Document:

Exhibit 10.7(c)

 

Text Encoding: CMBC-HT041 (GS2007)

 

Maximum Guarantee Contract

 

(Applicable where the guarantor is a unit)

 

No.: GGBZ 2016 SHJZBZEZ No. 011-1

 

Shupeng Technology (Shenzhen) Co.,wd Ltd.
(Seal)

 

CHINA MINSHENG BANKING CORP., LTD. SHENZHEN
BRANCH (Seal)

 

CHINA MINSHENG BANKING CORP., LTD.

 

     

     

    

 

Maximum Guarantee Contract

 

Guarantor: Springpower
Technology Co., Ltd. (hereinafter referred to as Party A)

 

Address: Workshop Building A, Shunchao Industrial
Zone, Renmin Road, Danhu Community, Guanlan Street, Bao’an District, Shenzhen City

 

P. C.:

 

Legal Representative / Main Principal: Pan
Dangyu

 

Tel.:

 

Fax:

 

Opening Bank:

 

Account No.:

 

Creditor: CHINA MINSHENG BANKING CORP., LTD.
SHENZHEN BRANCH (hereinafter referred to as Party B)

 

Address:

 

P. C.: 518048

 

Legal Representative / Main Principal: Wu Xinjun

 

Tel.:

 

Fax:

 

In order to ensure the performance of the Main
Contract made and entered into by and between Party B and SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD. (hereinafter referred
to as “Debtor of the Main Contract”), Party A is willing to provide maximum guarantee for all/par of the debts under
the Main Contract. IN WITNESS WHEREOF, Party A and Party B conclude and sign this Contract through friendly consultation in accordance
with relevant national laws and regulations.

 

Chapter 1 Category of the Principal Creditor’s
Right Guaranteed and Maximum Amount of Debts 

 

Article 1 The Main Contract of this Contract
is selected as follows:

 

þ
The Comprehensive Credit Granting Contract of 2016 SHJZBZEZ No. 011 made and entered into by and between Party
B and the Debtor of the Main Contract, this Contract, and the specific business contracts, applications IOU, and certificates of
creditor’s rights or electronic data under this Contract shall constitute the Main Contract of this Contract;

 

x
All of ________ continuously made and entered into by and between Party B and the Debtor of the Main Contract during the period
of the principal creditor’s right specified in Article 3 herein shall constitute the Main Contract of this Contract. The
amount of all the outstanding principals used by the Debtor of this Contract at any time shall not exceed the limit specified in
Article 2 herein. However, within this limit, the Debtor of the Main Contract may apply for recycling the limit of all the outstanding
principals.

 

Article 2 The maximum amount of debts guaranteed
by Party A is: (currency) RMB, (amount in words): fifteen million Yuan only.

 

The maximum amount of debts is the maximum
limit for balance of principals, defined as follows:

 

The maximum limit for balance of principals
is the maximum limit for principals of principal creditor’s rights only. If the principal does not exceed the said limit,
Party A is willing to undertake joint guarantee liability for all the accounts payable within the scope specified in Article 6
of this Contract.

 

     

     

    

 

Chapter 2 Period of the Principal Creditor’s
Right Guaranteed 

 

Article 3 The period of the principal credit’s
right guaranteed under this Contract shall be from Nov 1, 2016 to Nov 1, 2017. The stipulations of this article have
the following meanings:

 

3.1 If the business specified in the Main Contract
is a loan business, the date of release of each loan shall not be later than the expiry date of this period.

 

3.2 If the business specified in the Main Contract
is a business of acceptance of bill/discount/ opening of L/C/ opening of letter of guarantee (or letter of guarantee for the release
of goods), the date of draft of acceptance of bill/discount/ opening of L/C/ opening of letter of guarantee (or letter of guarantee
for the release of goods) shall not be later than the expiry date of this period.

 

Chapter 3 Guarantee Method 

 

Article 4 Joint liability guarantee is adopted
as the method of guarantee by Party A.

 

Article 5 Besides the guarantee method specified
in this Contract, if there is any other guarantee under the Main Contract (including the Debtor of the Main Contract provides mortgage/pledge
guarantee for Party B to the extent of the Debtor’s own property), Party A’s guarantee liability undertaken for Party
B shall not be affected by any other guarantee nor be exempted or reduced arising therefrom. Party B is entitled to select to exercise
the guarantee right under this Contract first and Party A waives the prior right of defense of any other guarantee. If Party B’s
priority to gain compensation from the said mortgage right/pledge right is lost or reduced due to Party B’s waiver of the
mortgage right/pledge right for the property of the Debtor of the Main Contract for any reason or due to Party B’s change
of the sequence or contents of the mortgage right/pledge right, as promised by Party A, Party A’s guarantee liability undertaken
for Party B shall not be exempted or reduced.

 

Chapter 4 Scope of Guarantee

 

Article 6 Party A’s guarantee scope:
the maximum principal of the principal creditor’s rights specified in Article 2 of this Contract and other accounts payable
(including but not limited to interest, default interest, compound interest, penalty, damages, expenses for realizing creditor’s
rights and guarantee right (including but not limited to legal cost, attorney fee and business traveling expenses), and all other
reasonable expenses payable). Other accounts payable specified in the said scope shall be included in the scope of guarantee liability
undertaken by Party A but shall not be included in the maximum limit for balance of principals guaranteed under this Contract.

 

Article 7 The funds (including the funds Party
B obtains from exercising the right specified in sub-clause 12.2 of this Contract) that Party A pays Party B for the purpose for
performing Party A’s responsibility under this Contract shall be paid according to the following order: (1) Party B’s
expenses for realizing creditor’s rights and guarantee right; (2) damages; (3) penalty; (4) compound interest; (5) default
interest; (6) interest; (7) principal. Party B is entitled to change the said order.

