Document:

Equity Pledge Agreement

 Exhibit 10.20 
 Equity Pledge Agreement 
 THIS EQUITY PLEDGE AGREEMENT
(this “Agreement”) is entered into as of November      , 2006 by and among Tekhill Information Technologies (Shanghai) Inc. (the “Pledgee”), a wholly foreign-owned enterprise organized under the
laws of the People’s Republic of China (“PRC”),              (“Pledgor A”) and
             (“Pledgor B”). 
 Pledgor A and
Pledgor B (the “Pledgors”) are each PRC citizens, with identification cards and permanent PRC residence information as set forth on Exhibit A attached hereto. 
 RECITALS 
  

	1.	Pledgor A and Pledgor B respectively hold 51% and 49% of the equity interest in Shanghai Newegg E-Business Co., Ltd., a limited liability company organized under the
laws of the PRC (the “Domestic Co”). 

  

	2.	All of the equity interests of the Domestic Co, as may be increased from time to time, is owned entirely by the Pledgors (the “Equity Interest”).

  

	3.	The Pledgee and the Domestic Co are executing an exclusive technical services agreement (the “Commercial Agreement”), each on even date hereof,
pursuant to which the Pledgee will provide certain technical services to the Domestic Co. 

  

	4.	In connection with the establishment and funding of the Domestic Co, the Pledgors have incurred or may incur certain indebtedness from Newegg Inc. or its subsidiaries
or affiliates (the “Indebtedness”). 

  

	5.	The Pledgors, the Pledgee and Newegg Inc., a Delaware corporation (“Newegg Inc.”), are executing a call option agreement (the “Option
Agreement”) on even date hereof, pursuant to which the Pledgors will irrevocably grant Newegg Inc. and the Pledgee a call option to request that the Pledgors transfer (subject to applicable PRC laws) any part or all of the Equity Interest
exclusively to Newegg Inc., the Pledgee and/or their designee(s). 

  

	6.	The Pledgors are executing a letter of undertaking (the “Letter of Undertaking”) on even date hereof, pursuant to which the Pledgors will make various
representations, warranties and covenants to the Pledgee and Newegg Inc. regarding, without limitation, the management of the Domestic Co. 

  

	7.	In order to secure the Pledgors’ obligations with respect to the Indebtedness and under the Option Agreement and the Letter of Undertaking, and the Domestic
Co’s obligations under the Commercial Agreement (collectively, hereinafter referred to as the “Obligations”), the Pledgors voluntarily agree to pledge to the Pledgee the Equity Interest. The Pledgee agrees to accept from the
Pledgors such pledge. 

 NOW, THEREFORE, in consideration of the representations, warranties and covenants set forth
herein, the Pledgee and the Pledgors (each a “Party,” and collectively, the “Parties”) hereby agree as follows: 
 Article 1 Establishment of Pledge 
 As security for the respective performance by the Domestic Co and the
Pledgors of the Obligations, the Pledgors voluntarily pledge to the Pledgee 100% of the Equity Interest (the “Pledged Equity Interest”), each Pledgor to the extent of its portion of the Equity Interest. The Pledgee hereby accepts
from each of the Pledgors such pledge. The obligations and liabilities of the Pledgors hereunder are several and not joint. 
 Article 2
Coverage of Pledge as a Security 
 The pledge provided as a security by the Pledgors under this Agreement shall cover the
Obligations, penalties, damages, the expenses for exercise of the right of pledge, and all other payments due and payable to the Pledgee (i) by the Domestic Co under the Commercial Agreement, and (ii) by the Pledgors with respect to the
Indebtedness and under the Option Agreement and the Letter of Undertaking. 
 Article 3 Representations, Warranties and Covenants by Pledgors

 Each of the Pledgors, severally and not jointly, hereby makes the following representations, warranties and covenants to
the Pledgee on the date of this Agreement and on the Pledge Termination Date (as defined below): 
  

	3.1	It has the right and capability to execute and perform this Agreement. 

  

	3.2	The Domestic Co is a limited liability company duly incorporated and legally existing under the laws of PRC. 

  

	3.3	To its knowledge, the Pledgors collectively and legally hold the Equity Interest in its entirety. 

  

	3.4	It has obtained or will use reasonable efforts to obtain all necessary and appropriate approvals and authorizations in accordance with the articles of association of
the Domestic Co, and the requirements under applicable PRC laws or regulations, to execute and perform this Agreement. 

