closing(s)”
means the First Closing and the Second Closing.

 

“Closing
Date(s)” means the First Closing Date and the Second Closing Date.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Company
Counsel” means Sichenzia Ross Ference LLP.

 

“Conversion
Shares” means the Ordinary Shares issuable upon conversion of Preferred Stock (regardless of any issuance limitations).

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and
before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the
date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed between midnight
(New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date
hereof, unless otherwise instructed as to an earlier time by the Placement Agent.

 

“EGS”
means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

 

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

 

“Effective
Date” means the earliest of the date that (a) the initial Registration Statement has been declared effective by the Commission,
(b) all of the Conversion Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for
the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions,
(c) following the one year anniversary of the Closing Date provided that a holder of Conversion Shares is not an Affiliate of the Company,
or (d) all of the Conversion Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act
without volume or manner-of-sale restrictions and Company Counsel has delivered to such holders a standing written unqualified opinion
that resales may then be made by such holders of the Conversion Shares pursuant to such exemption which opinion shall be in form and
substance reasonably acceptable to such holders.

 

    	 

     

    

 

“Exempt
Issuance” means the issuance of (a) Ordinary Shares or options to employees, officers or directors of the Company pursuant
to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Company’s board of
directors (or a majority of the members of a committee of non-employee directors established for such purpose), (b) securities upon the
exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible
into Ordinary Shares issued and outstanding on the date of this Agreement, provided that such securities have not been amended since
the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion
price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, and (c)
securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company,
provided that such securities are issued as “restricted securities” (as defined in Rule 144), and provided that any such
issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating
company or an owner of an asset in a business synergistic with the business of the Company, and shall provide to the Company, additional
benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily
for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

“Existing
Debt” means that certain Promissory Note, with a principal amount of $200,000, issued by Freight App, Inc. to ATW on December
29, 2021. 

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“First
Closing” means the closing to the purchase and sale of the Securities pursuant to Section 2.1(a).

 

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

 

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

 

    	 

     

    

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

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

 

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

 

“Memorandum
and Articles” means the Memorandum and Articles of Association of the Company designating the rights and preferences of the
Preferred Stock filed, or to be filed prior to the First Closing, by the Company with the Registrar of Corporate Affairs in the British
Virgin Islands, in form and substance reasonably satisfactory to ATW.

 

“Ordinary
Shares” means the ordinary shares of the Company, par value $0.011 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

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

 

“Participation
Maximum” shall have the meaning ascribed to such term in Section 4.11(a).

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Placement
Agent” means Chardan Capital Markets, LLC

 

“Preferred
Stock” means up to 1,285,714.29 Series A4 Preferred Shares of the Company issued hereunder having the rights, preferences and
privileges set forth in the Company’s Memorandum and Articles.

 

“Pro
Rata Portion” shall have the meaning ascribed to such term in Section 4.11(e).

 

    	 

     

    

 

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

 

“Public
Information Failure” shall have the meaning ascribed to such term in Section 4.2(b).

 

“Public
Information Failure Payments” shall have the meaning ascribed to such term in Section 4.2(b).

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of February 9, 2022, as amended on the date hereof, attached
hereto as Exhibit D.

 

“Registration
Statement” means a registration statement meeting the requirements set forth in the Registration Rights Agreement and covering
the resale by the Purchasers of Conversion Shares.

 

“Required
Minimum” means, as of any date, the maximum aggregate number of Ordinary Shares then issued or potentially issuable in the
future pursuant to the Transaction Documents, including any Conversion Shares issuable upon conversion in full of all shares of Preferred
Stock, ignoring any conversion or exercise limits set forth therein.

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“SEC
Reports” shall mean the reports, schedules, forms, statements and other documents required to be filed by the Company with
the Commission pursuant to the reporting requirements of the Exchange Act (all of the foregoing filed prior to the date hereof or prior
to the Closing Date, and all exhibits included therein and financial statements, notes and schedules thereto and documents incorporated
by reference therein.

 

    	 

     

    

 

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

 

“Second
Closing Date” means the Trading Day on which all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription
Amount as to the Second Closing and (ii) the Company’s obligations to deliver the Securities as to the Second Closing, in each
case, have been satisfied or waived.

 

“Securities”
means the Preferred Stock and the Conversion Shares.

 

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

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be
deemed to include locating and/or borrowing Ordinary Shares).

