Document:

Accounts Receivable Pledge Contract

 Exhibit 10.13 

 

 

 Accounts Receivable Pledge Contract 

 

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 Accounts Receivable Pledge Contract 

Pledgor: Shenzhen Photon Broadband Technology Co., Ltd. 

Pledgee: Shenzhen Branch, Shanghai Pudong Development Bank Co., Ltd. 

Whereas: 

       In order to secure the full and timely performance of all the obligations under the Master Contracts by
the debtor (please see Article X hereunder for details) and safeguard the realization of creditor’s rights, the Pledgor voluntarily creates a pledge over the accounts receivable as mentioned herein and provides a guarantee with respect to all
the debts owed by the debtor under the Master Contracts. 
        The Pledgee, upon verification,
agrees to accept the provision of pledge guarantee by the Pledgor. In order to ascertain the rights and obligations of both parties, pursuant to the Property Rights Law of the People’s Republic of China, the Measures for the
Registration of the Pledge of Accounts Receivable, and their operating rules, this Contract is entered into by both parties, who shall abide by it strictly. 

Article I: Pledge of Property 

      The pledged property is the accounts receivable lawfully owned by the Pledgor (for a detailed description,
please see Section 3, Article X, of this Contract). 
       The accounts receivable as mentioned
herein refer to the right of the Pledgor to demand the obligor to make payments in return for offering certain goods, services or facilities, including existing and potential monetary claims and the proceeds thereof, but not including the right to
claim payments from bills or other negotiable securities. 
       The accounts receivable as mentioned
herein include the following rights: 
  

	       1.  
	 claims from sale, including the sale of goods, the supply of water, power, gas, or heat and the licensed use of intellectual property;

  

	       2.  
	 claims from leasing, including the leasing of movable and immovable property; 

 

	       3.  
	 claims from rendering services; 

  

	       4.  
	 the right to charge fees for immovable property such as highways, bridges, tunnels and ferries etc.; and 

 

	       5.  
	 claims from the granting of loans or other credit. 

  

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 Article II: Principal Debts and Pledge 

 

	 1.
	 The secured principal debts 

(i)     Details of the secured principal debts hereunder are stipulated in Article X of this Contract.

 (ii)   References to “due” and “maturity” in the Contract include situations in which
early maturity dates are announced by the creditor. 
  

	 2.
	 Scope of guarantee 

Apart from the principal debts as mentioned herein, the scope of guarantee under this Contract also includes the interest arising
therefrom (the interest referred to herein includes interest, penalty interest and compound interest), default penalty, damage compensation cost, service charges, insurance premiums and other costs incurred as a result of execution or performance of
the Contract, as well as the costs in connection with the Pledgee’s realization of security rights and debts (including but not limited to disposition fees, taxes, litigation costs, auction fees, execution costs, legal costs and travel
expenses), together with, after the Master Contracts take effect, the amount of performance bond called upon by the creditor but not deposited. 
  

	 3.
	 Preferential rights to be paid off 

The Pledgor shall ensure that the Pledgee takes the priority in having its claim satisfied with the relevant proceeds of the
pledged property. 
 The Pledgee may elect not to exercise other security rights (if any) against the debtor at first.
Instead, it may directly exercise the pledge right under this Contract. The Pledgor agrees that, under any circumstances, the failure to exercise or exercise promptly any rights with the debtor under other loan documents, including but not limited
to creditor’s rights, security interest, and default remedies, shall not be deemed as the Pledgee’s failure to exercise or giving up the right to exercise the said rights. Nor shall it affect the full exercise of its rights under this
Contract. 
  

	 4.
	 Modification of Master Contracts 

The rights and interests of the Pledgee under the Contract shall not be affected in any way by any indulgence or extension of
repayment date granted to the debtor by the Pledgee, or amendment, modification or substitution of any provisions of Master 
  

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Contracts by the Pledgee and debtor. In the event of the above circumstances, the prior approval of the Pledgor is deemed to have been given and the security responsibilities of the Pledgor shall
not be diminished as a result of this. 
 Where the creditor provides the debtor with the issuance of a letter of credit,
letter of guarantee or standby letter of credit under the Master Contracts, any amendment made by the creditor or debtor to the letter of credit, letter of guarantee or standby letter of credit under the Master Contracts does not require the consent
of the Pledgor or giving notice to the Pledgor. The prior consent of the Pledgor is deemed to have been sought and the security responsibilities of the Pledgor shall not be diminished as a result of this. 

Article III: Registration of Pledge 

After the Pledgor and Pledgee have signed the Contract, the Accounts Receivable Pledge Registration Agreement shall be signed in
accordance with the stipulations of Measures for the Registration of the Pledge of Accounts Receivable of the People’s Bank of China. Upon the signing of this Contract, the Pledgee shall arrange for the registration of the pledge of
accounts receivables with the registration and public notice system established by the People’s Bank of China Credit Reference Centre. The Pledgor shall give a true, complete and accurate account of all the requisite information required for
registration of the pledged accounts receivable. At the same time, the Pledgor undertakes that, where the Pledgor is an entity, written notice shall be given to the Pledgee of all of the officially registered names of the entity within the 4 months
preceding the registration of pledge/assignment, in a truthful, complete, accurate and timely manner. Where the Pledgor is an individual, the Pledgee shall be informed of all valid identity document numbers (whether now or in the past) in a
truthful, complete, accurate and timely manner, failing which the Pledgor is deemed to have committed a breach of contract and shall be held liable. 

Following the repayment of debts in full under the Master Contracts and complete discharge of the obligations of the Pledgor under
the Contract, the Pledgee shall, upon the written request of the Pledgor, arrange for the registration of cancellation of the relevant pledge with the accounts receivable pledge registration and public notice system of the People’s Bank of
China Credit Reference Centre in accordance with the relevant stipulations of the Measures for the Registration of the Pledge of Accounts Receivable and its operating rules. 

 

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 Article IV: Regulation of Accounts Receivable 

      1.       The Pledgor has already opened a special settlement account (as a
regulated account) with the Pledgee. Bank:                     , Name of Account:
                    , Account No.:
                    . The Pledgee undertakes that, during the term of the pledge, the accounts receivable pledged under this Contract shall be
returned and credited directly to the regulated account, which shall be subject to the close-ended supervision of the Pledgee. 

      2.       The Pledgor authorizes the Pledgee to take the initiative to withhold
and deduct the corresponding sum from the regulated account if the debtor and/or Pledgor are found to have breached the Contract. 

Article V: Realization of Pledge Rights 

1.      In the event of any one of the following circumstances, the Pledgee is entitled to realize the pledge rights as
stipulated herein or apply them to replenishing the performance bond: 

      (i)       Where the debtor commits an act constituting a breach under the Master
Contracts; 
       (ii)      Where the creditor may realize the debt under the Master
Contracts at an earlier date; 
       (iii)     Where the Pledgor commits an act
constituting a breach under the Master Contracts; 
       2.       If any
circumstances occur as stipulated herein, the Pledgee has the right to withhold a corresponding amount from the regulated account for the purpose of repaying the debt in advance or, in the case that the debt had fallen due, transfer funds from the
regulated account to repay the debt. Any surplus amount, if any, would be attributable to Pledgor after the settlement of debt. If the funds in the regulated account are insufficient to repay the outstanding amount, the Pledgee is entitled to demand
that the Pledgor to repay the shortfall immediately. 
       3.       The
Pledgor shall actively seek to recover the receivables. In that case that the receivables are not settled as originally scheduled, the Pledgor shall notify the Pledgee promptly. If the Pledgor fails to exercise its rights over the accounts
receivable, the Pledgee has the right to exercise subrogation rights according to law. 
  

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       4.       When the Pledgee realizes
the pledge rights, it is entitled to do so in the following manner: if the currency of principal debts is consistent with the currency of accounts receivable, the accounts receivable should be used in repaying the debt directly or in preparation for
making external payments. If the currency of the principal debts differs from that of the accounts receivable, the accounts receivable shall be converted into the currency of the principal debts at an exchange rate determined by the creditor and
applied to paying off the principal debts or in preparation for making external payments. All costs arising from this shall be borne by the Pledgor. 

