Document:

ex1001.htm

Exhibit 10.01

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT is made effective as of the 26th day of November, 2012 (the “Effective Date”).

AMONG:

CLICKER INC., a corporation formed pursuant to the laws of the State of Nevada and having an office for business located at 1111 Kane Concourse, Suite 304, Bay Harbor Islands, FL 33154 (“Employer");

AND

WILLIS “CHIP” ARNDT, an individual having an address at 4767 Alton Road, Miami Beach, FL 33140 (“Employee”).

WHEREAS, Employee has agreed to a position as an Employee of Employer, and Employer has agreed to hire Employee as such, pursuant to the terms and conditions of this Employment Agreement (the “Agreement”).

NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises and the mutual covenants, agreements, representations and warranties contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employee and Employer hereby agree as follows:

ARTICLE 1

EMPLOYMENT

Employer hereby agrees to the employment of Employee as Interim Chief Executive Officer (CEO) and Employee hereby affirms and accepts such employment by Employer for the “Term” (as defined in Article 3 below), upon the terms and conditions set forth herein.

ARTICLE 2

DUTIES

During the Term, Employee shall serve Employer faithfully, diligently and to the best of his ability, under the direction and supervision of the Board of Directors (the “Board”) of Employer and shall use his best efforts to promote the interests and goodwill of Employer and any affiliates, successors, assigns, subsidiaries, and/or future purchasers of Employer. Employee shall render such services during the Term at Employer’s principal place of business or at such other place of business as may be determined by the Board, as Employer may from time to time reasonably require of him. Employee shall have those duties and powers as generally pertain to each of the offices of which he holds, as the case may be, subject to the control of the Board.

ARTICLE 3

TERM

This Agreement shall begin effective as of the Effective Date and shall continue on a month-to-month basis until terminated by either party upon providing the other party with 30 days prior written notice (the "Term").

 

ARTICLE 4

COMPENSATION

Salary

4.1

Employer shall pay to Employee monthly a gross salary of Three Thousand Dollars ($3,000.00). All payments shall be made in monthly installments with the payroll practices of Employer for its senior executives.

 

 

  

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Expense Reimbursement

4.2

Employer shall reimburse Employee for reasonable and necessary expenses incurred by him on behalf of Employer in the performance of his duties hereunder during the Term in accordance with Employer's then customary policies, provided that such expenses are adequately documented.

 

ARTICLE 5

OTHER EMPLOYMENT

During the Term of this Agreement, Employee shall devote a portion of his business and professional time and effort, attention, knowledge, and skill to the management, supervision and direction of Employer’s business and affairs as Employee’s highest professional priority. Except as provided below, Employer shall be entitled to all benefits, profits or other issues arising from or incidental to all work, services and advice performed or provided by Employee. Provided that the activities listed below do not materially interfere with the duties and responsibilities under this Agreement, nothing in this Agreement shall preclude Employee from devoting time for:

	  	
(a)

	
Serving as an officer, director, member, founder, employee or consultant for any other business or activity which does not conflict with the business of the Employer as such may then be conducted by Employer from time to time;

	  	
(b)

	
Serving as a member of any organization involving no conflict of interest with Employer, provided that Employee must obtain the written consent of the Board;

	  	
(c)

	
Serving as a consultant in his area of expertise to government, commercial and academic panels where it does not conflict with the interests of Employer; and

	  	
(d)

	
Managing his personal investments or engaging in any other non-competing business

 

ARTICLE 6

CONFIDENTIAL INFORMATION/INVENTIONS

Confidential Information

6.1

Employee shall not, in any manner, for any reasons, either directly or indirectly, divulge or communicate to any person, firm or corporation, any confidential information concerning any matters not generally known or otherwise made public by Employer which affects or relates to Employer’s business, finances, marketing and/or operations, research, development, inventions, products, designs, plans, procedures, or other data (collectively, “Confidential Information”) except in the ordinary course of business or as required by applicable law. Without regard to whether any item of Confidential Information is deemed or considered confidential, material, or important, the parties hereto stipulate that as between them, to the extent such item is not generally known, such item is important, material, and confidential and affects the successful conduct of Employer’s business and goodwill, and that any breach of the terms of this Section 6.1 shall be a material and incurable breach of this Agreement. Confidential Information shall not include information in the public domain at the time of the disclosure of such information by Employee or information that is disclosed by Employee with the prior consent of the Board.

Documents

6.2

Employee further agrees that all documents and materials furnished to Employee by Employer and relating to the Employer’s business or prospective business are and shall remain the exclusive property of Employer. Employee shall deliver all such documents and materials, not copied, to Employer upon demand therefore and in any event upon expiration or earlier termination of this Agreement. Any payment of sums due and owing to Employee by Employer upon such expiration or earlier termination shall be conditioned upon returning all such documents and materials, and Employee expressly authorizes Employer to withhold any payments due and owing pending return of such documents and materials.

 

 

  

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Inventions

6.3

All ideas, inventions, and other developments or improvements conceived or reduced to practice by Employee, alone or with others, during the Term of this Agreement, whether or not during working hours, that are within the scope of the business of Employer or that relate to or result from any of Employer’s work or projects or the services provided by Employee to Employer pursuant to this Agreement, shall be the exclusive property of Employer. Employee agrees to assist Employer, at Employer’s expense, to obtain patents and copyrights on any such ideas, inventions, writings, and other developments, and agrees to execute all documents necessary to obtain such patents and copyrights in the name of Employer.

Disclosure

6.4

During the Term, Employee will promptly disclose to the Board of Directors of Employer full information concerning any interest, direct or indirect, of Employee (as owner, shareholder, partner, lender or other investor, director, officer, employee, consultant or otherwise) or any member of his immediate family in any business that is reasonably known to Employee to purchase or otherwise obtain services or products from, or to sell or otherwise provide services or products to, Employer or to any of its suppliers or customers.