  

	3.5	Its execution and performance of this Agreement are not against any law or regulation, or any governmental approval, authorization or notice or other governmental
document, that is binding upon it, nor are such execution and performance against any agreement to which it is a party, or any covenant made by it to any third party. 

  

	3.6	To its knowledge, there is no pledge, security interest or any other encumbrance of any kind on any of the Pledged Equity Interest, other than pursuant to this
Agreement or those that may be created from time to time at the express direction of Pledgee. 

  

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	3.7	To its knowledge, there is no mortgage, pledge or any other encumbrances created by Pledgors on any of the assets of the Domestic Co, other than pursuant to this
Agreement or those that may be created from time to time at the express direction of Pledgee. 

  

	3.8	With the exception of the contemplated transfer set forth in the Option Agreement, there is no offer made by it to any third party to transfer or otherwise dispose of
any part or all of the Pledged Equity Interest, nor is there any covenant or agreement made by it with respect to any offer made by any third party to purchase any part or all of the Pledged Equity Interest. 

  

	3.9	There is no agreement, other than those disclosed in this Agreement, relating to transfer of any part or all of the Pledged Equity Interest, to which it is a party.

  

	3.10	To its knowledge, there is no pending dispute, litigation, arbitration or administrative procedures or any other legal procedures in connection with the Pledgors, the
Domestic Co or the Pledged Equity Interest, nor is there any potential or threatened dispute, litigation, arbitration or administrative procedures or any other legal procedures in connection with the Pledgors, the Domestic Co or the Pledged Equity
Interest, except that after execution of this Agreement, if there is such dispute or proceeding, the Pledgor shall notify or have notified Pledgee after being served with the summons, demand or notice. 

  

	3.11	During the period commencing from the execution date of this Agreement until the date on which the Domestic Co has fully performed all the Obligations in accordance
with the Commercial Agreement, and the Pledged Equity Interest has been fully transferred to Newegg Inc., the Pledgee and/or their designee(s) in accordance with the Option Agreement (hereinafter referred to as the “Pledge Termination
Date”), it shall not transfer or otherwise dispose of any part or all of the Pledged Equity Interest to any third party without prior written consent of the Pledgee, unless in a manner permitted by the provisions of the agreements contained
therein. 

  

	3.12	It shall not, during the period commencing from the execution date of this Agreement until the Pledge Termination Date, create any pledge or any other encumbrances on
any part of the Pledged Equity Interest without prior written consent of the Pledgee. 

  

	3.13	It undertakes that, during the period commencing from the execution date of this Agreement until the Pledge Termination Date, without prior written consent of the
Pledgee, it will not conduct any act and/or omission that may have a substantial effect on the assets, businesses and/or responsibilities of the Domestic Co. 

  

	3.14	During the period commencing from the execution date of this Agreement until the Pledge Termination Date, it will make best efforts to ensure that, without prior
written consent of the Pledgee, the Domestic Co will not create any mortgage, pledge or any other encumbrances on any assets of the Domestic Co. 

  

	3.15	Upon execution of this Agreement, it shall submit to the Pledgee a certificate of equity interest in connection with the Pledged Equity Interest issued by the Domestic
Co to it (the “Equity Certificate”). 

  

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	3.16	Upon execution of this Agreement, it shall cause the Domestic Co to register, in a reasonable and timely manner satisfactory to the Pledgee, the pledge hereunder on the
company’s shareholders’ registry (the “Shareholders’ Registry”), substantially in the form as set forth on Exhibit B attached hereto, and to deliver the Shareholders’ Registry to the Pledgee.

  

	3.17	The pledge hereunder constitutes an encumbrance of first order of priority on the Pledged Equity Interest. 

  

	3.18	To its knowledge, all the documents delivered by the Pledgors to the Pledgee are true, complete and accurate. 

  

	3.19	This Agreement establishes legal, effective and binding obligations upon each of the Pledgors and shall be subject to legal enforcement upon the Pledgee’s
application to proper authorities based on the articles hereof. 