 

Chapter 5 Determination of the Creditor’s
Right Guaranteed 

 

Article 8 The creditor’s right guaranteed
under this Contract shall be determined under any one of the following circumstances:

 

8.1 the period of the principal creditor’s
right specified in Article 3 of this Contract expires;

 

8.2 the Main Creditor announces acceleration
of all debts under the Main Contract by law or according to relevant stipulations of the Main Contract;

 

8.3 other circumstances for determining the
creditor’s right guaranteed prescribed by law.

 

Article 9 When the creditor’s right guaranteed
under this Contract is determined, the following shall become effective:

 

9.1 When the creditor’s right guaranteed
under this Contract is determined, the outstanding creditor’s right under the Main Contract shall be included in the scope
of the creditor’s right guaranteed no matter whether the performance period of the creditor’s right has expired or
not or there is any other additional condition.

 

     

     

    

 

9.2 When the creditor’s right guaranteed
under this Contract is determined, all funds other than principals specified in Article 6 of this Contract shall be included in
the scope of the creditor’s right guaranteed no matter whether the funds have been occurred or not;

 

9.3 From the date when the creditor’s
right guaranteed under this Contract is determined to the date of full repayment of the creditor’s right guaranteed, if the
Debtor of the Main Contract fails to perform the obligation of repayment of debts, Party B shall have the right to directly claim
Party A for compensation and Party A shall repay Party B relevant debts immediately.

 

Chapter 6 Guarantee Period 

 

Article 10 The guarantee period of the guarantee
liability undertaken by Party A shall be two years and the date of start shall be determined according to the following method:

 

10.1 If the expiry date of the performance
period of a debt under the Main Contract is early than or equals to the date of determination of the creditor’s right guaranteed,
the guarantee period of the guarantee liability undertaken by Party A for the debt shall start from the date of determination of
the creditor’s right guaranteed;

 

10.2 If the expiry date of the performance
period of a debt under the Main Contract is later than the date of determination of the creditor’s right guaranteed, the
guarantee period of the guarantee liability undertaken by Party A for the debt shall start from the expiry date of the performance
period of this debt;

 

10.3 The term “expiry date of the performance
period of a debt” indicated in the preceding paragraph includes the expiry date of the debt when the Debtor of the Main Contract
repays the debt by installments and also includes the expiry date of acceleration announced by the Creditor according to the stipulations
of the Main Contract;

 

10.4 If the business under the Main Contract
is a business of letter of credit, bank acceptance bill, letter of guarantee or letter of guarantee for the release of goods, the
date of external payment shall be deemed as the expiry date of the performance period of the debt.

 

Chapter 7 Both Parties’ Rights and
Obligations 

 

Article 11 Rights and obligations of Party
A

 

11.1 Party A is a legal person duly established
and validly existing, has the capacity for civil rights and the capacity for civil conducts for signing and executing this Contract,
and has obtained all necessary licenses, approvals, registration and files required for signature of this Contract;

 

11.2 All the internal authorization formalities
required for Party A for signing this Contract have been completely handled and become fully effective. Party A’s signature
of this Contract and performance of its obligations under this Contract shall not conflict with the current articles of association
and the internal rules and regulations, or any other contract, agreement and document binding upon Party A.

 

11.3 Party A shall ensure the authenticity,
legitimacy and effectiveness of the documents that Party A provides Party B for demonstrating Party A’s legal identity and
its ability for performing the guarantee liability under this Contract;

 

11.4 When the creditor’s right guaranteed
under this Contract is determined, if the Debtor of the Main Contract fails to perform the debt prior to the expiry date of the
performance period of the debt, Party A shall have the obligation to make payment to Party b immediately on the date of receiving
of Party B’s written notice;

 

11.5 When giving guarantee under this Guarantee
Contract, Party A is not involved in any litigation or arbitration which may be sufficient to affect its ability for undertaking
the guarantee liability under this Contract;

 

11.6 Party A shall not bear the guarantee liability
under the Guarantee Contract when the Debtor of the Main Contract has repaid all the debts under the Main Contract on schedule;

 

11.7 During the guarantee period, Party B may
transfer to a third party the creditor’s right under the Main Contract without obtaining Party A’s consent, and Party
A shall continue to undertake guarantee liability;

 

     

     

    

 

11.8 If the Debtor of the Main Contract and
Party B changes the Main Contract through signing an agreement, Party A’s consent may not be obtained if such change does
not increase the Debtor’s debts. However, if such change extends the term or increases the amount of principle of the principal
creditor’s right guaranteed by Party A or allows transfer of debts by the Debtor of the Main Contract, Party A’s consent
shall be obtained. Party A commits to undertake guarantee liability according to the Main Contract after change;

 

11.9 During the valid period of this Contract,
Party B shall be notified thirty days in advance where there is any change of Party A’s operation mechanism, registered capital,
equity, or Party A sells, transfers or disposes by any other means its material assets. Party B shall be notified within seven
days if Party A's address, name or legal representative is changed;

 

11.10 If Party A provides guarantee for any
other third party during the valid period of this Contract, Party B’s rights and interests shall not be damaged.

 

11.11 Loans under the Main Contract may be
used for borrowing for repaying. Party A is willing to undertake guarantee liability.

 

11.12 If the Debtor of the Main Contract changes
the purpose of the funds at random, Party A shall undertake guarantee liability for the debts under the Main Contract and the default
interest and penalty arising from misappropriation of funds.

 

Article 12 Rights and obligations of Party
B

 

12.1 Party B is entitled to demand Party A
at any time to provide the financial reports, financial statements or other data reflecting Party A’s operation conditions
and credit status;

 

12.2 If Party B demands Party a to undertake
guarantee liability according to the stipulations of this Contract, Party A authorizes Party B to deduct relevant funds directly
from the account opened with the bank institutions of China Minsheng Banking designated by Party A. With respect to the part insufficient
for deduction, Party B is entitled to make deduction from any other account opened by Party A with the bank institutions of China
Minsheng Banking or demand Party A to make repayment. Party B shall not bear any responsibility for losses on interest and any
other losses caused to Party A arising from Party B’s behavior of deduction;

 

12.3 Party A may not be notified when Party
B and the Debtor of the Main Contract sign a specific business contract (or agreement) on a specific credit granting business under
the Main Contract.

