Document:

XcelMobility Inc. - Exhibit 10.10 - Filed by newsfilecorp.com

 

Entrusted Management Service Agreement 

 

by and among 

 

Shenzhen CCPower Corporation 

 

Shenzhen CCPower Investment Consulting Co., Ltd. 

 

and 

 

The Shareholder of Shenzhen CCPower Corporation 

 

 

August 22, 2011 

	Entrusted
      Management Service Agreement 

Entrusted Management Service Agreement 

This Entrusted Management Service Agreement (“this
Agreement”) is entered into on August 22, 2011 among the following Parties:

	(1) 	
      Shenzhen CCPower Corporation (hereinafter called
      “Party A”) is a limited liability company, duly incorporated in
      Shenzhen, the People’s Republic of China (“PRC”) whose legal
      address is: 706A, Block B, Tianan Cyber Times Building, Chegongmiao
      Industrial Park, Shennanxi Road, Futian District, Shenzhen.

	 	 
	(2) 	
      Shenzhen CCPower Investment Consulting Co., Ltd.
      (hereinafter referred to as “Party B”), a wholly foreign owned
      enterprise (“WFOE”) to be incorporated in Shenzhen, PRC, whose
      legal address is: Art 1109, 1st floor, Block One, .Meilinduoli
      Industrial Park, Meihua Road, Futian District, Shenzhen, PRC.

	 	 
	(3) 	
      The shareholder of Shenzhen CCPower Corporation
      (hereinafter called “Shareholder”), as
follows:

	Name of the 
Shareholder 	Shareholding 
Ratio % 	ID Card No. 

	Wang Xili 	10% 	420104196707150843 

(Party A, Party B and the Shareholder are referred to
collectively in this Agreement as the “Parties” or “the Parties”,
and individually as “a Party” or “each Party”.) 

WHEREAS: 

	(1) 	
      Shareholder holds 100% of equity interests of Party
    A;

	 	 
	(2) 	
      Party A’s business is as follows: operation of industrial
      business (detailed project to be declared); domestic commercial and
      material supply and marketing (excluding commodities subject to exclusive
      operation, control or sale); technical development of electronic products,
      computer network, software and hardware; information consultancy
      (excluding restrictive projects); import and export business (operation
      subject to import and export qualification license);

	 	 
	(3) 	
      Party B’s business is project investment consultancy,
      enterprise management consultancy, economic information consultancy;
      computer software and hardware technical development; goods and technology
      import and export business (excluding distribution of imported
    goods);

	 	 
	(4) 	
      Party A and Party B are both willing to enter into a
      long-term business cooperation relationship on an exclusive basis, whereby
      Party B is willing to provide Party A with exclusive
technical, consulting, and other services in a comprehensive way all in relation
to Party A’s development and sales of website accelerator software during the
term of this Agreement by utilizing Party B’s own advantages in human resources,
technology and information, and Party A is willing to accept such consulting and
services provided by Party B and or Party B's designee(s), on the terms set
forth herein. 

1

 

	Entrusted Management
      Service Agreement 

NOW THEREFORE, the Parties hereby agree through friendly
negotiation as follows: 

Article 1 Definition 

	1.1 	
      “Entrusted Management Service Fee” or
      “Consideration” refers to the consideration as defined in
      Article 3.1 and paid to Party B by Party A.

	 	 
	1.2 	
      “Party A’s Staff” refers to the senior management
      staff of Party A and the

	 	 
		
      ‘management and technical staff of Party A’s
    branches;

	 	 
	1.3 	
      “PRC” refers to the People’s Republic of China,
      for the purpose of this Agreement, excluding the Hong Kong Special
      Administrative Region, Macao Special Administrative Region and Taiwan
      Province;

	 	 
	1.4 	
      “PRC Laws” refers to all PRC laws, administrative
      regulations and government rules in effect;

	 	 
	1.5 	
      “RMB” refers to the legal currency within the
      PRC.

Article 2 Contents of Entrusted Management Services 

	2.1 	
      Finance Management Service

	 	2.1.1 	
      Target: achieve the scientific management of Party A’s
      finance system.

	 	 	 
	 	2.1.2 	
      Contents of the Services

	 	(a) 	
      Provide the consulting services on financial analysis and
      economic profit analysis;

	 	(b) 	
      Improve the budget management and provide business
      guidance;

	 	(c) 	
      Facilitate the finance operation, coordinate the
      structure of credit and loans, accelerate revenue growth, and effectively
      control the finance risks;

	 	(d) 	
      Arrange the internal and outside audit
services;

	 	(e) 	
      Pursuant to the requirement of the relevant
      class-evaluation system, provide an efficient management plan and
      consultancy services on finance management; and

	 	(f) 	
      Provide cost management consultancy
  services.

	2.2 	
      Business Management Services

2

	Entrusted Management
      Service Agreement 

	 	2.2.1 	
      Target: provide management and staff training services to
      Party A so as to enhance the professional management and eventually
      promote the achievement of Party A’s research, operations and
  sales.

	 	 	 	 
	 	2.2.2 	
      Contents of Services: training of Party A’s
  staff

	 	 	 	 
			(1) 	
      The training shall be conducted once every quarter within
      the entrusted term, and Party B shall notify Party A of the timetable,
      contents of training sessions and lectures on of training fifteen (15)
      days prior to the training. In the event that Party A’s staff can not take
      part in the training and Party A can not designate another employee to
      attend the training, Party A shall deliver a written notice five (5) days
      prior to such training to Party B for such absence, otherwise it shall be
      treated as Party A’s staff having attended training class and Party A
      shall pay the relevant training fees. Both Party A and Party B shall be
      entitled to adjust the frequency of the training according to the business
      operation of Party A.

	 	 	(b) 	
      Contents of Training:

	 	 	 	- 	management skills training;
	 	 	 	- 	technology training; 
	 	 	 	- 	sales strategies training; and  
	 	 	 	- 	promotion training.

	2.3 	
      Advertising and Promotion Services

	 	 	 
		2.3.1 	
      Target: to improve the economic benefits of Party A,
      ensure the healthy development of Party A, improve and promote the
      reputation and popularity of Party A, establish the enterprise image of
      Party A, and contribute to the public welfare for and on behalf of Party
      A.

