Document:

Exhibit 10.2

 

CONSULTING SERVICES AGREEMENT

咨询服务协议

 

This Consulting Services Agreement (this
“Agreement”) is dated November 30, 2018, and is entered into in Wuhan, People’s Republic of China (“PRC”
or “China”) by and among Shengrong Environmental Protection Technology (Wuhan) Co., Ltd (“Party A”),
and Jiangsu Rong Hai Electric Power Fuel Co., Ltd. (“Party B”), Party A and Party B are referred to collectively
in this Agreement as the “Parties.”

 

本咨询服务协议(“本协议”)于2018年11月30日在中华人民共和国(“PRC”或“中国”)武汉市,由声荣环保科技技术(武汉)有限公司(“甲方”)以及江苏荣海电力燃料有限公司(“乙方”)协商一致签订。甲方和乙方总称为“各方”。

 

RECITALS

前言

 

		(1)	Party A, a company incorporated in the PRC as a foreign investment enterprise, specializes in environment
protection technology development, transfer, consulting and services;

 

甲方为根据中国法成立的外商独资企业,专业从事环保技术开发、技术转让、技术咨询、技术服务;

 

		(2)	Party B is mainly engaged in coal wholesales and sales of coke, steels, construction materials,
mechanical equipment and steel scrap (collectively the “Business”);

 

乙方主要从事煤炭批发经营;焦炭、钢材、建筑材料、机械设备、废钢的销售(总称为“业务”);

 

		(3)	Party B desires that Party A provide Party B with consulting and other relevant services in connection
with the Business; and

 

乙方期望甲方提供技术咨询服务和其他与乙方从事业务相关的服务给乙方;与

 

		(4)	The Parties are entering into this Agreement to set forth the terms and conditions under which
Party A shall provide consulting and other related services to Party B.

 

各方签订本协议以确定相关条款和条件,据于此,甲方将向乙方提供咨询以及其他相关服务。

 

     

     

    

 

NOW
THEREFORE, the Parties agree as follows:

 

为此,各方签订以下协议,以资双方遵守:

 

		1.	DEFINITIONS (定义)

 

1.1 In
this Agreement the following terms shall have the following meanings:

 

本协议中以下词组应具有以下含义:

 

“Affiliate,”
with respect to any Person, shall mean any other Person that directly or indirectly controls, or is under common control with,
or is controlled by, such Person. As used in this definition, “control” shall mean possession, directly or indirectly,
of power to direct or cause the direction of management or policies (whether by ownership of securities or partnership or other
ownership interests, or by contract or otherwise);

 

“关联人”,指的是对于任何人而言,直接或者间接地予以控制的、或者被其控制、或者共同被他人控制的某人。在本定义中,控制指的是直接或者间接拥有,具有能力直接或者间接影响管理的方向和政策(不管是通过股份所有权还是通过合伙或者其他所有权权益,这种安排可以通过合同或者其他形式进行);

 

“Consulting
Services Fee” shall be as defined in Clause 3.1;

 

“咨询服务费”由第3.1条进行定义;

 

“Indebtedness”
shall mean, as to any Person, any one of the following: (i) money borrowed by such Person (including principal, interest, fees
and charges) for the deferred purchase price of any property or services, (ii) the face amount of all letters of credit issued
to such Person and all drafts drawn thereunder, (iii) all liabilities secured by any Encumbrance on any property owned by such
Person, whether or not such liabilities have been assumed by such Person, (iv) the aggregate amount required to be capitalized
under any lease for which such Person is the lessee, or (v) all contingent obligations (including, without limitation, all guarantees
to third parties) of such Person;

 

“债务”指的是,对任何人而言,下述情况之一(i)所有因此类人的借款以便还清迟延支付的购买财产价款或者服务费而产生的债务(包括本金,利息,费用和收费),(ii)所有应当由此类人支付的信用证以及由此出具的票据的票面价值,(iii)任何由设置于此类人拥有的财产之上的担保的责任,不管此类人是否承担了这些责任,(iv)此类人作为租赁人应当支付的租约总金额,或(v)所有此类人的或有债务(包括但不限于向所有第三方作出的担保);

 

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“Encumbrance”
shall mean any guarantee, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
preference, priority or other security agreement of any kind or nature whatsoever (including, without limitation, any conditional
sale or other title retention agreement, any financing or similar statement or notice filed under recording or notice statute,
and any lease having substantially the same effect as any of the foregoing);

 

“担保”指的是任何保证、抵押、质押、担保、转让、存款安排、权利负担,留置(法定或者其他),优惠,优先权或者任何其他性质种类的担保安排(包括但不限于任何有条件的出售或者其他所有权保留协议,根据法定形式签发的任何融资或者类似的申明或者通知,以及任何与前述安排具有实质性相同效果的租约)。

 

“Person”
shall mean any individual, corporation, company, voluntary association, partnership, joint venture, trust, unincorporated organization,
entity or other organization or any government body;

 

“人”,指的是任何个人,公司,自愿性的组织,合伙,合资企业,信托,非公司型组织,团体或者其他组织和政府机构;

 

“PRC”
means the People’s Republic of China;

 

“PRC” 指的是中华人民共和国;

 

“Services”
means the services to be provided under the Agreement by Party A to Party B, as more specifically described in Clause 2.

 

“服务”指的是本协议下,由甲方向乙方提供的服务,由第二条详细解释。

 

1.2 The
headings in this Agreement shall not affect the interpretation of this Agreement.

 

本协议中的标题不应当影响对本协议的解释。

 

		2.	RETENTION AND SCOPE OF SERVICES (聘用和服务范围)

 

2.1 Party
B hereby agrees to retain the services of Party A, and Party A accepts such appointment, to provide to Party B services in relation
to the current and proposed operations of Party B’s business in the PRC pursuant to the terms and conditions of this Agreement
(the “Services”). The Services shall include, without limitation:

 

乙方在此同意聘用甲方提供服务,并且甲方依据本协议规定的条款,接受聘用,向乙方在中国正在开展或者即将开展的业务提供相关服务
(“服务”)。服务包括但不限于:

 

(a) General
Business Operation. Provide general advice and assistance relating to the management and operation of Party B’s business.

 

一般业务经营。提供和管理、运行与乙方业务相关的咨询服务和协助。

 

(b)Human
Resources.

 

人力资源。

 

    	 	-3-	 

     

    

 

(i) Provide general
advice and assistance in relation to the staffing of Party B, including assistance in the recruitment, employment and secondment
of management personnel, administrative personnel and staff of Party B;

 

为乙方的人事提供建议和协助,包括乙方管理人员、行政人员与普通员工的招募、雇佣、调任等;

 

(ii) Provide
training of management, staff and administrative personnel;

 

提供管理层、员工和行政人员的培训;

 

(iii) Assist
Party B to establish an efficient payroll management system; and

 

协助乙方建立健全的薪金管理体系;与

 

(iv) Provide
assistance in the relocation of Party B’s management and staff;

 

对于乙方管理人员和员工的重新安置提供建议和协助;

 

(c)Business
Development. Provide advice and assistance in business growth and development of Party B.

 

业务发展。对乙方的业务发展提供建议和协助。

 

(d) Other.
Such other advice and assistance as may be agreed upon by the Parties.

 

其他。双方同意的其他建议和协助。

 

2.2 Exclusive
Services Provider. During the term of this Agreement, Party A shall be the exclusive provider of the Services. Party B shall
not seek or accept similar services from other providers without the prior written approval of Party A.

 

排他性的服务提供者。在本协议有效期间,甲方应当是排他性的服务提供者。除非获得了甲方事先书面同意,乙方不可以寻求或者接受来自其他服务提供者类似的服务。

 

    	 	-4-	 

     

    

 

2.3 Intellectual
Property Rights Related to the Services. Party A shall own all intellectual property rights developed or discovered through
research and development in the course of providing Services, or derived from the provision of the Services. Such intellectual
property rights shall include patents, trademarks, trade names, copyrights, patent application rights, copyright and trademark
application rights, research and technical documents and materials, and other related intellectual property rights including the
right to license or transfer such intellectual property rights. If Party B requires the use of Party A’s intellectual property
rights, Party A agrees to grant such intellectual property rights to Party B on terms and conditions to be set forth in a separate
agreement.

 

有关服务的知识产权。在提供服务过程中,甲方应当拥有所有由服务产生的通过开发和研究获得的知识产权。此类知识产权应当包括专利、商标、商号、版权、专利申请权、版权或者商标申请权,研究及技术文件资料,以及其他有关的知识产权(包括许可、转让此类知识产权的权利)。如果乙方要求使用甲方的知识产权,甲方应当通过和乙方签订独立的协议授予乙方此类权利。

 

2.4 Pledge.
Party B shall permit and cause the owners of Party B to pledge their equity interests in Party B to Party A for securing the payment
of the Consulting Services Fee as required pursuant to this Agreement.

 

质押。乙方应当允许和促使乙方股东向甲方出质其在乙方的股权以便保证乙方向甲方支付本协议规定的咨询服务费。

 

3. PAYMENT
(支付)

 

3.1 General.

 

普通条款。

 

(a) In consideration
of the Services to be provided by Party A hereunder, Party B shall pay to Party A consulting services fees (the “Consulting
Services Fee”) to be determined and paid in the manner as listed in Annex 1 during the term of this Agreement.

 

就甲方提供的服务,乙方应当在本协议有效期间向甲方支付咨询服务费(“咨询服务费”),该费用将依附件1规定的方式决定和支付。

 

(b) Party B
will permit, from time to time during regular business hours as reasonably requested by Party A, its agents or representatives
(including independent public accountants, which may be Party B’s independent public accountants), (i) to conduct periodic
audits of the financial books and records of Party B, (ii) to examine and make copies and abstracts from all books, records and
documents (including, without limitation, computer tapes and disks) in the possession or under the control of Party B, (iii) to
visit the offices and properties of Party B for the purpose of examining such materials described in clause (ii) above, and (iv)
to discuss matters relating to the performance by Party B hereunder with any of the officers or employees of Party B having knowledge
of such matters. Party A may exercise the audit rights described herein at any time, provided that Party A provides a ten (10)
day written notice to Party B specifying the scope, purpose and duration of such audit. All such audits shall be conducted in such
a manner as not to interfere with Party B’s normal operations.

