Document:

Exhibit 10.2

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement
(this “Agreement”) is entered into as of                                 by and between CN ENERGY GROUP. INC., a British Virgin Islands business
company (the “Company”), and the undersigned, a director and/or an officer of the Company (“Indemnitee”),
as applicable.

 

RECITALS

 

The Board of Directors of
the Company (the “Board of Directors”) has determined that the inability to attract and retain highly competent
persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable
and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising
out of their services to the corporation.

 

AGREEMENT

 

In consideration of the premises
and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

A.   DEFINITIONS

 

The following terms shall have the meanings defined
below:

 

Expenses shall
include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys’ fees and disbursements
and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating,
defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

 

Indemnifiable Event
means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that
Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director
or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee
in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission.

 

Participant means a person who is a
party to, or witness or participant (including on appeal) in, a Proceeding.

 

Proceeding means
any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether
civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved
as a party or otherwise by reason of an Indemnifiable Event.

 

B.    AGREEMENT TO INDEMNIFY

 

1.     General
Agreement. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding,
the Company shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated
to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

 

2.     Indemnification
of Expenses of Successful Party. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has
been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the
Company shall indemnify Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter,
as the case may be.

 

3.     Partial Indemnification.
If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but
not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which Indemnitee
is entitled.

 

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4.     No Employment Rights.
Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

 

5.     Contribution. If
the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those
set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably
incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by
the Company on the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose,
and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events
which resulted in such Expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the
one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments,
fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section
B.6 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable
considerations.

 

C.    INDEMNIFICATION PROCESS

 

1.     Notice and Cooperation
by Indemnitee. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement, give the
Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be
sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee’s
rights hereunder, unless such delay results in the Company’s forfeiture of substantive rights or defenses. Notice to the
Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors’
and officers’ liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding
relating to the notice. The Company shall thereafter take all necessary and desirable action to cause such insurers to pay, on
behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such
information and cooperation as the Company may reasonably request.

 

2.     Indemnification
Payment.

 

(a)    Advancement of
Expenses. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance
to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company
shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee.
Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

 

(b)    Reimbursement
of Expenses. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall
be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after
Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the
Reviewing Party in compliance with Section C.2(c) below.

 

(c)
    Determination by the Reviewing Party. If the Company reasonably believes that it is not obligated under
this Agreement to indemnify the Indemnitee, the Company shall, within 10 days after the Indemnitee’s written request for
an advancement or reimbursement of Expenses, notify the Indemnitee that the request for advancement of Expenses or reimbursement
of Expenses will be submitted to the Reviewing Party (as hereinafter defined). The Reviewing Party shall make a determination
on the request within 30 days after the Indemnitee’s written request for an advancement or reimbursement of Expenses. Notwithstanding
anything foregoing to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification
in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee
for all the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; provided,
however, that Indemnitee may bring a suit to enforce his/her indemnification right in accordance with Section C.3 below.

 

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3.     Suit to Enforce Rights.
Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within 30 days after making
a written demand in accordance with Section C.2 above or 50 days if the Company submits a request for advancement or reimbursement
to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the right to enforce its indemnification rights under
this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging
any determination by the Reviewing Party or any aspect of this Agreement. Any determination by the Reviewing Party not challenged
by Indemnitee and any judgment entered by the court shall be binding on the Company and Indemnitee.

 

4.
     Assumption of Defense. In the event the Company is obligated under this Agreement to advance
or bear any Expenses for any Proceeding against Indemnitee, the Company shall be entitled to assume the defense of such
Proceeding, with counsel approved by Indemnitee, upon delivery to Indemnitee of written notice of its election to do so.
After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the
Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee
with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized by the
Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of
interest of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or
(iii) the Company ceases or terminates the employment of such counsel with respect to the defense of such Proceeding, in any
of which events the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. At all times,
Indemnitee shall have the right to employ counsel in any Proceeding at

Indemnitee’s expense.

 

5.     Defense to Indemnification,
Burden of Proof and Presumptions. It shall be a defense to any action brought by Indemnitee against the Company to enforce
this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for
the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee
is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

 

6.   No
Settlement without Consent. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any
damage, loss, penalty or limitation on Indemnitee without the other party’s written consent. Neither the Company nor Indemnitee
shall unreasonably withhold its consent to any proposed settlement.

 

7.    Company Participation.
Subject to Section B.5, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial
action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct
and/or settlement of such action.

 

8.     Reviewing Party.

 

(a)
For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred
by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting
of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested
Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written
opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee
is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall
cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making
a determination under this Agreement of the Indemnitee’s entitlement to indemnification. Any reasonable costs or expenses
(including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons
or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

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(b)
If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall
be selected as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee
shall request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and
Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In
either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall
have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however,
that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the
requirements of “Independent Counsel” as defined in Section C.8(d) of this Agreement, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so
selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected
may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such
objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no
Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of
competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the
other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the
court or by such other person as the court shall designate, and the person with respect to whom all objections are so
resolved or the person so appointed shall act as Independent Counsel. The Company shall pay any and all reasonable fees and
expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the
Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the
manner in which such Independent Counsel was selected or appointed.

