Document:

EX-10.1

 Exhibit 10.1 

Equipment Sale Agreement 

THIS EQUIPMENT SALE AGREEMENT, dated as of September 30th, 2021 (this “Agreement”), is entered into between U.S. Well
Services, LLC a Delaware limited liability company (“Seller”), and Python Holdings, LLC, a Texas limited liability company (“Buyer,”) and together with Seller, (the “Parties,” and each, a
“Party”). 
 WHEREAS Buyer desires to purchase from Seller, and Seller desires to sell to Buyer, the Equipment (as
hereinafter defined), on the terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, in consideration of the mutual
covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

1.    Sale of Equipment and Transfer of Assumed Rights and Obligations. At the Closing (as hereinafter defined), on
the terms and subject to the conditions set forth in this Agreement, (a) Seller shall sell to Buyer and Buyer shall purchase from Seller the equipment described on Exhibit A attached hereto (the “Equipment”); (b) Seller and
Buyer shall enter into a definitive service agreement upon terms and conditions to be agreed upon by the parties in that separate Turbine Service Agreement in Exhibit B attached hereto (the “Service Agreement”); and (c) in
consideration of the Equipment, and the Service Agreement, Buyer shall pay to Seller the Price (as hereinafter defined) (the “Sale Transaction”). Seller shall execute and deliver a bill of sale in the form attached hereto as Exhibit
C to affect the sale of the Equipment (the “Bill of Sale”) 
 2.    Closing. The closing of the
Sale Transaction (the “Closing”) shall be contingent upon the provisions contained Section 4 and shall be in person, by mail, or by electronic transmission (with originals to be provided reasonably promptly thereafter), on or
before October 7th, 2021, at 4:00 PM CST (the “Closing Date”) and be effective as of 11:59 PM on that same day. The price for the Equipment (the “Price”) shall be
as set forth on Exhibit E attached hereto. Prior to Closing, the Bill of Sale, and all other transaction documents including the Service Agreement shall be held by Seller until confirmation by Seller and Buyer that all conditions precedent to the
Closing have been met. Buyer shall pay the Price on the Closing Date by wire transfer in immediately available US funds using the wire transfer instructions set forth on Exhibit F attached hereto. 

3.    Seller and Buyer Representations and Warranties. 

(a)    Seller hereby represents and warrants to Buyer that: 

(i)    Seller is, duly organized, validly existing, and in good standing under the laws of Delaware and has
the power and authority to enter into this Agreement, the Bill of Sale, and to perform the transactions contemplated hereby and thereby. 

(ii)    Seller is the sole owner of the Equipment and has good and valid title to the Equipment subject to
a mortgage by its lender. Commensurate with closing Seller shall procure necessary lien waivers and provide equipment that is free and clear of all liens, security interests, or other encumbrances. 

 (iii)    The Equipment subject to this Agreement and the
Service Agreement on the Closing Date is as described on Exhibit A attached hereto. 
 (iv)    Seller
further represents that immediately prior to and immediately following the consummation of the transactions contemplated by this Agreement, Seller and its subsidiaries are Solvent. For the purposes of the foregoing, “Solvent” means, with
respect to Seller as of the date of sale (a) the present fair market value of the assets of such person or entity is not less than the amount that will be required to pay the probable liability of such person or entity on its debts as they
become absolute and matured, (b) such person or entity does not intend to, and does not believe that it will, incur debts or liabilities beyond such person’s or entity’s ability to pay such debts and liabilities as they mature, and
(c) Seller is not in the process of filing a bankruptcy proceeding, nor is seller contemplating a bankruptcy proceeding at this time. 

(b)    Buyer hereby represents and warrants to Seller that: 

(i)    Buyer is a limited liability company, duly organized, validly existing, and in good standing under
the laws of Texas and has the power and authority to enter into this Agreement and to perform the transactions contemplated hereby and thereby. 

(ii)    Buyer has to Buyer’s satisfaction reviewed the Service Agreement, inspected the Equipment, and
reviewed all Equipment-related records reasonably requested from Seller by Buyer (and as to the condition of the Equipment is relying solely on such inspection and due diligence), has consulted as it considers appropriate with its advisors, and has
reached its own independent evaluation of the Sale Transaction. In entering into this Agreement and closing the Sale Transaction, Buyer is relying only on such independent evaluation and has not relied on any representation or warranty of Seller
other than any representation or warranty expressly made in this Agreement. 
 (iii)    As a material
part of this agreement and the Service Agreement Buyer will not circumvent or go around Seller by renting or selling equipment directly or indirectly to Sellers’ customers known or unknown which may be disclosed as a result of the contemplated
service agreement. Liabilities for circumvention shall be addressed further in the service agreement. 
 4.    Seller
and Buyer Closing Conditions. 
 (a)    Seller’s obligation to sell the Equipment to Buyer under
this Agreement shall be conditioned by the following: (i) Buyer’s representations and warranties contained herein shall be true in all material respects on the Closing Date; (ii) Buyer shall have fulfilled each of Buyer’s
covenants contained herein on or before the Closing Date; (iii) following the execution hereof, there shall have been no change in applicable law on 

 
or before the Closing Date that would, in Seller’s reasonable judgment, make it illegal for Seller to fulfill Seller’s obligations under this Agreement; (iv) there shall have been
no litigation or other proceeding commenced or threatened that would materially impair the ability of the Party affected or the Parties to carry out the transactions contemplated hereby; (v) Buyer shall have executed and delivered any other
documents reasonably requested by Seller on or before the Closing Date to effect the Closing; and (vi) Buyer shall have paid the Price. 