 

Chapter 8 Liabilities for Breach of Contract

 

Article 13 When this Contract becomes effective,
Party A and Party B shall perform the obligations specified in this Contract. Any party which fails to wholly or partly perform
its obligations specified herein shall undertake relevant liabilities for breach of contract and make compensation for losses caused
to the other party.

 

Chapter 9 Contract Effectiveness, Change
and Termination

 

Article 14 This Contract shall become effective
when both Parties’ legal representatives/main principals or authorized agents sign or seal and both Parties affix their official
seals/special contract seals.

 

Article 15 When the Contract comes into force,
Party A and Party B shall not change or cancel the Contract in advance at random. Should the Contract be changed or cancelled,
a written agreement shall be reached and concluded upon unanimity through consultation.

 

Chapter 10 Dispute Settlement

 

Article 16 Any and all disputes between Party
A and Party B arising from and in connection with the execution of this Contract shall be settled through consultation between
both Parties. Where consultation fails, the dispute shall be governed by the people’s court at the location where Party B
is located.

 

     

     

    

 

Chapter 11 Supplementary Provisions

 

Article 17 Notice and service

 

17.1 Any and all notices or written communications
that one party sends to the other party under this Contract, including (but not limited to) any and all written documents or notices
which must be sent under this Contract, shall be sent by registered post, fax, special delivery or other means to the address of
the other party given on the first page of this Contract;

 

17.2 If sent by registered post, the forth
day after the said document or notice is posted shall be deemed as the date of service and receiving; if sent by fax, the date
indicated in the receipt of being sent successfully shall be deemed as the date of service and receiving; if sent by special delivery,
the date when the special person sends the said document or notice to the address of the addressee shall be deemed as the date
of service and receiving. In case of change of any contact information, the related party shall notify the other party in writing
of the contact information changed within seven days after such change. Then, the notices, documents or applications specified
herein shall be sent according to the contact information after the change.

 

Article 18 The validity of this Contract shall
be independent of this Contract and may not be affected by the invalidity of the Main Contract.

 

Article 19 Other provisions agreed by both
Parties

 

Article 20 This Contract has been made out
in two originals, for Party A, Party B and the related party each holding one, which shall be equally authentic.

 

Article 21 When this Contract is signed, Party
B has explained and interpreted in details all the terms and conditions of this Contract to Party A, and both Parties have no objection
to the terms and conditions of this Contract. Both Parties have accurate understanding of the legal meaning of their corresponding
rights and obligations, limitation of responsibilities or disclaimers.

 

Article 22 Both Parties agree and authorize
Party B irrevocably to report relevant information to the financial credit information database established by the State. Such
information shall include the name, registered address and other related information of this institution, the transaction records,
credit information and bad information (including failure to perform obligations of this Contract, the institution’s performance
of obligations and enforcement ruled or judged by the people’s court, and other relevant bad information prescribed by laws
and regulations) generated during business activities and performance activities of this institution under this Contract.

 

This Contract is signed by Party A and Party
B in Shenzhen.

 

Party A: Springpower Technology (Shenzhen)
Co.,wd Ltd. (Seal) (Seal)

 

Legal Representative / Main Principal: Pan
Dangyu (Seal)

 

Date:

 

Party B: CHINA MINSHENG BANKING CORP., LTD.
SHENZHEN BRANCH (Seal) (Seal)

 

Legal Representative / Main Principal: Ou
Yangyong (Signature) 

 

(Or
Authorized Agent)                              (Signature or Seal)

 

Date:Exhibit 10.24

 

Number: 0400000928-2016nian(Henggang)
No. 00118

 

Working Capital Loan Contract 

 

Important note: The contract is signed between
borrower and lender according to laws and on equal and willing basis, and all the terms of this contract are true meaning of both
sides. In order to protect the borrower’s legitimate rights and interests, the lender hereby inform the borrower to pay full
attention to all the terms concerning the rights and obligations of both parties , especially the bold parts of the contract.

 

The lender: Industrial and Commercial
Bank of China Ltd. Shenzhen Henggang Branch

Person in charge: Yang Duoping 

Residence (address): East City Center Garden
Street shops132, 132A, 133,Henggang Street, Longgang District, Shenzhen    

Zip Code: 518000

 

Borrower: SHENZHEN HIGHPOWER TECHNOLOGY
CO., LTD. 

Legal representative: Pan Dangyu   Contact:
Li Jing

Residence (address): A2 building, luoshan
industry, shanxia, pinghu town, longgang district, shenzhen 

Zip Code: 518000 

Tel:  Fax:   E-mail: /

 

After equal negotiation, both sides agreed
to enter into this particular contract.

 

The first part   Basic
Provisions

 

Article 1 the use of the loan

 

The loan Can be used for the below purpose
and shouldn’t be used for any other purposes without written consent of the lender, the lender has the right to monitor the
use of funds.

Use of loan: The loan can be used as current
funds for production and operations.

 

Article 2 the loan amount and duration

 

2.1 The amount under this contract is RMB20,000,000.00
(RMB TWENTY MILLION ONLY)

 

2.2 The term under this contract is 12 months
from the date of actual withdrawal (if separate withdrawal, from the date of the first withdrawal), the actual withdrawal date
is the date on IOU.

 

Article 3 rate, interest and cost

 

3.1 to determine the RMB loan interest
rates

 

RMB loan interest rates shall be determined
according to the following (3)

 

(1) Fixed interest rate. Annual interest rate
shall be /% and will not change during the duration.