Article VI: Statements and Warranties 

      The Pledgor makes the following statements and warranties to the Pledgee: 

      1.       The Pledgor is an independent legal entity or an individual with the
capacity for civil conduct who possesses all of the necessary rights and abilities and is able to perform the obligations under this Contract in its own name and independently assume civil liability. 

      2.       The Pledgor is entitled to sign this Contract and has completed all
authorizations and approvals necessary for the signing of the Contract and performing the obligations hereunder. The provisions contained herein reflect the true will of the Pledgor and have binding effect on the Pledgor. 

      3.       The Pledgor warrants that it shall abide by the law. The signing and
performance of the Contract will not be in violation of the law (the law referred to herein includes laws, rules, regulations, local laws, and judicial interpretation), Articles of Association, relevant documents of competent authorities, judgments,
rulings which should be observed by the Pledgor and are not in conflict with any contract, agreements signed by the Pledgor, or any other obligations undertaken by the Pledgor. 

      4.       The Pledgor warrants that all financial statements compiled by it, if
any, are in compliance with the laws of China (excluding the Hong Kong and Macau Special Administrative Regions and Taiwan). The financial statements give a true, complete and fair view of the financial status of the Pledgor. Furthermore, all
information and documents supplied to the Pledgee by the Pledgor in the course of signing and performance of the Contract are true, valid, accurate and complete without any concealment of facts. 

      5.       The Pledgor warrants that it shall complete all filings or registrations
necessary for the valid and lawful performance of the Contract, and pay all taxes and costs thereof. 
  

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       6.       There has been no material
and adverse change to the business and financial status of the Pledgor since the date of the latest audited financial statement. 

      7.       The Pledgor warrants that it is entitled to the full and lawful rights
of ownership of the pledged accounts receivable. Currently, any form of guarantee and other priority rights (other than the rights created for the purpose of this Contract) have not been retained and no assignment (including but not limited to
factoring business) has been carried out with respect to the accounts receivable. Nor does there exist or possibly exist any form of dispute over the title, restriction of rights or defects, and there does not exist any third party claiming any
rights over the pledged property. 
       8.       The Pledgor has already
disclosed to the Pledgee important facts and circumstances, which have come to his knowledge or should have come to his knowledge and is important for the Pledgee in deciding whether to grant the financing under the Master Contracts. 

      9.       The Pledgor acknowledges that, on the date of signing of the Contract
and during the performance of the Contract, there do not and will not exist cases of default on payments, including but not limited to salaries of staff, medical expenses, disability subsidies, relief payments and compensation. 

      10.     The Pledgor warrants that there do not exist situations or events which will or may
have a material and adverse impact on the ability of the Pledgor in performing the Contract. 

      11.     The Pledgor warrants that there do not exist any circumstances of restriction of
assignment or pledge in the basic contracts of the pledged accounts receivable, nor any stipulation for offsetting the accounts receivable against other debts of the Pledgor. Without the written approval of the Pledgee, any form of modification or
early termination of the basic contract is not allowed. 
       12.     The Pledgor
warrants that the Pledgor possesses full and lawful rights of ownership to the movable or immovable property underlying the pledged accounts receivable. The movable or immovable property does not retain any form of guarantee or other priority rights
(other than those created for the purpose of the Contract). Nor does there exist or possibly exist any form of ownership dispute, restriction of rights or defects, and there does not exist any third party claiming any rights over the pledged
property. 
       13.     If the Pledgor raises and registers a disagreement over the
above accounts receivable, the Pledgee shall be promptly notified of the relevant information. 
 Article VII: Agreed Matters

  

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	 1.
	 Obligations of the Pledgor 

 (i)   During the period when the pledge hereunder validly exists, except for the stipulations herein, the Pledgor
undertakes not to, without obtaining the written approval of the Pledgee, create in any way any further pledge or other security interests over the pledged accounts receivable and the underlying movable or immovable property for the benefit of any
third party other than the Pledgee. 
  (ii)   The Pledgor undertakes not to take the following actions
without obtaining the consent of the Pledgee in writing: 

         �
 Otherwise dispose of the pledged accounts receivable, such as offsetting accounts receivable debts, re-negotiating receivables for reasons of business discounts and disputes, or
assignment of receivables. 

         ‚
 Selling, gifting over, leasing, lending, transferring, mortgaging, pledging or otherwise disposing of all or part of its substantial assets. 

         ƒ
 Material changes to the business structure or form of organization of property rights, including but not limited to contracting, leasing, joint operation, company restructuring,
shareholding reform, equity transfer, merger (or merger by way of absorption), joint venture (or cooperative venture), splitting up, setting up of subsidiaries, transfer of property rights and reduction of capital. 

         „
 Amendment to the Articles of Association or alteration of scope of business or core business. 

         ...
 Providing guarantees to a third party and, as a consequence thereof, having a material and adverse impact on its financial condition or ability to fulfil the obligations under the
Contract. 

         †
 Application for restructuring, bankruptcy or dissolution of the company. 

         ‡
 Signing of contracts/agreements which have a material and adverse impact on the ability of the Pledgor to fulfil the obligations hereunder or assuming relevant obligations with such
implications. 

         ˆ
 The Pledgor shall promptly advise the payers of accounts receivable that those accounts receivable had been pledged, and ensure that the full amount will be appropriated to the regulated
account as mentioned in Article IV of this Contract or to the account designated by the Pledgee as scheduled. 

        (iii)    The Pledgor undertakes that, during the existence of the pledge, if the
following circumstances occur, the Pledgor shall notify the Pledgee on the day such an event occurs and the original copy of the relevant notice (affixed with company seal for non-natural persons, and signature required for natural persons) shall be
dispatched and reach the Pledgee within five (5) banking days after the event takes place: 
  

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         �
 Where there is any change to the statutory registered name or identity card number of the Pledgor. 

         ‚
The occurrence of relevant events which render the representations and warranties made by the Pledgor under the Contract untrue and inaccurate. 

         ƒ
 Where the Pledgor or its controlling shareholders, de facto controller or its related persons are involved in litigation or arbitration, or its assets are subject to seizure,
attachment, freezing, enforcement or other measures of the same effect are taken against it, or its directors, supervisors, or senior management are involved in litigation, arbitration or subject to other enforcement measures. 

         „
 Where there are changes of legal representative (if any), responsible person, authorized representative, key person in charge of financial affairs, or correspondence address and work
premises of the Pledgor, or the Pledgor (natural person) changes his residential address, place of usual abode, changes job, leaves the city where he lives on a long term basis, changes his name or there is an adverse change to his salary level.

         ...
 Where a petition for restructuring or bankruptcy is filed by other creditors or in case of revocation by higher-level competent authorities. 

         †
 Where there is dispute over the ownership of the pledged accounts receivable, or the pledge is or may be subject to an adverse impact by any third party. 

         (iv) The Pledgor undertakes that in the course of signing and performance of the Contract, it
shall, upon the demand of the Pledgee, furnish the required financial information at any time. 

         (v) The Pledgor acknowledges that, before the debtor settles all debts due to the Pledgee under the
Master Contracts, the Pledgor is prohibited from exercising its right of recourse and relevant rights entitled to it as a result of the performance of the Contract against the debtor. 

         (vi) On request by the Pledgee, the Pledgor shall arrange to handle the formalities of a notarial
certificate, which is enforceable, with a notary public office designated by the Pledgee. The Pledgor voluntarily accepts that enforcement action. 

         (vii) The Pledgor shall provide information necessary for the registration of the pledge in a
prompt, complete, valid and truthful manner and actively cooperate with the Pledgee in handling the formalities so as to ensure the realization of pledge rights on the part of the Pledgee. 

         (viii) All costs associated with the evaluation, registration, notarization, safekeeping,
warehousing, appraisal, and insurance of the pledged accounts receivable hereunder and the underlying movable/immovable property, maintenance of value of the pledged accounts receivable and safeguarding of the interests of Pledgee under the
Contract, shall be wholly borne by the Pledgor. 
  