 

ARTICLE 7

SURVIVAL

Employee agrees that the provisions of Articles 7 and 8 shall survive expiration or earlier termination of this Agreement for any reasons, whether voluntary or involuntary, with or without cause, and shall remain in full force and effect thereafter. Notwithstanding the foregoing, if this Agreement is terminated upon the dissolution of Employer, the filing of a petition in bankruptcy by Employer or upon an assignment for the benefit of creditors of the assets of Employer, Articles 7 and 8 shall be of no further force or effect.

ARTICLE 8

INJUNCTIVE RELIEF

Employee acknowledges and agrees that the covenants and obligations of Employee set forth in Articles 6 and 7 with respect to non-competition, non-solicitation, confidentiality and Employer’s property relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants and obligations will cause Employer irreparable injury for which adequate remedies are not available at law. Therefore, Employee agrees that Employer shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) as a court of competent jurisdiction may deem necessary or appropriate to restrain Employee from committing any violation of the covenants and obligations referred to in this Article 8. These injunctive remedies are cumulative and in addition to any other rights and remedies Employer may have at law or in equity.

ARTICLE 9

BENEFICIARIES OF AGREEMENT

This Agreement shall inure to the benefit of Employer and any affiliates, successors, assigns, parent corporations, subsidiaries, and/or purchasers of Employer as they now or shall exist while this Agreement is in effect.

  

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ARTICLE 10

GENERAL PROVISIONS

No Waiver

10.1

No failure by either party to declare a default based on any breach by the other party of any obligation under this Agreement, nor failure of such party to act quickly with regard thereto, shall be considered to be a waiver of any such obligation, or of any future breach.

Modification

10.2

No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed by the parties to be charged therewith.

Choice of Law/Jurisdiction

10.3

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to any conflict-of-laws principles. Employer and Employee hereby consent to personal jurisdiction before all courts in the State of New York, and hereby acknowledge and agree that New York is and shall be the most proper forum to bring a complaint before a court of law.

Entire Agreement

10.4

This Agreement embodies the whole agreement between the parties hereto regarding the subject matter hereof and there are no inducements, promises, terms, conditions, or obligations made or entered into by Employer or Employee other than contained herein.

Severability

10.5

All agreements and covenants contained herein are severable, and in the event any of them, with the exception of those contained in Articles 1 and 4 hereof, shall be held to be invalid by any competent court, this Agreement shall be interpreted as if such invalid agreements or covenants were not contained herein.

Headings

10.6

The headings contained herein are for the convenience of reference and are not to be used in interpreting this Agreement.

Independent Legal Advice

10.7

Employer has obtained legal advice concerning this Agreement and has requested that Employee obtain independent legal advice with respect to same before executing this Agreement. Employee, in executing this Agreement, represents and warranties to Employer that he has been so advised to obtain independent legal advice, and that prior to the execution of this Agreement he has so obtained independent legal advice, or has, in his discretion, knowingly and willingly elected not to do so.

No Assignment

10.8

Employee may not assign, pledge or encumber his interest in this Agreement nor assign any of his rights or duties under this Agreement without the prior written consent of Employer.

 

[Signature page follows]

 

  

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IN WITNESS WHEREOF the parties have executed this Agreement effective as of the day and year first above written.

	  	
Employer:

 

	  	  	  
	  	  	  	  	  
	
By:

	
/s/Dov Konetz        .

	  	  	  
	  	
Name: Dov Konetz

	  	  	  
	  	
Title: Director

 

	  	  	  
	  	  	  	  	  
	  	
Employee:

 

	  	  	  
	  	  	  	  	  
	
By:

	
/s/Willis C. Arndt Jr.

	  	  	  
	  	Name: Willis “Chip” Arndt	  	  	  
	  	  	  	  	  
	 	  	  	  	  
	  	  	  	  	  

5Exhibit 10.1

 

AGREEMENT BETWEEN

 

 

CHINA MOTION TELECOM INTERNATIONAL LIMITED

(“LISTCO”)

 

CHINA MOTION HOLDINGS LIMITED

(“HOLDINGS”)

 

CHINAMOTION INFOSERVICES LIMITED

(“CMInfo”)

 

COLLECTIVELY ON THE ONE PART

 

 

AND

 

 

GULFSTREAM CAPITAL PARTNERS LTD.

(“BUYER”)

 

ON THE OTHER PART

 

 

FOR PURCHASE OF 100% OF THE STOCK OF

 

CHINA MOTION TELECOM (HK) LIMITED

(“COMPANY”)

 

 

 

 

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STOCK PURCHASE AGREEMENT

THIS STOCK PURCHASE AGREEMENT (this “Agreement”)
is made as of the 27th day of November, 2012 (“Effective Date”) by and between China Motion Telecom
International Limited (“Listco”), China Motion Holdings Limited (“Holdings”), ChinaMotion
InfoServices Limited (“CMInfo” together with Holdings, “Seller”) and Gulfstream Capital Partners
Ltd., a Seychelles subsidiary of VelaTel Global Communications, Inc., a U.S. (Nevada) corporation (“Buyer”)
for the purchase and sale of the capital stock of China Motion Telecom (HK) Limited (the “Company”). Seller
and Buyer are each sometimes referred to individually in this Agreement as a “Party” and together as “Parties.”

1.                  
Purchase and Sale of Forum Stock.

The securities that are the subject of
this Agreement are 1,000,000 ordinary shares of the capital stock of the Company, par value HK$1.00 each and the Capitalized Stock
(as defined in Section 1.2) ( collectively “MVNO Stock”).

1.1              
Sale of MVNO Stock. Subject to the terms and conditions of this Agreement, Seller shall sell and deliver to Buyer
at the Closing, and Buyer shall purchase from Seller the MVNO Stock, which shall be free and clear of all liens, encumbrances,
purchase rights, claims, pledges, mortgages, security interests, or other limitations or restrictions whatsoever.

