Document:

EXHIBIT 4.30

 

OPERATION AND MANAGEMENT AGREEMENT 

 

This Operation and Management Agreement (the “Agreement”)
is entered into on May 27, 2015 in Shanghai, China among:

 

Party A: 

 

Shanghai HJX Digital Technology Co., Ltd. 

 

	Legal Address:	 	No.55, Lane 1135, Jiasong Zhong Road, Huaxin Town, Qingpu District, Shanghai

 

Party B:

 

Shanghai HJX Electronic Technology Co., Ltd. (“HJX
Electronic”) 

 

	Legal Address:	 	Room 187, Area E, First Floor, Building 1, No.1288, Huateng Road, Huaxin Town, Qingpu District, Shanghai

 

Party C: 

 

Kuan Song 

 

	ID Card No.:	 	410503198209212012
	 	 
	Address:	 	Room 2202, Floor 5, Building 25, Ganlu Garden Nan Li, Chaoyang District, Beijing

 

Pan Zong 

 

	ID Card No.:	 	410901198605200020
	 	 
	Address:	 	Room 9, Unit 1, Building 4, Yard 7, Kaizhou Road, Hualong District, Puyang City, Henan Province

 

Party A, Party B and Party C are hereinafter collectively referred
to as the “Parties” and individually as a “Party.”

 

Whereas: 

 

	(1)	Party A is a wholly foreign owned enterprise established in China; 

 

	(2)	Party B is a limited liability company registered in China with an independent legal person status; 

 

	(3)	Party A and Party B have established business relationship by entering into an Exclusive Technical Services Agreement (the “Service Agreement”); 

 

	(4)	Party A and Party C have entered into a certain Equity Pledge Agreement (the “Equity Pledge Agreement”) to ensure Party B’s payment of the technical service fee to Party A based on the Service Agreement; 

 

	(5)	Pursuant to the Service Agreement, Party B shall pay to Party A certain technical service fee. However, up to now, the technical service fee is still not yet paid and the daily operation of Party B has a material effect on its ability to pay to Party A the technical service fee; 

 

	(6)	Party C constitutes the shareholders of Party B and has a 100% equity interest in Party B. Kuan Song and Pan Zong hold a 90% equity interest and a 10% equity interest respectively in Acorn Network Technology. 

 

NOW THEREFORE, in consideration of the foregoing premises and
the mutual agreements contained herein, the Parties hereby agree as follows:

 

	1.	To ensure Party B’s daily operation and management, Party A agrees to provide guarantee for Party B’s obligations to a third party under any contract or agreement entered into between Party B and a third party or other transactions at the request of a third party and then a guarantee agreement will be entered into. Party B agrees to provide counter-guarantee with its accounts receivable and its assets in connection with the aforesaid Party A’s guarantee. 

 

     

     

    

 

	2.	As a condition precedent to Article 1 hereof and to ensure the performance of other operation agreements between Party A and Party B (for example, the payment of Party B’s technical service fee), Party B and Party C (i.e., Party B’s shareholder) hereby agree that without the prior written consent of Party A, Party B shall not carry out any transaction which may materially affect its assets, obligations, rights or operation or management, including, but not limited to: 

 

	 	(1)	borrow money from or assume debt for any third party; 

 

	 	(2)	purchase or sell any assets or rights or interests from or to any third party, including, but not limited to, any intellectual property rights; 

 

	 	(3)	provide any third party with guarantee interest in Party B’s assets or intellectual property rights; 

 

	 	(4)	transfer to any third party any agreement with respect to Party B’s business. 

 

	3.	To ensure the performance of other operation agreements between Party A and Party B (for example, the payment of Party B’s technical service fee), Party B and Party C (i.e., Party B’s shareholder) hereby agree to accept company policies and guidance provided by Party A from time to time with respect to Party B’s employment and dismissal of employees, daily operation and management and financial management policies. 