 

乙方应当允许,在通常的工作时间,根据甲方或者其代理人或者代表的要求(包含独立的注册会计师,其可能是乙方的独立的注册会计师)(i)
对乙方的账簿和财务记录进行审计,(ii)
对乙方持有的或管理的所有的账簿,财务记录和文件进行摘要,检查和备份(包括但不限于电脑磁盘和磁带),(iii)
造访乙方的办公场所和财产以便对上述(ii)中的材料进行审查,(iv)和乙方了解情况的雇员讨论乙方的经营活动。甲方可以在任何时间行使本条规定的审计权,只要提前十天向乙方提供书面的通知确定审计的范围,目的和持续时间即可。所有此类的审计不应当影响乙方的正常经营活动。

 

    	 	-5-	 

     

    

 

3.2 Party
B shall not be entitled to set off any amount it may claim is owed to it by Party A against any Consulting Services Fee payable
by Party B to Party A unless Party B first obtains Party A’s prior written consent.

 

乙方不应当把其应当向甲方支付的咨询服务费和甲方可能的欠款自行抵消,除非乙方已获得了甲方的书面同意。

 

3.3 The
Consulting Services Fee shall be paid in RMB by telegraphic transfer to Party A’s bank account No.______________, or to such
other account or accounts as may be specified in writing from time to time by Party A.

 

咨询服务费应当以人民币通过电汇的方式汇至甲方账户:__________
,或者甲方在不时通过书面确定的其他账户。

 

3.4 Should
Party B fail to pay all or any part of the Consulting Services Fee due to Party A in RMB under this Clause 3 within the time limits
stipulated, Party B shall pay to Party A interest in RMB on the amount overdue based on the three (3) month lending rate for RMB
published simultaneously by the Bank of China on the relevant due date.

 

如果乙方没有依据本第三条的规定在规定的期间内,以人民币支付全部或者部分人民币咨询服务费,乙方应当向甲方支付未付款的人民币利息;相关利息的支付应当依据中国银行公布的三月期银行贷款利率。

 

3.5 All
payments to be made by Party B hereunder shall be made free and clear and without any consideration of tax deduction, unless Party
B is required to make such payment subject to the deduction or withholding of tax.

 

所有本条规定的乙方的支付义务不包含任何扣减和税负考虑,除非乙方被要求在扣除后或者代扣税后进行支付。

 

    	 	-6-	 

     

    

 

4.  UNDERTAKINGS
OF PARTY B (乙方保证)

 

Party B hereby agrees
that, during the term of the Agreement:

 

乙方在此同意,在本协议有效期间:

 

4.1Information Covenants.
Party B shall provide to Party A:

 

信息条款。乙方将提供甲方:

 

4.1.1 Preliminary
Monthly Reports. Within five (5) days after the end of each calendar month the preliminary income statements and balance sheets
of Party B made up to as of the end of such calendar month, in each case prepared in accordance with the generally accepted accounting
principles of the PRC.

 

初期月报。每公历月度的满后五天内,乙方依据中国公认会计原则制作的月收入报表和资产负债表。

 

4.1.2 Final Monthly
Reports. Within ten (10) days after the end of each calendar month, a final report from Party B on the financial and business
operations of Party B as of the end of such calendar month, setting forth the comparison of financial and operation figures for
the corresponding period in the preceding financial year, in each case prepared in accordance with generally accepted accounting
principles of the PRC.

 

最后月报。在每个公历月度结束后十天之内,乙方制作的,用以说明其财务状况、经营成绩、以及与往年同期的比较的报表,该报表依据中国公认会计原则制作。

 

4.1.3 Quarterly Reports.
As soon as available and in any event within forty-five (45) days after each Quarterly Period (as defined below), unaudited consolidated
and consolidating statements of income, retained earnings and changes in financial positions of Party B and its subsidiaries for
such Quarterly Period, and for the period from the beginning of the relevant fiscal year to such Quarterly Date, and the related
consolidated and consolidating balance sheets as of such Quarterly Period, setting forth in each case the actual versus budgeted
comparisons and a comparison of the corresponding consolidated and consolidating figures for the corresponding period in the preceding
fiscal year, accompanied by a certificate of Party B’s Chief Financial Officer, and such certificate shall state that the
said financial statements fairly represent the consolidated and consolidating financial conditions and results of operations, as
the case may be, of Party B and its subsidiaries, in accordance with the general accepted accounting principles of the PRC for
such period (subject to normal year-end audit adjustments and the preparation of notes for the audited financial statements). For
the purpose of this Agreement, a “Quarterly Period” shall mean the last day of March, June, September and December
of each year, the first of which shall be the first Quarterly Period following the date of this Agreement; provided that if any
such Quarterly Period is not a business day in the PRC, then such Quarterly Period shall be the next succeeding business day in
the PRC.

 

季报。在每季度结束后45天内制作的,乙方及其子公司未审计的合并和未合并收入报表,未分配利润和乙方财务状况的变化的报表;如果可能的话,每季度及从每财务年度的开始到季报制作日,相关合并和未合并报表,并且以比照形式和去年同期的相关报表列于一处。相关报表应有乙方首席财务官的证明。该证明应当申明相关财务报表依法提供了乙方及其子公司合并及未合并的财务状况和经营业绩,并且该报表的制作符合中国公认会计原则(相关数据应以年度审计的调整和相关已审计的财务报表为准)。在本协议中,“a
Quarterly Period”的含义是:每年三月份,六月份,九月份和十二月份的最后一天,第一次Quarterly
Period应当是本协议签订日后的以上月份的最后一天。如果上述日期在中国不是营业日,那么相关日期应推迟到此后的第一个营业日。

 

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4.1.4 Annual Audited
Accounts. Within 90 days after the end of the financial year, Party B’s annual audited accounts (setting forth in each
case the comparison of the corresponding figures for the preceding financial year), shall be prepared in accordance with the generally
accepted accounting principles of the PRC.

 

年度审计。每会计年度结束后九十天之内,乙方年度审计帐目(以比较形式与去年同期进行对比)应以中国公认会计原则制作。

 

4.1.5Budgets. At least ninety
(90) days prior to the beginning of Party B’s fiscal year, Party B shall prepare a budget in a form satisfactory to Party
A (including budgeted statements of income and sources and uses of cash and balance sheets) for each of the four quarters of such
fiscal year accompanied by the statement of Party B’s Chief Financial Officer, to the effect that, to the best of his or
her knowledge, the budget is a reasonable estimate for the corresponding period.

 

预算。每财务年度开始前90天,乙方应准备一份使甲方能够接受的乙方之预算(包括预算收入、资金来源、用途和资产负债表)。该预算应当包括每财务年度季度预算。该预算应由乙方首席财务官申明以确定根据其所知相关预算是对相关期间合理的估计。

 

4.1.6Notice of Litigation.
Party B shall notify Party A, within one (1) business day of obtaining the knowledge thereof, of (i) any litigation or governmental
proceeding pending against Party B which could materially adversely affect the business, operations, property, assets, condition
or prospects of Party B, and (ii) any other event which is likely to materially adversely affect the business, operations, property,
assets, condition or prospects of Party B.

 

诉讼通知。在任何情况下,在乙方获知(i)任何尚未了结的诉讼或者政府行政程序即将对乙方的业务、经营、财产或者财务状况或者乙方未来的发展产生重大不利影响,以及(ii)任何其他有可能对乙方上述方面产生重大不利影响的情况后的一天之内,通知甲方。

 

4.1.7 Other Information.
From time to time, such other information or documents as Party A may reasonably request.

 

其他情况。其他甲方不时合理要求的信息和文件(财务或者其他方面)。

 

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4.2 Books,
Records and Inspections. Party B shall keep accurate books and records of its business activities and transactions according
with PRC’s generally accepted accounting principles and all other legal requirements. During an appropriate time and within
a reasonable scope requested by Party A, Party B will permit Party A’s officers and designated representatives to visit the
premises of Party B and to inspect, under the guidance of Party B’s officers, Party B’s books and records, and to discuss
the affairs, finances and accounts of Party B.

 

账簿、财务记录和审查。乙方应当保留相关账簿和财务记录,该记录应当完整,真实,并且准确地按照中国公认会计原则以及所有法律的要求制作,同时应当包含所有的交易和业务活动。乙方应当允许甲方的高级管理人员和任命的代表,在合适的时间,依据甲方合理要求的范围,在乙方高级管理人员的引导下对乙方财产进行检查,审查乙方的账簿和财务记录,并且和乙方高级管理人员讨论乙方的经营、财务和账目。

 

4.3Corporate Franchises.
Party B will do or cause to be done, all things necessary to preserve and keep in full force and effect its valid existence and
maintain its material rights and licenses.

 

公司特许。乙方应当尽全力,保持其合法有效存续,及其拥有的重大权利、特许和许可的存在和效力。

 

4.4Compliance with Laws.
Party B shall abide by all applicable laws, regulations and orders of all relevant governmental administration, in respect to its
business and the ownership of its property, including, without limitation, maintenance of valid and proper governmental approvals
and licenses necessary to provide the services, unless such noncompliance could not, in the aggregate, have a material adverse
effect on the business, operations, property, assets, condition or prospects of Party B.

 

遵守法律。乙方就其业务、财产所有权(包括但不限于保持有效和合适的政府审批和许可以便提供相关服务)应当遵守所有适用的法律、法规、政府机构的行政命令;除非此类不遵守,总体而言,对乙方的业务、经营、财产和财务状况及未来发展不会带来重大不利影响。

 

5. NEGATIVE
COVENANTS (不作为保证)

 

Party B covenants and
agrees that, during the term of this Agreement, without the prior written consent of Party A:

 

乙方同意并且保证,在本协议有效期间,在没有事先获得甲方书面同意的情况下:

 

5.1Equity. Party B will
not issue, purchase or redeem any equity or debt securities of Party B.

 

股权。乙方不会发行,购买或者回购任何乙方的股权或者债权凭证。

 

    	 	-9-	 

     

    

 

5.2Encumbrances. Party B
will not create, incur, assume or suffer to exist any Encumbrance upon or with respect to any property or assets (real or personal,
tangible or intangible) of Party B whether existing or hereafter acquired, provided that the provisions of this Clause 5.2 shall
not prevent the creation, incurrence, assumption or existence of:

 

担保。乙方不会设定、招致、承担或者承担任何加诸于其财产(动产或者不动产,有形或者无形)之上的担保,不管这类财产是现在拥有的还是之后获得的,但是本协议第5.2条没有阻止下列情况的产生、招致或者承受:

 

5.2.1 Encumbrances for
taxes not yet due, or Encumbrances for taxes being contested in good faith and by appropriate proceedings for which adequate reserves
have been established; and

 

未到期税款的担保,由善意及恰当程序提起争议的税款担保且为此已建立足够的保留;
以及

 

5.2.2 Encumbrances in respect to
Party B’s property or assets imposed by law, which were incurred in the ordinary course of business, and (i) which do not
in the aggregate, materially detract from the value of Party B’s property or assets or materially impair the use thereof
in the operation of Party B’s business or (ii) which are being contested in good faith by appropriate proceedings and proceedings
which have the effect of preventing the forfeiture or sale of the property of assets subject to any such Encumbrance.