 

(c)
In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee
is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with
this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any
person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim,
issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of nolocontendere
or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right
of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he/she
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith,
Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account
of the Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at
the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on
information supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint
venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation,
partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation,
partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected
with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge
and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership,
joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under
this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances
in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

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(d) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such
party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred
to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating
to this Agreement or its engagement pursuant hereto.

 

D.    DIRECTOR AND OFFICER LIABILITY INSURANCE

 

1.     Good Faith Determination.
The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain
and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company
with coverage for losses incurred in connection with their services to the Company or to ensure the Company’s performance
of its indemnification obligations under this Agreement.

 

2.     Coverage of Indemnitee.
To the extent the Company maintains an insurance policy or policies providing directors’ and officers’ liability insurance,
Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage
available for any of the Company’s directors or officers.

 

3.     No
Obligation. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director
and officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the
case that (i) premium costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage
provided by such insurance is limited by exclusions so as to provide an insufficient benefit.

 

E.     NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

 

1.     Non-Exclusivity.
The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled
under the Company’s current memorandum and articles of association, as may be amended from time to time, applicable law or
any written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided
under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified
capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding.

 

2.     U.S. Federal Preemption.
Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law or public
policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or
otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange Commission (the “SEC”)’s
prohibition on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee understands and acknowledges
that the Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification
to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee.

 

3.    
Duration of Agreement. All agreements and obligations of the Company contained herein shall continue during the period
Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter
so long as Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company, whether
or not he/she is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided
under this Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer
and/or a director of the Company or any other enterprise at the Company’s request.

 

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F.    MISCELLANEOUS

 

1.     Amendment of this
Agreement. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties
hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not
similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to
exercise or any delay in exercising any right or remedy shall constitute a waiver.

 

2.     Subrogation. In
the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such
rights.

 

3.     Assignment;
Binding Effect. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party
hereto without the prior written consent of the other party; except that the Company may, without such consent, assign
all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under
this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be
enforceable by and against the parties hereto and the Company’s successors (including any direct or indirect successor
by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company)
and assigns, as well as Indemnitee’s spouses, heirs, and personal and legal representatives.

 

4.     Severability and Construction.
Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in
violation of applicable law. The Company’s inability, pursuant to a court order, to perform its obligations under this Agreement
shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court of competent
jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest
extent permitted by applicable law. The parties hereto acknowledge that they each have opportunities to have their respective counsels
review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity
shall be construed in favor of or against either of the parties hereto.

 

5.     Counterparts.
This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

 

6.    
Governing Law. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect
to conflicts of law provisions thereof.

 

7.    
Notices. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing
and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or
registered mail, return receipt requested, and addressed to the Company at:

 

CN ENERGY GROUP. INC.

 

Attention: Chief Executive Officer

 

and to Indemnitee at his/her
address last known to the Company.

 

8.     Entire Agreement.
This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral,
between the parties with respect to the subject matter hereof.

 

(Signature page follows)

 

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IN WITNESS WHEREOF, the parties hereto execute this
Agreement as of the date first written above.

 

	CN ENERGY GROUP. INC.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Indemnitee	 
	 	 
	Signature:	 	 
	Name:	 	 

 

[Signature Page to
Indemnification Agreement]

 

    	 	 	7/7Exhibit 10.10

 

Agreement No: [*]

 

Small Business Loan Agreement

 

This
contract is entered into by and between the lender and the borrower on an equal and voluntary basis according to law. In order
to safeguard the legitimate rights and interests of the borrower, the lender hereby requests the borrower to pay full attention
to all the provisions concerning the rights and obligations of both parties, especially the contents in bold type.

 

    	 	 	 

     

    

 

Lender: Industrial and Commercial Bank of China
- Tahe Branch

 

Legal representative: Linqing Wang        

 

Contact person: Qingmei Fu                

 

Address: No. 49, Jianshe Avenue, Tahe Town    

 

Zip code: 165200                                    

 

Telephone: [*]                                        

 

Borrower: Greater Khingan Range Forasen Energy Technology
Co., Ltd. 

 

Legal representative: Fenghong Qu       

 

Contact person: Jinwu Huang                 

 

Phone number: [*]                                     

 

Address: No. 16, Industrial Park, Tahe Town, Tahe
County

 

Zip code: 165299                                        

 

Telephone: [*]                                           

 

 

[The borrower must fill in information that is accurate
and complete, in order for the timely delivery of the subsequent relevant notice and legal document.]

 

The lender and the borrower hereby make this
agreement regarding the lending from the lender to the borrower after negotiation on and equal basis and consensus.

 

Part One: Basic Clauses

 

Article 1 Purpose of Loan

 

The loan shall be used
for the following purposes. The borrower shall not use the loan for any other purpose without the written consent of the lender,
and the lender shall have the right to supervise the purpose of the money.

 

Purpose of borrowing: Operation Activities and
Raw Material Purchase.