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         (ix) With respect to any third party’s claiming
rights over the pledged accounts receivable and the underlying movable/immovable property, or any enforcement actions which are or may be adopted by judicial or administrative authorities on the pledged accounts receivable and the underlying
movable/immovable property, in order to ensure that the security interests of the Pledgee hereunder will not be prejudiced in any way, the Pledgor shall defend against those claiming of rights or enforcement actions. All costs arising therefrom
shall be borne by the Pledgor. 
         (x) Where, for reasons other than the fault of the
Pledgee, the value of the pledged accounts receivable and the underlying movable/immovable property falls to 90% or below of the original appraised value of the pledged property, the Pledgor shall, on request by the Pledgee, replenish the
performance bond or provide additional guarantees accordingly within five (5) banking days from the date of dispatching of the Notice of Replenishing Pledged Property by the Pledgee. 

        (xi) Where the Pledgor is not the debtor under the Master Contracts, the Pledgor hereby undertakes
that, in the event of any one of the following circumstances, it shall unconditionally assume joint guarantee liability with the debtor with respect to the outstanding claims: 

        �
 The secured claims are not settled in full after the Pledgee exercises its pledge rights according to the Contract. 

        ‚
 Reasons on the part of the Pledgor that render the Contract not yet effective, void or revoked. 

2.     Stipulations on transfers of funds 

        (i)     If the Pledgor has outstanding debts which are past due, the Pledgee
has the right to transfer the funds directly from any of the accounts opened by the Pledgor with Shanghai Pudong Development Bank in paying off the outstanding debts that are past due. 

        (ii)   Unless otherwise stipulated by the competent state authorities, the proceeds
received therefrom shall be applied in the following order of priority: first, repayment of outstanding amounts due on the part of the Pledgor and debtor, then settling the outstanding interest, and finally, repayment of the outstanding principal.

         (iii)   In the case that the currency of the proceeds generated from such
funds transfers differs from that of the debts to be repaid, the Pledgee is entitled to settle/purchase foreign currency at a self-determined rate and repay the outstanding amount. The currency exchange risks shall be borne by the Pledgor.

 3.     Proof of Claims 
  

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 The accounting documents compiled and recorded by the Pledgee according to its
business practices constitute valid proof of the secured principal claims of the Pledgor. 
  

	 4.
	 Serving of Notice 

(i)   Any notice given by either party to the other party shall be sent to the addresses shown on the signing page
herein, unless it is notified in writing by the other party of a change in address. Once the notice is sent to the above address, it is deemed to have been served on the following dates: for letters, the seventh (7) banking day after the
dispatch of registered mail to the principal business address (for natural persons, the residential address); for delivery by courier, the day when the recipient had signed to acknowledge receipt; for facsimile or emails, the day when the facsimile
or emails are sent. However, all notices, requests or other correspondence sent or delivered to the Pledgee are deemed to have been served at the time when the Pledgee actually receives them. In addition, the originals (affixed with the company seal
for non-natural persons, signature required for natural persons) of all notices and requests sent to the Pledgee via facsimile or email shall be delivered by hand or mailed to the Pledgee afterwards for confirmation purposes. 

(ii)   The Pledgor agrees that any summons or notices issued as a result of litigation instituted against it shall be
deemed to have been served if they are dispatched to the principal business or residential address as shown on the signing page of this Contract. Any change to the above address will not take effect unless a written notice of the same has been given
to the Pledgee in advance. 
  

	 5.
	 Validity, Modification and Rescission 

(i)   This Contract is established and shall take effect after both the Pledgor and Pledgee have affixed their seals and
have their legal representatives/responsible persons or authorized persons sign or seal it (if the Pledgor is a natural person, signature only). The pledge rights are established after the registration of the pledge is completed with the accounts
receivable pledge registration system of the People’s Bank of China and is valid until the secured principal claims hereunder are fully discharged. 

(ii)   If the Pledgee needs to rollover the loan or modify the registration, the Pledgor shall reach an agreement with the
Pledgee with respect to matters regarding loan rollover, modification and registration. 
  

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 (iii)   If any part of the provisions of the Contract is declared invalid or
rescinded, the validity of the remaining provisions shall not be affected. 
 (iv)   After the Contract comes
into force, neither party to the Contract is permitted to modify or rescind the Contract in advance. Where modification or rescission is required for the Contract, both parties shall reach unanimity through consultations and enter into a written
agreement. 
 Article VIII: Events of Default and Handling 

1.     Events of default 

        The occurrence of any of the following circumstances shall constitute a default on the part of the
Pledgor: 
         (i)   Any statement, description, or warranty made by the Pledgor in
this Contract, or any notice, authorization, approval, consent, certification and other documents arising from or in connection with this Contract are inaccurate or misleading at the time of being made, or are proved to be inaccurate or misleading,
or are proved to be void or rescinded or have no legal effect. 
         (ii)   Any
breach of the statements, warranties or agreed matters in Article VI or Article VII of the Contract on the part of the Pledgor. 

        (iii)   The Pledgor fails to meet the requirements of the Pledgee in the provision of
complete formalities and authentic information of the pledged accounts receivable and underlying movable/immovable property, or hides the fact that there exist circumstances under which the pledged accounts receivable and underlying
movable/immovable property are subject to joint ownership, dispute, attachment, seizure, or supervision, or that a pledge already exists. 

        (iv)   The suspension of business, stoppage of production, closure of business, suspension
of business for internal rectification, liquidation, being placed in receivership or conservatorship, restructuring, dissolution, revocation or cancellation of business licence, or bankruptcy of the Pledgor. 

        (v)   The financial condition of the Pledgor deteriorates, encountering great difficulties
in operation, or an event or situation occurs which has an adverse impact on its normal operations, financial condition or solvency. 

        (vi)   The Pledgor, its controlling shareholders, de facto shareholders or related
parties are involved in material litigation or arbitration or any of its significant assets is subject to seizure, attachment, freezing, enforcement or other measures carrying the same effect are adopted against it; or its legal representative,
directors, supervisors or senior management are involved in any litigation, arbitration or subject to other 
  

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enforcement actions which have an adverse impact on the solvency of the Pledgor. 

        (vii)   The pledged accounts receivable and underlying movable/immovable property are
subject to enforcement action by the judiciary authorities of the state or other competent organizations or other third parties asserting rights over them. 

        (viii)   Where the Pledgor is a natural person, he or she dies or is declared to be dead.

         (ix)    Where the Pledgor is a natural person, a transfer of assets or
attempt to transfer assets under the false pretense of marriage. 
         (x)   
Other acts in breach of this Contract by the Pledgor or in prejudice to the interests of the Pledgee, which are sufficient to impede the normal discharge of the Contract. 

2.     Treatment of default 

        If any of the above events of default happens, the Pledgee is entitled to declare that the
principal claims are due on an earlier date or request the debtor to replenish the performance bond, and may, as stipulated in Article V, transfer funds from the regulated account and apply them in discharging all claims which are secured by the
pledged accounts receivable, or apply them in replenishing the performance bond. At the same time, the Pledgee may request the Pledgor to make a default payment (calculated according to Article X of this Contract). Where the default payment is
insufficient to cover the losses suffered by the Pledgee, the Pledgor shall indemnify the Pledgee against all resulting losses. 

        At the same time, the Pledgor shall seek recovery of the receivables actively. Should the Pledgor
fail to exercise its rights over the accounts receivable, the Pledgee is entitled to exercise subrogation rights according to law. 

Article IX: Other Provisions 

1.     Applicable laws 

        The Laws of the People’s Republic of China (excluding the Hong Kong and Macau Special
Administrative Regions and Taiwan) are applicable to this Contract. 
 2.     Dispute Resolution 

        All disputes arising from this Contract shall be resolved through friendly consultations. In the
case that an agreement cannot be reached, the People’s Court where the Pledgee is located has exclusive jurisdiction over the matter. During the 

 

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period of dispute, the parties shall continue to perform the undisputed provisions. 

