Document:

Exhibit 10.1

 

BUSINESS LOAN AGREEMENT

 

	Principal

        $1,000,000.00
	Loan Date

        12-26-2018
	Maturity

        01-01-2020
	Loan No

        3000213948-100
	Call
    / Coll	Account	Officer

        692
	Initials
	
        References in the boxes above are for Lender’s
        use only and do not limit the applicability of this document to any particular loan or item.

        Any item above containing “***”
        has been omitted due to text length limitations.

 

	Borrower:	
        AMERICAN BRIVISION (HOLDING) CORPORATION

        44370 OLD WARM SPRINGS BOULEVARD

        FREMONT, CA 94538
	 Lender:	
        CATHAY BANK, a California Banking Corporation

        NORTHERN CALIFORNIA LENDING DIVISION

        2855 KIFER ROAD, SUITE 245

        SANTA CLARA, CA 95051

 

 

 

THIS BUSINESS LOAN AGREEMENT dated December
26, 2018, is made and executed between AMERICAN BRIVISION (HOLDING) CORPORATION (“Borrower”) and CATHAY BANK, a California
Banking Corporation (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans
from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may
be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing,
or extending any Loan, Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this
Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole
judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.

 

TERM. This Agreement shall be effective
as of December 26, 2018, and shall continue in full force and effect until such time as all of Borrower’s Loans in favor
of Lender have been paid in full, including principal, interest, costs, expenses, attorneys’ fees, and other fees and charges,
or until such time as the parties may agree in writing to terminate this Agreement.

 

ADVANCE AUTHORITY. The following
person or persons are authorized to request advances and authorize payments under the line of credit until Lender receives from
Borrower, at Lender’s address shown above, written notice of revocation of such authority: JOE-YUAN HOWARD DOONG, Chief
Executive Officer of AMERICAN BRIVISION (HOLDING) CORPORATION; and EUGENE JIANG, Chief Financial Officer/Secretary of AMERICAN
BRIVISION (HOLDING) CORPORATION.

 

CONDITIONS PRECEDENT TO EACH ADVANCE.
Lender’s obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject to
the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related Documents.

 

Loan Documents. Borrower shall provide
to Lender the following documents for the Loan: (1) the Note; (2) Security Agreements granting to Lender security interests in
the Collateral; (3) financing statements and all other documents perfecting Lender’s Security Interests; (4) evidence of
insurance as required below; (5) guaranties; (6) together with all such Related Documents as Lender may require for the Loan; all
in form and substance satisfactory to Lender and Lender’s counsel.

 

Borrower’s Authorization. Borrower
shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing the execution
and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions,
authorizations, documents and instruments as Lender or its counsel, may require.

 

Payment of Fees and Expenses. Borrower
shall have paid to Lender all fees, charges, and other expenses which are then due and payable as specified in this Agreement or
any Related Document.

 

Representations and Warranties. The
representations and warranties set forth in this Agreement, in the Related Documents, and in any document or certificate delivered
to Lender under this Agreement are true and correct.

 

No Event of Default. There shall
not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement or under any Related
Document.

 

REPRESENTATIONS AND WARRANTIES. Borrower
represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan proceeds, as of
the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists:

 

Organization. Borrower
is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under
and by virtue of the laws of the State of Nevada. Borrower is duly authorized to transact business in all other states in which
Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which
Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign corporation in all
states in which the failure to so qualify would have a material adverse effect on its business or financial condition. Borrower
has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently
proposes to engage. Borrower maintains an office at 44370 OLD WARM SPRINGS BOULEVARD, FREMONT, CA 94538. Unless Borrower has designated
otherwise in writing, the principal office is the office at which Borrower keeps its books and records including its records concerning
the Collateral. Borrower will notify Lender prior to any change in the location of Borrower’s state of organization or any
change in Borrower’s name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence,
rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental
or quasi-governmental authority or court applicable to Borrower and Borrower’s business activities.

 

     

     

    

 

BUSINESS LOAN
AGREEMENT

	 	(Continued)	Page 2

 

 

 

Assumed Business Names. Borrower
has filed or recorded all documents or filings required by law relating to all assumed business names used by Borrower. Excluding
the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business: None.

 

Authorization. Borrower’s
execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary
action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any provision of (a) Borrower’s
articles of incorporation or organization, or bylaws, or (b) any agreement or other instrument binding upon Borrower or (2) any
law, governmental regulation, court decree, or order applicable to Borrower or to Borrower’s properties.

 

Financial Information. Each of Borrower’s
financial statements supplied to Lender truly and completely disclosed Borrower’s financial condition as of the date of the
statement, and there has been no material adverse change in Borrower’s financial condition subsequent to the date of the
most recent financial statement supplied to Lender. Borrower has no material contingent obligations except as disclosed in such
financial statements.

 

Legal Effect. This Agreement constitutes,
and any instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid,
and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.

 

Properties. Except as
contemplated by this Agreement or as previously disclosed in Borrower’s financial statements or in writing to Lender
and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has
good title to all of Borrower’s properties free and clear of all Security Interests, and has not executed any security
documents or financing statements relating to such properties. All of Borrower’s properties are titled in
Borrower’s legal name, and Borrower has not used or filed a financing statement under any other name for at least the
last five (5) years.