 

    	 	 	 

     

    

 

Article 2 Amount and Term

 

2.1 The amount of the loan
shall be RMB5 million.

 

2.2 The term of the loan shall be 12 months from
next withdrawal date.

 

2.3 The withdraw date for each withdrawal transaction
shall be the date on which the money is transferred into the loan account. The due date shall be the repayment date stipulated
by the loan receipt. In case of installment repayment, the due date shall be stipulated by this agreement or determined by the
repayment execution plan made by the lender and the borrower. No due date of any withdrawal transaction shall exceed the term
of the loan stipulated by this agreement.

 

Article 3 Interest rates, Interest and Expenses

 

3.1 Determination of Interest Rate

 

The interest rate shall be determined in the following
manner:

 

The interest rate is determined
by the benchmark interest rate plus the floating range, of which the benchmark interest rate is the one-year loan prime
rate (LPR) published by the National Interbank Lending Center on the prior business day of the withdrawal date, and the floating
range is up 5%. If the National Interbank Lending Center does not publish the corresponding LPR on the prior business day
of the withdrawal date, the interest rate shall be that on prior two business days and so on. The interest rate after each withdrawal
transaction shall be adjusted in the ways specified in (A) below:

 

A.
Each phase should be 12 months, and the interest rate should be adjusted and calculated at each individual phase. The interest
rate determination date of the second and subsequent phases shall be the corresponding date on which the phase of each withdrawal
transaction expires. The lender shall adjust the interest rate according to the LPR published by the National Interbank Lending
Center on the prior business day and the floating rate.

 

B. No adjustment during the whole term.

 

3.2 Foreign Exchange Borrowing
Rate

 

    	 	 	 

     

    

 

3.3. The interest rate
shall be calculated daily and settled monthly from the date of withdrawal. When the loan is due, the interest should be paid off
with the principal. The daily interest rate = the annual interest rate /360.

 

3.4 The overdue penalty
interest rate under this contract shall be determined by adding 50.000000 % to the original loan interest rate, and the
penalty interest rate for embezzlement shall be determined by adding 100.000000 % to the original loan interest rate.

 

Article 4 Withdrawal

 

4.1 The lender requests
the following withdrawal method specified in (1) below:

 

(1) The borrower shall make one lump-sum
withdrawal before June 30, 2020.

 

4.2 The lender may entitled to cancel part or
all of the borrower's undrawn borrowing, if the borrower fails to withdraw money as agreed.

 

Article 5 Repayment

 

5.1 The borrower shall repay the loan in the ways
specified in (1) below:

 

		(1)	Both principle and interest are due as a one lump-sum payment upon loan maturity date.

 

		(2)	Other:________

 

Article
6 Guarantee

 

The_______/_________
has provided maximum guarantee for the underlying loan, and the information of the corresponding guarantee contract is as
follows: The Contact No: ________/_________

 

Article
7 Financial Commitment

 

The borrower shall maintain following financial commitment:

________/_________

 

Article 8 Dispute Resolution

 

Disputes under this contract will be resolved
through litigation in the court where the lender is located.

 

    	 	 	 

     

    

 

Article 9 Other

 

9.1 This contract is in
quadruplicate, where the borrower, the lender, Heilongjiang Province Xinzheng Investment & Guarantee Group Co., Ltd., and Tahe
Market Supervision Administration each holds one copy and all have the same legal effect.

 

9.2 The following attachments
are agreed by both parties as inseparable part of this agreement, which have the same legal effect as this agreement:

 

Attachment
1: Withdrawal Notice (Format)

Attachment
2: Payment Entrustment Agreement

 

9.3 Please contact at 95588
or the lender’s business office for relevant matters or complaints.

 

Article 10 Other Matters Agreed by Both
Party

 

The shareholder, legal
person and spouse of the additional borrower shall bear joint guarantee responsibility, implement legal and effective guarantee
procedures, and sign a guarantee contract.

 

Part Two: Specific Clauses

 

Article 1 Interest rate and Interest

 

1.1 When borrowing in currency,
LIBOR shall be the interbank offered rate of the currency borrowed under the this agreement as shown on the REUTERS financial telecommunication
terminal page “LIBO=” on withdrawal date or two business days before the pricing benchmark adjustment date (11:00 am
London time). HIBOR shall be the interbank offered rate of Hongkong Dollar as shown on the REUTERS financial telecommunication
terminate page “HIBO=” on withdrawal date or two business days before the pricing benchmark adjustment date (11:15
Hongkong time).

 

1.2 The interest rate is
determined by the benchmark interest rate plus the floating range. The overdue interest rate shall be determined by the same manner.

 

    	 	 	 

     

    

 

1.3
If the interest is settled monthly, the settlement date shall be 20th of
each month; if the interest is settled quarterly, the settlement date shall be 20th
of the third month,; if the interest is settled semi-annually, and the settlement date shall be June 20th
and December 20th.

 

1.4 The first interest
period is from the withdraw date to the first settlement date; the last interest period is from the second date of previous settlement
to the repayment date. The rest interest periods are from the second date of previous settlement to the next settlement date.