1.2              
Capitalization of Shareholder Loans. Between the Effective Date and Closing, CMInfo and Holdings shall cause all
loans and advances between the Company and Holdings/CMInfo (collectively “Shareholder Loans”) to be offset against
each other and the net balance owed by the Company to Holdings/CMInfo to be re-characterized on the books of the Company as additional
ordinary shares of the capital stock of the Company issued as a result of the capitalization of the Shareholder Loans (“Capitalized
Stock”) included in the value of the MVNO Stock.

1.3              
Purchase Price. The purchase price (“Purchase Price”) for the MVNO Stock is HK$45,000,000, payable
in cash at Closing. The Purchase Price shall be subject to the following adjustments (“First Adjustments”):
(1) a credit to Seller equal to the balance of all cash, accounts receivable, other receivables, inventory, and prepayments to
others on the books of the Company as of the end of the month immediately before the Closing, and (2) a credit to Buyer equal to
the balance of all accounts payable, accruals and other payable, and advance income received , all as shown on the books of the
Company as of the end of the month immediately before the Closing, excluding the balance of the Shareholder Loans. The net amount
of all First Adjustments shall be added to or deducted from the Purchase Price and shall be paid in cash at Closing. The Purchase
Price shall be subject to further adjustments (“Second Adjustments” and together with the First Adjustment, the “Adjustments”)
within 4 months of the date of the Closing on the basis of the above criteria and against the figures contained in the audited
balance sheet of the Company made up as at the date of the Closing and the audited profit and loss account of the Company for the
year ended on that date.

1.4              
Buyer’s Deposit. Within fifteen business days after mutual execution of this Agreement to allow time for US regulatory
and bank clearance (written evidence of which shall be provided to Seller (to its reasonable satisfaction) as soon as possible
after mutual execution of this Agreement, but in any event shall not be later than fifteen business days after mutual execution
of this Agreement), Buyer shall deposit with Seller’s attorneys, Angela Ho & Associates, in trust and in accordance
with a separate Escrow Agreement the Parties have signed contemporaneously with this Agreement, a sum representing 10% of the
Purchase Price (the “Buyer’s Deposit”), which shall represent security for Buyer’s performance
of this Agreement through Closing. Buyer’s Deposit shall be released to Seller at Closing as a credit to Buyer toward the
Purchase Price. In the event of Buyer’s failure or inability to timely close this Agreement on or before the Outside Closing
Date (as defined in Section 1. 8) or this Agreement is not closed for whatever reasons other than Seller’s failure or inability
to timely close this Agreement on or before the Outside Closing Date, Buyer’s Deposit shall be released to Seller as Seller’s
sole remedy for Buyer’s breach. In the event of Seller’s failure or inability to timely close this Agreement on or
before the Outside Closing Date (other than due to the non-fulfillment or non-waiver of the conditions set out in Section 1.5
(including the necessary consents, approval and/or waivers not being granted by third parties (such as the Governmental Entities)
in connection with the transactions contemplated under this Agreement)), Buyer’s Deposit shall be released to Buyer without
interest and Seller shall pay to Buyer an additional sum equal to Buyer’s Deposit as Buyer’s sole remedy for Seller’s
breach.

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1.5              
Conditions Precedent. Closing of the sale and purchase of the MVNO Stock is conditional upon: (1) the approval being
granted by the shareholders of Listco, the parent company of the Seller, in the manner prescribed by the Rules Governing the Listing
of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”); (2) the written approval being
granted by the minority shareholder of CMInfo (“MS”) approving the sale of ordinary shares of the capital stock
of the Company; (3) all requirements imposed by The Stock Exchange of Hong Kong Limited under the Listing Rules or other regulatory
authorities to which Listco is subject in connection with the transactions contemplated under this Agreement having been fully
complied with; and (4) all other necessary consents, approval and/or waivers being granted by third parties (where relevant) (including
Governmental Entities) in connection with the transactions contemplated under this Agreement.

1.6              
Seller (but not any other Party) shall be entitled at its absolute discretion to waive compliance with Section 1.5 (2) and
(4) only.

1.7              
In the event that any of the conditions set out in Section 1.5 shall not have been fulfilled or waived on or before the
Outside Closing Date, then (1) Buyer shall not be bound to proceed with the sale and purchase of the MVNO Stock; (2) the Buyer’s
Deposit shall be released to Buyer; and (3) this Agreement shall cease to be of any effect except for Sections 1.10 and 6.1 to
6.12, which shall remain in force, and save in respect of claims arising out of any antecedent breaches of this Agreement.

1.8              
Closing; Delivery. The closing of this Agreement (“Closing”) shall take place at a time and place
agreed between the Parties as soon as practical after (1) the signatures of the Parties on this Agreement and all applicable Schedules;
(2) the removal/fulfillment or waiver of all Conditions to Closing described in Sections 4 and 5; and (3) the fulfillment of all
the conditions precedent described in Section 1.5, but in no event later than January 31, 2013 or at
such later time as shall be mutually agreed in writing between the Parties (“Outside Closing Date”).
At Closing, (a) Buyer shall deliver the Purchase Price less the Buyer’s Deposit (plus or minus the First Adjustments) to
Seller in immediately collectible funds, (b) Buyer’s Deposit shall be released to Seller as a credit to Buyer toward the
Purchase Price and (c) Seller shall deliver to Buyer the MVNO Stock, properly endorsed for re-issuance in the name of Buyer or
as Buyer directs.

1.9              
Post-Closing Cooperation. For a period of one year following Closing, Seller shall assist Buyer with managing relationships
between the Company and key suppliers and customers by assigning an executive representative of Seller who has significant past
experience managing those relationships on behalf of the Company.

1.10           
Defined Terms Used in this Agreement. Wherever used in this Agreement, the following terms displayed in “bold”
text shall have the following meanings, even if the same term appears in “bold” in other sections of this Agreement
immediately following a reference to such term defined in this section. Any term which appears in other sections of this Agreement
in “bold,” but which is not otherwise defined in this section, shall have the meaning ascribed by the words
or clause immediately preceding such reference to the term in “bold.”