 

Hazardous Substances. Except as
disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that: (1) During the period of Borrower’s
ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened
release of any Hazardous Substance by any person on, under, about or from any of the Collateral. (2) Borrower has no knowledge
of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture,
storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Collateral
by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind by
any person relating to such matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of
the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or
from any of the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local
laws, regulations, and ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender and its agents
to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral
with this section of the Agreement. Any inspections or tests made by Lender shall be at Borrower’s expense and for Lender’s
purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any
other person. The representations and warranties contained herein are based on Borrower’s due diligence in investigating
the Collateral for hazardous waste and Hazardous Substances. Borrower hereby (1) releases and waives any future claims against
Lender for indemnity or contribution in the event Borrower becomes liable for cleanup or other costs under any such laws, and (2)
agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and
expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Agreement or
as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or
substance on the Collateral. The provisions of this section of the Agreement, including the obligation to indemnify and defend,
shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be
affected by Lender’s acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise.

 

Litigation and Claims. No litigation,
claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending
or threatened, and no other event has occurred which may materially adversely affect Borrower’s financial condition or properties,
other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in writing.

 

Taxes. To the best of Borrower’s
knowledge, all of Borrower’s tax returns and reports that are or were required to be filed, have been filed, and all taxes,
assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower
in good faith in the ordinary course of business and for which adequate reserves have been provided.

 

Lien Priority. Unless otherwise
previously disclosed to Lender in writing, Borrower has not entered into or granted any Security Agreements, or permitted the filing
or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower’s
Loan and Note, that would be prior or that may in any way be superior to Lender’s Security Interests and rights in and to
such Collateral.

 

Binding Effect. This Agreement,
the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers thereof, as well as upon their
successors, representatives and assigns, and are legally enforceable in accordance with their respective terms.

 

     

     

    

 

BUSINESS LOAN
AGREEMENT

	 	(Continued)	Page 3

 

 

 

AFFIRMATIVE COVENANTS. Borrower covenants
and agrees with Lender that, so long as this Agreement remains in effect, Borrower will:

 

Notices of Claims and Litigation. Promptly
inform Lender in writing of (1) all material adverse changes in Borrower’s financial condition, and (2) all existing and
all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor
which could materially affect the financial condition of Borrower or the financial condition of any Guarantor.

 

Financial Records. Maintain its
books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine and audit Borrower’s
books and records at all reasonable times.

 

Financial Statements. Furnish Lender with the following:

 

Annual Statements. As soon as available,
but in no event later than one-hundred-fifty (150) days after the end of each fiscal year, Borrower’s balance sheet and income
statement for the year ended, audited by a certified public accountant satisfactory to Lender.

 

Interim Statements. As soon as available,
but in no event later than forty-five (45) days after the end of each fiscal quarter, Borrower’s balance sheet and profit
and loss statement for the period ended, prepared by Borrower.

 

Tax Returns. As soon as available,
but in no event later than thirty (30) days after the applicable filing date for the tax reporting period ended, Borrower’s
Federal and other governmental tax returns, prepared by a tax professional satisfactory to Lender.

 

All financial reports required to be provided
under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis, and certified by Borrower as being
true and correct.

 

Additional Information. Furnish such additional information
and statements, as Lender may request from time to time.

 

Financial Covenants and Ratios. Comply with the following
covenants and ratios:

 

Additional Requirements.

 

Capital Injection. Borrower shall contribute additional
equity injection of not less than $15,000,000.00 no later than March 31, 2019.

 

Except as provided above, all computations
made to determine compliance with the requirements contained in this paragraph shall be made in accordance with generally accepted
accounting principles, applied on a consistent basis, and certified by Borrower as being true and correct.

 

Insurance. Maintain fire and other
risk insurance, public liability insurance, and such other insurance as Lender may require with respect to Borrower’s properties
and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request of Lender,
will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations
that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender. Each insurance
policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act,
omission or default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or is
offered a security interest for the Loans, Borrower will provide Lender with such lender’s loss payable or other endorsements
as Lender may require.

 

Insurance Reports. Furnish to Lender,
upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including
without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the properties
insured; (5) the then current property values on the basis of which insurance has been obtained, and the manner of determining
those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however not more often than annually),
Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement
cost of any Collateral. The cost of such appraisal shall be paid by Borrower.

 

Guaranties. Prior to disbursement
of any Loan proceeds, furnish executed guaranties of the Loans in favor of Lender, executed by the guarantors named below, on Lender’s
forms, and in the amounts and under the conditions set forth in those guaranties.

 

	Names of Guarantors	 	Amounts	 
	TSUNG-SHANN JIANG	 	$	500,000.00	 
	GEORGE J. LEE	 	$	500,000.00	 

 

     

     

    

 

BUSINESS LOAN
AGREEMENT

	 	(Continued)	Page 4

 

 

 

Other Agreements. Comply with all
terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and any other party and notify
Lender immediately in writing of any default in connection with any other such agreements.

 

Loan Proceeds. Use all Loan proceeds
solely for Borrower’s business operations, unless specifically consented to the contrary by Lender in writing.

 

Taxes, Charges and Liens. Pay and
discharge when due all of its indebtedness and obligations, including without limitation all assessments, taxes, governmental charges,
levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which
penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower’s properties,
income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge, levy,
lien or claim so long as (1) the legality of the same shall be contested in good faith by appropriate proceedings, and (2) Borrower
shall have established on Borrower’s books adequate reserves with respect to such contested assessment, tax, charge, levy,
lien, or claim in accordance with GAAP.

 

Performance. Perform and comply,
in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and in all
other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of any default
in connection with any agreement.

