Document:

EXHIBIT
10.24

  

	Date:
        30 April 2018

         

         

         

         

         

        BORQS
        International Holding Corp 

        as
        Chargor

         

         

         

         

         

         

        Partners
        for Growth V, L.P.

        as
        Lender

         

	DEED
        OF CHARGE OF SHARES

         

         

         

        (over
        all shares in the capital of

        BORQS
        Hong Kong Limited)

         

    	Deed of Charge of Shares
	 

     

    

 

THIS
DEED (this “Deed”) is made as a deed this 30th day of April 2018,

 

BETWEEN:

 

		(1)	BORQS
                                         INTERNATIONAL HOLDING CORP, a company duly incorporated and validly existing under
                                         and by virtue of the Laws of The Cayman Islands, registered under company number 192127
                                         and with registered office address at P.O. Box 309, Ugland House, Grand Cayman KY1-1104
                                         (the “Chargor”); and

 

		(2)	PARTNERS
                                         FOR GROWTH V, L.P., a Delaware limited partnership, with its principal place of business
                                         at 1660 Tiburon Blvd., Suite D, Tiburon, CA 94920 USA (the “Lender”).

 

IT
IS AGREED as follows:

 

		1.	Definitions
                                         and Interpretation

 

		1.1.	Definitions

 

Unless
otherwise defined herein, capitalised terms used in this Deed have the meaning given to such terms in the Loan Agreement (as defined
below). In addition, in this Deed unless the context otherwise requires, the following expressions shall have the following meanings:

 

“Charged
Assets” means:

 

		(a)	the
                                         Shares;

 

		(b)	any
                                         further shares in the Company issued to the Chargor after the date of this Deed;

 

		(c)	all
                                         stocks, shares, securities, rights, monies or other assets accruing, offered or issued
                                         at any time (whether by way of bonus, redemption, exchange, purchase, substitution, conversion,
                                         preference, option or otherwise) to or in respect of any of the Shares or the shares
                                         referred to in paragraph (b) above; and

 

		(d)	all
                                         dividends, interest and other income at any time deriving from the Shares or the shares
                                         referred to in paragraph (b) above or any asset referred to in paragraph (c) above;

 

“Company”
means BORQS Hong Kong Limited, a company incorporated under the laws of Hong Kong with registration number 1151010 and its registered
address at Office B, 21/F., Legend Tower, 7 Shing Yip Street, Kwun Tong, Kowloon;

 

“CPO”
means the Conveyancing and Property Ordinance (Cap. 219 of the Laws of Hong Kong);

 

“Encumbrance”
means any mortgage, charge, pledge, lien (otherwise than arising by statute or operation of law) or other encumbrance, priority
or security interest, deferred purchase, title retention, leasing, sale-and-repurchase, sale-and-leaseback arrangement whatsoever
over or in any property, assets or rights or interest of whatsoever nature or any agreement for any of the same;

 

“Exchange
Rate” means the rate for converting one currency into another currency which the Lender determines to be prevailing in
the relevant foreign exchange market at the relevant time, such determination to be conclusive and binding (except in the case
of manifest error);

 

“Guarantee”
means the Hong Kong law deed of guarantee and indemnity dated on or about the date hereof between the Chargor and the Lender;

 

    	Deed of Charge of Shares
	1 

     

    

 

“HK$”
means Hong Kong Dollars, the lawful currency for the time being of Hong Kong;

 

“Hong
Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China;

 

“Loan
Agreement” means the California law loan and security agreement dated on or about the date hereof between the Lender
as lender and the Company as the borrower;

 

“Party”
means a party to this Deed;

 

“Receiver”
means each of the receivers and/or receivers and managers appointed under this Deed, any of the other Loan Documents or under
the powers conferred on the Lender by any law or regulation whether appointed simultaneously or to act jointly and/or severally
or to act in place of any one or more receivers and/or receivers and managers previously appointed under this Deed or otherwise,
and includes all delegates, attorneys or agents of any such Receiver;

 

“Related
Rights” means:

 

		(a)	any
                                         dividend, distribution or interest paid or payable in relation to the Shares; and

 

		(b)	any
                                         right, money or property (including any shares, stocks, debentures, bonds or other securities
                                         or investments) accruing or offered at any time in relation to the Shares by way of redemption,
                                         substitution, exchange, bonus or preference, under option rights or otherwise;

 

“Secured
Obligations”means all present and future obligations and liabilities of the Chargor, the Company and any other person
to the Lender under the Loan Agreement, the Guarantee, this Deed and the other Loan Documents, whether actual or contingent and
whether owed or incurred alone or jointly and/or severally with another and as principal or as surety or in any other capacity
or of any nature;

 

“Security”
means the Encumbrances created by or pursuant to this Deed;

 

“Security
Period” means the period beginning on the date of this Deed and ending on the date on which all the Secured Obligations
have been unconditionally and irrevocably paid and discharged in full and the Lender has no further commitment under or pursuant
to the Loan Documents; and

 

“Shares”
means 1 ordinary share in the share capital of the Company of HK$ 1 which represent the entire issued share capital of the Company
at the date of this Deed.

 

		1.2.	Construction

 

Any
reference in this Deed to:

 

		(a)	the
                                         Lender or the Chargor or any other person includes its respective successors
                                         in title, permitted assigns and/or permitted transferees;

 

		(b)	a
                                         Clause is a reference to a clause of this Deed;

 

		(c)	this
                                         Deed, the Loan Agreement, the Guarantee or any other agreement
                                         or document is a reference to this Deed, the Loan Agreement, the Guarantee
                                         or such other agreement or document as the same may have been, or may from time to time
                                         be, amended, varied, supplemented or novated;

 

    	Deed of Charge of Shares
	2 

     

    

 

		(d)	the
                                         Secured Obligations includes a reference to any part of them;

 

		(e)	the
                                         singular shall include the plural and vice versa;

 

		(f)	a
                                         person includes any person, firm, company, corporation, government, state or agency
                                         of a state or any association, trust or partnership (whether or not having a separate
                                         legal personality) and any other entity or two or more of the foregoing; and

 

		(g)	any
                                         statute or statutory provision or ordinance shall include any statute or statutory provision
                                         or ordinance which amends, extends, consolidates or replaces the same (whether before
                                         or after the date of this Deed) or which has been amended, extended, consolidated or
                                         replaced by the same and shall include any order, regulation, instrument or other subordinate
                                         legislation made under the relevant statute or statutory provision or ordinance.

 

Apart
from a permitted assignee of the Lender pursuant to Clause 21.3, a person who is not a party to this Deed has no rights under
the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws of Hong Kong) to enforce or enjoy the benefit of any term
of this Deed.

 

		2.	Grant
                                         of Security

 

		2.1.	Covenant
                                         to Pay

 

The
Chargor covenants to pay and discharge in full the Secured Obligations on demand made by the Lender at any time and to provide
cash cover on demand in respect of any contingent or future obligations.

 

		2.2.	Charge

 

As
continuing security for the payment and discharge of the Secured Obligations, the Chargor as beneficial owner agrees to charge
and hereby charges to the Lender by way of fixed charge, all of its present and future rights, title, benefit and interest in
and to the Charged Assets.

 

		2.3.	Documents
                                         Supporting Security

 

In
furtherance of the Security created under this Deed, the Chargor shall at its own cost, deliver or procure that there shall be
delivered to the Lender the following:

 

		(a)	on
                                         the date of the execution of this Deed, valid and duly issued share certificate(s) in
                                         the name of the Chargor in respect of the Shares and any other Charged Assets then held
                                         by the Chargor to the intent that the same shall be, following an Event of Default, immediately
                                         registered in the name of the Lender (or its nominee);

 

		(b)	on
                                         the date of the execution of this Deed, undated duly executed instrument(s) of transfer
                                         and sold note(s) in respect of the Shares and such other Charged Assets, all substantially
                                         in the form set out in Schedule 1 hereto;

 

		(c)	on
                                         the date of the execution of this Deed duly signed but undated letters of resignation
                                         of all the directors of the Company and an undated written resolution of all the directors
                                         of the Company to accept the directors’ resignations, appoint person(s) as the Lender
                                         may nominate as new director(s) and approve the transfer of the Charged Assets, together
                                         with an authority to complete the same following an Event of Default, all in the forms
                                         set out in Schedule 1 hereto; and

 

    	Deed of Charge of Shares
	3 

     

    

 

		(d)	all
                                         other documents requested by the Lender in order to register such Charged Assets in its
                                         name or in the name of its nominee(s) or to effect a valid transfer of any Charged Assets.

 

		2.4.	Registration

 

The
Chargor shall immediately after the execution of this Deed, enter particulars of the security created pursuant to this Deed in
its register of mortgages and charges (“Register of Mortgages and Charges”) maintained at its registered office
in the Cayman Islands pursuant to section 54 of the Companies Law (2013 Revision) of the Cayman Islands, and promptly and in any
event within three (3) Business Days from and including the date of execution of this Deed, deliver or procure to be delivered
to the Lender a certified copy of the updated Register of Mortgages and Charges recording the particulars of the security created
pursuant to this Deed.

 

		2.5.	Continuing
                                         Obligations

 

The
Chargor covenants to and agrees with the Lender that it will at its own cost:

 

		(a)	deposit
                                         promptly with the Lender valid and duly issued share certificate(s) in respect of any
                                         Charged Assets and all other securities in the share capital of the Company which become
                                         subject to this Deed after the date of this Deed to the intent that the same shall be,
                                         following an Event of Default, immediately registered in the name of the Lender or its
                                         nominee, together with an undated duly executed instrument of transfer and sold note
                                         in respect thereof, all substantially in the form set out in Schedule 1 hereto
                                         and such other documents as the Lender may reasonably require for perfecting its title
                                         to the Charged Assets;

 

		(b)	procure
                                         the prompt delivery of those documents referred to in Clause 2.3(c) in respect of
                                         any directors of the Company appointed after the date of this Deed; and

 

		(c)	on
                                         demand made by the Lender following an Event of Default, procure that the Shares and
                                         such other Charged Assets as the Lender may stipulate in writing are transferred into
                                         the name of the Lender and/or its nominee(s) who shall hold the Shares upon and subject
                                         to the terms of this Deed and such transfers are registered in the books of the Company
                                         and that new share certificates in respect thereof in the name of the Lender and/or its
                                         nominee(s) are issued and delivered to the Lender.