 

在通常业务中产生的,置于乙方财产之上的担保,并且(i)该担保不会在总体上重大减损此类财产的价值或者重大损害乙方在业务经营中对其的使用;或者(ii)此类担保通过合适的程序善意地进行,而此类程序依据担保的效力具有防止相关财产转移和出售的效力。

 

5.3Consolidation, Merger, Sale
of Assets, etc. Party B will not wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation,
or convey, sell, lease or otherwise dispose of (or agree to do any of the foregoing at any future time) all or any part of its
property or assets, or purchase or otherwise acquire (in one or a series of related transactions) any part of the property or assets
(other than purchases or other acquisitions of inventory, materials and equipment in the ordinary course of business) of any Person,
except that (i) Party B may sell inventory in the ordinary course of business and (ii) Party B may sell equipment which is uneconomic
or obsolete, in the ordinary course of business.

 

合并、兼并和资产出售等。乙方不会进行清盘、清算或者解散,或者签订任何兼并合并协议、或者转让、出售、出租或者放弃(或者同意在未来进行任何前述的活动)所有或者其部分财产;不会购买或者另行获取(通过一次或者一系列相关联的交易行为)任何人的全部或者部分财产(除非通过正常的交易购买、获取任何存货、材料和设备);除非(i)乙方在日常业务中出售存货;(ii)乙方在日常业务中出售其多余或者高成本的设备。

 

5.4Dividends. Without the
approval of Party A, Party B will not declare or pay any dividends, or return any capital, to its shareholders or authorize or
make any other distribution, payment or delivery of property or cash to its shareholders as such, or redeem, retire, purchase or
otherwise acquire, directly or indirectly, for a consideration, any shares of any class of its capital stock now or hereafter outstanding
(or any options or warrants issued by Party B with respect to its capital stock), or set aside any funds for any of the foregoing
purposes.

 

分红。未经甲方同意,乙方不会宣布任何红利方案或者支付红利,不会向其股东退返任何资本,不会授权或者直接向股东进行任何分配、支付或者交付任何财产或者现金;回赎、撤资、购买或者直接或者间接通过支付对价的方式获取现在已发行或者以后将发行的任何种类的资本(或者乙方依据其股本发行之任何期权或者股权凭证),不会为了前述的目的拨留款项。

 

    	 	-10-	 

     

    

 

5.5Leases. Party B will
not permit the aggregate payments (including, without limitation, any property taxes paid as additional rent or lease payments)
by Party B under agreements to rent or lease any real or personal property to exceed US$ 30,000
or the equivalent calculated in RMB in any fiscal year of Party B.

 

租约。乙方不应当使其签订的任何动产、不动产租约总额(包括但不限于任何作为租金之外的不动产税费)在任何一个会计年度超过三万美元或等值人民币。

 

5.6Indebtedness. Party B
will not contract, create, incur, assume or suffer to exist any indebtedness, except accrued expenses and current trade accounts
payable incurred in the ordinary course of business, and obligations under trade letters of credit incurred by Party B in the ordinary
course of business, which are to be repaid in full not more than one (1) year after the date on which such indebtedness is originally
incurred to finance the purchase of goods by Party B.

 

债务。乙方不会签约、产生、招致、承受或者忍受相关债务的存在,除非:此类费用及应付款产生于通常的业务活动中,及产生于日常业务中乙方总还款期在一年以内的信用证(用以乙方购货)。

 

5.7Advances, Investment and
Loans. Without the approval of Party A, Party B will not lend money or grant credit or make advances to any Person, or purchase
or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, any other Person,
except that Party B may acquire and hold receivables owing to it, if created or acquired in the ordinary course of business and
payable or dischargeable in accordance with customary trade terms.

 

预付款、投资和借款。
未经甲方同意,乙方不得出借、给予信用安排或者提供预付款给任何人,不得购买任何人的股权、义务或者证券及其相关利益,不得向任何人注资;除非:产生于通常的交易并且依照商业惯例是应当支付和履行的,乙方获得因此产生的应收账款。

 

    	 	-11-	 

     

    

 

5.8Transactions with Affiliates.
Party B will not enter into any transaction or series of related transactions, whether or not in the ordinary course of business,
with any Affiliate of Party B, other than on terms and conditions substantially as favorable to Party B as would be obtainable
by Party B at the time in a comparable arm’s-length transaction with a Person other than an Affiliate and with the prior
written consent of Party A.

 

关联交易。无论是否是通常的交易,乙方不得和乙方的任何关联人进行任何或者一系列相关联的交易。除非获得甲方的书面批准,并且相关交易根据和非关联人进行一般公平交易的比较,对乙方具有重大利益。

 

5.9Capital Expenditures.
Party B will not make any expenditure for fixed or capital assets (including, without limitation, expenditures for maintenance
and repairs which are capitalized in accordance with generally accepted accounting principles in the PRC and capitalized lease
obligations) during any quarterly period which exceeds the aggregate the amount contained in the budget as set forth in Section
4.1.5.

 

资本支出。在任何季度期间内,乙方不得为任何固定资产或者资本财产(包括但不限于依据中国公认会计原则资本化的维持和修理费支出和资本化的租赁支出)支出超过本协议4.1.5条约定的总计预算额度。

 

5.10Modifications to Debt Arrangements,
Agreements or Articles of Association. Party B will not (i) make any voluntary or optional payment or prepayment on or redemption
or acquisition for value of (including, without limitation, by way of depositing with the trustee with respect thereto money or
securities before due for the purpose of paying when due) any existing Indebtedness or (ii) amend or modify, or permit the amendment
or modification of, any provision of any existing Indebtedness or of any agreement (including, without limitation, any purchase
agreement, indenture, loan agreement or security agreement) relating to any of the foregoing or (iii) amend, modify or change its
Articles of Association or business license, or any agreement entered into by it, with respect to its capital stock, or enter into
any new agreement with respect to its capital stock.

 

对于债权安排、协议或者章程的修改。乙方不会(i)
对于任何现存的债务进行任何自愿的、选择性的支付、预先的支付、回购或者获得。(包括但不限于为到期支付而在受托人处预存钱款或证券)(ii)对于现存的任何债务或者与此有关的任何协议进行修正、修改或者允许这种修正或者修改(包括但不限于任何购买协议、契约、贷款协议或者担保协议)。(iii)修正、修改或者改变其章程、营业执照、或者任何其签订的有关资本的协议;或者签订与其资本有关的新协议。

 

5.11Line of Business. Party
B will not engage (directly or indirectly) in any business other than those types of business prescribed within the business scope
of Party B’s business license except with the prior written consent of Party A.

 

业务行业。乙方不会(直接或者间接)从事乙方营业执照确定的业务范围以外的业务,除非事先获得了甲方书面的同意。

 

    	 	-12-	 

     

    

 

6. TERM
AND TERMINATION (有效期和终止)

 

6.1This Agreement shall take effect
on the date of execution of this Agreement and this Agreement shall be in full force and effective until Party B’s valid
operation term expires, unless terminated pursuant to Clause 6.2. Party A may, at its discretion, decide to renew or terminate
this Agreement.

 

本协议自签署之日起生效,并在乙方存续期间一直有效。除非根据第6.2条终止,本协议应当保留完全的效力和强制力。甲方可以依其自主判断决定继续或终止本协议。

 

6.2This Agreement may be terminated:

 

本协议在以下情况下终止:

 

6.2.1 By Party A’s
giving written notice (including, but not limited to, the failure by Party B to pay the Consulting Services Fee) and such breach,
if capable of remedy, has not been so remedied within fourteen (14) days, in the case of breach of a non-financial obligation,
following the receipt of such written notice;

 

根据甲方发出的书面通知(包括但不限于乙方未支付相关咨询服务费),并且如果是可以补救的且是非金钱方面的违约,未在收到书面通知后14天内作出补救;

 

6.2.2By Party A’s giving
written notice to the Party B if the Party B becomes bankrupt or insolvent or is the subject of proceedings or arrangements for
liquidation or dissolution or ceases to carry on business or becomes unable to pay its debts as they become due;

 

甲方向乙方发出书面通知,如果乙方破产或者进入了清算或者解散程序,不再开展任何业务或者无法支付到期债务;

 

6.2.3 By
Party A’s giving written notice ;

 

因甲方的单方面通知而终止;

 

6.2.4 Party B’s
business license or any other license or approval material for the business operations of Party B is terminated, cancelled or revoked;

 

乙方的营业执照或者对乙方经营具有重大影响的许可和批准被终止,取消或者撤销;

 

6.2.5By Party A’s
giving written notice to Party B if circumstances arise which materially and adversely affect the performance or the objectives
of this Agreement; or

 

如果因为实际情况发生重大不利变化导致本协议的目标无法实现时,甲方向乙方发出书面通知;

 

    	 	-13-	 

     

    

 

6.3Any Party electing to terminate
this Agreement pursuant to Clause 6.2 shall have no liability to the other Party for indemnity, compensation or damages arising
solely from the exercise of such termination right, provided that the expiration or termination of this Agreement shall not affect
the continuing obligation of Party B to pay any Consulting Services Fees already accrued or due and payable to Party A. Upon expiration
or termination of this Agreement, all amounts then due and unpaid to Party A by Party B hereunder, as well as all other amounts
accrued but not yet payable to Party A by Party B, shall thereby become due and payable by Party B to Party A.

 

一方有根据第6.2条终止本协议,并不承担仅由于行使该权利而产生的向另一方补偿和赔偿的责任。本协议的到期或者终止不应当影响已经产生的乙方向甲方支付咨询服务费的责任。在本协议终止或者到期时,本协议规定的任何到期未支付以及所有其他已经产生但是未到支付期的钱款,应当就此到期并且由乙方支付。

 

7. PARTY
A’S REMEDY UPON PARTY B’S BREACH (甲方因为乙方违约而应得到的救济)

 

In addition to the
remedies provided elsewhere under this Agreement, Party A shall be entitled to remedies permitted under PRC laws, including, without
limitation, compensation for any direct and indirect losses arising from the breach and legal fees incurred to recover losses from
such breach.

 

除了本协议其他规定提供的救济外,甲方应当有权获得中国法律规定的其他救济,包括但不限于对产生于此类违约直接或者间接引起的损失的补偿,以及为弥补损失而产生的法律费用。

 

8. AGENCY
(代理)

 

The Parties are independent
contractors, and nothing in this Agreement shall be construed to constitute either Party to be the agent, partner, legal representative,
attorney or employee of the other for any purpose whatsoever. Neither Party shall have the power or authority to bind the other
except as specifically set out in this Agreement.