 

Operations. Maintain executive and
management personnel with substantially the same qualifications and experience as the present executive and management personnel;
provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable
and prudent manner.

 

Environmental Studies. Promptly
conduct and complete, at Borrower’s expense, all such investigations, studies, samplings and testings as may be requested
by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic
or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive, at or affecting any
property or any facility owned, leased or used by Borrower.

 

Compliance with Governmental Requirements.
Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to
the conduct of Borrower’s properties, businesses and operations, and to the use or occupancy of the Collateral, including
without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation
and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing
prior to doing so and so long as, in Lender’s sole opinion, Lender’s interests in the Collateral are not jeopardized.
Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s
interest.

 

Inspection. Permit employees or
agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower’s other properties
and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s books,
accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated
records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request
of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with
copies of any records it may request, all at Borrower’s expense.

 

Environmental Compliance and Reports.
Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an
intentional or unintentional action or omission on Borrower’s part or on the part of any third party, on property owned and/or
occupied by Borrower, any environmental activity where damage may result to the environment, unless such environmental activity
is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental
authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice,
summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any
intentional or unintentional action or omission on Borrower’s part in connection with any environmental activity whether
or not there is damage to the environment and/or other natural resources.

 

     

     

    

 

BUSINESS LOAN
AGREEMENT

	 	(Continued)	Page 5

 

 

 

Additional Assurances. Make, execute
and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing statements,
instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans
and to perfect all Security Interests.

 

Maintain Primary Operating Account with
Lender. Borrower agrees to maintain Borrower’s Primary Operating Account with Lender or any banking affiliate of Lender
and keep such account at all times in good standing. If Borrower does not maintain a separate operating account for its operations,
but rather its operations are primarily administered through an operating account of Borrower’s parent or affiliate, then
Borrower agrees to cause such parent or affiliate to maintain its Primary Operating Account with Lender or any banking affiliate
of Lender. Borrower shall also provide specific authorization to Lender to debit the applicable Primary Operating Account for payments
and fees due in connection with documentary credit financings, collections, loans and advances, if applicable, as they become due
and payable. As used herein, “Primary Operating Account” means the deposit account into which substantially all of
the receipts from the operations of Borrower, or of Borrower’s parent or affiliate if applicable, are deposited and from
which substantially all of its disbursements for its operations are made.

 

Notice of Litigation. Promptly inform
Lender in writing of any proceedings (whether or not purportedly on behalf of Borrower) against Borrower involving an amount in
excess of $25,000.00 and which are not fully covered by insurance.

 

RECOVERY OF ADDITIONAL COSTS. If
the imposition of or any change in any law, rule, regulation, guideline, or generally accepted accounting principle, or the
interpretation or application of any thereof by any court, administrative or governmental authority, or standard-setting
organization (including any request or policy not having the force of law) shall impose, modify or make applicable any taxes
(except federal, state or local income or franchise taxes imposed on Lender), reserve requirements, capital adequacy
requirements or other obligations which would (A) increase the cost to Lender for extending or maintaining the credit
facilities to which this Agreement relates, (B) reduce the amounts payable to Lender under this Agreement or the Related
Documents, or (C) reduce the rate of return on Lender’s capital as a consequence of Lender’s obligations with
respect to the credit facilities to which this Agreement relates, then Borrower agrees to pay Lender such additional amounts
as will compensate Lender therefor, within five (5) days after Lender’s written demand for such payment, which
demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the
additional amounts payable by Borrower, which explanation and calculations shall be conclusive in the absence of manifest
error.

 

LENDER’S EXPENDITURES. If
any action or proceeding is commenced that would materially affect Lender’s interest in the Collateral or if Borrower fails
to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure
to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents,
Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including
but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied
or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures
incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred
or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender’s
option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any
installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of
the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity.

 

NEGATIVE COVENANTS. Borrower covenants
and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior written consent of Lender:

 

Additional Financial Restrictions.

 

Other Indebtedness. Create, incur,
assume or permit to exist any indebtedness or liabilities resulting from borrowings, guaranties, leasing, loans or advances, whether
secured or unsecured, matured or un-matured, liquidated or un-liquidated, direct or contingent, joint or several, except (a) the
liabilities of Borrower to Lender, and (b) any other liabilities of Borrower existing as of, and disclosed to Lender prior to,
the date hereof.

 

Loans, Acquisitions and Guaranties.
Except as expressly stated hereafter, (1) loan, invest in or advance money or assets to any other person, enterprise or entity,
(2) purchase, create or acquire any interest in any other enterprise or entity, or (3) incur any obligation as surety or guarantor
other than in the ordinary course of business.

 

Use Of Funds. Use any of the proceeds
of any Credit extended hereunder except for the purposes stated in the Agreement and Related Documents.

 

Capital Expenditures. Make any additional investment
in fixed assets in any fiscal year in excess of an aggregate of $150,000.00.

 

Investments. Invest (directly or
indirectly) by way of loan, stock purchase, capital contribution or otherwise in amounts exceeding $150,000.00 per annum.

 

     

     

    

 

BUSINESS LOAN
AGREEMENT

	 	(Continued)	Page 6

 

 

 

Dividends, Distributions. Declare
or pay any dividends or distributions, or redeem, retire, repurchase or otherwise acquire any shares of any class of Borrower’s
stock now or hereafter outstanding, except that Borrower may do the following: If Borrower is an S corporation, Borrower may declare
and pay cash dividends or distributions to its shareholders in any fiscal year in a total amount not to exceed the minimum amount
required for each such shareholder to cover the federal and state income tax liability of such shareholder for the immediately
preceding fiscal year arising as a direct result of Borrower’s reported income for said fiscal year, and shall provide to
Lender, upon request, any documentation required by Lender to substantiate the appropriateness of amounts paid or to be paid.