 

“Stated
Value” means the stated value per share of the Preferred Stock which shall equal $3.894.

 

“Subscription
Amount” shall mean, as to each Purchaser, the sum of (i) aggregate amount to be paid for the Preferred Stock purchased at the
First Closing and the Second Closing and (ii) , as to the First Closing, the principal amount and accrued but unpaid interest and other
amounts due on the Existing Debt being exchanged hereunder, as specified below such Purchaser’s name on the signature page of this
Agreement and next to the heading “Subscription Amount,” in United States dollars and in immediately available funds and/or
the documents representing the Existing Debt.

 

“Subsequent
Financing” shall have the meaning ascribed to such term in Section 4.11(a).

 

“Subsequent
Financing Notice” shall have the meaning ascribed to such term in Section 4.11(b).

 

“Subsidiary”
means, any subsidiary of the Company.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the
date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York
Stock Exchange (or any successors to any of the foregoing).

 

    	 

     

    

 

“Transaction
Documents” means this Agreement, the Registration Rights Agreement, the Memorandum and Articles, all exhibits and schedules
thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.12.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if Ordinary Shares then listed or quoted
on a Trading Market, the daily volume weighted average price of Ordinary Shares for such date (or the nearest preceding date) on the
Trading Market on which Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price
of Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if Ordinary Shares are not then
listed or quoted for trading on OTCQB or OTCQX and if prices for Ordinary Shares are then reported on the Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of Ordinary Shares so reported,
or (d) in all other cases, the fair market value of a share of Ordinary Shares as determined by an independent appraiser selected in
good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company the
fees and expenses of which shall be paid by the Company.

 

ARTICLE
II.

PURCHASE
AND SALE

 

2.1
Closings.

 

(a)
First Closing. On the First Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to
sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of 809,523.81 shares of Preferred Stock (at
an aggregate Subscription Amount equal to $1,700,000) pursuant to the terms of this Agreement. Each Purchaser shall deliver to the Company
an aggregate amount equal to such Purchaser’s Subscription Amount (including the Existing Debt) for the First Closing and the Company
shall deliver to each Purchaser, the items as determined pursuant to Section 2.2(a), and each Purchaser shall deliver the other items
set forth in Section 2.2(b) at the First Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2(a) and
(b) and Section 2.3, the First Closing shall occur at the offices of EGS or such other location as the parties shall mutually agree.

 

    	 

     

    

 

(b)
Second Closing. On the Second Closing Date, which shall be on or before a day which is no more than 60 days from the First Closing
Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers, severally and not
jointly, agree to purchase, up to an aggregate of 476,190.48 shares of Preferred Stock (at an aggregate Subcription Amount equal to $1,000,000)
pursuant to the terms of this Agreement. Each Purchaser shall deliver to the Company an aggregate amount equal to such Purchaser’s
Subscription Amount for the Second Closing and the Company shall deliver to each Purchaser, the items as determined pursuant to Section
2.2(a), and each Purchaser shall deliver the other items set forth in Section 2.2(b) at the Second Closing. Upon satisfaction of the
covenants and conditions set forth in Sections 2.2(a) and (b) and Section 2.3, the Second Closing shall occur at the offices of EGS or
such other location as the parties shall mutually agree

 

2.2
Deliveries.

 

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

 

(i)
as to the First Closing Date, this Agreement duly executed;

 

(ii)
a respective legal opinion of Company Counsel, substantially in form and substance reasonably satisfactory to the Purchasers;

 

(iii)
as to the First Closing, a certificate for a number of shares of Preferred Stock equal to such Purchaser’s cash Subscription Amount
for the applicable Closing divided by the Stated Value then multiplied by 1.85428571;

 

(iv)
as to the First Closing, the Transaction Documents duly executed by the parties thereto (other than the Purchasers);

 

(v)
as to the Second Closing, (A) an officer’s certificate certifying the accuracy in all material respects of the representations
and warranties of the Company contained herein and the compliance in all material respects with the covenants of the Company contained
herein and (B) a bring-down of the Disclosure Schedules; and

 

(vi)
Company’s wire instructions, on Company’s letterhead and executed by the Chief Executive Officer or Chief Financial Officer.

 

    	 

     

    

 

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

 

(i)
as to the First Closing, this Agreement duly executed by such Purchaser;

 

(ii)
as to the First Closing, the applicable Transaction Documents duly executed by each Purchaser, as applicable;

 

(iii)
such Purchaser’s Subscription Amount for the applicable Closing by wire transfer to the account specified in writing by the Company;
and

 

(iv)
surrender of the documents representing the Existing Debt, if applicable.