 

	4.	Party B and Party C (i.e., Party B’s shareholder) hereby agree that: (1) the persons appointed by Party A or its affiliates will attend and exercise the voting right at the meeting of shareholder of Party B on behalf of Party C (i.e., Party B’s shareholder); (2) Party B will appoint candidates nominated by Party A or its affiliates as Party B’s directors and undertake that the constitution of the board of directors of Party B and the directors’ rights shall be in consistency with those of the board of directors of Party A; (3) Party B will appoint persons employed and designated by Party A as Party B’s general manager and other senior management persons; (4) Party B and Party C will amend Party B’s articles of association in accordance with the above agreement. If such candidates as nominated by Party A or its affiliate no longer act as a director of Party A or its affiliate or are no longer employed by Party A or its affiliate, whether they are voluntarily resigned or dismissed by Party A, they will accordingly no longer hold any positions in Party B. In such case, Party B shall appoint other management persons employed or designated by Party A. 

 

	5.	Party B and Party C (i.e., Party B’s shareholder) hereby agree and acknowledge that, in addition to relevant provisions in Article 1 hereof, if Party B needs to fulfill any guarantee or needs any guarantee for its working capital to be borrowed during its operation, Party B shall first apply to Party A for such guarantee. In such case, Party A shall have the right but no obligation to provide Party B with proper guarantee. If Party A does not provide such guarantee, it shall promptly send a written notice to Party B for Party B’s seeking guarantee from a third party. If Party A is willing to provide guarantee, Party A will enter into a contract with Party B or the parties may otherwise enter into a guarantee agreement. Party A’s warrant hereunder does not by itself constitute Party A’s obligation to act as a guarantor under any guarantee agreement which has not yet been signed by Party A. 

 

	6.	If any of the agreements between Party A and Party B is expired or terminated, Party A shall have the right but no obligation to terminate all of the agreements between Party A and Party B, including but not limited to the Service Agreement. 

 

	7.	This Agreement may be amended or supplemented only by agreement in writing executed by each of the Parties. Any such amendment or supplement is an integral part of this Agreement with the same force and effect as this Agreement. 

 

	8.	
        Notice

        Unless there is a written notice regarding change of address,
        all notices relating to this Agreement shall be addressed to the following address and delivered by personal delivery, fax or registered
        mail. If notice is given through registered mail, the date on the confirmation slip shall be deemed the date of delivery. If notice
        is given by personal delivery or via fax, the date of actual receipt shall be deemed the date of delivery. In the case of delivery
        via fax, the original copy of the notice shall be sent to the following relevant address by personal delivery or by registered
        mail.

 

	 	 	 
	Party A:	 	Shanghai HJX Digital Technology Co., Ltd.
	 	 
	Address:	 	No.55, Lane 1135, Jiasong Zhong Road, Huaxin Town, Qingpu District, Shanghai

 

     

     

    

 

	Party B:	 	Shanghai HJX Electronic Technology Co., Ltd.
	 	 
	Address:	 	Room 187, Area E, First Floor, Building 1, No.1288, Huateng Road, Huaxin Town, Qingpu District, Shanghai
	 	 
	Party C:	 	 
	 	 
	Kuan Song 	 	 
	 	 
	Address:	 	Room 2202, Floor 5, Building 25, Ganlu Garden Nan Li, Chaoyang District, Beijing
	 	 
	Pan Zong	 	 
	 	 
	Address:	 	Room 9, Unit 1, Building 4, Yard 7, Kaizhou Road, Hualong District, Puyang City, Henan Province

 

	9.	The validity, interpretation, performance and settlement of disputes under this Agreement shall all be governed by the laws of the People’s Republic of China. 

 

	10.	Disputes arising out of or in connection with this Agreement shall first be resolved through consultation among the Parties. If a dispute cannot be resolved within 30 days after consultation begins, any Party may bring the dispute to the China International Economic and Trade Arbitration Commission in Beijing for arbitration under the auspices of three arbitrators designated in accordance with its rules. The arbitration award shall be final and binding upon the Parties. 