 

     

     

    

 

(2) Floating interest rates. Interest rate
shall be determined by base rate plus floating rate. Base rate is the corresponding base lending rate announced by the People's
Bank of China on the effective date of the contract with underlying term the same as in section 2.2. The floating
rate is  % of the base rate, and shall not change within the loan period. After withdrawal, the interest rates
shall be adjusted every 6 months. The date to determine the second period’s interest rate is the corresponding
date when the first period ends.  If the corresponding date does not exist, then choose the last day of that month. Interest
rate of each withdrawals shall be adjusted according to .

A, the interest rate for each withdrawal
during any six month period shall be determined according to the rate set at the beginning of the underlying period regardless
of the number of withdrawals and shall be adjusted at the next six month period.

B, Borrowing rates of each withdrawal
are determined and adjusted individually.

 

(3) Floating interest rates. Interest rate
shall be determined by base rate plus floating rate. Base rate is up 5% of national interbank lending rates, and the rate
cannot change during the period.

 

3.2 to determine the foreign exchange
loan interest rates

 

Borrowing rates in foreign currency follow
the / ways to determine:

 

(1) Fixed interest rate. Annual interest rate
shall be / and shall not change during the duration.

 

(2) Floating interest rates, borrowing rates
to / months / (LIBOR / HIBOR) as the base rate plus / basis points (one basis point to 0.01%) consisting of a floating interest
rate spreads. Contract period plus point spreads remain unchanged. The use of sub-pen drawing and each withdrawal rates were calculated.
Borrower after the withdrawal, following the / ways to adjust the benchmark interest rate, interest-bearing segment:

A, the benchmark interest rate changes in
accordance with the corresponding period. The second phase of the benchmark interest rate adjustment date for a full withdrawal
on the corresponding day after, if you adjust the month and the withdrawal does not exist on the corresponding date, places corresponding
to the last day of the month, day, and so on other phases.

B, the benchmark interest rate changes in
the first day of each Interest Period.

 

(3) Other: /

 

3.3 Interest for the borrower under the contract
is calculated on a daily basis from the date of withdrawal and is paid on a monthly basis (month / quarter / half year) interest
settlement. When the loan matures, interest should be settles along with the principal. One day interest rate = interest rate /
360.

 

3.4 Late penalty rate under the contract is
130% of the original loan interest rate, penalty interest rate for misappropriation of the loan is 150% of the original loan interest
rate.

 

Article 4 withdrawal(This
section does not apply to loan cycles)

 

4.1Funds should be withdrawn based on the
actual needs, the borrower can make single or multiple withdrawals to the loan amount limit before 9th Sep, 2017.

 

4.2If the borrower does not withdraw according
to the contract, the lender has the right to cancel all or part of the remaining unused balance. 

 

Article 5 repayment

 

5.1 Borrower repay the loan under this contract
in one single lump sum.

 

5.2 If the Borrower prepay the principal in
advance, the borrower should compensate the lender. The compensation should be calculated as: the amount of principle that is prepaid
x the remaining time under the contract (number of months) x 0.1%; the number of months calculated for remaining time should be
rounded to the greater integral number.

 

     

     

    

 

Article 6 cycle loan special agreement not
applicable.

 

Article 7 guarantees

 

7.1 Loans under the contract are guaranteed,
by Hong Kong Highpower Technology co., ltd., springpower technology (Shenzhen) Co., Ltd. and the legal person, Dangyu Pan 's personal
joint responsibility for promissory guarantee.

 

7.2 Under the contract, the corresponding
maximum guarantee contracts are the following:

Maximum amount of guarantee contract name:
"the maximum guaranteed contract" (ID: ICBC 0400000928-2015henggangbaozi 0009)

Guarantor: Hong Kong Highpower Technology
Co., Ltd.

Maximum amount of guarantee contract name:
"the maximum guaranteed contract" (ID: ICBC 0400000928-2015henggangbaozi 0010)

Guarantor: springpower technology (Shenzhen)
Co., Ltd.

Maximum amount of guarantee contract name:
"the maximum guaranteed contract" (ID: ICBC 0400000928-2015henggangbaozi 0011)

Guarantor: Dangyu Pan

 

Article 8 financial agreement not
applicable

/

/

 

Article 9 dispute resolution

 

The dispute submitted to the international
court of arbitration in shenzhen (south China international economic and trade arbitration commission), in accordance with the
submitted to the arbitration application with its effective arbitration rules, in south China international economic and trade
arbitration commission for arbitration on financial center (arbitration place). The award of the arbitration shall be final and
binding upon both parties.

 

 Article 10 other

 

10.1 Contract is in triplicate, the borrower
has one copy, the lender has two copies, which have the same legal effect.

 

10.2 The following attachments along with
other attachments mutually recognized form an integral part of this contract, and have the same legal effect as the contract:

 

Annex 1: Notice of Withdrawal

 

Annex 2: commission payment protocol

 

Article 11 other matters agreed by the
partie

/ 

/ 

/

  

     

     

    

 

The second part   Specific
Provisions

 

Article 1   rate and interest

 

1.1 In foreign currency borrowings, LIBOR
is the benchmark interest rate on the withdrawal date or two banking days before the adjustment date of base interest rate (11:00
noon London time) Reuters (REUTRES) Financial Telecommunication terminal "LIBOR" page displays the borrower under this
contract currency interbank offered rate; HIBOR as the benchmark interest rate adjustment date or withdrawal two banking days before
(11:15 noon Hong Kong time) Reuters (REUTRES) Financial Telecommunication terminal "HIBOR" page shows the same industry
in HK Offered Rate.

 

1.2 For loans with floating interest rates
under the contract, , the rules to adjust the underlying interest rate will not be changed.

 

1.3 For loans with interest rates settled
monthly, interest settlement date is 20th of each month; For loans with interest rates settled quarterly, the interest settlement
date is the 20th of the last month of each quarter; For loans with interest rates settled semi-annually, interest settlement
dates are June 20 and December 20 of each year.

