Document:

Exhibit 10.7

 

Agency Agreement on Exclusive Regional
Sales of Electric Bicycles

 

                                                                Place of signing: Tianjin

 

Party A (Supplier): Tianjin Dilang Technologies
Co., Ltd.

 

Party B (Agent): Beijing 70 Generation
Co., Ltd.

 

Party A and Party B are
willing to enter into this contract on the exclusive regional sales and operation of "Dilang" brand electric cycles
through friendly and equal discussions in accordance with the Contract Law of the People's Republic of China and both parties
shall abide by it.

 

Article I. Scope of distribution

 

1. Party A shall entrust
Party B to be the exclusive distributor in Beijing region, and the company shall not set any second distributor in this
region. The products in distribution shall include "Dilang" brand electric bicycles and electric tricycles produced by
Party A and by ODM of Party A.

 

Article II. Settlement
and expenses

 

Party A and Party B shall
make settlement at the basic ex-works price (excluding taxes), and the freight shall be borne by Party B. (Party A may also be
entrusted to handle the transportation, and the place of delivery shall be in the warehouse of Party A). The settlement method
shall be based on a monthly basis, and the settlement shall be made according to the cycle model, basic ex-works price and delivered
quantity in each delivery note of Party A, and Party B shall pay the relevant expenses on a monthly basis.

 

Article III. Rights and
obligations of Party A

 

1. Party A shall ensure
that Party B is the exclusive distributor in Beijing region, and the company shall not set up a second distributor in this
region. In case that similar products are supplied to and sold in the region of Party B from other regions, Party A shall make
compensation to Party B for RMB500/cycle according to the regulations upon receiving concrete evidences provided by Party
B.

 

2. Party A shall guarantee
to continuously launch new products and high-quality products to ensure that Party B has competitive advantages in the market in
the region. Party A shall provide necessary advertising and promotion support, and cooperate with Party B to carry out regular
favorable promotion activities in the above distribution region.

 

3. Party A shall carry
out strict quality management, and solemnly fulfill the product commitments, and assist Party B to provide good after-sales services.

 

4. Party A shall provide
Party B with the necessary parts for the three guarantees (guarantees for repair, replacement or compensation of fault products)
for replacement of parts covered by the three guarantees. Party B shall organize and order the spare parts and consumables that
are not covered in the three guarantees of Party A, and Party A shall supply them at a preferential price.

 

    1

     

    

 

Article IV. Rights and
obligations of Party B

 

1. Party B guarantees that
in the exclusive distribution region, it will set up 2 stores with an area of no less than 200 square meters specializing in the
sales of "Dilang" brand electric cycles, or it will set up no less than 5 dealership stores operating "Dilang"
brand electric cycles.

 

2. Party B shall ensure
that the quantity of sales of "Dilang" brand electric cycle series is 3,000 cycles per month and 36,000
cycles throughout the year. Where Party B fails to complete the average contract quantity target in the region for six consecutive
months, Party A shall have the right to find another distribution agent in the region, and Party B shall automatically lose the
exclusive distribution right in this region. Where the sales objective is completed or exceeded at the end of the year, a rebate
of RMB[10] per cycle shall be awarded. Where the sales objective is exceeded by 20% or more, RMB[5] shall be additionally awarded
for each cycle.

 

3. Party B shall be responsible
for having the abilities to provide services before, during and after the sales and to handle the relevant issues, and actively,
reliably and timely help users to solve practical issues. In the distribution region, Party B Party B shall self-operate or coordinate
offline stores to be responsible for the after-sales, three-guarantee maintenance and routine maintenance services for "Dilang"
brand electric cycles, and provide customers with cycle inspection and maintenance services free of charge once every quarter after
the sales. Any complaint or legal dispute arising from product quality shall be treated in strict accordance with the requirements
of the three guarantees and the relevant after-sales services, and the relevant information shall be timely provided to Party A
for product improvement.

 

4. In the process of selling
electric cycles, Party B shall install and adjust them for the users before handover, fill in the relevant information in the manual
for three guarantees and affix the official seal of the company. It is strictly forbidden to pack products of other manufacturers
with Party A’s original packages. Otherwise, Party B shall be responsible for any resulted serious liabilities.

 

5. Party B shall fax the
sales volume, models and inventory of the previous month to the sales company of Party A on the 1st day in each month, it
shall also timely provide information about the local competitive models and prices of the similar products to Party A so that
Party A can understand the market sales situation and the trends.