 

Merger, Consolidation, Transfer of Assets.
Merge into or consolidate with any other entity; make any substantial change in the nature of Borrower’s business as
conducted as of the date hereof; acquire all or substantially all of the assets of any other entity; nor sell, lease, transfer
or otherwise dispose of all or a substantial or material portion of Borrower’s assets except in the ordinary course of its
business.

 

No Pledge Of All Borrower’s Assets
Or Acceleration of Debt. Mortgage, pledge, grant or permit to exist a security interest in, or lien upon, all or any portion
of Borrower’s assets now owned or hereafter acquired or accelerate payment on any existing debt, except any of the foregoing
in favor of Lender or which is existing as of, and disclosed to Lender in writing prior to, the date of this Agreement.

 

Agreements. Enter into any agreement
containing any provisions which would be violated or breached by the performance of Borrower’s obligations under this Agreement
or in connection herewith.

 

CESSATION OF ADVANCES. If Lender
has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have
no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms
of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower
or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged
a bankrupt; (C) there occurs a material adverse change in Borrower’s financial condition, in the financial condition of any
Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit,
modify or revoke such Guarantor’s guaranty of the Loan or any other loan with Lender; or (E) Lender in good faith deems itself
insecure, even though no Event of Default shall have occurred.

 

RIGHT OF SETOFF. To the extent permitted
by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or
some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in
the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited
by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the Indebtedness
against any and all such accounts, and, at Lender’s option, to administratively freeze all such accounts to allow Lender
to protect Lender’s charge and setoff rights provided in this paragraph.

 

DEFAULT. Each of the following shall constitute an Event
of Default under this Agreement: 

 

Payment Default. Borrower fails to make any payment when due under the Loan.

 

Other Defaults. Borrower fails to
comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related
Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between
Lender and Borrower.

 

Default in Favor of Third Parties. Borrower
or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement,
in favor of any other creditor or person that may materially affect any of Borrower’s or any Grantor’s property or
Borrower’s or any Grantor’s ability to repay the Loans or perform their respective obligations under this Agreement
or any of the Related Documents.

 

False Statements. Any warranty,
representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Agreement or the Related Documents is false or misleading in any material respect,
either now or at the time made or furnished or becomes false or misleading at any time thereafter.

 

     

     

    

 

BUSINESS LOAN
AGREEMENT

	 	(Continued)	Page 7

 

 

  

Insolvency. The dissolution or termination
of Borrower’s existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s
property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under
any bankruptcy or insolvency laws by or against Borrower.

 

Defective Collateralization. This
Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to
create a valid and perfected security interest or lien) at any time and for any reason.

 

Creditor or Forfeiture Proceedings.
Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other
method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This includes a garnishment
of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if
there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor
or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with
Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion,
as being an adequate reserve or bond for the dispute.

 

Events Affecting Guarantor. Any
of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent,
or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

 

Change in Ownership. Any change in ownership of twenty-five
percent (25%) or more of the common stock of Borrower.

 

Adverse Change. A material adverse
change occurs in Borrower’s financial condition, or Lender believes the prospect of payment or performance of the Loan is
impaired.

 

Insecurity. Lender in good faith believes itself insecure.

 

EFFECT OF AN EVENT OF DEFAULT. If
any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments
and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including
any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness immediately will
become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type
described in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition,
Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise.
Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised
singularly or concurrently_ Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election
to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender’s
right to declare a default and to exercise its rights and remedies.

 

COUNTERPARTS. This document (i)
may be signed in counterparts, each of which shall be an original and all of which taken together shall constitute the same instrument,
and (ii) shall be effective when executed by all parties thereto.

 

BANK SECRECY ACT. Borrower shall
not, and shall not permit any of its subsidiaries, if applicable, to: (a) be or become a Sanctioned Person or be or become subject
at any time to any Sanctions or any foreign asset control, anti-terrorism, money laundering or other similar law, regulation or
list of any governmental authority of the United States (including, without limitation, the OFAC list) that prohibits or limits
Lender from making any advance or extension of credit to any Obligor or from otherwise conducting business with any Obligor; (b)
fail to provide documentation and other evidence of the identity of the Obligors as may be requested by Lender at any time to
enable Lender to verify the identity of the Obligors or to comply with any applicable law, including, without limitation, Section
326 of the Patriot Act at 31 U.S.C. Section 5318; or (c) use any part of the proceeds from the Loan, directly or indirectly, (i)
in connection with any investment in, or any transactions or dealings with, any Sanctioned Country or Sanctioned Person, (ii)
for any purpose that would cause Lender to be in violation of any Sanctions, or (iii) otherwise in violations of Sanctions. For
the purpose of this provision: “Obligor” shall mean Borrower, each Guarantor and any other person that is or becomes
primarily or secondarily liable on this Agreement, the Note or any of the other Related Documents. “OFAC” shall mean
the Office of Foreign Assets Control of the United States Department of the Treasury. “Sanctioned Country” shall mean
a country or territory that is subject to Sanctions. “Sanctioned Person” shall mean (a) a Person that is, or is owned
or controlled by, Persons that are (i) the subject/target of any Sanctions or (ii) located, organized or resident in a Sanctioned
Country, or (b) a Person named on the list of “Specially Designated Nationals and Blocked Persons” or other similar
sanctions party list maintained by OFAC and available at http;//www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx,
or as otherwise published from time to time. “Sanctions” shall mean any trade, economic or financial sanctions administered
or enforced by OFAC, the U.S. Department of State, the United Nations Security Council, the EU, Her Majesty’s Treasury or
other relevant sanctions authority.