	 	 	 
		2.3.2 	
      Contents of Service:

	 	(a) 	
      Products planning

	 	(b) 	
      Price planning

	 	(c) 	
      Sales planning

	 	(d) 	
      Advertising planning

	 	(e) 	
      Marketing planning

	 	(f) 	
      Promotion planning

	 	(g) 	
      Public relation planning

	 	(h) 	
      Brand planning

	 	(i) 	
      Corporate image planning

3

	Entrusted Management
      Service Agreement 

	2.4 	
      Human Resources Management Services

	 	 
		2.4.1 	
      Target: to achieve the proper allocation of Party A’s
      human resources, maintain the stability of Party A’s management team, and
      stimulate the employees to work to increase Party A’s economic
      achievement.

	 	 	 
		2.4.2 	
      Contents of Service

	 	 	 
			(a) 	
      Recommend and nominate the candidates of senior
      management staff of Party A and Party A’s affiliates, and Party A shall
      only appoint such candidates nominated by Party B to the relevant
      positions in accordance with the requirements of such position;

			(b) 	
      Perfect the organizational structure to improve the
      efficiency of the management;

			(c) 	
      Establish an appropriate labor management system for
      Party A, including, but without limitation, employment policies, training,
      policies of leaves and vacations, overtime, resignation, demotion,
      etc.;

			(d) 	
      Improve the employees’ salary system including that for
      its senior management staff;

			(e) 	
      Improve and perfect the working effectiveness assessment
      system of the employees and the salary incentive system;

			(f) 	
      Provide training on labor management to the human
      resources department of Party A;

			(g) 	
      Provide consultancy services to Party A in relation to
      the labor and employment policies and social insurance policies;
  and

			(h) 	
      Assist Party A in standardizing the management of human
      resources and establishment of related
systems.

	2.5 	
      Internal Control Services

	 	 
		
      Party B shall assist Party A to establish an internal
      control system and provide the proper suggestions on the following
      systems:

	 	 
		(1) 	
      Rules for stamp usage

		(2) 	
      Rules for receipts and checks

		(3) 	
      Rules for budget management

		(4) 	
      Rules of confidentiality

		(5) 	
      Quality management system

		(6) 	
      Authorization and agency system

		(7) 	
      Management system of the subsidiaries of Party
  A

4

	Entrusted Management
      Service Agreement 

Article 3 Entrusted Management Service Fee 

	3.1 	
      Both Parties agree that, with respect to the services
      provided by Party B to Party A under this Agreement, Party A shall pay a
      service fee on a quarterly basis to Party B in the equivalent amount of a
      certain percentage (the "Entrusted Management Service Fee") of
      Party A’s total amount of operational income of such quarter. Both Parties
      will confirm in writing the specific consideration in a separate written
      instrument based on further consultations following the execution of this
      Agreement.

	 	 
	3.2 	
      Party A shall pay such service fee to Party B within
      fifteen (15) days upon completion of each quarter.

	 	 
	3.3 	
      Party B shall be entitled to request Party A in writing
      to adjust the consideration in accordance with the quantity and quality of
      the entrusted services. The Parties shall positively negotiate with each
      other in respect of the Entrusted Management Service Fee, and Party A
      shall agree with such adjustment.

Article 4 Warranties and Undertakings by Party A 

	4.1 	
      Within the term of this Agreement, Party B shall be an
      exclusive service provider entrusted by Party A to provide the services as
      set forth in Article 2 hereunder, and Party A shall not consign any
      other entities to provide Party A (including its branches and
      subsidiaries) with any services identical to or similar with those
      services provided in Article 2 hereunder.

	 	 
	4.2 	
      Without the prior written consent from Party B, Party A
      shall not change its (including its branches and subsidiaries) business
      policies.

	 	 
	4.3 	
      Without the prior written consent from Party B, Party A
      shall not change its (including its branches and subsidiaries) rules and
      policies regarding the business operation, human resource management and
      finance.

	 	 
	4.4 	
      Without the prior written consent by Party B, Party A
      shall not change its internal control system.

	 	 
	4.5 	
      Without the prior written consent by Party B, Party A
      shall not change its internal organizations.

	 	 
	4.6 	
      Without the prior written consent by Party B, Party A
      (including its branches and subsidiaries) shall not replace any senior
      management staff by itself.

	 	 
	4.7 	
      Party A shall promptly (no later than three (3) days
      after receiving Party’s written notice) provide Party B with its
      information regarding the business operations, management and finance
  (including its branches and subsidiaries), upon written notice issued by Party B.

5

	Entrusted Management
      Service Agreement 

	4.8 	
      Party A shall promptly and proactively notify Party B of
      any matters that adversely affect Party A’s operation.

	 	 
	4.9 	
      Party A shall give full cooperation to Party B, and
      provide assistance and convenience to Party B for its on-site services,
      and shall not hinder Party B in providing services as set forth in
      Article 2 herein.

	 	 
	4.10 	
      Party A shall promptly make full payment of the Entrusted
      Management Services Fee, if any, to Party B in accordance with the
      provisions hereunder.

	 	 
	4.11 	
      Without the prior written consent from Party B, Party A
      shall not take any action that would materially affect Party B’s rights
      and interests hereunder.

Article 5 Warrants and Undertakings by Party B 

	5.1 	
      Party B shall take advantage of its capacity and
      resources to provide the services as stipulated in Article 2
      hereunder.

	 	 
	5.2 	
      Party B shall timely adjust and update the services in
      accordance with the actual conditions and operations of Party A.

	 	 
	5.3 	
      In the event that Party B intends to provide services to
      any other entities engaged in similar business as Party A, it shall give
      prior notice to Party A and keep confidential the confidential information
      obtained during the course of providing services to Party A .

	 	 
	5.4 	
      Party B shall consider any reasonable suggestions from
      Party A during the course of providing services to Party
  A.

Article 6 Guaranty for this Agreement 

To secure the performance of the obligations assumed by Party A
hereunder, Shareholder agrees to pledge all her equity interests in Party A to
Party B, and the Parties agree to execute the Equity Pledge Agreement with
respect thereto. 

