Document:

Exhibit
10.7

 

FORM
OF EMPLOYMENT AGREEMENT

 

This
Employment Agreement (the “Agreement”), dated as of [MONTH DATE], [YEAR] (the “Effective
Date”), is entered between Ucommune International Ltd, a company incorporated in the Cayman Islands (the “Company”)
and [NAME] (the “Executive”).

 

WHEREAS,
the Company and the Executive wish to enter into an employment agreement whereby the Executive will be employed by the Company
in accordance with the terms and conditions stated below;

 

NOW,
THEREFORE, the parties hereby agree as follows:

 

ARTICLE 1

EMPLOYMENT, DUTIES AND RESPONSIBILITIES

 

Section 1.01. 
Employment.  The Executive shall serve as the [TITLE] of the Company.  The Executive hereby accepts
such employment and agrees to devote substantially all of the Executive’s time and efforts to promoting the interests of
the Company.

 

Section 1.02. 
Duties and Responsibilities.  Subject to the supervision of and direction by the Board of Directors of the Company,
the Executive shall perform such duties as are similar in nature to those duties and services customarily associated with the
positions set forth above.

 

Section 1.03. 
Base of Operation.  The Executive’s principal base of operation for the performance of his duties and responsibilities
under this Agreement shall be the offices of the Company in Beijing, the People’s Republic of China (“PRC”),
and at such other places as shall from time to time be reasonably necessary to fulfill the Executive’s obligations hereunder.

 

ARTICLE 2

TERM

 

Section 2.01. 
Term.  (a)  The term of this Agreement (the “Term”) shall commence on the Effective Date
and shall continue for a period of three (3) years from the Effective Date.  The Term and this Agreement will be renewed
automatically thereafter for successive one-year terms unless a one-month notice of non-renewal is given by one party to the other.

 

(b)
The Executive represents and warrants to the Company that neither the execution and delivery of this Agreement nor the
performance of the Executive’s duties hereunder violates or will violate the provisions of any other agreement to which
the Executive is a party or by which the Executive is bound.

 

ARTICLE 3

COMPENSATION AND EXPENSES

 

Section 3.01. 
Salary And Benefits.  The Executive’s salary and benefits shall be determined by the Company and shall be
specified in a separate agreement between the Executive and the Company’s designated subsidiary or affiliated entity. Unless
otherwise provided in such separate agreement, the Executive’s salary and benefits are subject to annual review and adjustment
by the Company.

 

Section 3.02 
Expenses.  The Company will reimburse the Executive for reasonable documented business-related expenses incurred
by the Executive in connection with the performance of the Executive’s duties hereunder during the Term, subject, however,
to the Company’s policies relating to business-related expenses as in effect from time to time during the Term.

 

     

     

    

 

Section 3.03. 
Share Incentive Plan. The Executive shall be entitled to participate during the Term in the 2020 Share Incentive Plan
of the Company, and any successors thereto, subject to the terms and provisions of such plans and the execution of the award agreements
between the Company and the Executive.

 

Section 3.04 
Payer of Compensation. All compensation, salary, benefits and remuneration in this Agreement may be paid by the Company
or any of its subsidiaries or affiliated entities, as decided by the Company in its sole discretion.

 

ARTICLE 4

EXCLUSIVITY, ETC.

 

Section 4.01. 
Exclusivity.  The Executive agrees to perform his duties, responsibilities and obligations hereunder efficiently
and to the best of his ability. The Executive agrees to devote substantially all of his working time, care and attention and best
efforts to such duties, responsibilities and obligations throughout the Term. The Executive agrees that all of his activities
as an employee of the Company shall be in conformity with all present and future policies, rules and regulations and directions
of the Company not inconsistent with this Agreement.