 

		3.	Continuing
                                         Security

 

		(a)	The
                                         Security is continuing and shall extend to the ultimate balance of all the Secured Obligations
                                         regardless of any intermediate payment or discharge in whole or in part. This Deed shall
                                         remain in full force and effect as a continuing security for the duration of the Security
                                         Period.

 

		(b)	This
                                         Deed is in addition to, without prejudice to, and shall not merge with, any other right,
                                         remedy, guarantee or Encumbrance which the Lender may at any time hold for any Secured
                                         Obligation.

 

		(c)	This
                                         Deed may be enforced against the Chargor without the Lender first having to take recourse
                                         to any other right, remedy, guarantee or Encumbrance held by or available to it.

 

    	Deed of Charge of Shares
	4 

     

    

 

		4.	Covenants

 

		4.1.	Negative
                                         pledge and Disposals

 

The
Chargor shall not do or agree to do any of the following without the prior written consent of the Lender:

 

		(a)	create
                                         or permit to subsist any Encumbrance on any Charged Asset other than Permitted Liens;

 

		(b)	sell,
                                         transfer, lease, lend or otherwise dispose of (whether by a single transaction or a number
                                         of transactions and whether related or not) the whole or any part of its interest in
                                         any Charged Asset;

 

		(c)	take
                                         or permit the taking of any action which may result in (i) the rights attaching to any
                                         Charged Asset being altered or (ii) further securities in the Company being issued, provided
                                         that such restriction does not apply to:

 

		(A)	any
                                         alteration which is necessary for effecting any action or step permitted under the Loan
                                         Documents and which would not result in any Material Adverse Change or otherwise prejudice
                                         any right or remedy of the Lender under the Loan Documents, provided that the Chargor
                                         shall notify the Lender in writing promptly upon any such alteration; and

 

		(B)	any
                                         further issuance of securities in the Company to the Chargor permitted under the Loan
                                         Documents and provided that the Chargor shall promptly deliver to the Lender all documents
                                         referred to in Clause 2.5(a) above in relation to the newly issued shares; or

 

		(d)	continue
                                         its existence in a jurisdiction outside of the Cayman Islands or attempt or resolve to
                                         do so.

 

		4.2.	Notification

 

The
Chargor shall notify the Lender within 14 days of receipt of every notice received by it in relation to the Charged Assets; and
(if required by the Lender) shall immediately provide it with a copy of that notice and either (A) comply with such notice
or (B) make such objections to it as the Lender may reasonably require or approve.

 

		4.3.	Calls

 

The
Chargor shall punctually pay, or procure the punctual payment of all calls, instalments and other payments that may become due
in respect of the Charged Assets and agrees that if the Chargor fails to do so, the Lender may, in its absolute discretion, make
such payments on its behalf. Any sums so paid by the Lender shall be repayable by the Chargor to the Lender on demand together
with interest at the Default Rate (both before and after judgment) from the date on which those payments were made by the Lender.

 

		4.4.	Compliance
                                         with laws

 

The
Chargor shall comply in all material respects with all obligations in relation to the Charged Assets under any present or future
law, regulation, order or instrument or under bye-laws, regulations or requirements of any competent authority or other approvals,
licences and consents.

 

    	Deed of Charge of Shares
	5 

     

    

 

		4.5.	Not
                                         prejudice

 

The
Chargor shall not do, cause or permit to be done anything which may in any way depreciate, jeopardise or otherwise prejudice the
value or marketability of any Charged Asset (or make any omission which has such an effect).

 

		5.	Further
                                         Assurances

 

		5.1.	Further
                                         action

 

The
Chargor shall, at its own expense, promptly on request do all acts and execute all documents as the Lender or a Receiver may reasonably
specify (and in such form as the Lender or a Receiver may reasonably require) for:

 

		(b)	creating,
                                         perfecting or protecting the Security intended to be created by this Deed or any other
                                         Loan Document;

 

		(c)	facilitating
                                         the realisation of any Charged Asset;

 

		(d)	facilitating
                                         the exercise of any rights, powers and remedies exercisable by the Lender, or any Receiver
                                         or any delegate in respect of any Charged Asset or provided by or pursuant to the Loan
                                         Documents or by law; or

 

		(e)	creating
                                         and perfecting Security in favour of the Lender over any Charged Asset located in any
                                         jurisdiction outside Hong Kong equivalent or similar to the Security intended to be created
                                         by or pursuant to this Deed or any other Loan Document.

 

This
includes:

 

		(A)	the
                                         re-execution of this Deed or such Loan Document;

 

		(B)	the
                                         execution of any legal mortgage, charge, transfer, conveyance, assignment, assignation
                                         or assurance of any property, whether to the Lender or to its nominee; and

 

		(C)	the
                                         giving of any notice, order or direction and the making of any filing or registration,

 

which,
in any such case, the Lender may think expedient.

 

		5.2.	Loan
                                         Documents

 

The
Chargor shall take all such action as is available to it (including making all filings and registrations) as may be necessary
for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on
the Lender by or pursuant to the Loan Documents.

 

		6.	Rights
                                         and obligations in respect of Shares

 

		6.1.	Before
                                         Event of Default

 

Until
an Event of Default occurs, the Chargor shall be entitled to:

 

		(a)	receive
                                         and retain all dividends, distributions and other monies paid on or derived from the
                                         Shares; and

 

    	Deed of Charge of Shares
	6 

     

    

 

		(b)	exercise
                                         all voting and other rights and powers attaching to the Shares, provided that it must
                                         not do so in a manner which is prejudicial to the interests of the Lender.

 

		6.2.	Following
                                         an Event of Default

 

At
any time following the occurrence of an Event of Default and for so long as such Event of Default is continuing, the Lender may
complete the instrument(s) of transfer for all or any Shares on behalf of the Chargor in favour of itself or such other person
as it may select and all dividends, interest payments, distributions of an income nature or other monies which may be paid on
or in respect of the Shares, if received by the Chargor or its nominee(s), shall be paid over to (and pending such payment shall
be held on trust for) the Lender and may be applied, at the discretion of the Lender, in or towards discharging the Secured Obligations.

 

		6.3.	Exoneration
                                         of the Lender

 

At
any time when any Share is registered in the name of the Lender or its nominee, the Lender shall be under no duty to:

 

		(a)	ensure
                                         that any dividends, distributions or other monies payable in respect of such Share are
                                         duly and promptly paid or received by it or its nominee; or

 

		(b)	verify
                                         that the correct amounts are paid or received; or

 

		(c)	take
                                         any action in connection with the taking up of any (or any offer of any) Related Rights
                                         in respect of or in substitution for such Share.

 

		7.	Power
                                         to remedy

 

		7.1.	Power
                                         to remedy

 

If
at any time the Chargor does not comply with any of its obligations under this Deed, the Lender (without prejudice to any other
rights arising as a consequence of such non-compliance) shall be entitled (but not bound) to rectify that default. The Chargor
irrevocably authorises the Lender and its employees and agents by way of security to do all things which are necessary or desirable
to rectify that default.

 

		7.2.	Mortgagee
                                         in possession

 

The
exercise of the powers of the Lender under this Clause 7 shall not render it liable as a mortgagee in possession.

 

		7.3.	Monies
                                         expended

 

The
Chargor shall pay to the Lender on demand any monies which are expended by the Lender in exercising its powers under this Clause
7 together with interest at the Default Rate from the date on which those monies were expended by the Lender (both before and
after judgment).

 

		8.	Representations
                                         and Warranties

 

		8.1.	Representations
                                         and Warranties

 

The
Chargor represents and warrants to the Lender in addition to any warranties implicit under any applicable law that:

 

		(a)	it
                                         is duly incorporated and validly existing under its place of incorporation as a limited
                                         liability company with power to carry on its business as it is now being conducted and
                                         to own its assets and is in good standing;

 

    	Deed of Charge of Shares
	7 

     

    

 

		(b)	it
                                         has the power and authority to enter into and perform this Deed and no limitation on
                                         its powers will be exceeded by doing so;

 

		(c)	this
                                         Deed constitutes its legal, valid and binding obligations, enforceable in accordance
                                         with its terms (except as enforcement may be limited by equitable principles and by bankruptcy,
                                         insolvency, reorganization, moratorium or similar Legal Requirements relating to creditors’
                                         rights generally);

 

		(d)	neither
                                         the execution of this Deed nor the creation of any of the charges contained in this Deed
                                         contravenes, or is inconsistent or in conflict with, any provision of its constitutional
                                         documents or any applicable enactment, law, decree, order, regulation, authorisation,
                                         franchise, consent, permit, security, instrument, agreement or document binding upon
                                         or affecting the Chargor or any of its undertaking, property, assets or rights;

 

		(e)	this
                                         Deed creates those Encumbrances it purports to create and is not liable to be avoided
                                         or otherwise set aside on the liquidation of the Chargor in whole or in part;

 

		(f)	the
                                         Shares are fully paid and constitute the entire issued share capital of the Company;

 

		(g)	the
                                         Chargor is now and will during the subsistence of this Deed be the sole legal and beneficial
                                         owner of the Charged Assets and has good title to (and has full right and authority to
                                         charge and assign under this Deed) the Charged Assets and the Charged Assets are free
                                         from any Encumbrance or other rights or interests in favour of third parties (other than
                                         the Security and Permitted Liens);

 

		(h)	as
                                         at the date of this Deed, the information and reports furnished by the Chargor to the
                                         Lender in connection with the negotiation and preparation of this Deed and/or in connection
                                         with the advance or continuance of any facilities are true and accurate in all material
                                         respects, and not misleading and do not omit material facts and all reasonable enquiries
                                         have been made to verify the facts and statements contained in them; and

 

		(i)	no
                                         litigation, arbitration or administrative proceedings are current or, to its knowledge,
                                         pending or threatened, which might, if adversely determined, have a material adverse
                                         effect on the business or financial condition of the Chargor and its Subsidiaries (or
                                         any of them) or the ability of the Chargor to perform or discharge any of the Secured
                                         Obligations.