(b)    Buyer’s obligation to buy the Equipment from Seller under this Agreement shall be conditioned
by the following: (i) Seller’s representations and warranties contained herein shall be true in all material respects on the Closing Date; (ii) Seller shall have fulfilled each of Seller’s covenants contained herein on or before
the Closing Date; (iii) following the execution hereof, there shall have been no change in applicable law on or before the Closing Date that would, in Buyer’s reasonable judgment, make it illegal for Buyer to fulfill Buyer’s
obligations under this Agreement; (iv) there shall have been no litigation or other proceeding commenced or threatened that would materially impair the ability of the Party affected or the Parties to carry out the transactions contemplated
hereby; (v) Seller shall have executed and delivered the Bill of Sale; (vi) Seller shall have delivered Buyer evidence satisfactory to Buyer that (x) each secured lender to Seller shall have consented to the transactions contemplated
by this Agreement, and (y) any and all liens or security interests in the Equipment of any secured lender to the Seller shall have been terminated and released in full; (vii) Seller shall have delivered Buyer evidence satisfactory to Buyer
that any and all licenses available have been transferred, (viii) any access rights granted to Seller with respect to ingress and egress to Equipment on location shall be granted to Buyer as Seller’s subcontractor as it relates to
equipment on location. In no event shall that right of egress or ingress be less than that of Seller; and (ix) Seller shall have executed and delivered any other documents reasonably requested by Buyer on or before the Closing Date to effect
the Closing. 
 5.    SELLER’S DISCLAIMER. THE EQUIPMENT IS PURCHASED BY BUYER “AS IS, WHERE
IS” AND WITH ALL FAULTS. EXCEPT AS MAY BE EXPRESSLY PROVIDED IN SECTION 3 HEREOF AND WITHOUT LIMITING THE GENERALITY OF THE DISCLAIMER SET OUT IN THE FIRST SENTENCE OF THIS SECTION 5, SELLER MAKES NO AND HEREBY DISCLAIMS ANY
REPRESENTATION OR WARRANTY WHATSOEVER WITH RESPECT TO THE EQUIPMENT, INCLUDING ANY (a) WARRANTY OF MERCHANTABILITY, (b) WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, OR (c) WARRANTY AS TO THE
EQUIPMENT’S QUALITY OF MATERIALS OR WORKMANSHIP OR FREEDOM FROM DEFECTS, LATENT OR OTHERWISE, OR (d) WARRANTY AGAINST INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF AS TO THIRD PARTIES, SELLER MAKES NO WARRANTY WHETHER
EXPRESS OR IMPLIED BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE, OR OTHERWISE AGAINST POTENTIAL INFRINGEMENT.. SELLER SHALL HAVE NO LIABILITY TO BUYER RELATING TO THE CONDITION OF THE EQUIPMENT AND BUYER SHALL BEAR ALL SUCH RISK.
THE SOLE EXCEPTION SHALL BE A WAIVER OF INFRINGEMENT CLAIMS WHEN BUYER IS PROVIDING SERVICES TO SELLER PURSUANT TO THE SERVICE AGREEMENT OR OTHER MUTUALLY AGREEABLE CIRCUMSTANCE OR BUYER IS PROVIDING POWER GENERATION SERVICES TO A THEN
VALID LICENSEE OF SELLER. 

 6.    Expenses. Except as otherwise provided in this Agreement,
each Party shall be solely responsible for paying any expenses incurred by such Party for the drafting, negotiation, and performance of this Agreement, the Bill of Sale, and any other documents or instruments executed by the Parties to affect the
Closing and carry out the Sale Transaction, including without limitation attorneys’ fees. 
 7.    Taxes.
Buyer shall be solely responsible for paying all sales, use, transfer, or other taxes, fees, duties, or other charges imposed by any governmental authority in connection with this Agreement, the Bill of Sale, and any other documents or instruments
executed by the Parties to affect the Closing and carry out the Sale Transaction. 
 8.    Seller and Buyer
Indemnities. 
 (a)    Seller shall indemnify Buyer against and hold Buyer harmless from any and all
losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including attorneys’ fees, other fees, and the costs of enforcing any right to
indemnification under this Agreement and pursuing any insurance providers (collectively, “Losses”), that are incurred by Buyer and result from (i) the failure of any representation or warranty of Seller contained herein to be
true in all material respects, (ii) the failure by Seller to perform any (A) covenant of Seller set forth in Error! Bookmark not defined.Error! Reference source not found. or (B) other written agreement with Buyer set forth
herein., (iii) the failure by Seller to comply with applicable law, (iv) any action or inaction of Seller in connection with ownership or use of the Equipment by Seller prior to the Closing, (v) any grossly negligent or more culpable act
or omission of Seller (including any reckless or willful misconduct) in connection with the Sale Transaction, or (vi) any third party claims of infringement that the Equipment, or use or ownership thereof by Buyer or Seller, infringes upon such
third party’s intellectual property interests limited to electric powered hydraulic fracturing. 