 

2.3
Closing Conditions.

 

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

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality, in all respects)
on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in
which case they shall be accurate as of such date);

 

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

 

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

 

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

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the applicable Closing Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

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

 

    	 

     

    

 

(iii)
the Registration Rights Agreement shall have been amended to include the Conversion Shares as Registrable Securities (as defined in the
Registration Rights Agreement;

 

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

 

(v)
there shall have been no Material Adverse Effect with respect to The Company or any Subsidiary since the date hereof; and

 

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

 

ARTICLE
III.

REPRESENTATIONS
AND WARRANTIES

 

3.1
Representations and Warranties of the Company. The Company, severally and jointly, hereby makes the following representations
and warranties to each Purchaser:

 

(a)
Organization and Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use
its properties and assets and to carry on its business as currently conducted. The Company is not in violation nor default of any of
the provisions of its certificate of incorporation, memorandum and articles of association or other organizational or charter documents.
The Company is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to
be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse
effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations,
assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material
adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction
Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such
jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

    	 

     

    

 

(b)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of
the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no
further action is required by the Company, the Company’s Board of Directors or the Company’s shareholders in connection herewith
or therewith. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly
executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’
rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. This Agreement and each other
Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered
in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar
as indemnification and contribution provisions may be limited by applicable law.

 

    	 

     

    

 

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

 

(d)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any
notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than the filing
of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively, the “Required
Approvals”).

 

(e)
Issuance of the Securities. The Preferred Stock is duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company
other than restrictions on transfer provided for in the Transaction Documents. The Company is authorized to issue an unlimited number
of Ordinary Shares issuable pursuant to this Agreement and the Transaction Documents.

 

(f)
Reserved.

 

(g)
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no
registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated
hereby.

 

(h)
Investment Company. The Company is not, or is an Affiliate of, and immediately after receipt of payment for the Securities, will
not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.
The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration
under the Investment Company Act of 1940, as amended.

 

    	 

     

    

 

(i)
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities
to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any
such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of
the securities of the Company are listed or designated.

 

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

 

(k)
No Disqualification Events. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under the
Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of
the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding voting equity
securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act)
connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer
Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii)
under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification
Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the
Purchasers a copy of any disclosures provided thereunder.

 

(l)
Other Covered Persons. Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person)
that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any
Securities.

 

(m)
Notice of Disqualification Events. The Company will notify the Purchasers and the Placement Agent in writing, prior to the applicable
Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage
of time, become a Disqualification Event relating to any Issuer Covered Person.

 

    	 

     

    

 

3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and
warrants as of the date hereof and as of the applicable Closing Date to the Company as follows (unless as of a specific date therein,
in which case they shall be accurate as of such date):

 

(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited
liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance
by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate,
partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to
which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof,
will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law.

 

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

 

(c)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each
date on which it converts any shares of Preferred Stock, an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3),
(a)(7) or (a)(8) under the Securities Act.

 

    	 

     

    

 

(d)
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of
an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)
General Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other
communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or
presented at any seminar or, any other general solicitation or general advertisement.

 

(f)
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed
necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the
Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition,
results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the
opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that
is necessary to make an informed investment decision with respect to the investment. Such Purchaser acknowledges and agrees that neither
the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect
to the Securities nor is such information or advice necessary or desired. Neither the Placement Agent nor any Affiliate has made or makes
any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public
information with respect to the Company which such Purchaser agrees need not be provided to it. In connection with the issuance of the
Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to
such Purchaser.

 

    	 

     

    

 

(g)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has
not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser
first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material
terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing,
in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of
such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers
managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other
than to other Persons party to this Agreement or to such Purchaser’s representatives, including, without limitation, its officers,
directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of
all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding
the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions,
with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s
right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement
or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order
to effect Short Sales or similar transactions in the future.

 

ARTICLE
IV.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1
Transfer Restrictions.

 

(a)
The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities
other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection
with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion
of counsel selected by the transferor and reasonably acceptable to the Company the form and substance of which opinion shall be reasonably
satisfactory to the Company to the effect that such transfer does not require registration of such transferred Securities under the Securities
Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and the Registration
Rights Agreement and shall have the rights and obligations of a Purchaser under this Agreement and the Registration Rights Agreement.