 

		8.2.	Times
                                         when Representations and Warranties are made

 

The
representations and warranties set out in this Clause 8 are:

 

		(a)	made
                                         on the date of this Deed; and

 

		(b)	except
                                         for Clause 8.1(h), deemed to be repeated by the Chargor every day with reference to the
                                         facts and circumstances then existing until this Deed is discharged.

 

		8.3.	Acknowledgement
                                         of Reliance

 

The
Chargor acknowledges that the Lender has entered into this Deed in reliance upon the representations and warranties set out in
Clause 8.1.

 

    	Deed of Charge of Shares
	8 

     

    

 

		9.	Enforcement
                                         of Security

 

		9.1.	When
                                         Security becomes enforceable

 

The
Security (and any powers implied by statute) shall become immediately enforceable upon the occurrence of an Event of Default and
shall remain so for so long as such Event of Default is continuing.

 

		9.2.	Statutory
                                         powers

 

The
power of sale and other powers conferred to the Lender pursuant to the CPO (as amended or extended by this Deed) shall be immediately
exercisable upon and at any time after the occurrence of any Event of Default and for so long as such Event of Default is continuing.

 

		9.3.	Enforcement

 

After
the Security has become enforceable, the Lender may in its absolute discretion enforce all or any part of the Charged Assets in
such manner as it sees fit.

 

		9.4.	Powers
                                         on Enforcement

 

At
the same time as or at any time after this Deed has become enforceable, the Lender may, without prejudice to any other rights
available to the Lender in respect of the Secured Obligations or to any other security held for or in respect of the Secured Obligations:

 

		(a)	dispose
                                         of the Charged Assets or any part thereof in such manner and for such consideration (whether
                                         payable or deliverable immediately or by instalments) as the Lender considers appropriate;
                                         and/or

 

		(b)	implement
                                         the resignations of the directors of the Company and appoint the Lender’s nominees in
                                         their stead and/or, if it has not already done so, effect the transfer of any and all
                                         of the Charged Assets into its name or the name(s) of its nominee(s) and/or without liability
                                         on the part of the Lender in the event of loss, act in all respects as the legal or beneficial
                                         owner of the Charged Assets and assume the management and control of the Company; and/or

 

		(c)	apply
                                         all dividends, interest payments, distributions or other monies accruing on the Charged
                                         Assets in or towards satisfaction of the Secured Obligations; and/or

 

		(d)	dispose
                                         of all or any of the Lender’s other rights under this Deed for such consideration (whether
                                         payable or deliverable immediately or by instalments) and in such manner as the Lender
                                         considers appropriate.

 

		9.5.	Statutory
                                         Restrictions

 

No
restrictions imposed by any applicable law on any immediate or other power of sale, application of proceeds or on any other right
or on the consolidation of mortgages or other Encumbrance shall apply to this Deed, the Lender or any Receiver or to any Encumbrance
given to the Lender pursuant to this Deed.

 

    	Deed of Charge of Shares
	9 

     

    

 

		9.6.	Valid
                                         Receipt

 

Upon
any such sale or other disposition and upon any other dealing or transaction under the provisions of this Deed, the receipt of
the Lender or any Receiver for the purchase money of the property or asset sold or for any other monies paid to or other consideration
received by the Lender or any Receiver shall effectually discharge the purchaser or person paying or giving the same therefrom
and from being concerned to see to the application or being answerable for the loss, non-application or mis-application thereof.

 

		9.7.	Protection
                                         of Third Party

 

No
person (including a purchaser) dealing with the Lender, any Receiver, their respective delegate or sub-delegate or any of their
respective agents will be concerned to enquire:

 

		(a)	whether
                                         the Secured Obligations have become payable;

 

		(b)	whether
                                         any power which the Lender or the Receiver is purporting to exercise has become exercisable;

 

		(c)	whether
                                         any money remains due under any Loan Document; or

 

		(d)	how
                                         any money paid to the Lender or to the Receiver is to be applied.

 

		9.8.	Exercise
                                         of Rights not Foreclosure

 

If
the Lender exercises the rights conferred on it by Clause 9.4, the same shall not be treated as an absolute appropriation of or
foreclosure on the Charged Assets to the exclusion of the Chargor and in extinguishment of its interests therein, unless the Lender
otherwise notifies the Chargor (whether before or after the relevant appropriation or foreclosure has been effected), in which
latter event any such appropriation or foreclosure shall be treated as a sale of the Charged Assets at a fair market value and
the Secured Obligations shall be reduced by an equivalent amount.

 

		9.9.	Lender
                                         may purchase Charged Assets

 

In
the event of any disposal pursuant to Clause 9.4, the Lender may itself purchase the whole or any part of the Charged Assets free
from any rights of redemption on the part of the Chargor which are hereby waived and released.

 

		9.10.	No
                                         Claims against the Lender

 

		(a)	The
                                         Chargor shall not have any right or claim against the Lender and the Lender shall not
                                         have any liability of any nature whatsoever to the Chargor or any other person in respect
                                         of any loss arising out of any disposal of the Secured Obligations or the disposal or
                                         exercise of any other rights under this Deed or any part thereof, however such loss may
                                         have been caused, and whether or not a better price could or might have been obtained
                                         on such disposal, by either deferring or advancing the date of such disposal or otherwise
                                         howsoever, except for any loss caused by the gross negligence or wilful misconduct of
                                         the Lender.

 

		(b)	Neither
                                         the Lender nor any Receiver shall be liable to account as a mortgagee in possession in
                                         respect of all or any part of the Charged Assets or be liable for any loss upon realisation
                                         or for any neglect, default or omission in connection with the Charged Assets to which
                                         a mortgagee or a mortgagee in possession might otherwise be liable.

 

    	Deed of Charge of Shares
	10 

     

    

 

		10.	Receivership

 

		10.1.	Appointment
                                         of Receiver

 

On
or at any time after the occurrence of an Event of Default or, if the Chargor so requests the Lender in writing, the Lender may,
without further notice, legal process or any other action with respect to the Chargor, appoint any one or more persons to be a
Receiver under this Deed of all or any part of the Charged Assets and may from time to time fix his remuneration (which shall
be of such amount as may be agreed from time to time between the Lender and the Receiver) and may remove any Receiver so appointed
and/or appoint another in his place or in place of any Receiver whose appointment may for any reason have terminated.

 

		10.2.	Receiver
                                         Agent of the Chargor

 

Each
Receiver shall be the agent of the Chargor, and the Chargor shall be solely responsible for his acts or defaults and for his remuneration.

 

		10.3.	Rights
                                         of the Receiver

 

Each
Receiver shall have all the rights conferred on any mortgagee and/or receiver under the CPO as well as the following rights:

 

		(a)	to
                                         take possession of, collect and get in the Charged Assets, exercise all voting or other
                                         powers or rights available to a registered and/or beneficial (as appropriate) owner of
                                         the Charged Assets in such manner as such Receiver may think fit and to take, defend
                                         or abandon any proceedings in the name of the Chargor or otherwise as may seem expedient;

 

		(b)	to
                                         carry on or authorise or concur in carrying on the business or any part of the business
                                         of the Chargor and to manage, conduct, reconstruct, amalgamate or diversify the business
                                         of the Chargor or any part of it (including power to acquire, develop or improve properties
                                         or other assets) without being responsible for loss or damage;

 

		(c)	to
                                         raise or borrow money from or incur any other liability to the Lender or others on such
                                         terms with or without security as such Receiver may think fit and so that any such security
                                         may be or include a charge on the Charged Assets ranking in priority to this security
                                         or otherwise;

 

		(d)	to
                                         sell by public auction or private contract, let, surrender or accept surrenders, grant
                                         leases, options, rights of pre-emption, tenancies or licences or otherwise dispose of
                                         or deal with the Charged Assets in such manner, for such consideration and generally
                                         on such terms and conditions as such Receiver may think fit, with full power to convey
                                         or otherwise transfer such Charged Assets in the name of the Chargor or other estate
                                         owner. Any such consideration may be cash, debentures or other obligations, shares, stock
                                         or other consideration and may be payable immediately or by instalments spread over such
                                         period or periods as he shall think fit and so that any consideration received or receivable
                                         shall immediately be and become charged with the payment and discharge of the Secured
                                         Obligations. Plant, machinery, equipment, accessories and other fixtures and fittings
                                         may be severed and sold separately from any premises of the Chargor containing them and
                                         such Receiver may apportion any rent and the performance of any obligations affecting
                                         the premises sold without the consent of the Chargor;

 

    	Deed of Charge of Shares
	11 

     

    

 

		(e)	to
                                         promote the formation of companies with a view to such companies purchasing the Charged
                                         Assets or otherwise;

 

		(f)	to
                                         make any arrangement, settlement or compromise or enter into or complete, cancel, abandon
                                         or disregard any contracts which such Receiver shall think expedient in the interests
                                         of the Lender;

 

		(g)	to
                                         make and effect all repairs, renewals and improvements and to maintain, renew, take out
                                         or increase insurances in relation to the Charged Assets;

 

		(h)	to
                                         appoint and remunerate any person for any of the purposes of this Deed and/or to guard
                                         or protect the Charged Assets for such periods as such Receiver may determine and to
                                         dismiss the same or any other person appointed by the Chargor;

 

		(i)	to
                                         make calls, conditionally or unconditionally on the members of the Chargor, in respect
                                         of uncalled capital, with the same powers of enforcing payment of any calls so made as
                                         are, by the constitutional documents of the Chargor, conferred upon its directors and
                                         to the exclusion of the directors’ powers in that regard;

 

		(j)	to
                                         do anything which such Receiver shall think necessary or expedient to preserve, protect,
                                         maintain or manage the Charged Assets; and

 

		(k)	to
                                         sign any document, execute any deed (with authorisation to use the common seal of the
                                         Chargor for such purposes) and generally, on behalf and at the cost of the Chargor (notwithstanding
                                         liquidation of the Chargor or any similar event), to do or omit to do anything incidental
                                         to the matters referred to in this Clause 8.3 or to the realisation of this security
                                         or which the Chargor could do or omit to do in relation to the Charged Assets and to
                                         use the name of the Chargor for all the above purposes.