 

	11.	This Agreement shall be concluded after it is signed or affixed seals by the Parties. The Parties agree that this Agreement shall take effect as of the execution date. During the valid existence of Party A and Party B hereunder, unless this Agreement is early terminated in accordance with its relevant provisions herein, this Agreement shall continue to be valid for ten years from the effective date hereof. The term of this Agreement shall be automatically extended for another ten years except Party A may terminate this Agreement in writing three months before its expiration. 

 

	12.	Any successor to a Party hereto shall assume the rights and obligations of such Party hereunder as if it were a Party to this Agreement. 

 

	13.	This Agreement is executed in four original copies, with one for each of the Parties. The Parties may execute more counterparts if necessary. 

 

	14.	This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof, and supersedes all oral and written understandings and agreements among the Parties with respect to the subject matter prior the effective date of this Agreement. This Agreement shall not be amended without the consent of Party A’s auditing committee or other independent institution of its board of directors. 

 

[Signature Page of Operation and Management Agreement, which
does not contain any part of the text]

 

Party A:

 

Shanghai HJX Digital Technology Co., Ltd. (Corporate Seal) (chopped)

 

Legal Representative: /s/ Dongjie Yang (Signature)

 

Party B:

 

Shanghai HJX Electronic Technology Co., Ltd. (Corporate Seal)
(chopped)

 

Legal Representative: /s/ Dongjie Yang (Signature)

 

Party C:

 

/s/ Kuan Song (Signature)

 

Party C:

 

/s/ Pan Zong (Signature)EXHIBIT 4.31

 

Equity Pledge Agreement

This Equity Pledge Agreement (hereinafter
referred to as “this Agreement”) is entered into on May 27, 2015 in Shanghai, the People’s Republic of
China (hereinafter referred to as the “PRC”) by and between the following parties:

 

	Party A:	The Pledgee hereunder 

 

Shanghai HJX Digital Technology Co., Ltd.

 

The legal address: No.55, Lane 1135, Jiasong Zhong
Road, Huaxin Town, Qingpu District, Shanghai

 

	Party B:	The Pledger hereunder 

 

	 	Kuan Song

 

The number of the ID card: 410503198209212012

 

The domicile address: Room 2202, Floor 5, Building
25, Ganlu Garden Nan Li, Chaoyang District, Beijing and

 

Pan Zong

 

The number of the ID card: 410901198605200020

 

The domicile address: Room 9, Unit 1, Building 4,
Yard 7, Kaizhou Road, Hualong District, Puyang City, Henan Province

 

Party A and Party B shall be hereinafter
referred to collectively as the “Parties” and individually as a “Party”.

 

Whereas: 

 

	 	(1)	Party A is a wholly foreign-owned enterprise duly organized and validly existing under the laws of the People’s Republic of China, which has the status of an independent legal person and is engaged mainly in technical support, information technology data processing, and technology consultancy services; 

 

	 	(2)	Party B is Kuan Song and Pan Zong, shareholders of Shanghai HJX Electronic Technology Co., Ltd. (“HJX Electronic”), who hold 90% and 10% of the equity interest in HJX Electronic, respectively; 

 

	 	(3)	Party A and HJX Electronic entered into a certain Exclusive Technology Services Agreement (hereinafter referred to as the “Services Agreement”) on May 27, 2015 , and the Parties know the contents of that agreement and have a thorough understanding of its meaning; 

 

	 	(4)	Party B agrees to pledge to Party A all the equity interest it holds in HJX Electronic as security for the payment by HJX Electronic of the fee for the services Party A shall provide under the Services Agreement; 

 

	 	(5)	The Parties entered into a certain Loan Agreement (hereinafter referred to as the “Loan Agreement”) on May 27, 2015 and a certain Operation and Management Agreement (hereinafter referred to as the “Management Agreement”) on May 27, 2015. Party B shall pledge all the equity interest it holds in HJX Electronic to Party A as security for Party B’s performance of its obligations under the Loan Agreement and the Management Agreement in addition to security for the payment by HJX Electronic of the fee for the services Party A shall provide under the Services Agreement. 

 

In consideration of the premises as set
forth above as well as the mutual undertakings as set forth below, the Parties hereby agree to the following:

 

     

     

    

 

	Article 1	Pledge of Equity Interest 

 

	 	(1)	Party B agrees to pledge to Party A all the equity interest it holds in HJX Electronic. 