 

    	 

     

    

 

(b)
The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the following
form:

 

[NEITHER]
THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE] [CONVERTIBLE]] HAS [NOT] BEEN REGISTERED WITH THE UNITED
STATES SECURITIES AND EXCHANGE COMMISSION OR THE UNITED STATES SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS. THIS SECURITY [AND THE SECURITIES ISSUABLE UPON [EXERCISE] [CONVERSION] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED
INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

The
Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered
broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited investor”
as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer
pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company
and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no
notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable
documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities,
including, if the Securities are subject to registration pursuant to the Registration Rights Agreement, the preparation and filing of
any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act
to appropriately amend the list of Selling Stockholders (as defined in the Registration Rights Agreement) thereunder.

 

    	 

     

    

 

(c)
Certificates evidencing the Conversion Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof),
(i) while a registration statement (including the Registration Statement) covering such security is effective under the Securities Act,
(ii) following any sale of such Securities pursuant to Rule 144 (assuming cashless exercise of the Warrants), (iii) if such Securities
are eligible for sale under Rule 144 (assuming cashless exercise of the Warrants) or (iv) if such legend is not required under applicable
requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). After
the Effective Date, the Company shall cause its counsel to issue a legal opinion to the Company’s Transfer Agent or the Purchaser
if required by the Company’s Transfer Agent to effect the removal of the legend hereunder, or if requested by a Purchaser, respectively.
If all or any shares of Preferred Stock are converted at a time when there is an effective registration statement to cover the resale
of the Conversion Shares, or if such Conversion Shares may be sold under Rule 144 and the Company is then in compliance with the current
public information required under Rule 144, or if the Conversion may be sold under Rule 144 without the requirement for the Company to
be in compliance with the current public information required under Rule 144 as to such Conversion Shares or if such legend is not otherwise
required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff
of the Commission) then such Conversion Shares shall be issued free of all legends. The Company agrees that at such time as such legend
is no longer required under this Section 4.1(c), it will, no later than the earlier of (i) two (2) Trading Days and (ii) the number of
Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the
Transfer Agent of a certificate representing the Securities issued with a restrictive legend (such date, the “Legend Removal
Date”), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive
and other legends. The Company shall not make any notation on its records or give instructions to its Transfer Agent that enlarge the
restrictions on transfer set forth in this Section 4. Certificates for Conversion Shares subject to legend removal hereunder shall be
transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository
Trust Company System as directed by such Purchaser. As used herein, “Standard Settlement Period” means the standard
settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Ordinary
Shares as in effect on the date of delivery of a certificate representing Conversion Shares, as the case may be, issued with a restrictive
legend.

 

    	 

     

    

 

(d)
In addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as partial liquidated
damages and not as a penalty, for each $1,000 of Securities (based on the VWAP of the Ordinary Shares on the date such Securities are
submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(c), $10 per Trading Day (increasing
to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal Date
until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue and deliver (or cause to be delivered)
to a Purchaser by the Legend Removal Date a certificate representing the Securities so delivered to the Company by such Purchaser that
is free from all restrictive and other legends and (b) if after the Legend Removal Date such Purchaser purchases (in an open market transaction
or otherwise) Ordinary Shares to deliver in satisfaction of a sale by such Purchaser of all or any portion of the number of Ordinary
Shares, or a sale of a number of Ordinary Shares equal to all or any portion of the number of Ordinary Shares that such Purchaser anticipated
receiving from the Company without any restrictive legend, then, an amount equal to the excess of such Purchaser’s total purchase
price (including brokerage commissions and other out-of-pocket expenses, if any) for the Ordinary Shares so purchased (including brokerage
commissions and other out-of-pocket expenses, if any) (the “Buy-In Price”)
over the product of (A) such number of Ordinary Shares that the Company was required to deliver to such Purchaser by the Legend Removal
Date multiplied by (B) the lowest closing sale price of the Ordinary Shares on any Trading Day during the period commencing on the date
of the delivery by such Purchaser to the Company of the applicable Securities and ending on the date of such delivery and payment under
this clause (ii).

 

(e)
Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any Securities
pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or
an exemption therefrom, and that if Securities are sold pursuant to a Registration Statement, they will be sold in compliance with the
plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities
as set forth in this Section 4.1 is predicated upon the Company’s reliance upon this understanding.