 

Section 4.02.
Intellectual Property. The Executive agrees that Intellectual Property under this Agreement is the sole and exclusive
property of the Company and further agrees to assign to the Company the ownership of all right, title and interest in Intellectual
Property, including any Intellectual Property conceived, created, and otherwise obtained by the Executive (i) during the
term of this Agreement relating to the work he performs within the scope of such Executive’s employment with the Company,
(ii) within twelve (12) months after the Executive retires or ends employment with the Company under the circumstances that
such Intellectual Property relates to such Executive’s employment scope with the Company, and (iii) by using the resources
of the Company during the term of this Agreement. During the Executive’s employment with the Company and within twelve (12)
months after his employment with the Company terminates, the Executive has the obligation to inform the Company of any Intellectual
Property within ten days of its creation and the Executive has the obligation to assist the Company in its patent, copyright or
trademark application related to the Intellectual Property.

 

“Intellectual
Property” under this Section 4.02 means any and all intellectual property in any form or stage of development, including
but not limited to any idea, concept, design, invention, method, process, system, model, software, know-how and any other subject
matter, material or information that qualifies and/or is considered by the Company to qualify for patent, copyright, trademark,
trade secret, or any other protection under the laws of PRC or Cayman Islands providing or creating intellectual property rights.

 

Section 4.03.
Non-Competition and Confidentiality.

 

(a) Non-compete. During
the Executive’s employment with the Company and for twenty-four (24) months after his employment with the Company terminates
for any reason, the Executive will not (i) directly or indirectly engage in (whether as an officer, principal, agent, director,
employee, partner, affiliate, consultant or other participant), or hold an equity interest of 5% or more in, any business or activity
that is in competition with the Company, its subsidiaries or affiliated entities (the “Group”), (ii) solicit,
encourage or assist other employees of the Company to seek employment with any business or organization in competition with the
Group, or (iii) engage in other activities that may cause conflicts with the interests of the Company during the term of
the employment agreement.

 

(b) Confidentiality. Throughout
the course of the Executive’s employment with the Company and thereafter, the Executive shall keep in strict confidence
all non-public information relating to the business, financial condition and other aspects of the Company, including but not limited
to trade secrets, business methods, products, processes, procedures, development or experimental projects, plans, service providers,
customers and users, intellectual property, information technology and any other information which is material to the Company’s
business operations, and except as authorized by the Company in writing, may not disclose or provide to any person, firm, corporation
or entity such non-public information, and may not use such non-public information for any purpose other than to fulfill his responsibilities
as the [TITLE] in the best interest of the Company. The Executive shall also comply with the Company’s
corporate policies and any other agreements on confidentiality that the Executive may enter into with the Company or any of its
subsidiaries or affiliated entities. This provision and such other confidentiality policies and agreements are hereinafter collectively
referred to as the “Confidentiality Terms.”

 

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ARTICLE 5

TERMINATION AND INDEMNIFICATION

 

Section 5.01. 
Termination by Company.  The Company shall have the right to terminate the Executive’s employment at any time
with or without “Cause” by giving a one-month advance notice in writing pursuant to the terms hereof. For purposes
of this Agreement, “Cause” shall mean:  (i) the Executive’s willful and continued failure to
substantially perform his duties hereunder (other than as a result of total or partial incapacity due to physical or mental illness),
(ii) dishonesty in the performance of the Executive’s duties hereunder, (iii) an act or acts on the Executive’s
part constituting a felony under the laws of the PRC or of the United States or any state thereof, (iv) any other act or
omission which is materially injurious to the financial condition or business reputation of the Company or any of its subsidiaries
or affiliates, or (v) the Executive’s breach of the non-compete and confidentiality clause hereof. For purposes of
this Subsection, no act or failure to act, on the part of the Executive shall be deemed “willful” unless done,
or omitted to be done, by the Executive not in good faith and without reasonable belief that the act or omission of the Executive
was in the best interest of the Company.

 

Section 5.02. 
Termination by The Executive.  The Executive shall have the right to terminate this Agreement at any time by giving
a one-month advance notice in writing pursuant to the terms hereof.

 

Section 5.03. 
Death.  In the event the Executive passes away during the Term, this Agreement shall automatically terminate, such
termination to be effective on the date of the Executive’s death.