 

1.4 The first interest period is from the
actual withdrawal date to the date of the first interest settlement date; the last interest period is from the following day after
the previous interest period to the final repayment date; other interest period is from the following day after the previous interest
period to the next interest settlement date.

 

1.5 Loan interest = loan principal * daily
rate * days actually used. If the repayment of principal and interest waiting for the forehead, should also principal and interest
computation formula is as follows: the principal and interest of each total = (each interest rate * loan principal * (1 + the interest
rate) for each repayment periods)/((1 + the interest rate) for each repayment periods - 1)

 

1.6 In the case the People's Bank of China
adjust the policies to mandate loan interest rate, the lender will follow such policies, and will not notify the borrower.

 

1.7 Upon signing the contract, if the loan
interest rate is discounted from the base interest rate determined by People’s Bank of China, the Lender has the right to
reevaluate the discount given to the Borrower based on the national policies, credit quality of the borrower, and the changes of
the guarantors, etc. The Lender has the discretion to decide on the cancellation of part or all discount, and will notify the borrower
in the due course.

 

Article 2   loan withdrawal
and release

 

2.1 Upon withdrawal, the borrower must meet
the following prerequisites, otherwise lenders are not obliged to release any funds to the borrower, except the lender agrees to
advance loans:

 

(1) Except loans on credit, the Borrower has
provided appropriate guarantee according to the Lender’s requirements, and related guarantee procedures are completed;

 

(2) No breaches occurred under this contract
or other contracts signed by the Borrower and the Lender.;

 

(3) Evidence of use of funds provided by the
borrower conforms to the agreed use of funds;

 

(4) Provide any other materials needed by
the lender.

 

2.2 The written documents provided by the
Borrower to the Lender upon withdrawal shall be original; Under conditions that original written documents can not be provided,
after the consent of the Lender, a copy of the duplicate with the official seal stamped from the Borrower.

 

     

     

    

 

2.3 Borrowers must submit withdrawal notice
to the Lender at least five banking days in advance before any withdrawal. Once withdrawal notice is submitted, without the written
consent of the lender, it may not be revoked.

 

2.4 If the Borrower meets the prerequisites
for withdrawal or agreed by the Lender to advance the loan, the lender transfers loan amount to the designated borrowers’
account, the lender is deemed to have issued the loan to the Borrower in accordance with the contract.

 

2.5 In accordance with relevant regulatory
requirements and management requirements of lenders, loans more than certain amount or that meet other conditions should be paid
by entrusted payment of the Lender, the Lender should pay loans to the designated object with the borrower's withdrawal application
and payment commission.

 

Therefore, the Borrower should sign entrusted
payment agreement with the Lender as the attachment of the contract, and should open or designate a specific account at the Lender’s
bank to settle the payments.

 

Article 3   repayment

 

3.1 The Borrower shall timely repay the contract
principal, interest and other payables in full. On the payment date and one banking day before each settlement day, current payable
interest, principal and other payables should be fully deposited into the repayment account opened at the Lender’s bank ,
which shall be collected by the Lender on the repayment date or interest settlement date, or the Lender has the right to require
the Borrower handle transfer procedure . If the repayment amount in the account is insufficient to cover all due amounts of the
Borrower, the lender has the right to decide the liquidation order.

 

3.2 The Borrower should submit written application
10 banking days in advance for advanced repayment of all or part of the loans to the lender with the consent of the Lender to pay
compensation to the Lender in accordance with the standard agreed in the contract.

 

3.3 The Borrower shall repay due principal,
interest and other payables in advance with the consent of the Lender according to the contract on the advanced repayment date
..

 

3.4 The lender has the right to call loans
in advance according to the returning situation of borrower’s funds.

 

3.5 If the actual loan period is shorten
because of the advanced repayment by the Borrower or advanced loan call by the Lender according to the contract, the corresponding
interest rate level will not be adjusted.

 

Article 4 cycle loan (not applicable)

 

Article 5   guarantee

 

5.1 In addition to loans on credit, the borrower
should provide legitimate and effective guarantee that is accepted by the Lender to fulfill the obligations under the contract
.. Guarantee contracts are signed separately.

 

5.2 Borrower shall promptly notify the lender,
and further provides other guarantees accepted by the Lender under the conditions that damages, depreciation, property disputes,
being seized or detained, or discreet disposal of collateral by the Borrower, or the guarantor’s financial condition changes
adversely,

 

     

     

    

 

5.3 If accounts receivables are pledged as
collaterals under the contract during the period the contract is still effective, the lender has the right to declare early maturity
of loans, and require the borrower to immediately repay some or all of loan principal and interest, or request additional legitimate
and effective collaterals against the loans, if one of the following conditions occur,

 

(1) The pledgor of the accounts receivable
bad debt increases on the payer of which the accounts receivable are pledged, for two consecutive months;

 

(2) The accounts receivable that is uncollectable
accounts for over 5% of the pledgor’s total accounts receivable.

 

(3) The accounts receivable is due and uncollectable
when trade disputes (including but not limited to quality, technology, service-related disputes) or debt disputes between the pledgor
and payer

 

Article 6 account management

 

6.1 Borrower shall designate a special account
at the Lender’s bank for cash inflows for collecting sales revenues or planned capital repayment. Corresponding to the sales
in the form of non-cash settlement, the borrower should ensure timely receipt of funds into the designated account.

 

6.2 Lender has the right to monitor the designated
account, including but not limited to the capital income and expenditure, the borrower should cooperate. If required by the Lender,
the Borrower should enter into a special account control agreement.

 

Article 7   representations
and warranties

 

Borrower makes the following representations
and warranties to the lender, and such representations and warranties remains in effect under the term of the contract:

 

7.1 Borrower shall have the qualification,
and ability to perform the contract signed with the Lender.

 

7.2 The Borrower has received all the necessary
authorization or approval to sign and perform this contract, which is not in violation of the Articles of Association and relevant
laws and regulations, and shall bear other obligations under the contract not in conflict with other contracts.