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“Affiliate” means,
with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common
control with such Person, including, without limitation, any general partner, managing member, officer or director of such Person
or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of,
or shares the same management company with, such Person.

"Capital Stock" means
(a) in the case of a corporation, its authorized shares of every class of capital stock, (b) in the case of a partnership or limited
liability company, its partnership or membership interests or units (whether general or limited), and (c) any other interest that
confers on a person the right to receive a share of the profits and losses, or distribution of assets, of the issuing entity.

“Company Intellectual Property”
means all patents, patent applications, trademarks, trademark applications, service marks, tradenames, copyrights, trade secrets,
licenses, domain names, mask works, information and proprietary rights and processes as are necessary to the conduct of the business
of the Company as now conducted and as presently proposed to be conducted.

“Governmental Entity”
means any entity or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
national, regional, state, local, or municipal government, foreign, international, multinational or other government having jurisdiction
over the matter in question, including any department, commission, board, agency, bureau, subdivision, instrumentality, official
or other regulatory, administrative or judicial authority thereof, and any non-governmental regulatory body to the extent that
the rules and regulations or orders of such body have the force of law.

“Key Employee” means
any executive-level employee (including General Manager, Division Director and Vice-President-level positions) as well as any employee
or consultant who either alone or in concert with others develops, invents, programs or designs any Company Intellectual Property.

“Knowledge” of Seller
or any similar phrase means, with respect to any fact or matter, the actual knowledge of the directors and executive officers or
other employees with a title of Vice-President, General Manager or above, of any of the following: Seller, each of Seller’s
Subsidiaries, and the Company, together with such knowledge that such directors, executive officers or other employees could be
expected to discover after due investigation concerning the existence of the fact or matter in question.

“Material Adverse Effect”
means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property,
or results of operations of the Company. No event that has less than HK$500,000 effect on the Company, or HK$2,500,000 in the aggregate,
shall be considered material.

“Person” means any
individual, corporation, partnership, trust, limited liability company, association or other entity.

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"Subsidiary" and “Holding
Company” have the meanings attributed to them in Section
2 of the Companies Ordinance, Chapter 32 of the Laws of Hong Kong.

References to a “Section”
are to a section of this Agreement, unless the context otherwise requires.

2.                  
Representations and Warranties of Seller. Seller, for itself and on behalf of the Company, hereby represents and warrants
to Buyer that, except as set forth in the Disclosure Schedule Seller has delivered to Buyer contemporaneously with this Agreement
(the "Disclosure Schedule"), the following representations are true and complete in all material respects as of the
date of this Agreement. The Disclosure Schedule is arranged in sections numbered and corresponding to each Section of this Article
2. Each exception to a representation and warranty set forth in the Disclosure Schedule shall qualify the specific corresponding
representation and warranty which is cross-referenced in the applicable section of the Disclosure Schedule unless otherwise specified
in the Disclosure Schedule.

2.1              
Organization and Qualification of Seller. Each of the entities comprising Seller is a corporation duly organized,
validly existing and in good standing under the laws of the British Virgin Islands, and has all requisite corporate power and authority
to carry on its business as presently conducted and as proposed to be conducted. Each of the entities comprising Seller has full
corporate power and authority to enter into this Agreement.

2.2              
Seller’s Holding Companies and Minority Shareholder. The entire issued share capital of the CMInfo is owned,
as to 95% by Holdings and as to 5% by MS, and the entire issued share capital of Holdings is in turn owned by Listco. Each of Holdings
and Listco is a corporation duly organized, validly existing and in good standing under the laws of the respective jurisdictions
under which each is organized. Subject to Section 1.6, Seller has secured or prior to Closing shall secure all requisite authority
and consent of each of MS and Listco to enter into this Agreement and at Closing to effect all aspects of the transactions contemplated
by this Agreement.

2.3              
Authorization. All corporate actions required to be taken by each of the entities comprising Seller’s respective
boards of directors and stockholders in order to authorize Seller to enter into this Agreement, and all actions on the part of
the officers of Seller necessary for the execution and delivery of this Agreement, and to sell, transfer and deliver to Buyer the
relevant MVNO Stock, have been taken or will be taken prior to Closing. This Agreement, when executed and delivered by Seller,
shall constitute a valid and legally binding obligation of Seller, enforceable against Seller in accordance with its terms.

2.4              
Organization and Qualification of the Company. The Company is a corporation duly organized, validly existing and
in good standing under the laws of Hong Kong, and has all requisite corporate power and authority to carry on its business as presently
conducted and as proposed to be conducted and is duly licensed or qualified and in good standing as a foreign corporation in each
jurisdiction in which it is required to be so licensed or so qualified. Seller has heretofore delivered to Buyer complete and correct
copies of the memorandum and articles of association or certificates of incorporation or similar corporate organizational documents
of the Company as currently in effect.

2.5              
Holding Companies. The Company has no Subsidiaries. Listco constitutes a Holding Company of Seller (“Seller’s
Holding Company”). Seller has no other Holding Companies who hold or have at any time held any ownership interest in
the MVNO Stock or who have participated in the management of the Company.

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2.6              
Capitalization of the Company.

(a)               
The MVNO Stock constitutes/will constitute (as regards the Capitalized Stock only) all of the authorized Capital Stock of the Company,
which consists of one class of ordinary shares, with 1,000,000 shares together with the Capitalized Stock authorized, par value
HK$1.00 each, all of which have been/will be (as regards the Capitalized Stock only) issued and are/will be (as regards the Capitalized
Stock only) outstanding.

(b)              
All shares of the MVNO Stock are/will be (as regards the Capitalized Stock only) duly authorized, validly issued, fully paid and
non-assessable, and are/will be (as regards the Capitalized Stock only) owned by the relevant Seller free and clear of all liens
and encumbrances. None of the MVNO Stock was/will be (as regards the Capitalized Stock only) issued in violation of any law or
contract to which the Seller or the Company is a party or is subject, or which has/will have (as regards the Capitalized Stock
only) a Material Adverse Effect.