 

6. In case of sales
fraud, inadequate after-sales service and acts having serious impact on the company's brand reputation in the distribution region
of Party B, Party A shall have the right to unilaterally cancel the qualification of exclusive distributor of Party B in the region
and terminate all cooperation with Party B.

 

Article
V. Liability for breach of the contract

 

1. Violation
of this contract or termination of this contract without reason shall be deemed as breach of the contract, and the breaching party
shall be liable for breach of the contract in accordance with relevant provisions in the contract law.

 

2. During
the validity period of the contract, where there is no force majeure, neither Party A nor Party B shall terminate this contract,
and the party terminating the contract shall be deemed to have breached this contract.

 

    2

     

    

 

Article
VI. Liabilities for confidentiality

 

Either
party shall have the obligation to keep the confidentiality of the business secrets of the other party known in the performance
of this sales contract and shall not disclose them to any other relevant third parties, except as otherwise stipulated in the current
laws and regulations of China or with the written consent of the other party.

 

Article
VII. Termination of the contract

 

1. Where
Party A or Party B intends to terminate this contract earlier, it shall give a formal written notice and telephone call to the
other Party 30 days in advance, and both parties shall settle all the expenses and bear the corresponding responsibilities before
the contract can be terminated.

 

2. After
the termination of the contract, both parties to the contract shall still bear the obligations and responsibilities stipulated
in the original contract which shall be performed by both parties but not yet completed.

 

Article
8. Supplements and amendments

 

This
contract may be amended or supplemented in writing according to the opinions of the parties. The supplementary contract formed
therefrom shall have the same legal effect as this contract.

 

Article
IX. Force majeure

 

Where
either party is unable to perform this contract or delays the performance of this contract in whole or in part due to force majeure,
it shall give a notice on the event to the other party in writing within three days from the date of the occurrence of the force
majeure event, and shall, within thirty days from the date of the occurrence of the event, submit the proof for the whole or part
failure or delay in performance to the other party.

 

Article
X. Settlement of disputes

 

1. This
contract shall be governed by the relevant laws of the People's Republic of China.

 

2. During
the execution of this contract, where the contract cannot be performed due to force majeure, both parties shall carry out discussions
timely for settlement according to the relevant laws and regulations.

 

3. In
case of any dispute arising between the parties to this contract over the interpretation or performance of the relevant provisions
in this contract, such dispute shall be settled through friendly discussions. Both parties agree that all disputes arising from
this contract shall be settled in accordance with the following second method where no settlement or mediation can be reached:

 

(1)
Submit the dispute to the Arbitration Commission in the place where the contract is signed for arbitration;

 

(2)
Take legal actions to the People's Court in the place where the contract is signed according to the relevant laws.

 

Article
XI. Conditions for the contract to come into force

 

This
contract shall come into force from the date when the contract is signed by the legal representatives or the their authorized representatives
of both parties and is affixed with the official seals. Both parties shall affix the cross-page official seal on this contract.

 

    3

     

    

 

Article
12. Others

 

This
contract is made in two sets, which shall have the same legal effect. Each party shall hold one set, and the others
shall be used to perform the relevant legal procedures.

 

	Party A (Official Seal): Tianjin Dilang Technologies Co., Ltd.	Party A (Official Seal): Beijing 70 Generation Co., Ltd.
	Legal Representative: Xie Hui-yan	Legal Representative: Chu Xiao-peng
	Authorized Representative:	Authorized Representative:
	Opening Bank:	Opening Bank:
	Account No.:	Account No.:
	Taxpayer ID: 91120222MA06QCEH5C	Taxpayer ID: 9111010558089621X1

 

 

 

4Exhibit 10.8

 

 

 

Equity
Transfer Agreement

 

among

 

Jiangsu
Baozhe Electric Technologies Co., Ltd.

 

and

 

[Liu
Yuxing]

 

[Changzhou
Cenbird Electric Bicycle Manufacturing Co., Ltd.]

 

[Fang
Yan]

 

 

 

as
Regards

 

[Jiangsu
Cenbird E-Motorcycle Technologies Co., Ltd.]