3.     Miscellaneous 

      (i)   The parties hereto may revise through negotiation matters not mentioned herein and set out
those additional terms and conditions in Article X of this Contract. Alternatively, the parties hereto may enter into a written agreement as an Appendix to the Contract. The Appendix to this Contract (detailed in Article X of this Contract) is an
inseparable constituent part of the Contract and has the same legal effect as the main text. 

      (ii)   Unless otherwise stated herein, the relevant terms and expressions in this Contract have the
same meetings as those in the Master Contracts. 
       (iii)   The insertion of headings herein
is for reference only and should not be regarded as the basis of interpretation of the content under that heading. 
  

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 Article X: Essential Terms of Contract 

(N.B.: Please
“ü“ in the boxes as appropriate) 

 

	     1.      
	 Master Contracts secured by this Contract 【corresponding to the terms and conditions under “Whereas”】 

      
x Master Contracts are
《                    》
【No.                    】 signed between the creditor (namely the Pledgee under this Contract, same below) and
                    , the debtor, on         (dd)
        (mm)         (yy). 

      
þ This is a Maximum Pledge Contract. The Master Contracts are a series of credit contracts
entered into by the creditor and Shenzhen Photon Broadband Technology Co., Ltd., the debtor, from 16 April 2009 to 16 April 2010 (fill in the period during which the claims have arisen). 

 

	     2.      
	 The secured principal debts 【corresponding to Item (i), Section 1, Article II of this Contract】 

      The principal debt secured under this Contract is, according to the Main Contracts, the principal amount of
debt (including loan principal, discount amount, and advances) arising from the provisions of financing or off-balance sheet business by the creditor to the debtor. The balance of principal debt secured is up to a maximum of RMB (currency)
Twenty Five Million Yuan Only (in words). 
      Balance of principal debts = accumulated amount
of principal debts already incurred-accumulated amount of principal debts already repaid. 

    3.      Description of pledged property 

      (i)
þ All accounts receivable (including the receivables that have been or will be incurred) of the
Pledgor which are incurred from the sales of products (enter specific description of the sale of certain kind of products or lease of certain property or provision of certain services) during 16 April 2009 to 16 October
2011. (applicable to the pledge of all accounts receivables of the Pledgor). 
       (ii)
x All the accounts receivable incurred (including the receivables that have been or will be
incurred) by the Pledgor during the period from         (dd)         (mm)         (yy) to
        (dd)         (mm)         (yy) with respect to the following payers (fill in the full names of the
payers of accounts receivable):                         ;
                        ;
                        ;
                        ; 

 

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(applicable to the pledge of all accounts receivable from one or several customers of the Pledgor). 

      (iii)
x All the accounts receivable incurred (including the receivables that have been or will be
incurred) by the Pledgor during       (dd)         (mm)         (yy) to       (dd)
        (mm)         (yy) with respect to the right to receive payment from the following immovable properties or other rights to charge fees:
 ̈ toll
 fees for stretch no.             to stretch no.             of
             Highway,
 ̈ toll
 fees for                  bridge,
 ̈ toll
 fees for                  subway,
 ̈ fees
 for              berth to              berth,
 ̈                     
 accommodation expenses of student apartments;
 ̈ income
 from chargeable items of                      school (state the chargeable items),
 ̈                     
 right to charge electricity fees,
 ̈                             
 right to charge fees on sewage treatment,  ̈
                          export tax rebate. (Fill in the names and numbers of
immovable properties in “        ”, applicable to the pledge of a particular kind of rights to charge fees). 

      (iv)
x The following accounts receivable of the Pledgor (applicable to the pledge of one or more
confirmed accounts receivable vouchers generated under contract): 
       a. The accounts receivable
generated from 《                        》 (name of contract or purchase order, same below)
【No.                】 signed between the Pledgor and
                    , the currency of the accounts receivable is
                    , the amount is                 , maturity date
is on                     , invoice no.:
                     (if any, may be more than one) 

      b. The accounts receivable generated from
《                        》
【No.                】 signed between the Pledgor and
                        , the currency of the accounts receivable is
                    , the amount is                 , maturity date
is on                     , invoice no.:
                         (if any, may be more than one) 

      c. Where the pledge involves more than three accounts receivable, the details of the accounts receivable are
set out in Appendix 2 “List of Accounts Receivable”. 
  

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   (v)
x Other stipulations (for the purpose of ascertaining the accounts receivable to be pledged):

					
	  

	  

	  

	  
	  	

 4.      Treatment of Default 【corresponding to
Section 2, Article VIII of this Contract】 
 Default payment: equivalent to One (in words) percent of principal debts
or 

                        
/                                         
           . 
 5.      The
registration fee of the pledge is RMB    /    , which is payable to the Pledgee by the Pledgor before the handling of registration. 

6.      The Appendices to the Contract include: 【corresponding to Section 1, Article III
and Item (i), Section 3, Article IX of this Contract】 
 (i) Accounts Receivable Pledge Registration
Agreement. 

(ii)   
x List of Pledges of Accounts Receivable. 

(iii)  
x Letter of Undertaking Regarding Consent of Execution for Jointly-owned Property (applicable
where the Pledgor is a natural person). 
 (iv)
x
“                                        
        ”. 
 (v)
x
“                                        
         ”. 
 7.      Other Matters Agreed
by Both Parties 【corresponding to Item (i), Section 3, Article IX of this Contract】 
  

							
	  

		
	 /
	  	

 8.      This Contract is in quadruplicate, one copy
kept by the Pledgor, three copies kept by the Pledgee, / copy kept by /, all having the same legal effect. 
  

 - 17 - 

       (No main text below on this page) 

 

 - 18 - 

 (This is the signing page with no main text) 

    This Contract is signed by both parties (as below) on 30 April 2009. The Pledgor acknowledges that, at the time
of signing this Contract, both parties have explained and discussed all the provisions in detail. Both parties have no disagreement towards any of the provisions herein and have an accurate understanding of the legal implications of the provisions
with respect to the rights and obligations, restrictions of responsibility or release provisions of the subject persons. 
  

					
	 Pledgor (company seal)

[sealed] Shenzhen Photon Broadband

Technology Co., Ltd.
	 		  	 Pledgee (company seal)

[sealed] Shenzhen Branch, Shanghai

Pudong Development, Bank Co., Ltd.

			
	 Legal representative or authorized

person (signature or seal)
	 		  	 Responsible person or authorized person

(signature or seal)

			
	 [signature stamp] [PING PETER XIE]
	 		  	 [signature stamp] [illegible]

	 (applicable to above legal person)
	 		  	
	
	 Pledgor (signature)

			
	 Category and no. of valid identity document:
	 		  	
		
	  
	  	
	 (applicable to above natural person)
	 		  	

  

					
	 Residential address:
	  	 2/F, Hao Wei Bldg.,

Langshan No. 2 Road,
 Beiqu,
High-tech Industrial
 Park, Nanshan District,

Shenzhen
	  	 Principal place of business:

Shenzhen International Chamber
 of
Commerce Tower, Fuhua No. 3
 Road , Futian District, Shenzhen

	 Postal code:
	  		  	 Postal code: 518000

	 Telephone No:
	  		  	 Telephone No:

	 Fax No.:
	  		  	 Fax No.:

	 Email:
	  		  	 Email:

	 Contact person:
	  		  	 Contact person:

 Appendix 1-1:

  

 - 19 - 

 Accounts Receivable Pledge Registration Agreement 

 

			
	 Pledgee:
	  	 Shenzhen Branch, Shanghai Pudong Development Bank Co., Ltd.

		  	 (hereinafter referred to as “Party A”)

		
	 Pledgor:
	  	 Shenzhen Photon Broadband Technology Co., Ltd.

