EXCHANGE AGREEMENTExchange Agreement • May 4th, 2020 • China Recycling Energy Corp • Services-business services, nec • Utah
Contract Type FiledMay 4th, 2020 Company Industry JurisdictionThis Exchange Agreement (this “Agreement”) is entered into as of April 30, 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).