 

4.2
Furnishing of Information; Public Information.

 

(a)
Until such time that no Purchaser owns Securities, the Company shall maintain the registration of Ordinary Shares under Section 12(b)
or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company pursuant to the Exchange Act even if the Company is not then subject to the reporting
requirements of the Exchange Act.

 

    	 

     

    

 

(b)
At any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all of the
Conversion Shares may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction
or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the current public information requirement
under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future, and the Company
shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public Information Failure”) then, in addition
to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated damages and
not as a penalty, by reason of any such delay in or reduction of its ability to sell the Conversion Shares, an amount in cash equal to
two percent (2.0%) of the aggregate Stated Value of Preferred Stock of such Purchaser on the day of a Public Information Failure and
on every thirtieth (30th) day (pro-rated for periods totaling less than thirty days) thereafter until the date such Public
Information Failure is cured. The payments to which a Purchaser shall be entitled pursuant to this Section 4.2(b) are referred to herein
as “Public Information Failure Payments.” Public Information Failure Payments shall be paid on the earlier of (i)
the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd)
Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails
to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate
of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s right to pursue
actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at
law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.

 

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

 

    	 

     

    

 

4.4
Securities Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material
terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits
thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press release, the Company
represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers
by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees, Affiliates or agents, including,
without limitation, the Placement Agent, in connection with the transactions contemplated by the Transaction Documents. In addition,
effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors,
agents, employees, Affiliates or agents, including, without limitation, the Placement Agent, on the one hand, and any of the Purchasers
or any of their Affiliates on the other hand, shall terminate and be of no further force or effect. The Company understands and confirms
that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. The Company and
each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby,
and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement without the
prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with
respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is
required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement
or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name
of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such
Purchaser, except (a) as required by federal securities law in connection with (i) any registration statement contemplated by the Registration
Rights Agreement and (ii) the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required
by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted
under this clause (b) and reasonably cooperate with such Purchaser regarding such disclosure.

 

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

 

4.6
[Reserved]

 

4.7
Use of Proceeds. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds, if any, from
the sale of the Securities hereunder for working capital purposes and shall not use such proceeds: (a) for the satisfaction of any portion
of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s business and prior practices),
(b) for the redemption of any Ordinary Shares or Ordinary Share Equivalents, (c) for the settlement of any outstanding litigation or
(d) in violation of FCPA or OFAC regulations.

 

    	 

     

    

 

4.8
Indemnification of Purchasers.

 

(a)
Indemnification of Purchasers by the Company. Subject to the provisions of this Section 4.8(a), the Company will indemnify and
hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a
functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who
controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person
holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including
all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such
Purchaser Party may suffer or incur as a result of or relating to any breach of any of the representations, warranties, covenants or
agreements made by the Company in this Agreement or in the other Transaction Documents. If any action shall be brought against any Purchaser
Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company
in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that
(i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable
period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a
material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the
Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company shall not be
liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior
written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim,
damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements
made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section 4.8(a)
shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received
or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser
Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

 

    	 

     

    

 

4.9
Reservation of and Listing Securities.

 

(a)
The Company shall maintain a reserve of the Required Minimum from its duly authorized Ordinary Shares for issuance pursuant to the Transaction
Documents in such amount as may then be required to fulfill its obligations in full under the Transaction Documents.

 

(b)
If, on any date, the number of authorized but unissued (and otherwise unreserved) Ordinary Shares is less than 130% of (i) the Required
Minimum on such date, minus (ii) the number of Ordinary Shares previously issued pursuant to the Transaction Documents, then the Board
of Directors shall use commercially reasonable efforts to amend the Company’s certificate or articles of incorporation to increase
the number of authorized but unissued Ordinary Shares to at least the Required Minimum at such time (minus the number of Ordinary Shares
previously issued pursuant to the Transaction Documents), as soon as possible and in any event not later than the 75th day after such
date, provided that the Company will not be required at any time to authorize a number of Ordinary Shares greater than the maximum remaining
number of Ordinary Shares that could possibly be issued after such time pursuant to the Transaction Documents.