 

各方为独立之签约人。并且本协议的任何规定不管任何原因均不得被解释为一方为另一方的代理人、合伙人、法定代表人、代表或者雇员等。除非本协议另有规定,任何一方均无权利或者授权去约束另一方。

 

9. GOVERNING
LAW AND JURISDICTION (适用法和管辖)

 

9.1Governing Law. This Agreement
shall be governed by, and construed in accordance with, the laws of the PRC.

 

法律适用。本协议的适用法为中华人民共和国法律,并依据其进行解释。

 

    	 	-14-	 

     

    

 

9.2Arbitration. Any dispute
arising from, out of or in connection with this Agreement shall be settled through amicable negotiations between the Parties. Such
negotiations shall begin immediately after one Party has delivered to the other Party a written request for such negotiation. If,
within forty-five (45) days following the date of such notice, the dispute cannot be settled through negotiations, the dispute
shall, upon the request of either Party with notice to the other Party, be submitted to arbitration in China under the auspices
of China International Economic and Trade Arbitration Commission (the “CIETAC”). The Parties shall jointly appoint
a qualified interpreter for the arbitration proceeding and shall be responsible for sharing in equal portions the expenses incurred
by such appointment. The arbitration proceeding shall take place in Beijing, China. The outcome of the arbitration shall be final
and binding and enforceable upon the Parties.

 

仲裁。双方应尽量通过友好协商解决与本协议解释或履行相关的任何争议。此类协商应当在一方向另一方递交请求协商的书面要求后立即进行。如果在通知发出后45天内争议仍无法通过协商解决,相关争议应当根据任一协议方向另一方发出的通知而提交中国国际经贸仲裁委员会(CIETAC)仲裁。各方应当联合任命一名合格的仲裁翻译并且对于由此产生的花费承担相同的比例。仲裁地为北京。仲裁裁决是终局性的,对双方均有约束力,并可根据其条款予以强制执行。

 

9.2.1Number and Selection
of Arbitrators. There shall be three (3) arbitrators. Party B shall select one (1) arbitrator and Party A shall select one
(1) arbitrator, and both arbitrators shall be selected within ten (10) days after giving or receiving the demand for arbitration.
Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The
chairman of the CIETAC shall select the third arbitrator. If a Party does not appoint an arbitrator who consents to participate
within thirty (30) days after giving or receiving the demand for arbitration, the relevant appointment shall be made by the chairman
of the CIETAC.

 

仲裁员的选择和数量。仲裁应当有三名仲裁员组成。乙方和甲方应当各选择一名仲裁员,并且这两名仲裁员应当在发出或者接受仲裁请求的10天内选择。此类仲裁员应当自由选择,同时各方不应当受到任何仲裁员名单的限制。CIETAC的主席应当选择第三名仲裁员。如果任意协议方没有在发出或接受仲裁请求30天内选出仲裁员,该仲裁员由CIETAC的主席指定。

 

9.2.2Arbitration Language
and Rules. Unless otherwise provided by the arbitration rules of CIETAC, the arbitration proceeding shall be conducted in Chinese.
The arbitration tribunal shall apply the arbitration rules of the CIETAC in effect on the date of execution of this Agreement.
However, if such rules are in conflict with the provisions of this clause, or with Section 9 of this Agreement, then the terms
of Section 9 of this Agreement shall prevail.

 

语言与适用法律。除非CIETAC的仲裁规则另有规定,仲裁使用中文。仲裁庭应当使用本协议签字时CIETAC有效的仲裁规则。但是,如果此类规则和本条款或本协议第九节相冲突,应采用本协议第九节相关条款的规定。

 

9.2.3Cooperation; Disclosure.
Each Party shall cooperate with the other Party in making full disclosure of and providing complete access to all information and
documents requested by the other Party in connection with such proceedings, subject only to any confidentiality obligations binding
on such Parties.

 

合作;披露。除非受到保密义务的限制,根据另一方的要求,每一方应当和另一方合作以期提供完全地披露与相关法律程序有关的信息和文件。

 

    	 	-15-	 

     

    

 

9.2.4Jurisdiction. Judgment
rendered by the arbitration may be entered into by any court having jurisdiction, or application may be made to such court for
a judicial recognition of the judgment or any order of enforcement thereof.

 

管辖权。仲裁委员会的裁决可以交予任何具有管辖权的法院,或者可以向其申请承认裁决或者强制执行裁决。

 

9.3Continuing Obligations.
The Parties shall continue their implementation of this Agreement during the period when the relevant dispute is being resolved.

 

持续之义务。在相关纠纷解决期间,各方应在其他各个方面继续履行本协议。

 

10. ASSIGNMENT
(转让)

 

No part of this Agreement
shall be assigned or transferred by either Party without the prior written consent of the other Party. Any such assignment or transfer
shall be void, provided that Party A may assign its rights and obligations under this Agreement to an Affiliate without Party B’s
consent.

 

在没有得到另一方事先书面同意的情况下,本协议的任何一部份都不能转让。任何此类的转让都无效。但是甲方可以不需乙方同意将其在本协议下的权利和义务转让给其关联人。

 

11. NOTICES
(通知)

 

Notices or other communications
required to be given by any Party pursuant to this Agreement shall be written in English and Chinese and delivered personally or
sent by registered mail or prepaid mail or by a recognized courier service or by facsimile transmission to the address of the other
Party set forth below or to such other address of the Party as specified by such Party from time to time. The date when the notice
is deemed to be duly served shall be determined as the follows: (a) a notice delivered personally is deemed duly served upon the
delivery; (b) a notice sent by mail is deemed duly served the tenth (10th) day after the date, or the fourth (4th)
day after the delivery date of an internationally recognized courier service; and (c) a notice sent by facsimile transmission is
deemed duly served upon the time shown on the transmission confirmation of relevant documents.

 

任何一方根据本协议要求发出的通知或其他函件应以英文和中文制作,在以专人递送、或挂号信或邮资预付邮件、或知名邮件服务机构或传真方式等送达到下列相关各方的地址或者各方不时通知的地址。通知有效送达的日期应当由以下条件决定:(a)
由专人递送的通知,在递交时视作有效送达;(b)
通过邮递送达的,在邮资预付的航空挂号邮件投递后(见邮戳)的第十天视为有效送达;如果通过国际知名快递公司邮寄的,在投递后的第四天视为有效送达;(c)如果一份邮件是通过传真递送的,在相关文件传输确认单上显示的接受时间应当视作有效送达日期。

 

    	 	-16-	 

     

    

 

	
        Party A

        甲方:
	 	Shengrong Environmental Protection Technology (Wuhan) Co., Ltd.

声荣环保科技技术(武汉)有限公司	 
	 	 	Address: No. 1 Fengmao Road, Qiaokou
    District, Wuhan City, PRC

地址:中华人民共和国武汉市硚口区丰茂路1号	 
	 	 	
        Atten: Renqi Yang

        联系人:杨仁啟
	 
	 	 	
        Fax:

        传真
	 
	 	 	
        Tel:

        电话: 
	 
	 	 
	
        Party B:

        乙方
	 	
        Jiangsu Rong Hai Electric Power Fuel Co.,
        Ltd.

        江苏荣海电力燃料有限公司
	 
	 	 	
        Address: 102, Building 29, Xingfu New Town,
        Gangzha Distrct, Nantong, Jiangsu Province, PRC

        地址:中华人民共和国南通市港闸区幸福新城29号楼102室
	 
	 	 	
        Atten: Jirong Huang

        联系人:黄继荣
	 
	 	 	
        Fax: 【】

        传真:【】
	 
	 	 	
        Tel: 【】

        电话:【】
	 

 

12. GENERAL
(一般条款)

 

12.1The failure or delay in exercising
a right or remedy under this Agreement shall not be constituted as a waiver of the right or remedy, and no single or partial exercise
of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy.

 

未主张、延迟主张权利或者救济不能被视作放弃本协议下其他权利和救济,并且对于部分权利和救济的主张不能阻止进一步权利和救济的主张。

 

12.2Should any clause or any part
of any clause contained in this Agreement be declared invalid or unenforceable for any reason whatsoever, all other clauses or
parts of clauses contained in this Agreement shall remain in full force and effect.

 

如果本协议任何条款或者条款的某部分因为任何原因被宣布为无效或者无强制执行力,所有其他的条款或者条款的其他部分仍保持完全的效力。

 

12.3This Agreement constitutes
the entire agreement between the Parties relating to the subject matter of this Agreement and supersedes all previous agreements.

 

本协议构成各方针对本协议主题事项的完整协议并且取代所有之前的协议。

 

12.4No amendment or variation of
this Agreement shall be valid unless it is in writing and executed by the Parties or their authorized representatives.

 

除非通过书面的方式并由各方或者各方代表签署,任何修正或者更改都无效。

 

12.5This Agreement shall be executed
in two (2) duplicate originals in both English and Chinese. Each Party shall receive one (1) duplicate original, and all originals
shall be equally valid. In case of any discrepancies among the different languages, the Chinese version shall prevail.

 

本协议用中英文制作二份。每方各持有一份,具有同等效力。当本协议中英文含义不一致时,以中文文本为准。

 

[SIGNATURE PAGE FOLLOWS]

[以下是签字页]

 

    	 	-17-	 

     

    

 

[SIGNATURE
PAGES]

签字页

 

IN WITNESS WHEREOF
this Agreement is duly executed by each Party or its legal representatives/authorized representative.

 

兹证明,本协议由各方或者各方的法定代表人签订/被授权人。

 

	PARTY
    A: 	Shengrong Environmental Protection Technology (Wuhan) Co., Ltd	 
	甲方:	声荣环保科技技术(武汉)有限公司	 	 
	 	Legal/Authorized
    Representative:	 /s/ Renqi Yang	 
	 	法定代表人/或被授权人(签字)	 	 
	 	Name: Renqi
    Yang	 	 
	 	姓名:
    杨仁啟	 	 
	 	Title: Executive
    Director	 	 
	 	职务:
    执行董事	 	 
	 	 	 	 
	PARTY B:	Jiangsu Rong Hai Electric Power Fuel Co., Ltd.	 
	乙方:	江苏荣海电力燃料有限公司	 	 
	 	Legal/Authorized
    Representative:	 /s/ Jirong Huang	 
	 	法定代表人/或被授权人(签字)	 	 
	 	Name: Jirong
    Huang	 	 
	 	姓名:
    黄继荣	 	 
	 	Title: Executive Director	 	 
	 	职务: 执行董事	 	 

 

     

     

    

 

Annex 1 Calculation and Payment Method
of Technology Consulting Service Fees

附件1 咨询服务费计算和支付方式

 

 

	1.	
        The calculation method of the Consulting Service Fees paid
by Party B to Party A is as follows:

 乙方应向甲方支付咨询服务费的计算方法如下:

	
        Based on the services provided by Party A.