 

7.3 The borrower has been scheduled to meet
other debt payments, bank loan principal and interest owed no malicious behavior.

 

7.4 The borrower has a sound organizational
and financial management system, in the last year of production and management process has not a major act of violation of discipline,
the current senior management has no significant adverse record.

 

7.5 The borrower provides to the lender of
all documents and information are true, accurate, complete and effective, there is no false record, misleading statement or significant
omission.

 

7.6 The borrower provides to the lender's
financial and accounting reports are prepared under Chinese accounting standards, true, fair and complete reflection of the borrower's
operations and liabilities, and the borrower's financial situation has not any material adverse change since the most recent financial
reporting period. 7.7 The borrower has not concealed to the lender any litigation, arbitration or claim involved.

 

7.7 Not hidden from the lender the involved
in litigation, arbitration or claims.

 

Article 8 borrower commitment

 

8.1 The Borrower withdraws and uses funds
under terms and conditions in the contract. The borrowed money is not used for fixed assets and equity and other investments, not
in any way into the stock market, futures market or uses prohibited by relevant laws and regulations.

 

     

     

    

 

8.2 Repay the loan principal and interest
and other payables in accordance with the contract.

 

8.3 Accept and actively cooperate with the
lender for account analysis, inspection, on-site reviews, etc., including use of the loan, including the use of funds and supervision
of the inspection. In accordance with the lender’s requirements, the borrower periodically provides summary reports for the
use of funds.

 

8.4 Accept the lender's credit check required
by the lender, and provide the lender with balance sheet, income statement and other financial and accounting information reflecting
the borrower's solvency, to actively assist and cooperate with the lender to investigate and review its financial situation and
production operations.

 

8.5 Before paying off the loan principal and
interest under the contract and other payables, the Borrower is not allowed to repay and dividends.

 

8.6 For the merger, divesture, reduction,
changes in ownership, transfer of substantial assets and debt, significant foreign investment, substantial increase in debt financing
and other activities that may adversely affect the rights of the Lender’s interest, prior written consent is required by
the lender.

 

8.7 One of the following circumstances occurs,
notify the lender:

 

(1) The change on articles of incorporation,
business scope, registered capital, the legal representative;

(2) Out of business, dissolution, liquidation,
business for rectification, revocation of business license is revoked or application (by application) bankruptcy;

(3) Or may be involved in major economic disputes,
litigation, arbitration, or the property was legally seized, detained or regulation;

(4) Shareholders, directors and senior management
is currently involved in serious cases or economic disputes.

 

8.8 Timely, completely and accurately disclose
related party relationships and related party transactions.

 

8.9 Sign and verify notices mailed, or in
the form, from lender ..

 

8.10 Not dispose of assets in order to reduce
the solvency; provide guarantees to third parties without damaging the interest of the lender.

 

8.11 If the loans under the contract are on
credit basis, the Borrower should provide complete, true, accurate information to reflect providing guarantees that may affect
its obligations under this contract, and acquire written consent from the lender.

 

8.12 Take responsibility for the expenses
from the Lender in purpose of fulfillment of contracts, including but not limited to litigation or arbitration fees, property preservation
fees, legal fees, execution fees, assessments fees, auction fees, notice fees.

 

8.13 Debt settlement under the contract is
in priority to its shareholders, and at least has equal status with the borrower's other similar debt from other creditors and
borrowers.

 

8.14 Reinforce the social and environmental
risk management, and agree to accept inspections by the Lender. If requested by the Lender, the Borrower agrees to provide the
corresponding report.

 

Article 9 lender commitment

 

9.1 Release loans to the Borrower in accordance
with the contract.

 

9.2 Maintains the confidentiality of non-public
information, except required by laws and regulations otherwise.

 

     

     

    

 

Article 10 breach of contract

 

10.1 Any of the following events constitutes
an event of breach:

 

(1)The borrower fails to repay principal,
interest, and other payables in accordance with the provisions specified in this contract, or fails to fulfill any other obligations
in this contract, or contrary to the statements, guarantee and commitments in this contract;

(2)The guarantees
in this contract have adversely changed to the Lender’s loan, and the Borrower is not available to provide other guarantees
approved by the lender;

(3) Fail to pay
off any other debts due by the Borrower, or fails to fulfill or breach other obligations in this contract, or likely to affect
the performance of the obligations in this contract;

(4) The financial
performance of the profitability, debt payment ability, operating capacity and cash flow of the Borrower exceed the agreed standards,
or deterioration has been or may affect the obligations in this contract;

(5) The Borrower's
ownership structure, operation, external investment has changed adversely, which have affected or may affect the fulfillment of
the obligations in this contract;

(6) Borrower involves
or may involve significant economic disputes, litigation, arbitration, or asset seizure, detention or enforcement, or judicial
or administrative authorities for investigation or take disciplinary measures in accordance with the laws, or illegal with relevant
state regulations or policies in accordance with the laws, or exposure by media, which have affected or may affect the fulfillment
of the obligations in this contract;

(7) The borrower’s
principal individual investors, key management officer’s change, disappearances or restriction of personal liberty, likely
to affect the performance of the obligations in this contract;

(8) The borrower
using false contracts with related parties, using no actual transaction to extract the lender’s funds or credit, or evasion
of lender’s loan right through related party transactions;

(9) Borrowers have
been or may be out of business, dissolution, liquidation, business reorganizations, business license has been revoked or bankruptcy;

(10) Borrowers breaches
food safety, production safety, environmental protection and other environmental and social risk management related laws and regulations,
regulatory requirements or industry standards, resulting in accidents, major environmental and social risk events, likely to affect
the performance of the obligations in this contract;

(11) In this contract, the borrowing is paid
by credit, the borrower's credit rating, level of profitability, asset-liability ratio, net cash flow of operating and other indicators
do not meet the credit conditions of the lender; or without the lender’s written contract, pledges guarantee or provides
assurance guarantees to other party, likely to affect the performance of the obligations in this contract;

(12) Other adverse
situations may affect in the realization of loan right in this contract.