 

(c)
The Company shall, if applicable: (i) in the time and manner required by the principal Trading Market, prepare and file with such Trading
Market an additional shares listing application covering a number of Ordinary Shares at least equal to the Required Minimum on the date
of such application, (ii) take all steps necessary to cause such Ordinary Shares to be approved for listing or quotation on such Trading
Market as soon as possible thereafter, (iii) provide to the Purchasers evidence of such listing or quotation and (iv) maintain the listing
or quotation of such Ordinary Shares on any date at least equal to the Required Minimum on such date on such Trading Market or another
Trading Market. The Company agrees to maintain the eligibility of the Ordinary Shares for electronic transfer through the Depository
Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository
Trust Company or such other established clearing corporation in connection with such electronic transfer.

 

4.10
[Intentionally Omitted].

 

4.11
Participation in Future Financing.

 

(a)
From the date hereof until the date that is the five year anniversary of the First Closing Date, upon any issuance by the Company of
Ordinary Shares and/or Ordinary Shares Equivalents for cash consideration, Indebtedness or a combination of units thereof (a “Subsequent
Financing”), each Purchaser (including its Affiliates) with a Stated Value of Preferred Stock equal to at least $1 million
(each such Purchaser, a “ROP Purchaser”) shall have the right to participate in up to an amount of the Subsequent
Financing equal to 50% of the Subsequent Financing (the “Participation Maximum”) on the same terms, conditions and
price provided for in the Subsequent Financing.

 

    	 

     

    

 

(b)
Between the time period of 4:00 pm (New York City time) and 6:00 pm (New York City time) on the Trading Day immediately prior to the
Trading Day of the expected announcement of the Subsequent Financing (or, if the Trading Day of the expected announcement of the Subsequent
Financing is the first Trading Day following a holiday or a weekend (including a holiday weekend), between the time period of 4:00 pm
(New York City time) on the Trading Day immediately prior to such holiday or weekend and 2:00 pm (New York City time) on the day immediately
prior to the Trading Day of the expected announcement of the Subsequent Financing), the Company shall deliver to each ROP Purchaser a
written notice of the Company’s intention to effect a Subsequent Financing (a “Subsequent Financing Notice”),
which notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to
be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall include
a term sheet and transaction documents relating thereto as an attachment.

 

(c)
Any ROP Purchaser desiring to participate in such Subsequent Financing must provide written notice to the Company by 6:30 am (New York
City time) on the Trading Day following the date on which the Subsequent Financing Notice is delivered to such ROP Purchaser (the “Notice
Termination Time”) that such ROP Purchaser is willing to participate in the Subsequent Financing, the amount of such ROP Purchaser’s
participation, and representing and warranting that such ROP Purchaser has such funds ready, willing, and available for investment on
the terms set forth in the Subsequent Financing Notice. If the Company receives no such notice from a ROP Purchaser as of such Notice
Termination Time, such ROP Purchaser shall be deemed to have notified the Company that it does not elect to participate in such Subsequent
Financing.

 

(d)
If, by the Notice Termination Time, notifications by the ROP Purchasers of their willingness to participate in the Subsequent Financing
(or to cause their designees to participate) is, in the aggregate, less than the total amount of the Subsequent Financing, then the Company
may effect the remaining portion of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing
Notice.

 

(e)
If, by the Notice Termination Time, the Company receives responses to a Subsequent Financing Notice from ROP Purchasers seeking to purchase
more than the aggregate amount of the Participation Maximum, each such ROP Purchaser shall have the right to purchase its Pro Rata Portion
(as defined below) of the Participation Maximum. “Pro Rata Portion” means the ratio of (x) the Stated Value of Preferred
Stock of Securities purchased on the Closing Date by an ROP Purchaser participating under this Section 4.11 and (y) the sum of the aggregate
Stated Value of Preferred Stock purchased on the Closing Date by all ROP Purchasers participating under this Section 4.11.

 

    	 

     

    

 

(f)
The Company must provide the ROP Purchasers with a second Subsequent Financing Notice, and the ROP Purchasers will again have the right
of participation set forth above in this Section 4.11, if the definitive agreement related to the initial Subsequent Financing Notice
is not entered into for any reason on the terms set forth in such Subsequent Financing Notice within two (2) Trading Days after the date
of delivery of the initial Subsequent Financing Notice.