 

Section 5.04. 
Disability.  In the event that the Executive shall suffer a disability which shall have prevented him or her from
performing satisfactorily his obligations hereunder for a period of at least 120 consecutive days, the Company shall have the
right to terminate this Agreement, such termination to be effective upon the giving of notice thereof to the Executive in accordance
with Section 6.02 hereof.

 

Section 5.05. 
Effect of Termination.  (a)  In the event of termination of the Executive’s employment, whether before
or after the Term, by either party for any reason, or by reason of the Executive’s death or disability, the Company shall
pay to the Executive (or his beneficiary in the event of his death) any base salary or other compensation earned but not paid
to the Executive prior to the effective date of such termination. All other benefits due the Executive following his termination
of employment shall be determined in accordance with the plans, policies and practices of the Company.

 

(b)
In the event of termination of the Executive’s employment by the Company other than for Cause, the Company shall pay to
the Executive any additional amount as provided by applicable law.

 

ARTICLE 6

MISCELLANEOUS

 

Section 6.01. 
Benefit Assignment; Assignment; Beneficiary.  This Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns, including, without limitation, any corporation or person which may acquire all or substantially
all of the Company’s assets or business, or with or into which the Company may be consolidated or merged. This Agreement
shall also inure to the benefit of, and be enforceable by, the Executive and his personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amount would still
be payable to him or her hereunder if the Executive had continued to live, all such amounts shall be paid in accordance with the
terms of this Agreement to the Executive’s beneficiary, devisee, legatee or other designee, or if there is no such designee,
to the Executive’s estate.

 

Section 6.02.  Notices.  Any
notice required or permitted hereunder shall be in writing and shall be sufficiently given if personally delivered or if sent
by registered or certified mail, national overnight courier, or email. In the case of the Company, to the office or email account
of the Human Resource Department; and in the case of the Executive, to the address or email account appearing on the employment
records of the Company, from time to time. Any notice given hereunder shall be deemed to have been given at the time of receipt
thereof by the person to whom such notice is given.

 

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Section 6.03. 
Entire Agreement; Amendment.  This Agreement contains the entire agreement of the parties hereto with respect to
the terms and conditions of the Executive’s employment during the Term and supersedes any and all prior agreements and understandings,
whether written or oral, between the parties hereto with respect to compensation due for services rendered hereunder. This Agreement
may not be changed or modified except by an instrument in writing signed by both of the parties hereto.

 

Section 6.04. 
Waiver.  The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed
as a continuing waiver or as a consent to or waiver of any subsequent breach hereof.

 

Section 6.05. 
Headings.  The article and section headings herein are for convenience of reference only, do not constitute a part
of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

Section 6.06. 
Governing Law.  This Agreement shall be governed by, and construed and interpreted in accordance with, the laws
of Hong Kong, without reference to the principles of conflict of laws.

 

Section 6.07. 
Agreement To Take Actions.  Each party hereto shall execute and deliver such documents, certificates, agreements
and other instruments, and shall take such other actions, as may be reasonably necessary or desirable in order to perform his,
her or its obligations under this Agreement or to effectuate the purposes hereof.

 

Section 6.08. 
Arbitration.  Any dispute between the parties hereto respecting the meaning and intent of this Agreement or any
of its terms and provisions shall be submitted to arbitration in Hong Kong, in accordance with the Hong Kong International Arbitration
Centre Administered Arbitration Rules then in effect, and the arbitration determination resulting from any such submission
shall be final and binding upon the parties hereto.  The arbitrator shall have no authority to award reasonable attorney’s
fees to any party in any dispute subject to this Section 6.08.  Judgment upon any arbitration award may be entered in
any court of competent jurisdiction.

 

Section 6.09. 
Survivorship.  The respective rights and obligations of the parties hereunder shall survive any termination of this
Agreement to the extent necessary to the intended preservation of such rights and obligations.