(i)    However, and in addition to the afore mentioned indemnities Seller hereby grants a limited, non-transferable, and non-exclusive license to use the equipment being sold to supply power only to Seller and/or Seller’s licensees. Licensee shall not be entitled to
assign or otherwise transfer any of its rights under this Agreement even in the event that Licensee subsequently sells the equipment. Violation of this provision shall result in a termination of the limited license and be cause for immediate
termination of the included Service Agreement. 
 (b)    Buyer shall indemnify Seller against and hold
Seller harmless from any and all Losses that are incurred by Seller and result from (i) the failure of any representation or warranty of Buyer contained herein to be true in all material respects, (ii) the failure by Buyer to perform any
(A) covenant of Buyer set forth in Error! Bookmark not defined.Error! Reference source not found. or (B) other agreement 

 
with Seller set forth herein or in any other document or instrument executed by Buyer in connection with the Sale Transaction, (iii) the failure by Buyer to comply with applicable law or
(iv) any grossly negligent or more culpable act or omission of Buyer (including any reckless or willful misconduct) in connection with the Sale Transaction. 

(c)    Payments by either Party under this Section 8 in respect of any Losses (i) are limited to
the amount of any liability or damage that remains after deducting therefrom any insurance proceeds actually received by the indemnified Party in respect of such Losses, less any related costs and expenses, and any tax benefit actually realized by
the indemnified Party as a result of such Losses and (ii) must be increased by an amount equal to any tax imposed on the receipt of such indemnity payment. 

(d)    A Party intending to make a request for indemnification from the other Party under this
Section 8 shall give the indemnifying Party prompt written notice of the Losses which are the basis for such request and provide such information and documentation relating to any Losses as the indemnifying Party may reasonably request. The
indemnified Party’s failure to provide such notice shall not relieve the indemnifying Party of any liability under this Section 8 except to the extent that the indemnifying Party is materially prejudiced by such failure. The Parties shall
use reasonable efforts to cooperate in mitigating any Losses. The indemnifying Party may at its own expense participate in or assume the defense of any action or proceeding relating to a claim brought by a third party. Neither the indemnified nor
the indemnifying Party may settle or compromise any claim for which the indemnified Party is seeking indemnification under this Section 8 without the prior written consent of the other Party, which consent shall not be unreasonably withheld,
conditioned, or delayed. 
 9.    Confidentiality. The terms and conditions of this Agreement and the
transactions contemplated hereby and all non-public, confidential, or proprietary information of Seller and Buyer, including, but not limited to, documents, data, or business operations, disclosed by a Party
to the other Party, whether disclosed orally or disclosed or accessed in written, electronic, or other form or media, and whether or not marked, designated, or otherwise identified as “confidential,” in connection with this Agreement are
confidential, solely for the purpose of this Agreement and the transactions contemplated hereby, and may not be disclosed or copied unless authorized by the other Party in writing. The parties shall be entitled to injunctive relief for any violation
of this Section 9. This Section shall not apply to information that is: (a) in the public domain; (b) known to the receiving Party at the time of disclosure; or (c) rightfully obtained by the receiving Party on a non-confidential basis from a third party. Notwithstanding the foregoing, the Parties may make such disclosures as are required by law or regulation and “need to know” disclosures by a Party to such
Party’s employees, representatives, or agents. 
 10.    Entire Agreement. This Agreement, including and
together with any related exhibits, schedules, attachments, and appendices, constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings,
agreements, representations, and warranties, both written and oral, regarding such subject matter. 

 11.    Survival. Subject to the limitations and other provisions
of this Agreement, Section 10 and Section 11 of this Agreement, as well as any other provision that, in order to give proper effect to its intent, should survive the Closing, shall survive the Closing. 

12.    Notices. All notices, requests, consents, claims, demands, waivers, and other communications under this
Agreement must be in writing and addressed to the Parties at their respective address set forth below (or to such other address as the Parties may designate from time to time in accordance with this Section 12). Unless otherwise agreed herein,
all notices must be delivered by personal delivery, nationally recognized overnight courier, electronic transmission, or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided in this
Agreement, a notice is effective only (a) on receipt by the receiving Party, and (b) if the Party giving the notice has complied with the requirements of this Section. 

 

			
	Notice to Seller:	  	 1360 Post Oak Blvd. Suite 1800,
  

Houston, TX 77056

		
		  	 Attention: General Counsel
  

bbellaire@uswellservices.com

		
	Notice to Buyer:	  	15 S. Trade Center Blvd., Conroe, TX 77385
		
		  	 Attention: General Counsel
  

mmcfarlane@pythonholdingsllc.com

 13.    Severability. If any term or provision of this Agreement is invalid,
illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.
Upon a determination that any term or provision is invalid, illegal, or unenforceable, the Parties shall negotiate in good faith to/the court may modify this Agreement to reflect the original intent of the Parties as closely as possible in order
that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

14.    Amendments. No amendment to or modification of or rescission, termination, or discharge of this Agreement is
effective unless it is in writing, identified as an amendment to or rescission, termination, or discharge of this Agreement and signed by an authorized representative of each Party. 

15.    Waiver. No waiver by either Party of any of the provisions of this Agreement shall be effective unless
explicitly set forth in writing and signed by the Party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement shall operate or
be construed as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. 