Article 7 Taxes and Expenses 

The Parties shall pay, in accordance with relevant PRC laws and
regulations, their respective taxes and fees arising from the execution and
performance of this Agreement. 

6

	Entrusted Management
      Service Agreement 

Article 8 Assignment of the Agreement

	8.1 	
      Party A shall not transfer part or all its rights and
      obligations under this Agreement to any third party without the prior
      written consent of Party B.

	 	 
	8.2 	
      The Parties agree that Party B shall be entitled to
      transfer, in its sole discretion, any or all of its rights and obligations
      under this Agreement to any third party upon a five (5) day written notice
      to Party A.

Article 9 Liability of Breach 

	9.1 	
      If Party A fails to duly pay the Entrusted Management
      Services Fee in accordance with the provisions of Article 3
      hereunder, then Party A shall pay the liquidated damage per day equal
      to 0.03% of the unpaid Consideration which falls due; if any delay of
      payment amounts to ten (10) days, then Party B shall be entitled to
      exercise the right of pledge under the Equity Pledge Agreement.

	 	 
	9.2 	
      If Party A violates its representations and warranties
      hereunder and fails to redress such violation within ten (10) days upon
      receipt of written notice from Party B, Party B shall be entitled to
      exercise the right of pledge under the Equity Pledge Agreement.

	 	 
	9.3 	
      If Party B does not fully perform its obligations under
      this Agreement, or is otherwise in default of any of its representations
      and warranties hereunder, Party A shall be entitled to request Party B to
      redress its default.

Article 10 Effectiveness, Modification and Cancellation

	10.1 	
      This Agreement shall take effect on the day of execution
      hereof, and the valid term hereof shall expire upon the day of completion
      of the acquisition of the assets or the equity of Party A by Party B or
      its designated third party.

	 	 
	10.2 	
      The modification of this Agreement shall not be effective
      unless a written agreement is signed by the Parties.

	 	 
	10.3 	
      This Agreement shall not be terminated or canceled
      without written agreement of the Parties through the negotiation, provided
      that Party B may, by giving a ten (10)-day prior notice to the other
      Parties hereto, terminate this Agreement.

Article 11 Confidentiality and Intellectual Property Rights

	11.1 	
      The negotiation, execution and articles of this Agreement
      and any information, documents, data and all other materials (herein
      “Confidential Information”) arising out of the implementation of
      this Agreement, shall be kept in strict confidential by the Parties.
Without the written approval by the other Parties, none of the Parties shall disclose any
Confidential Information to any third party, but the following shall not be
considered to be “Confidential Information”: 

7

 

	Entrusted Management
      Service Agreement 

	 	(1) 	
      The materials that are known by the general public (but
      not including the materials disclosed by a Party receiving the materials
      in breach of this Agreement);

	 	 	 
	 	(2) 	
      The materials required to be disclosed subject to the
      applicable laws or the rules or provisions of any stock
  exchange.

		
      The materials disclosed by each Party to its legal or
      financial consultants relating to the transactions under this Agreement,
      provided the legal or financial consultants shall comply with the
      confidentiality provisions set forth in this Section. The disclosure of
      the Confidential Information by staff or employed institution of any Party
      shall be deemed as the disclosure of Confidential Information by such
      Party, and such Party shall bear the liabilities for breaching the
      contract.

	 	 
	11.2 	
      If this Agreement is terminated or becomes invalid or
      unenforceable, the validity and enforceability of Article 11 shall
      not be affected or impaired.

	 	 
	11.3 	
      Party B shall have exclusive and proprietary rights and
      interests in all rights, ownership, interests and intellectual properties
      arising out of or created during the performance of this Agreement,
      whether developed solely by Party B or jointly by Party A and Party B, or
      developed by Party B based on any intellectual property owned by Party A,
      or developed by Party A based on any intellectual property owned by Party
      B, including but not limited to copyrights, patents, patent applications,
      software, technical secrets, trade secrets and others (“Intellectual
      Property”). To the maximum extent permitted by law, in the event of any
      such Intellectual Property cannot be fully vested in Party B, Party A
      agrees upon request to transfer the same to Party B for free, or if this
      is not possible, hereby grants a sole and exclusive (i.e., Party A and any
      other third parties are all excluded for use), worldwide, royalty free
      license to Party B to the subject Intellectual Property. Party A shall
      not, except with the written authorization of Party B, use, or permit any
      third party to use, any Intellectual Property of Party B.

	 	 
	11.4 	
      The Parties agree that this Article 11 shall
      survive changes to, and rescission or termination of, this
    Agreement.

Article 12 Force Majeure 

	12.1 	
      “Force Majeure” refers that any event that could
      not be foreseen, and could not be avoided and overcome, which includes
      among other things, but without limitation, acts of nature (such as
      earthquake, flood or fire), government acts, strikes or
  riots.

8

	Entrusted Management
      Service Agreement 

	12.2 	
      If an event of Force Majeure occurs, any Party who is
      prevented from performing its obligations under this Agreement by an event
      of Force Majeure shall notify the other Party without delay and within
      fifteen (15) days of the event provide detailed information about and
      documents evidencing the event and take appropriate means to minimize or
      remove the negative effects of Force Majeure on the other Parties, and
      shall not assume the liabilities for breaching this Agreement. The other
      Parties may suspend their performance during the period of the event of
      Force Majeure. The Parties shall perform this Agreement after the event of
      Force Majeure disappears.

Article 13 Governing Law and Dispute Resolution 

	13.1 	
      The effectiveness, interpretation, implementation and
      dispute-resolution related to this Agreement shall be governed under PRC
      Laws.

	 	 
	13.2 	
      Any dispute arising out of this Agreement shall be
      resolved by the Parties through friendly negotiation. If the Parties could
      not reach an agreement within thirty (30) days since the dispute is
      brought forward, each Party may submit the dispute to China International
      Economic and Trade Arbitration Commission in Beijing for arbitration under
      its applicable rules. The language of arbitration proceedings shall be
      English. The arbitration award should be final and binding upon the
      Parties.