 

1.5 Loan interest = loan principal ×daily interest
rate ×actual days of use.

 

If
equal principal and interest repayment method is adopted, the calculation formula of principal and interest shall be as follows:

 

Total principal and interest
of each period = (financing principal × period interest rate × period repayment period)/ ((period interest rate) repayment
period -1)

 

1.6 The new interest rate
shall be adopted in case the People's Bank of China decides to adjust the determination method for the interest rate, and the lender
is not obligated to notify the borrower.

 

1.7 If the interest rate on the signing date of this
agreement is lower than the LPR published by the National Interbank Lending Center, the lender has the right to reevaluate annually
and cancel part or all of the interest preference based the evaluation of policy change, the borrower’s credit status, etc.
and notify the borrower in a timely manner.

 

Article 2 Issuance and Transfer

 

2.1 The withdrawal of the
loan must meet the following preconditions; otherwise the lender is not obligated to make any transfer to the borrower, except
that the lender agrees to make the transfer in advance:

 

		(1)	Other than the credit loan, the borrower has provided corresponding guarantees as required by
the lender and has completed relevant guarantees procedures;

		(2)	At the time of withdrawal, the borrower’s statements and guarantees under this agreement
are still true, accurate, and complete, and no breach of this agreement or any other agreements signed by the borrower or the lender
has happened;

		(3)	The proof of loan use provided is consistent with the agreed use;

		(4)	Submit other information required by the lender.

    	 	 	 

     

    

 

2.2 If the borrower invests
the loan under this agreement in fixed assets, in addition to satisfying the requirements under 2.1, the borrower must also satisfy
the following requirements:

 

		(1)	The invested project has obtained the examination, approval or filing from
the relevant governmental agencies;

		(2)	The invested projected has obtained the capital base or other supporting
funds in a timely manner and in full amount;

		(3)	The borrower is able to cover the excess expense that has or has not been
incurred;

		(4)	The borrower has completed the project schedule as planned, where actual
progress of the project matches the corresponding invested amount.

 

2.3 If the borrower withdraws
the loan through the designated business outlet of the lender, it must submit a withdrawal notice to the lender at least five working
days in advance. Once the withdrawal notice is submitted, it cannot be revoked without the written consent of the lender. The lender
shall stamp on the loan receipt with lender’s official seal or special financial seal by following the instructions on the
withdrawal notice regarding the seal of holdback escrow signature. The lender hereby confirms that the loan receipt shall be valid
if the holdback escrow signature contains both official and special financial seal or if a single or more seals are stamped on
the loan receipt.

 

2.4 After the borrower satisfies the prerequisites
for withdrawal or advances the loan with the

consent of the lender,
the lender will transfer the loan to the borrower ’s withdrawal account agreed in this contract, which means that the lender
has issued the loan to the borrower in accordance with the contract.

 

2.5 According to the relevant
regulatory regulations and lender management requirements,

loans exceeding a certain
amount or meeting other conditions should use the lender's entrustment payment method, and the lender will pay the loan to the
person in accordance with the contract according to the borrower's withdrawal application and payment entrustment. For this purpose,
the lender and the borrower shall sign an entrustment payment agreement as a supporting document for this agreement. The borrower
shall open or designate an account with the lender for entrustment matters.

 

Article 3 Repayment

 

3.1 The borrower is obligated to repay the principal,
interest and other balances due for each period in a timely manner according to this agreement. On the repayment day and the prior
of business day of the interest expiry date, the borrower shall transfer the interest, principal and other balances due to the
lender’s account. The lender has the right to take voluntary receipt of the transfer on the same days. If the funds sent
to the lender’s account are insufficient for full repayment of the borrower’s balances due, the lender has the right
to determine the discharge order.

 

    	 	 	 

     

    

 

3.2 The borrower may choose
to repay part or all of the loan 10 business days in advance by submitting a written consent to the lender.

 

3.3 Once obtained the consent
of the lender for advance repayment, the borrower shall make the full repayment before or on the advance date, in accordance with
the principal, interest and other clauses of this agreement.

 

3.4 The lender has the
right to recall the loan based on the borrower’s return of funds.

 

3.5 If the borrower repays
in advance or the lender withdraws the loan in advance in accordance with this contract and the actual borrowing period is shortened,
the corresponding interest rate level will not be adjusted and the original borrowing interest rate will still be implemented.

 

Article 4 Guarantee

 

4.1 In addition to credit
loans, the borrower shall provide legal and effective guarantees recognized by the lender for the performance of its obligations
under this contract. The guarantee agreement shall be separately signed.

 

4.2 If the collateral under
this contract is damaged, depreciates, involves in property rights disputes, being seized, or the pledger disposes of the collateral
without authorization, or the guarantor experiences adverse change in his/her financial situation, or other changes adverse to
the lender's claims occur, the borrower shall notify the lender in time and provide other guarantees approved by the lender.

 

4.3 The lender shall have
the right to re-evaluate the value of the security property and the guarantee ability of the guarantor periodically or irregularly.
If it is deemed that the value of the security property is reduced or the guarantee ability of the guarantor is reduced, the borrower
shall provide additional value reduction or guarantee ability. The reduced portion of the equivalent guarantee may also be provided
in addition to other guarantees approved by the lender.