 

(g)
The Company and each ROP Purchaser agree that, if any ROP Purchaser elects to participate in the Subsequent Financing, the transaction
documents related to the Subsequent Financing shall not include any term or provision that, directly or indirectly, will, or is intended
to, exclude one or more of the ROP Purchasers from participating in a Subsequent Financing, including, but not limited to, provisions
whereby such ROP Purchaser shall be required to agree to any restrictions on trading as to any of the Securities purchased hereunder
or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under or in connection with,
this Agreement, without the prior written consent of such ROP Purchaser. In addition, the Company and each ROP Purchaser agree that,
in connection with a Subsequent Financing, the transaction documents related to the Subsequent Financing shall include a requirement
for the Company to issue a widely disseminated press release by 9:30 am (New York City time) on the Trading Day of execution of the transaction
documents in such Subsequent Financing (or, if the date of execution is not a Trading Day, on the immediately following Trading Day)
that discloses the material terms of the transactions contemplated by the transaction documents in such Subsequent Financing.

 

(h)
Notwithstanding anything to the contrary in this Section 4.11 and unless otherwise agreed to by such ROP Purchaser, the Company shall
either confirm in writing to such ROP Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall
publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that such ROP
Purchaser will not be in possession of any material, non-public information, by 9:30 am (New York City time) on the second (2nd) Trading
Day following date of delivery of the Subsequent Financing Notice. If by 9:30 am (New York City time) on such second (2nd) Trading Day,
no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment
of such transaction has been received by such ROP Purchaser, such transaction shall be deemed to have been abandoned and such ROP Purchaser
shall not be deemed to be in possession of any material, non-public information with respect to the Company or any of their respective
Subsidiaries.

 

    	 

     

    

 

(i)
Notwithstanding the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance.

 

4.12
Variable Rate Transactions. From the date hereof until such time as no Purchaser holds any of the Preferred Stock, the Company,
shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company, or any of its Subsidiaries including
Fr8 App of Ordinary Shares or Ordinary Shares Equivalents or a combination of thereof) involving a Variable Rate Transaction. “Variable
Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible
into, exchangeable or exercisable for, or include the right to receive, additional Ordinary Shares, either (A) at a conversion price,
exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the Ordinary
Shares, at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price
that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence
of specified or contingent events directly or indirectly related to the business of the Company or the market for the Ordinary Shares,
or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby
the Company may issue securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief against the
Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

4.13
Equal Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat
the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the
purchase, disposition or voting of Securities or otherwise.

 

    	 

     

    

 

4.14
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that
neither it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales, of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at
such time that the transactions contemplated by this Agreement are first publicly announced pursuant to Section 4.4. Each Purchaser,
severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement
are publicly disclosed by the Company as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence
and terms of this transaction. Notwithstanding the foregoing and notwithstanding anything contained in
this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty
or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions
contemplated by this Agreement are first publicly announced as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited
from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time
that the transactions contemplated by this Agreement are first publicly announced as described in Section 4.4 and (iii) no Purchaser
shall have any duty of confidentiality or duty not to trade in the securities of the Company after the transactions contemplated by this
Agreement are first publicly announced as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets
and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions
of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the
portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

 

4.15
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Securities as required under Regulation
D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as it shall reasonably determine
is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers at the First Closing under
applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly
upon request of any Purchaser.

 

4.16
Acknowledgment of Dilution. The Company acknowledges that the issuance of the Securities may result in dilution of the outstanding
shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its
obligations under the Transaction Documents, including, without limitation, its obligation to issue the Conversion Shares pursuant to
the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction,
regardless of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive
effect that such issuance may have on the ownership of the other stockholders of the

 

4.17
Effect of Reverse Stock Split. The numbers of shares of Ordinary Shares and/or Preferred Stock (including conversion and exercise
prices thereunder) reflected in the Transaction Documents are subject to adjustment for reverse and forward stock splits, stock dividends,
stock combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement.

 

    	 

     

    

 

ARTICLE
V.

MISCELLANEOUS

 

5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without
any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the
Closing has not been consummated on or before July 31, 2022; provided,
however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2
Fees and Expenses. At each Closing, the Company has agreed to reimburse ATW for its reasonable legal fees and expenses. Except
as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution,
delivery and performance of this Agreement. the Company shall pay all Transfer Agent fees (including, without limitation, any fees required
for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp taxes
and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is
delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached
hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the
signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c)
the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as set forth on the signature pages attached hereto.