 

WAIVER OF CONFIDENTIALITY OF BUSINESS
ADDRESS. Borrower hereby waives any and all rights to keep the business address of Borrower confidential from Lender whether
on file with the Department of Motor Vehicles or equivalent governmental agency. Borrower hereby authorizes Lender, its agents,
successors, and/or assigns, to obtain the business address from any agency whenever Lender deems it has a legitimate need for
this information.

 

     

     

    

 

BUSINESS LOAN
AGREEMENT

	 	(Continued)	Page 8

 

 

 

MISCELLANEOUS PROVISIONS. The following miscellaneous
provisions are a part of this Agreement:

 

Amendments. This Agreement, together
with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this
Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or
parties sought to be charged or bound by the alteration or amendment.

 

Arbitration. Borrower
and Lender agree that all disputes, claims and controversies between them whether individual, joint, or class in nature,
arising from this Agreement or otherwise, including without limitation contract and tort disputes, shall be arbitrated
pursuant to the Rules of the American Arbitration Association in effect at the time the claim is filed, upon request of
either party. No act to take or dispose of any Collateral shall constitute a waiver of this arbitration agreement or be
prohibited by this arbitration agreement. This includes, without limitation, obtaining injunctive relief or a temporary
restraining order; invoking a power of sale under any deed of trust or mortgage; obtaining a writ of attachment or imposition
of a receiver; or exercising any rights relating to personal property, including taking or disposing of such property with or
without judicial process pursuant to Article 9 of the Uniform Commercial Code. Any disputes, claims, or controversies
concerning the lawfulness or reasonableness of any act, or exercise of any right, concerning any Collateral, including any
claim to rescind, reform, or otherwise modify any agreement relating to the Collateral, shall also be arbitrated, provided
however that no arbitrator shall have the right or the power to enjoin or restrain any act of any party. Borrower and Lender
agree that in the event of an action for judicial foreclosure pursuant to California Code of Civil Procedure Section 726, or
any similar provision in any other state, the commencement of such an action will not constitute a waiver of the right to
arbitrate and the court shall refer to arbitration as much of such action, including counterclaims, as lawfully may be
referred to arbitration. Judgment upon any award rendered by any arbitrator may be entered in any court having
jurisdiction. Nothing in this Agreement shall preclude any party from seeking equitable relief from a court of competent
jurisdiction. The statute of limitations, estoppel, waiver, laches, and similar doctrines which would otherwise be applicable
in an  action brought by a party shall be applicable in any arbitration proceeding, and the commencement of an
arbitration proceeding shall be deemed the commencement of an action for these purposes. The Federal Arbitration Act shall
apply to the construction, interpretation, and enforcement of this arbitration provision.

 

Attorneys’ Fees; Expenses. Borrower
agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’ fees and Lender’s
legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce
this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’
fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy proceedings
(including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection
services. Borrower also shall pay all court costs and such additional fees as may be directed by the court.

 

Caption Headings. Caption headings
in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement.

 

Consent to Loan Participation. Borrower
agrees and consents to Lender’s sale or transfer, whether now or later, of one or more participation interests in the Loan
to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever, to any
one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other
matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower
additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase of such participation
interests. Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners
of such interests in the Loan and will have all the rights granted under the participation agreement or agreements governing the
sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may have now
or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender
or such purchaser may enforce Borrower’s obligation under the Loan irrespective of the failure or insolvency of any holder
of any interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may enforce its interests
irrespective of any personal claims or defenses that Borrower may have against Lender.

 

Governing Law. This Agreement will be
governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of California
without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of California.

 

Choice of Venue. If there is a lawsuit,
Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Santa Clara County, State of California.

 

No Waiver by Lender. Lender shall
not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by Lender. No delay
or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver
by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender’s right otherwise to demand
strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing
between Lender and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender’s rights or of
any of Borrower’s or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required
under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent
instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.

 

     

     

    

 

BUSINESS LOAN
AGREEMENT

	 	(Continued)	Page 9

 

 

 

Notices. Any notice required to
be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when actually received
by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed,
when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses
shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal
written notice to the other parties, specifying that the purpose of the notice is to change the party’s address. For notice
purposes, Borrower agrees to keep Lender informed at all times of Borrower’s current address. Unless otherwise provided or
required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given
to all Borrowers.

 

Severability. If a court of competent
jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding
shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending
provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so
modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or
unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision
of this Agreement.

 

Subsidiaries and Affiliates of Borrower.
To the extent the context of any provisions of this Agreement makes it appropriate, including without limitation any
representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all of Borrower’s
subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to
require Lender to make any Loan or other financial accommodation to any of Borrower’s subsidiaries or affiliates.

 

Successors and Assigns. All covenants
and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents shall bind Borrower’s successors
and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right
to assign Borrower’s rights under this Agreement or any interest therein, without the prior written consent of Lender.