 

	 	(2)	If Party B proposes to transfer to any third party the equity interest it holds in HJX Electronic, it shall provide such third party with all the true information on such equity pledge and such third party shall automatically inherit all the rights and obligations thereunder. 

 

	Article 2	Delivery and Custody of the Equity Interest to Be Pledged Hereunder 

 

	 	(1)	Within seven business days of execution hereof, Party B shall hand over the certificates in evidence of its investment in the equity interest of HJX Electronic and the shareholders’ register of HJX Electronic it holds to Party A for its keeping. 

 

	 	(2)	During the term of the equity pledge hereunder, any income that may be derived from such equity interest shall belong to Party A. 

 

	Article 3	Party B’s Representations and Warranties 

 

	 	(1)	Party B has fully performed its obligation to make a capital contribution to HJX Electronic in accordance with the Company Law of the People’s Republic of China and the articles of association of HJX Electronic and it is the lawful owner of the equity interest to be pledged hereunder. 

 

	 	(2)	No third party shall interfere in Party A’s exercise of the pledge right hereunder. 

 

	 	(3)	Party A shall have the right to dispose of or transfer the equity interest to be pledged hereunder in accordance with the provisions hereof. 

 

	 	(4)	Apart from the pledge hereunder, Party B has not created any other pledge or encumbrance on the equity interest to be pledged hereunder. 

 

	Article 4	Party B’s Undertakings 

 

For Party A’s benefit, Party B undertakes that, during
the term hereof,

 

	 	(1)	without Party A’s previous written consent, it shall not transfer the equity interest to be pledged hereunder or create any other pledge or encumbrance on such equity interest; 

 

	 	(2)	within seven business days of execution hereof, it shall complete the procedure for registration of this Agreement and the pledge of the equity interest hereunder with the authority in charge of industrial and commercial administration and any other competent authority with which HJX Electronic registered its establishment; 

 

	 	(3)	it shall comply with all the laws and regulations applicable to the pledge of the equity interest hereunder and, within five days of receipt of any notice, order or suggestion the relevant authorities issue or make, forward such notice, order or suggestion to Party A and comply with them at Party A’s reasonable request; 

 

	 	(4)	If there occurs any such event as has adversely affected, or will adversely affect, Party A’s pledge right or any of Party B’s warranties or other obligations hereunder, it shall promptly notify Party A of such occurrence; 

 

	 	(1)	it has not taken or, without Party A’s written consent, will not take any action that will adversely affect the status of Party B’s assets, such as raising of loans, provision of security, or purchase or sale of any major assets; 

 

	 	(2)	none of Party B or any of its successors or representatives or any other third party will interfere in, or cause any damage to, the pledge of the equity interest to Party A hereunder; and 

 

	 	(3)	it will comply with and perform all of its warranties, undertakings, agreements and representations hereunder and the provisions hereof. If Party B violates, or fails fully to perform, any of the provisions hereof, Party A shall have the right to require that Party B compensate it for any losses it may suffer as a result. 

 

     

     

    

 

	 	(4)	it will pledge to Party A the additional equity in HJX Electronic that it obtains after increasing capital contribution to HJX Electronic or purchasing equity in HJX Electronic.

 

	Article 5	Realization of the Pledge Right 

 

	 	(1)	Without Party A’s previous written consent, Party B shall not transfer the equity interest to be pledged hereunder before HJX Electronic has paid in full the fee for the technical services under the Services Agreement within a reasonable time limit and Party B has performed its obligations under the Loan Agreement and the Management Agreement. 

 

	 	(2)	Party A shall notify Party B in writing of its exercise of the pledge right hereunder; 

 

	 	(3)	If, during the term of the pledge hereunder, HJX Electronic fails to pay all or part of the fee for the technical services under the Services Agreement within a reasonable time limit as specified therein or Party B fails to perform its obligations under the Loan Agreement and the Management Agreement in the time limits as specified therein, Party A shall have the priority to be compensated with the money into which the equity interest to be pledged hereunder will be converted or with the proceeds from the auction or sale of such equity interest in accordance with the provisions hereof. 