 

 

 

 

 

 

 

 

 

 

 

[September
6], 2019

 

    	 	 

     

    

 

Contents

 

	Article 1	Equity Transfer Arrangement	5
	 	 	 
	Article 2	Cooperative Operation of Company	5
	 	 	 
	Article 3	The Parties’ Representations and Warranties	7
	 	 	 
	Article 4	Confidentiality	9
	 	 	 
	Article 5	Notice and Service	9
	 	 	 
	Article 6	Governing Law and Dispute Resolution	10
	 	 	 
	Article 7	Miscellaneous	10

 

    	 	2	 

     

    

 

This
Equity Transfer Agreement between Jiangsu Baozhe Electric Technologies Co., Ltd. and Liu Yuxing as Regards Jiangsu Cenbird E-Motorcycle
Technologies Co., Ltd. (“the Agreement”) is made as of [September 6], 2019 in Changhzhou, Jiangsu, China by and among:

 

Party
A: [Jiangsu Baozhe Electric Technologies Co., Ltd.] (“Transferee”)

 

Legally
represented by Ye Jianhui, having the unified social credit code of [91320412MA1YTEQU70] and the address at [Room A508, Science
and Technology Industry Building, Jiangsu Research Institute, Dalian University of Technology, Changzhou Science and Education
Town, No. 18, Changwu Central Road, Wujin District, Changzhou]

 

Party
B: Liu Yuxing (“Transferor”), a natural person having the capacity for civil rights and civil conduct required
to enter into and perform the Agreement in pursuance of the laws of the People’s Republic of China, the ID card number of
[320421197301175219] and the address at [Room 1301, Building 10, Central Garden, Xinbei District, Changzhou City, Jiangsu Province].

 

Party
C: [Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd.], legally represented by Zhang Jianping, having the unified
social credit code of [91320412726635160G] and the address at [No. 802 Xiliutang Village, Hengshanqiao Town, Wujin District, Changzhou
City, Jiangsu Province]

 

Party
D: Fang Yan, a natural person having the capacity for civil rights and civil conduct required to enter into and perform the
Agreement in pursuance of the laws of the People’s Republic of China, the ID card number of [320483197512075225] and the
address at [No. 181 Zhangnian Village, Huangtang Town, Danyang City, Jiangsu Province]

 

    	 	3	 

     

    

 

Whereas:

 

1. Jiangsu
Cenbird E-Motorcycle Technologies Co., Ltd. (“the Company”) was established on May 7, 2018 and has a registered capital
of RMB10 million, where Party B holds 51% of the equity of the Company and subscribed a capital contribution of RMB5.1 million,
with a pain-in capital of 0, and Party D holds 49% of the equity of the Company and subscribed a capital contribution of RMB4.9
million, with a pain-in capital of RMB1 million.

 

2.
Party B intends to transfer the 51% equity it holds in the Company and the subscribed capital contribution of RMB5.1 million,
in full to Party A; Party A will receive such equity. After the completion of the transfer, Party B will hold no more equity
in the Company and Party A will succeed Party B’s original obligation of paying the capital contribution to the
Company.

 

3.
Party B is the actual controller of Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. (“Party C” or
“Changzhou Cenbird”), which is a manufacturer of electric bicycles and has hundreds of distributors in Jiangsu,
Anhui, Shandong, Hebei and several other provinces. In addition, Jiangsu Century Lanxiang Motorcycle Co., Ltd., an affiliate
in which Party B actually participates, is a manufacturer of electric motorcycles, electric mopeds and motorcycles. There is
a legal conjugal relation between Party B and Party D.

 

4.
Party A is dedicated to the provision of short-range traffic package solution, owns an IOT lithium battery and electric
bicycle leasing platform and a New National Standard-based electric bicycle factory, and has extensive resources and
advantages in capital operation and new retail marketing promotion. Party A plans to form a whole-industry product chain of
electric bicycles in three to five years.

 

    	 	4	 

     

    

 

NOW
THEREFORE, after friendly consultation, the Parties agree as follows:

 

Article
1 Equity Transfer Arrangement

 

1.1 Equity
transfer price

 

Party
B intends to transfer the 51% equity it holds in the Company (hereinafter referred to as “the Equity”) to Party A,
and after friendly consultation, Party A agrees to receive such Equity, and both Parties agree that the equity transfer price
is RMB0.

 

1.2 Both
Parties acknowledge that the following conditions have been met on the date hereof:

 

(1) this
equity transfer arrangement is agreed by the resolution of shareholders’ meeting of the Company;

 

(2) the
other shareholder of the Company (namely, Party D) issues a written statement indicating that she agrees to waive the right of
first refusal on the Equity.

 

1.3 Party
B shall at the cost of the Company assist and cooperate in making the industrial and commercial registration of changes hereunder
within 15 working days after the execution of the Agreement.