 

    	 	 	 

     

    

 

4.4 If the loan under this
contract provides pledged security with accounts receivable, during the validity period of this contract, if one of the following
situations occurs, the lender has the right to declare the loan to expire early and require the borrower to repay part or all of
the loan principal and interest immediately Legal, valid and full guarantees approved by the lender:

 

		(1)	The bad debt rate of accounts receivable from the pledger of the accounts receivable to the payer
has been rising for 2 consecutive months;

 

		(2)	The accounts receivable due from the pledgor of the accounts receivable to the payer accounted
for more than 5% of the balance of accounts receivable to the payer; or

 

		(3)	The pledgee of the account receivable has trade disputes (including but
not limited to quality, technology and service disputes) or debt disputes with the payer or other third parties, which may cause
the receivables to fail to be paid on time.

 

Article 5 Account Managements

 

5.1 If the loan proceeds are
used for the borrower’s operational activities and working capital requirement, the borrower shall designate an account with
the lender for return on the funds, for the purpose of receiving the corresponding sales income or schedule repayment. If the corresponding
sales income is not paid in cash, the borrower shall ensure that the cash is sent to the designated account in a timely manner
once it is received.

 

5.2 The lender has the right
to monitor and manage the designated account for return on the funds, including but not limited to the sales income and expense,
with which the borrower shall cooperate. Upon the lender’s request, the borrower and the lender shall sign special account
management agreement.

 

Article 6 Representations and
Warranties

 

The borrower makes the
following representations and warranties to the lender, which shall remain valid throughout the term of this contract:

 

6.1 It is qualified as
the subject of the borrower and has the qualification and ability to sign and perform this contract.

 

6.2 The signing of this
contract has obtained all necessary authorization or approval, and the signing and performance of this contract does not violate
the company's articles of association and relevant laws and regulations, and has no conflict with other obligations under this
contract.

 

    	 	 	 

     

    

 

6.3 Other debts payable
have been paid on schedule and there is no malicious default on the principal and interest of bank loans.

 

6.4 No major violations
of rules and regulations have taken place in the production and operation process in the recent years, and the current senior managers
have no major bad records.

 

6.5 All documents and materials
provided to the lender are true, accurate, complete and valid, and there are no false records, material omissions or misleading
statements.

 

6.6 The borrower does not
conceal from the lender information about any litigation, arbitration or claims incidents involved.

 

6.7 Investment in fixed
assets and irrelevant projects and loan clauses all comply with the law and regulations.

 

Article 7 Borrower’s Commitment

 

7.1 The borrower shall
withdrawal and use the loan proceeds in accordance with the duration and the use specified by this agreement. No loan proceeds
shall enter the capital market, futures market and other uses which the relevant law and regulations prohibit or limit.

 

7.2 The borrower shall
repay the principal, interest and other dues in accordance with this agreement.

 

7.3 The borrower shall
cooperate with the lender on the supervision and inspection of the use of the funds borrowed under this agreement and of the business
condition of the and that it will promptly provide all financial statements and related materials needed by the lender, which the
borrower warrants to be true, complete and accurate.

 

7.4 The borrower shall
accept the credit check from the lender, provide the lender authentic, accurate and complete financial documents and other documents
that show the borrower’s solvency, including all the borrower’s opening bank, bank accounts, checking balances. The
borrower shall provide active cooperation and assistance with the lender’s investigation and supervision of the borrower’s
production, management, and financial activities.

 

7.5 If there is any outstanding
principal and interest of borrowings and other payables that are due (including being immediately due) under this contract, dividends
and bonuses will not be distributed in any form.

 

    	 	 	 

     

    

 

7.6 The merger, division,
capital reduction, equity change, equity pledge, major asset and debt transfer, major foreign investment, substantial increase
in debt financing, and other actions that may adversely affect the lender's equity should be carried out with prior written consent
from the lender or arrangements that meet the lender's management requirements for the realization of the lender's claims.

 

7.7 The borrower shall
issue written notices to Lender upon occurrence or possible occurrence of the following events in time:

 

(1) Borrower
amends it articles of association, replaces its legal representative, reduces its registered capital or makes material
changes in its finances or personnel;

 

(2) Suspension
of business, dissolution, liquidation, suspension of business operations for rectification, revocation of business license,
revocation or application for bankruptcy;

 

(3) Borrower
involves or may involve major economic disputes, litigation, arbitration, or its assets are seized, or enforced, or judicial,
taxation, industry and commerce, and other competent authorities have filed investigations or taken punishment;

 

(4) Borrower
is a party to a material legal suit or its main assets have been put under property preservation or other orders;

 

(5) Mergers,
divisions, capital reductions, equity changes, equity pledges, withdrawals, major asset and debt transfers, major foreign
investments, substantial increase in debt financing, and other events that may adversely affect the lender's equity.

 

7.8 The borrower shall timely, comprehensively
and accurately disclose related party relationships and related party transactions to lenders.

 

7.9 The borrower shall sign all kinds of notices
sent by lenders or delivered in other ways in time.

 

7.10 The borrower shall not dispose of its own
assets in a way that reduces its solvency; providing guarantees to third parties does not damage the rights and interests of the
lender.