 

	 	(4)	Party B shall not obstruct Party A from exercising the pledge right in accordance with the provisions of the preceding paragraph. Instead, Party B shall extend active cooperation and assistance to Party A in exercising such right to ensure that it will succeed in realizing such right. 

 

	Article 6	Transfer 

 

	 	(1)	Without Party A’s previous consent, Party B shall have no right to transfer the rights or obligations hereunder to any third party or authorize any third party to assume the rights and obligations hereunder on its behalf. 

 

	 	(2)	Party A shall have the right to transfer all or part of the rights and obligations under the Services Agreement to any third party (either a natural person or legal person) at any time, in which case, such third party shall assume the rights and obligations hereunder as if it were a Party hereto. At Party A’s request, Party B shall execute an agreement and/or documents in connection with the aforesaid transfer. 

 

	Article 7	Effectiveness and Term of this Agreement 

 

	 	(1)	This Agreement shall formally become effective after the Parties have affixed their signatures or seals hereto. The Parties agree that this Agreement will become effective on the date of execution. 

 

	 	(2)	The term of the pledge of the equity interest hereunder shall be 10 years, starting from the effective date hereof. The term of this Agreement shall automatically be extended for 10 years upon expiration of such term, unless Party A notifies Party B in writing of its intention to terminate this Agreement in the three months prior to the expiration of the term of this Agreement. 

 

	Article 8	Liability for Breach of Contract 

 

	 	(1)	If any of the following events occurs, such an event shall be deemed to be a breach of this Agreement: 

 

	 	a.	HJX Electronic fails to pay in full the fee for the technology services under the exclusive Services Agreement within a reasonable time limit as specified therein; 

 

	 	b.	Party B fails fully to perform its obligations under the Loan Agreement; 

 

	 	c.	Any of the representations or warranties Party B makes in Article 3 hereof proves to be inconsistent with any of the major facts or false and/or Party B is out of compliance with any of the warranties it makes in Article 3 hereof; 

 

     

     

    

 

	 	d.	Party B is out of compliance with any of the undertakings it makes in Article 4 hereof; 

 

	 	e.	Party B is in violation of any of the provisions hereof; 

 

	 	f.	Without Party A’s previous written consent, Party B has relinquished or transferred the equity interest that has been pledged hereunder; 

 

	 	g.	In the case that Party B has got any loan from a third party or provided any guaranty for a third party, is required to pay any compensation to a third party, has made an undertaking to a third party, or is under any other liability to a third party, 

 

	 	(i)	Party B is required to repay such loan, perform such guaranty or undertaking, pay such compensation, or discharge such liability ahead of time; or 

 

	 	(ii)	Party B is unable to discharge any of the aforesaid liabilities when it becomes due so that Party A believes that Party B’s capacity to perform this Agreement is adversely affected as a result; 

 

	 	h.	Party B is unable to repay its general debts or any other debts; 

 

	 	i.	Any new laws or regulations have been promulgated that have rendered this Agreement illegal or Party B unable to continue to perform its obligations hereunder; 

 

	 	j.	All the approvals, licenses, consents or authorizations of the government authorities that have made this Agreement performable and effective are revoked, terminated, have become invalid, or have been substantially modified; 

 

	 	k.	Any adverse change has occurred to the assets under Party B’s ownership so that Party A believes that Party B’s capacity to perform this Agreement is adversely affected as a result; 

 

	 	l.	The successor to, or manager of, HJX Electronic can only perform part of the obligation to pay the fee under the Services Agreement or refuses to perform such obligation; or 

 

	 	m.	There occurs any other event in which Party A cannot exercise the pledge right hereunder. 

 

	 	(2)	As soon as Party B is informed, or has become aware, that any of the events as described in the preceding paragraph is likely to occur, it shall notify Party A in writing of such likelihood. Except as any of the breaches of contract as described in the preceding paragraph has been successfully remedied to Party A’s satisfaction, at the time of such occurrence or any time thereafter, Party A may serve a notice of such breach on Party B and dispose of the equity interest to be pledged hereunder in accordance with the provisions of Article 5 hereof. 

