Document:

MANAGEMENT SERVICES AGREEMENT

 

 

BETWEEN

 

 

 

 

CHANGSHA EZAGOO TECHNOLOGY LIMITED

 

AND

 

 

HUNAN EZAGOO ZHICHENG INTERNET TECHNOLOGY LIMITED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

July 20, 2018

    	 

    	 

    

 

MANAGEMENT SERVICES AGREEMENT

 

This MANAGEMENT SERVICES AGREEMENT (“Agreement”)
is entered into as of July 20, 2018 (the “Effective Date”), by and between the following (each a “Party”
and together the “Parties”):

 

		(i)	HUNAN EZAGOO ZHICHENG INTERNET TECHNOLOGY LIMITED ("HEZL") Registered Address: YIJIAREN
BUSINESS HOTEL NO. 168, UNIFIED SOCIAL CREDIT CODE: TONGZIPO WEST ROAD, YUELE DISTRICT, CHANGSHA, HUNAN 410205, CHINA

 

		(ii)	CHANGSHA EZAGOO TECHNOLOGY LIMITED ("CETL")

 

Registered Address: ROOM 201, BUILDING 5, NANFENG SHIGUANGYUAN,
NO.168

 

TONGZIPO WEST ROAD, YUELU DISTRICT, CHANGSHA, HUNAN 410205,
CHINA

 

 

RECITALS

 

This Agreement is entered into with reference to the
following facts:

 

A.
HEZL is a limited liability company incorporated under the laws of China. HEZL is 80% owned by BEIJING EZAGOO SHOPPING HOLDING
LIMITED and 20% owned by RUIYIN (SHENZHEN) FINANCIAL LEASING LIMITED (collectively, the “Nominee Shareholders”).
HEZL operate digital advertising network in China using flat-panel audiovisual television displays (together with any expansion,
contraction or other change to the scope of that business as contemplated by this Agreement, the “Business”).

 

B.
CETL is a limited liability company incorporated under the laws of China. CETL is 100% owned by EZAGOO LIMITED. CETL has executive
and financial management experience and capability relevant to the Business.

 

C.
HEZL desires to engage CETL to provide management, financial and other services in connection with the operation of the Business,
and CETL desires to provide those services to HEZL. The Parties now desire to memorialize the terms and conditions pursuant to
which those services will be provided by CETL to HEZL, and pursuant to which HEZL will compensate CETL therefor.

 

NOW, THEREFORE,
in consideration for the mutual covenants and promises contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is acknowledged by the Parties, and through friendly consultation, under the principle of equality and
mutual benefits, in accordance with the relevant laws and regulations of China, the Parties agree as follows:

 

AGREEMENT

 

1. 
Management Services. During the Term of this Agreement, CETL will identify and provide to
HEZL executive and financial management personnel in sufficient numbers and with expertise and experience appropriate to provide
the services identified in Appendix I, as it may be amended from time

to time by written
agreement of the Parties (the “Management Services”), and will provide those

 

 

 

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Services
to HEZL. HEZL will take all commercially reasonable actions to permit and facilitate the provision of the Management Services by
CETL and accept those Services.

 

2.
Compensation to CETL. As compensation for providing the Management Services, CETL will be entitled to receive a fee (the “Management
Services Fee”), upon demand, equal to one hundred percent (100%) of the annual Net Profit of HEZL during the Term of this
Agreement. At the sole discretion of CETL, the Net Profit of HEZL shall be calculated through the end of the immediately preceding
fiscal year of HEZL, and paid by HEZL to CETL within sixty (60) days of demand therefor. Until and unless such demand is made,
the Management Services Fee is not due and payable to CETL and it is the intent of the Parties that the Fee represents shall not
be accrued by HEZL. Any dispute between the Parties concerning any calculation or payment under this Section 2 will be resolved
pursuant to the dispute resolution provisions of Section 15.

 

For
the purpose of this agreement, Net Profit means the net profit of HEZL for the period immediately preceding the date for calculation
of Net Profit set out in the Agreement, calculated as follows: (a) all revenue or income accrued by HEZL, less (b) all costs, accrued
expenses and taxes paid or accrued and payable.

 

3. 
Ad Hoc Payment. The Parties acknowledge that in order to provide the Management Services under this Agreement,
CETL may incur expenses and costs from time to time, and the Parties further agree that CETL may request an ad hoc payment every
calendar quarter and such payment may be credited against HEZL’s future payment obligations of the Management Services Fee.

 

4. 
Credit for Amounts Paid Under Other Agreements. CETL and HEZL are or may be parties to certain other agreements,
such as the Technical Service Agreement, some or all of which may require certain payments to be made by HEZL to affiliates and/or
designee of CETL in consideration for services, equipment or other items of value provided by affiliates and/or designee of CETL.
The Parties agree that any and all such amounts may be (a) separately paid by HEZL and accordingly counted as expenses of HEZL,
reducing HEZL’s Net Profit; or (b) included in the aggregate Net Profit of HEZL and not separately paid to CETL.

 

5. 
Interest Penalty. If any amounts due and payable under this Agreement are not paid when due, interest will
accumulate on such amounts at the rate of four percent (4%) per annum until paid. This interest penalty may be reduced or waived
by the Party entitled to receive it in light of actual circumstances, including the reason for any delay in payment.

 

6. 
Guarantees. To the extent and only to the extent permitted by applicable law, each Party agrees to act as
a guarantor of the indebtedness of the other, as and only as follows:

 

 

 

 

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		(a)	HEZL will not incur any indebtedness to any Person not a party to this Agreement
without the advance written consent of CETL in the exercise of its obligations to provide comprehensive Management Services under
this Agreement.

 

		(b)	CETL may, in the exercise of its reasonable business judgment, incur indebtedness
to any Person not a party to this Agreement, provided that any such indebtedness may only be in connection with the Business. If
CETL incurs any indebtedness as contemplated by this Section 6(b), HEZL will act as a guarantor of that indebtedness.

 

7. 
Exclusivity. During the Term of this Agreement, (a) HEZL will not contract with any other Person to provide services which
are the same or similar to the Management Services. For purposes of this Section 7 only, “Person” does not include
any Affiliate of either Party, including other entities that may become affiliated with either Party.