		  	 (hereinafter referred to as “Party B”)

Whereas Party A and Party B have signed the Accounts Receivable Pledge Contract numbered 227909200900000004, Party B agrees
to pledge the accounts receivable, as agreed, under the above contract to Party A. In order to protect the lawful interests of both parties, Party A and Party B shall arrange for the registration of the pledge in accordance with the stipulations of
Measures for the Registration of the Pledge of Accounts Receivable and Operating Rules for Registration of the Pledge of Accounts Receivable of the People’s Bank of China. To this end, both parties agree as follows: 

A.    Party B agrees that Party A shall arrange for the registration of the pledge, extension of term and
modification of registration, if any, with the accounts receivable pledge registration and public notice system in accordance with the relevant stipulations of the People’s Bank of China, and provide a description of the debt obligation in the
public notice system. 
 B.    Party B undertakes to: 

1.    Provide all information necessary for the registration in a timely, complete and accurate manner, and
actively cooperate with the other party in the registration process. Where the pledgor is an entity, Party A had been notified of all names used by Party B in the last 4 months preceding the date of the signing of this Agreement. Where the pledgor
is an individual, Party A had been notified of all valid identity card numbers (whether now or in the past). 

2.    Party B possesses complete rights of disposition of the pledged property under the pledge contract.
Before Party A proceeds with the relevant registration of the pledge, there do not exist any prior rights to the pledged property which will affect the pledge rights of Party A. Nor shall any third party be entitled to assert any rights over the
pledged property. 
  

 - 20 - 

 3.    During the period of existence of the pledge, the pledgor
shall notify Party A promptly of any change in the registered information. 
 C.    This agreement is
governed by the laws of China (excluding the Hong Kong and Macau Special Administrative Regions and Taiwan) and is construed accordingly. 

D.    This agreement shall come into force after the legal representatives, responsible persons or authorized
persons have signed their names and have affixed their company seals to the agreement. 
 E.    This
agreement is in quadruplicate, two copies each kept by Party A and Party B, all of which shall have the same legal effect. 

This agreement is signed by both parties in Shenzhen on 30 April 2009. 

Pledgee:
                                         (company
seal) 
 [sealed] Shenzhen Branch, Shanghai Pudong 

Development Bank Co., Ltd. 

Responsible persons and authorized persons (signature and seal): [signature stamp] [illegible] 

Pledgor:
                             (company seal) 

[sealed] Shenzhen Photon Broadband Technology Co., Ltd. 

Legal representative or authorized person:
                                        
(signature and seal) 
 [signature stamp] PING PETER XIE 

Pledgor (for natural persons):
                                        
(signature and seal) 
  

 - 21 - 

 Appendix 1-2: 

List of Accounts Receivable 

【corresponding to Item (iv), Section 3, Article X of 

the Accounts Receivable Pledge Contract】 
  

													
	Payer of
Accounts
Receivable	 	
Contract
 No.
	 	 Name of

 Contract or
 Purchase

 Order
	 	Currency	 	Amount	 	
Maturity
 Date
	 	Invoice No.
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 

  

 - 22 - 

 Appendix 1-3: 

Letter of Undertaking Regarding 

Consent of Execution for Jointly-owned Property 

(applicable where the Pledgor is a natural person) 

Ref No. 
 To:
             Branch/Sub-branch, Shanghai Pudong Development Bank Co., Ltd. 

                      
  , Identity Card No.                        , am presently the lawful spouse of
                        , the Pledgor. For the purpose of signing and performance of the Accounts Receivable Pledge Contract
(hereinafter referred to as “Pledge Contract”) numbered                         , I hereby make the following
undertaking: 
 I have sufficient knowledge of the aforementioned Pledge Contract which is signed by
                                . I consent to the signing and performance of the Pledge
Contract by the Pledgor. I consent that as stipulated in the Pledge Contract, while the Pledgor assumes security responsibility on the Pledge Contract, the Bank shall be entitled to dispose of all the jointly-owned properties involved in the Pledge
Contract, and have no objection whatsoever. 
 Yours faithfully, 

 

							
		  		  		  	 Declarant:

				
		  		  		  	        (dd)         (mm)         
(yy)

 Attachments: 

1. Copy of Identity Card 

2. Copy of marriage certificate 
  

 - 23 - 

 Appendix 2: 

Agreement on Registration of Transfer of Accounts Receivable 

 

					
	 Assignee:
	 	  
	 	 (hereinafter referred to as “Party A”)

			
	 Assignor:
	 	  
	 	 (hereinafter referred to as “Party B”)

Whereas: 
 Whereas
Party A and Party B have entered into the Factoring Agreement numbered
                                , Party B agrees to transfer the accounts receivable, as
stipulated, under the above contract to Party A. In order to protect the lawful interests of both parties, Party A and Party B shall arrange for the registration of transfer of pledge in accordance with the stipulations of Measures for the
Registration of the Pledge of Accounts Receivable and Operating Rules for Registration of the Pledge of Accounts Receivable of the People’s Bank of China. To this end, both parties agree as follows: 

A.    Party B agrees that Party A shall arrange for the registration of transfer of pledge with the accounts receivable pledge
registration and public notice system pursuant to the People’s Bank of China’s stipulations on the registration of pledges of accounts receivable, and provide a description of the debt obligation in the public notice system. 

B.    Party B undertakes to: 
  

							
	 1.
	 	 Provide all requisite information for the registration in a timely, complete and accurate manner and actively cooperate in registering the pledge. In the 4
months preceding the date of signing of this Agreement, Party B had used the following names:

		 	
1
	 	  

		
		 	  

		
	 2.
	 	 The accounts receivable transferred to Party A by Party B are lawful, valid and enforceable against the relevant payers according to law or contract
provisions. There do not exist any restrictions on transfer. Before Party A

  

 
  

 - 24 - 

							
		 	 arranges for the relevant registration of transfer, there do not exist any prior rights to the transferred property which affect the rights of Party A. Nor
shall any third party be entitled to assert any rights over the transferred property (including but not limited to creditor’s rights, security rights and offsetting rights).

		
	 3.
	 	 During the period of registration of transfer, the Assignor shall promptly notify Party A of any change in registration of
information.

 C.    Description of transferred property in the Registration of Transfer:

  

							
		
	 1.
	 	
 ̈
    All accounts receivable incurred by the Assignor from         (dd)         (mm)
        (yy) to         (dd)         (mm)         (yy) (including
the receivables that have been or will be incurred) (applicable where all receivables of the Assignor are transferred).

		
	 2.
	 	
 ̈
   All accounts receivable incurred from         (dd)         (mm)
        (yy) to         (dd)         (mm)         (yy)
(including the receivables that have been or will be incurred) by the Assignor with respect to the following payers:                 ;
                ;                 ;
                ; (fill in the full names of payers of accounts receivable) (applicable where all accounts receivable of one or several customers of the Assignor are
transferred).

		
	 3.
	 	
 ̈
  The accounts receivable of the Assignor (applicable to the transfer of one or more confirmed receivable vouchers generated under contract):

			
		 	 a.
	  	 The accounts receivable generated under
《                        》 (name of contract or purchase order, same below)
【No.                    】 signed by the Assignor, the currency of accounts receivable is
                    , the amount is                 , maturity date
is on                     , invoice no.:
                                         
                (if any, can be more than one).

			
		 	 b. 
	  	 The accounts receivable generated under
《                        》
【No.                    】 signed by the Assignor, the currency of
accounts

  

 - 25 - 

							
		 		  	 receivable is                         ,
the amount is                     , maturity date is on
                        , invoice no.:
                                         
    (if any, can be more than one).

			
		 	 c.
	  	 Where the transfer involves more than three accounts receivable, the details of the accounts receivable are set out in the Appendix “List of Accounts
Receivable”.

		
	 4.
	 	
 ̈
  Other stipulations (for the purpose of ascertaining the accounts receivable to be transferred):

		 	  

		 	  

		 	  

D.    This Agreement is governed by the laws of China (excluding the Hong Kong and Macau Special Administrative Regions and
Taiwan) and is construed accordingly. 
 E.    This Agreement shall come into force on the date on which the legal
representatives/responsible persons or authorized persons have signed or sealed and have affixed their company seals to the agreement. 

F.    This agreement is in              copies,
             copy each kept by Party A and Party B, and all shall have the same legal effect. 