	 	 
	13.3 	
      During the process of dispute-resolution, the Parties
      shall continue to perform other terms under this Agreement, except for
      provision in dispute.

Article 14 Miscellaneous 

	14.1 	
      The Parties acknowledge that this Agreement constitutes
      the entire agreement of the Parties with respect to the subject matters
      therein and supersedes and replaces all prior or contemporaneous oral or
      written agreements and understandings.

	 	 
	14.2 	
      This Agreement shall bind and benefit the successor of
      each Party and the transferee permitted hereunder with the same rights and
      obligations as if the original parties hereof.

	 	 
	14.3 	
      Any notice required to be given or delivered to the
      Parties hereunder shall be in writing and delivered to the address as
      indicated below or such other address or as such party may designate, in
      writing, from time to time. All notices shall be deemed to have been given
      or delivered upon by personal delivery, fax and registered mail. It shall
      be deemed to be delivered upon: (1) registered air mail: five (5) business
      days after deposit in the mail; (2) personal delivery and
  fax: two (2) business days after
transmission. If the notice is delivered by fax, it should be confirmed by
original through registered air mail or personal delivery: 

9

 

	Entrusted Management
      Service Agreement 

Party A 
Contact person:
Wang Xili 
Address: 706A, Block B, Tianan Cyber Times Building, Chegongmiao

Industrial Park, Shennanxi Road, Futian District, Shenzhen 
Postal Code:
518040 
Tel: 0755-8348-7858 
Fax: 0755-8348-7881 

Party B 
Contact person:
Renyan GE 
Address: Art 1109, 1st floor, Block One, .Meilinduoli
Industrial Park, 
Meihua Road, Futian District, Shenzhen, PRC 
Postal
Code: 518049 
Tel: 136-3266-8228 

	14.4 	
      If any provision of this Agreement shall be invalid,
      illegal or unenforceable, the validity, legality and enforceability of the
      remaining portions shall not in any way be affected or impaired thereby.
      In such event, the Parties shall use best efforts to negotiate, in good
      faith, a substitute, valid and enforceable provision or agreement which
      effects the parties original intention to the largest extent.

	 	 
	14.5 	
      This Agreement is executed in three (3) copies with each
      party holding one copy, and each of the copy shall be equally valid and
      authentic.

[Signature Page Follows]

10

 

	Entrusted Management
      Service Agreement 

IN WITNESS WHEREOF, the Parties hereto have caused this
  Agreement to be executed and delivered as of the date first written above.

Party A 

Shenzhen CCPower Corporation 

Legal Representative: Wang Xili 

Signature & Seal: /s/ Wang
Xili                            
 

 

Party B 

Shenzhen CCPower Investment Consulting Co., Ltd. 

Legal Representative: Renyan GE 

Signature & Seal: /s/ Renyan
Ge                         
 

 

The Shareholder of Shenzhen CCPower Corporation 

Wang Xili: /s/ Wang
Xili                                      

11XcelMobility Inc. - Exhibit 10.11 - Filed by newsfilecorp.com

 

Equity Pledge Agreement 

 

 

By and among 

 

The Shareholder of Shenzhen CCPower Corporation 

(“Pledgor”) 

 

Shenzhen CCPower Investment Consulting Co., Ltd. 

(“Pledgee”) 

and 

 

Shenzhen CCPower Corporation 

(“Company”) 

 

August 22, 2011 

	Equity Pledge
      Agreement 	Confidential 

Equity Pledge Agreement 

This Equity Pledge Agreement (hereinafter referred to as
“this Agreement”) is entered into on August 22, 2011 by and among the
following parties: 

	(1) 	
      Shareholder of Shenzhen CCPower Corporation (hereinafter
      called “Pledgor”), as follows:

	Name of the 
Shareholder 	Shareholding 
Ratio % 	Contribution 
	ID Card No. 

	Wang Xili 	100% 	10,000,000 	420104196707150843

	(2) 	
      Shenzhen CCPower Investment Consulting Co., Ltd.
      (hereinafter called “Pledgee”), a wholly foreign owned enterprise
      registered in China with its registered address at Art 1109, 1st floor,
      Block One, .Meilinduoli Industrial Park, Meihua Road, Futian District,
      Shenzhen, PRC. It’s legal representative is Renyan GE; and

	 	 
	(3) 	
      Shenzhen CCPower Corporation (hereinafter called the
      “Company”), an enterprise duly registered in Shenzhen, China, with
      its registered address at 706A, Block B, Tianan Cyber Times Building,
      Chegongmiao Industrial Park, Shennanxi Road, Futian District,
    Shenzhen.

(Pledgor, Pledgee and the Company are collectively called the
“Parties” or “Each Party” respectively hereunder.) 

WHEREAS 

	1. 	
      The Company is a domestic company incorporated and
      validly existing under PRC Laws, and its business license No. is
      440301103295389;

	 	 
	2. 	
      The Pledgor legally holds 100% of the outstanding equity
      interests (as defined below) in the Company;

	 	 
	3. 	
      The Pledgee is a wholly foreign-owned enterprise
      incorporated under the PRC Laws (as defined below);

	 	 
	4. 	
      Pledgor signed a loan agreement (the “Loan
      Agreement”) with Pledgee on the same date of the execution of this
      Agreement. According to the Loan Agreement, Pledgee will provide the loan
      to Pledgor, and Pledgor agrees to pledge all her Equity Interests in the Company as a guaranty of the
  performance of the obligations under the Loan Agreement;

1

	Equity Pledge Agreement
    	Confidential 

	5. 	
      Pledgee signed a entrusted management agreement (the
      “Entrusted Management Service Agreement”) with the Company and
      Pledgor on the same date of the execution of this Agreement, and Pledgor
      agrees to pledge all her equity interests in the Company to Pledgee as a
      guaranty for the performance of her obligations thereunder;

	 	 
	6. 	
      Pledgee signed a technical service agreement (the
      “Technical Service Agreement”) with the Company and Pledgor on the
      same date of the execution of this Agreement, and Pledgor agrees to pledge
      all her Equity Interests in the Company to Pledgee as a guaranty for the
      performance of the obligations thereunder; and

	 	 
	7. 	
      Pledgee signed an exclusive purchase option agreement
      (the “Exclusive Purchase Option Agreement”) with the Company and
      Pledgor on the same date of the execution of this Agreement, and the
      Parties thereto agree that Pledgor shall pledge all her Equity Interests
      in the Company to Pledgee as a guaranty of the performance of the
      obligations assumed by Pledgor and the Company
  thereunder.