 

7.11 If the borrower defaults, the borrower
shall bear the costs incurred by the lender in order to realize the claims under this contract, including but not limited to, attorney’s
fees, auction

fees, notary fees, and the cost of applying
for the issuance of an executive certificate, etc.

 

    	 	 	 

     

    

 

7.12 The order in which
the borrower's debts are settled under this contract takes precedence over the borrower's debts to its shareholders, legal representatives
or principals, partners, major investors or key management personnel, and the debts of the same type with the borrower's other
creditors are at least equal status.

 

7.15 The borrower shall
strengthen environmental and social risk management, and accept the supervision and inspection of lenders in this regard. Submit
environmental and social risk reports to the lender if required by the lender.

 

Article 8 Lender’s Commitment

 

8.1 The lender shall release the full loan on schedule
under this agreement;

 

8.2 The lender shall protect the privacy of
the unpublic information of the borrower’s financial and production activities, except as otherwise specified by the law
and regulation and other clauses under this agreement.

 

Article 9 Breach of Contract

 

9.1. Any of the following events shall be considered
a breach under this Article:

 

		(1)	The borrower fails to repay the loan principal and interest and other payables
under this contract as agreed, or fails to perform any other obligations under this contract, or violates the statements, guarantees
or commitments under this contract;
	 	 	 

		(2)	The guarantee under this contract has changed to the detriment of the lender’s
claims, and the borrower has not provided other guarantees that meet the lender ’s management ;
	 	 	 

		(3)	Borrower or guarantor is involved in illegal activities;
	 	 	 

		(4)	According to the stipulations in the loan terms, in case of the guarantor
(guaranty) changed, which leads to the obligations performed by the guarantor ahead of schedule or the disposal of guaranty by
the money lender in advance; or any actions the borrower may take which influence returning the principal and interests to the
money lender;
	 	 	 

		(5)	The borrower's financial indicators such as profitability, solvency, operating
capacity and cash flow exceed the agreed standards, or the deterioration has or may affect the performance of its obligations under
this contract;

 

    	 	 	 

     

    

 

		(6)	The borrower's equity structure, production and operation, foreign investment,
etc. have undergone significant adverse changes that have or may affect the performance of its obligations under this contract;
	 	 	 

		(7)	The borrower is involved or may be involved in major economic disputes,
litigation, arbitration, or the assets are seized, seized, or enforced, or the judicial or administrative organs file the case
for investigation and punishment, or take punitive measures according to law, or have been violated due to violation of relevant
national regulations or policies, media exposure that has or may affect the performance of its obligations under this contract;
Abnormal changes, disappearances of the main investor of the borrower, key management personnel, disappearance, or legal investigation
by the judicial authority restrictions on personal freedom that have or may affect the performance of their obligations under this
contract;
	 	 	 

		(8)	Borrowers use false contracts with related parties, use transactions without
actual transaction background to borrow lender funds or credits, or intentionally evade the lender's claims through related party
transactions;
	 	 	 

		(9)	The borrower has or may be closed, disbanded, liquidated, suspended for
business rectification, revoked business license, revoked, or filed (applied for);
	 	 	 

		(10)	The borrower has caused liability accidents, major environmental and social
risk events due to violations of laws and regulations, regulatory provisions or industry standards related to food safety, safe
production, environmental protection and other environmental and social risk management, which have or may affect his performance
of obligations;
	 	 	 

		(11)	The legal representative, responsible person, partner and major investors
or key management personnel of the lender gets involved in gang-related, drug, gambling and smuggling or other kinds of crime;
	 	 	 

		(12)	The borrower defaults on taxes, fees or frequently fails to pay wages to
employees in a timely manner;
	 	 	 

		(13)	The legal representative, responsible person, partner and major investors
or key management personnel of the lender defaults on personal loan or breaches credit card contract.
	 	 	 

		(14)	There exist other circumstances that may cause the lender ’s realization
of its claims under this contract to be adversely affected.

 

    	 	 	 

     

    

 

9.2. In the event of borrower’s breach, the
lender has the right to take the following steps:

 

		(1)	Request
the borrower to rectify the breach of contract within a time limit;

 

		(2)	Stop providing loan funds that Borrower has not yet used;

 

		(3)	Unilaterally declare all principal already lent under the Loan Contract to be due ahead of the contract due date and require
Borrower immediately to return the principal and pay all interest due; and

 

		(4)	Take other remedies as provided by applicable laws and regulations.

 

		(5)	If the borrower fails to repay the loan as contracted or the borrower fails to use the loan for the purposes specified in this
contract, the lender shall have the right to charge the penalty interest at the overdue penalty interest rate stipulated in this
contract from the date of the expiration of the loan.

 

9.3 If the borrower is
due (including the immediate expiration of the loan) and the borrower fails to repay as agreed, the lender shall have the right
to collect the penalty interest at the overdue penalty interest rate agreed in this contract from the date of overdue. For the
interest (including penalty interest) that the borrower fails to pay on time, compound interest will be charged at the overdue
penalty interest rate. Penalty / compound interest settlement rules apply to the interest settlement rules stipulated in this contract.