 

		10.4.	More
                                         Than One Receiver

 

If
more than one person is appointed as a Receiver under this Deed, such persons shall throughout the duration of their office (unless
the documents appointing them state otherwise) be entitled to exercise all or any of the powers conferred on a Receiver under
this Deed individually.

 

		11.	Sale of Charged Assets

 

		11.1.	Statutory
                                         Restrictions

 

No
restrictions imposed by any applicable law on any immediate or other power of sale, application of proceeds or on any other right
or on the consolidation of mortgages or other Encumbrances shall apply to this Deed, the Lender or any Receiver or to any Encumbrance
given to the Lender pursuant to this Deed.

 

		11.2.	Indemnity

 

Any
sale or other disposition by or on behalf of the Lender or any of its nominees or any Receiver under the provisions of this Deed
may be made upon such terms for the safety and protection of the purchaser or upon such terms as to indemnity as the Lender or
such Receiver may think fit.

 

    	Deed of Charge of Shares
	12 

     

    

 

		11.3.	Valid
                                         Receipt

 

Upon
any such sale or other disposition referred to in Clause 11.2 and upon any other dealing or transaction under the provisions of
this Deed, the receipt of the Lender or any Receiver for the purchase money of the property or asset sold or for any other moneys
paid to or other consideration received by the Lender or any Receiver shall effectually discharge the purchaser or person paying
or giving the same therefrom and from being concerned to see to the application or being answerable for the loss, non-application
or mis-application thereof.

 

		11.4.	Enquiries
                                         by Purchaser

 

No
purchaser or other person shall be bound or concerned to see or enquire whether the right of the Lender or any of its nominees
or agents or any Receiver to exercise any of the rights conferred by this Deed has arisen or not, or be concerned with notice
to the contrary, or with the propriety of the exercise or purported exercise of such rights.

 

		11.5.	Limitation
                                         of Liability

 

Neither
the Lender nor any Receiver shall be liable for any losses which may arise:

 

		(a)	in
                                         the exercise or non-exercise of any of their rights;

 

		(b)	by
                                         reason of any entry into possession of the Charged Assets to account as mortgagee in
                                         possession;

 

		(c)	on
                                         realisation of the Charged Assets; or

 

		(d)	as
                                         a result of any default or omission for which a mortgagee in possession may be liable,

 

except
for any loss caused by the gross negligence or wilful misconduct of the Lender or Receiver.

 

		12.	Power of Attorney

 

		12.1.	Appointment

 

For
the purpose of securing the interest of the Lender in the Charged Assets and the performance of its obligations to the Lender,
the Chargor, irrevocably, by way of security, appoints the Lender and separately each Receiver and any of their delegates or sub-delegates
severally to be its attorney (with full power to appoint substitutes and to sub-delegate including power to authorise the person
so appointed to make further appointments, in both cases, with regard to the Charged Assets) on behalf of and in the name of the
Chargor or otherwise, to execute, seal and deliver and otherwise perfect and do all such deeds, agreements, acts and things which:

 

		(a)	(before
                                         the Security becomes enforceable) the Chargor is obliged to do under this Deed, but has
                                         not done;

 

		(b)	(after
                                         the Security becomes enforceable) the Chargor is or may become obliged to do under this
                                         Deed; and/or

 

    	Deed of Charge of Shares
	13 

     

    

 

		(c)	(after
                                         the Security becomes enforceable) otherwise may be required for or deemed proper on or
                                         in connection with the full exercise of all or any of the rights conferred by this Deed
                                         on the Lender or on any Receiver and its rights to give full force and effect to the
                                         terms and conditions contained in this Deed.

 

This
power of attorney is coupled with an interest and is irrevocable and shall remain irrevocable as long as this Deed remains outstanding.

 

		12.2.	Ratification

 

The
Chargor ratifies and confirms and agrees to ratify and confirm any deed, agreement, act or thing which any attorney appointed
under this Deed may lawfully execute, seal, deliver or do.

 

		13.	Expenses
                                         and Indemnity

 

		13.1.	Expenses

 

The
Chargor will pay the Lender, on demand, all the Lender’s and Receiver’s expenses (including legal and out-of-pocket
expenses) incurred:

 

		(a)	in
                                         connection with the negotiation, preparation and execution of this Deed and any amendment
                                         to, or waiver or consent or release of or under, this Deed; and/or

 

		(b)	in
                                         contemplation of, or in connection with, the preservation, enforcement or exercise of
                                         any rights under this Deed.

 

		13.2.	Indemnity

 

The
Chargor will indemnify the Lender and the Receiver, on demand, against all losses, actions, claims, expenses, demands and liabilities
whether in contract, tort or otherwise now or after the date of this Deed incurred by the Lender or the Receiver (except for any
losses, actions, claims, expenses, demands and liabilities caused by the gross negligence or wilful misconduct of the Lender or
the Receiver):

 

		(a)	for
anything done or omitted in the exercise or purported exercise or non-exercise of the rights contained in this Deed;

 

		(b)	as
                                         a result of any breach by the Chargor of any of its covenants or other obligations to
                                         the Lender or any other person;

 

		(c)	in
                                         consequence of any payment in respect of the Secured Obligations (whether made by the
                                         Chargor or any other person) being impeached or declared void for any reason whatsoever;
                                         and/or

 

		(d)	as
                                         a result of any taxes, duties, rates or outgoings assessed upon or payable in respect
                                         of the Charged Assets or in connection with the entry into preservation, enforcement
                                         or exercise of any rights under this Deed.

 

		13.3.	Documentary
                                         Duties and Taxes

 

The
Chargor will pay all documentary stamp, registration and other duties or similar taxes, including any payable by the Lender, which
are imposed on or are payable in connection with this Deed.

 

    	Deed of Charge of Shares
	14 

     

    

 

		13.4.	Default
                                         Interest

 

The
amounts payable under this Clause 13 shall carry interest at the Default Rate after as well as before judgment from the date on
which they were incurred by the Lender or any Receiver (as the case may be) and such amounts and interest shall form part of the
Secured Obligations.

 

		14.	Application of Proceeds

 

		14.1.	Order
                                         of Application

 

All
monies received or recovered by any Receiver and/or by the Lender from the Chargor pursuant to this Deed shall, subject to any
claims ranking in priority to the Secured Obligations to the extent of such priority, be applied, in or towards discharging, in
the following order of priority:

 

		(a)	the
amount of all fees and remuneration of, and all other costs, charges, expenses and liabilities incurred by the Lender and/or each
Receiver in connection with or as a result of the exercise of their respective rights, including the remuneration of each Receiver,
or otherwise in relation to this Deed or any other agreement entered into between the Chargor and the Lender in such order as
the Lender or any Receiver may from time to time determine;

 

		(b)	all
                                         other Secured Obligations in such order as the Lender may from time to time determine;
                                         and

 

		(c)	to
                                         the Chargor and/or the claims of those entitled to any surplus.

 

    	Deed of Charge of Shares
	15 

     

    

 

		14.2.	Currency
                                         Conversion

 

The
Lender and/or each Receiver may convert any monies received, recovered or realised under this Deed (including the proceeds of
any previous conversion under this Clause 14.2) from their existing currency of denomination into such other currency of denomination
as the Lender and/or any Receiver may think fit and any such conversion shall be effected at the Exchange Rate. If and to the
extent that the Chargor fails to pay any amount due on demand, the Lender and/or each Receiver may in its absolute discretion
without notice to the Chargor purchase at any time after the demand has been made so much of any currency as the Lender and/or
any Receiver considers necessary or desirable to cover the Secured Obligations at the Exchange Rate and the Chargor agrees to
indemnify the Lender and each Receiver against the full cost (including all costs, charges and expenses) paid.

 

		14.3.	Currency
                                         Indemnity

 

If
the currency of a sum due from the Chargor under this Deed (the “contractual currency”) or a sum due from the
Chargor under any judgment or order relating to this Deed in the contractual currency is converted from the contractual currency
into another currency for the purpose of:

 

		(a)	making
                                         or filing a claim or proof;

 

		(b)	obtaining
                                         a judgment or order; or

 

		(c)	enforcing
                                         a judgment or order,

 

the
Chargor will indemnify the Lender against any loss or liability incurred as a result of any difference between (i) the rate of
exchange used to convert the sum in question from the contractual currency into the other currency and (ii) the rate or rates
of exchange at which the Lender, in the ordinary course of business, can purchase the contractual currency with the other currency
on receipt of a sum paid to it in full or part satisfaction of that claim, proof, judgment or order.