NOW THEREFORE, the Parties, through friendly
negotiations, hereby enter into this Agreement with respect to the equity
pledge. 

	1. 	
      Definitions and
Interpretation

Unless otherwise provided in this Agreement, the following
terms shall have the following meanings: 

	1.1 	
      “Business Day” refers to any calendar day except
      Saturday, Sunday and other public holidays as permitted by PRC
  Laws;

	 	 
	1.2 	
      “Equity”, “Equities” or “Equity
      Interests” refers to all of the equity interests in the Company,
      including the equity interests set forth on the table in Recital 1 on page
      1;

	 	 
	1.3 	
      “Event of Default” refers to the event as defined
      in Article 8 hereunder;

	 	 
	1.4 	
      “Main Agreements” refers to the Loan Agreement,
      Entrusted Management Agreement, Technical Service Agreement and Exclusive
      Purchase Option Agreement and the appendixes or amendments thereof (if
      applicable);

2

	Equity Pledge Agreement
    	Confidential 

	1.5 	
      “Pledged Equity” refers to all the Pledgor’ Equity
      Interests in the Company as provided in Article 2.1 which will be
      pledged to Pledgee;

	 	 
	1.6 	
      “PRC” refers to the People’s Republic of China,
      for the purpose of this Agreement, excluding the Hong Kong Special
      Administrative Region, Macao Special Administrative Region and Taiwan
      Province;

	 	 
	1.7 	
      “PRC Laws” refers to all PRC laws, administrative
      regulations and government rules in effect; and

	 	 
	1.8 	
      “Right of Pledge” refers to the right owned by the
      Pledgee to be first compensated from the money converted from or the
      proceeds from the auction or sale of the Pledged Equity by the Pledgee in
      the event Pledgor and/or the Company fail to fulfill in whole the
      obligations specified under the Main Agreements, and such right shall
      cause the Pledgee to be entitled to the dividends arising from Pledged
      Equity.

	 	 
	2. 	
      Equity Pledge

	 	 
	2.1 	
      The Parties agree that Pledgor shall pledge all her
      Equities in the Company to the Pledgee as a guaranty for the performance
      of the obligations assumed by the Pledgor and/or the Company under each of
      the Main Agreements.

	 	 
	2.2 	
      In case that the Pledgor increases or reduces her Equity
      Interests in the Company during the term of this Agreement, the Pledged
      Equity shall be automatically expanded or reduced to cover all of the
      Equity Interests owned by the Pledgor after the increase or reduce is
      completed.

	 	 
	2.3 	
      The Pledgee shall be entitled to exercise its Right of
      Pledge pursuant to the provisions set forth in Article 7 and
      Article 8 herein. The Parties agree that, in case any act conducted
      by the Pledgor or the Company may adversely affect the Pledgee’s Right of
      Pledge, the Pledgee shall be entitled to require the Pledged Equity to be
      auctioned or sold in advance and the proceeds from such auction or sale
      shall be used to settle the debt secured by the Pledged Equity in advance.
      The Pledgor and the Company shall accept the request from Pledgee as
      provided above and shall provide all the necessary assistances to the
      Pledgee for enforcement of the above request. The Pledgor and the Company
      shall not prevent the Pledgee from exercising the above rights.

	 	 
	2.4 	
      The Pledge shall become effective as of the date when the
      pledge of the Equity Interest is recorded in the shareholder register of
      the Company (including both the original and duplicate copies). The Pledge
      shall be continuously valid until all payments due and all obligations
      under the Main Agreements have been fulfilled by the Company and the
      Pledgor.

3

	Equity Pledge Agreement
    	Confidential 

	3. 	
      Registration of Pledge

	 	 	 
	3.1 	
      Upon the execution of this Agreement, the Pledgor shall
      cause the Company to record the Right of Pledge in the Company’s
      shareholder list and deliver such list affixed with the seal of the
      Company as well as the original of shareholder capital contribution
      certificate of the Pledgor to the Pledgee or any third party designated by
      the Pledgee for keeping. During the term of this Agreement, if there are
      any changes to the Company’s shareholder list or the registered capital
      contribution certificate which receive the prior consent from the Pledgee,
      the Pledgee shall return the shareholder list and registered capital
      contribution certificate to the Company for modification, and the Company
      shall complete the modification and deliver such modified shareholder list
      and registered capital contribution certificate to Pledgee.

	 	 	 
	4. 	
      Representations and Warranties

	 	 	 
	4.1 	
      Each Party under this Agreement represents and warrants
      to other Parties that:

	 	 	 
		(1) 	
      it has relevant power, rights and authorizations for the
      execution of this Agreement hereof, and performance of the obligations
      hereunder;

		(2) 	
      it has obtained the written approval and authorization
      with respect to the execution and implementation of this Agreement from
      each of the relevant third parties, if any;

		(3) 	
      the execution and performance of this Agreement do not
      violate or conflict with any of the terms and conditions of other
      agreements sighed between the Parties.

	4.2 	
      The Pledgor represents and warrants to the Pledgee
      that:

	 	 	 
		(1) 	
      the Pledgor is the legal owner of the Pledged Equity, and
      have fulfilled the obligations of capital contribution in the registered
      capital of the Company;

		(2) 	
      except for the Right of Pledge as setup hereunder, the
      Pledged Equity is not subject to any pledge, guaranty or other
      encumbrances;

		(3) 	
      except for the capital increase provided in the Loan
      Agreement, the Pledgor has not and will not, increase the Company’s
      registered capital, transfer the Equity to any third party or make any
      agreements, whether oral or written, with respect to the transfer of
      Pledged Equity.