(c)               
Save as to the issuance of the Capitalized Stock, there are no outstanding options, warrants or other rights of any kind to acquire
any additional shares of any class of Capital Stock of the Company, or securities convertible into or exchangeable for, or which
otherwise confer on the holder thereof any right to acquire, any such additional shares, nor is the Company committed to issue
any such option, warrant, right or security.

(d)              
The Company has no outstanding and has not authorized any stock appreciation, phantom stock, profit participation, or similar rights.

(e)              
The Company is not and will not be a party or subject to any stockholder agreement, voting agreement, voting trust or any other
similar arrangement which has the effect of restricting or limiting the transfer, voting or other rights associated with the MVNO
Stock.

2.7              
Ownership of MVNO Stock. Each of the entities comprising Seller is or will be (as regards the Capitalized Stock only)
the lawful record beneficial owner of the MVNO Stock. Seller owns or will own (as regards the Capitalized Stock only) the MVNO
Stock free and clear of all liens and encumbrances. Upon delivery of the MVNO Stock to Buyer in accordance with this Agreement,
Buyer will acquire the beneficial and legal, valid and indefeasible title to such MVNO Stock, free and clear of all liens and encumbrances
except for liens or encumbrances created by or imposed by the Buyer.

2.8              
Corporate Books and Records.

(a)               
Save as disclosed in the Disclosure Schedule, the minute books (containing the records of the meetings, or written consents
in lieu of such meetings, of the stockholders and the board of directors of the Company), the stock certificate books, and the
stock record books of the Company are correct and complete, and have been maintained in accordance with sound business practices.
The minute books of the Company contain accurate and complete records of all meetings, or actions taken by written consent, of
the stockholders and the board of directors of the Company, and no meeting, or action by written consent in lieu of such meeting,
of any such stockholders or boards of directors has been held for which minutes have not been prepared and not contained in the
minute books. At Closing, all of the books and records of the Company will be in the possession of the Company and Seller will
deliver, or cause to be delivered, to Buyer or its designee all such books and records.

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(b)              
All accounting records, vouchers, invoices, ledgers, contracts and memoranda and all other accounting documents of Company
and records of all transactions thereof are in the possession of Company and have been accurately and properly written up, kept
and maintained in accordance with generally accepted accounting practice in the jurisdiction to which the operations of the Company
is subject, and together shows a true and fair view of the affairs and financial position of Company.

(c)               
Save as disclosed in the Disclosure Schedule, all documents requiring to be filed with any relevant Governmental Entity
by the Company have been properly made up, presented, filed and approved.

2.9              
Litigation. To Seller’s Knowledge, as against the Company, and against Seller in its capacity as a stockholder
of the Company, none of the following are pending or to Seller’s knowledge are threatened in writing: any consent order,
judgment, injunction, award or decree of any court, government or regulatory body or arbitration tribunal, material claim, material
action, material suit, material proceeding, material arbitration, material complaint, material governmental investigation or charge
other than as specified in Company’s financial statements. There is no material action, suit, proceeding or investigation
by the Company pending or which the Company intends to initiate. The foregoing includes, without limitation, material actions,
material suits, material proceedings or material investigations pending or threatened in writing (or any basis therefore known
to the Company) involving the prior employment of any of the Company’s employees, their services provided in connection with
the Company’s business, or any information or techniques allegedly proprietary to any of their former employers, or their
obligations under any agreements with prior employers.

2.10           
Compliance with Other Instruments. The Company is not in material violation or default: (i) of any provisions of
its Articles of Association; (ii) of any instrument, judgment, order, writ or decree; (iii) under any mortgage; or (iv) under any
lease, agreement, contract or purchase order to which it is a party or by which it is bound, or, to Seller’s knowledge, of
any provision of statute, rule or regulation applicable to the Company, the violation of which would have a Material Adverse Effect.
The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated by this Agreement
will not result in any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice,
either (i) a default under any such provision, instrument, judgment, order, writ, decree, contract or agreement or (ii) an event
which results in the creation of any lien, charge or encumbrance upon any assets of the Company, or the suspension, revocation,
forfeiture, or non-renewal of any material permit or license applicable to the Company.

2.11           
Agreements; Actions.

(a)               
Other than those arising from the ordinary and usual course of carrying on the business of the Company, there are no agreements,
understandings, instruments, contracts or proposed transactions to which the Company is a party or by which it is bound that involve:
(i) obligations (contingent or otherwise) of, or payments to, the Company in excess of HK$1,000,000; (ii) the license of any patent,
copyright, trademark, trade secret or other proprietary right to or from the Company; (iii) the grant of rights to manufacture,
produce, assemble, license, market, or sell its products to any other Person that limit the exclusive right of the Company to develop,
manufacture, assemble, distribute, market or sell its products; or (iv) indemnification by the Company with respect to infringements
of proprietary rights.

    	7

    	 

    

(b)              
Except as disclosed in the Financial Statements or the Disclosure Schedule, the Company has not: (i) declared or paid any
dividends, or authorized or made any distribution upon or with respect to any class or series of its Capital Stock; (ii) incurred
any indebtedness for money borrowed or incurred any other liabilities that would constitute a Material Adverse Event individually
or in the aggregate; (iii) made any loans or advances to any Person, other than ordinary advances for travel expenses; or (iv)
sold, exchanged or otherwise disposed of any of its assets or rights, other than the sale of its inventory in the ordinary course
of business.

(c)               
The Company is not a guarantor or indemnitor of any indebtedness of any other Person.

2.12           
Related Party Transactions.

(a)               
Other than: (i) standard employee benefits generally made available to all employees; (ii) standard director and officer
indemnification agreements approved by the board of directors, in each instance, approved in the written minutes of the board of
directors (previously provided to Buyer), and (iii) any other matters as set forth in the Disclosure Schedule, there are no agreements,
understandings or proposed transactions between the Company and any of its respective officers, directors, consultants employees,
or any Affiliate thereof.