        基于甲方提供的服务。

 

	2.	
        Each Quarter, Party A may adjust the said fees rate depending
        on Party B’s actual operations. Party B shall be obligated to, at Party A’s request and at any time, provide Party
        A with the corresponding materials. Party A has the right to, at any time, check or verify such materials.

        每一季度,甲方可以依乙方实际运营调整所述费率。乙方应有义务依甲方要求在任何时候向甲方提供相关材料。甲方有权在任何时候确认和核实该资料。Exhibit 10.3

 

EQUITY PLEDGE AGREEMENT

股权质押协议

 

This Equity Pledge Agreement (hereinafter
this “Agreement”) is dated November 30, 2018, and is entered into in Wuhan, People’s Republic of China
(“PRC” or “China”) by and among Shengrong Environmental Protection Technology (Wuhan) Co., Ltd. (“Pledgee”),
Jiangsu Rong Hai Electric Power Fuel Co., Ltd. (“Domestic Enterprise”) and each of the shareholders listed on the signature
pages hereto (each a “Pledgor” and collectively, the “Pledgors”) of Domestic Enterprise.

 

此《股权质押协议》(以下作“协议”)于2018年11月30日在中华人民共和国(“PRC”或“中国”)武汉市,由声荣环保科技技术(武汉)有限公司(“质权人”),
江苏荣海电力燃料有限公司(“内资公司”)以及签字页所示的内资公司的股东(各股东分别或统称为“出质人”)共同订立。

 

RECITALS

前言

 

1. The
Pledgee incorporated in the PRC as a foreign investment enterprise and specializes in environment protection technology development,
transfer, consulting and services.

 

质权人为根据中国法成立的外商投资企业,专业从事环保技术开发、技术转让、技术咨询、技术服务科技推广及应用服务。

 

2. Domestic
Enterprise is engaged in coal wholesales and sales of coke, steels, construction materials, mechanical equipment and steel scrap
(collectively the “Business”).

 

内资公司主要从事煤炭批发经营;焦炭、钢材、建筑材料、机械设备、废钢的销售(总称为“业务”)。

 

3.The Pledgors are shareholders of
the Domestic Enterprise, legally holding 100% of the issued and outstanding equity interests of the Domestic Enterprise (collectively
the “Equity Interest”).

 

出质人系内资公司的股东,持有内资公司股权的100%(以下统称“股权”)。

 

4. On
November 30, 2018, Pledgee, Pledgors and Domestic Enterprise entered into Voting Rights Proxy Agreement and Power of Attorney thereunder
(collectively, “Voting Proxy Agreement”), pursuant to which Pledgors irrevocably authorize Pledgee to exercise their
voting rights of shareholder in Domestic Enterprise;

 

出质人、质权人与内资公司于2018年11月30日签订了《股东表决权代理协议》及其相应的《授权委托书》(以下统称“《股东表决权代理协议》”),根据该等文件的规定,出质人不可撤销地全权委托质权人代表出质人行使其在内资公司中的全部股东表决权利;

 

    -1- 

     

    

 

On November 30, 2018,
Pledgee, Pledgors and Domestic Enterprise entered into Call Option Agreement (“Call Option Agreement”), pursuant to
which, the Pledgors shall, upon the request of Pledgee, to the extent permitted under PRC laws, transfer to Pledgee and/or other
entity or individual designated by the Pledgee all or parts of Equity Interest and/or assets of Domestic Enterprise;

 

出质人、质权人与内资公司于2018年11月30日签订了《购买选择权协议》(以下统称“《购买选择权协议》”),根据该协议的规定,出质人应在中国法律允许的条件下,根据质权人的要求,向质权人和/或其指定的任何其他实体或个人转让其在内资公司中持有的全部或者部分股权和/或全部或部分资产;

 

On November 30, 2018,
Pledgors and Domestic Enterprise entered into Consulting Services Agreement (“Consulting Services Agreement”), pursuant
to which Domestic Enterprise shall pay Pledgee consulting and services fees in connection with consulting services and other services
related to the business of the Domestic Enterprise;

 

质权人与内资公司于2018年11月30日签订了《咨询服务协议》(以下统称“《咨询服务协议》”),内资公司需向质权人就其提供的咨询和其他与内资公司业务相关的服务支付咨询和服务费;

 

On November 30, 2018,
Pledgee and Domestic Enterprise entered into Operating Agreement (“Operating Agreement”), pursuant to which, Domestic
Enterprise agrees to cooperate with Pledgee and provide related services according to such agreement.

 

质权人与内资公司于2018年11月30日签订了《经营协议》(以下统称“《经营协议》”),根据该协议,内资公司同意根据该协议的条款与质权人进行业务合作,并向质权人提供相关服务。

 

5. As
for the Pledgors and Domestic Enterprise, to provide security for the performance of Contractual Obligations and the repayment
of Secured Indebtedness , the Pledgors hereby agree to pledge or create first ranking charge over Equity Interests in favor of
Pledgees and Domestic Enterprise agrees such Pledge.

 

作为出质人和内资公司对合同义务的履行以及对担保债务清偿的担保,出质人愿意在法律允许可的范围内将其持有的全部内资公司股权出质给质权人,并赋予质权人第一受偿质押权,且公司同意该等股权质押安排。

 

    -2- 

     

    

 

NOW THEREFORE, the Pledgee and the
Pledgors through mutual negotiations hereby enter into this Agreement based upon the following terms:

 

因此,质权人和出质人经相互协商签订以下协议,以资遵守:

 

1. Definitions
and Interpretation. Unless otherwise provided in this Agreement, the following terms shall have the following meanings:

 

定义和解释。如果该协议不另作说明,下述条款将有下述含义:

 

1.1 “Pledge”
refers to the full content of Section 2 hereunder.

 

“质押”指的是下文第2节的全部内容。

 

1.2 “Contractual
Obligations” refers to all obligations of Pledgors under Voting Rights Proxy Agreement and Call Option Agreement, all
obligations of Domestic Enterprise under Voting Rights Proxy Agreement, Consulting Service Agreement, Operating Agreement and Call
Option Agreement and all obligations of Pledgors and Domestic Enterprise under this Agreement.

 

“合同义务”
指出质人在《股东表决权代理协议》和《购买选择权协议》项下所负的所有合同义务;内资公司在《股东表决权代理协议》、《咨询服务协议》、《经营协议》和《购买选择权协议》项下所负的所有合同义务;出质人与内资公司在本协议项下所负的所有合同义务。

 

1.3 “Secured
Indebtedness” refers to all direct, indirect, derivative and foreseeable losses incurred by the Events of Default (see below)
of Pledgors and/or Domestic Enterprise, the amount of which is including without limitation the reasonable business plan and profit
forecast and fees for the enforcement by Pledgee of Contractual Obligations of Pledgor and /or Domestic Enterprise under this Agreement.

 

“担保债务”
指质权人因出质人和/或内资公司的任何违约事项(如下文定义)而遭受的全部直接、间接、衍生损失和可预计利益的丧失,该等损失的金额的依据包括但不限于质权人合理的商业计划和盈利预测;及质权人为强制出质人和/或内资公司执行其合同义务而发生的所有费用。

 

1.3“Equity
Interest” refers to all the equity interests in the Domestic Enterprise legally held by the Pledgors.

 

“股权”指的是由出质人合法拥有的在内资公司中的全部股权。

 

1.4“Term
of Pledge” refers to the period provided for under Section 3.2 hereunder.

 

“质押期限”指的是下文3.2节所提到的期限。

 

1.5“Event
of Default” refers to any event in accordance with Section 7.1 hereunder.

 

“违约事项”指的是下文7.1节所列任何事项。

 

    -3- 

     

    

 

1.6“Notice
of Default” refers to the notice of default issued by the Pledgee in accordance with this Agreement.

 

“违约通知”
指的是由质权人根据本协议发出的违约通知。

 

2. The
Pledge.

 

质押

 

2.1 The
Pledgors hereby pledge the all their Equity Interest to the Pledgee as a security for the performance of Contractual Obligations
and repayment of the Secured Indebtedness (the “Pledge”). Pursuant thereto, the Pledgee shall have priority
in receiving payments from the evaluation or the proceeds from the auction or sale of the Equity Interest. The Equity Interest
shall hereinafter be referred to as the “Pledged Collateral”.

 

出质人谨此向质权人质押其各自持有的内资公司的全部股权以作为合同义务履行和担保债务偿还的担保(“质押”)。依照该协议,质权人将从股权权益的拍卖或销售的价款获得优先受偿权。股权以下称为“质押权利”。

 

2.2 During
the term hereof, the Pledgee shall not be liable in whatsoever manner for any diminution in value of the Pledged Collateral and
the Pledgors shall have no right to seek any form of recourse or bring any claims against the Pledgee in connection therewith,
except where such diminution arises out of any willful conduct of the Pledgee or out of its gross negligence.

 

在本协议有效期间,除非因质权人的故意或与重大过失,对质押权利发生任何价值减少的情况,质权人都不负任何责任,出质人也无权对质权人进行任何形式的追索或提出任何要求。

 

2.3 Without
prejudice to above Article 2.2, if the Pledged Collateral is likely to suffer such a manifest value diminution as to impair the
rights of the Pledgee, the Pledgee may at any time auction or sell the Pledged Collateral on behalf of the Pledgors and may, as
agreed with the Pledgors, apply the proceeds from such auction or sale towards early full satisfaction of the Secured Indebtedness,
or deposit (entirely at the cost of the Pledgee) such proceeds with a notary organ of the place of the Pledgee.

 

在不违反上述2.2条规定的前提下,若质押权利有任何价值明显减少的可能,足以危害质权人权利的,质权人可以随时代理出质人拍卖或者变卖质押权利,并与出质人协议将拍卖或者变卖所得的价款用于提前清偿担保债务或者向质权人所在地公证机关提存(由此所发生之任何费用全部由质权人承担)。

 

2.4 The
Pledgors may not increase the capital of Domestic Enterprise except with prior consent of the Pledgee. Any increase in the capital
contributed by the Pledgors to the registered capital of Domestic Enterprise as a result of any capital increase shall become part
of the Pledged Collateral. To the extent permitted by PRC Laws, Pledgors shall register the pledge for increased capital with administration
for industry and commerce as practical as possible. Domestic Enterprise undertakes to cooperate with Pledgors to complete above
registration for Pledged Collateral.

 

在质权人事先同意的情况下,出质人方可对内资公司增资。出质人因对内资公司增资而在内资公司注册资本中增加的出资额亦属于质押权利。在中国法律允许的前提下,出质人应在完成增资后,尽快将该新增出资额对应的股权质押于相关工商行政管理部门办理出质登记。内资公司承诺其将配合出质人完成本条所述的股权质押工商出质登记事宜。

 

    -4- 

     

    

 

2.5 The
Pledgors agree to waive any right of dividend distribution in respect of the Pledged Collateral except with prior written consent
of the Pledgee during the term of the Pledge.