 

	 	(3)	If either Party is in breach of any of the provisions hereof, the breaching party shall be liable to the non-breaching party for breach of contract and compensate the non-breaching party for any losses it may suffer as a result of such breach. The non-breaching party may grant the breaching party a certain period of grace, in which the breaching party shall be required to remedy such breach. 

 

	 	(4)	If the breaching party fails to take any remedial measures within a reasonable period of grace, the non-breaching party shall have the right to terminate this Agreement and require that the breaching party compensate it for any actual losses it may suffer as a result, including but not limited to all the reasonable expenses the non-breaching party may incur in connection with the execution and performance hereof (including expenses and costs incurred in connection with the engagement of the various intermediary agencies), provided, however, that such compensation shall not exceed losses that, at the time of execution hereof, the breaching party foresaw or should have reasonably foreseen its breach hereof might cause to the other Party. 

 

	Article 9	Governing Law and Settlement of Disputes 

 

	 	(1)	The validity, interpretation and performance hereof and settlement of disputes hereunder shall be governed by the laws of the People’s Republic of China. 

 

     

     

    

 

	 	(2)	If any dispute arises out of the performance of this Agreement or in connection with this Agreement, the Parties shall settle such dispute through consultation. If such dispute fails to be settled though consultation within 30 days, either Party may submit it to the China International Economic and Trade Arbitration Commission in Beijing for settlement by arbitration by three arbitrators appointed by this commission in accordance with its rules. The award of the arbitration tribunal shall be final and binding on both of the Parties. 

 

	Article 10	Notices 

 

Notices relating to this Agreement shall
be delivered to the following addresses by hand or sent by facsimile or registered mail except as any of such addresses is changed
by a written notice. If sent by registered mail, a notice shall be deemed given on the date indicated on the return receipt for
registered mail; if delivered by hand or sent by facsimile, a notice shall be deemed given on the date it is received. If a notice
is sent by facsimile to any of the following addresses, the original of such notice shall promptly be delivered by hand or sent
by registered mail to such notice:

 

If to Shanghai HJX Digital Technology Co.,
Ltd.

 

The address: No.55, Lane 1135, Jiasong
Zhong Road, Huaxin Town, Qingpu District, Shanghai

 

If to Kuan Song

 

The address: Room 2202, Floor 5, Building
25, Ganlu Garden Nan Li, Chaoyang District, Beijing and

 

If to Pan Zong

 

The address: Room 9, Unit 1, Building 4,
Yard 7, Kaizhou Road, Hualong District, Puyang City, Henan Province

 

	Article 11	Miscellaneous 

 

	 	(1)	Within seven days after the effective date hereof, the Parties hereto shall carry out the procedure for registration of the pledge of the equity interest hereunder with the authority in charge of industrial and commercial administration. 

 

	 	(2)	Expenses that may be incurred in connection with the execution and performance hereof, including but not limited to legal fees and the fee for registration of the pledge of the equity interest hereunder, shall be borne by Party B. 

 

	 	(3)	Neither Party shall unilaterally make any modification or amendment in this Agreement without mutual agreement of both parties. 

 

	 	(4)	This Agreement is executed in four originals, one of which shall be kept by each of the Parties hereto and filed with the Administration for Industry and Commerce. The Parties hereto may execute duplicates of this Agreement separately when necessary. 

 

	 	(5)	This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all oral or written understandings and agreements the Parties reached with respect to such subject matter before this Agreement becomes effective. This Agreement shall not be amended without approval of Party A’s audit committee or any other independent agency under Party A’s board of directors. 

 

[This is the signature page of this Agreement, which does
not contain any text of this Agreement] 

 

Shanghai HJX Digital Technology Co., Ltd (Corporate Seal)
(chopped) 

 

The legal representative: /s/ Yang Dongjie (Signature)

 

/s/ Kuan Song (Signature)

 

/s/ Pan Zong (Signature)

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