 

Section 6.10. 
Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect
the validity or enforceability of any other provision or provisions of this Agreement, which shall remain in full force and effect.

 

Section 6.11. 
Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same instrument.

 

Section 6.12. 
Corporate Authorization.  The Company hereby represents that the execution, delivery and performance by the Company
of this Agreement are within the corporate powers of the Company, and that the Chairman of its Board of Directors has the requisite
authority to bind the Company hereby.

 

Section 6.13. 
Withholding.  All payments to the Executive hereunder shall be subject to withholding to the extent required by
applicable law.

 

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IN
WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement as of the date first above written.

 

	 	Ucommune
    International Ltd
	 	 
	 	By:	       
	 	 	Name:
	 	 	 
	 	 	Title:
    Chief Executive Officer
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	Name:
	 	 
	 	Title:Exhibit 10.8

 

Exclusive Business Cooperation Agreement

 

This Exclusive Business Cooperation Agreement (hereinafter referred to as the “Agreement”) is entered into by and among the following Parties as of July 5, 2019 in Beijing, the People’s Republic of China (“PRC”, for purposes of this Agreement, excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan):

 

Party A:Ucommune (Beijing) Technology Co., Ltd., a wholly foreign-owned limited liability company duly incorporated and validly existing under the laws of the People’s Republic of China, with its registered address at No. 8A, Zhaofeng First Street, Zhaofeng Industrial Base, Zhaoquanying Town, Shunyi District, Beijing, its unified social credit code being 91110113MA01GJH80T;

 

Party B: Ucommune (Beijing) Venture Investment Co., Ltd., a limited liability company duly incorporated and validly existing under the laws of the PRC, with its registered address at No. 15-3 Ronghui Park, Linkong Economic Core Area, Shunyi District, Beijing, its unified social credit code being 91110113335534135Y;

 

Party A and Party B shall be individually referred to as “either Party” or “that Party”, and collectively as “the Parties”.

 

Whereas:

 

1.              Party A is a wholly foreign-owned limited liability company incorporated in China with the necessary resources to provide technical and consulting services;

 

2.              Party B is a domestic company incorporated in China, whose business scope covers project investment; enterprise management; investment management; asset management; investment consulting; technology development, technology promotion, technology transfer, technology consulting, technical services; acting for advertising or releasing advertisements; enterprise management consulting; corporate image planning; PR services; undertaking exhibition and demonstration activities; leasing commercial premises (all business activities carried out and developed by Party B currently and at any time during the term of this Agreement shall be collectively referred to as the “Primary Business”);

 

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3.              Party A agrees to provide Party B with exclusive technical support, consulting and other services in respect of the Primary Business during the term of this Agreement, and Party B agrees to accept all types of services provided by Party A or its designated party under the provisions of this Agreement.

 

The Parties, upon amicable negotiation, reach this Agreement below:

 

Article 1                 Provision of Services

 

1.1       Subject to the terms and conditions stipulated in this Agreement, Party B hereby appoints Party A, as the exclusive service provider of Party B, to provide Party B with comprehensive technical support, consulting services and other services during the term of this Agreement, including, but not limited to:

 

(1)         technical support and professional training for relevant staff of Party B;

 

(2)         assisting Party B in the consulting, collection and survey of technical and market information in respect of the Primary Business (excluding any market survey that the wholly foreign-owned enterprises are prohibited from conducting under Chinese laws (including any central or local legislation, any laws, regulations, rules, notifications, interpretations or other binding documents enacted by the administrative or judicial authorities before or after the entry into force of this Agreement, hereinafter referred to as “Chinese laws”));

 

(3)         providing Party B with enterprise management consulting;

 

(4)         providing Party B with marketing and promotion services;

 

(5)         providing Party B with customer order management and customer services;

 

(6)         providing Party B with services concerning the transfer, leasing and disposal of equipment and assets;

 

(7)         providing Party B with services concerning the design, installation and daily management, maintenance and update of computer network system, hardware equipment and database;

 

(8)         permitting Party B to use the relevant software in which Party A has lawful rights;

 

(9)         providing Party B with services concerning the development, maintenance and update of the relevant application software required for its business;

 

(10)  other relevant services provided from time to time at the request of Party B as permitted by Chinese laws.