	 	 	 
	4.3 	
      The Company agrees to be jointly liable for all
      representations and warranties made by the Pledgor hereunder.

	 	 	 
	5. 	
      Obligations of Pledgor

4

	Equity Pledge Agreement
    	Confidential 

	5.1 	
      The dividend and bonus, if any, arising from the Pledged
      Equity shall be deposited in an escrow account under the supervision by
      the Pledgee;

	 	 
	5.2 	
      Apart from the encumbrance set forth hereunder and under
      the Exclusive Purchase Option Agreement, without the Pledgee’s prior
      written consent, the Pledgor shall not sell, transfer, mortgage or
      otherwise dispose of the Pledged Equity, nor shall they place or allow any
      encumbrances on such Pledged Equity;

	 	 
	5.3 	
      Without Pledgee’s prior written consent, Pledgor shall
      not engage in any business or operation which is in competition with the
      Company, the Company’s owned or controlled subsidiaries and Pledgee, nor
      shall Pledgor invest in or work for any company or entity which is in
      competition with the Company, the Company’s owned or controlled
      subsidiaries, or Pledgee;

	 	 
	5.4 	
      Without the Pledgee’s prior written consent, the Pledgor
      shall not supplement or amend the Articles of Association of the Company
      in any manner, nor shall they take action to increase or decrease the
      registered capital or change the shareholding structure of the Company in
      any manner;

	 	 
	5.5 	
      Without Pledgee’s prior written consent, the Pledgor
      shall guarantee that they shall not approve resolutions related to the
      dissolution, liquidation and change of legal form of the Company, or its
      owned or holding subsidiaries;

	 	 
	5.6 	
      The Pledgor shall guarantee that the shareholder’s
      meeting of the Company shall not approve any profit distribution proposal,
      nor request or accept such distributed dividend, without the Pledgee’s
      prior written consent; upon the Pledgee’s request, the Pledgor shall
      promptly convene the shareholder’s meeting for the purpose of allocating
      the Company’s profits, approve any profit distribution proposal approved
      in writing by the Pledgee, and accept such distributed dividend;

	 	 
	5.7 	
      Upon the Pledgee’s request, the Pledgor shall provide the
      Pledgee with all the information regarding the business operation and
      financial condition of the Company;

	 	 
	5.8 	
      The Pledgor shall not incur or succeed to any debts or
      liabilities which may adversely affect her Equity Interests in the Company
      without the Pledgee’s prior written consent;

	 	 
	5.9 	
      The Pledgor shall appoint, and appoint only, the
      candidates nominated by the Pledgee to the board of directors and
      supervisor office of the Company, and shall not replace such candidates
      without the Pledgee’s prior written consent;

5

	Equity Pledge Agreement
    	Confidential 

	5.10 	
      The Pledgor shall guarantee that the shareholder’s
      meeting of the Company and the directors of the Company appointed by
      themselves will not approve any acquisition by, any consolidation with, or
      any investment in any third party, without the Pledgee’s prior written
      consent;

	 	 
	5.11 	
      The Pledgor shall promptly notify the Pledgee of any
      pending or threatened lawsuit, arbitration or administrative dispute which
      involve the assets, business or incomes of the Company, and take all
      positive measures against aforesaid lawsuits, arbitrations or
      administrative dispute;

	 	 
	5.12 	
      The Pledgor shall not commit any conduct that may
      adversely affect the assets, business operation, the debts and liabilities
      of the Company, without the Pledgee’s prior written consent;

	 	 
	5.13 	
      To the extent permitted by the PRC laws and regulations,
      and at any time upon Pledgee’s request, the Pledgor shall promptly and
      unconditionally transfer all or part of her Equity Interests of the
      Company to Pledgee or its designated third party in accordance with the
      Exclusive Purchase Option Agreement, and waive her preemptive rights with
      respect to such transfer;

	 	 
	5.14 	
      The Pledgor shall guarantee that the shareholder’s
      meeting of the Company will approve the resolution in respect of the
      Equity Transfer or Assets Transfer under the Exclusive Purchase Option
      Agreement;

	 	 
	5.15 	
      The Pledgor shall make every efforts to guarantee that
      the Company performs its obligations in Article 6
  hereunder;

	 	 
	5.16 	
      The Pledgor shall, to the extent permitted by applicable
      laws, cause the business term of the Company (including the circumstance
      of change of business terms) to be no shorter than that of the Pledgee,
      which is approved by the relevant authorities (including the circumstance
      of change of business terms);

	 	 
	5.17 	
      The Pledgor shall strictly comply with the provisions of
      this Agreement, and effectively perform her obligations hereunder, and
      shall be prohibited from committing any conduct which may affect the
      validity or enforceability of this Agreement.

	 	 
	6. 	
      Obligations of the Company

	 	 
	6.1 	
      Without the Pledgee’s prior written consent, the Company
      shall not make any supplement or amendment to the Articles of Association
      or rules of the Company, the Company’s owned and controlled subsidiaries
      (the “Subsidiaries”) in any manner, nor increase or decrease the
      registered capital or change the shareholding structure of aforesaid
      entities in any manner;

6

	Equity Pledge Agreement
    	Confidential 

	6.2 	
      The Company shall prudently and effectively maintain its
      business operations according to good financial and business standards so
      as to maintain or increase the value of its assets;

	 	 
	6.3 	
      Unless as required for its business operation or upon the
      prior written consent by Pledgee, the Company and Subsidiaries shall not
      transfer, mortgage or otherwise dispose of the lawful rights and interests
      to and in their assets or incomes, nor to encumber their assets and income
      in any way that would affect the Pledgee’s security interests;

	 	 
	6.4 	
      The Company and Subsidiaries shall not incur or succeed
      to any debts or liabilities unless as required for its business operation
      or upon the prior written consent by Pledgee;

	 	 
	6.5 	
      Without the Pledgee’s prior written consent, the Company
      and Subsidiaries shall not enter into any material contract (exceeding RMB
      1,000,000 in value);

	 	 
	6.6 	
      Without the Pledgee’s prior written consent, the Company
      and Subsidiaries shall not provide any loans or guaranty (exceeding RMB
      1,000,000 in value) to or receive borrowings (exceeding RMB 1,000,000 in
      value) from any third party;