This agreement is signed by both parties in
                             on         (dd)
        (mm)         (yy). 
 Assignee:
                                         
        (company seal) 
 Responsible person or authorized person:
                             (signature and seal) 

Assignor:
                                         
        (company seal) 
 Legal representative or authorized person:
                             (signature and seal) 

Assignor (for natural persons):
                                        
(signature and seal) 
  

 - 26 - 

 Appendix : 

List of Accounts Receivable 

【corresponding to item 3(c), Section C of the Agreement on Registration of Transfer 

of Accounts Receivable】 
  

													
	Payer of
Accounts
Receivable	 	
Contract
 No.
	 	 Name
of
 Contract or
Purchase

Order
	 	Currency	 	Amount	 	
Maturity
 Date
	 	Invoice No.
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 
	     

 
	 	 	 	 	 	 	 	 	 	 	 	 
	
    
  
	 	 	 	 	 	 	 	 	 	 	 	 

  

 - 27 - 

 Supplementary Agreement 

With respect to matters in relation to the Accounts Receivable Pledge Contract numbered 227909200900000004 signed by the
Pledgee and Pledgor, both parties have, upon adequate consultations, entered into a supplementary agreement as follows: 
  

	 1.
	 In accordance with the Accounts Receivable Pledge Contract, to the extent that the Pledgee exercises its pledge rights with respect to the accounts receivable
of the Pledgor or lodges an application with the court [superimposed seal of Shenzhen Sub-branch, Shanghai Pudong Development Bank Co., Ltd.] for enforcement of actions such as freezing, attachment, transfer of accounts receivable of the Pledgor or
the funds standing to the credit of the bank account opened with Shanghai Pudong Development Bank, the amount involved shall be limited to the balance of the secured principal debts that have actually fallen due and the amount of indebtedness for
which the Pledgor is liable. 

  

	 2.
	 This Supplementary Agreement is a valid constituent part of the Accounts Receivable Pledge Contract and has the same legal effect as the aforementioned
contract. 

  

	 3.
	 This Agreement shall come into force on the date when the legal representatives or authorized persons of both parties have signed and affixed their company
seals to the agreement. 

  

	 4.
	 This Agreement is in quadruplicate, one copy kept by the Pledgor and three copies kept by the Pledgee, all of which shall have the same
legal effect. 

  

			
	 Pledgor (company seal)
	  	 Pledgee (company seal)

	 [sealed] Shenzhen Photon Broadband

Technology Co., Ltd.
	  	 [sealed] Shenzhen Branch, Shanghai

Pudong Development Bank Co., Ltd.

		
	 Legal representative or authorized person

(signature or seal)
 [signature
stamp] [PING PETER XIE]
	  	 Legal representative or authorized

person (signature or seal)

[signature stamp] [illegible]

		
	 Time of signature:
	  	 Time of signature: 2009.4.30

  

 - 28 - 

 Supplementary Agreement 

With respect to matters in relation to the Accounts Receivable Pledge Contract numbered 227909200900000004 signed by the
Pledgee and Pledgor, both parties have, upon adequate consultations, entered into a supplementary agreement as follows: 
  

	 1.
	 In accordance with the Accounts Receivable Pledge Contract, to the extent that the Pledgee exercises its pledge rights with respect to the accounts receivable
of the Pledgor or lodges an application with the court [superimposed seal of Shenzhen Sub-branch, Shanghai Pudong Development Bank Co., Ltd.] for enforcement of actions such as freezing, attachment, transfer of accounts receivable of the Pledgor or
the funds standing to the credit of the bank account opened with Shanghai Pudong Development Bank, the amount involved shall be limited to the balance of the secured principal debts that have actually fallen due and the amount of indebtedness for
which the Pledgor is liable. 

  

	 2.
	 This Supplementary Agreement is a valid constituent part of the Accounts Receivable Pledge Contract and has the same legal effect as the aforementioned
contract. 

  

	 3.
	 This Agreement shall come into force on the date when the legal representatives or authorized persons of both parties have signed and affixed their company
seals to the agreement. 

  

	 4.
	 This Agreement is in quadruplicate, one copy kept by the Pledgor and three copies kept by the Pledgee, all of which shall have the same
legal effect. 

  

			
	 Pledgor (company seal)
	  	 Pledgee (company seal)

	 [sealed] Shenzhen Photon Broadband

Technology Co., Ltd.
	  	 [sealed] Shenzhen Branch, Shanghai

Pudong Development Bank Co., Ltd.

		
	 Legal representative or authorized person

(signature or seal)
	  	 Legal representative or authorized

person (signature or seal)

	 [signature stamp] [PING PETER XIE]
	  	 [signature stamp] [illegible]

		
	 Time of signature:
	  	 Time of signature: 2009.4.30

  

 - 29 -Short Term Loan Agreement dated September 15, 2009

 Exhibit 10.14 
  

			
	
 

	  	Short Term Loan Agreement

  

																	
	
Short Term Loan Agreement
  

	
To:            Sub-branch, Shenzhen Branch,
	  	 Ref No.: 79092009280

	 Shanghai Pudong Development Bank Co., Ltd.

	  	 
	 Client Name:
	  	 Shenzhen Photon Broadband

Technology Co., Ltd.
	  	 Date of Application:
	  	 15 September 2009

	 Address:
	  	 2/F, Haowei Building,

Langshan 2 Rd., Kejiyuan
 Beiqu,
Nanshan, Shenzhen
	  	 Contact Person of Client:
	  	
[signature] Din [illegible]

	 Telephone:
	  	 0755-86149829
	  	 Contact Person of Financing Bank (to be
	  	 
	 Fax:
	  	 	  	 completed by Financing Bank):
	  	 
	 We hereby
irrevocably apply for the Bank to provide short-term loan as working capital in accordance with the following terms of the Agreement:

	1. Principal terms and
conditions
	
 ̈
 This Agreement is signed as a supplementary facility document to the Credit Facility Agreement numbered                     (hereinafter
referred to as “Credit Facility Agreement”). After this Agreement comes into effect, all the terms and conditions contained herein are merged into the Credit Facility Agreement and form an integral part of it (Please tick here if the
client has signed a Credit Facility Agreement with us before and state the reference no. of the Credit Facility Agreement);
  

þ
 This Agreement is an independent credit document entered into between the Client and the Financing Bank (Please tick here if the client has not signed a Credit Facility Agreement with the Financing Bank).

 

 ̈
 The purpose of making loans under the Agreement is to repay previous loans by borrowing new ones and the guarantor is aware of it. Name of original
agreement:                                        
Date signed:                    Ref
No.:                                        (This
item must be ticked if the loans are used to repay previous loans).

	
2. Description of loans
 (If the
interest rate of loans and default rates are already agreed upon in the Credit Facility Agreement signed by the Client, the relevant columns herein need not be completed)

	 Type of short-term loan:    A.
Fixed-term short-term loan    B. Short-term revolving term

	 Currency
	  	 Amount
	  	 Type
	  	 Drawdown date
	  	 Maturity date (or duration)
	  	 Interest rate
	  	 Settlement method
	  	 Default

rate
	  	 Default rate for mis-

appropriation of funds

	 RMB
	  	 Five Million Yuan

Only
	  	 A
	  	 2009.9.15
	  	 One

Year
	  	 Benchmark interest
	  	 Monthly
	  	 Additional 50% of the interest rate on the overdue date
	  	 Additional 50% of the interest rate on the

 default date

	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 Repayment method:
	  	 One-off repayment of principal at maturity

	 Remarks: RMB interest rate is annual interest rate. The floating interest rate should
indicate the floating cycle. Fixed-term short-term loan should include the maturity date. The maturity date for short-term revolving loan refers to the client’s latest repayment date.

	  

3. Description of Guarantee
 (Under the
circumstances that guarantee have already been agreed upon by the Client in the Credit
 Facility Agreement, the relevant columns of this
Agreement need not be completed.)

  

															
	 Guarantor
	  	 	  	 NeoPhotonics (China)

Co., Ltd., Client
	  	 Mode of
Guarantee        
	  	
 ̈Mortgage;    
þ
Pledge;    þ Guaranty

	4. General
Provisions
	 The Client hereby
acknowledges to have read and agreed with the following general provisions of the loan agreement:

	 	 
	 1.
	 	 Unless the loans being applied for have been released to the Client in accordance with the
stipulations of the Agreement, the Financing Bank may, at any time after the signing of the Agreement, revoke the commitment of granting loans it so made by signing the Agreement.