 

1.2       Party B accepts the consulting and services provided by Party A. Party B further agrees that, without the prior written consent of Party A, Party B shall not directly or indirectly receive any services same as or similar to this Agreement from any third party in respect of the services or other matters as stipulated herein during the term of this Agreement, or establish any similar cooperative relation with any third party in respect of the matters referred to herein.

 

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1.3       Party A shall have the right to inspect Party B’s accounts regularly and at any time. Party B shall record the accounts promptly and accurately, and provide Party A with its accounts as required by Party A. During the term of this Agreement and subject to the applicable laws, Party B agrees that it shall cooperate with Party A and Party A’s shareholders (including direct or indirect shareholders, hereinafter referred to as “Party A’s shareholders”) in auditing (including, but not limited to, the audit on related transactions and other types of audits), by providing Party A’s shareholders and/or any auditor appointed by them with information and materials on the operation, business, customers, finance and employees of Party B and any wholly-owned or holding subsidiary (hereinafter referred to as the “subsidiary”) incorporated or to be incorporated by Party B, and that Party A’s shareholders may disclose such information and materials for the purposes of meeting the requirements of the regulatory authorities over their listed securities.

 

1.4       Methods by which Services are Provided

 

(1)         Party A and Party B agree that, during the term of this Agreement, where necessary, Party B may enter into further service agreements with Party A or any other party designated by Party A, which shall provide the specific contents, methods, personnel and fees for specific services.

 

(2)         To perform this Agreement, Party A and Party B agree, where necessary, that Party B will enter into lease agreements for equipment and assets with Party A or any other party designated by Party A at any time during the term of this Agreement based on its business needs, which will provide Party B with the relevant equipment and assets.

 

(3)         Party B hereby grants Party A an irrevocable exclusive option, by which Party A may, to the extent permitted by Chinese laws, at its sole discretion, purchase any part or all of the assets and business from Party B at the minimum price permitted by law. The Parties then will sign a separate contract for the transfer of assets or business, stipulating the terms and conditions for the transfer of assets.

 

Article 2                 Service Fees and Method for Payment

 

2.1           The Parties agree that Party B shall pay Party A the service fees in respect of the services provided by Party A hereunder on an annual basis. Subject to the provisions of Chinese laws, the amount of service fees shall be all remaining amount that the after-tax profits of Party B and its subsidiaries, net of deductions for making up for losses in the previous year (if any) and withdrawing statutory reserves (if applicable). Party A shall have the right to adjust the amount of service fees depending on the services provided to Party B and its subsidiaries, and the operations and development needs of Party B and its subsidiaries, provided that the amount shall not exceed the threshold amount as stipulated above.

 

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2.2           Party B shall, within thirty (30) days after the end of each year (i.e. December 31 of each year), provide Party A with all financial information necessary for calculating the service fees for that year. Party A shall, within forty (40) days after the end of each year (i.e. December 31 of each year) send a notice of payment to Party B. Party B shall, within thirty (30) days upon receipt of the notice, pay Party A the service fees and other costs set out therein. If Party B fails to pay the service fees and other costs in full and on schedule hereunder, Party A shall have the right to require Party B to pay Party B an additional default interest at an annual rate of 6% on the outstanding amount. Notwithstanding the foregoing, Party A may, at its sole discretion, adjust the payment date and method for the service fees. Party B shall accept the adjustment.