 

		8.	Operation of Business. During the Term of this Agreement:

 

		(a)	The HEZL will ensure that:

 

(i)       
the business of HEZL, together with all business opportunities presented to or which become available to HEZL, will be treated
as part of the Business covered by the Management Services and this Agreement;

 

		(ii)	all cash of HEZL will be maintained in Company Bank Accounts or disposed of in accordance
with this Agreement;

 

(iii)   
all business income, working capital, recovered accounts receivable, and any other funds which come into the possession
of HEZL or are derived from or related to the operation of the business of HEZL, are deposited into a Company Bank Account;

 

(iv)    
all accounts payable, employee compensation and other employment-related expenses, and any payments in connection with the
acquisition of any assets for the benefit of HEZL or the satisfaction of any liabilities of HEZL, are paid from amounts maintained
in Company Bank Accounts;

 

(v)      
CETL or any third party designated by CETL will have full access to the financial records of HEZL and from time to time,
CETL may request, at its sole option, to conduct an auditing with regard to the financial status of HEZL;

 

		(vi)	no action is taken without the prior written consent of CETL that would have the effect
of entrusting all or any part of the business of HEZL to any other Person.

 

		(b)	CETL will ensure that:

 

(i)       
it exercises with respect to the conduct of the Business the same level of care it exercises
with respect to the operation of its own business and will at all times act in accordance with its Reasonable Business Judgment,
including taking no action which it knows, or in the exercise of its Reasonable Business Judgment should have known, would materially

 

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adversely affect the status
of any of permits, licenses and approvals necessary for the conduct of the Business or constitute a violation of all Legal Requirements;

 

(ii)     
neither it, nor any of its agents or representatives, takes any action that interferes with, or has the effect of interfering
with, the operation of the Business in accordance with this Agreement, or which materially adversely affects its assets, operations,
business or prospects;

 

(iii)   
use its Best Efforts to cooperate and assist HEZL to maintain in effect all permits, licenses and other authorizations and
approvals necessary or appropriate to the conduct of the Business; and

 

(iv)    
subject to the provisions of Section 10 relating to the Transition period, it will preserve intact the business and
operations of HEZL and take no action which it knows, or in the exercise of its Reasonable Business Judgment should have known,
would materially adversely affect the business, operations, or prospects of HEZL.

 

9. 
Material Actions. The Parties acknowledge and agree that the economic risk of the operation of the Business
is being substantially assumed by HEZL and that the continued business success of HEZL is necessary to permit the Parties to realize
the benefits of this Agreement. During the Term of this Agreement, the Parties therefore will ensure that HEZL does not take any
Material Action without the advance written consent of CETL, which consent will not be unreasonably withheld or delayed.

 

10. 
Transition of Business to CETL; Future Expansion. At the sole discretion of
CETL, during the Term of this Agreement, CETL may transfer or cause to be transferred from HEZL to CETL or its

 

designee (referred to
collectively for purposes of this Section 10 as “CETL”) any part or all of the business, personnel, assets and operations
of HEZL which may be lawfully conducted, employed, owned or operated by CETL (the “Transition”), including any of the
following:

 

		(a)	business opportunities presented to, or available to HEZL may be pursued
and contracted for in the name of CETL rather than HEZL, and at its discretion CETL may employ the resources of HEZL to secure
such opportunities;

 

		(b)	any tangible or intangible property of HEZL, any contractual rights, any personnel, and any other
items or things of value held by HEZL may be transferred to CETL at book value;

 

		(c)	real property, personal or intangible property, personnel, services, equipment,
supplies and any other items useful for the conduct of the Business may be obtained by CETL by acquisition, lease, license or otherwise,
and made available to HEZL on terms to be determined by agreement between CETL and HEZL;

 

		(d)	contracts entered into in the name of HEZL may be transferred to CETL, or
the work under such contracts may be subcontracted, in whole or in part, to CETL, on terms to be determined by agreement between
CETL and HEZL; and

 

 

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		(e)	any changes to, or any expansion or contraction of, the Business may be carried out in the exercise
of the sole discretion of CETL, and in the name of and at the expense of, CETL;

 

provided, however,
that none of the foregoing, and no other part of the Transition may cause or have the effect of terminating (without being substantially
replaced under the name of CETL) or adversely affecting any license, permit or regulatory status of HEZL. Any of the activity contemplated
by this Section10 will be deemed part of the “Business.”

 

11. 
Ownership of Intellectual Property. All Intellectual Property created by CETL
in the course of providing the Management Services will be the sole property of CETL and HEZL will have no right to any ownership
or use of such Intellectual Property except under separate written agreement with CETL.

 

12. 
Representations and Warranties of HEZL. HEZL hereby makes the following representations and warranties for
the benefit of CETL:

 

		(a)	Corporate Existence and Power.
HEZL is a limited liability company duly organized and validly existing under the laws of China, and has all legal or corporate
power and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted
and as currently contemplated to be conducted. HEZL has never approved, or commenced any proceeding or made any election contemplating,
the dissolution or liquidation of HEZL or the winding up or cessation of the business or affairs of HEZL.

 

		(b)	Authorization; No Consent.
HEZL (i) has taken all necessary corporate and other actions to authorize its execution, delivery and performance of this Agreement
and all related documents and has the corporate and other power and authorization to execute, deliver and perform this Agreement
and the other related documents; (ii) has the absolute and unrestricted right, power, authority, and capacity to execute and deliver
this Agreement and the other related documents and to perform its obligations under this Agreement and the other related documents;
(iii) is not required to give any notice to or obtain any Consent from any Person in connection with the execution and delivery
of this Agreement or the consummation or performance of any of the transactions or actions contemplated by any of the Business
Cooperation Agreements, except for any notices that have been duly given or Consents that have been duly obtained; and (iv) holds
all the governmental authorizations necessary to permit it to lawfully conduct and operate its business in the manner it currently
conducts and operates such business and to permit HEZL to own and use its assets in the manner in which it currently owns and uses
such assets. To the best knowledge of HEZL, there is no basis for any governmental authority to withdraw, cancel or cease in any
manner any of such governmental authorizations.

 

		(c)	No Conflicts. The execution and perform of this Agreement
by HEZL will not contravene, conflict with, or result in violation of (i) any provision of the organizational documents of HEZL;
(ii) resolution adopted by the board of directors or the equity holders of HEZL; and

 

 

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		(iii)	any laws and regulations to which HEZL or the transactions and relationships contemplated in
this Agreement.

 

13. 
Representations and Warranties of CETL. CETL hereby makes the following representations and warranties for
the benefit of HEZL:

 

		(a)	Corporate Existence and Power. CETL (i) is a limited liability
company duly organized and validly existing under the laws of China, and has all corporate power and all governmental licenses,
authorizations, consents and approvals required to carry on its business as now conducted and as currently contemplated to be conducted;
and (ii) has not ever approved, or commenced any proceeding or made any election contemplating, the dissolution or liquidation
of CETL or the winding up or cessation of the business or affairs of CETL.