 

Any
amount due from the Chargor under this Clause 14.3 will be a separate and independent debt and will not be affected by judgment
being obtained for any other sum due under or in respect of this Deed. The term “rate of exchange” in this Clause
14.3 includes any premium and exchange costs payable in connection with the purchase of the contractual currency with the other
currency.

 

		15.	Protection
                                         of Lender

 

		15.1.	Suspense
                                         Account

 

Any
moneys paid to or received by the Lender in respect of the Secured Obligations or under this Deed may be applied in or towards
satisfaction of the Secured Obligations or placed to the credit of such account as the Lender may determine with a view to preserving
its rights to prove for the whole of the Secured Obligations.

 

		15.2.	No
                                         Withholding

 

Payments
by the Chargor shall be made to the Lender as specified by the Lender without any set-off, counterclaim, withholding or condition
of any kind except that, if the Chargor is compelled by law to make such withholding, the sum payable by the Chargor shall be
increased so that the amount actually received by the Lender is the amount it would have received if there had been no withholding.

 

		15.3.	Claw
                                         Back

 

If
the Lender considers that an amount paid by the Chargor or any other person is capable of being avoided or otherwise set aside
(on the liquidation of the Chargor or otherwise) then that amount shall not be considered to have been paid for the purposes of
this Deed. Furthermore, the Lender may in its absolute discretion concede or compromise any claim that any payment, security or
other disposition is liable to be avoided, reduced or repaid.

 

		15.4.	Conditional
                                         Discharge

 

Any
release, discharge or settlement under this Deed shall be conditional upon no payment or discharge in respect of the Secured Obligations
by the Chargor or any other person being avoided, reduced or repaid for any reason and the Lender shall be entitled to enforce
this Deed if such condition is not fulfilled as if such release, discharge or settlement had not occurred.

 

    	Deed of Charge of Shares
	16 

     

    

 

		15.5.	Set-Off

 

The
Lender may at any time without notice:

 

		(a)	combine
                                         or consolidate all or any of the Chargor’s accounts with the Lender;

 

		(b)	apply
                                         any credit balance to which the Chargor is entitled on any account with the Lender or
                                         any other moneys owing to the Chargor in or towards satisfaction of the Secured Obligations;
                                         or

 

		(c)	in
                                         the absolute discretion of the Lender, refuse to permit the withdrawal or utilisation
                                         of any deposit or moneys for such period as the Lender may consider appropriate (notwithstanding
                                         the terms of the deposit or moneys and whether or not any Secured Obligation has become
                                         due).

 

For
these purposes, the Lender is authorised to purchase, at the Exchange Rate, such other currencies as may be necessary to effect
such application with the monies standing to the credit of such account.

 

		16.	Trusteeship

 

The
Chargor declares that:

 

		(a)	as
                                         and when the security created by this Deed shall become enforceable, it will hold all
                                         the Charged Assets (subject to the Chargor’s right of redemption) upon trust to
                                         convey, assign, transfer or otherwise dispose of or deal with the same in such manner
                                         and to such person as the Lender shall direct; and

 

		(b)	it
                                         shall be lawful for the Lender to appoint new trustees of the Charged Assets from time
                                         to time in place of the Chargor or in place of any trustee appointed under this power.

 

		17.	Redemption
                                         of Prior Encumbrances

 

On
or at any time after the Security becomes enforceable, the Lender may:

 

		(a)	redeem
                                         any prior Encumbrance against the Charged Assets;

 

		(b)	procure
the transfer of that Encumbrance to itself; and/or

 

		(c)	settle
                                         and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so
                                         settled and passed shall be conclusive and binding on the Chargor;

 

and
all principal moneys, interest, costs, charges and expenses of and incidental to any such redemption and/or transfer shall be
paid by the Chargor to the Lender on demand.

 

		18.	Delegation

 

The
Lender and any Receiver may:

 

		(a)	delegate
                                         by power of attorney or in any other manner to any person any right exercisable by them
                                         under this Deed on such terms (including power to sub-delegate) as the Lender or any
                                         Receiver (as the case may be) sees fit; and/or

 

		(b)	employ
                                         agents, managers, employees, advisers and others on such terms as the Lender or any Receiver
                                         (as the case may be) sees fit for the purposes of this Deed.

 

Neither
the Lender nor any Receiver will in any way be liable or responsible to the Chargor for any loss or liability arising from any
act, default, omission or misconduct on the part of any such delegate or sub-delegate.

 

    	Deed of Charge of Shares
	17 

     

    

 

		19.	No
                                         Waiver

 

No
failure or delay by the Lender or any Receiver to exercise any right under this Deed or otherwise will operate as a waiver of
that right or any other right, nor will any single or partial exercise of any such right preclude any other or further exercise
of that right or the exercise of any other right.

 

		20.	Remedies
                                         Cumulative

 

The
rights of the parties or any Receiver under this Deed are cumulative and do not exclude or restrict any other rights.

 

		21.	Assignment

 

		21.1.	Successors
                                         and Permitted Assigns

 

This
Deed shall be binding upon and enure to the benefit of each party to this Deed and its successors in title and permitted assigns.

 

		21.2.	Assignment
                                         by the Chargor

 

The
Chargor shall not be entitled to assign or transfer any of its rights, benefits or obligations under this Deed without the prior
written consent of the Lender.

 

		21.3.	Assignment
                                         by the Lender

 

The
Lender may assign all or any of its rights under this Deed to any person in accordance with the terms of Section 8.14 (Benefit
of Agreement) of the Loan Agreement.

 

		22.	Notices

 

		22.1.	In
                                         Writing and Methods of Delivery

 

Any
notice, demand or other communication under this Deed shall be sent in accordance with Section 8.5 (Notices) of the Loan Agreement.

 

		22.1.	Deemed
                                         Giving of Notice and Receipt

 

Any
such notice, demand or other communication shall be deemed effective in such manner and at such time specified under Section 8.5
(Notices) of the Loan Agreement.

 

		23.	Severance

 

If
any provision of this Deed is not or ceases to be legal, valid, binding and enforceable under the law of any jurisdiction, neither
the legality, validity, binding effect or enforceability of the remaining provisions under that law nor the legality, validity,
binding effect or enforceability of that provision under the law of any other jurisdiction shall be affected.

 

    	Deed of Charge of Shares
	18 

     

    

 

		24.	Counterparts

 

This
Deed may be executed in any number of counterparts and by different parties on separate counterparts, each of which is an original
but, together, they constitute one and the same agreement.

 

		25.	Amendments

 

No
amendment to this Deed will be effective unless in writing and executed by all the Parties.

 

		26.	Governing Law and Jurisdiction

 

		26.1.	Governing
                                         Law

 

This
Deed is governed by and will be construed in accordance with Hong Kong Law.

 

		26.2.	Hong
                                         Kong Jurisdiction

 

The
parties submit to the non-exclusive jurisdiction of the Hong Kong courts and each party waives any objection to proceedings in
Hong Kong on the grounds of venue or inconvenient forum.

 

		26.3.	Waiver
                                         of Sovereign Immunity

 

To
the extent that the Chargor may, in any jurisdiction, be entitled to claim for itself or its assets immunity from suit, execution,
attachment (whether in aid of execution, before judgement or otherwise) or other legal process and to the extent that in any such
jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed), the Chargor irrevocably agrees
not to claim and irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction.

 

		25.	Process
Agent

 

The
service of any process connected with proceedings in the Hong Kong courts and relating to this Deed will be deemed to have been
validly served on the Chargor if it is received by the Company at its registered address or the address specified in Section 8.5
(Notices) of the Loan Agreement and service will be deemed to have been acknowledged by the Chargor if it is acknowledged by the
Company.

 

    	Deed of Charge of Shares
	19 

     

    

 

schedule
1

 

Part
1

Authority

 

To:
Partners For Growth V, L.P. (the “Lender”)

Date:
April ___, 2018

Dear
Sirs,

 

BORQS
HONG KONG LIMITED (the “Company”)

 

We
refer to the deed of charge of shares dated April __, 2018 (as may be amended from time to time, the “Share Charge”)
by BORQS International Holding Corp and the Lender.

 

The
undersigned irrevocably authorises the Lender or any of its directors or duly authorised officers, to complete, date and put into
effect and/or otherwise use the following at any time after the Share Charge has become enforceable pursuant to its terms as the
Lender considers fit in the Lender’s absolute discretion:

 

		(a)	the
annexed signed resignation letter and acknowledgment;

 

		(b)	the
                                         attached signed instrument(s) of transfer and signed sold notes by the Chargor; and

 

		(c)	the
                                         attached signed written resolutions of all directors of the Company.

 

IN
WITNESS of which this Authority has been executed by the undersigned as a deed and has been delivered.

 

	 	 
	SIGNED,
        SEALED AND DELIVERED 

        by
        [◆]

         
	)

        )

        )

        )

        )

 

    	Deed of Charge of Shares
	20 

     

    

 

Part
2

Resignation
of Directors

 

 

To:The
Board of Directors

 

BORQS
HONG KONG LIMITED

 

Date:
April ___, 2018

Dear
Sirs,

 

BORQS
HONG KONG LIMITED (“Company”)

 

I,
________________________ [Name of Director], hereby tender my unconditional and irrevocable resignation as director of
the Company effective as of today’s date.

 

I
confirm that I have no claim against the Company for fees, compensation for loss of office or otherwise and that there is no outstanding
agreement or arrangement under which the Company or any of its subsidiaries or associated company has or would have any obligation
to me or under which I would derive any benefit in my capacity as the director of the Company.