(b)              
Except as set forth in the Disclosure Schedule, the Company is not indebted, directly or indirectly, to
any of its directors, officers or employees or to their respective spouses or children or to any Affiliate of any of the foregoing,
other than in connection with expenses or advances of expenses incurred in the ordinary course of business;
and none of the directors, officers or employees of the Company, or any members of their immediate families, or any Affiliate of
the foregoing are, directly or indirectly, indebted to the Company.

2.13           
Absence of Liens. Except as reflected in the Financial Statements, the property and assets that the Company owns
are free and clear of all mortgages, deeds of trust, liens, loans and encumbrances, except for statutory liens for the payment
of current taxes that are not yet delinquent and encumbrances and liens that arise in the ordinary course of business and do not
materially impair the Company’s ownership or use of such property or assets. With respect to the property and assets it leases,
the Company is in compliance with such leases and, to Seller’s knowledge, holds a valid leasehold interest free of any liens,
claims or encumbrances other than those of the lessors of such property or assets.

2.14           
Real and Personal Property.

(a)               
Real Property. The Company owns no real property. All of the real property leased by the Company (“Leased
Real Property”) is identified on the Disclosure Schedule. This schedule of Leased Real Property is a complete, accurate,
and correct list of the Company's Leased Real Property. Each of the leases for the Leased Real Property identified the Disclosure
Schedule is in full force and effect and has not been modified, amended, or altered, in writing or otherwise. Except as set forth
in the Disclosure Schedule, neither the Company nor any other party is in default under any of said leases, nor has any event occurred
which, with the giving of notice or the passage of time, or both, would give rise to a default.

    	8

    	 

    

(b)              
Personal Property. The Company has good and marketable title to all of its personal property and assets as set forth
in the Disclosure Schedule, and all such personal property and assets are in good working condition save as disclosed in the Disclosure
Schedule. None of such personal property or assets is subject to any mortgage, pledge, lien, conditional sale agreement, security
agreement, encumbrance or other charge. The Financial Statements reflect all personal property and assets of the Company (other
than assets disposed of in the ordinary course of business subsequent to 30 September 2012), and such properties and assets are
sufficient for the Company to conduct its business as currently conducted and as proposed to be conducted.

2.15           
Bank Accounts. The Disclosure Schedule includes a list containing the name of each bank, safe deposit company or
other financial institution in which the Company has an account, lock box or safe deposit box, and the names of all persons authorized
to draw thereon or have access thereto.

2.16           
Financial Statements; Liabilities. Seller has delivered to Buyer the audited financial statements of the Company
as at 31 March 2012 (including balance sheet, income statement and statement of cash flows) and management accounts of the Company
as at 30 September 2012 (collectively, “Financial Statements”). The Financial Statements have been prepared
in accordance with generally accepted accounting principles applied on a consistent basis throughout the periods indicated. The
Financial Statements fairly present in all material respects the financial condition and operating results of the Company as of
the dates, and for the periods, indicated therein, subject in the case of the unaudited Financial Statements to normal year-end
audit adjustments. Except as set forth in the Financial Statements, the Company has no material liabilities or obligations, contingent
or otherwise, other than: (i) liabilities incurred in the ordinary course of business subsequent to 30 September 2012; (ii) obligations
under contracts and commitments incurred in the ordinary course of business; and (iii) liabilities and obligations of a type or
nature not required under generally accepted accounting principles to be reflected in the Financial Statements, which, in all such
cases, individually and in the aggregate would not have a Material Adverse Effect. The Company maintains and will continue to maintain
a standard system of accounting established and administered in accordance with generally accepted accounting principles.

2.17           
Changes. Save as disclosed and otherwise provided in the Disclosure Schedule, since the date of the most recent Financial
Statements Seller has delivered to Buyer and save as those arising in the ordinary course of business of the Company or otherwise
permitted under this Agreement, there has not been:

(a)               
any acquisition or disposition or agreement to acquire or dispose of assets of capital nature (including real property and
personal property), or other capital commitment, or scheme or project requiring the expenditure of capital, and thus no liability
has been created or has arisen other than in the ordinary course of business;

(b)              
any damage, destruction or loss of tangible property that would have a Material Adverse Effect;

(c)               
any waiver or compromise by the Company of a valuable right or of a material debt owed to it;

    	9

    	 

    

(d)              
any satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation by the Company, except in
the ordinary course of business and the satisfaction or discharge of which would not have a Material Adverse Effect;

(e)              
any material change to a material contract or agreement by which the Company or their respective assets is bound or subject;

(f)                
any resignation or termination of employment of any officer or Key Employee of the Company;

(g)               
any mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its respective
material properties or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business
and do not materially impair the ownership or use of such property or assets by the Company;

(h)              
any loans or guarantees made by the Company to or for the benefit of its respective employees, officers or directors, or
any members of their immediate families, other than travel advances and other advances made in the ordinary course of its business;

(i)                 
any declaration, setting aside or payment or other distribution in respect of any of the Company’s Capital Stock,
or any direct or indirect redemption, purchase, or other acquisition of any of such stock by the Company;

(j)                
any sale, assignment or transfer of any Company Intellectual Property that could reasonably be expected to result in a Material
Adverse Effect;

(k)                
receipt of notice that there has
been a loss of, or material order cancellation by, any single customer of the Company, which loss or cancellation, if measured
by the turnover of such customer on an aggregate basis for the three full calendar months immediately prior to the loss or cancellation,
would constitute a Material Adverse Effect;

(l)                
to Seller’s knowledge, any
other event or condition of any material character, other than events affecting the economy or the Company’s industry generally,
that could reasonably and practicably be expected to result in a Material Adverse Effect; or

(m)                
any arrangement or commitment by the Company to do any of the things described in this Section 2.17.