 

Survival of Representations and Warranties.
Borrower understands and agrees that in extending Loan Advances, Lender is relying on all representations, warranties, and
covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this
Agreement or the Related Documents. Borrower further agrees that regardless of any investigation made by Lender, all such representations,
warranties and covenants will survive the extension of Loan Advances and delivery to Lender of the Related Documents, shall be
continuing in nature, shall be deemed made and redated by Borrower at the time each Loan Advance is made, and shall remain in full
force and effect until such time as Borrower’s Indebtedness shall be paid in full, or until this Agreement shall be terminated
in the manner provided above, whichever is the last to occur.

 

Time is of the Essence. Time is of the essence in the
performance of this Agreement.

 

DEFINITIONS. The following capitalized
words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the contrary, all
references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular
shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise
defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and
terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting
principles as in effect on the date of this Agreement:

 

Advance. The word “Advance”
means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower’s behalf on a line of credit or multiple advance basis under the terms and conditions of this Agreement.

 

Agreement. The word “Agreement”
means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from time to time, together with
all exhibits and schedules attached to this Business Loan Agreement from time to time.

 

Borrower. The word “Borrower”
means AMERICAN BRIVISION (HOLDING) CORPORATION and includes all co-signers and co-makers signing the Note and all their successors
and assigns.

 

Collateral. The word “Collateral”
means all property and assets granted as collateral security for a Loan, whether real or personal property, whether granted directly
or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral
mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s
lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended
as a security device, or any other security or lien interest whatsoever, whether created by law, contract, or otherwise.

 

Environmental Laws. The words “Environmental
Laws” mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human
health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act
of 1980, as amended, 42 U.S.C. Section 9601, et seq. (“CERCLA”), the Superfund Amendments and Reauthorization Act of
1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the
Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., Chapters 6.5 through 7.7 of Division 20 of the California
Health and Safety Code, Section 25100, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant
thereto.

 

     

     

    

 

BUSINESS LOAN
AGREEMENT

	 	(Continued)	Page 10

 

 

 

Event of Default. The words “Event
of Default” mean any of the events of default set forth in this Agreement in the default section of this Agreement.

 

GAAP. The word “GAAP” means generally accepted
accounting principles.

 

Grantor. The word “Grantor”
means each and all of the persons or entities granting a Security Interest in any Collateral for the Loan, including without limitation
all Borrowers granting such a Security Interest.

 

Guarantor. The word “Guarantor” means any
guarantor, surety, or accommodation party of any or all of the Loan.

 

Guaranty. The word “Guaranty”
means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.

 

Hazardous Substances. The words
“Hazardous Substances” mean materials that, because of their quantity, concentration or physical, chemical or infectious
characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated,
stored, disposed of, generated, manufactured, transported or otherwise handled. The words “Hazardous Substances” are
used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste
as defined by or listed under the Environmental Laws. The term “Hazardous Substances” also includes, without limitation,
petroleum and petroleum by-products or any fraction thereof and asbestos.

 

Indebtedness. The word “Indebtedness”
means the indebtedness evidenced by the Note or Related Documents, including all principal and interest together with all other
indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents.

 

Lender. The word “Lender” means CATHAY BANK,
a California Banking Corporation, its successors and assigns.

 

Loan. The word “Loan”
means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter existing, and however evidenced,
including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule
attached to this Agreement from time to time.

 

Note. The word “Note”
means the notes or credit agreements evidencing any and all loans and financial accommodations whether now or hereafter existing,
and however evidenced, including without limitation those loans and financial accommodations described herein or described in any
exhibit or schedule attached to this Agreement, Guaranty or any Related Documents from time to time.

 

Related Documents. The words “Related
Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security
agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents,
whether now or hereafter existing, executed in connection with the Loan.

 

Security Agreement. The words “Security
Agreement” mean and include without limitation any agreements, promises, covenants, arrangements, understandings or other
agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest.

 

Security Interest. The words “Security
Interest” mean, without limitation, any and all types of collateral security, present and future, whether in the form of
a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral
chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien or title retention
contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created
by law, contract, or otherwise.

 

BORROWER ACKNOWLEDGES HAVING READ ALL
THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED DECEMBER
26, 2018.

 

BORROWER:

 

AMERICAN BRIVISION (HOLDING) CORPORATION

 

	By:	 	 
	 	Authorized Signer for AMERICAN BRIVISION (HOLDING) CORPORATION	 

 

     

     

    

 

BUSINESS LOAN
AGREEMENT

	 	(Continued)	Page 11

 

 

 

LENDER:

 

CATHAY BANK, A CALIFORNIA BANKING CORPORATION

 

	By:	 	 
	 	Authorized Signer	 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LaserPro,
Ver. 18 3 20 019 Copr, Finastra USA Corporation 1997, 2018. All Rights Reserved. - CA E:\CFI\LPL\C40 FC TR-36663 PR-9Exhibit 10.2

 

PROMISSORY NOTE

 

	Principal

        $1,000,000.00
	Loan Date

        12-26-2018
	Maturity

        01-01-2020
	Loan No

        3000213948-100
	Call
    / Coll	Account	Officer

        692
	Initials
	References
    in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan
    or item. 
 Any item above containing “***” has been omitted due to text
    length limitations.