 

		(b)	Authorization; No Consent. CETL (i) has taken all necessary
corporate actions to authorize its execution, delivery and performance of this Agreement and all related documents and has the
corporate power and authorization to execute, deliver and perform this Agreement and the other related documents; (ii) has the
absolute and unrestricted right, power, authority, and capacity to execute and deliver this Agreement and the other related documents
and to perform its obligations under this Agreement and the other related documents; (iii) is not required to give any notice to
or obtain any Consent from any Person in connection with the execution and delivery of this Agreement or the consummation or performance
of any of the Business Cooperation Agreements, except for any notices that have been duly given or Consents that have been duly
obtained; and (iv) has all the governmental authorizations necessary to permit CETL to lawfully conduct and operate its business
in the manner it currently conducts and operates such business and to permit CETL to own and use its assets in the manner in which
it currently owns and uses such assets. To the best knowledge of CETL, there is no basis for any governmental authority to withdraw,
cancel or cease in any manner any of such governmental authorizations.

 

		(c)	No Conflicts. The execution and perform of this Agreement
by CETL will not contravene, conflict with, or result in violation of (i) any provision of the organizational documents of CETL;
(ii) any resolution adopted by the board of directors or the equity holders of CETL; and (iii) any laws and regulations to which
CETL or the transactions and relationships contemplated in this Agreement and the Business Cooperation Agreements are subject.

 

		14.	Liability for Breach; Indemnification and Hold Harmless. Each of the Parties will
be liable

 

to the other Party for
any damage or loss caused by such Party’s breach of this Agreement. HEZL will indemnify and hold harmless CETL from and against
any claims, losses or damages unless caused by a breach by CETL of its obligations under this Agreement or by the willful, reckless
or illegal conduct of CETL. CETL will indemnify and hold harmless HEZL from and against any claims, losses or damages

 

 

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caused by any breach by HEZL of its obligations
under this Agreement or by the willful, reckless or illegal conduct of HEZL.

 

		15.	Dispute Resolution.

 

		(a)	Friendly Consultations. Any and all disputes, controversies
or claims arising out of or relating to the interpretation or implementation of this Agreement, or the breach hereof or relationships
created hereby, will be settled through friendly consultations.

 

		(b)	Arbitration. If any such dispute
is not resolved through friendly consultations within sixty (60) days from the date a Party gives the other Parties written notice
of a dispute, then it will be resolved exclusively by arbitration under in accordance with the UNCITRAL Arbitration Rules as at
present in force and as may be amended by the rest of this clause. The appointing authority shall be China International Economic
and Trade Arbitration Commission. The place of arbitration shall be in China at China International Economic and Trade Arbitration
Commission. Any arbitration will be conducted in either in English or Chinese languages. The arbitration award will be final and
binding on both Parties and will not be subject to any appeal, and the Parties agree to be bound thereby and to act accordingly.

 

		(c)	Continuation of Agreement.
It is not necessary for any Party to declare a breach of this Agreement in order to proceed with the dispute resolution process
set out in this Section 15. Unless and until this Agreement is terminated pursuant to Section 16, this Agreement
will continue in effect during the pendency of any discussions or arbitration under this Section 15.

 

16. 
Term. This Agreement is effective as of the date first set forth above, and
will continue in effect for a period of ten (10) years (the “Initial Term”), and for succeeding periods
of the same duration

 

(each, “Subsequent Term”),
until terminated by one of the following means either during the Initial Term or thereafter. The period during which this Agreement
is effective is referred to as the “Term.”

 

		(a)	Mutual Consent. This Agreement may be terminated at any time by the mutual consent
of the Parties, evidenced by an agreement in writing signed by both Parties.

 

		(b)	Termination by CETL. This Agreement may be terminated by CETL
((i) upon written notice delivered to HEZL no later than ten (10) calendar days before the expiration of the Initial Term or any
Subsequent Term; or (ii) at any time by upon ninety (90) calendar days’ written notice delivered to HEZL.

 

		(c)	Breach or Insolvency. Either of HEZL or CETL may terminate this Agreement immediately

 

(a) upon the material breach
by the other of its obligations hereunder and the failure of such Party to cure such breach within thirty (30) working days after
written notice from the non-breaching Party; or (b) upon the filing of a voluntary or involuntary petition in bankruptcy by the
other or of which the other is the subject, or the insolvency of the other, or the commencement of any proceedings placing the
other in receivership, or of any assignment by the other for the benefit of creditors.

 

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		(d)	Consequences of Termination. Upon any effective date of any termination of this
Agreement:

 

(i) CETL will instruct all
management personnel identified or provided by it to HEZL to cease working for HEZL; (ii) CETL will deliver to HEZL all chops and
seals of HEZL; (iii) CETL will deliver to HEZL, or grant to HEZL unrestricted access to and control of, all of the financial and
other books and records of HEZL, including any and all permits, licenses, certificates and other proprietary and operational documents
and instruments; (iv) CETL will cooperate fully in the replacement of any signatories or persons authorized to act on behalf of
HEZL with persons appointed by HEZL; and (v) any licenses granted by CETL to HEZL during the Term will terminate unless otherwise
agreed by the Parties.

 

		(e)	Survival. The provisions of Section 14 (Indemnification;
Hold Harmless), Section 15 (Dispute Resolution), Section 16(d) (Consequences of Termination) and Section 17
(Miscellaneous) will survive any termination of this Agreement. Any amounts owing from any Party to any other Party on the effective
date of any termination under the terms of this Agreement will continue to be due and owing despite such termination.

 

		17.	Miscellaneous.

 

		(a)	Headings and Gender. The headings of Sections in this Agreement
are provided for convenience only and will not affect its construction or interpretation. All references to

 

“Section” or
“Sections” refer to the corresponding Section or Sections of this Agreement. All words used in this Agreement will
be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word “including”
does not limit the preceding words or terms.

 

		(b)	Usage. The words “include” and “including” will be read to include “without limitation.”

 

		(c)	Severability. Whenever possible
each provision and term of this Agreement will be interpreted in a manner to be effective and valid but if any provision or term
of this Agreement is held to be prohibited by or invalid, then such provision or term will be ineffective only to the extent of
such prohibition or invalidity, without invalidating or affecting in any manner whatsoever the remainder of such provision or term
or the remaining provisions or terms of this Agreement. If any of the covenants set forth in this Agreement are held to be unreasonable,
arbitrary, or against public policy, such covenants will be considered divisible with respect to scope, time and geographic area,
and in such lesser scope, time and geographic area, will be effective, binding and enforceable against the Parties.

 

		(d)	Waiver. No failure or delay by any Party to exercise any right, power or remedy
under this Agreement will operate as a waiver of any such right, power or remedy.

 

		(e)	Integration. This Agreement supersede any and all prior discussions
and agreements (written or oral) between the Parties with respect to cooperation arrangement and other matters contained herein.