 

9.4 If the borrower fails
to use the loan for the purposes stipulated in this contract, the lender has the right to collect the penalty interest on the embezzled
portion of the embezzled loan penalty interest rate from the date the loan is embezzled. If the loan is not paid on time during
the embezzlement For interest (including penalty interest), compound interest shall be collected at the penalty interest rate of
embezzled loans. Penalty / compound interest settlement rules apply to the interest settlement rules stipulated in this contract.

 

9.5 If the borrower occurs
at the same time as described in Articles 9.3 and 9.4 above, the penalty interest rate shall be determined by whichever is heavier
and cannot be imposed concurrently.

 

9.6 If the borrower fails
to repay the loan principal, interest (including penalty interest and compound interest) or other payables on time, the lender
has the right to make announcements through the media.

 

9.7 The control or controlled
relationship between the borrower ’s related party and the borrower has changed, or the borrower ’s related party has
experienced other circumstances in addition to item (1) (2) in Article 9.1 above, which has or may If it affects the performance
of the borrower ’s obligations under this contract, the lender shall have the right to take the measures agreed upon in this
contract.

 

    	 	 	 

     

    

 

Article 10 Deduction

 

10.1 If the borrower fails to repay the debts on
time (including the debts which is declared to be immediately due) as agreed in the contract, the borrower agrees that the lender
withholds the corresponding amount from all the local and foreign currency accounts opened by the borrower in Industrial and Commercial
Bank for repayment until the loan is made. The date when all debts of the payee under this contract have been discharged.

 

10.2 If the withholding
amount is inconsistent with the currency hereof, it shall be converted according to the exchange rate applicable to the lender
on the withholding date. The interest and other expenses incurred during the period of the debt and the difference caused by the
fluctuation of exchange rate during the period shall be paid by the borrower.

 

10.3 If the withholding
amount from the borrower is not enough to pay off all of its debts, the money lender shall have the right to determine the priority
of claims.

 

Article 11 Transfer of Rights
and Duties

 

11.1 The lender may transfer
his rights and interests under the contract to other people even if with no approval from borrower or guarantor, while the borrower
and guarantor shall continue to finish their responsibilities or obligations stipulated in the contract; the borrower or guarantor
shall not transfer his responsibilities or obligations stipulated in the contract to a third party if with no written approval
from the money lender.

 

11.2 The lender or Industrial and Commercial Bank
of China (“ICBC”) may authorize or entrust its other branches to exercise the rights and responsibility under this
agreement, or transfer the relevant rights to other branches for takeover and management, pursuant to management needs. The lender
approves this practice and the borrower does not need to obtain the lender’s approval for the practice above. ICBC or its
branch that takes over the lender’s rights and responsibilities has the right to exercise all the rights of the lender under
this agreement and the right to initiate legal proceedings, arbitration or forced execution.

 

    	 	 	 

     

    

 

Article
12 Take Effect, Change, Cancel and Terminate

 

12.1 This contract shall come into force when the
following conditions are met and shall be valid until the date when the borrower's obligations here under have been fully fulfilled.

 

12.2 Any modification to
this Agreement shall be negotiated and agreed upon by both parties, and be made in writing. Modifications to this Agreement shall
constitute part of the Agreement and have the same legal effect. Prior to the effective date of a modification, the original clause
remains legally effective.

 

12.3 There shall be no
influences on the rights that each party has for its losses compensated after any changes or termination of the contract happened.
The termination of the contract shall not affect the effectiveness of the clauses in the contract stipulated for settling disputes.

 

Article 13 Application of law
and dispute resolution Article

 

The conclusion, validity,
interpretation, performance and dispute settlement of this agreement shall be governed by the laws of the People's Republic of
China. All disputes and disputes arising out of or in connection with this agreement shall be settled by the parties through negotiation.
If no agreement can be reached through negotiation, the dispute shall be litigated in the People’s Court where the lender
is located with proper jurisdiction.

 

Article 14 The address of service
of litigation/arbitration documents shall be sent

 

14.1 The borrower acknowledges
that the address set forth on the first page of this contract shall be the service address of the litigation/arbitration documents
involved in the disputes hereunder. Litigation/arbitration documents include but are not limited to summons, notice of hearing,
judgment, order, conciliation statement and a notice of performance, etc.

 

14.2 The borrower agrees
that arbitration/litigation documents may be served by the arbitration institution or the court by fax or E-mail as set forth in
the first page of this contract, except the written judgment, order or conciliation statement.

 

14.3 The above provisions
on service shall apply to all stages of first instance, second instance, retrial and execution of arbitration and litigation proceedings.
For the above address of service, service may be made by the arbitration institution or the court directly by mail.

 

    	 	 	 

     

    

 

14.4 The borrower shall
ensure the authenticity and validity of the address, contact person, fax, E-mail and other information recorded in this contract.
If the relevant information is changed, the borrower shall promptly notify the lender in writing; otherwise, the borrower shall
bear any legal consequences due to they fail to provide the valid address.

 

Article 15 Complete Agreement

 

This Loan Agreement is
comprised of Part One: Basic Clauses and Part Two: Specific Clauses. Any phrase in both parts of Loan Agreement shall have the
same meanings. Both parts apply to the loan made pursuant to this Loan Agreement.