 

Yours
faithfully,

 

	SIGNED,
        SEALED AND DELIVERED

        by
        [◆]
	)

        )

        )

         

         

	 	 

         

         

         

         

 

__________________________________________________________________________________

[on
Duplicate Copy]

 

	To:	Registrar of Companies

 

Certificate

pursuant
to Section 464(3)

Companies
Ordinance

 

I
hereby confirm that the original copy of this letter was left at the Registered Office of the Company on .

 

Signed:
_____________________________

[Name
of Director]

 

    	Deed of Charge of Shares
	21 

     

    

 

Part
3

Resolutions

BORQS
HONG KONG LIMITED

(“Company”)

 

Written
Resolutions of the Directors of the Company in accordance with

the
Company’s Articles of Association

__________________________________________________________________________________

 

 

		1.	Transfer
of Shares

 

That
the following transfer(s) be approved, subject to stamping, and that the original share certificate(s) be cancelled and new share
certificate(s) be issued in favour of the transferee(s) and such transfer(s) be registered and entered in the Register of Members
of the Company:

 

	Transferor	Transferee(s)	No.
    of Share(s)
	 

        [◆]
	 	 

        [◆]

 

		2.	Waiver
of Rights of Refusal

 

That
any rights of refusal which we may have under the constitutional documents of the Company for the transfer of shares referred
to in paragraph 1 above or otherwise are hereby waived by us.

 

		3.	Waiver
of Lien

 

That
any lien on any share of the Company under the constitutional documents of the Company or otherwise is hereby waived by each of
us.

 

		4.	Appointment
of Director(s)

 

That
the following person(s) be appointed as Director(s) of the Company with immediate effect:

 

		5.	Resignation
of Director(s)

 

That
the unconditional and irrevocable resignation of each of the following Director(s) of the Company be accepted with immediate effect.

 

Dated:
[◆]

 

	[signed by Directors]	 	 
	 	 	 
	[Name of Director]	 	[Name of Director]

 

    	Deed of Charge of Shares
	22 

     

    

Part
4

Instrument
of Transfer

	 	 

        BORQS
        HONG KONG LIMITED

         
	 

 

We,
BORQS INTERNATIONAL HOLDING CORP, a company duly organized and existing under and by virtue of the Laws of The Cayman Islands,
registered under company number 192127 and with registered office address at Maples Corporate Services Limited, P.O. Box 309,
Ugland House, Grand Cayman, KY1-1104 (Transferor),

 

for
good and valuable consideration

 

paid
to us by [Partners for Growth V, L.P., a Delaware limited partnership, with its principal place of business at 1660 Tiburon
Blvd., Suite D, Tiburon, CA 94920 USA] (Transferee),

 

do
hereby transfer to the said Transferee the [1] ordinary share[s] standing in our name in the Register of

 

BORQS
HONG KONG LIMITED

 

to
hold unto the said Transferee his/its Executors, Administrators or Assigns, subject to the several conditions upon which we hold
the same at the time of execution hereof.

 

And
we the said Transferee do hereby agree to take the said share subject to the same conditions.

 

Witness
to our hands

 

	Witness
        to the signature(s) of [◆]

         
	 	 
	 

        Witness
        signature
	 	 
	 

        Witness
        name
	 	 
	 

         
	 	 
	 

        Witness
        address
	 	(Transferor)
    
	 	 	 

         

	 	 	 

        Place
        of execution

	 

        Place
        of execution
	 	 

 

	Witness
    to the signature(s) of 	 	 
	 

        Witness
        signature
	 	 
	 

        Witness
        name
	 	 
	 

         
	 

         
	 
	 

        Witness
        address
	 	 

        (Transferee)

	 

         
	 	 
	 

         
	 	 

        Place
        of execution

	 

        Place
        of execution

         
	 	 

 

    	Deed of Charge of Shares
	23 

     

    

 

Part
5

Bought
and Sold Notes

	SOLD
    NOTE

 

	Buyer	 
	Address	 
	Occupation	 

 

Name
of company in which the share(s) to be transferred -

 

BORQS
HONG KONG LIMITED

 

	Number of share(s)	1ordinary share	of HK$	1.00

 

	Consideration received	 

 

Dated

 

	BOUGHT
    NOTE

 

	Seller	BORQS
    International Holding Corp
	Address	Maples
    Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104
	Occupation	Corporation

 

Name
of company in which the share(s) to be transferred -

 

BORQS
HONG KONG LIMITED

 

	Number of share(s)	1 ordinary share	of [HK$]	1.00  
	Consideration paid	 

 

	 	(Buyer)	

         

	 	 	Director

 

Dated

 

    	Deed of Charge of Shares
	24 

     

    

 

IN
WITNESS of which this Deed has been duly executed by the Chargor as a deed and duly executed by the Lender.

 

	EXECUTED and DELIVERED	)
	as a DEED by  BORQS INTERNATIONAL
    HOLDING CORP	)

 

	Acting
    by:	 /s/
    Pat Sek Yuen Chan	 
	Name:	Pat Sek Yuen Chan	 
	Title:	CEO	 

  

in
the presence of :

 

	/s/
    Anthony K. Chan	 
	Witness
    name: Anthony K. Chan	 
	Witness occupation:
    CFO	 

 

	EXECUTED
    and DELIVERED	)
	as
    a DEED by PARTNERS FOR GROWTH V, L.P.	)

 

	Acting by: 	 /s/ Geoffrey Allan	 
	 	 	 
	Name:	Geoffrey Allan	 
	Title:	Manager, Partners for Growth, LLC its General Partner
	 	 	 
	Witnessed by:	 /s/ Amy Spencer
        	 

 

Name:
Amy Spencer 

Title:
Exhibition Director

 

________________

Witness
name:

Witness
occupation:

 

 

	Deed of Charge of Shares	25EXHIBIT
10.25

 

	Date:
        30 April 2018

         

         

         

         

         

        BORQS
        Hong Kong Limited

        as
        Guarantor

         

        Partners
        for Growth V, L.P.

        as
        Lender

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

	DEED
        OF GUARANTEE AND INDEMNITY

          

    	Deed of Guarantee and Indemnity
	 

     

    

 

THIS
GUARANTEE (this “Guarantee”) is made as a deed this 30th day of April 2018,

 

BETWEEN:

 

		(1)	BORQS
                                         Hong Kong Limited, a private company limited by shares incorporated under the laws
                                         of Hong Kong with registration number 1151010 and registered address at Office B, 21/F.,
                                         Legend Tower, 7 Shing Yip Street, Kwun Tong, Kowloon (the “Guarantor”);
                                         and

 

		(2)	PARTNERS
                                         FOR GROWTH V, L.P., a Delaware limited partnership, with its principal place of business
                                         at 1660 Tiburon Blvd., Suite D, Tiburon, CA 94920 USA (the “Lender”).

 

IT
IS AGREED as follows:

 

		1.	Definitions
                                         and Interpretation

 

		1.1.	Definitions

 

Unless
otherwise defined herein, capitalised terms used in this Guarantee have the meaning given to such terms in the Loan Agreement
(as defined below). In addition, in this Guarantee, unless the context otherwise requires, the following expressions shall have
the following meanings:

 

	 	“Encumbrance”	means any mortgage, charge, pledge, lien (otherwise than arising by statute or operation of law) or other encumbrance, priority or security interest, deferred purchase, title retention, leasing, sale-and-repurchase, sale-and-leaseback arrangement whatsoever over or in any property, assets or rights or interest of whatsoever nature or any agreement for any of the same; 
	 	 	 
	 	“Loan Agreement”	means the California law loan and security agreement dated on or about the date hereof between the Lender as lender and the Principals as the borrowers;
	 	 	 
	 	“Principals”	means the Guarantor and such other borrowers as may accede to the Loan Agreement from time to time; and
	 	 	 
	 	“Principals’ Obligations”	means all present and future obligations and liabilities of the Principals to the Lender under the Loan Agreement and the other Loan Documents whether actual or contingent and whether owed or incurred alone or jointly and/or severally with another and as principal or as surety or in any other capacity or of any nature.

 

    	Deed of Guarantee and Indemnity
	1 

     

    

 

		1.2.	Construction

 

		1.2.1.	Any
                                         reference in this Guarantee to:

 

		(a)	the
                                         Lender or the Guarantor or any other person includes its respective successors
                                         in title, permitted assigns and/or permitted transferees;

 

		(b)	a
                                         Clause is a reference to a clause of this Guarantee;

 

		(c)	this
                                         Guarantee, the Loan Agreement or any other agreement or document
                                         is a reference to this Guarantee, the Loan Agreement or such other agreement or document
                                         as the same may have been, or may from time to time be, amended, varied, supplemented
                                         or novated;

 

		(d)	the
                                         Principal’s Obligations includes a reference to any part of them;

 

		(e)	the
                                         singular shall include the plural and vice versa;

 

		(f)	a
                                         person includes any person, firm, company, corporation, government, state or agency
                                         of a state or any association, trust or partnership (whether or not having a separate
                                         legal personality) and any other entity or two or more of the foregoing; and

 

		(g)	any
                                         statute or statutory provision or ordinance shall include any statute or statutory provision
                                         or ordinance which amends, extends, consolidates or replaces the same (whether before
                                         or after the date of this Guarantee) or which has been amended, extended, consolidated
                                         or replaced by the same and shall include any order, regulation, instrument or other
                                         subordinate legislation made under the relevant statute or statutory provision or ordinance.

 

		1.2.2.	Apart
                                         from a permitted assignee of the Lender pursuant to Clause 15.1, a person who is not
                                         a party to this Guarantee has no rights under the Contracts (Rights of Third Parties)
                                         Ordinance (Cap. 623 of the laws of Hong Kong) to enforce or enjoy the benefit of any
                                         term of this Guarantee.

