Company: KPEA
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002124
Chunk: 433

Company: Kun Peng International Ltd.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1
Chunk 433
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 17, 2021.

Business
Operation Agreement

Pursuant
to the terms of a Business Operation Agreement dated May 15, 2021 among King Eagle (China), King Eagle VIE and the shareholders of King
Eagle VIE (the “Business Operation Agreement”), King Eagle VIE has agreed to subject the operations and management of its
business to the control of King Eagle (China). According to the Business Operation Agreement, King Eagle VIE is not allowed to conduct
any transaction that has a substantial impact upon its operations, assets, rights, obligations, or personnel without King Eagle (China)’s
written approval. The shareholders of King Eagle VIE and King Eagle VIE will take King Eagle (China)’s advice on the appointment
or dismissal of directors, employment of King Eagle VIE’s employees, and the regular operation and financial management of King
Eagle VIE. The shareholders of King Eagle VIE have agreed to transfer any dividends, distributions, or any other profits that they receive
as the shareholders of King Eagle VIE to King Eagle (China) without consideration. The Business Operation Agreement is valid for a term
of 10 years or longer upon the request of King Eagle (China) prior to the expiration thereof. The Business Operation Agreement may be
terminated earlier by King Eagle (China) with a 30-day written notice.

The
foregoing summary of the Business Operation Agreement does not purport to be complete and is subject to, and qualified in its entirety
by, the Business Operation Agreement, which was filed as Exhibit 10.2 to our Form 8-K filed dated May 17, 2021.

Proxy
Agreement

Pursuant
to the terms of a Proxy Agreement dated May 15, 2021 among King Eagle (China) and the shareholders of King Eagle VIE (the “Proxy
Agreement”), the shareholders of King Eagle VIE have entrusted their voting rights as King Eagle VIE’s shareholders to King
Eagle (China) for the longest duration permitted by PRC law. The Proxy Agreement can be terminated by mutual consent of the King Eagle
VIE shareholders (100% of whom must approve) and King Eagle (China) or upon a 30-day notice of King Eagle (China).

The
foregoing summary of the Proxy Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the Proxy
Agreement, which was filed as Exhibit 10.3