 16.    Cumulative Remedies. All rights and remedies provided in
this Agreement are cumulative and not exclusive, and the exercise by either Party of any right or remedy does not preclude the exercise of any other rights or remedies that may now or subsequently be available at law, in equity, by statute, in any
other agreement between the Parties, or otherwise. 
 17.    Assignment. Neither Party shall assign, transfer,
delegate, or subcontract any of such Party’s rights or obligations under this Agreement without the prior written consent of the other Party. Any purported assignment, transfer, delegation, or subcontract in violation of this
Section 18shall be null and void. 
 18.    Successors and Assigns. This Agreement is binding on and inures
to the benefit of the Parties to this Agreement and their respective permitted successors and permitted assigns. Notwithstanding anything to the contrary set forth herein, Buyer may, without the consent of Seller, assign or transfer all or any of
its rights, interests, and benefits under this Agreement as collateral security to any of Buyer’s lenders or financing sources, with the exception of the limited license granted to Buyer herein. 

19.    No Third-Party Beneficiaries. This Agreement benefits solely the Parties and their respective permitted
successors and permitted assigns and nothing in this Agreement, express or implied, confers on any other individual or entity any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement. 

20.    Choice of Law. This Agreement and all related documents, including all exhibits, schedules, attachments, and
appendices attached hereto, and all matters arising out of or relating to this Agreement, whether sounding in contract, tort, or statute are governed by, and construed in accordance with, the laws of the State of Texas, United States of America ,
without giving effect to the conflict of law’s provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Texas. Each party hereby waives,
to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement (whether based on contract, tort or any other theory). 

21.    Choice of Forum. Each Party irrevocably and unconditionally agrees that it will not commence any action,
litigation, or proceeding of any kind whatsoever against the other Party in any way arising from or relating to this Agreement, including all exhibits, schedules, attachments, and appendices attached to this Agreement, and all contemplated
transactions, including contract, equity, tort, fraud, and statutory claims, in any forum other than Southern District of Texas or, if such court does not have subject matter jurisdiction, the courts of the State of Texas sitting in Harris County,
and any appellate court from any thereof. Each Party irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees to bring any such action, litigation, or proceeding only in the Southern District of Texas or, if
such court does not have subject matter jurisdiction, the courts of the State of Texas sitting in Harris County. Each Party agrees that a final judgment in any such action, litigation, or proceeding is conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. 

 22.    Counterparts. This Agreement may be executed in
counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement. A signed copy of this Agreement delivered by email or other means of electronic transmission is deemed to have the same legal
effect as delivery of an original signed copy of this Agreement. 
 23.    Force Majeure. No Party shall be
liable or responsible to the other Party, or be deemed to have defaulted under or breached this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement, when and to the extent such failure or delay is caused by or
results from acts beyond the impacted party’s (“Impacted Party”) reasonable control, including, without limitation, the following force majeure events (“Force Majeure Event(s)”): (a) acts of God;
(b) flood, fire, earthquake, or explosion; (c) war, invasion, hostilities (whether war is declared or not), terrorist threats or acts, riot or other civil unrest; (d) government order, law, or actions; (e) embargoes or blockades
in effect on or after the date of this Agreement; (f) national or regional emergency; (g) strikes, labor stoppages or slowdowns, or other industrial disturbances; and (h) telecommunication breakdowns, 

The Impacted Party shall give notice promptly of the Force Majeure Event to the other Party, stating the period of time the occurrence is
expected to continue. The Impacted Party shall use diligent efforts to end the failure or delay and ensure the effects of such Force Majeure Event are minimized. The Impacted Party shall resume the performance of its obligations as soon as
reasonably practicable after the removal of the cause. In the event that the Impacted Party’s failure or delay remains uncured for a period of 30 consecutive days following written notice given by it under this Section 26, either Party may
thereafter terminate this Agreement upon 14 days’ written notice. 
 24.    Relationship of the Parties.
Nothing contained in this Agreement shall be construed as creating any agency, partnership, franchise, business opportunity, joint venture, or other form of joint enterprise, employment, or fiduciary relationship between the Parties, and neither
Party shall have authority to contract for or bind the other Party in any manner whatsoever. 
 25.    Further
Assurances. Each Party shall, and shall cause its affiliates to, from time to time at the other Party’s request at the requesting Party’s expense furnish the other Party such further information or assurances; execute and deliver such
additional documents and instruments; and take such other actions and do such other things, as may be reasonably necessary to carry out the provisions of this Agreement and give effect to the transactions contemplated hereby. 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above
by their respective officers thereunto duly authorized. 
  

			
	U.S. Well Services, LLC
		
	By	 	 /s/ Kyle O’Neill

	Name:	 	Kyle ONeill
	Title:	 	Chief Financial Officer
	
	Python Holdings, LLC
		
	By	 	 /s/ Jason Arcemont

	Name:	 	Jason Arcemont
	Title:	 	Managing Member

 EXHIBIT B 

[ATTACHED] 

 EXHIBIT C 

FORM OF BILL OF SALE 
 For
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, U.S. Well Services, a Delaware Corporation (“Seller”), does hereby grant, bargain, transfer, sell, assign, convey and deliver to Python
Holdings, LLC, a Texas limited liability company (“Buyer”), all of its right, title, and interest in and to the Equipment, as such term is defined in the Equipment Sale Agreement, dated as of September 30th, 2021 ,by and between Seller and Buyer, to have and to hold the same unto Buyer, its successors and assigns, forever. 