 

		2.	Guarantee

 

In
consideration of the Lender agreeing to enter into the Loan Agreement and making available loans or other banking facilities,
or giving time, credit or accommodation to the Principals, the Guarantor hereby irrevocably, unconditionally and absolutely:

 

		(a)	guarantees
                                         to the Lender punctual payment and performance of the Principals’ Obligations;
                                         and

 

		(b)	undertakes
                                         that the Guarantor will on demand make good any default by any Principal in the payment
                                         or discharge of the Principals’ Obligations as if the Guarantor instead of the
                                         Principal were expressed to be the primary obligor in respect of the Principals’
                                         Obligations.

 

    	Deed of Guarantee and Indemnity
	2 

     

    

 

		3.	Indemnity

 

For
the same consideration, the Guarantor agrees as a primary obligor to indemnify the Lender immediately on demand against any loss,
cost or liability suffered by the Lender if any Principals’ Obligations or any actual or purported agreement, arrangement
or instruction relating to any Principals’ Obligations is or becomes invalid, unenforceable or illegal, irrespective of
whether the reason for such invalidity, unenforceability or illegality was or ought to have been known to the Lender. The amount
of such loss shall be the amount which the Lender would otherwise have been entitled to recover from the Principals.

 

		4.	Representations
                                         and Warranties

 

The
Guarantor makes the representations and warranties set out in this Clause 4 (Representations and Warranties) to the Lender.

 

		4.1.	Status

 

The
Guarantor is a company, duly incorporated, and validly existing under the laws of its jurisdiction of incorporation and has the
power to carry on its business as it is now being conducted and to own property and other assets and is in good standing.

 

		4.2.	Powers,
                                         Authority and Non-Conflict

 

The
execution, delivery and performance of this Guarantee is within the corporate powers of the Guarantor, has been duly authorised
by all necessary corporate and other action and does not and will not conflict with (a) any law or regulation applicable to it;
(b) any constitutional documents of the Guarantor; or (c) any agreement or instrument binding on the Guarantor.

 

		4.3.	Legal
                                         Validity

 

The
obligations and liabilities expressed to be assumed by the Guarantor under this Guarantee are legal, valid, binding and enforceable
obligations of the Guarantor (subject to applicable equitable principles and insolvency laws) and it is not necessary in order
to ensure the legality, validity and enforceability of this Guarantee that it be filed, recorded or enrolled with any court or
authority anywhere or that any stamp duty, registration or similar tax be paid on or in relation to it.

 

		4.4.	Authorisations

 

All
authorisations, consents, approvals, resolutions, licences, exemptions, filings or registrations required under any applicable
law or regulation (a) to enable it lawfully to carry on its business and to enter into, exercise its rights and comply with its
obligations in this Guarantee, and (b) to make this Guarantee admissible in evidence in its jurisdiction of incorporation have
been obtained or effected and are in full force and effect.

 

		4.5.	Choice
                                         of Law

 

The
choice of the law of Hong Kong as the governing law of this Guarantee will be recognised and enforced in its jurisdiction of incorporation.

 

    	Deed of Guarantee and Indemnity
	3 

     

    

 

		4.6.	No
                                         litigation

 

No
litigation, arbitration or administrative proceeding is current, pending or (to the knowledge of the Guarantor) threatened against
the Guarantor:

 

		(a)	to
                                         restrain the entry into by the Guarantor of, the exercise by the Guarantor of its rights
                                         and/or performance or enforcement of or compliance with its obligations under this Guarantee;
                                         or

 

		(b)	which
                                         has or could have a material adverse effect on or on the financial condition of the Guarantor
                                         or the ability of the Guarantor to make any payment when due or to perform any of its
                                         other obligations in accordance with this Guarantee.

 

		4.7.	Security
                                         and Ranking

 

Save
for any Permitted Liens, no Encumbrance exists over any of the undertaking or the present or future revenues or assets of the
Guarantor and the obligations of the Guarantor under this Guarantee are or will be its direct, general and unconditional obligations
and rank or will rank at least pari passu in all respects with all its other present and future unsecured and unsubordinated
indebtedness and obligations (including contingent obligations), with the exception of indebtedness and obligations mandatorily
preferred by law and not by contract.

 

		4.8.	Time
                                         when representations and warranties are made

 

The
Guarantor represents, warrants and agrees that each of the representations and warranties contained in this Clause 4 will be and
remain correct so long as it has any liability (contingent or actual) under this Guarantee.

 

		5.	Continuing
                                         Guarantee

 

This
Guarantee is a continuing guarantee for all the Principals’ Obligations and will extend to the ultimate balance of the Principals’
Obligations, regardless of any intermediate discharge or payment of or on account of the Principals’ Obligations or any
intermediate settlement of accounts between the Lender and any Principal or any other person. No demand made by the Lender under
this Guarantee shall restrict the right of the Lender to make further or other demands.

 

		6.	Interest

 

The
Guarantor shall on demand pay to the Lender interest at the Default Rate on any amount for the time being due from the Guarantor
to the Lender under this Guarantee (both before and after judgement) from the date of a demand for payment under this Guarantee
until actual payment in full.

 

		7.	Opening
                                         of New Accounts

 

If
for any reason this Guarantee ceases to be a continuing security, the Lender may open a new account for each Principal. If the
Lender does not open a new account, it shall nevertheless be treated as if it had done so at the time this Guarantee ceased to
be a continuing security. As from that time all payments made to the Lender will be credited or treated as having been credited
to the new account and will not operate to reduce the obligations of the Guarantor under this Guarantee.

 

    	Deed of Guarantee and Indemnity
	4 

     

    

 

		8.	Waiver
                                         of Defences

 

The
liability of the Guarantor under this Guarantee shall not be reduced, discharged or otherwise adversely affected by any of the
events or circumstances set out in this Clause 8 (Waiver of Defences).

 

		8.1.	Variations

 

Any
determination, renewal, variation (however fundamental), replacement, discharge, release or increase of, or composition or arrangement
by the Lender relating to, any credit or facilities to the Principals or of or relating to the Principals’ Obligations.

 

		8.2.	Time
                                         or Indulgence

 

The
grant by the Lender to any Principal or any other person of any time, waiver, consent or indulgence.

 

		8.3.	Dealings
                                         with Security

 

Any
taking, dealing, exchange, renewal, variation, release, compromise, discharge, composition, arrangement or modification in relation
to any guarantee, security or right which the Lender may now or after the date of this Guarantee have in respect of the Principals’
Obligations.

 

		8.4.	Negotiable
                                         Instruments

 

The
renewal by the Lender of any bill, promissory note or other negotiable instrument or security.

 

		8.5.	Other
                                         Guarantees or Security

 

The
Lender obtaining or refusing, neglecting or otherwise failing to obtain, perfect, enforce or claim any other guarantee, security
or right (whether contemporaneously with this Guarantee or otherwise) or any non-presentation or non-observance of any formality
or other requirement in respect of any instrument or any failure to realise the full value of any security.

 

		8.6.	Incapacity

 

Any
incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Principal
or any other person.

 

		8.7.	Unenforceability

 

Any
unenforceability, illegality, invalidity or non-provability of any obligation of the Principal or any person under any document,
agreement or security.

 

    	Deed of Guarantee and Indemnity
	5 

     

    

 

		8.8.	Insolvency

 

Any
liquidation, composition, insolvency, administration, bankruptcy, death or other incapacity, or any alteration in the corporate
existence or structure, of any of the Principals, the Guarantor or any other person.

 

		8.9.	Other
                                         Circumstances

 

Any
other act, omission, matter or thing which, but for this provision, would or might reduce, discharge or otherwise adversely affect
the obligations of the Guarantor under this Guarantee.

 

		9.	Reinstatement

 

If
any payment by any Principal or any other person or any discharge given by the Lender (whether in respect of the Principals’
Obligations or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar
event:

 

		(a)	the
                                         liability of the Guarantor shall continue as if the payment, discharge, avoidance or
                                         reduction had not occurred; and

 

		(b)	the
                                         Lender shall be entitled to recover the value or amount of that security or payment from
                                         the Guarantor, as if the payment, discharge, avoidance or reduction had not occurred.

 

		10.	Deferral
                                         of Guarantor’s Rights

 

		10.1.	Restriction
                                         on Rights or Claims

 

Until
all of the Principals’ Obligations have been irrevocably paid or discharged in full, the Guarantor will not, unless the
Lender otherwise directs:

 

		(c)	make
                                         or enforce any claim (including, but not limited to, a claim by way of set-off or counterclaim)
                                         or right against any Principal or prove as a creditor of any Principal in competition
                                         with the Lender, whether in respect of any payment under this Guarantee made by the Guarantor
                                         or otherwise; or

 

		(d)	be
                                         entitled to claim or have the benefit of, any set-off, counterclaim or proof against,
                                         or dividend paid on a winding-up or administration of or composition with creditors by
                                         any Principal or any Principal’s estate; or

 

		(e)	be
                                         entitled to claim or otherwise obtain the benefit (by way of subrogation or otherwise)
                                         of any security or guarantee or indemnity at any time held by the Lender for or in respect
                                         of any of the Principals’ Obligations; or

 

		(f)	claim
                                         or enforce any right of contribution against any co-surety.

 

    	Deed of Guarantee and Indemnity
	6 

     

    

 

		10.2.	Proof
                                         at the Lender’s Request

 

If
requested by the Lender the Guarantor shall:

 

		(a)	exercise
                                         any right of proof or claim in the winding-up, administration, voluntary arrangement,
                                         bankruptcy or estate of any Principal on behalf of the Lender and hold any dividend or
                                         other money received in respect of such proof or claim upon trust for the Lender to the
                                         extent of the Principals’ Obligations; and

 

		(b)	hold
                                         upon trust for the Lender any money which it may receive or recover from any co-surety
                                         by virtue of any rights of contribution.