 

	Borrower:	
        AMERICAN BRIVISION (HOLDING) CORPORATION

        44370 OLD WARM SPRINGS BOULEVARD

        FREMONT, CA 94538
	 Lender:	
        CATHAY BANK, a California Banking Corporation

        NORTHERN CALIFORNIA LENDING DIVISION

        2855 KIFER ROAD, SUITE 245

        SANTA CLARA, CA 95051

 

 

 

	Principal Amount: $1,000,000.00	Date of Note: December 26, 2018

 

PROMISE TO PAY. AMERICAN BRIVISION (HOLDING)
CORPORATION (“Borrower”) promises to pay to CATHAY BANK, a California Banking Corporation (“Lender”), or
order, in lawful money of the United States of America, the principal amount of One Million & 00/100 Dollars ($1,000,000.00)
or so much as may be outstanding, together with interest on the unpaid outstanding principal balance of each advance. Interest
shall be calculated from the date of each advance until repayment of each advance.

 

PAYMENT. Borrower will pay this loan
in one payment of all outstanding principal plus all accrued unpaid interest on January 1, 2020. In addition, Borrower will pay
regular monthly payments of all accrued unpaid interest due as of each payment date, beginning February 1, 2019, with all subsequent
interest payments to be due on the same day of each month after that. Unless otherwise agreed or required by applicable law, payments
will be applied first to any accrued unpaid interest; then to principal; then to any late charges; and then to any unpaid collection
costs. Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing.

 

VARIABLE INTEREST RATE. The interest
rate on this Note is subject to change from time to time based on changes in an independent index which is the PRIME RATE AS PUBLISHED
IN THE WALL STREET JOURNAL (the “Index”). The Index is not necessarily the lowest rate charged by Lender on its loans.
If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower.
Lender will tell Borrower the current Index rate upon Borrower’s request. The interest rate change will not occur more often
than each DAY. Borrower understands that Lender may make loans based on other rates as well. Interest on the unpaid principal balance
of this Note will be calculated as described in the “INTEREST CALCULATION METHOD” paragraph using a rate of 1.000 percentage
point over the Index. NOTICE: Under no circumstances will the interest rate on this Note be less than 0.000% per annum or more
than the maximum rate allowed by applicable law.

 

INTEREST CALCULATION METHOD. Interest
on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied
by the outstanding principal balance multiplied by the actual number of days the principal balance is outstanding. All interest
payable under this Note is computed using this method. This calculation method results in a higher effective interest rate than
the numeric interest rate stated in this Note. (Initial Here _______ )

 

PREPAYMENT. Borrower agrees that
all loan fees and other prepaid finance charges are earned fully as of the date of the loan and will not be subject to refund
upon early payment (whether voluntary or as a result of default), except as otherwise required by law. Except for the foregoing,
Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed
to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments of accrued unpaid interest.
Rather, early payments will reduce the principal balance due. Borrower agrees not to send Lender payments marked “paid in
full”, “without recourse”, or similar language. If Borrower sends such a payment, Lender may accept it without
losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender.
All written communications concerning disputed amounts, including any check or other payment instrument that indicates that
the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations
or as full satisfaction of a disputed amount must be mailed or delivered to: Cathay Bank, Loan Servicing Department, RS-15, 9650
Flair Drive, El Monte, CA 91731.

 

LATE CHARGE. If a payment is 10
days or more late, Borrower will be charged 5.000% of the unpaid portion of the regularly scheduled payment.

 

INTEREST AFTER DEFAULT. Upon default,
at Lender’s option, and if permitted by applicable law, Lender may add any unpaid accrued interest to principal and such
sum will bear interest therefrom until paid at the rate provided in this Note (including any increased rate). Upon default, the
interest rate on this Note shall, if permitted under applicable law, immediately increase by adding an additional 5.000 percentage
point margin (“Default Rate Margin”). The Default Rate Margin shall also apply to each succeeding interest rate change
that would have applied had there been no default.

 

     

     

    

 

PROMISSORY NOTE

	 	(Continued)	Page 2

 

 

 

DEFAULT. Each of the following shall
constitute an event of default (“Event of Default”) under this Note: Payment Default. Borrower fails to make
any payment when due under this Note.

 

Other Defaults. Borrower fails to
comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents
or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and
Borrower.

 

Default in Favor of Third Parties. Borrower
or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement,
in favor of any other creditor or person that may materially affect any of Borrower’s property or Borrower’s ability
to repay this Note or perform Borrower’s obligations under this Note or any of the related documents.

 

False Statements. Any warranty,
representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Note or the related
documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading
at any time thereafter.

 

Insolvency. The dissolution or termination
of Borrower’s existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s
property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under
any bankruptcy or insolvency laws by or against Borrower.

 

Creditor or Forfeiture Proceedings.
Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other
method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment
of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if
there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor
or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with
Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion,
as being an adequate reserve or bond for the dispute.

 

Events Affecting Guarantor. Any
of the preceding events occurs with respect to any Guarantor of any of the indebtedness or any Guarantor dies or becomes incompetent,
or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note.

 

Change In Ownership. Any change in ownership of twenty-five
percent (25%) or more of the common stock of Borrower.

 

Adverse Change. A material adverse
change occurs in Borrower’s financial condition, or Lender believes the prospect of payment or performance of this Note is
impaired.

 

Insecurity. Lender in good faith believes itself insecure.

 

LENDER’S RIGHTS. Upon default,
Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then
Borrower will pay that amount.

 

ATTORNEYS’ FEES; EXPENSES. Lender
may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender that amount. This includes,
subject to any limits under applicable law, Lender’s attorneys’ fees and Lender’s legal expenses, whether or
not there is a lawsuit, including attorneys’ fees, expenses for bankruptcy proceedings (including efforts to modify or vacate
any automatic stay or injunction), and appeals. Borrower also will pay any court costs, in addition to all other sums provided
by law.