 Article 4 Registration and Notarization of Pledge

  

	4.1	At the request of the Pledgee, within three (3) business days after the pledge is registered in the Shareholders’ Registry, the Pledgors shall make reasonable
efforts to cause the Domestic Co, with the assistance of reasonably reputable professional firm and at the Pledgee’s expense, to register, or cause to file and register, the pledge hereunder with the relevant industrial and commercial
registration authority (the “Registration Authority”). 

  

	4.2	At the request of the Pledgee, the Pledgors and the Pledgee shall have this Agreement notarized within twenty (20) business days after the pledge is registered on
the Shareholders’ Registry of the Domestic Co, at the expense of Pledgee. The Pledgors shall provide all necessary assistance and cooperation in connection with such notarization, including without limitation, signing of all necessary legal
documents pertinent to the said notarization as required by the notary office. 

 Article 5 Nature of Pledge 
  

	5.1	The pledge hereunder shall not be affected by any other pledges or security interest on the Obligations held by the Pledgee, and shall not affect the validity of such
other pledges and security interest. 

  

	5.2	The pledge hereunder and the rights of the Pledgee under this Agreement shall not be released or affected by any of the following situations: 

 

	 	a.	The extension, expansion or reduction of any obligations allowed by the Pledgee to any of the Pledgors; 

  

	 	b.	Any amendments, modifications or supplements regarding the Indebtedness or to the Commercial Agreement, the Option Agreement or the Letter of Undertaking, provided that
such amendments, modifications or supplements are without reference to this Agreement; 

  

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	 	c.	The incomplete disposal, change or partial discharge of any other pledges or security interest upon the Obligations; 

  

	 	d.	Any delay, performance, default or mistake caused by the Pledgee during the exercise of its rights hereunder; 

  

	 	e.	The recognition of invalidity, nullity and/or unenforceability of any of the Commercial Agreement, their execution or any provision(s) thereunder;

  

	 	f.	The recognition of invalidity, nullity and/or unenforceability of the Option Agreement, its execution or any provision(s) thereunder; 

  

	 	g.	The recognition of invalidity, nullity and/or unenforceability of the Letter of Undertaking, its execution or any provisions thereunder; 

  

	 	h.	The recognition of invalidity, nullity and/or unenforceability of the Indebtedness or any agreements relating thereto; or 

  

	 	i.	Any other events that may have an effect on any of the Pledgors’ obligations under this Agreement. 

 Article 6 Disposal of Pledged Equity Interest 
  

	6.1	In case of any one or more of the following occurrences during the term of the pledge as specified hereunder, the Pledgee shall have the right to dispose of the Pledged
Equity Interest in accordance with the PRC law and the terms of this Agreement: 

  

	 	a.	The Domestic Co commits a breach of any of the Obligations; 

  

	 	b.	Any of the Pledgors breaches any provision of this Agreement, the Option Agreement or the Letter of Undertaking, including but not limited to, any material breach of
the representation, warranty or covenant made by any of the Pledgors under Article 3 hereof; 

  

	 	c.	The Domestic Co suspends its operations or is dissolved, or is ordered to suspend its operations or be dissolved, or is declared insolvent; 

  

	 	d.	Any of the Pledgors and/or the Domestic Co is involved in any dispute, litigation, arbitration or administrative procedures or any other legal procedures which, as
determined by the Pledgee in its sole discretion, would create a material adverse effect on the performance of any of the Commercial Agreement, the Option Agreement, the Letter of Undertaking or this Agreement; 

  

	 	e.	Any occurrence that would adversely affect the rights and interests of the Pledgee with respect to the Indebtedness or under the Commercial Agreement, the Option
Agreement, the Letter of Undertaking or this Agreement, as determined by the Pledgee in its sole discretion; or 

  

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	 	f.	Any other occurrence as stipulated by relevant PRC laws and regulations. 

  

	6.2	In case of any one or more of the occurrences listed under Section 6.1 and subject to relevant PRC laws and regulations, the Pledgee shall have the right to
dispose of any part or all of the Pledged Equity Interest at any time and in any manner that the Pledgee deems appropriate. Such manner of disposal shall include, but not be limited to, the following methods to the largest extent permitted under PRC
law: 

  

	 	a.	transfer the Pledged Equity Interest to the Pledgee at a price agreed upon among the Parties; 

  

	 	b.	transfer the Pledged Equity Interest to person(s) or entity(s) designated by the Pledgee; 

  

	 	c.	auction and sale of the Pledged Equity Interest; or 

  

	 	d.	other methods as permitted by relevant PRC laws and regulations. 