Buyer acknowledges that Seller makes no representation or warranty with respect to the assets being conveyed hereby except as specifically set
forth in the Purchase Agreement. 
 Seller for itself, its successors and assigns, hereby covenants and agrees that, at any time and from
time to time upon the written request of Buyer, Seller will do, execute, acknowledge, and deliver or cause to be done, executed, acknowledged, and delivered, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney, and
assurances as may be reasonably required by Buyer in order to assign, transfer, set over, convey, assure, and confirm unto and vest in Buyer, its successors and assigns, title to the assets sold, conveyed, and transferred by this Bill of Sale. 

IN WITNESS WHEREOF, Seller has duly executed this Bill of Sale as of October            , 2021.

  

			
	U.S. Well Services
		
	By	 	
                     
                   

	Name:	 	
	Title:Exhibit 10.1

 

Smart Telecommunication
Terminal Production Line Project in Jiangnan District of Nanning City

 

(Phase
I)

 

Investment Agreement

 

[Unofficial English Translation]

 

The Parties to the Agreement:  People’s Government of Jiangnan District
in Nanning City

 

United Time Technology Co., Ltd.

 

Jiangnan District, Nanning City, Guangxi Zhuang
Autonomous Region

 

October 2021

 

     

     

    

 

To accelerate the agglomeration of electronic
information and other strategic emerging industries, promote the high-quality industrial development of Nanning, and speed up the construction
of a modern economic system, the People’s Government of Jiangnan District in Nanning and United Time Technology Co., Ltd. have reached
the following terms on relevant investment matters upon the full consultation in accordance with the requirements of relevant laws and
regulations and the principles of equality, voluntariness, mutual benefit and mutual development:

 

I. Parties to the Agreement

 

Party A: People’s Government of Jiangnan District
in Nanning

 

Party B: United Time Technology Co., Ltd. (NASDAQ
listing code: UTME)

 

II. Definition and Interpretation

 

2.1 Unless
otherwise agreed in the Agreement, for the purposes of the Agreement, the following terms shall have the meaning assigned to them below:

 

2.1.1
“The Project” or “Project”: refers to the “Nanning Production Base Project” invested by Party B within the
management scope of Party A.

 

2.1.2
Total Project Investment: refers to the sum of expenses invested after all the projects are completed and put into operation, and is based
on bills or audit reports recognized by laws and regulations. The data of Party B’s associates or subordinates registered in the place
where Party A is located are calculated together.

 

2.1.3
Output Value: refers to the total value of sold or available-for-sale industrial products produced by an industrial enterprise in a certain
period of time (including equipment and decoration investment). The data of Party B’s affiliates or subsidiaries registered in the place
where Party A is located are calculated together.

 

2.1.4
Taxable Amount: refers to the total tax amount (excluding export tax rebate but including personal income tax) paid by Party B to the
Tax Department in Nanning of Guangxi during production and operation, and the taxable amount shall be subject to the tax payment voucher
or tax payment certificate issued by the Tax Department. The data of Party B’s associates or subordinates registered in the place where
Party A is located are calculated together.

 

2.1.5
Supporting Policy: refers to various subsidies, allowances and supports agreed in the Agreement, including but not limited to loan concessions,
logistics subsidies, rent reduction and exemption, talent concessions and recruitment subsidies for coordinating financial institutions.

 

2.2 Other
Expressions

 

2.2.1
Unless otherwise specified in the Agreement, the terms and annexes mentioned in the Agreement are the terms and annexes of the Agreement.

 

2.2.2
Unless otherwise specified in the Agreement, “a Party” or “the Parties” shall be one or both parties to this Agreement,
including their respective subjects who lawfully inherit their rights and obligations and the assignee agreed by the other party.

 

2.2.3
The days, weeks, months and years mentioned in this Agreement refer to the days, weeks, months and years of the Gregorian calendar.

 

2.2.4
Where the requested payment date is a non-working day, the requested payment date shall be regarded as the next working day.

 

2.2.5
“Including” shall be interpreted as “including but not limited to”.

 

    -2-

     

    

 

2.2.6
Any agreement or document also includes its revised, updated, supplemented or replaced version.

 

2.2.7
Provisions containing the words “consent (agree)”, “reach a consensus” or “agreement” are required to be
recorded in writing; “written” or “in writing” means handwritten, typewriting, printing or electronic records that
can be kept permanently.

 

2.2.8
Unless otherwise specified, the currency unit mentioned in the Agreement is RMB.

 

III. Project Construction and Business Plan

 

3.1
Construction Contents of Project

 

With a total investment of RMB 150 million in
phase I project, this project will set up 6 Siemens D Series high-speed pick and place lines and 8 test lines in the factory (covering
about 20,000m2, and is subject to the actual leased area) on 1st - 5th floors of Building A5, Industrial
Investment (Jiangnan) Enterprise Park, No. 12 Xiajin Road, Jiangnan District, Nanning, with an annual production capacity of 18 million
pieces. Eight mobile phone assembly production lines will be set up, with an estimated annual production capacity of 6 million sets. In
addition, 2-3 smart wearable product lines will be built, with some being automated. It is engaged in production of mobile phones, triple-proofing
mobile phones, tablet computers, smart speakers, intelligent wearable products and car products.