 

    	 

     

    

 

5.5
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument
signed, in the case of an amendment, by the Company and Purchasers which purchased or otherwise acquired hereunder or, prior to the First
Closing, committed to purchase or otherwise acquire hereunder, in each case, including through the conversion of Convertible Notes, at
least 50.1% in interest of the Preferred Stock based on the initial Stated Value of Preferred Stock hereunder or, in the case of a waiver,
by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver
disproportionately and adversely impacts a Purchaser (or group of Purchasers) as compared to other Purchasers, then the consent of such
disproportionately impacted Purchaser (or, in the case of a disproportionately and adversely impacted group of Purchasers, the consent
of 50.1% in interest of the Preferred Stock based on the initial Stated Value of Preferred Stock purchased or otherwise acquired hereunder
or, if prior to the Closing committed to be purchased or otherwise acquired hereunder, in each case, including through the conversion
of Convertible Notes, by such group of Purchasers hereunder) shall also be required. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default
or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right
hereunder in any manner impair the exercise of any such right. Any amendment effected in accordance with this Section 5.5 shall be binding
upon each Purchaser and holder of Securities and the Company.

 

5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to
limit or affect any of the provisions hereof.

 

5.7
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and
permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom
such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the
transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8
No Third-Party Beneficiaries. The Placement Agent shall be the third-party beneficiary of the representations and warranties of
the Company in Section 3.1 and the representations and warranties of the Purchaser in Section 3.2. This Agreement is intended for the
benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision
hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

    	 

     

    

 

5.9
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively
in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of
any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient
venue for such Proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law. If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction
Documents, then, in addition to the obligations of the Company under Section 4.8(a), the prevailing party in such Action or Proceeding
shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such Action or Proceeding.

 

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

 

5.11
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party,
it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

5.12
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable

 

    	 

     

    

 

5.13
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions
of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may
rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election
in whole or in part without prejudice to its future actions and rights; provided, however, that, in the case of a rescission of a conversion
of the Preferred Stock or exercise of a Warrant, the applicable Purchaser shall be required to return any shares of Common Stock subject
to any such rescinded conversion or exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid
to the Company for such shares and the restoration of such Purchaser’s right to acquire such shares pursuant to such Purchaser’s
Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

 

5.14
Replacement of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to
the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also
pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

5.15
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages,
each of the Purchasers, the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction
Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that
a remedy at law would be adequate.

 

5.16
Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise
or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by
or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including,
without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such
restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect
as if such payment had not been made or such enforcement or setoff had not occurred.

 

    	 

     

    

 

5.17
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document
are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other
Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way
acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each
Purchaser shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of
this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional
party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in its review and negotiation
of the Transaction Documents. For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to
communicate with the Company through EGS. EGS does not represent any of the Purchasers and only represents ATW. The Company has elected
to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required
or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement
and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers
collectively and not between and among the Purchasers.

 

5.18
Liquidated Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts
have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts
are due and payable shall have been canceled.

 

5.19
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

5.20
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise
the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against
the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each
and every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and forward
stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares that occur after the date of
this Agreement.

 

5.21
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY,
THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature
Pages Follow)

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	FREIGHT
    TECHNOLOGIES, INC.	 	Address
    for Notice:
	 	 	 	 
	By:	                    	 	 
	Name:	 	 	 
	Title:	 	 	 
	 	 	 	 
	With
    a copy to (which shall not constitute notice):	 	 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    	 

     

    

 

[PURCHASER
SIGNATURE PAGES TO FRGT PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

Name
of Purchaser: ____________________________________________________

 

Signature
of Authorized Signatory of Purchaser: __________________________

 

Name
of Authorized Signatory: ____________________________________

 

Title
of Authorized Signatory: _____________________________________

 

Email
Address of Authorized Signatory: ___________________________________________

 

Address
for Notice to Purchaser:

 

 

Address
for Delivery of Securities to Purchaser (if not same as address for notice):

 

 

	Subscription
    Amount: $____________	 
	 	 	 
	 	First
    Closing Cash: $_____________	 
	 	 	 
	 	Second
    Closing Cash: $___________	 
	 	 	 
	 	Existing
    Debt: $_____________	 
	 	 	 
	First
    Closing Shares of Preferred Stock: ____________	 
	 	 	 
	Second
    Closing Shares of Preferred Stock: __________	 
	 	 	 
	EIN
    Number: _______________________	 

 

[SIGNATURE
PAGES CONTINUE]

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