 

 

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		(f)	Assignments, Successors, and No Third-Party Rights. No Party
may assign any of its rights under this Agreement without the prior consent of the other Parties, which will not be unreasonably
withheld. Nothing expressed or referred to in this Agreement will be construed to give any Person other than the Parties to this
Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement.
This Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the Parties to this Agreement
and their successors and assigns.

 

		(g)	Notices. All notices, requests, demands, claims, and other
communications under this Agreement will be in writing. Any Party may send any notice, request, demand, claim, or other communication
under this Agreement to the intended recipient at the address set forth on the signature page of this Agreement by any means (including
personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice,
request, demand, claim, or other communication will be deemed to have been duly given unless and until it actually is received
by the intended recipient. Refusal by a Party to accept notice that is validly given under this Agreement will be deemed to have
been received by such Party upon receipt. Any Party may change the address to which notices, requests, demands, claims, and other
communications under this Agreement are to be delivered by giving the other Parties notice in the manner herein set forth. Any
notice, request, demand, claim, or other communication under this Agreement will be addressed to the intended recipient as set
forth on the signature page hereto.

 

		(h)	Further Assurances. Each of the Parties will use its best
efforts to take all action and to do all things necessary, proper, or advisable in order to consummate and make effective the transactions
contemplated by this Agreement.

 

		(i)	Governing Law. This Agreement will be construed, and the rights
and obligations under this Agreement determined, in accordance with the laws of the China, without regard to the principles of
conflict of laws thereunder.

 

		(j)	Amendment. This Agreement may not be amended, altered or modified except by a subsequent
written document signed by all Parties.

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

IN WITNESS HEREOF, the Parties
have caused this Management Services Agreement to be executed in China as of the date first herein above mentioned.

 

For and on behalf of

BEIJING EZAGOO SHOPPING HOLDING LIMITED (Company chop)

 

	Signature by: 	 /s/Tan Xiaohao
	Name: 	 Tan Xiaohao
	Position: 	Authorized Representative

 

 

For and on behalf of

RUIYIN (SHENZHEN) FINANCIAL LEASING LIMITED (Company chop)

 

 

	Signature by: 	 /s/ Wan Weihong
	Name: 	 Wan Weihong
	Position: 	Authorized Representative

 

 

For and on behalf of

CHANGSHA EZAGOO TECHNOLOGY LIMITED (Company chop)

 

 

	Signature by: 	 /s/Tan Xiaohao
	Name: 	 Tan Xiaohao
	Position:  	Authorized Representative

 

For and on behalf of

HUNAN EZAGOO ZHICHENG INTERNET TECHNOLOGY LIMITED (Company chop)

 

 

	Signed by:	/s/ Zhang Qianwan
	Name:	 Zhang Qianwan
	Position: 	Authorized Representative

 

    	 

    	 

    

 

 

 

APPENDIX I

 

Management Services

 

For purposes of that certain
Management Services Agreement to which this is Appendix A, “Management Services” means the following:

 

General Management Services

 

“Management Services”
includes the following general management services relating to the operation of the Business, except for those compulsively limited
or prohibited by laws of China and regulations otherwise:

 

(a)  
All aspects of the day-to-day operations of HEZL, including its relationships with its customers, its performance under
agreements or other arrangements with any other parties, its compliance with applicable laws and regulations;

 

(b)
The appointment, hiring, compensation (including any bonuses, non-monetary compensation, fringe and other benefits, and equity-based
compensation), firing and discipline of all employees, consultants, agents and other representatives of HEZL, including the Executive
Director or the Board of Directors of HEZL and all other executive officers or employees of HEZL;

 

(c) 
Establishment, maintenance, termination or elimination of any plan or other arrangement for the benefit of any employees,
consultants, agents, representatives or other personnel of HEZL;

 

(d) 
Management, control and authority over all accounts receivable, accounts payable and all funds and investments of HEZL;

 

(e) 
Management, control and authority over HEZL Bank Accounts, in connection with which all seals and signatures will be those
of personnel appointed and confirmed by CETL;

 

		(f)	Any expenditure, including any capital expenditure, of HEZL;

 

(g) The entry into, amendment
or modification, or termination of any contract, agreement and/or other arrangement to which HEZL is, was, or would become a party;

 

(h) 
The acquisition, lease or license by HEZL of any assets, supplies, real or personal property, or intellectual or other intangible
property;

 

(i) 
The acquisition of or entry into any joint venture or other arrangement by HEZL with any other Person;

 

(j) 
Any borrowing or assumption by HEZL of any liability or obligation of any nature, or the subjection of any asset of HEZL
to any Lien;

 

(k)  
Any sale, lease, license, retirement or other disposition of any asset owned, beneficially owned or controlled by HEZL;

 

(l) 
Applying for, renewing, and taking any action to maintain in effect, any permits, licenses or other authorizations and approvals
necessary for the operation of HEZL’s business;

 

(m) 
The commencement, prosecution or settlement by HEZL of any litigation or other dispute with any other Person, through mediation,
arbitration, lawsuit or appeal;

 

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		(n)	The declaration or payment of any dividend or other distribution of profits of

 

(o) 
The preparation and filing of all Tax Returns, the payment or settlement of any and all Taxes,
and the conduct of any proceedings with any Governmental Authority with respect to any Taxes; and

(p) 
The carrying out of the Transition, as defined in Section 10, and any business or corporate restructuring of HEZL or its
subsidiaries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12EQUITY PLEDGE AGREEMENT

 

 

AMONG

 

BEIJING EZAGOO SHOPPING HOLDING
LIMITED

 

RUIYIN (SHENZHEN) FINANCIAL
LEASING LIMITED

 

CHANGSHA EZAGOO TECHNOLOGY LIMITED

 

AND

 

HUNAN EZAGOO ZHICHENG
INTERNET TECHNOLOGY LIMITED

 

 

 

 

 

 

 

 

 

July 20, 2018

    	 

    	 

    

EQUITY PLEDGE AGREEMENT

 

This EQUITY PLEDGE AGREEMENT (hereinafter, this "AGREEMENT")
is entered into in China as of July 20, 2018 by and among the following Parties:

 

 

		(1)	BEIJING EZAGOO SHOPPING HOLDING LIMITED (“BESH”)

 

ADDRESS: ROOM 308, FLOOR 3, BUILDING 3, NO.
46, DONGSIXI AVENUE, DONGCHENG DISTRICT, BEIJING CIT

 

UNIFIED SOCIAL CREDIT CODE: 91110116339693336B

 

		(2)	RUIYIN (SHENZHEN) FINANCIAL LEASING LIMITED (“RFLL”)

 

ADDRESS: ROOM 201, BUILDING A, NO. 1, QIANWANYI
ROAD, SHENGANG COOPERATIVE DISTRICT, QIANHAI, SHENZHEN CITY

 