 

除非质权人另行书面同意,出质人承诺在质押存续期间内放弃就质押权利进行分红的权利。

 

2.6 Subject
to Article 2.5, any dividend or distribution received by the Pledgors in respect of the Pledged Collateral, or any assets received
by the Pledgors on the termination, liquidation or dissolution of the Domestic Enterprise, shall be deposited into an account designated
by the Pledgee, which shall be inspected by the Pledgee and used for the payment of Secured Indebtedness in the first priority.

 

受限于第2.5款的规定,在不违反中国法律的前提下,出质人因质押权利而分得的股利或分红或资产权益分配应全额补偿给质权人,存入质权人的指定帐户内,受质权人监管,并用于首先清偿担保债务。

 

3. Term
of Pledge.

 

质押期限。

 

3.1 The
Pledge Agreement shall take effect as of the date when this Agreement is duly signed or chopped by all the parties; the effectiveness
and execution of this Agreement will not be affected by the pledge registration specified under Section 4 herein. This Agreement
shall in full force and effective until the Domestic Enterprise and Pledgee’s satisfaction of all Contractual Obligations
and settlement of all Secured Indebtedness (the “Term”). Upon Pledgee’s request, the Domestic Enterprise
shall extend its operation period to sustain the effectiveness of this Agreement.

 

本协议自各方签署或盖章之日起生效。第4条规定之质押登记不影响本协议的生效和执行。有效期限(“期限”)将在内资公司和出质人充分履行合同义务或担保债务被完全清偿时到期。经质权人要求,内资公司应延长经营期限以使本协议的效力得以持续。

 

3.2 During
the Term, the Pledgee shall be entitled to vote, control, sell, or dispose of the Pledged Collateral in accordance with this Agreement,
including without limitation, disposing and having priority in repayment through auction or sale of Pledged Collateral, in the
event that the Domestic Enterprise does not perform its obligations under the Consulting Services Agreement or any Events of Default
occur. The Pledgee shall not bear any loss raised from the performance of aforesaid remedy rights and powers.

 

在期限之内,如果内资公司没有履行合同义务,或发生任何违约事项,质权人有权根据本协议投票、控制、出售或处分质押权利,包括(但不限于)拍卖或变卖质押权利以优先受偿。质权人对其合理行使该等权利和权力造成的任何损失不负责任。

 

    -5- 

     

    

 

3.3 During
the Term, the Pledgee shall be entitled to collect any and all dividends declared or paid in connection with the Pledged Collateral.

 

在期限之内,出质人应将所有已宣告或已支付的与质押权利有关的红利转让给质权人。质权人有权收取该等价款。

 

3.4 Upon
full and complete performance by the Pledgors and the Domestic Enterprise of all of their Contractual Obligations, the Pledgee
shall, at the request of the Pledgors, release the Equity Pledge hereunder and cooperate with the Pledgors in relation to both
the deregistration of the Equity Pledge in the shareholders’ register of Domestic Enterprise and the deregistration of the
Equity Pledge with the relevant industry and commerce administration; reasonable costs arising out of such release of Equity Pledge
shall be borne by the Pledgee.

 

在出质人和内资公司充分、完全地履行了所有的合同义务和清偿了所有的担保债务后,质权人应根据出质人的要求,解除本协议下的股权质押,并配合出质人办理注销在公司的股东名册内以及在内资公司的主管工商行政管理部门处所作的股权质押的登记,因解除股权质押而产生的合理费用由质权人承担。

 

4. Pledge
Procedure and Registration.

 

质押程序和登记。

 

4.1The Pledge shall
be recorded in the Domestic Enterprise’s Register of Shareholders.

 

质押应在内资公司股东名册上载明。

 

4.2 Domestic
Enterprise shall record the Pledge in the Domestic Enterprise’s Register of Shareholders which shall be provided to the Pledgee.
To the maximum extent permitted by the PRC laws, the Pledgors and Pledgee will file the application with Administration for Industry
and Commerce with competent authority to register the Pledge within the term of this Agreement.

 

内资公司应在本协议签署之日,在内资公司股东名册中登记质押,并向质权人提供该股东名册。在中国法律最大的许可范围内,出质人和质权人将在本协议期限内向具有权限的工商行政管理机关申请登记质押。

 

    -6- 

     

    

 

4.3 Pledgors and Pledgee
agree to use their best efforts to take any action required for the completion of the registration of the Pledge, including without
limitation, the execution of documents, the payment of filing fees and submission of applications.

 

出质人和质权人将尽其最大努力进行任何完成质押登记所需要的行动,包括但不限于签署文件、支付申报费用及提交申请。

 

5. Representation
and Warranties of Pledgors.

 

出质人的陈述和保证。

 

5.1 The
Pledgors are the legal owners of the Pledged Collateral, free from any ongoing dispute as to the ownership thereof; and the Pledgors
have the right to dispose of the Pledged Collateral or any part thereof.

 

在本协议生效时,出质人是质押权利的唯一合法所有人,没有任何现存的有关质押权利所有权的争议。出质人有权处分质押权利及其任何部分。

 

5.2 Other
than to the Pledgee, the Pledgors have not pledged the Pledged Collateral to any other party, and the Pledged Collateral is not
encumbered to any other party.

 

除质权人以外,出质人没有将质押权利质押给其它任何人或在质押权利上为其他人设定权利负担。

 

The Pledgors and the Domestic Enterprise represent
and warrant that the execution of this Agreement would not violate any loan agreement, guaranty agreement, business agreement or
other contract with material affect on the operation of the Domestic Enterprise, to which the Domestic Enterprise has been a party.

 

出质人和内资公司陈述并保证:本协议的签订并不违反任何公司作为一方签署的任何借款协议、担保协议、业务合同或其他对公司业务有重大影响的合同。

 

6. Representations
and Warranties of Pledgors and the Domestic Enterprise.

 

出质人与内资公司的陈述和保证

 

6.1 During
the Term, the Pledgors represent and warrant to the Pledgee for the Pledgee’s benefit that the Pledgors shall:

 

在期限内,出质人向质权人陈述并保证:基于质权人的利益,出质人必须做到:

 

6.1.1 
Not transfer or assign the Pledged Collateral, nor create or permit to create any new pledge or encumbrance to the Pledged
Collateral which may adversely affect the rights and/or benefits of the Pledgee without the Pledgee’s prior written consent.
Furthermore, without the Pledgee’s prior written consent, the Domestic Enterprise would not assist or allow the Pledgor to
transfer the Pledged Collateral or create any new pledge or encumbrance to the Pledged Collateral

 

未经质权人事先书面同意,不得转让质押权利,不得设立或允许设立任何新的质押或权利负担。未经质权人的事先书面同意,内资公司将不会协助或允许出质人在质押权利上设立任何新的质押或其他任何担保权益,或将质押权利转让。

 

    -7- 

     

    

 

The Pledgor and the
Domestic Enterprise warrant that the registered capital of the Domestic Enterprise would not be altered, the Pledgor’s investment
percentage of the Domestic Enterprise would not be altered, either, without the prior written consent of the Pledgee.

 

未经质权人事先书面同意,出质人和内资公司保证不变更公司注册资本,不变更出质人的出资比例。

 

6.1.2 
Comply with the laws and regulations with respect to the Pledge; present to Pledgee any notices, orders or advisements with
respect to the Pledge that may be issued or made by a competent PRC authority within five (5) days upon receiving such notices,
orders or advisements; comply with such notices, orders or advisements; or object to the foregoing matters upon the reasonable
request of the Pledgee or with consent from the Pledgee.

 

遵守与质押相关的法律、法规;在接到中国主管单位发布或制作的关于抵押的公告、命令或者广告5天内转交给质权人;遵守这些公告、命令或者广告;或者根据质权人合理要求或经质权人允许而对上述公告、命令或广告提出异议;

 

6.1.3 
Timely notify the Pledgee of any events which may affect the Pledged Collateral or the Pledgors’ rights thereto, or
which may change any of the Pledgors’ warranties or affect the Pledgor’s performance of their obligations under this
Agreement.

 

及时通知质权人那些可能影响质押权利或出质人对质押权利的事件,或可能改变出质人在本协议下的保证或影响出质人履行本协议项下义务的事件。

 

6.2 
The Pledgors agree that the Pledgee’s right to the Pledge pursuant to this Agreement shall not be suspended or inhibited
by any legal proceedings initiated by the Pledgors, jointly or separately, or by any successor of or any person authorized by the
Pledgors.

 

出质人同意,质权人对依本协议对质押的权利不应被由出质人、出质人继承者、出质人授权的人(单独或共同)提起的法律程序所中止或禁止。

 

6.3 
The Pledgors represent and warrant to the Pledgee that in order to protect and perfect the execution of this Agreement,
the creation of the Pledge and the registration at the relevant authority, the Pledgors and the Domestic Enterprise shall hold
necessary shareholder and board meetings, execute necessary resolutions and legal documents and/or take other necessary actions
in accordance with PRC laws, administrative regulations and its Articles of Association.

 

出质人向质权人陈述并保证:出质人和内资公司为确保本协议的签订、质权的设定以及职权行事之目的而按照中国法律、行政法规和公司章程召开必要的公司股东会、董事会,并签署必要的决议等法律文件,并采取其他必要的行动。

 

    -8- 

     

    

 

6.4 
The Pledgors represent and warrant to the Pledgee or its appointed representative (whether a natural person or a legal entity)
that they will execute all applicable and required amendments in connection with the registration of the Pledge, and within a reasonable
amount of time upon request, provide the relevant notice, order and decision regarding such registration to the Pledgee.

 

出质人向质权人或其指定代表(自然人或法人机构)陈述并保证:其会签署与质押登记有关的所有适用且必要的修正文件,并且根据要求在合理的时间内向质权人提供与登记相关的通知、命令或决定。

 

6.5 
The Pledgors represent and warrant to the Pledgee that they will abide by and perform all relevant guarantees, covenants,
warranties, representations and conditions necessary to insure the rights of the Pledgee under this Agreement. The Pledgors shall
compensate all the losses suffered by the Pledgee as a result of the Pledgors’ failure to perform any such guarantees, covenants,
warranties, representations or conditions.

 

出质人向质权人陈述并保证:其会遵守和履行所有相关的担保、承诺、保证、陈述和条件来保证本协议项下质权人的权利。出质人应对由于其没有履行此等担保承诺、契约、担保、陈述或条件而给质权人造成的损失作出赔偿。

 

6.6 Provided that the
Domestic Enterprise is insolvent, the Pledgors will transfer the residual assets obtained thereunder to Pledgee according to PRC
laws.