	 	 
	6.7 	
      At the Pledgee’s request, the Company shall provide the
      Pledgee with all information regarding its and the Subsidiaries’ business
      operation and financial condition;

	 	 
	6.8 	
      The Company shall purchase insurance in such amounts and
      categories as customary among the companies doing similar business and
      having similar assets;

	 	 
	6.9 	
      Without the Pledgee’s prior written consent, the Company
      and Subsidiaries shall not establish new subsidiaries, acquire or
      consolidate with any third party, nor invest in any third party;

	 	 
	6.10 	
      The Company shall promptly notify the Pledgee of any
      pending or threatened lawsuit, arbitration or administrative disputes
      which involve its and Subsidiaries’ assets, business or incomes, and take
      all positive measures against aforesaid lawsuits, arbitrations or
      administrative dispute;

	 	 
	6.11 	
      Without the Pledgee’s prior written consent, the Company
      and Subsidiaries shall not distribute any dividends to the Pledgor in any
      manner, and at the Pledgee’s request, it shall promptly distribute all
      distributable dividends to the Pledgor;

7

	Equity Pledge Agreement
    	Confidential 

	6.12 	
      Without the Pledgee’s prior written consent, the Company
      and Subsidiaries shall not commit any conduct that would materially affect
      its assets, business or liabilities.

	 	 	 
	7. 	
      Exercise of Right of Pledge

	 	 	 
	7.1 	
      The Pledgee may exercise the Right of Pledge at any time
      following the delivery of Notice of Default as provided in Article 8.2
      to the Pledgor.

	 	 	 
	7.2 	
      The Pledgee is entitled to cash from the Pledged Equity
      or be first compensated with the money converted from or the proceeds from
      auction or sale of all or part of Pledged Equity in accordance with legal
      procedures unless the Pledgor has duly and completely performed the
      obligations under Main Agreements.

	 	 	 
	7.3 	
      Within the term of this Agreement, if the Pledged Equity
      hereunder is subjected to any compulsory disposal taken by a court or
      other government authorities due to the Pledgor’ failing to repay the
      debts or the Pledgor’s violation of PRC laws or state policies, etc., the
      Pledgor shall,

	 	 	 
		(1) 	
      notify the Pledgee in writing of such compulsory
      disposals immediately following its occurrence;

		(2) 	
      use all efforts (including but not limited to provide
      other security to the court or other government authorities) to dismiss
      the compulsory disposal taken by the court or other government authorities
      over the Pledged Equity.

	7.4 	
      The Pledgor shall not hinder the Pledgee from exercising
      the Right of Pledge and shall give necessary assistance so that the
      Pledgee could realize its Right of Pledge.

	 	 	 
	8. 	
      Events of Default

	 	 	 
	8.1 	
      The following events shall be regarded as the Events of
      Default under this Agreement:

	 	 	 
		8.1.1 	
      Any Party breaches any of the representations or
      warranties hereunder;

		8.1.2 	
      The Pledgor and/or the Company breaches any of the
      representations or warranties under any Main Agreements;

		8.1.3 	
      The Pledgor and/or the Company fail(s) to duly and
      completely perform any obligation hereunder;

		8.1.4 	
      The Pledgor and/or the Company fail(s) to duly and
      completely perform the obligations under the Main Agreements;

		8.1.5 	
      Any other borrowing, lending, guaranty, compensation or
      other liabilities of the Pledgor with any third parties: (1) is required
      for an early repayment or performance prior to the scheduled date due to
      any breach by the Pledgor; or (2) is due but can not be repaid or
      performed by the Pledgor as scheduled, which, at the sole discretion of
      the Pledgee, has an adverse effect on the Pledgor’ ability of performing
the obligations under this Agreement and any Main Agreements;

8

	Equity Pledge Agreement
    	Confidential 

	 	8.1.6 	
      The Company fails to repay in full the debts which fall
      due;

	 	8.1.7 	
      The properties owned by Pledgor have significant adverse
      changes, which, at the sole discretion of Pledgee, has an adverse effect
      on Pledgor’ ability of performing the obligations under this
    Agreement.

	8.2 	
      Unless the Pledgor takes the action to Pledgee’s
      satisfaction to remedy the defaults as listed in Article 8.1
      hereof, the Pledgee may give a written notice about default
      (“Notice of Default”) to the Pledgor when such default occurs or at
      any time thereafter.

	 	 
	9. 	
      Taxes and Expenses

The Parties shall pay, in accordance with relevant PRC laws and
regulations, their respective taxes and expenses arising from the execution and
performance of this Agreement. 

	10. 	
      Assignment

	 	 
	10.1 	
      The Pledgor shall not transfer part or all of her rights
      and obligations under this Agreement without prior written consent from
      the Pledgee.

	 	 
	10.2 	
      The Parties agree that, to the extent permitted by law,
      the Pledgee shall have the right to transfer any or all of her rights and
      obligations under this Agreement to any third party upon a five (5)–day
      written notice to the Pledgor and the Company without her approval. The
      Pledgor and the Company shall sign the relevant agreements and documents
      pursuant to the request from the Pledgee.

	 	 
	11. 	
      Effectiveness, Modification and
  Cancellation

	 	 
	11.1 	
      This Agreement shall be executed on the date set forth in
      the first page and shall become effective on the date of
  execution.

	 	 
	11.2 	
      The modification of this Agreement shall not take effect
      unless a written agreement is duly signed by the Parties.

	 	 
	11.3 	
      This Agreement shall not be terminated or canceled unless
      a written agreement is duly signed by the Parties.

	 	 
	12. 	
      Confidentiality

9

	Equity Pledge Agreement
    	Confidential 

	12.1 	
      The negotiation, execution and articles of this Agreement
      and any information, documents, data and all other materials (herein
      “Confidential Information”) arising out of the implementation of
      this Agreement, shall be kept in strict confidence by the Parties. Without
      the written approval by the other Parties, none of the Parties shall
      disclose any Confidential Information to any third party, but the
      following shall not be considered to be “Confidential
  Information”:

	 	 	 
		a. 	
      The materials that is known or may be known by the Public
      (not including the materials disclosed by each Party receiving the
      Confidential Information in breach of this Agreement); or

	 	 	 
		b. 	
      The materials required to be disclosed according to the
      applicable laws or the rules or provisions of stock
  exchange.