UNIFIED SOCIAL CREDIT CODE: 91440300MA5DFU2A6H

 

(3) CHANGSHA EZAGOO TECHNOLOGY LIMITED (“CETL”)

 

REGISTERED ADDRESS: ROOM 201, BUILDING 5, NANFENG
SHIGUANGYUAN, NO.168 TONGZIPO WEST ROAD, YUELU DISTRICT, CHANGSHA, HUNAN 410205, CHINA

 

UNIFIED SOCIAL CREDIT CODE: 91430100MA4PQE488X

 

		(4)	HUNAN EZAGOO ZHICHENG INTERNET TECHNOLOGY LIMITED ("HEZL")

 

REGISTERED
ADDRESS: YIJIAREN BUSINESS HOTEL NO. 168, UNIFIED
SOCIAL CREDIT CODE:

 

TONGZIPO WEST ROAD, YUELE DISTRICT, CHANGSHA, HUNAN
410205, CHINA

 

UNIFIED SOCIAL CREDIT CODE: 91430100395212760W

 

(The above parties shall hereinafter be
individually referred to as a "PARTY" and collectively, "PARTIES". BESH and RFLL shall hereinafter referred
to as an “PLEDGOR” individually, and collectively, the “PLEDGORS”: CETL hereinafter referred to as “PLEDGEE”.)

 

WHEREAS:

 

(1)  
As of the date of this Agreement, BESH and RFLL are the enrolled Shareholder of HEZL, legally holding all the equity in
HEZL, of which BESH holding 80% interest, RFLL holding 20%.

 

(2)  
Pursuant to the Call Option Agreement dated as of JULY 20, 2018 among CETL, HEZL and the Pledgor (hereinafter, the "CALL
OPTION AGREEMENT"), the Pledgor shall transfer part or all of the equity interest of the HEZL to CETL and/or any other entity
or individual designated by CETL at the request of the CETL.

 

(3)  
Pursuant to the Shareholders' Voting Right Proxy Agreement dated as of JULY 20, 2018 among
CETL, HEZL and the Pledgor (hereinafter, the "PROXY AGREEMENT"), Pledgor has already irrevocably entrusted the personnel
designated by CETL then with full power to exercise on his behalf all of his shareholders' voting rights in HEZL.

 

(4)
Pursuant to the Management Services Agreement dated as of JULY 20, 2018 among CETL and HEZL (hereinafter, the "SERVICE AGREEMENT"),
HEZL has already engaged CETL exclusively to provide them with relevant management and consultation and other services, for which
the HEZL will respectively pay CETL services accordingly.

    	 

    	 

    

 

(5) 
As security for performance by the Pledgor of the Contract Obligations (as defined below)
and repayment of the Guaranteed Liabilities (as defined below), the Pledgor agrees to pledge all of his HEZL Equity to the Pledgee
and grants the Pledgee the right to request for repayment in first priority and HEZL agrees such equity pledge arrangement.

 

THEREFORE, the Parties hereby have reached the following agreement
upon mutual consultations:

 

ARTICLE 1 - DEFINITION

 

1.1 Except as otherwise construed in the
context, the following terms in this Agreement shall be interpreted to have the following meanings:

 

"CONTRACT OBLIGATIONS" shall
mean all contractual obligations of Pledgor under the Call Option Agreement, Proxy Agreement and this Agreement; all contractual
obligations of HEZL under the Management Services Agreement, Call Option Agreement, Proxy Agreement and this Agreement.

 

"GUARANTEED LIABILITIES" shall
mean all direct, indirect and consequential losses and losses of foreseeable profits suffered by Pledgee due to any Breaching Event
(as defined below) of Pledgor, and all fees incurred by Pledgee for the enforcement of the Contractual Obligations of Pledgor.

 

"TRANSACTION AGREEMENTS" shall
mean the Call Option Agreement and the Proxy Agreement in respect of Pledgor; the Management Services Agreement, and Proxy Agreement
in respect of HEZL.

 

"BREACHING EVENT" shall mean
any breach by Pledgor of his Contract Obligations under the Proxy Agreement, Call Option Agreement or this Agreement; any breach
by HEZL of its Contract Obligations under the Service Agreement, Call Option Agreement and/or Proxy Agreement.

 

"PLEDGED PROPERTY" shall mean
all of the equity interests in HEZL which are legally owned by the Pledgor as of the effective date hereof and is to be pledges
by his to the Pledgee according to provisions hereof as the security for the performance by his and HEZL of their Contractual Obligations,
and the increased capital contribution and equity interest described in Articles 2.6 and 2.7 hereof;

 

"LAWS OF CHINA" shall mean the
then valid laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding
regulatory documents of China.

 

1.2 The references to any laws of China here in shall be deemed:

 

(1) 
to include the references to the amendments, changes, supplements and reenactments of such law, irrespective of whether
they take effect before or after the formation of this Agreement; and

 

(2)  to
include the references to other decisions, notices or regulations enacted in accordance therewith or effective as a result thereof.

 

1.3 Except as otherwise stated
in the context herein, all references to an Article, clause, item or paragraph shall refer to the relevant part of this Agreement.

 

ARTICLE 2 - EQUITY PLEDGE

 

2.1 Pledgor hereby agrees
to pledge the Pledged Property, which she legally owns and has the right to dispose of, to Pledgee according to the provisions
hereof as the security for the performance of the Contract Obligations and the repayment of the Guaranteed Liabilities. HEZL hereby
agrees that the Pledgor legally holding equity interest in it to pledge the Pledged Property to the Pledgee according to the provisions
hereof.

 

2.2 Pledgor hereby undertakes
that she will be responsible for, recording the arrangement of the equity pledge hereunder (hereinafter, the "EQUITY PLEDGE")
on the shareholder register of HEZL on the date hereof, and will do its best endeavor to make registration with registration authorities
of industry and commerce of HEZL. HEZL

    	 

    	 

    

 

undertakes that
it will do its best to cooperate with the Pledgor to complete the registration with authorities of industry and commerce under
this Article.

 

2.3 During the
valid term of this Agreement, except for the willful misconduct or gross negligence of Pledgee which has direct cause and effect
relationship the reduction in value of the Pledged Property, Pledgee shall not be liable in any way to, nor shall Pledgor have
any right to claim in any way or propose any demands on Pledgee, in respect of the said reduction in value of the Pledged Property.

 

2.4 To the extent
not violating provision of Article 2.3 above, in case of any possibility of obvious reduction in value of the Pledged Property
which is sufficient to jeopardize Pledgee's rights, Pledgee may at any time auction or sell off the Pledged Property on behalf
of Pledgor, and discuss with Pledgor to use the proceeds from such auction or sale-off as pre-repayment of the Guaranteed Liabilities,
or may submit such proceeds to the local notary institution where Pledgee are domiciled (any fees incurred in relation thereto
shall be borne by Pledgor).