 

		10.3.	Monies
                                         held on Trust

 

If
while the Guarantor remains under any liability to the Lender under this Guarantee, any monies or other property or assets shall
be received or recovered by the Guarantor in breach of any provisions of this Clause 10 (Deferral of Guarantor’s Rights),
such monies or other property or assets shall, to the extent of such liability, be held upon trust to pay or transfer the same
to the Lender.

 

		11.	Suspense
                                         Account

 

The
Lender may at any time place and keep to the credit of a separate interest bearing suspense account any monies received under
this Guarantee for so long and in such manner as the Lender may determine without any obligation to apply such monies or any part
of them in or towards the discharge of the Principals’ Obligations. In the event of any proceedings in or analogous to bankruptcy,
liquidation, composition or arrangement of or concerning any Principal, the Lender may notwithstanding any payment made under
this Guarantee prove for a claim and agree to accept any dividend or composition in respect of the whole or any part of the Principals’
Obligations as if this Guarantee had not been given.

 

		12.	Other
                                         Means of Payment

 

Lender
may make a demand under this Guarantee:

 

		(a)	before
                                         making any demand on any Principal or any Principal’s estate or any other person
                                         or enforcing any other guarantee or security for the Principals’ Obligations; and

 

		(b)	for
                                         the payment of the ultimate balance after resorting to other means of payment, or for
                                         the balance due at any time notwithstanding that the Lender has not resorted to other
                                         means of payment (in which case the Guarantor shall not be entitled to any benefit from
                                         such other means of payment so long as the Principals’ Obligations remain outstanding).

 

		13.	Expenses

 

		13.1.	Costs

 

The
Guarantor shall pay to the Lender on demand all reasonable costs and expenses (including, but not limited to, legal fees) from
time to time paid or incurred by the Lender in connection with taking, perfecting, preserving, defending or enforcing this Guarantee
or in exercising any right or power under or in connection with this Guarantee, and shall indemnify the Lender against all such
costs and expenses.

 

    	Deed of Guarantee and Indemnity
	7 

     

    

 

		13.2.	Stamp
                                         Duty

 

The
Guarantor shall pay on demand all stamp, documentary, registration and other similar duties and taxes of any kind and from any
source, if any, to which this Guarantee may be subject or give rise and shall indemnify the Lender against any and all liability
with respect to or resulting from any delay or failure by the Guarantor in making such payment.

 

		13.3.	Value
                                         Added Tax

 

Where
this Guarantee requires the Guarantor to re-imburse the Lender for any costs or expenses the Guarantor shall at the same time
pay and indemnify the Lender against any value added tax (or any tax of a similar nature) incurred by the Lender in respect of
the costs and expenses to the extent that the Lender determines that it is not entitled to credit or repayment of the value added
tax (or other tax of a similar nature).

 

		14.	Miscellaneous

 

		14.1.	Additional
                                         Security

 

This
Guarantee is in addition to and is not in any way prejudiced by any bill, note, guarantee, mortgage, charge or other security
now or subsequently held by the Lender for any of the Principals’ Obligations.

 

		14.2.	No
                                         Deduction or Withholding

 

All
payments made by the Guarantor to the Lender under this Guarantee shall (save insofar as required by law to the contrary) be paid
in full without set-off or counterclaim and free and clear of and without any deduction or withholding or payment for or on account
of any present or future tax, levy, duty, impost or other charge or withholding of a similar nature. If the Guarantor shall be
required by law to effect any such deduction or withholding or payment the Guarantor shall immediately pay to the Lender such
additional amount as will result in the immediate receipt by the Lender of the full amount which would otherwise have been received
had no such deduction or withholding or payment been made.

 

		

                                                                                14.3.
	Set-off’

 

The
Lender may set-off any matured obligation owed by the Guarantor to the Lender against any obligation (whether or not matured)
owed by the Lender to the Guarantor regardless of the place of payment, or currency of either obligation. If the obligations are
in different currencies, the Lender may convert either obligation at a market rate of exchange for the purpose of the set-off
in an amount estimated by it in good faith to be the amount of that obligation.

 

		14.4.	Waivers;
                                         Rights Cumulative

 

No
delay or omission of the Lender in exercising any right, power or privilege (each a “right”) under this Guarantee
or otherwise available to it at law shall impair such right, or be construed as a waiver of such right nor shall any single or
partial exercise of any such right preclude its further exercise or the exercise of any other right. The rights and remedies provided
in this Guarantee are cumulative and not exclusive of any rights or remedies provided by law and may be waived only in writing
and specifically.

 

    	Deed of Guarantee and Indemnity
	8 

     

    

 

		14.5.	Severability

 

Any
provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Guarantee or affecting
the validity or enforceability of such provision in any other jurisdiction.

 

		14.6.	Certificates
                                         and Determinations

 

A
certificate or determination by the Lender of the amount of the Principals’ Obligations outstanding at any time or of any
other amount payable by the Guarantor under this Guarantee is, in the absence of manifest error, conclusive evidence for all purposes
of this Guarantee as against the Guarantor.

 

		14.7.	Currency
                                         Indemnity

 

		14.7.1.	The
                                         Guarantor’s liability under this Guarantee is to pay to the Lender the full amount
                                         of the Principals’ Obligations in the currency in which they are for the time being
                                         denominated. If, for any reason, any payment due from the Guarantor under or in connection
                                         with this Guarantee is made or is satisfied in a currency (the “Other
                                         Currency”) other than the currency in which the
                                         relevant payment is due (the “Contractual Currency”),
                                         then to the extent that the payment (when converted into the Contractual Currency at
                                         the rate of exchange on the date of payment or, in the case of the liquidation or insolvency
                                         of the Guarantor, at the rate of exchange on the latest date permitted by applicable
                                         law for the determination of liabilities in such liquidation or insolvency) actually
                                         received by the Lender falls short of the amount expressed to be due under the terms
                                         of this Guarantee, the Guarantor shall, as a separate and independent obligation, indemnify
                                         the Lender and hold the Lender harmless against the amount of such shortfall.

 

		14.7.2.	For
                                         the purpose of this Clause “rate of exchange” means the rate at which the
                                         Lender is able on the relevant date to purchase the Contractual Currency with the Other
                                         Currency and shall take into account any premium and other costs of exchange.

 

		15.	Benefit
                                         of this Guarantee

 

		15.1.	Assignment
                                         by the Lender

 

The
Lender may assign or transfer all or any part of its rights under this Guarantee in connection with the assignment of its rights
and obligations in accordance with the terms of Section 8.14 (Benefit of Agreement) of the Loan Agreement. The Guarantor shall
enter into any documents reasonably specified by the Lender to be necessary to give effect to such assignment or transfer.

 

		15.2.	No
                                         Assignment by the Guarantor

 

The
Guarantor may not assign or transfer all or any part of its rights and/or obligations under this Guarantee.

 

    	Deed of Guarantee and Indemnity
	9 

     

    

 

		15.3.	Disclosure
                                         of Information

 

The
Lender may not disclose such information about the Guarantor unless such disclosure is made in compliance with Section 8.1 (Confidentiality)
of the Loan Agreement.

 

		16.	Notices
                                         and Demands

 

		16.1.	Address

 

The
Guarantor’s address and fax number for any notice, demand or other communication under or in connection with this Guarantee
are set forth in Section 8.5 (Notices) of the Loan Agreement. Any such notice, demand or other communication shall also be effective
if sent to the Guarantor’s registered office or the address of the Guarantor last known to the Lender.

 

		16.2.	Method
                                         and Receipt

 

Any
notice, demand or other communication to be given or made pursuant to this Guarantee to the Guarantor may be given or made in
such manner and be deemed delivered at such time specified under Section 8.5 (Notices) of the Loan Agreement.

 

		16.3.	English
                                         language

 

Any
notice given under or in connection with this Guarantee must be in English.

 

		17.	Governing
                                         Law

 

		17.1.	This
                                         Guarantee shall be governed by and construed in accordance with the laws of Hong Kong.
                                         The parties hereto hereby submit to the non-exclusive jurisdiction of the Hong Kong Courts.

 

		17.2.	The
                                         submission of the parties hereto to the jurisdiction of the Hong Kong Courts shall not
                                         restrict the right of the Lender to take proceedings in connection with this Guarantee
                                         in any other courts having, claiming or accepting jurisdiction in respect of matters
                                         pertaining to this Guarantee, including but not limited to the California Courts, nor
                                         shall the taking of proceedings in any one or more jurisdictions preclude the taking
                                         of proceedings in any other jurisdiction whether concurrently or not.

 

		17.3.	The
                                         Guarantor hereby irrevocably consents to the granting of any relief and/or the issue
                                         of any process in connection with any legal action or proceedings in connection with
                                         this Guarantee, including the making, enforcement or execution of any judgment or order
                                         against any of the property, assets or revenues of the Guarantor whatsoever.

 

EXECUTED
as a Deed and delivered on the date stated at the beginning of this document.

 

    	Deed of Guarantee and Indemnity
	10 

     

    

 

	EXECUTED and DELIVERED	)
	as a DEED by BORQS HONG KONG LIMITED	)

 

Acting by:

 

/s/ Pat Sek Yuen Chan

 

Name: Pat Sek Yuen Chan

Title: CEO

 

in the presence of :

 

/s/ Anthony K. Chan

 

Witness name: Anthony K. Chan

Witness occupation: CFO

 

	EXECUTED and DELIVERED	)
	as a DEED by PARTNERS FOR GROWTH V, L.P.	)

 

Acting by:

 

/s/ Geoffrey Allan

 

Name: Geoffrey Allan

Title: Manager, Partners for Growth V,
LLC, its General Partner

 

Witnessed by:

 

/s/ Amy Spencer

 

Name: Amy Spencer

Title: Exhibition Director

 

_______________

Witness name:

Witness occupation:

 

 

	Deed of Guarantee and Indemnity
	11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]