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IT TECH PACKAGING, INC. Science Park, Juli Road Xushui District JOB TITLE IT Tech Packaging Inc. REVISION 1 SERIAL <12345678> DATE Thursday, June 11, 2020 JOB NUMBER 376365(1) TYPE PAGE NO. 1 OPERATOR ACEJ IT TECH PACKAGING, INC. Science Park, Juli Road Xushui District, Baoding City Hebei Province, People’s Republic of China 072550 June 10, 2020 Dear Stockholder: On behalf of the Board of Directors of IT Tech Packaging, Inc., a Nevada corporation (the “Company” or “we”), I invite you to attend our 2020 Annual Meeting of Stockholders (the “Annual Meeting”). We hope you can join us. The Annual Meeting will be held: At: Wei County Production Base, IT Tech Packaging, Inc., Industrial Park, Wei County, Hebei Province, China 054700 On: July 23, 2020 Time: 10 a.m. local time (10 p.m. ET, July 22, 2020) The Notice of Annual Meeting of Stockholders, the Proxy Statement and the proxy card accompany this letter are also available, together with our Annual Report for the fiscal year ended December 31, 2019, at www.itpackaging.cn. As discussed in the enclosed Proxy Statement, the Annual Meeting will be devoted to (i) the election of directors, (ii) the ratification of the appointment of WWC, P.C. Certified Accountants as our independent registered public accounting firm for the fiscal year ending December 31, 2020, (iii) an advisory vote approving executive compensation, (iv) the approval of a reduction in the exercise price of outstanding warrants issued in a private placement and the approval of the issuance of common stock representing more than 20% of our common stock issued and outstanding upon exercise of the warrants in accordance with NYSE American Rule 713(a)(ii), and consideration of any other business matters properly brought before the Annual Meeting. At the Annual Meeting, we will also report on important activities and accomplishments of the Company and review the Company’s financial performance and business operations. You will have an opportunity to ask questions and gain an up-to-date perspective on the Company and its activities, and to meet certain directors and key executives of the Company. We know that many of our stockholders will be unable to attend the Annual Meeting. We are soliciting proxies so that each stockholder has an opportunity to vote on all matters that are scheduled to come before the stockholders at the Annual Meeting. Whether or not you plan to attend, please take the time now to read the Proxy Statement and vote by submitting by mail a paper copy of your proxy or vote instructions, so that your shares are represented at the meeting. You may also revoke your proxy or vote instructions and change your vote at any time prior to the Annual Meeting. Regardless of the number of Company shares you own, your presence in person or by proxy is important for quorum purposes and your vote is important for proper corporate action. Thank you for your continuing interest in IT Tech Packaging, Inc.. We look forward to seeing you at the Annual Meeting. If you have any questions about the Proxy Statement, please contact us at IT Tech Packaging, Inc., Science Park, Juli Road, Xushui District, Baoding City, Hebei Province, People’s Republic of China 072550. Sincerely, /S/ ZHENYONG LIU ZHENYONG LIU Chairman and Chief Executive Officer JOB TITLE IT Tech Packaging Inc. REVISION 1 SERIAL <12345678> DATE Thursday, June 11, 2020 JOB NUMBER 376365(1) TYPE PAGE NO. 2 OPERATOR ACEJ TABLE OF CONTENTS Page Notice of Annual Meeting of Stockholders. 1 Proxy Statement for Annual Meeting of Stockholders �������������������������������������������������������������������������������� 3 Date, Time and Place of the Annual Meeting . 3 Purpose of the Annual Meeting ������������������������������������������������������������������������������������������������������������������������ 3 Voting Rights and Revocation of Proxies ���������������������������������������������������������������������������������������������������������� 3 Dissenters’ Right of Appraisal �������������������������������������������������������������������������������������������������������������������������� 4 Outstanding Shares and Quorum ���������������������������������������������������������������������������������������������������������������������� 4 Broker Non-Votes ���������������������������������������������������������������������������������������������������������������������������������������������� 4 Required Votes for Each Proposal to Pass �������������������������������������������������������������������������������������������������������� 4 Voting Procedures . 