  

	6.3	The proceeds, if any, received by the Pledgee by disposing of the Pledged Equity Interest according to the foregoing provisions shall be paid in the following priority:

  

	 	a.	payment of all necessary taxes and fees incurred due to the disposal of the Pledged Equity Interest; 

  

	 	b.	with respect to any remaining proceeds, if any, payments as specified in Article 2 hereof payable by the Domestic Co and/or the Pledgors to the Pledgee with respect to
the Indebtedness or under the Commercial Agreement, the Option Agreement or the Letter of Undertaking; and 

  

	 	c.	after all the above payments have been made and there is no amount payable by the Domestic Co and/or the Pledgors to the Pledgee, remaining amounts shall be refunded to
the Pledgors. 

  

	6.4	At the time of the disposal of the Pledged Equity Interest by the Pledgee and upon request of the Pledgee, the Pledgors shall provide all relevant documents reasonably
requested by the Pledgee. The Pledgors shall provide reasonable assistance to the Pledgee with regard to the completion of registration procedures with the Registration Authority and all the other procedures in connection with the transfer of any
part or all of the Equity Interest triggered by the Pledgee’s disposal of any part or all of the Pledged Equity Interest. 

  

	6.5	The Pledgee shall have the right to transfer or assign the pledge hereunder to a third party without the prior consent of the Pledgors; provided the Pledgee shall send
a written notice to the Pledgors after such transfer or assignment. 

 Article 7 Pledge Term and Termination of Pledge 

  

	7.1	The term of the pledge hereunder (“Pledge Term”) shall commence on the effective date of this Agreement and end on the Pledge Termination Date.

  

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	7.2	The pledge of the Pledged Equity Interest shall be automatically terminated upon expiration of the Pledge Termination Date. The Pledgee shall return the Equity
Certificates to each of the Pledgors on the Pledge Termination Date. The Pledgee and the Domestic Co shall be responsible, and Pledgors shall provide reasonable assistance, for completing the registration procedures with the Registration Authority
in connection with the termination of the pledge. 

  

	7.3	Notwithstanding anything to the contrary in this Agreement, the pledge hereunder shall not be terminated without the Pledgee’s prior written consent, unless the
pledge is automatically terminated pursuant to Article 7.2 above. 

 Article 8 Dividends and Other Distributions

 The Pledgee shall have the right to receive and collect any and all dividends from, any proceeds of and interest earned on
and any other distributions in respect of the Pledged Equity Interest during the Pledge Term. The dividends, proceeds, interest and other distributions collected by the Pledgee shall first compensate for the expenses of the Pledgee incurred for the
collection of such dividends, proceeds, interest and/or distributions. The remainder shall directly offset any Obligations of the Pledgors and/or the Domestic Co. 
 Article 9 Taxes and Fees 
  

	9.1	All taxes and fees incurred by the Parties due to the execution and performance of this Agreement shall be borne by the Parties according to applicable PRC law.

  

	9.2	Pledgee shall reimburse each Pledgor for any amount paid in taxes and fees in connection with the Pledged Equity Interest. Alternatively, Pledgee may advance such sums
to each Pledgor for any taxes and fees in connection with the Pledged Equity Interest, to the extent such sums may be ascertained prior to payment being due. 

 Article 10 Liability for Breach of Contract 
  

	10.1	In case of any loss sustained by any Party/Parties (the “Non-breaching Party”) due to any breach of this Agreement by the other Party/Parties
(the “Breaching Party”), the Breaching Party shall bear legal liabilities according to relevant PRC laws and regulations and be liable for all losses sustained by the Non-breaching Party due to such breach, including but not
limited to all legal expenses (including attorney’s fees) of the Non-breaching Party. 

  

	10.2	In the event of any breach of this Agreement, the Non-breaching Party may request by written notice to such Breaching Party that the Breaching Party (i) correct
its breach or failure, and (ii) take adequate, effective and timely measures to eliminate the consequences of such breach or failure. 