 

After the phase I project is implemented, the
industrial land for the phase II project shall be invested and purchased based on the progress and achievements of the Project.

 

3.2
Objectives of the Project

 

Construction of phase I project is planned to
be launched in 2021, with a total investment of RMB 150 million, and shall be put into production according to Article 4.2.9 of Agreement
after the commencement.

 

Given Party A’s support policy, Party B undertakes
to locate its main production base in Party A’s jurisdiction and make more contributions to Party A’s economy, with the main output value
and tax payment being included in Party A’s statistical data according to law.

 

When the annual output value of Party B’s Project
Company reaches RMB 1.2 billion and the annual tax payment reaches RMB 12 million, Party A will provide industrial land with an area of
about 5.3 hectares within 12 months, and the site is located in Shajing Sub-district Office, Jiangnan District, Nanning City. Party B
shall go through open bidding procedures to invest in the phase II construction project. If Party B wins the land for the phase II project,
the subsidies, allowances and supporting policies for logistics, recruitment and loans in the phase II project shall not be lower than
those in the phase I project. The subsidy for the phase II construction project shall not be less than RMB 1000/m2 as stipulated
in the law.

 

IV. Responsibilities and Obligations of the
Parties

 

4.1
Responsibilities and Obligations of Party A

 

4.1.1
Standard for delivering the factory building: Party A shall ensure that the electric power meets the requirements of 1500KVA, the main
entity passes the fire control acceptance, and the factory environment meets the EIA requirements of the project.

 

4.1.2
According to the rent (including tax price) standard of RMB 20/m2/month, the Project Company shall pay the rent of the factory
building based on the agreement of “Rent-free for the first three years and halved for the next two years” (only for the phase
I project); the rent of 165 dormitories for three years is exempted (the delivery standard of dormitories is that wall putty is applied,
floors are laid on the ground, electric circuits are set up in the houses and basic domestic electricity sockets are installed, water
is supplied in the houses and basic domestic water taps are installed, and warm water is provided in the bathrooms of the houses). Party
B shall submit written requests to Party A 10 working days in advance before using the dormitory, specifying the number of people and
dormitories to be used. The total number of dormitories shall not exceed 165 sets, and the excess expenses shall be borne by Party B.

 

    -3-

     

    

 

4.1.3
Subsidies for equipment relocation (phase I project). For the project of relocation of manufacturing industry with more than RMB 20 million
investment in equipment by Party B, Party A may give a one-time subsidy for relocation and transportation of original equipment. The subsidy
amount is 50% of the actual expenditure of equipment relocation expenses, and the maximum amount is not more than RMB 1 million. Party
B shall provide corresponding payment vouchers (including but not limited to invoices and contracts) for the actual expenses of relocation
expenses.

 

4.1.4
During the period from January 2022 to December 2024, Party A shall give 1% of the Output Value of the Project Company in the current
year as logistics subsidy. Party A shall subsidize up to RMB 6 million (including RMB 6 million) every year for three consecutive years.
Where the accumulated output value of Party B’s Project Company in three years reaches RMB 2.2 billion, Party A shall make up to Party
B’s Project Company in the form of logistics subsidies at the amount of RMB 18 million minus the difference paid to Party B’s Project
Company. Logistics subsidies shall be completed within six months after the end of the third year (Other financial subsidies, allowances
and rewards obtained by Party A from higher authorities for the project from January 2022 to December 2024 can be regarded as the logistics
subsidies made up). The annual logistics subsidies are calculated quarterly at 1/100 of the output value of the current quarter. The logistics
subsidies can be applied for 4 times a year ( March, June, September and December of each year). After 2024, the Parties shall negotiate
separately before implementation.

 

4.1.5
Recruitment subsidies for key labor-intensive enterprises during the emergency period. Party B may apply to Party A for corresponding
employment rewards according to the Emergency Employment Support Plan for Newly Introduced Labor-intensive Key Enterprises in Jiangnan
District.

 

4.1.6
Party A shall assist Party B in tax refund, transfer by letter, recruitment, identification of high-tech enterprises and other policy
declarations and matters.

 

4.1.7
Bank loans. Party A shall coordinate with financial institutions to provide credit loans of RMB 20-40 million for Party B’s Project Company
for the term of three years. In addition, Party A shall coordinate the application for preferential loans (the comprehensive loan interest
rate shall not exceed 5% annualized), including but not limited to “Guihui Loan” and “Xinyi Loan”. If necessary, Party
A shall coordinate with government financing platforms to provide guarantees and credit enhancement measures.

 

4.1.8
Party A shall pay/fulfill the supporting policies such as subsidies for equipment relocation and logistics subsidies in full and on time.
Where Party A fails to pay/fulfill the supporting policies in full and on time, it shall bear the liability for breach of contract and
the actual losses caused to Party B, and cannot investigate the liability for breach of contract of Party B.