	 	 
	 2.
	 	 Payment of interest:        Unless otherwise stated, the
interest under the Agreement shall be accured on a daily basis and the interest is to be settled with the principal.

	 	 
	 3.
	 	 Submission of documents:        The Client warrants that the
following documents will be provided to the Financing Bank or the corresponding conditions will be complied with before the drawdown of the loan, but the Financing Bank is not obligated to verify the authenticity of such
documents:

	 		 
	 	 	 (1)
	  	 Copies of the Client’s latest Articles of Association and business
licence;

	 		 
	 	 	 (2)
	  	 Resolutions of the Board of Directors authorizing the Client to sign the Agreement and relevant
supplementary financing documents (if the authority of the legal representative in signing contracts is limited by the Articles of Association of the Client);

	 		 
	 	 	 (3)
	  	 Letter of authorization from the Company regarding the authorized representative and specimen
signature of the authorized representative;

	 		 
	 	 	 (4)
	  	 This Agreement, as validly and lawfully signed by the Client;

	 		 
	 	 	 (5)
	  	 The drawdown date, as designated by the Client, is a business day of the Financing
Bank;

	 		 
	 	 	 (6)
	  	 If the loan under this Agreement is secured, the security document should be signed and come into
force before the drawdown date;

	 		 
	 	 	 (7)
	  	 Other documents and/or conditions as may be required by Financing Bank from time to
time.

	 	 
	 4.
	 	 In the event that the designated drawdown date or repayment date is not a business day of the
Financing Bank, the designated drawdown date or repayment date will be postponed to the next business day of the Financing Bank. Interest shall be accrued during the repayment period thus extended.

	 	 
	 5
	 	 Early Repayment and Early Maturity:        For a revolving
short-term loan, the Client may make early repayment at any time prior to the due date. For a fixed-term short-term loan, unless the Client is notified by the Financing Bank of maturity at an early date, when the Client makes any early repayment,
written approval should be obtained form the Financing Bank and any costs or losses incurred by the Financing Bank as a result of the early repayment shall be fully indemnified. Any early repayment shall be deemed as early maturity of the loan. The
Financing Bank has the right to notify the Client that the financing under the Agreement has fallen due at an earlier date without giving any reason and the Client shall repay the loan immediately.

	 	 
	 6.
	 	 Taxation:        Unless it is required by law that relevant
taxes must be deducted when repaying the loan, the repayment under this Agreement should be made in full without making any deductions. Should any taxes be deducted in accordance with law, the Client shall pay an additional amount to the Financing
Bank, so that the amount received by Financing Bank is equal to the amount it would receive had any deductions not been made.

	 	 
	 7.
	 	 Representations and Warranties        The Client makes the
following representations and warranties, which shall be deemed to have been repeatedly given by the Client each time the Financing Bank provides financing to the Client in accordance with the Agreement:

	 		 
	 	 	 (1)
	  	 The Client is a company incorporated in accordance with the laws of China (excluding Hong Kong
Special Administrative Regions, Macau Special Administrative Regions and Taiwan, the same below) and is entitled to sign this Agreement and any related documents and had take all necessary corporate actions to make the Agreement and any related
documents lawful, valid and enforceable;

	 		 
	 	 	 (2)
	  	 The signing of this Agreement and performance of obligations herein are not and will not be in
violation of any other contracts or documents signed, Articles of Association of the Company, any applicable laws, rules or administrative orders, relevant documents, judgments, or rulings of competent authorities. Nor is it in conflict with any
other obligations or arrangements the Client had undertaken;

	 		 
	 	 	 (3)
	  	 The Client and any of its shareholders and related companies are
not involved in any liquidation, bankruptcy, restructuring, merger, consolidation, split, reorganization, dissolution, shut down, closure of business or similar legal proceedings. Nor do there exist any circumstances which may result in such legal
proceedings;

							
	 	 	 (4)
	 	 The Client is not involved in any economic, civil, criminal or
administrative proceedings or similar arbitration proceedings which have material and adverse effect on it. Nor do there exist any circumstances which may result in its involvement in such litigation proceedings or similar arbitration proceedings;

	 		 
	 	 	 (5)
	 	 The legal representative, directors, supervisors or other senior management of the Client, as well as
any significant assets of the Client, are not involved in any mandatory enforcement, attachment, seizure, freezing, lien or regulatory measures. Nor do there exist any circumstances which may lead to such measures;

	 		 
	 	 	 (6)
	 	 The Client warrants that all financial statements (if any) it summits are in compliance with the
requirements of the laws of China and the statements give a true and complete view and fairly reflect its financial condition. In the process of signing and enformcement of this Agreement, all information, documents and data (regarding the Client
itself and the guarantor) which are furnished to the Financing Bank are true, accurate, valid and complete without any concealment or omission of facts;

	 		 
	 	 	 (7)
	 	 In the course of business operations, the Client shall strictly observe and abide by laws, rules and
regulations and engage in various businesses as stipulated in its business licence or in accordance with the scope of business for which it has been approved. The client shall complete Company Annual Inspection on time.

	 		 
	 	 	 (8)
	 	 The Client assures that there exist no other circumstances or events which will or might have a
material and adverse impact on the ability of the Client in performing the contract.

	 	 
	 8.
	 	 Undertakings:        The Client undertakes the followings:

	 		 
	 	 	 (1)
	 	 The Client shall strictly observe the Agreement and perform all obligations
hereunder;

	 		 
	 	 	 (2)
	 	 The Client shall, in accordance with the stipulations of the Agreement, repay the principal of the
credit financing together with interest on time and settle the payment of relevant expenses. The Client shall obtain all approvals, authorizations, registrations and permits, and maintain their validity, so that it might place its signature lawfully
on those documents and fulfill the obligations of the Agreement and any documents in relation to the Agreement. The Client shall, upon request by the Financing Bank, produce the relevant evidence immediately.

	 		 
	 	 	 (3)
	 	 Within 5 business days from the date when the Client becomes aware that it is involved in any
economic, civil, criminal or administrative proceedings or other similar arbitration proceedings which will have material and adverse impact on it, or within 5 business days from the date it is aware that any of its substantial assets is involved in
any mandatory enforcement, attachment, seizure, freezing, lien or regulatory measures, it shall notify the Financing Bank in writing and explain in detail the effects brought by it and the remedial measures that have been taken or are
planned;

	 		 
	 	 	 (4)
	 	 Without the written approval of Financing Bank, any large amount liabilities owed to a third party
other than the Financing Bank shall not be settled, or any guarantee obligations to a third party fulfilled;

	 		 
	 	 	 (5)
	 	 Without the written approval of Financing Bank, no other large amount or contingent liabilities shall
be incurred, and the proposed creation or provision, for itself or any third party, of any form of guarantee with priority to receive compensation is not allowed. During the period from the date of signing of this Agreement until the settlement of
all outstanding debts under the Agreement, the Client shall not, without obtaining the written consent of the Financing Bank:

	 			 
	 	 		 	 a
	 	 undergo any liquidation, restructuring, bankruptcy, merger, consolidation, split, reorganization, dissolution,
shut down, closure of business or other similar legal proceedings;

	 			 
	 	 		 	 b
	 	 engage in the sale, lease, gift over, transfer or otherwise disposal of any of its important assets for the sake
of any purpose other than daily operational needs;

	 			 
	 	 		 	 c
	 	 incur any change to the shareholding structure;

	 			 
	 	 	 	 	 d
	 	 sign other contracts/agreements which have a material and adverse impact on the
ability of the Client to fulfill the obligations under this Agreement or take up relevant obligations which would have the same effect.