 

2.5 CETL as Pledgee shall
be deemed to have created the encumbrance of first order in priority on the Pledged Property, and in case of any Breaching Event,
Pledgee shall have the right to dispose of the Pledged Property in the way set out in Article 4 hereof.

 

2.6 Only upon
prior consent by Pledgee shall Pledgor be able to increase their capital contribution to any or all of the HEZL. Further capital
contribution made by Pledgor in HEZL shall also be part of the Pledged Property.

 

2.7 Only upon
prior consent by Pledgee shall Pledgor be able to receive dividends or share profits from the Pledged Property. The dividends or
the profits received by Pledgor from the Pledged Property shall be deposited into Pledgee's bank account designated by Pledgee
respectively, to be under the supervision of Pledgee and used as the Pledged Property to repay in priority the Guaranteed Liabilities.

 

2.8 Pledgor agrees
to bear liabilities to Pledgee upon occurrence of any Breaching Event on the HEZL and Pledgee shall have the right, upon occurrence
of the Breaching Event, to dispose of any Pledged Property of either of Pledgor in accordance with the provisions hereof.

 

ARTICLE 3 - RELEASE OF PLEDGE

 

In respect of equity interest of
HEZL, upon full and complete performance by Pledgor of all of his Contractual Obligations, Pledgee shall, at the request of Pledgor,
release the pledge created on HEZL under this Agreement, and shall cooperate with Pledgor to go through the formalities to cancel
the record of the Equity Pledge in the shareholder register of HEZL, with the reasonable fees incurred in connection with such
release to be borne by Pledgee with the same proportion.

 

ARTICLE 4 - DISPOSAL OF THE PLEDGED
PROPERTY

 

4.1 Pledgor,
HEZL and Pledgee hereby agree that, in case of any Breaching Event, Pledgee shall have the right to exercise, upon giving written
notice to Pledgor, all of the remedial rights and powers enjoyable by them under laws of China, including but not limited to being
repayment in priority with proceeds from auctions or sale-offs of the Pledged Property. Pledgee shall not be liable for any loss
as the result of their reasonable exercise of such rights and powers.

 

4.2 Pledgee shall have the right
to designate in writing its legal counsel or other agents to exercise on their respective behalf any and all rights and powers
set out above, and neither Pledgor nor HEZL shall oppose thereto.

 

4.3 The reasonable costs incurred
by Pledgee in connection with their exercise of any and all rights and powers set out above shall be borne by Pledgor, and Pledgee
shall have the right to deduct the costs actually incurred from the proceeds that they acquire from the exercise of the rights
and powers.

 

4.4 The proceeds that Pledgee acquire
from the exercise of their respective rights and powers shall be used in the priority order as follows:

    	 

    	 

    

 

-  First,
to pay any cost incurred in connection with the disposal of the Pledged Property and the exercise by Pledgee of their respective
rights and powers (including remuneration paid to their respective legal counsels and agents);

 

		-	Second, to pay any taxes and levies payable for the disposal of the Pledged Property; and

 

		-	Third, to repay Pledgee for the Guaranteed Liabilities.

 

In case of any balance after payment of
the above amounts, Pledgee shall return the same to Pledgor according to the relevant laws and rules or submit the same to the
local notary institution where Pledgee are domiciled (any fees incurred in relation thereto shall be borne by Pledgor).

 

 

 

 

ARTICLE 5 - FEES AND COSTS

 

All costs actually incurred in connection
with the establishment of the Equity Pledge hereunder, including but not limited to stamp duties, any other taxes, all legal fees,
etc shall be borne by Pledgee with the same proportion.

 

ARTICLE 6 - CONTINUITY AND NO WAIVE

 

The Equity Pledge hereunder is a continuous
guarantee, with its validity to continue until the full performance of the Contractual Obligations or the full repayment of the
Guaranteed Liabilities. Neither exemption or grace period granted by Pledgee to Pledgor in respect of their breach, nor delay by
Pledgee in exercising any of their rights under this Agreement shall affect the rights of Pledgee under this Agreement, relevant
laws of China, the rights of Pledgee to demand at anytime thereafter the strict performance of this Agreement by Pledgor or the
rights Pledgee may be entitled to due to subsequent breach by Pledgor of the obligations under this Agreement.

 

ARTICLE 7 - REPRESENTATIONS AND WARRANTIES BY PLEDGOR

 

Pledgor hereby represents and warrants to Pledgee as follows:

 

7.1 Pledgor is a
Chinese citizen with full capacity, with full and independent legal status and legal capacity to execute, deliver and perform
this Agreement, and may act independently as a litigant party. The Pledgor has full power and authorization to execute and deliver
this Agreement and all the other documents to be entered into by it in relation to the transaction referred to herein, and it has
the full power and authorization to complete the transaction referred to herein.

 

7.2 All reports, documents and information
concerning Pledgor and all matters as required by this Agreement which are provided by Pledgor to Pledgee before this Agreement
comes into effect are true, correct and effective in all material aspects as of the execution hereof.

 

7.3 At the time of the effectiveness of
this Agreement, Pledgor are the sole legal owner of the Pledged Property, with no existing dispute whatever concerning the ownership
of the Pledged Property. Pledgor has the right to dispose of the Pledged Property or any part thereof.

 

7.4 Except for the encumbrance
set on the Pledged Property hereunder and the rights set under the Transaction Agreements, there is no other encumbrance or third
party interest set on the Pledged Property.

 

7.5 The Pledged Property is capable of
being pledged or transferred according to the laws, and Pledgor has the full right and power to pledge the Pledged Property to
Pledgee according to this Agreement.

 

7.6 This Agreement constitutes the legal, valid and binding obligations
on Pledgor when it is duly executed by Pledgor.

 

7.7 Any consent, permission, waive or authorization
by any third person, or any approval, permission or exemption by any government authority, or any registration or filing formalities
(if required by laws) with any government

    	 

    	 

    

 

authority to be handled or obtained in
respect of the execution and performance hereof and the Equity Pledge hereunder have already been handled or obtained, and will
be fully effective during the valid term of this Agreement.

 

7.8 The execution and performance by Pledgor
of this Agreement are not in violation of or conflict with any laws applicable to them, or any agreement to which they are a party
or which has binding effect on their assets, any court judgment, any arbitration award, or any administration authority decision.

 

7.9 The pledge hereunder constitutes the encumbrance of first order
in priority on the Pledged Property.

 

7.10 All taxes and fees payable in connection
with acquisition of the Pledged Property have already been paid in full amount by Pledgor.

