EXCHANGE AGREEMENTExchange Agreement • January 8th, 2020 • China Recycling Energy Corp • Services-business services, nec • Utah
This Exchange Agreement (this “Agreement”) is entered into as of January 3, 2020 by and between Iliad Research and Trading, L.P., a Utah limited partnership (“Lender”), and China Recycling Energy Corporation, a Nevada corporation (“Borrower”). Capitalized terms used in this Agreement without definition shall have the meanings given to them in the Exchange Note (defined below).