 

如果内资公司清算,出质人将向质权人转让其依中国法取得的剩余资产。

 

7. Events of Default.

 

违约事项。

 

7.1
The occurrence of any one of the following events shall be regarded as an “Event of Default”:

 

如下事项将被视为违约事项:

 

7.1.1 
This Agreement is deemed illegal by a governing authority of the PRC, or the Pledgor is incapable of continuing to perform
the obligations herein due to any reason except force majeure;

 

该协议被中国监管部门视作非法,或出质人由于除不可抗力以外的任何原因不能继续履行本协议规定的义务;

 

    -9- 

     

    

 

7.1.2 
The Domestic Enterprise fails to timely pay the Consulting Services Fee in full as required under the Consulting Service
Agreement;

 

内资公司不能如期全额支付《咨询服务协议》中的服务费用;

 

7.1.3 
A Pledgor makes any materially false or misleading representations or warranties under Section 5 herein, or breaches any
warranties under Section 5 herein;

 

出质人在第5节作出任何重大错误说明或误导性的陈述或保证,或者出质人违反第5节中的保证;

 

7.1.4 
A Pledgor or Domestic Enterprise breach the representations and warranties under Section 6 herein;

 

出质人或内资公司违反第6款规定的陈述与保证;

 

7.1.5 
A Pledgor breaches any terms and conditions of this Agreement;

 

出质人违反协议规定的任何条款或条件;

 

7.1.6 
A Pledgor transfers or assigns, cause to be transferred or assigned, or otherwise abandons the Pledged Collateral without
the prior written consent of the Pledgee;

 

事先未经质权人的书面允许,出质人转让质押权利,或导致质押权利被转让,或放弃质押权利;

 

7.1.7 
The Domestic Enterprise is incapable of repaying debt;

 

内资公司无力偿付债务;

 

7.1.8 
The assets of a Pledgor are adversely affected so as to cause the Pledgee to believe that such Pledgor’s ability to
perform the obligations herein is adversely affected;

 

出质人财产遭受不利影响导致质权人确信出质人履行本协议义务的能力也受到不利影响;

 

7.1.9 
The successors or agents of the Domestic Enterprise refuse, or are only partly able, to perform the payment obligations
under the Consulting Services Agreement;

 

内资公司的承继人或代理人拒绝履行,或仅能部分履行《咨询服务协议》中的支付义务;

 

7.1.10 The
Pledgors or Domestic Enterprise breach Contractual Obligations.

 

任何出质人或内资公司对合同义务的违反。

 

    -10- 

     

    

 

7.2 A
Pledgor shall immediately give a written notice to the Pledgee if such Pledgor is aware of or discovers that any event under Section
7.1 herein, or any event that may result in any one of the foregoing events, has occurred or is likely to occur.

 

出质人一旦意识到或发现7.1款中的事件或其他可能导致上述任一事件发生的因素,必须马上给予质权人书面通知。

 

7.3 Unless
an Event of Default has been resolved to the Pledgee’s satisfaction within 15 days of its occurrence (the “Cure
Period”), the Pledgee may, at any time thereafter, give a written default notice (the “Default Notice”)
to the Pledgor and require the Pledgors to dispose the Pledged Collateral in accordance with Section 8 herein.

 

除非违约事项在发生后15天内(“补救期”)得到解决,并且质权人对此满意,质权人可以在此后给予出质人一个书面的违约通知(“违约通知”)并且要求出质人根据第8节规定的方式处分质押权利。

 

8. Exercise
of Remedies.

 

补救措施。

 

8.1Authorized Action by Secured
Party.  The Pledgors hereby irrevocably appoint Pledgee as the attorney-in-fact of the Pledgors for the purpose of carrying
out the security provisions of this Agreement and to take any action and execute any instrument that the Pledgee may deem necessary
or advisable to accomplish the purpose of this Agreement. Such power of attorney shall be effective, automatically and without
the necessity of any action (including any transfer of any Pledged Collateral) by any person, upon the occurrence an Event of Default.
Pledgee shall not have any duty to exercise any such right or to preserve the same and shall not be liable for any failure to do
so or for any delay in doing so.

 

被担保方的受权措施。出质人不可撤销地指定质权人为自己的事实代理人,以实现本协议担保条款之目的、并采取任何质权人认为对达到本协议目的必要的或有益的行动和签署此等文书。在违约事项发生时,该代理权将自动生效,无须任何人的任何行为(包括抵押物的转移)。质权人没有义务行使或保留上述权利,也不对未行使或延迟行使上述权利负责。

 

If an Event of Default
occurs, or is already proceeding, Pledgee shall have the right to exercise the following rights:

 

如果一个违约事项发生,或者正在发展,质权人有权利行使如下权利:

 

(a) Collect
by legal proceedings or otherwise, and endorse and/or receive all payments, proceeds and other sums and property now or hereafter
payable on or on account of the Pledged Collateral;

 

基于法定程序或其它方式收取、背书、接收所有付款、价款以及现今及今后所有应收的因质押权利或基于质押权利而产生的款项和财产;

 

    -11- 

     

    

 

(b) Enter
into any extension, reorganization, deposit, merger, consolidation or other agreement pertaining to, or deposit, surrender, accept,
hold or apply other property in exchange for the Pledged Collateral;

 

参与关于处置、放弃、接受、或拥有其它财产交换质押权利的任何延期、重组、处置、兼并、合并等安排;

 

(c) After
the delivery of written notice to the Pledgor, the Pledgee shall be entitled to all the remedy rights and powers under PRC laws
and basic provisions of this Agreement, which is including but not limited to: disposing the Pledged Collateral through auction
or sale. The Pledgee shall not bear any loss raised from the performance of aforesaid remedy rights and powers;

 

质权人有权在给与出质人书面通知后,行使其根据中国法律、本协议基本协议条款而享有的全部违约救济权利和权力,包括(但不限于)拍卖或变卖质押权利以优先受偿。质权人对其合理行使该等权利和权力造成的任何损失不负责任;

 

(d) Make
any compromise or settlement, and take any action the Pledgee deems advisable, with respect to the Pledged Collateral;

 

就质押权利作出质权人认为有益的妥协或和解。

 

(e) Notify
any obligor with respect to the Pledged Collateral to make payment directly to the Pledgee;

 

通知任何与质押权利有关的债务人直接付款给质权人;

 

(f) All
rights of the Pledgors that they would otherwise be entitled to enjoy or exercise with respect to the Pledged Collateral, including
without limitations the rights to vote and to receive distributions, shall cease without any further action by or notice, and all
such rights shall thereupon become vested in the Pledgee; and

 

无需任何其他措施或通知,出质人应丧失原先所有对质押权利享有或行使的其他权利,包括但不限于投票权及获得分配的权利。这些权利应归属于质权人;并且

 

(g)
The Pledgors shall execute and deliver to the Pledgee such other instruments as the Pledgee may request in order to permit
the Pledgee to exercise the rights set forth herein.

  

出质人应按质权人要求签署和交付其他文据,以允许质权人行使本协议项下的权利。

 

    -12- 

     

    

 

8.2 Other
Remedies. Upon the expiration of the Cure Period, the Pledgee, in addition to the remedies set forth in Section 8.1 or such
other rights in law, equity or otherwise, may, without notice or demand on the Pledgors, elect any of the following:

 

其他补救措施。补救期限结束之后,质权人除了享有法律、股权和8.1条规定等的权利以外,还有权无须通知或经向出质人提出要求,而采取以下措施:

 

(a) Require
the Pledgors to immediately pay all outstanding unpaid amounts due under the Consulting Services Agreement;

 

要求出质人立即支付《咨询服务协议》中的到期未支付费用的总额;

 

(b) Exercise
any and all rights as the beneficial and legal owner of the Pledged Collateral, including, without limitation, the transfer and
exercise of voting and any other rights to the Pledged Collateral; and

 

行使作为质押权利合法所有人和受益人的所有权利,包括但不限于转让、行使涉及质押权利的投票权和任何其他权利;并且

 

(c) Exercise
any and all rights and remedies of a secured party under applicable laws.

 

行使可适用法律下被担保方的任何权利及补救措施。

 

8.3 The
Pledgee has priority in the receipt of payments from the proceeds of auction or sale of the Pledged Collateral, in part or in whole,
in accordance with legal procedures, until all payment obligations under the Consulting Services Agreement are satisfied.

 

质权人依法定程序对整体地或部分地拍卖或销售质押权利的价款具有优先受偿权,直至所有《咨询服务协议》下的付款义务偿清为止。

 

8.4 The
Pledgors shall not hinder the Pledgee from exercising its rights in accordance with this Agreement and shall give necessary assistance
so that the Pledgee may exercise its rights in full.

 

出质人不可阻碍质权人根据本协议行使权利,并应给予必要的帮助以确保质权人充分行使权利。

 

9. Assignment
and Succession.

 

转让和继承

 

9.1 The
Pledgors shall not assign or otherwise transfer the rights and obligations herein without the Pledgee’s prior written consent.
The Pledgors and Domestic Enterprise, however, agree that to the extent permitted by PRC laws, the Pledgee shall transfer its rights
and/or obligations to third party with the prior written notice to both Pledgors and Domestic Enterprise.

 

未经质权人的事先书面允许,出质人不得转让或以其他方式转移其权利和义务。但出质人及内资公司同意,在中国法律允许的前提下,在质权人通知出质人及内资公司后,即可将质权人在本协议项下的权利和/或义务转让给任何第三方。

 

    -13- 

     

    

 

9.2 This
Agreement shall be binding upon each of the Pledgors and their respective successors, and shall be binding on the Pledgee and each
of its successor and assignee. Pledgors represent to the Pledgee that all necessary actions have been taken and all necessary documents
have been signed by the Pledgors to ensure that the successor, guardian, spouse or other person who may obtain Equity Interest,
shall not impair or impede the performance of this Agreement in case of the occurrence of decease, disability, divorce or other
circumstance which may adversely affect the rights of Equity Interest.

 

本协议对每个出质人及其继承者有约束力,对质权人及其继承者及受让人有约束力。出质人向质权人保证,其已经做出一切妥善安排并签署一切需要的文件,保证在其去世、丧失行为能力、离婚或发生其他可能影响其行使股权的情形时,其继承人、监护人、债权人、配偶等可能因此取得内资公司股权或相关权利的人,不能影响或阻碍本协议的履行。

 

9.3 Upon
the transfer or assignment by the Pledgee of any or all of its rights and obligations under the Consulting Service Agreement, the
Pledgee’s transferee or assignee shall enjoy and undertake the same rights and obligations as the Pledgee under this Agreement.
The Pledgors shall be notified of any such transfer or assignment by written notice and at the request of the Pledgee, the Pledgors
shall execute such relevant agreements and/or documents with respect to such transfer or assignment.