 

7.11 There is no pending or, to the knowledge
of Pledgor, threatened litigation, legal process or demand by any court or any arbitral tribunal against Pledgor, or their property,
or the Pledged Property, nor is there any pending or, to the knowledge of Pledgor, threatened litigation, legal process or demand
by any government authority or any administration authority against Pledgor, or their property, or the Pledged Property, which
is of material or detrimental effect on the economic status of Pledgor or their capability to perform the obligations hereunder
and the Guaranteed Liabilities.

 

7.12 Pledgor hereby warrants to Pledgee
that the above representations and warranties will remain true, correct and effective at any time and under any circumstance before
the Contractual Obligations are fully performed or the Guaranteed Liabilities are fully repaid, and will be fully complied with.

 

ARTICLE 8 - REPRESENTATIONS AND WARRANTIES

BY HEZL

 

HEZL hereby represents and warrants to Pledgee as follows:

 

8.1 HEZL is a limited liability corporation
duly incorporated and validly existing under laws of China, with full capacity of disposition and has obtained due authorization
to execute, deliver and perform this Agreement and can independently be a subject of actions.

 

8.2 All reports, documents and information
concerning Pledged Property and all matters as required by this Agreement which are provided by HEZL to Pledgee before this Agreement
comes into effect are true, correct and effective in all material aspects as of the execution hereof.

 

8.3 All reports, documents and information
concerning Pledged Property and all matters as required by this Agreement which are provided by HEZL to Pledgee after this Agreement
comes into effect are true, correct and effective in all material aspects upon provision.

 

8.4 This Agreement constitutes the legal, valid and binding obligations
on HEZL when it is duly executed by HEZL.

 

8.5 It has full right and authorization
to execute and deliver this Agreement and other documents relating to the transaction as stipulated in this Agreement and to be
executed by them. It also has full right and authorization to complete the transaction stipulated in this Agreement.

 

8.6 There is no pending or, to the knowledge
of HEZL, threatened litigation, legal process or demand by any court or any arbitral tribunal against HEZL, or their property (including
but are not limited to the Pledged Property), nor is there any pending or, to the knowledge of HEZL, threatened litigation, legal
process or demand by any government authority or any administration authority against HEZL, or their property (including but are
not limited to the Pledged Property), which is of material or detrimental effect on the economic status of HEZL or their capability
to perform the obligations hereunder and the Guaranteed Liabilities.

 

8.7 HEZL hereby warrants to Pledgee that
the above representations and warranties will remain true, correct and effective at any time and under any circumstance before
the Contractual Obligations are fully performed or the Guaranteed Liabilities are fully repaid, and will be fully complied with.

    	 

    	 

    

 

ARTICLE 9 - UNDERTAKINGS BY PLEDGOR

 

Pledgor hereby undertakes to Pledgee as follows:

 

9.1 Without the prior written consent by
Pledgee, Pledgor shall not establish or permit to establish any new pledge or any other encumbrance on the Pledged Property.

 

9.2 Without first giving written notice
to Pledgee and having Pledgee's prior written consent, Pledgor shall not transfer the Pledged Property, and any attempt by Pledgor
to transfer the Pledged Property shall be null and void. The proceeds from transfer of the Pledged Property by Pledgor shall be
used to repay to Pledgee in advance the Guaranteed Liabilities or submit the same to the third party agreed with Pledgee.

 

9.3 In case of any litigation, arbitration
or other demand which may affect detrimentally the interest of Pledgor or Pledgee under the Transaction Agreements and hereunder
or the Pledged Property, Pledgor undertake to notify Pledgee thereof in writing as soon as possible and promptly and shall take,
at the reasonable request of Pledgee, all necessary measures to ensure the pledge interest of Pledgee in the Pledged Property.

 

9.4 Pledgor shall not carry on or permit
any act or action which may affect detrimentally the interest of Pledgee under the Transaction Agreements and hereunder or the
Pledged Property.

 

9.5 Pledgor guarantees that they shall,
at the reasonable request of Pledgee, take all necessary measures and execute all necessary documents (including but not limited
to supplementary agreement hereof) in respect of ensuring the pledge interest of Pledgee in the Pledged Property and the exercise
and realization of the rights thereof.

 

9.6 In case of assignment of any Pledged
Property as the result of the exercise of the right to the pledge hereunder, Pledgor guarantee that they will take all necessary
measures to realize such assignment.

 

ARTICLE 10 - UNDERTAKINGS BY HEZL

 

10.1 Any consent, permission, waive or
authorization by any third person, or any approval, permission or exemption by any government authority, or any registration or
filing formalities (if required by laws) with any government authority to be handled or obtained in respect of the execution and
performance hereof and the Equity Pledge hereunder will be cooperated to handle or obtain by HEZL to their best and will be ensured
to remain full effective during the valid term of this Agreement.

 

10.2 Without the prior written consent
by Pledgee, HEZL shall not cooperate to establish or permit to establish any new pledge or any other encumbrance on the Pledged
Property.

 

10.3 Without having Pledgee's prior written
consent, HEZL shall not cooperate to transfer or permit to transfer the Pledged Property.

 

10.4 In case of any litigation, arbitration
or other demand which may affect detrimentally the interest of HEZL or Pledgee under the Transaction Agreements and hereunder or
the equity of HEZL as the Pledged Property, HEZL undertake to notify Pledgee thereof in writing as soon as possible and promptly
and shall take, at the reasonable request of Pledgee, all necessary measures to ensure the pledge interest of Pledgee in the Pledged
Property.

 

10.5 HEZL shall not carry on or permit
any act or action which may affect detrimentally the interest of Pledgee under the Transaction Agreements and hereunder or the
Pledged Property.

 

10.6 HEZL shall provide Pledgee with the
financial statement of the last calendar season within the first month of each calendar season, including but are not limited to
the balance sheet, the income statement and the statement of cash flow.

    	 

    	 

    

 

10.7 HEZL guarantee that they shall, at
the reasonable request of Pledgee, take all necessary measures and execute all necessary documents (including but not limited to
supplementary agreement hereof) in respect of ensuring the pledge interest of Pledgee in the Pledged Property and the exercise
and realization of the rights thereof.

 

10.8 In case of assignment of any
Pledged Property as the result of the exercise of the right to the pledge hereunder, HEZL guarantee that they will take all necessary
measures to realize such assignment.

 

ARTICLE 11 - ENCUMBRANCE OF FIRST ORDER IN
PRIORITY

 

11.1 CETL has the encumbrance of first
order in priority on any and all Pledged Property. Pursuant to the stipulations of the Transaction Agreement, any Breaching Event
under any Transaction Agreement shall result in the occurrence of Breaching Event under other Transaction Agreement, CETL shall
claim the pledge interest hereunder to Pledgor relevant to the Breaching Event, and be repaid in priority in the proportion of
their respective security amount from the proceeds obtained according to the disposal of Pledged Property stipulated in Article
4 hereof.