 

    	10

    	 	

    
 

2.18           
Buyer’s Sole Remedy for Breach of Section 2.17 (k)

Notwithstanding anything to the contrary
provided herein, in the event that Seller is in breach of Section 2.17 (k) either as of the date of this Agreement or as of the
Closing Buyer’s sole remedy for Seller’s breach is a compensation ("C") payable by Seller calculated
as follows:

C= AR x AGP x Compensation Ratio

Where AR = The average monthly
turnover of that single major customer lost for the 3 full months immediately preceding the Effective Date

AGP = The average monthly gross
profit margin of that single major customers lost for the 3 full months immediately preceding the Effective Date

Compensation ratio = 9 times

2.19           
Tax Matters.

(a)               
Except as set forth in the Disclosure Schedule, the Company has duly filed, or will cause to be duly prepared and timely
filed when due, all tax returns that are or were required to be filed by or with respect to any of them, either separately or as
a member of a group of corporations, in each jurisdiction in which it is required to do so. All such tax returns are (or, to the
extent filed after the date hereof, will be) true, correct and complete in all material respects. The Company has paid, or made
provision for the payment of, all taxes that have or may have become due pursuant to those tax returns or otherwise. All taxes
that the Company is required by applicable law to collect, deduct or withhold relating to its respective business have been duly
collected, deducted or withheld and have been timely paid over to the appropriate governmental entity or are properly recorded
as a liability on the Financial Statements.

(b)              
During the last five years, there have not been related to the Company any (i) pending or, to Seller’s knowledge,
threatened tax proceedings by any governmental entity, (ii) rulings by any governmental entity with respect to Taxes, (iii) liens
for Taxes against any assets, or (iv) elections to change any tax accounting methods. The Company has not agreed, and is not required,
to make any adjustment by reason of a change in accounting method or otherwise.

2.20           
Employee Matters.

(a)               
The Disclosure Schedule sets forth (i) a list of all directors, employees, contractors and consultants of the Company (including
title and position) as of the date hereof, (ii) the base compensation and benefits of each such director, employee, contractor
and consultant whose base compensation and target bonus exceeds HK$500,000 in the year ending 2012, and (iii) a list of all former
directors, employees, contractors and consultants of the Company who are receiving benefits or scheduled to receive benefits in
the future, and the pension benefit, medical insurance coverage and other benefits of each such former director, employee, contractor
and consultant. Except as set forth in the Disclosure Schedule, all directors, employees, contractors and consultants of the Company
may be terminated by the Company at any time with or without cause and without any severance or other Liability to the Company
upon no more than 60 days prior notice. The individuals listed in the Disclosure Schedule as independent contractors have been
properly characterized as such using the applicable rules and regulations in the jurisdictions(s) in which each provides services.

(b)              
The Company is not a party or subject to any labor union or collective bargaining agreement. To Seller’s knowledge,
there have not been since January 1, 2010 and there are not pending or threatened any material labor disputes, work stoppages,
requests for representation, pickets, work slow-downs due to labor disagreements or any actions or arbitrations which involve the
labor or employment relations of the Company. There is no unfair labor practice, charge or complaint pending, unresolved or, to
Seller's Knowledge, threatened. To Seller’s knowledge, no event has occurred or circumstance exist that may provide the basis
of any work stoppage or other labor dispute.

    	12

    	 

    

(c)               
The Company has complied with and is not in violation of any law relating to anti-discrimination and equal employment opportunities
and there are, and have been, no violations of any other law respecting the hiring, hours, wages, occupational safety and health,
employment, promotion, termination or benefits of any employee or other Person. The Company has filed and/or posted all reports,
information and notices required under any law respecting the hiring, hours, wages, occupational safety and health, employment,
promotion, termination or benefits of any employee or other Person, and will timely file prior to Closing all such reports, information
and notices required by any law to be given prior to Closing.

(d)              
Save as disclosed in the Disclosure Schedule, the Company has paid or properly accrued in the ordinary course of business
all wages and compensation due to employees, including all vacations or vacation pay, holidays or holiday pay, sick days or sick
pay, and bonuses.

(e)              
The Company is not a party to any contract which restricts the Company from relocating, closing or terminating any of its
operations or facilities or any portion thereof. The Company has not effectuated (i) a plant closing or (ii) a "mass lay-off,"
in either case affecting any site of employment or facility of the Company.

2.21           
Intellectual Property.

(a)               
The Company owns or possesses sufficient legal rights to all Company Intellectual Property without any known conflict with,
or infringement of, the rights of others. To Seller’s knowledge, no product or service marketed or sold (or proposed to be
marketed or sold) by the Company violates or will violate any license or infringes or will infringe any intellectual property rights
of any other Person.

(b)              
Save as disclosed in the Disclosure Schedule, other than with respect to commercially available software products under
standard end-user object code license agreements, there are no outstanding options, licenses, agreements, claims, encumbrances
or shared ownership interests of any kind relating to the Company Intellectual Property, nor is the Company bound by or a party
to any options, licenses or agreements of any kind with respect to the patents, trademarks, service marks, trade names, copyrights,
trade secrets, licenses, information, proprietary rights and processes of any other Person.

(c)               
The Company has not received any communications alleging that the Company has violated or, by conducting its business, would
violate any of the patents, trademarks, service marks, tradenames, copyrights, trade secrets, mask works or other proprietary rights
or processes of any other Person.

(d)              
Save as disclosed in the Disclosure Schedule, the Company has obtained and possesses valid licenses to use all of the software
programs present on the computers and other software-enabled electronic devices that it owns or leases or that it has otherwise
provided to its employees for their use in connection with the business of the Company.

(e)              
To Seller’s knowledge, it will not be necessary for the Company to use any inventions of any employee or consultant
(or Persons either currently intends to hire) made prior to the employment of such person by the Company.