 

如果质权人转让《咨询服务协议》中的权利和义务,其受让人应当享有和承担与质权人相同的权利和义务。质权人应将该转让书面通知出质人。出质人应按质权人要求签署涉及转让的相关协议及文件。

 

9.4 In
the event of the Pledgee’s change in control resulting in the transfer or assignment of this Agreement, the Pledgors and
the successor to the Pledgee shall execute a new equity pledge agreement.

 

如果质权人由于控制权改变而导致本协议转让,出质人应与质权人的承继人签署新的股权质押协议。

 

    -14- 

     

    

 

10.
Formalities, Fees and Other Charges.

 

手续,费用及其他支出。

 

10.1The Pledgors
shall be responsible for all the fees and expenses in relation to this Agreement, including, but not limited, to legal fees, cost
of production, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance with applicable
law, the Pledgors shall fully reimburse the Pledgee of such taxes.

 

出质人将负责与该协议相关的所有费用,包括但不限于:法律费用、制作成本、印花税及其它税金和花费。如果质权人根据法律支付相关的税金,出质人将全额赔偿质权人该笔税金。

 

10.2The Pledgors
shall be responsible for all expenses (including, but not limited to, any taxes, application fees, management fees, litigation
costs, attorney’s fees, and various insurance premiums in connection with the disposition of the Pledge) incurred by the
Pledgee in its recourse to collect from the Pledgors arising from the Pledgors’ failure to pay any relevant taxes and fees.

 

由于出质人因某种原因没有支付应付的税金、费用而导致质权人寻求追索权而引起的费用由出质人承担(包括但不限于与处理质押有关的税金、申请费、管理费用、诉讼费、律师费及各种保险费)。

 

11.
Force Majeure.

 

不可抗力。

 

11.1“Force
Majeure” shall include, but not be limited, to acts of governments, acts of nature, fire, explosion, typhoon, flood,
earthquake, tide, lightning, war, and any unforeseen events beyond a Party’s reasonable control or which cannot be prevented
with reasonable care. However, any shortage of credit, capital or finance shall not be regarded as an event beyond a Party’s
reasonable control. A Party affected by Force Majeure shall promptly notify the other Parties of such event in order to
be exempted from such Party’s obligations under this Agreement.

 

不可抗力,包括但不限于:政府行为、自然力、火灾、爆炸、台风、洪水、地震、涨潮、闪电、战争、各方无法预料并超出合理控制范围或不能因维护得宜而预防的其他事项。但是,任何贷款、资金或融资的短缺不应被视作超出某方合理控制范围。受不可抗力影响的一方应立即通知其他方,以获得本协议下相关义务的豁免。

 

11.2In the event
that the affected Party is delayed or prevented from performing its obligations under this Agreement due to Force Majeure,
the affected Party shall not be responsible for any damage caused by the delay or prevention of such performance, as long as such
damage is within the scope of such delay or prevention. The affected Party shall take appropriate means to minimize or remove the
effects of Force Majeure and attempt to resume performance of the obligations delayed or prevented by Force Majeure.
When such Force Majeure ceases to exist, both Parties covenant and agree to resume the performance of this Agreement with
their best efforts.

 

如果受影响一方由于不可抗力推迟或被阻碍履行其在协议中的义务,在推迟或阻碍的范围内,受影响方无须对该损失负责。受影响方需采取合适措施来最小化或去除不可抗力的影响,并恢复履行被不可抗力推迟或阻碍的义务。在不可抗力消除后,双方应尽最大努力恢复履行本协议。

 

    -15- 

     

    

 

12. 
Confidentiality. The Parties hereby acknowledge and agree to ensure the confidentiality of all oral and written materials
exchanged relating to this Agreement. No Party shall disclose any confidential information to any other third party without the
other Parties’ prior written approval, unless: (a) such information was in the public domain at the time it was communicated
(unless it entered the public domain without the authorization of the disclosing Party); (b) the disclosure was in response to
the relevant laws, regulations, or stock exchange rules; or (c) the disclosure was required by any of the Party’s legal counsel
or financial consultant for the purpose of the transaction underlying this Agreement. However, such legal counsel and/or financial
consultant shall also comply with the confidentiality as stated hereof. The disclosure of confidential information by employees
or agents of the disclosing Party is deemed to be an act of the disclosing Party, and such disclosing Party shall bear all liabilities
for any breach of confidentiality.

 

保密条款。各方承认并同意保证与此文件相关的所有口头或书面往来资料的保密性。未经其他方的预先书面允许,任何一方不得向第三方提供保密信息
。但下述除外:a. 提供时已为公众获悉(除非该信息未经披露方授权即向公众披露);b.或依法律、法规股票、证券交易市场规则披露的信息;c.基于本协议载明交易之目的,依各方的法律顾问或财务顾问要求向其披露的信息。但是,该法律顾问或财务顾问也应当遵守此节提出的保密要求。任何一方的员工或者代理人披露保密信息行为应被视为该方的行为,并且该方应承担违反保密义务的责任。

 

13.
Dispute Resolution.

 

争议的解决。

 

13.1This Agreement
shall be governed by and construed in accordance with the laws of the PRC.

 

本协议的应适用中华人民共和国的法律和依此解释。

 

13.2The Parties
shall strive to resolve any disputes arising from the interpretation or performance of this Agreement through amicable negotiations.
If a dispute cannot be settled within 45 days, any Party may submit such dispute to China International Economic and Trade Arbitration
Commission (“CIETAC”) for arbitration. The arbitration shall abide by the then current rules of CIETAC, and the arbitration
proceedings shall be conducted in Beijing, China in Chinese. The decision of CIETA shall be final and binding upon the parties.

 

各方应当友好磋商解决对本协议的解释和履行所引发的争议。如果无法在协商45日内达成一致,各方应将此争议提交中国国际经济贸易仲裁委员会根据那时有效的该会规则进行仲裁。仲裁应在北京进行,所有程序以中文进行。仲裁结果是终局的,并对于各方有约束力。

 

    -16- 

     

    

 

14. 
Notices.  Any notice given by the parties hereto for the purpose of performing the rights and obligations hereunder
shall be in writing. If such notice is delivered by messenger, the time of receipt is the time when such notice is received by
the addressee; if such notice is transmitted by facsimile, the time of receipt is the time when such notice is transmitted. If
the notice does not reach the addressee by the end of the business day, the following business day shall be the date of receipt.
The place of delivery is the Party’s address as set forth in the signature pages hereto or the address advised in writing
including via facsimile.

 

通知。任何一方发出的、为本协议项下行使权利和履行义务之目的的通知应当为书面形式。当上述通知以专人送交时,通知送达时间为通知实际到达被通知人的时间;当通知以传真形式传送,通知送达时间为接受传送时间。假如通知没在工作日送达被通知人,该日的下一个工作日应视为送达日,递送地址为各方签字页上的地址,或是以传真等方式书面告知的地址。

 

15. 
Entire Contract.  The Parties agree that this Agreement constitutes the entire agreement of the Parties upon its
effectiveness and supersedes all prior oral and/or written agreements and understandings relating to this Agreement.

 

协议的完整性。各方承认本协议一经生效即构成各方之间的完整协议,并取代任何先前和同时期所有的口头和/或书面协议及谅解。

 

16. 
Severability. If any provision or provisions of this Agreement shall be held by a proper authority to be invalid,
illegal, unenforceable or in conflict with the laws and regulations of the PRC, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

协议的可分性。如果本协议中某些规定经恰当的权威机关认定无效、非法、不可执行或与中国法律法规冲突,该无效条款不应影响或削弱其他条款的有效性、合法性和可执行性。

 

17. 
Amendment or Supplement.

 

改正和补充。

 

17.1The Parties
may amend or supplement this Agreement in writing, provided that such amendment shall be duly executed and signed by the Pledgee,
the Domestic Enterprise, and such Pledgors collectively holding a majority of the Equity Interests, and such amendment shall thereupon
become a part of this Agreement and shall have the same legal effect as this Agreement.

 

各方可用书面方式修改和补充本协议,修正应经质权人、内资公司以及合计持有多数股权的出质人适当签署。此等修正将成为本协议的一部分,并与本协议具有相同的法律效力。

 

    -17- 

     

    

 

17.2 This
Agreement and any amendments, modification, supplements, additions or changes hereto shall be in writing and come into effect upon
being executed and stamped by the parties hereto. The registration of the Pledge under section 4 will not affect the validity and
enforcement of this Agreement.

 

协议和任何改正、修改、补充、附加及改变均应以书面方式,自各方签署并盖章之日起生效。第4条规定之质押登记不影响本协议的生效和执行。

 

18. 
Language and Copies of the Agreement. This Agreement shall be executed in both English and Chinese in four (4) original
copies. Each Party shall receive one (1) original copy, all of which shall be equally valid and enforceable. In case of any discrepancies
among the different languages, the Chinese version shall prevail.

 

语言和协议的份数。本协议由中英文制作四份。各方持有一份,每份具有相同的法律效力。当本协议中英文含义不一致时,以中文文本为准。

 

[SIGNATURE PAGE FOLLOWS]

[以下是签字页]

 

    -18- 

     

    

 

[SIGNATURE PAGE]

签字页

 

IN WITNESS WHEREOF
this Agreement is duly executed by each Party or its legal representatives/ authorized representative as of the date first set
forth above.

 

兹证明,本协议由各方或者各方的法定代表人/被授权人在首页所述日期签订。

 

	PLEDGEE:	Shengrong Environmental Protection Technology (Wuhan) Co., Ltd.
	质权人:
	声荣环保科技技术(武汉)有限公司

 

	 	Legal/Authorized Representative: 	/s/
    Renqi Yang	 

法定代表人/或被授权人(签字)

Name: Renqi Yang

姓名: 杨仁啟

Title: Executive director

职务: 执行董事

 

     

     

    

 

PLEDGOR SIGNATURE PAGE

出质人签字

 

PLEDGORS:

出质人:

 

	/s/
    Jirong Huang	 

Name: Jirong Huang

姓名: 黄继荣

ID No.: 340404196906151626

身份证号:340404196906151626

 

     

     

    

 

PLEDGOR SIGNATURE PAGE

出质人签字

 

PLEDGORS:

出质人:

 

	/s/
    Qihai Wang	 

Name: Qihai Wang

姓名: 王其海

ID No.: 340404196911111610

身份证号:340404196911111610

 

     

     

    

 

Domestic Enterprise: Jiangsu Rong
Hai Electric Power Fuel Co., Ltd.

内资公司:
江苏荣海电力燃料有限公司

 

	 	Legal/Authorized Representative:	/s/
    Jirong Huang	 

法定代表人/或被授权人(签字)

Name: Jirong Huang

姓名: 黄继荣

Title: Executive Director

职务: 执行董事

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]