 

ARTICLE 12 - CHANGE OF CIRCUMSTANCES

 

12 As supplement and subject to compliance
with other terms of the Transaction Agreements and this Agreement, in case that at any time the promulgation or change of any laws
of China, regulations or rules, or change in interpretation or application of such laws, regulations and rules, or the change of
the relevant registration procedures enables Pledgee to believe that it will be illegal or in conflict with such laws, regulations
or rules to further maintain the effectiveness of this Agreement and/or dispose of the Pledged Property in the way provided herein,
Pledgor and HEZL shall, at the written direction of Pledgee and in accordance with the reasonable request of Pledgee, promptly
take actions and/or execute any agreement or other document, in order to:

 

		(1)	keep this Agreement remain in effect;

		(2)	facilitate the disposal of the Pledged Property in the way provided herein; and/or

		(3)	maintain or realize the intention or the guarantee established hereunder.

 

ARTICLE 13 - EFFECTIVENESS AND TERM OF THIS
AGREEMENT

 

13.1 This Agreement shall become effective upon this Agreement is
duly executed by Pledgor, HEZL and Pledgee

 

13.2 This Agreement shall have
its valid term until the full performance of the Contractual Obligations or the full repayment of the Guaranteed Liabilities.

 

ARTICLE 14 - NOTICE

 

14.1 Any notice, request, demand and other
correspondences made as required by or in accordance with this Agreement shall be made in writing and delivered to the relevant
Party.

 

14.2 The abovementioned notice or other
correspondences shall be deemed to have been delivered when it is transmitted if transmitted by facsimile or telex; it shall be
deemed to have been delivered when it is delivered if delivered in person; it shall be deemed to have been delivered five (5) days
after posting the same if posted by mail.

 

ARTICLE 15 – MISCELLANEOUS

 

15.1 Pledgee may, upon notice to Pledgor
but not necessarily with Pledgor' consent, assign Pledgee's rights and/or obligations hereunder to any third party; provided that
Pledgor may not, without Pledgee's prior written consent, assign Pledgor' rights, obligations and/or liabilities hereunder to any
third party. Successors or permitted assignees (if any) of Pledgor shall continue to perform the obligations of Pledgor under this
Agreement.

 

15.2 This Agreement shall be prepared
in English language.

 

15.3 The formation, validity, execution,
amendment, interpretation and termination of this Agreement shall be subject to laws of China.

    	 

    	 

    

 

15.4 Any disputes
arising from and in connection with this Agreement shall be settled through consultations among the Parties involved, and if the
Parties involved fail to reach an agreement regarding such a dispute within thirty (30) days of its occurrence, such dispute shall
be submitted to Kuala Lumpur Regional Centre for Arbitration for arbitration in Kuala Lumpur accordance with the arbitration rules
of such commission, and the arbitration award shall be final and binding on all the Parties involved.

 

15.5 Any rights, powers and remedies empowered
to any Party by any provisions herein shall not preclude any other rights, powers and remedies enjoyed by such Party in accordance
with laws and other provisions under this Agreement, and the exercise of its rights, powers and remedies by a Party shall not preclude
its exercise of its other rights, powers and remedies by such Party.

 

15.6 Any failure or delay by a Party in
exercising any of its rights, powers and remedies hereunder or in accordance with laws (hereinafter, the "PARTY'S RIGHTS")
shall not lead to a waiver of such rights, and the waiver of any single or partial exercise of the Party's Rights shall not preclude
such Party from exercising such rights in any other way and exercising the remaining part of the Party's Rights.

 

15.7 The titles of the Articles contained
herein shall be for reference only, and in no circumstances shall such titles be used in or affect the interpretation of the provisions
hereof.

 

15.8 Each provision contained herein shall
be severable and independent from each of other provisions, and if at any time any one or more articles herein become invalid,
illegal or unenforceable, the validity, legality or enforceability of the remaining provisions herein shall not be affected as
a result thereof.

 

15.9 This Agreement shall substitute any
other documents on the same subject executed by relevant Parties hereof once duly executed.

 

15.10 Any amendments or supplements to
this Agreement shall be made in writing. Except for assignment by Pledgee of its rights hereunder according to Article 15.1 of
this Agreement, the amendments or supplements to this Agreement shall take effect only when properly signed by the Parties to this
Agreement.

 

15.11 This Agreement shall be binding on the legal successors of
the Parties.

 

15.12 At the time of execution hereof,
Pledgor shall sign respectively a power of attorney (as set out in Appendix I hereto, hereinafter, the "POWER OF ATTORNEY")
to authorize any person designated by CETL to sign on his behalf according to this Agreement any and all legal documents necessary
for the exercise by Pledgee of CETL's rights hereunder. Such Power of Attorney shall be delivered to CETL to keep in custody and,
when necessary, CETL may at any time submit the Power of Attorney to the relevant government authority.

 

[The remainder of this page is left blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IN WITNESS HEREOF, the Parties have caused this Call Option Agreement
to be executed in China as of the date first herein above mentioned.

 

 

 

For and on behalf of

BEIJING EZAGOO SHOPPING HOLDING LIMITED (Company chop)

 

	Signature by: 	 /s/Tan Xiaohao
	Name: 	 Tan Xiaohao
	Position: 	Authorized Representative

 

 

For and on behalf of

RUIYIN (SHENZHEN) FINANCIAL LEASING LIMITED (Company chop)

 

 

	Signature by: 	 /s/ Wan Weihong
	Name: 	 Wan Weihong
	Position: 	Authorized Representative

 

 

For and on behalf of

CHANGSHA EZAGOO TECHNOLOGY LIMITED (Company chop)

 

 

	Signature by: 	 /s/Tan Xiaohao
	Name: 	 Tan Xiaohao
	Position:  	Authorized Representative

 

For and on behalf of

HUNAN EZAGOO ZHICHENG INTERNET TECHNOLOGY LIMITED (Company chop)

 

 

 

	Signed by:	/s/ Zhang Qianwan
	Name:	 Zhang Qianwan
	Position: 	Authorized Representative

    	 

    	 

    

 

APPENDIX I:

 

FORMAT OF THE POWER OF ATTORNEY

 

I, _________________________, hereby entrusts
______________________, [with his/her identity card number ____________,] to be my authorized trustee to sign on my behalf all
legal documents necessary or desirous for CHANGSHA EZAGOO TECHNOLOGY LIMITED to exercise their rights under the Equity Pledge Agreement
between them, myself and HUNAN EZAGOO ZHICHENG INTERNET TECHNOLOGY LIMITED.

 

 

 

 

Signature:

Date:

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