 

Article 3                 Intellectual Property

 

3.1                      Party A shall have the sole and exclusive title to and other rights of and interests in (to the extent not prohibited by Chinese laws) any and all intellectual property or intangible assets produced, created or developed in the performance of this Agreement by the Parties (including, but not limited to, copyright, patent, right to apply for patents, software, know-hows, trade secrets and others). Without the express authorization of Party A, Party B shall not have any interest in any of Party A’s intellectual properties used by Party A for the provision of services hereunder. Party B shall execute all appropriate documents, take all appropriate actions, submit all documents and/or applications, provide all appropriate assistance, and do all other acts Party A may deem necessary at its sole discretion, to vest in Party A any title to and other rights of and interests in such intellectual properties and intangible assets, and/or consummate the protection for such intellectual properties and intangible assets of Party A (including, but not limited to, registering such intellectual properties and intangible assets in the name of Party A).

 

3.2                      Party B and its subsidiaries agree to grant Party A a license to use the trademarks, patents, softwares, copyrights, domain names and other intellectual properties owned as at the date of this Agreement. Party A may use such intellectual properties of Party B free of charge.

 

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Article 4                 Representations, Warranties and Undertakings

 

4.1           Party A hereby makes irrevocable representations, warranties and undertakings below:

 

(1)         Party A is a wholly foreign-owned limited liability company duly incorporated and validly existing under the laws of China; Party A or its designated service provider will, prior to its provision of any services hereunder, obtain all government permits and licenses necessary for the provision of such services;

 

(2)         Party A has taken the necessary corporate actions, obtained the necessary authorization, and obtained the consent and approval of any third party and government authority (if necessary) to execute, deliver and perform this Agreement; Party A’s execution, delivery and performance of this Agreement shall not violate the express provisions of Chinese laws;

 

(3)         This Agreement constitutes obligations which are lawful, valid to and binding on it and enforceable against it under the provisions hereof.

 

4.2           Party B hereby makes irrevocable representations, warranties and undertakings below:

 

(1)         Party B is a limited liability company duly incorporated and validly existing under the laws of China. Party B has obtained and will maintain all government permits and licenses necessary for its conducting the Primary Business.

 

(2)         Party B has taken the necessary corporate actions, obtained the necessary authorization, and obtained the consent and approval of any third party and government authority (if necessary) to execute, deliver and perform this Agreement; Party B’s execution, delivery and performance of this Agreement shall not violate the express provisions of Chinese laws.

 

(3)         This Agreement constitutes obligations which are lawful, valid to and binding on it and enforceable against it under the provisions hereof.

 

(4)         Without the prior written consent of Party A, Party B shall not dispose of Party B’s major assets in any manner, nor shall Party B change its existing composition of shares.

 

(5)         Party B will pay the service fees to Party A in full and on schedule as stipulated herein.

 

(6)         Party B will promptly inform Party A of the circumstances that have or may have a material adverse effect on its business and its operation, and shall make every effort to prevent the occurrence of such circumstances and/or the expansion of losses.

 

(7)         Except as required by the daily operation, without the prior written consent of Party A, Party B and its subsidiaries shall not sell, transfer, mortgage or otherwise dispose of the legitimate interests in any assets, business or proceeds, or provide security to any third party, or allow any third party to impose any other security interest in its assets or interests.

 

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(8)         Without the prior written consent of Party A, Party B and its subsidiaries shall not consolidate, merge or form a joint entity with any third party, acquire or be acquired or controlled by any third party, increase or decrease its registered capital, or otherwise change its composition of shares.

 

Article 5                 Term of Agreement

 

5.1           This Agreement shall enter into effect upon execution by the Parties. Unless terminated in accordance with the express stipulations herein or as decided by Party A in writing, the term of this Agreement shall terminate automatically upon Party A’s full exercise of its option to purchase all the assets of Party B or all the shares in Party B held by its shareholders under the Exclusive Option Agreement executed separately. Party A may terminate this Agreement by giving a thirty-day written notice to Party A, unless otherwise provided by law or this Agreement, and Party B may not terminate or rescind this Agreement at its sole discretion in any case.

 

5.2           The Parties shall, within three (3) months before the expiration of their respective term of business, complete the approval and registration for the extension of term of business to enable this Agreement to remain effective.