 

GOVERNING LAW. This Note will be governed
by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of California without
regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of California.

 

CHOICE OF VENUE. If there is a lawsuit,
Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Santa Clara County, State of California.

 

     

     

    

 

PROMISSORY NOTE

	 	(Continued)	Page 3

 

 

 

RIGHT OF SETOFF. To the extent permitted
by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or
some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in
the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited
by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness
against any and all such accounts, and, at Lender’s option, to administratively freeze all such accounts to allow Lender
to protect Lender’s charge and setoff rights provided in this paragraph.

 

COLLATERAL. Borrower acknowledges this Note is secured
by the following collateral described in the security instruments listed herein:

 

(A) a
Commercial Security Agreement dated December 26, 2018 made and executed between AMERICAN BRIVISION (HOLDING) CORPORATION and Lender
on collateral described as: inventory, chattel paper, accounts, equipment and general intangibles.

 

(B) a
Commercial Security Agreement dated December 26, 2018 made and executed between BIOKEY, INC. and Lender on collateral described
as: inventory, chattel paper, accounts, equipment and general intangibles.

 

(C) a
Commercial Security Agreement dated December 26, 2018 made and executed between AMERICAN BRIVISION CORPORATION and Lender on collateral
described as: inventory, chattel paper, accounts, equipment and general intangibles.

 

LINE OF CREDIT. This Note evidences
a revolving line of credit. Advances under this Note may be requested orally by Borrower or as provided in this paragraph. All
oral requests shall be confirmed in writing on the day of the request. All communications, instructions, or directions by telephone
or otherwise to Lender are to be directed to Lender’s office shown above. The following person or persons are authorized
to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender’s address
shown above, written notice of revocation of such authority: JOE-YUAN HOWARD DOONG, Chief Executive Officer of AMERICAN BRIVISION
(HOLDING) CORPORATION; and EUGENE JIANG, Chief Financial Officer/Secretary of AMERICAN BRIVISION (HOLDING) CORPORATION. Borrower
agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person or (B) credited
to any of Borrower’s accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by
endorsements on this Note or by Lender’s internal records, including daily computer print-outs.

 

ARBITRATION. Borrower and Lender agree
that all disputes, claims and controversies between them whether individual, joint, or class in nature, arising from this Note
or otherwise, including without limitation contract and tort disputes, shall be arbitrated pursuant to the Rules of the American
Arbitration Association in effect at the time the claim is filed, upon request of either party. No act to take or dispose of any
collateral securing this Note shall constitute a waiver of this arbitration agreement or be prohibited by this arbitration agreement.
This includes, without limitation, obtaining injunctive relief or a temporary restraining order; invoking a power of sale under
any deed of trust or mortgage; obtaining a writ of attachment or imposition of a receiver; or exercising any rights relating to
personal property, including taking or disposing of such property with or without judicial process pursuant to Article 9 of the
Uniform Commercial Code. Any disputes, claims, or controversies concerning the lawfulness or reasonableness of any act, or exercise
of any right, concerning any collateral securing this Note, including any claim to rescind, reform, or otherwise modify any agreement
relating to the collateral securing this Note, shall also be arbitrated, provided however that no arbitrator shall have the right
or the power to enjoin or restrain any act of any party. Borrower and Lender agree that in the event of an action for judicial
foreclosure pursuant to California Code of Civil Procedure Section 726, or any similar provision in any other state, the commencement
of such an action will not constitute a waiver of the right to arbitrate and the court shall refer to arbitration as much of such
action, including counterclaims, as lawfully may be referred to arbitration. Judgment upon any award rendered by any arbitrator
may be entered in any court having jurisdiction. Nothing in this Note shall preclude any party from seeking equitable relief from
a court of competent jurisdiction. The statute of limitations, estoppel, waiver, !aches, and similar doctrines which would otherwise
be applicable in an action brought by a party shall be applicable in any arbitration proceeding, and the commencement of an arbitration
proceeding shall be deemed the commencement of an action for these purposes. The Federal Arbitration Act shall apply to the construction,
interpretation, and enforcement of this arbitration provision.

 

COUNTERPARTS. This document (i)
may be signed in counterparts, each of which shall be an original and all of which taken together shall constitute the same instrument,
and (ii) shall be effective when executed by all parties thereto.

 

SUCCESSOR INTERESTS. The terms of
this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal representatives, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.

 

GENERAL PROVISIONS. If any part
of this Note cannot be enforced, this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its
rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note,
to the extent allowed by law, waive any applicable statute of limitations, presentment, demand for payment, and notice of dishonor.
Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether
as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may
renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail
to realize upon or perfect Lender’s security interest in the collateral; and take any other action deemed necessary by Lender
without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of
or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several.

 

     

     

    

 

PROMISSORY NOTE

	 	(Continued)	Page 4

 

 

 

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD
ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE NOTE.

 

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS
PROMISSORY NOTE. BORROWER:

 

AMERICAN BRIVISION (HOLDING) CORPORATION

 

	By:	 	 
	 	Authorized Signer for AMERICAN BRIVISION (HOLDING) CORPORATION	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LaserPro,
Ver. 18.3.20.019 Copr. Finastra USA Corporation 1997, 2018. All Rights Reserved. - CA E:\CFI\LPL\D20 FC TR-36663 PR-9

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