 

4.1.9
When the annual output value of Party B’s Project Company reaches RMB 1.2 billion and the annual tax payment reaches RMB 12 million, Party
A will provide industrial land with an area of about 5.3 hectares within 12 months, and the site is located in Shajing Sub-district Office,
Jiangnan District, Nanning City. Party B shall go through open bidding procedures to invest in the phase II construction project. Where
Party A fails to provide land in time, Party A shall constitute a breach of contract.

 

4.1.10 Party A shall give feedback to Party B’s
application for subsidies, allowances and support based on the above clauses within 20 working days. In case of no feedback, Party A shall
complete the relevant payment or support within 60 working days upon receiving the application. Party A shall verify the relevant supporting
policies with Party B every year.

 

    -4-

     

    

 

4.1.11 Preferential
policies for talents

 

4.1.11.1 Party
A shall give priority to providing 50 sets of houses for Party B’s qualified high-level talent in Jiangnan District. If the number of
houses in Jiangnan District cannot meet the demand, it shall be solved in Nanning city.

 

4.1.11.2 In
accordance with the Measures for Administration of Apartments for Nanning High-level Talent (N.B.F. [2019] No. 32), the policy-based
rental short-term houses shall be provided for high-level talent introduced by the project.

 

4.1.11.3 Employees
of Party B’s Project Company and its subordinates shall enjoy housing, education, medical care and other corresponding preferential policies
in accordance with Action Plan and Supporting Policies for Deepening the Reform of Talent Development System and Mechanism in Nanning
(referred to as 1+6 Talent Policy) and Measures on Speeding up the Talent Agglomeration and Following Through the Capital Strategy;
The residential area purchased for key talents shall be implemented in accordance with the relevant talent policies of Nanning.

 

4.1.11.4 According
to Nanning’s Action Plan for Deepening the Reform of Talent Development System and Mechanism and Building a Regional International
Talent Highland Facing ASEAN (N.F. [2018] No. 17), for the managers and professional and technical personnel stationed by Party B
and related parties in Nanning to serve as senior positions of enterprises for the implementation of this project, and pay personal income
tax in Nanning, if he/she meets the provisions of the Measures for Incentive of Talents in Urgent Need in Nanning (N.C.G. [2019] No.
2), 5% of the after-tax salary paid by the employer within the jurisdiction of Nanning shall be given, and the same person shall be
rewarded for no more than 3 years.

 

4.2
Responsibilities and Obligations of Party B

 

4.2.1
Party B shall complete the tasks of output value, tax revenue and industrial investment according to the contents agreed in section 3,
Article 3.2 of the Agreement.

 

4.2.2
Within 15 working days upon signing the Agreement, Party B shall apply for the establishment of Project Company with independent legal
personality in Party A’s jurisdiction and carry out independent accounting. Party B and the Project Company shall jointly assume all responsibilities
and obligations under the Agreement (except for the obligations of capital contribution and equity transfer restrictions exclusively belonging
to Party B), enjoy corresponding rights and pay taxes according to law in Party A’s jurisdiction. Upon the foundation of the Project Company,
the Agreement shall be sealed for confirmation or a tripartite agreement shall be signed. Party B shall submit copies of the business
license, the identity certificate of the legal representative and other relevant documents as annexes to the Agreement.

 

4.2.3
Party B (or its Hong Kong affiliate - UTime International Limited) shall establish a foreign-invested enterprise within the jurisdiction
of Jiangnan District, with a foreign investment of no less than $2 million.

 

4.2.4
Party B shall strictly comply with the relevant investment management procedures, and the requirements of environmental protection, fire
control, energy consumption, carbon emission requirements and construction of safety facilities of the project shall comply with relevant
national laws, regulations and relevant industry standards.

 

4.2.5
In the process of project construction, production and operation, Party B shall abide by laws and regulations, work safely, pay taxes
according to regulations, and cooperate with Party A and its superior authorities during management, inspection and supervision.

 

4.2.6
During the lease period, Party B shall not sublease the factory building or use it for other purposes without the written consent of Party
A. Otherwise, Party A has the right to take back the factory building and require Party B to compensate for the loss according to the
market standard rent from the date of subletting the factory building or using it for other purposes. The contract or use of the factory
by party B’s affiliates or subsidiaries shall not be deemed as a breach of contract.

 

    -5-

     

    

 

4.2.7
According to the requirements of Party A and its functional departments, while meeting the specifications of domestic and foreign listed
companies, Party B shall submit all necessary statistical reports and materials on time to support Party A’s statistical work.

 

4.2.8
The supporting funds obtained by Party B must be used for normal enterprise project construction, business development, equipment purchase,
and shall not be used for shareholders’ dividends and other non-business purposes. Party A has the right to carry out spot checks and
supervise the use of Party B’s supporting funds. Where Party A finds that the supporting funds are used for non-business purposes, Party
B shall immediately correct them within 30 days after receiving the notice from Party A. Otherwise, the supporting funds will be refunded.

 

4.2.9
Party B shall complete the renovation of the factory building within 3 months after signing the Agreement and after Party A completes
the delivery of the factory building on time. Party B shall put the project into production within 4 months.

 

4.2.10 When the annual output value of Party B’s
Project Company meets the agreed conditions, Party A shall provide about 5.3 hectares of industrial land, and Party B shall guarantee
its participation in the land auction.