5 Solicitation of Proxies ���������������������������������������������������������������������������������������������������������������������������������������� 5 Delivery of Proxy Materials to Households ������������������������������������������������������������������������������������������������������ 5 Interest of Officers and Directors in Matters to Be Acted Upon ���������������������������������������������������������������������� 5 Security Ownership of Certain Beneficial Owners and Management . 6 Proposal 1: Election of Directors . 7 Nominees for Director . 7 Term of Office . 7 Vote Required and Board of Directors’ Recommendation . 7 Directors and Officers . 8 Involvement in Certain Legal Proceedings . 9 Transactions with Related Persons, Promoters and Certain Control Persons �������������������������������������������������� 9 Procedures for Approval of Related Party Transactions . 10 Section 16(a) Beneficial Ownership Reporting Compliance ���������������������������������������������������������������������������� 11 Director Independence �������������������������������������������������������������������������������������������������������������������������������������� 11 Meetings and Committees of the Board of Directors; Annual Meeting Attendance . 11 Board Meetings �������������������������������������������������������������������������������������������������������������������������������������������������� 13 Board Leadership Structure and Role in Risk Oversight. 13 Stockholder Communications . 13 Code of Ethics ���������������������������������������������������������������������������������������������������������������������������������������������������� 13 Board of Directors Compensation . 14 Report of the Audit Committee of the Board of Directors . 15 Executive Compensation . 16 Summary Compensation Table . Employment Agreements ���������������������������������������������������������������������������������������������������������������������������������� 16 Outstanding Equity Awards at 2019 Fiscal Year-End . 17 Proposal 2: Ratification of Appointment of Independent Registered Public Accounting Firm . 17 Audit Fees ���������������������������������������������������������������������������������������������������������������������������������������������������������� 17 Audit-Related Fees . 17 Tax Fees . 17 All Other Fees ���������������������������������������������������������������������������������������������������������������������������������������������������� 17 Pre-Approval Policies and Procedures �������������������������������������������������������������������������������������������������������������� 17 Vote Required and Board of Directors’ Recommendation . 18 Proposal 3: Advisory Vote on Executive Compensation ������������������������������������������������������������������������������ 18 Proposal 4: Approval of a reduction in the exercise price of outstanding warrants issued in a private placement and the approval of the issuance of common stock representing more than 20% of our common stock issued and outstanding upon exercise of the warrants in accordance with NYSE American Rule 713(a)(ii) . 18 Overview. 18 Vote Required and Board of Directors’ Recommendation . 20 Stockholder Proposals . 20 Other Business . 20 JOB TITLE IT Tech Packaging Inc. REVISION 1 SERIAL <12345678> DATE Thursday, June 11, 2020 JOB NUMBER 376365(1) TYPE PAGE NO. 3 OPERATOR ACEJ IT TECH PACKAGING, INC. Science Park, Juli Road Xushui District, Baoding City Hebei Province, People’s Republic of China 072550 NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JULY 23, 2020 To the Stockholders of IT Tech Packaging, Inc.: NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of IT Tech Packaging, Inc., a Nevada corporation (the “Company”), will be held at Wei County Production Base, IT Tech Packaging Inc., Industrial Park, Wei County, Hebei Province, China 054700 on July 23, 2020, at 10 a.m. local time (10 p.m. ET, July 22, 2020), for the following purposes: 1. To elect three directors in Class II to serve on the Board of Directors of the Company, with such Class II directors to serve until the 2022 Annual Meeting of Stockholders and until their respective successors have been duly elected and qualified or until his or her earlier resignation, removal or death; 2. To ratify the appointment of WWC, P. C. Certified Accountants as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2020; 3. To conduct a “say-on-pay” advisory vote to approve executive compensation; 4. To approve a reduction in the exercise price of outstanding warrants issued in a private placement and the approval of the issuance of common stock representing more than 20% of our common stock issued and outstanding upon exercise of the warrants in accordance with NYSE American Rule 713(a)(ii); and 5. To act on such other matters as may properly come before the meeting or any adjournment or adjournments
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