 

5.3           The rights and obligations of the Parties under Articles 3, 5, 7, 8 and this Article 5.3 shall survive the termination of this Agreement.

 

Article 6                 Liability for Breach of Contract and Indemnity

 

6.1           if Party B materially breaches any of the stipulations made hereunder, Party A shall have the right to (1) terminate this Agreement and require Party B to pay all damages; or (2) require to enforce Party B’s obligations hereunder and require Party B to pay all damages; this Article 6.1 shall not prejudice any other right of Party A hereunder.

 

6.2           Unless otherwise provided by law, Party B may not terminate or rescind this Agreement in any case.

 

6.3           Party B shall indemnify and hold harmless Party A against any losses, damages, liabilities or costs incurred by Party A in respect of any actions, claims or other demands against Party A arising from or caused by the services provided by Party A to Party B hereunder, unless such losses, damages, liabilities or costs are caused by Party A’s gross negligence or wilful misconduct.

 

Article 7                 Application of Law and Dispute Settlement

 

7.1           The conclusion, validity, interpretation, performance of this Agreement and dispute settlement shall be governed by and construed under the laws of China.

 

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7.2           In the case of all disputes arising from or in connection with the performance of this Agreement, either Party shall have the right to refer the dispute to the China International Economic and Trade Arbitration Commission for arbitration in Beijing under the arbitration procedures and rules then in force. Arbitration shall be conducted in a confidential manner and in Chinese. The arbitral award shall be final and binding on the Parties.

 

7.3           During the period of arbitration, the Parties shall continue to have their respective rights hereunder and perform their corresponding obligations hereunder, except for the part in dispute and under the arbitration between the Parties.

 

Article 8                 Confidentiality

 

8.1           If, prior to the conclusion of this Agreement and during the term of this Agreement, a Party (hereinafter referred to as the “Disclosing Party”) has disclosed or may from time to time disclose to the other Party (hereinafter referred to as the “Receiving Party”) the confidential information of that Party (including, but not limited to, business information, customer information, financial information, contracts, etc.), the Receiving Party must keep the confidential information confidential and shall not use the confidential information for any purposes other than those specified in this Agreement. The foregoing do not apply to the information: (i) the Receiving Party has possessed prior to the disclosure by the Disclosing Party to it evidenced by any written records; (ii) which is or will be accessible to the public not due to the Receiving Party’s breach of this Agreement; (iii) the Receiving Party has obtained from a third party who has no obligation to keep the information confidential; and (iv) disclosed by either Party under the relevant laws and regulations or as required by the regulatory authorities, or disclosed to its employees, agents, legal counsels or financial counsels in its normal course of business (provided that the Receiving Party shall ensure that such persons comply with the relevant terms and conditions of this Agreement, and shall be held liable for any breach of the relevant terms and conditions hereof by the above persons).

 

8.2           The above confidentiality obligations shall be continuing to the Parties hereto and shall not terminate upon termination of this Agreement.

 

Article 9                 Force Majeure

 

9.1           Force majeure” means any unforeseeable, unavoidable and insurmountable event that prevents either Party hereto from performing part or all of this Agreement. Such events include, but are not limited to, natural disasters, storms, tornadoes and other weather conditions, strikes, lock-outs, shutdowns or other industry problems, wars, insurrections, conspiracies, enemy acts, acts of terrorism or violence by criminal organizations, blockades, serious diseases or plagues, earthquakes or other crustal movements, flood and other natural disasters, bomb explosions or other explosions, fire, accidents, changes in legal provisions or their application.

 

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9.2           If any force majeure event occurs and affects the performance of a Party’s obligations hereunder, that Party’s obligations shall be automatically suspended during the period of delay caused by force majeure, and its term of performance shall be automatically extended fro a period equivalent to the period of suspension, and that Party shall not be punished or held liable for it. In the case of any force majeure event, the Parties shall promptly negotiate to seek a just settlement, and shall make all reasonable efforts to minimize the effects of the force majeure event.