 

V. Liability for Breach of Agreement

 

5.1 The
Agreement and any data and information related to the Agreement are trade secret information (except those required to be disclosed by
Company Law, Listing Rules and other domestic and foreign laws and regulations), and neither party shall disclose or provide it to any
third party in any way without the prior written consent of the other Party, nor disclose it in any way. If the Parties disclose secrets
in violation of the provisions of the Clause, resulting in adverse effects or losses to the other Party, the disclosure party shall bear
the responsibility to the other Party and compensate for the losses.

 

5.2 Without
the consent of Party A, Party B shall not transfer the registration relationship and tax relationship of Party B’s Project Company out
of Party A’s jurisdiction or transfer the controlling equity to a third party within 5 years from the date of signing the Agreement. Otherwise,
the Agreement will be automatically terminated, and the legal responsibilities of relevant responsible Parties will be investigated. In
this case, Party A has the right to unilaterally terminate any supporting reward to Party B, and Party B shall refund the supporting award
related to Party A paid by Party A within 3 months. Party B can adjust the ownership structure within the group, and the associated or
subordinated companies hold shares in the Project Company.

 

5.3 Where
Party B applies for support and reward but provides false data, Party A has the right to stop rewarding Party B until Party B makes corrections.
If paid, Party A has the right to withdraw the award involved in false declaration, and Party B shall refund it within 3 months.

 

5.4 Where
Party B fails to fulfill the obligations agreed in Article 3.2, it shall bear the liability for breach of contract as agreed.

 

5.5 Party
A shall deliver the standard factory building of 20,000m2 to Party B within 15 working days after signing the Contract. If
it fails to deliver it on time, Party B’s project construction period will be postponed. During the postponed period, Party B will not
bear the relevant responsibility for delaying the realization of output value tax due to the delay of construction period.

 

    -6-

     

    

 

5.6 Where
Party A’s breach of contract leads to the failure to realize the purpose of the Contract (the main supporting policies are not fulfilled
and the land of Phase II Project is not provided), Party A shall bear the liability for breach of contract to Party B.

 

VI. Others

 

6.1 For
matters not covered in the Agreement, the Parties may sign a supplementary agreement, which has the same legal effect as the Agreement.

 

6.2 All
disputes arising out of the performance of, or relating to the Agreement, shall be settled amicably through negotiation. Where negotiation
fails, either party has the right to bring a lawsuit to the court with jurisdiction where it is located. This Agreement is governed by
the laws of the People’s Republic of China.

 

6.3 If
Party B encounters obstacles or delays in performing its obligations under the Agreement due to force majeure events (including but not
limited to fire, epidemic or other accidents, natural disasters, strikes, wars or other riots, social emergencies), Party B shall notify
Party A in time. According to the influence of force majeure, Party A and Party B shall negotiate separately the time for completing the
above output value target.

 

6.4 In
case of major national policy adjustment, worldwide financial crisis, major infectious diseases, war and other force majeure factors that
fail to fulfill the output value and tax requirements of the Agreement, the relevant contents of the agreement can be revised and adjusted
after the Parties reach an Agreement through consultation. In case of delay or failure to perform the obligations stipulated in the relevant
provisions of the Agreement due to force majeure and no fault of either Party, the situation does not constitute a breach of contract,
but each Party must take all necessary remedial measures to avoid or reduce the losses caused, and submit to the other party within 30
days after the occurrence of force majeure a report stating that the agreement cannot be performed or partially cannot be performed or
the performance needs to be postponed. In addition, a force majeure certificate issued by the relevant authorities shall be provided.

 

6.5 The
address, telephone number and contact specified by each Party in the agreement are the mailing address, contact telephone number and contact
of each Party. Where either Party changes them, it shall notify the other Party in writing within 3 working days from the date of change.
Otherwise, the party changing the information shall bear the responsibility that the notice cannot be delivered. Where the notice and
written materials sent by a Party according to the above address are returned due to incorrect address or rejection by the other Party,
the date of return shall be deemed as the date of delivery. Addresses of all parties specified in the Agreement shall also be the addresses
for service of litigation legal documents.

 

6.6 The
Agreement is a commercial agreement reached through voluntary negotiation by all Parties in quadruplicate, with each Party holding two
copies, which shall come into effect as of the date when the legal representatives or authorized representatives of the Parties sign or
seal and affix the official seal of the unit.

 

The remainder of this page was intentionally left
blank.

 

    -7-

     

    

 

The page is the signature page of the Investment
Agreement between Jiangnan District People’s Government of Nanning City and United Time Technology Co., Ltd.

 

Party A: People’s Government of Jiangnan District
in Nanning City

 

Legal representative or
authorized representative (signature): /s/ Guosheng Bai

People’s Government
of Jiangnan, Nanning (Seal Affixed)

 

Contact: Li Jun

Address: No. 19, Zhuangjin Avenue, Jiangnan District,
Nanning

Tel.: 13978177288

 

Party B: United Time Technology Co., Ltd.

 

Legal representative or
authorized representative (signature): /s/ Minfei Bao

United Time Technology
Co., Ltd. (Seal Affixed)

 

Project contact: Yu Shibin

Address: Floor 7, Block A, Building 5, Software Industry
Base, Nanshan District, Shenzhen City

Tel.: 0755-86512198

 

Signing date: October 6, 2021

 

-8-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]