 

Article 16 Notice

 

16.1 All notices shall be sent in writing (including
electronic form). Unless otherwise agreed, the address in the contract shall be the contact address. Any change in the contact
mode of either party shall be notified to the other party in writing in time.

 

16.2 In the event that any party to Loan Agreement
rejects to receive notices, or any notice cannot be delivered due to other circumstances, notice shall be deemed to be given if
the sender obtains notary certificate.

 

Article 17 Special provisions of value-added tax

 

17.1 The interest and fees
paid by the borrower to the lender under this contract (as specified in the contract) are tax-inclusive.

 

17.2 If the borrower requires
the lender to issue a VAT invoice, it shall first register the information at the lender, including the borrower's full name, taxpayer
identification number or social credit code, address, telephone number, bank of deposit and account number. The borrower shall
ensure that the relevant information provided to the lender is true, accurate and complete, and provide relevant proof materials
as required by the lender. The specific requirements shall be published by the lender through the network notice or website announcement.

 

    	 	 	 

     

    

 

17.3 If the borrower collects the VAT invoice by
itself, it shall provide the lender with the power of attorney with the stamp, designate the recipient and specify the recipient's
ID card number and other information. The designated recipient shall collect the VAT invoice with the original ID card. If the
person is changed, the borrower shall re-issue the power of attorney with seal to the lender. If the borrower chooses to receive
the VAT invoice by mail, it shall also provide accurate and deliverable postal information; if the mailing information has been
changed, it shall promptly notify the lender in writing.

 

17.4 If the lender fails
to issue the VAT invoice in time due to force majeure such as natural disasters, governmental ACTS, social abnormal events or tax
authorities, the lender shall have the right to delay the invoice issuance without any liability.

 

17.5 If the invoice is
lost, damaged or overdue after the VAT invoice is received by the borrower or after the lender has handed it over to a third party,
the borrower cannot receive the corresponding VAT invoice or the deduction cannot be credited The person is not responsible for
compensation for the borrower ’s related economic losses.

 

17.6 If the VAT invoice
is received by the borrower or delivered by the lender to a third party by mailing, and the invoice is lost, damaged or overdue
due to other non-lender reasons, which causes the borrower to fail to receive the corresponding VAT invoice or fail to offset the
overdue VAT invoice, the lender shall not be responsible for compensating the borrower for the relevant economic losses.

 

17.7 During the performance
of this contract, in case of national tax rate adjustment, the lender shall have the right to adjust the agreed price according
to the change of national tax rate.

 

Article 18. Other Clauses

 

18.1 The non-exercise,
partial exercise, or delay in the exercise of any rights that the borrower has under this Agreement shall not constitute the abandonment
or alteration of such rights, nor shall it impact the borrower’s future exercise of such rights or any other rights it has
under this Agreement.

 

18.2 The invalidity of
any clause in the contract shall not affect the validity of other clauses, no shall it affect the validity of the whole contract.

 

    	 	 	 

     

    

 

18.3 In compliance with
applicable laws and regulations, the money lender shall have the right to provide information related to this Agreement and related
to the borrower to Credit Information System established by People’s Bank of China.

 

18.4 In this Agreement
and any modifications thereof, “Primary Management Personnel” shall be interpreted pursuant to the definition in Corporation
Accounting Standards No.36.

 

18.5 The environmental
and social risks mentioned in this contract refer to the harm and related risks that the borrower and its important related parties
may bring to the environment and society during construction, production and business activities, including energy consumption,
pollution, land, health and safety, resettlement, ecological protection, climate change and other environmental and social issues.

 

18.6 Any certificate or
records kept by the creditor in its regular course of business shall have binding evidentiary effects on the borrower regarding
its lender-borrower relationship with the money lender.

 

18.7 In this Agreement:
(1) “Agreement” shall include any modifications or supplement made to the original Loan Agreement; (2) titles of the
Articles shall be used for reference only and shall not be interpreted to explain or limit any contents of this Agreement.

 

Both parties confirm that:
the lender and the borrower have undertaken sufficient negotiation over all of the clauses under this agreement. The lender has
called the borrower’s special attention to clauses about both parties’ rights and responsibilities by understanding
the clauses in an accurate and comprehensive manner, and has explained and illustrated the clauses in response to the borrower’s
request. The borrower has carefully read and understood all the clauses of this agreement (including the Part One: Basic Clauses
and Part Two: Specific Clauses). Both parties have consistent understanding of the clauses under this agreement and have no objection.

 

This Loan Agreement has two originals, which
are identical to each other, with each of the parties holding one copy. There are several duplicates for future reference.

 

    	 	 	 

     

    

 

Lender: /s/ Industrial and Commercial Bank of China
Limited - Tahe Branch

 

Borrower: /s/ Greater Khingan Range Forasen Energy
Technology Co., Ltd. Tahe Power Plant

 

I, as the legal representative / authorized representative
of the borrower, hereby confirm that the borrower borrows from the lender in accordance with this agreement and the seal stamped
on this agreement is authentic and valid, and have completed executing all of the procedures required by the borrowing.

 

Legal Representative: /s/ Fenghong Qu

 

Date: May 22, 2020

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