  

	10.3	 Upon the occurrence of any breach, if such breach, at the Non-breaching Party’s reasonable and objective discretion, has caused the Non-breaching
Party’s performance of any of its obligations hereunder to be unfeasible, then the Non-breaching Party may notify the Breaching Party in writing that the Non-breaching Party will suspend its

  

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performance of its obligations hereunder on a temporary basis until and unless the Breaching Party shall have ceased its breach and taken effective measures in a timely manner to eliminate the
consequences of such breach and shall have compensated the Non-breaching Party for the loss suffered thereby due to such breach. 

 Article 11 Force Majeure 
  

	11.1	A “force majeure event” shall refer to any event beyond the reasonable control of the Parties which is unforeseeable or, if foreseeable, unavoidable and which
has prevented, affected or delayed any Party’s performance of all or any part of its obligations hereunder, including without limitation, government actions or inactions, acts of God, strikes or labor disputes, war, hacker attack or any other
similar event. 

  

	11.2	The Party affected by a force majeure event may suspend on a temporary basis its performance of its obligation(s) without incurring any liability to the other Parties
due to such force majeure event, until the effect of such force majeure event has been eliminated; provided that, such Party shall exert its best efforts to minimize the adverse effect of such force majeure event. 

  

	11.3	The Party claiming suspension of performance by reason of force majeure event (the “Claiming Party”) shall have the obligation to provide as soon as
possible to the other Party or Parties to whom the affected performance should have been rendered (the “Affected Party”) a written notice of such force majeure event. Should the Claiming Party fail to provide said notice, the
Affected Party may claim against it for the liability for breach of contract as set forth above, and the Claiming Party agrees and acknowledges that it shall have the burden to prove the occurrence and ongoing obstacle to performance of the claimed
force majeure event. 

 Article 12 Applicable Law 
 The execution, validity, performance and interpretation of this Agreement shall be governed by PRC law. 
 Article 13 Settlement of Disputes 
  

	13.1	If any dispute arises out of the interpretation and performance of this Agreement, the Parties shall first attempt to settle such dispute through friendly negotiations.

  

	13.2	Should such dispute fail to be settled through negotiations, each Party may submit such dispute to the China International Economic and Trade Arbitration Commission for
arbitration in Shanghai according to its then applicable arbitration rules. The arbitration award shall be final and binding upon all the Parties. 

  

	13.3	In case of any dispute arising out of the interpretation and performance hereof or if any such dispute is under arbitration, each Party shall exercise its other rights
and perform its other obligations under this Agreement other than those in question. 

  

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 Article 14 Effectiveness and Termination 
  

	14.1	To the extent permitted under PRC law, this Agreement shall come into force and effect upon being executed by all the Parties and recorded in the Shareholders’
Registry. 

  

	14.2	This Agreement may be terminated in the occurrence of any of the following situations: 

  

	 	a.	The pledge is terminated pursuant to Article 7 hereof; or 

  

	 	b.	The Pledgee terminates this Agreement unilaterally, which it may do at any time in its sole discretion, provided that such termination shall be effective immediately
upon notice to the Pledgors. 

  

	14.3	The termination of this Agreement shall not affect any rights and obligations occurred before the date of such termination. 

 Article 15 Miscellaneous 
  

	15.1	The Pledgee shall have the right to assign all of its benefits and obligations under this Agreement to any third party of its choosing without the prior consent of the
Pledgors; provided, however, that the Pledgee shall send a written notice to the Pledgors after such assignment. The Pledgors shall have the right to assign this Agreement only with the prior written consent of the Pledgee. 

 

	15.2	Failure by any Party to timely exercise any of its right hereunder shall not be deemed as waiver of such right, nor shall such failure affect in any way such
Party’s future exercise of such right. 

  

	15.3	If all or any part of any provision hereof is held invalid or unenforceable for any reason, all other provisions hereof shall remain valid and binding. Should any of
the Parties breach any provisions of this Agreement, such breach shall not affect the rights and obligations of other Parties to this Agreement and any other relevant agreements as well as the performance and the enforcement of this Agreement and
such other agreements. 

  

	15.4	This Agreement shall inure to and be binding upon the Parties and their respective successors and assigns. 

  

	15.5	This Agreement shall supersede any previous or concurrent agreement, understanding or communication among the Parties with respect to the same, either in oral or
writing. Except as expressly set forth herein and in the agreements referenced herein, none of the Parties has made any other express or implied obligation or undertaking. 