 

10.2 If the borrower breaches of contract,
the lender has the right to take one or more of the following measures:

 

(1) Require the
borrower to remedy the default within a certain time limit

(2) Terminate other
financing funds in other contract issued to the borrower by the lender, cancel part or all of undrawn borrowings and other financing
amount of borrower;

(3) Announce the
outstanding loan and other financing amount between the lender and the borrower in this contract, and take back the outstanding
amounts;

(4) Requires the
borrower to compensate the loss of the lender caused by the breach of contract;

(5) Measures according
to provisions of lows and regulations, provisions of this contract and other necessary measures.

 

     

     

    

 

10.3 If the borrower fails to repay the due
loan (including loan declared expire immediately), the lender has the right to charge penalty interest according to penalty interest
rate agreed by this contract from the due date. The interest fails to repay on time, charge compound interest according to overdue
penalty interest rate.

 

10.4 Borrower fails to use the loan for agreed
usage, the lender has the right charge penalty interest on embezzlement according to embezzlement penalty interest rate agreed
by this contract. The interest fails to repay on time during the embezzlement period, charge compound interest according to embezzlement
penalty interest rate.

 

10.5 The borrower simultaneously happens the
situations in section 10.3, 10.4, choosing the heavier interest rate to charge, cannot impose in double.

 

10.6 If the borrower does not repay the principal,
interest (including interest and compound interest) or other payables on time, the lender has the right to announcements through
the media for collection.

 

10.7 If the control or controlled relationship
between related parties of the borrower and the borrower changes, or the related parties of the borrower happens the other situations
except the situations of (1) and (2) in above provision 10.1, likely to affect the performance of the obligations of the borrower
in this contract, the lender has the right to take the measures agreed in the contract.

 

Article 11 deduction

 

11.1 Borrower does not repay the due debt
in this contract according to this contract(including the debt declared due immediately), the lender has the right to deduct corresponding
amount from all the functional and foreign accounts opened at the branches of ICBC, until all the debt of the borrower in this
contract are paid off.

 

11.2 If the currency of deduct payments is
inconsistent with the currency in this contract, the exchange rate on the deduction day is the applicable exchange rate. The interest
and other fees during the deduction fees and debt pay off day, and the difference because of fluctuations the exchange rate during
this period is assumed by the borrower.

 

11.3 If deducted amount for the lender is
insufficient to pay off all debts, the lender has the right to determine the payment order.

 

Article 12 transfer of rights and obligations

 

12.1 Lender has the right to transfer all
or part of the right in this contract to a third party, the transferring actions do not need to acquire the consent of the borrower.
If without the consent of the lender in writing, the borrower cannot transfer any right and obligations in this contract to a third
party.

 

12.2 The Lender or China Industrial and Commercial
Bank Limited ("ICBC") can Authorize or commit the other branches to perform the rights and obligations in this contract
according to operation need, or transfer the loan right in this contract to the other branches of ICBC, the borrower must agree,
and the above actions of the lender do not need to ask for permission of borrower. The other branches which undertake the lender’s
rights and obligations have the right to perform all rights in this contract, and have right to apply for litigation, arbitration,
compulsory execution for the disputes in this contract in the branch’s name.

 

     

     

    

 

Article 13 Effect, Change and Terminate
of This Contract

 

13.1 This contract is effective since the
signature date, and is terminated on the day the borrower performs all the obligations in this contract.

 

13.2 Any change of this contract shall be
agreed by all parties involved and be made in writing. The changes of provisions and agreements are part of the contract, has equal
legal right with the contract. Except the changed part, the rest part of this contract is still valid, before the changes is in
effect, the original terms of this contract is still valid.

 

13.3 The change or termination of this contract
will not affect the right of all parties involved to require compensation. The termination of this contract, will not affect the
effectiveness of the dispute settlement provisions.

 

Article 14 law and dispute resolution

 

The contract formation, validity, interpretation,
performance and dispute settlement are applicable PRC laws. All caused by the contract or in connection with the contract-related
disputes and disputes, both parties should be resolved through consultation, the consultation fails according to the contract settlement.

  

Article 15 confirmation of address
for Litigation/arbitration

  

15.1 The Lender and the Borrower confirm
the mailing address and method indicated in the first page of this Contract as the Borrower’s effective address and method
for service of Litigation/arbitration (including but not limited to summons, notice of trial, written judgment, order, mediation
agreement and notice for performance within a time limit, etc.).

 

15.2 the borrower agree to arbitration
or court use this contract page written arbitration/litigation document to fax, E-mail, except written judgments or orders and
conciliation statements.

 

15.3 the service agreement shall apply to
the procedures of arbitration and litigation in the first instance, second instance and retrial and implementation stages. To the
above address of service agency or court of arbitration for delivery can be directly by mail.

 

15.4 The Borrower ensures that the address
for service given above is accurate and effective. In case of change of the address for service given above, the Borrower ensures
to notify the Lender in written form in time, or the service given according to the address given above shall remain effective
and the Borrower shall bear all legal consequences arising therefrom.

 

Article 16 complete contract

 

The first part of this contract, "borrowing
conditions" and the second part of the "liquidity loan contract terms," together form a complete loan contract,
the same two words have the same meaning. The loan borrower is constrained by the above two parts.

 

     

     

    

 

Article 17 notice

 

17.1 All notices under the contract should
be given in writing. Unless otherwise agreed, the parties designated residence stated in this contract for communication and contact
address. Address of any party or other contact is changed, shall be in writing promptly notify the other party.

 

17.2 One party can notify the other party
in the form of announcement or notary service if the recipient party refuses to receive other circumstances that cause inability
to deliver.