					
	 	 	 (6)
	 	 In special situations or where there are changes in the circumstances surrounding
the guarantees under the Agreement, the Client shall, in accordance with the requirements of Financing Bank, promptly provide other guarantees as approved by the Financing Bank. Those special circumstances or changes include but are not limited to
production stoppage, closure of business, dissolution, suspension of business for internal rectification, revocation or cancellation of business licence, application for restructuring or bankruptcy or having a petition for restructuring or
bankruptcy filed against it, material changes in operating or financial status, involvement in a material litigation or arbitration case, legal representative, directors, supervisors or core members of management being involved in a lawsuit, the
decrease or possible decrease in the value of collateral, or preservation measures (such as attachment of property) taken against the property, committing a breach of guarantee contract as well as requesting for rescission of guarantee contract;

	 		 
	 	 	 (7)
	 	 On the request of the Financing Bank, the Client shall undergo the formalities of notary certification, which is
enforceable, at the notary public office designated by the Financing Bank. The costs shall be borne by the Client who voluntarily accepts such enforcement;

	 		 
	 	 	 (8)
	 	 The Client shall notify the Financing Bank at any time of any matters which may affect its ability to fulfil the
obligations under the Agreement and any documents in connection with the Agreement.

	 	 
	 9.
	 	 Costs and Expenses:        With respect to any costs incurred
in the amendment, signing, enforcement, notarization or registration of any documents in connection with the Agreement, the Client shall, upon the request of the Financing Bank, compensate the Financing Bank promptly. Unless it is expressly provided
by law that taxes shall be paid by the Financing Bank, the Client shall be responsible for paying stamp duties and other fees and taxes in relation to the Agreement and any documents in connection with it.

	 	 
	 10.
	 	 Penalty Interest:        With respect to any overdue amount
which is not settled, the Client shall pay penalty interest to the Financing Bank on the basis of the outstanding sum (including the accrued interest), calculated daily from the maturity date of the amount until the date of actual repayment. The
penalty interest (including penalty for misappropriation, if any) shall be settled monthly. Compound interest shall be calculated per month.

	 	 
	 11.
	 	 Authorization of Repayment and Write-off:        In the case
that there are any matured debts which remain outstanding and irrespective of whether the debts constitute the debts under this Agreement, the Client hereby authorizes the Financing Bank to, on behalf of the Client, use any funds (regardless of the
currency) in any account of the Client maintained with the Financing Bank to repay the debt directly. Such authorization is irrevocable. Where conversion of currency is involved, it shall be transacted in accordance with the rate determined by the
Financing Bank and the risks of currency conversion rates shall be borne by the Client.

	 	 
	 12.
	 	 Debt Certification:        In accordance with its customary
practice, a set of accounts and documents in connection with the business activities involved in this Agreement are to be kept by the Financing Bank. Except for obvious errors, the Client acknowledges that the said accounts and documents are valid
proof of the debts of the Client.

	 	 
	 13.
	 	 Assignment:        No assignment of any rights or obligations
by the Client under the Agreement is allowed. The Financing Bank may, at any time, assign the rights or obligations under the Agreement to any third party and disclose any information about the Agreement to that third party, including any
information provided to the Financing Bank by the Client and the Client’s guarantor for the purpose of the Agreement.

	 	 
	 14.
	 	 Information Disclosure:        The Client consents that: In
addition to the disclosure as permitted under Clause 13, the Financing Bank may also disclose any information about the Agreement to its head office, branches, sub-branches, affiliated organizations and those staff employed by these organizations.
At the same time, any information which is required to be disclosed by law, rules and regulations as well as stipulations of regulatory authorities, government departments or the judiciary fall under the circumstances in which disclosure is
permissible.

	 	 
	 15.
	 	 Breach of
Contract:        Any violation of the statements or warranties contained herein on the part of the Client or if those statements or warranties are proved to be inaccurate, untrue, incomplete, misleading or
breached, and/or the Client’s violation or non-fulfilment of any commitment under the Agreement and/or any breach of the provisions of the Agreement, and/or any occurrence of circumstances of the Client that may affect the safety of the
Financing Bank’s loan, and/or the guarantor’s violation of stipulations under any guarantee documents, all constitute a breach of this Agreement on the part of the Client, in which case the Financing Bank is entitled to announce the early
maturity of loan and request the Client to compensate the Financing Bank for all losses incurred by the Financing Bank including legal costs.

					
	 16.
	 	 Special Agreements With Corporate
Clients:        If the Client of this Agreement is a Corporate Client, the Client hereby consents that: (1) The Client shall report any situation of a connected transaction involving more than 10% of the
net assets of the bona fide credit receiver, including: a. the connected relationship between the transaction parties; b. the transaction project and nature of the transaction; c. the amount of the transaction and corresponding proportion; d.
pricing policy (including transactions with zero amounts or nominal amounts), (2) If the following circumstances happen to the bona fide credit receiver, the Client shall be deemed to commit a breach under this Agreement and the Financing Bank
is entitled to cancel the Client’s unutilized credit unilaterally and recover a part or all of the utilized credit or request the Client to increase the guarantee to 100%: a. provide false materials or conceal important operational and
financial facts; b. the financing is used for a purpose other than originally planned, misappropriation of credit or bank credit being used in unlawful or default transactions, in all cases without the authorization of the Financing Bank; c. making
use of false contracts entered into with connected parties and debts such as bills receivable, account receivable without authentic trading background in exchange for bank funds or credit, d. refusing to be supervised or inspected by the Financing
Bank regarding the use of credit financing and business and financial activities; e. there exist circumstances such as substantial merger, acquisition or restructuring deemed by Financing Bank to have potential impact on the safety of the financing;
f. intentionally evading bank debts by way of connected transaction.

	 	 
	 17.
	 	 Other Agreed Terms:     /     

	 	 
	 18.
	 	 Applicable Laws and Jurisdiction:        This Agreement is
subject to the laws of China (excluding the Hong Kong Macau Special Administrative Region, Macau Special Administrative Region and Taiwan) and is construed accordingly. Any dispute in connection with the Agreement shall be brought to the
People’s Court, which has non-exclusive jurisdiction, in the place where the Financing Bank is located.

	 	 
	 19.
	 	 Service of Process:        The Client confirms that with
respect to any litigation arising from the Agreement, the serving of legal documents (such as summonses and notices) in the course of litigation to the address of the Client listed above in this Agreement shall be deemed to have been served. Unless
the Financing Bank is notified of any change in address in advance, such a change will not have effect.

	 	 
	 20.
	 	 Severability of Terms and Conditions:        If any provision
of this Agreement is held to be void, unlawful or unenforceable, the validity, lawfulness and enforceability of other provisions of the Agreement shall not be affected.

	 	 
	 21.
	 	 During the term of the Agreement, any indulgence or delay in taking actions granted by the Financing
Bank with respect to any breach of contract or other acts of the Client shall not prejudice, affect or restrict all the rights and interests entitled to the Financing Bank as creditor under the law or this Agreement. Nor shall it be taken as an
approval by the Financing Bank of any breach of the Agreement on the part of the Client, nor shall it be regarded as the Financing Bank’s waiver of its right to take action against the Client for any breach of contract, whether now or in the
future.

	 	 
	 22.
	 	 Consistency with Credit Facility Agreement:        In case of
any discrepancy between the Credit Facility Agreement (if any, including valid changes made thereto from time to time) and this Agreement, the provisions of this Agreement shall prevail.

	 	 
	 23.
	 	 Signature:        This
Agreement is in quadruplicate, one copy kept by the Client and three copies kept by the Financing Bank, and shall be signed or sealed by legal representatives/responsible persons or authorized persons of both parties and affixed with the company
seal and takes effect from the date of application.

	
Signature Column
 Both parties confirm
that they have explained and discussed all of the provisions at the time of signing this Agreement. Both parties have no objection to any provision in the Agreement and have an accurate understanding of its legal implications with respect to the
provisions on restriction or release of rights, and obligations and responsibilities of the subject persons.

									
	 Client (Seal):
	 		 	 Financing Bank (Seal):

	 [seal] Shenzhen Photon Broadband
	 		 	 [seal] Shanghai Pudong Development Bank Co.,

	 Technology Co., Ltd.
(illegible)
	 		 	 Ltd. Special Seal for Contracts

	 		 
	 Legal representative or authorized person
	 		 	 Responsible person or authorized person

	 (signature or seal)
	 		 	 (signature or seal)

	 [signature] Lv Tian-Jun
	 	 	 	 [seal] [illegible]

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