 

Article
2 Cooperative Operation of the Company

 

2.1 Operation
and management team of the Company

 

In
consideration of the continuity of the operation and management of the Company, after the completion of this equity transfer,
the Company shall still be operated and managed by the team with Party B as its core so as to give full play to the practical
experience of the existing team in the areas of electric bicycle and electric motorcycle. The Company has no board of directors,
but an executive director, who shall be a representative designated by Party A. Party B shall serve as the general manager (legal
representative) of the Company within [three] years after the completion of this equity transfer. The Company has no board of
supervisors, but a supervisor, who shall be a representative designated by Party B. Party A has the right to appoint the finance
chief of the Company, who shall fully participate in the financial accounting and financial management of the Company.

 

    	 	5	 

     

    

 

2.2 Business
operation of the Company

 

2.2.1 Within
two years after Party A formally becomes the controlling shareholder of the Company, Party B, Party C and Party D undertake to
facilitate the Company to achieve the following business objectives:

 

(1) the
paid-in capital contribution is made to the Company pro rata;

 

(2) the
trademark “Cenbird” owned by Party C is transferred to the Company free of charge;

 

(3) the
existing electric bicycle and electric motorcycle design and R&D team and sales, operation and management team of Party C
are transferred to the Company, and Party C only retains the electric bicycle manufacturing and the sales business of motorcycle
and tricycle segments;

 

(4) the
existing distribution channels of Party C are fully open to the Company, and paragraph (2) above is gradually realized;

 

(5) the
subsequent cooperative business between Party C and eUrban LLC is transferred to the Company; the cooperative business between
Party C and BAMBOOBIKE (an Israeli company) is transferred to the Company; the other existing export business of Party C is transferred
to the Company;

 

(6) the
Company chooses OEM or ODM cooperating organizations through a market-based mechanism.

 

2.2.2 Within
one year after becoming the controlling shareholder of the Company, Party A undertakes to:

 

(1) in
addition to making paid-in capital contribution to the Company pro rata, provide the Company with an additional liquidity
loan of no less than RMB3 million free of charge, and subject to Party B, Party C and Party D’s procuring the achievement
of objectives set forth in Section 2.2.1, continue to provide the Company with liquidity loans free of charge;

 

    	 	6	 

     

    

 

(2) take
advantage of its own superior resources in e-commerce platform operation and integrated online and offline sales and mobilize
its subordinate enterprises to provide free technical and service support for the online promotion and marketing of the Company;

 

(3) energize
outlets of the Company and Changzhou Cenbird, promote the integration and optimization of offline distribution resources of Changzhou
Cenbird, and assist it in building a new retail mode combining online and offline resources by virtue of the IOT operation platform
and intelligent hardware;

 

(4) make
the Company the core enterprise under Party A.

 

2.3 The
operating and financial leverage of the Company: both Party A and Party B may increase the operating leverage of the Company by
virtue of their respective industrial resources; provided that the Company shall take on no liability with interest without the
unanimous consent of Party A, Party B and Party D.

 

Article
3 The Parties’ Representations and Warranties

 

3.1 Party
A’s Representations and warranties

 

3.1.1 Party
A is a body corporate lawfully established and validly existing in accordance with the laws of the People’s Republic of
China, and has full capacity for civil conduct to execute and perform the Agreement.

 

3.1.2 Party
A’s execution and performance of the Agreement is the true expression of its intentions, is agreed, approved and authorized
as necessary, and is free of any defect in law.

 

3.1.3 Party
A’s execution and performance of the Agreement violates no laws, regulations or contracts binding upon or affecting it;
the Agreement constitutes its lawful, valid and binding obligation once being executed and coming into effect.

 

3.1.4 Party
A will actively and promptly execute all such documents and actively perform all such actions as necessary for the successful
implementation of the covenants hereunder.

 

    	 	7	 

     

    

 

3.1.5 Party
A is obliged to immediately notify Party B of any circumstance that is likely to have an effect on the Agreement for whatever
reason from the date hereof and take necessary measures to avoid or reduce such effect.

 

3.1.6 Party
A warrants that it will pay the transfer price, the paid-in capital contribution to the Company and the liquidity loans out of
funds it lawfully has and is entitled to dispose of.