 

Article 18 Special provisions for value-added
tax

 

18.1 The costs/interest and expenses (to be
determined pursuant to the specific contract) that the Borrower pay the Lender under this Contract shall be a tax-included price.

 

18.2 If the Borrower requests the Lender to
issue a value-added tax invoice, the Borrower shall register information with the Lender. The information registered shall include
full name of the Borrower, identification number or social credit code of the taxpayer, address, telephone number, opening bank
and account number. The Borrower shall ensure that the relevant information provided for the Lender is accurate, correct and complete.
The Borrower shall, according to the Lender’s requirements, provide relevant supporting materials. The specific requirements
shall be announced by the Lender through website notice or website announcement.

 

18.3 If the Borrower collects a value-added
tax invoice itself, the Borrower shall provide the Lender with a power of attorney sealed, designate a person for collecting and
define the identification card number of the person. The person designated shall take the original of his identification card for
collecting the value-added tax invoice. In case of change of the person designated for collecting, the Borrower shall issue to
the Lender a new power of attorney sealed. In the event that the Borrower selects to collect the value-added tax invoice by post,
the Borrower shall also provide the correct mailing information for service. In case of change of the mailing information, the
Borrower shall notify the Lender timely in written form.

 

18.4 If the Lender is unable to issue a value-added
tax invoice timely due to force majeure, such as natural disaster, government act and social exceptional events, or due to causes
attributable to tax authorities, the Lender shall have the right to postpone issue of a value-added tax invoice, without bearing
any liability.

 

18.5 If the Borrower is unable to receive
a relevant copy of the value-added tax invoice due to causes not attributable to the Lender, such as loss, damage or delay of the
invoice after the Borrower collects or the Lender submits to a third party to post the invoice, or if the Borrower is unable to
make deduction due to delay of the value-added tax invoice, the Lender shall not bear liability of compensation for the Borrower’s
relevant economic losses.

 

18.6 Should a special red-letter invoice of
value-added tax be issued resulting from sales return, suspension of taxable service or wrong information of invoice, or authentication
failure of deduction copy and invoice copy, where the Lender should submit an Information Table for Issuing a Special Red-Letter
Invoice of Value-Added Tax to a tax authority in accordance with relevant laws, regulations and policy documents, the Borrower
shall submit an Information Table for Issuing a Special Red-Letter Invoice of Value-Added Tax to the tax authority, and the Lender
shall issue a special red-letter invoice of value-added tax after the tax authority makes review and notifies the Lender.

 

18.7 In case of adjustment of the national
tax rate during the execution period of this Contract, the Lender shall have the right to adjust the price agreed herein according
to the change of the national tax rate.

 

     

     

    

 

Article 19 Miscellaneous

 

19.1 No failure to exercise or partially exercise
or delay in exercising any right hereunder by the Lender shall be deemed as a waiver or change of this right or any other right
or affect the Lender to further exercise this right or other rights.

 

19.2 The invalidity or enforceability of any
provision of the Contract shall neither affect the validity or enforceability of any other provision hereof nor affect the validity
of the entire Contract.

 

19.3 According to the provisions of relevant
laws and regulations or the requirements of the financial regulatory institutions, the Lender shall have the right to provide the
information related to this Contract and the Borrower’s other relevant information for the credit consulting system of the
People’s Bank of China and other credit information database established by law, for the eligible institutions or individuals
for consultation and use. For the purpose of conclusion and performance of this Contract, the Lender shall also have the right
to inquire the Borrower’s relevant information through the credit consulting system of the People’s Bank of China and
other credit information database established by law.

 

19.4 The terms of “the affiliated parties”,
“the relationship between affiliated parties”, “the affiliated party transaction”, “the main individual
investor” and “the key managerial personnel” stated in the Contract shall have the same meanings as those defined
in the Accounting Standards for Enterprises No. 36 - Disclosure of Affiliated Parties (Finance and Accounting (2006) No. 3) issued
by the Ministry of Finance and future amendment thereto.

 

19.5 The term “environmental and social
risk” means the danger and relevant risk which are likely to cause by the Borrower and its affiliated party during construction,
production and operation activities, including the environmental and social problems related to energy consumption, pollution,
land, health, safety, resettlement of inhabitants, ecological protection and climate change.

 

19.6 The documents and vouchers for the loan
hereunder made and kept by the Lender according to its business rules shall constitute effective evidences of proving the claim
and debt relationship between the Borrower and the Lender and shall be binding upon the Borrower.

 

19.7 In this Contract, (1) this Contract referred
to herein shall include any amendment or supplementation to this Contract; (2) the headings to the articles hereof are for ease
of reference only, and in no event shall the substance of any paragraph be interpreted and the contents and scope be restricted
by such headings; (3) if the date of withdrawal or repayment is not a banking day, it shall be extended to the next banking day.

 

Both parties confirm: the Borrower and the
Lender have made full consultation on all terms and conditions of this Contract. The Lender has reminded the Borrower to pay special
attention to the provisions for the rights and obligations of both parties and have overall and correct understanding of these
provisions. At the Borrower’s request, the Lender has interpreted and explained relevant provisions. The Borrower has carefully
read and fully understood of all terms and conditions of this Contract (including Part 1 Basic Provisions and Part 2 Specific Provisions).
Both the Borrower and the Lender have completely consistent understanding of all terms and conditions of this Contract and have
no objection to the contents of this Contract.

 

Lender (Seal): Industrial and Commercial Bank
of China Limited Shenzhen Henggang Sub-branch

Industrial and Commercial Bank of China Limited
Shenzhen Henggang Sub-branch (Seal)

Person in Charge/Authorized Agent: Yang Duoping
(Seal)

 

Borrower (Seal): Shenzhen Highpower Technology
Co., Ltd. (SEAL)

Legal Representative/Authorized Agent: Pan
Dangyu (Seal)

 

Date of Signature:

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