  

	15.6	This Agreement may be supplemented or amended by a written agreement among all the Parties. The amendment and supplementary agreement (if any) to this Agreement shall,
upon being signed by all the Parties, constitute an integral part hereof and be equally authentic with this Agreement. 

  

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	15.7	This Agreement is made in three originals, of which each Party shall hold one. All originals hereof shall be equally authentic. 

  

	15.8	This Agreement has been negotiated and drafted in the English language. If reference to a foreign language translation is required, any ambiguity in the text of the
foreign language translation or any disagreement concerning the foreign language translation shall be resolved by reference to the English text. 

  

	15.9	Each of the Parties agrees not to discuss, disclose or otherwise transmit this Agreement, including without limitation the identity and personal information of the
other Party, to anyone other than (i) to (as applicable) its affiliates, officers, shareholders, members, counsel and advisors, (ii) as required by any law, regulation, court order, or the like, or in connection with any filing with any
governmental authority, and (iii) to comply with its obligations contained in this Agreement. 

  

	15.10	Each party has been informed of his/her/its right to consult independent legal counsel concerning this Agreement, and each party hereby acknowledges that he/she/it has
had the opportunity to do so. 

  

	15.11	This Agreement shall be construed as if drafted jointly by the parties hereto. In the event an ambiguity or question of intent or interpretation arises, no presumption
or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

  

 - 10 -Equity Transfer Agreement

 Exhibit 10.21 
  
  
 Equity Transfer Agreement 
  
  
 Table of
Contents 
  

			
	 Articles
	  	Pages
		
	 1. Definitions and Interpretations
	  	2
		
	 2. Assignment of Equity
	  	3
		
	 3. Registration and Necessary Consents
	  	3
		
	 4. Representations and Warranties
	  	4
		
	 5. Breach
	  	5
		
	 6. Additional Matters
	  	6
		
	 7. Miscellaneous
	  	6

  

					
	Equity Transfer Agreement	  	- 1 -	  	 

 This Equity Transfer Agreement (Agreement) is entered into on     
November 2006 in Shanghai, People’s Republic of China (PRC) 
 between 
  

	(1)	                                       
                                         
                                         
                       (Transferor); 

 and 
  

	(2)	                                       
                                         
                                         
                       (Transferee). 

 RECITALS 
  

	A.	Shanghai Newegg E-Business Co., Ltd. (Company) is a PRC corporation with its legal address at Floor 8, Huaming Bldg., No. 726 West Yanan Rd., Shanghai
200050, People’s Republic of China and with a registered capital of approximately RMB 1 million. 

  

	B.	The Transferor owns     % of the total Equity in the Company and the interests in connection therewith (Equity). 

  

	C.	The Transferor has agreed to transfer the Equity to the Transferee. 

 NOW, THEREFORE, the parties agree as follows: 
  

	1.	Definitions and Interpretations 

  

	 	1.1	Definitions. Unless otherwise indicated, the following terms in this Agreement shall have the meanings set forth below: 

  

					
	Effective Date	 		 	as defined in Article 2.3;
			
	Equity	 		 	as defined in Recital B above;
			
	Equity Transfer	 		 	as defined in Article 2.1 ;
			
	PRC Law	 		 	any published and validly existing laws and regulations of the PRC;
			
	Registration	 		 	as defined in Article 3.1 ; and
			
	RMB	 		 	Renminbi, the lawful currency of the PRC.

  

					
	Equity Transfer Agreement	  	- 2 -	  	 

	 	1.2	Interpretations. The headings herein are for reference purposes only and do not affect the meaning or interpretation of any provision hereof. Any
reference herein to an Article or Appendix is to an article or appendix of this Agreement. The use of the plural shall include the use of the singular, and vice versa. Unless otherwise indicated, a reference herein to a day, month or year is to a
calendar day, month or year. A reference to a business day is to a day on which commercial banks are open for business in the PRC and any day except Saturdays and Sundays and legal holidays provided by the PRC State Council, subject to adjustments
to the work days and non-work days before and/or after the legal holidays by the PRC State Council. The use of the masculine shall include the use of the feminine, and vice versa. 