		
      The materials may be disclosed by each Party to its legal
      or financial consultant relating to the transaction of this Agreement,
      provided that this legal or financial consultant shall comply with the
      confidentiality provisions set forth in this Section. The disclosure of
      the Confidential Information by staff or employed institution of any Party
      shall be deemed as the disclosure of such Confidential Information by such
      Party, and such Party shall bear the liabilities for breaching the
      Agreement.

	 	 
	12.2 	
      This Article shall survive even if this Agreement is
      found to be invalid, amended, revoked, terminated or unable to implement
      by any reason.

	 	 
	13. 	
      Force Majeure

	 	 
	13.1 	
      An event of Force Majeure means an event that could not
      be foreseen, and could not be avoided and overcome, which includes among
      other things, but without limitation, acts of nature (such as earthquake,
      flood or fire), government acts, strikes or riots.

	 	 
	13.2 	
      If an event of Force Majeure occurs, any of the Parties
      that is prevented from performing its obligations under this Agreement by
      an event of Force Majeure shall notify the other Parties without delay and
      within fifteen (15) days of the event provide detailed information about
      and notarized documents evidencing the event and take all reasonable means
      to minimize or remove the negative effects of Force Majeure on the other
      Parties, and shall not assume the liabilities for breaching this
      Agreement. While the Force Majeure is continuing, the Party alleging
      breach may suspend its performance. The Parties shall keep on performing
      this Agreement after the event of Force Majeure disappears.

	 	 
	14. 	
      Applicable Law and Dispute
  Resolution

10

	Equity Pledge Agreement
    	Confidential 

	14.1 	
      The execution, validity, construing and performance of
      this Agreement and the disputes resolution under this Agreement shall be
      governed by the laws and regulations of the PRC.

	 	 
	14.2 	
      The Parties shall strive to settle any dispute arising
      from or in connection with this Agreement through friendly consultation.
      In case no settlement can be reached through consultation within thirty
      (30) days after such dispute is raised, each Party can submit such matter
      to China International Economic and Trade Arbitration Commission in
      Beijing for arbitration in accordance with its rules. The language of
      arbitration shall be English. The arbitration award shall be final
      conclusive and binding upon the Parties.

	 	 
	14.3 	
      During the process of dispute-resolution, the Parties
      shall continue to perform other terms under this Agreement, except for
      provision of dispute resolution.

	 	 
	15. 	
      Miscellaneous

	 	 
	15.1 	
      Entire Agreement. The Parties acknowledge that
      this Agreement constitutes the entire agreement of the Parties with
      respect to the subject matters therein and supersedes and replaces all
      prior or contemporaneous oral or written agreements and
    understandings.

	 	 
	15.2 	
      Successor. This Agreement shall bind and benefit
      the successor of each Party and the transferee permitted hereunder with
      the same rights and obligations as if the original parties
  hereof.

	 	 
	15.3 	
      Notice. Any notice required to be given or
      delivered to the Parties hereunder shall be in writing and delivered to
      the address as indicated below or such other address or as such party may
      designate, in writing, from time to time. All notices shall be deemed to
      have been given or delivered upon by personal delivery, fax and registered
      mail. It shall be deemed to be delivered upon: (1) registered air mail:
      five (5) business days after deposit in the mail; (2) personal delivery or
      delivery by fax: two (2) business days after transmission. If the notice
      is delivered by fax, it should be confirmed by original through registered
      air mail or personal delivery.

Pledgor: Wang Xili 
Address: 706A,
Block B, Tianan Cyber Times Building, 
Chegongmiao Industrial Park, Shennanxi
Road, Futian 
District, Shenzhen; 
Tel: 0755-8348-7858 

  Fax: 0755-8348-7881 

11

 

	Equity Pledge Agreement
    	Confidential 

Pledgee: Shenzhen CCPower Investment
Consulting Co., Ltd. 

Contact Person: Renyan GE 
Address:
Art 1109, 1st floor, Block One, .Meilinduoli 
Industrial Park, Meihua Road,
Futian District, Shenzhen, 
PRC; 
Tel: 136-3266-8228 

The Company: Shenzhen CCPower
Corporation 
Contact person: Wang Xili 
Address: 706A, Block B, Tianan
Cyber Times Building, 
Chegongmiao Industrial Park, Shennanxi Road, Futian

District, Shenzhen; 
Tel: 0755-8348-7858 
Fax: 0755-8348-7881 

	15.4 	
      Severability. If any provision of this Agreement
      shall be invalid, illegal or unenforceable, the validity, legality and
      enforceability of the remaining portions shall not in any way be affected
      or impaired thereby. In such event, the parties shall use best efforts to
      negotiate, in good faith, a substitute, valid and enforceable provision or
      agreement which effects the parties original intention to the largest
      extent.

	 	 
	15.5 	
      Governing Language. This Agreement shall be
      executed in English and Chinese language versions, each of which shall
      have equal validity. However, in the event of any inconsistency between
      the two, the English language version shall govern and control.

	 	 
	15.6 	
      Copies. This Agreement is executed in three (3)
      copies with each Party holding one (1) copy. Each of the originals shall
      be equally valid and authentic.

[Signature page follows] 

12

 

	Equity Pledge Agreement
    	Confidential 

IN WITNESS WHEREOF, each party has executed this
Agreement and delivered as of the date first above written. 

Pledgor 
Shareholder of Shenzhen CCPower
Corporation 

Wang Xili: /s/ Wang
Xili                                     
 

 

Pledgee 
Shenzhen CCPower Investment Consulting
Co., Ltd. 

Legal Representative: Renyan GE 

Signature & Seal: /s/ Renyan
Ge                         

 

The Company 
Shenzhen CCPower Corporation 

Legal Representative: Wang Xili 

Signature and seal: /s/ Wang
Xili                    
 

13

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