 

3.2 Representations
and Warranties of Party B, Party C and Party D

 

3.2.1 Party
B, as a resident of the People’s Republic of China, is qualified to execute the Agreement in pursuance of the laws of PRC,
has the capacity for civil rights and civil conduct to execute and perform the Agreement, and is able to perform the obligations
hereunder and bear civil liability in his own name; Party C is a body corporate lawfully established and validly existing in accordance
with the laws of the People’s Republic of China, and has full capacity for civil conduct to execute and perform the Agreement;
Party D, as a resident of the People’s Republic of China, is qualified to execute the Agreement in pursuance of the laws
of PRC, has the capacity for civil rights civil conduct to execute and perform the Agreement, and is able to perform the obligations
hereunder and bear civil liability in her own name.

 

3.2.2 The
execution and performance of the Agreement by Party B, Party C and Party D violates no laws, regulations, articles of association
or contracts binding upon or affecting them, and they have been duly authorized to execute the Agreement; the Agreement constitutes
its lawful, valid and binding obligation once being executed and coming into effect.

 

3.2.3 Party
B lawfully owns the equity of the Company for this transfer and the de facto control of Changzhou Cenbird and has the full
capacity for civil rights and civil conduct to dispose of the Equity in accordance with the Agreement and to perform other obligations
hereunder.

 

3.2.4 Party
B undertakes that the Equity to be transferred are clear of external guarantee, mortgage or other implicit debt burden, and the
Company has no external guarantee or liabilities, and Party B is willing to be liable for all losses caused to Party A in this
regard.

 

    	 	8	 

     

    

 

Article
4 Confidentiality

 

4.1 The
Parties are obliged to keep confidential all information they know hereunder, including without limitation the operating condition,
financial condition, trade secret, know-how and all other information of the Parties, and no Party shall disclose or use any of
such information unless expressly provided by laws or expressly required by any judicial organ.

 

4.2 The
Parties shall adopt a unified approach agreed to making external disclosure or dissemination of this equity transfer to ensure
no infringement of the reputation of the Parties; without the consent of the other Parties, no Party shall make any oral or written
public statement about this equity transfer.

 

Article
5 Notice and Service

 

5.1 Any
notice or other correspondence (collectively “Correspondence”) from any Party to another Party shall be sent by personal
delivery, express delivery, registered letter or fax according to the contact information of such another Party set forth herein
and be deemed to have been served:

 

(1) if
sent by personal delivery, on the date of the personal delivery;

 

(2) if
sent by express delivery or registered letter, on the date when the receiving Party signs for it; if the receiving Party fails
or refuses to sign for it, on the third working day following the date indicated on the voucher for sending held by the sending
Party or on the receipt of domestic registered letter;

 

(3) if
by fax, when the sending Party receives the confirmation receipt generated by the fax machine;

 

(4) if
by the combination of the foregoing, when it reaches the receiving Party earliest.

 

    	 	9	 

     

    

 

Article
6 Governing Law and Dispute Resolution

 

6.1 The
execution, effect, construction and performance of the Agreement and the settlement of disputes shall be governed by laws of PRC.

 

6.2 Any
dispute among the Parties arising from the Agreement shall be first resolved through friendly consultation. Where such consultation
fails, any Party may apply to China International Economic and Trade Arbitration Commission for arbitration, and the arbitral
proceedings shall be conducted in Shanghai. The Parties shall continue to exercise other rights and perform other obligations
hereunder except for the disputed matters.

 

Article
7 Miscellaneous

 

7.1 The
Agreement shall come into force upon the affixation of signatures and official seals by the legal representatives or authorized
representatives of the Parties.

 

7.2 The
Agreement is made in four copies, with each Party holding one copy, and all copies shall have equal legal effect.

 

(No
text below)

 

    	 	10	 

     

    

 

(This
page contains no text and is the signature page to the Equity Transfer Framework Agreement among Jiangsu Baozhe Electric
Technologies Co., Ltd. and Liu Yuxing, Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd. and Fang Yan as Regards Jiangsu
Cenbird E-Motorcycle Technologies Co., Ltd.)

 

Party
A: Jiangsu Baozhe Electric Technologies Co., Ltd.

 

		(Seal):	

  

	Legal Representative/Authorized Representative (signature): 	

 

	Party B (signature):	

 

		Party C: Changzhou Cenbird Electric Bicycle Manufacturing Co., Ltd.
		 	 
		(Seal):	

 
	Legal Representative/Authorized Representative (signature): 	

 

	Party D (signature):	

 

 

 

This
Agreement is executed by the foregoing Parties on [September 6], 2009 in Changzhou, Jiangsu, China

 

11

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