  

	2.	Assignment of Equity 

  

	 	2.1	Sale and Transfer. Subject to and upon the terms and conditions set forth in this Agreement, the Transferor hereby agrees to sell and assign to the Transferee,
free and clear of all encumbrances or pledges of any kind, and the Transferee agrees to purchase and accept from the Transferor,     % of the Equity (Equity Transfer). Upon the execution of this Agreement:

  

	 	2.1.1	the Transferor shall not enjoy any rights or interests, or bear any obligations in respect of the Equity sold; and 

  

	 	2.1.2	the Transferee shall enjoy all rights and interests as well as bear all obligations in respect of the Equity acquired. 

  

	 	2.2	Condition. In entering into this Agreement, the Transferee is not relying on any representations or warranties of the Transferor regarding the Company other than
those as set forth in Article 4 hereof. 

  

	 	2.3	Effective Date. This Agreement shall be effective upon the signing hereof by the parties or their respective authorized representatives (Effective Date)
until the obligations under this Agreement are fully completed. 

  

	 	2.4	Consideration and Payment. The purchase price for the Equity shall be RMB             , which shall
be paid by the Transferee to the Transferor on the date when the registration set forth in Article 3.1 herein below is completed. 

  

					
	Equity Transfer Agreement	  	- 3 -	  	 

	3.	Registration and Necessary Consents 

  

	 	3.1	Registration. Within 7 days of the signing of this Agreement, the Transferor will submit all necessary relevant documents to the relevant government
administration in order to effect the registration for the Equity Transfer (Registration), including without limitation, the following: 

  

	 	3.1.1	written waivers of any right of first offer and any right of first refusal which any other shareholders of the Company may have against the Transferor with respect to
the Equity transferred in accordance with this Agreement; 

  

	 	3.1.2	a shareholders’ resolution of the Company approving the Equity Transfer; 

  

	 	3.1.3	the amended Articles of Association of the Company reflecting the Equity Transfer; and 

  

	 	3.1.4	any other documents necessary to complete the Registration. 

  

	 	3.2	Transferee’s Rights. The Transferee shall have the right to assist the Transferor to complete the Registration of the Equity Transfer, including
without limitation, directly or indirectly participating in the procedures of the Registration. The Transferor may not refuse the Transferee’s request to participate in the Registration procedures, and shall accept the advice of the Transferee
to complete such Registration. 

  

	 	3.3	Registration Documents. Immediately upon the completion of the Registration, the Transferor shall deliver to the Transferee all documents and evidence of
the completion of the Registration, including without limitation, the amended shareholders’ list and the amended articles of association of the Company. 

  

	4.	Representations and Warranties 

  

	 	4.1	Transferor. The Transferor hereby represents and warrants to the Transferee that: 

  

	 	4.1.1	he has all requisite power and authority to execute this Agreement and to consummate the transactions contemplated hereunder; 

  

	 	4.1.2	this Agreement constitutes the legal, valid and binding obligations of the Transferor, enforceable in accordance with the terms and conditions hereof;

  

					
	Equity Transfer Agreement	  	- 4 -	  	 

	 	4.1.3	the execution, delivery and performance of this Agreement or any related document to which he is a party will not contravene, conflict with, or result in a violation of
any provision of any contract, agreement, understanding, other legal arrangement, laws or orders to which he is subject; 

  

	 	4.1.4	he has secured the necessary written consent of any and all third parties in connection with the execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereunder; 

  

	 	4.1.5	the Equity is free from any encumbrances or pledges or any third party rights; and 

  

	 	4.1.6	to the best of the knowledge of the Transferor, as at the date first indicated above: 

  

	 	4.1.6.1	the books and records of the Company accurately reflect its current financial status; 

  

	 	4.1.6.2	the Company has not violated any PRC Law; and 

  

	 	4.1.6.3	there is no lawsuit, third party claim, order or investigation pending against the Company by any third party, court or governmental or arbitral body.

  

	5.	Breach 

  

	 	5.1	Events of Breach. The occurrence of any one or more of the following events shall constitute a breach of this Agreement: 

  

	 	5.1.1	either party has materially breached the terms hereof or has failed to perform in any material respect their obligations hereunder, and such breach or non-performance
has not been remedied for a period of 10 days after receipt of a written notice from the other party requesting such remedy; or 

  

	 	5.1.2	any representation or warranty made by either party herein shall prove to have been false or misleading in any material respect. 