 

Article 10          Notice

 

10.1    any notice or written correspondence sent by a Party to the other Party (including, but not limited to, written documents or notices hereunder) shall be promptly delivered or sent to the corresponding Party by post (including express delivery) or e-mail. The date of receipt of the notice or correspondence shall be, if delivered by post (including express delivery), the 3rd working day after the letter has been sent; if delivered by e-mail, the date on which the e-mail arrives on the other Party’s system.

 

10.2    For the purposes of the notice, the addresses of the Parties are listed as follows:

 

Party A: Ucommune (Beijing) Technology Co., Ltd.

Address: 8/F, Block D, Sunshine 100, Guanghua Rd., Chaoyang District, Beijing

Contact: Nan Shi

Tel.: [____________]

E-mail: [____________]

 

Party B: Ucommune (Beijing) Venture Investment Co., Ltd.

Address: 8/F, Block D, Sunshine 100, Guanghua Rd., Chaoyang District, Beijing

Contact: Nan Shi

Tel.: [____________]

E-mail: [____________]

 

10.3    Either Party may change its address at which it receives the notice by giving a notice to the other Party in the manner provided for in this Article.

 

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Article 11          Transfer of Agreement

 

11.1    Party B shall not transfer its rights and obligations hereunder to a third party without the prior written consent of Party A.

 

11.2    Party B hereby agrees that Party A may transfer its rights and obligations hereunder to a third party, and in the case of such transfer, Party A shall only give Party B a written notice without Party B’s consent to such transfer.

 

Article 12          Miscellaneous Provisions

 

12.1    If any provision of this Agreement is invalid, illegal or unenforceable under the laws of China, all other provisions of this Agreement shall remain in full force and effect. In the case that any provision is found to be invalid, illegal or unenforceable, the Parties shall negotiate in good faith and amend this Agreement to fulfill the original intention of the Parties as closely as possible in an acceptable manner.

 

12.2    If any amendment hereto is proposed by the relevant regulatory authority, the Parties shall therefore amend this Agreement through negotiation.

 

12.3    This Agreement supersedes any other written or oral agreement previously entered into between the Parties in respect of the matters provided for herein, and constitutes a complete agreement between the Parties hereto.

 

12.4    Either Party may make a waiver in respect of the terms and conditions of this Agreement, provided that it is made in writing and signed by the Parties. A waiver by a Party in respect of the other Party’s breach of contract in a case shall not be deemed as that Party’s waiver in respect of the other Party’s similar breach of contract in any other case.

 

12.5    This Agreement shall be legally binding on each of the Parties hereto and the lawful successors and assignees of that Party, whether such succession or assignment is caused by acquisition, reorganization, inheritance, transfer or otherwise.

 

12.6    Any amendment or supplement hereto shall be made in writing. Unless Party A transfers its rights hereunder in accordance with Article 11.2, the amendment and supplement hereto shall enter into effect upon proper signature by the Parties. If any amendment or supplement hereto is required by law to obtain permission from, and / or register or file with, any government authority, the Parties shall obtain such permission and / or complete such registration or filing by law.

 

12.7    This Agreement shall be concluded in two duplicate originals, one of which shall be held by either Party, both of which shall have the same legal effect.

 

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(The remainder of this page is intentionally left blank.)

 

(This page is only used as the signature page for the Exclusive Business Cooperation Agreement.)

 

 

	
Ucommune (Beijing) Technology   Co., Ltd.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/Seal of Ucommune (Beijing) Technology Co., Ltd.
    	
 
    

 

 

	
Legal Representative (or Authorized Agent):
    	
/s/Daqing Mao
    	
 
    

 

10

 

(This page is only used as the signature page for the Exclusive Business Cooperation Agreement.)

 

 

	
Ucommune (Beijing) Venture Investment   Co., Ltd.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/Seal of Ucommune (Beijing) Venture Investment Co., Ltd.
    	
 
    

 

 

	
Legal Representative (or Authorized Agent):
    	
/s/Daqing Mao
    	
 
    

 

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