  

					
	Equity Transfer Agreement	  	- 5 -	  	 

	 	5.2	Liabilities for Breach. Where a party commits a breach of this Agreement, he shall be liable to compensate the other party for any and all damages caused as a
result of the breach, not including, however, indirect or consequential damages. 

  

	6.	Additional Matters 

 The
Transferor shall have the obligation, from time to time, to promptly execute and deliver, or cause to be executed and delivered, such additional consents, documents and other instruments as the Transferee may reasonably request for the purpose of
effectively carrying out the transactions contemplated by this Agreement. 
  

	7.	Miscellaneous 

  

	 	7.1	Notices and Delivery. All notices and communications sent by a party shall be written in Chinese and delivered in person (including courier service) or by
registered mail to the appropriate correspondence addresses set forth below: 

  

					
	Transferor	 	:	  	
			
	Address	 	:	  	
			
	Tel	 	:	  	
			
	Transferee	 	:	  	
			
	Address	 	:	  	
			
	Tel	 	:	  	

  

	 	7.2	Timing. The time of receipt of the notice or communication shall be deemed to be: 

  

	 	7.2.1	if in person (including courier service), on the date that the receiving party or a person at the receiving party’s address signs for the document; or

  

	 	7.2.2	 if by registered mall, on the 10th day after the date that is printed on the receipt of the registered mail. 

  

	 	7.3	Amendments. The provisions of this Agreement may not be waived, modified or amended except by an instrument in writing signed by the parties (which instrument
shall be attached as an Appendix hereto). 

  

					
	Equity Transfer Agreement	  	- 6 -	  	 

	 	7.4	No Waiver. Unless otherwise agreed upon by the parties in writing, any failure or delay on the part of any party to exercise any right, authority or privilege
under this Agreement, or under any other agreement relating hereto, shall not operate as a waiver thereof; nor shall any single or partial exercise of any right, authority or privilege preclude any other future exercise thereof.

  

	 	7.5	Severability. The provisions of this Agreement are severable from each other. The invalidity of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. 

  

	 	7.6	Taxes and Duties. The Transferor shall be responsible for all stamp duties and other governmental fees, taxes and reasonable out-of-pocket expenses (including
reasonable legal fees) incurred by the parties in connection with any Equity Transfer made hereunder and in the preparation of this Agreement. 

  

	 	7.7	Successors. This Agreement shall be binding upon the parties and upon their respective successors and assignees (if any). 

  

	 	7.8	Governing Law. The execution, validity, interpretation and implementation of this Agreement and the settlement of disputes hereunder shall be governed by PRC
Law. 

  

	 	7.9	Arbitration. 

  

	 	7.9.1	If any dispute arises in connection with this Agreement, the parties shall attempt in the first instance to resolve such dispute through friendly consultation or
mediation; 

  

	 	7.9.2	If the dispute cannot be resolved in the above manner within 30 days after the commencement of the consultation or mediation, as the case may be, either party may
submit the dispute to arbitration as follows: 

  

	 	7.9.2.1	all disputes arising out of or in connection with this Agreement shall be submitted to the China International Economic and Trade Arbitration Commission for
arbitration, which shall be conducted in accordance with the Commission’s rules in effect at the time of applying for arbitration; and 

  

					
	Equity Transfer Agreement	  	- 7 -	  	 

	 	7.9.2.2	the arbitration shall be held in Shanghai and conducted in the Chinese language, with the arbitral award being final and binding upon the parties. The cost of the
arbitration shall be allocated as determined by the arbitrator. 

  

	 	7.9.3	When any dispute is submitted to arbitration, the parties shall continue to perform their obligations under this Agreement. 

  

	 	7.10	Language. This Agreement is executed in 2 originals in the English language and 7 originals in the Chinese language. Each party shall retain 1 original copy in
both the English and Chinese languages, and 5 original copies in the Chinese language shall be submitted to the relevant governmental authority for purposes of filing and registration. 

  

	 	7.11	Wight to Counsel. Each party has been informed of his/her/its right to consult independent legal counsel concerning this Agreement, and each party hereby
acknowledges that he/she/it has had the opportunity to do so. 

  

	 	7.12	No Presumption Against Drafting Party. This Agreement shall be construed as if drafted jointly by the parties hereto. In the event an ambiguity or question of
intent or interpretation arises, no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

  

					
	Equity Transfer Agreement	  	- 8 -

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