    	13

    	 

    

2.22           
Accounts Receivable. All accounts receivable of the Company that are reflected on the balance sheet of the Financial
Statements as of the Closing Date (collectively, the “Accounts Receivable”) represent or will represent valid
obligations arising from sales actually made or services actually performed in the ordinary course of business. Unless paid prior
to the Closing, the Accounts Receivable are or will be as of the Closing current and collectible net of the allowance for doubtful
debts (“Allowances”) shown on the balance sheet as of the Closing (which Allowances are adequate and calculated
consistent with past practice and, in the case of the Allowances as of the Closing, will not represent a Material Adverse Change
in the composition of such Accounts Receivable in terms of aging). Subject to the Allowances, each of the Accounts Receivable either
has been or will be collected in full, without any set-off, within 120 days (or with the consent of the Buyer (such consent not
to be unreasonably withheld or delayed) such longer time as may be requested by Seller from time to time) after the day on which
it first becomes due and payable. There is no contest, claim, or right of set-off, other than returns in the ordinary course of
business, under any contract with any obligor of an Accounts Receivable relating to the amount or validity of such Accounts Receivable.
Buyer hereby represents and warrants that if Closing takes place before the expiration of such 120 days (or such longer time as
may be allowed under this Section) in respect of any Accounts Receivable, Buyer (i) shall use its best efforts to collect such
Accounts Receivable; and (ii) with the prior consent of Buyer (such consent not to be unreasonably withheld or delayed), Seller
may also assist Buyer in the collection of such Accounts Receivable.

2.23           
Inventory. All inventory of the Company, whether or not reflected in the balance sheet of the Financial Statements,
consists of a quality and quantity usable and salable in the ordinary course of business, except for obsolete items and items of
below-standard quality, all of which have been written off or written down to net realizable value in the balance sheet as of the
Closing. All inventories not written off have been priced at the lower of cost or net realizable value on a first in, first out
basis. The quantities of each item of inventory (whether raw materials, work-in-process, or finished goods) are not excessive,
but are reasonable in the present circumstances of the Company.

2.24           
Permits. The Company has all the permits, licenses and any similar authority necessary to conduct its business, the
lack of which could reasonably be expected to have a Material Adverse Effect. The Company is not in default in any material respect
under any of such permits, licenses or other similar authority.

2.25           
Disclosure. Seller has made available to Buyer all the material information reasonably available regarding the Company
that Buyer has requested for deciding whether to acquire the MVNO Stock. No representation or warranty of Seller contained in this
Agreement, as qualified by the Disclosure Schedule, and no certificate furnished or to be furnished to Buyer at the Closing contains
any untrue statement of a material fact or, to Seller’s knowledge, omits to state a material fact necessary in order to make
the statements contained herein or therein not misleading in any material respect in light of the circumstances under which they
were made. It is understood that this representation is qualified by the fact that Seller has not delivered to the Buyer, and has
not been requested to deliver, a private placement or similar memorandum or any written disclosure of the types of information
customarily furnished to Buyers of securities.

2.26           
Limitation. Subject to Section 2.18, the  liability of Seller in respect of any claims for breach of representations and warranties of Seller
shall be limited as follows:

    	14

    	 

    

(a)               
the maximum aggregate liability of Seller in respect of all claims for breach of representations and warranties of Seller
shall not exceed 70% of the Purchase Price (as adjusted in accordance with Section 1.3).

(b)              
no claims may be brought against Seller in respect of a breach of representations and warranties of Seller after the expiry
of 24 months from the date of Closing and Seller shall not be liable in respect of a breach of representations and warranties of
Seller unless Seller shall have received written notice from Buyer prior to the expiry of 24 months from the date of Closing giving
full and accurate details of the relevant claim and any such claim shall (if not previously satisfied, settled or withdrawn) be
deemed to have been waived or withdrawn at the expiry of a period of three months after the expiration of the 24 months from the
date of Closing unless proceedings in respect thereof shall have already been commenced against Seller.

(c)               
no claim for breach of representations and warranties may be brought under this Agreement if, in respect of the subject
matter thereof, there has been a corresponding credit given to Buyer under the Adjustments. Where a claim for breach of representations
and warranties is made under this Agreement, all other rights and remedies (if any) of the Buyer in respect of the subject matter
thereof are hereby excluded.

3.                  
Representations and Warranties of Buyer. Buyer hereby represents and warrants to Seller that:

3.1              
Authorization. Buyer has full power and authority to enter into this Agreement. This Agreement, when executed and
delivered by Buyer, will constitute a valid and legally binding obligation of Buyer, enforceable in accordance with its terms.

3.2              
Purchase Entirely for Own Account. The MVNO Stock to be acquired by Buyer will be acquired for investment for Buyer’s
own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and Buyer has no
present intention of selling, granting any participation in (except for financing security purposes), or otherwise distributing
the same.

3.3               Disclosure
of Information; Investment Experience. Buyer has had an opportunity to discuss the Company’s business, management,
financial affairs and the terms and conditions of the offering of the MVNO Stock with Seller and the
Company’s management and has had an opportunity to review the Company’s facilities. The foregoing, however, does
not limit or modify the representations and warranties of Seller regarding the Company in Article 2 of this Agreement, or the
right of Buyer to rely thereon save and except as otherwise provided in the Disclosure Schedule. Buyer represents that Buyer
is experienced in evaluating and investing in transactions involving securities of companies in a similar stage of
development and acknowledges that Buyer can bear the economic risk of Buyer’s investment, and has such knowledge and
experience in financial and business matters and is capable of evaluating the merits and risks of the investment in the MVNO
Stock.

3.4              
Disclosure. Buyer has made available to Seller all the information reasonably available regarding the Buyer that
Seller has requested for deciding whether to enter into the transactions contemplated hereunder. No representation or warranty
of Buyer contained in this Agreement, and no certificate furnished or to be furnished to Seller at the Closing contains any untrue
statement of a material fact or, to Buyer’s Knowledge, omits to state a material fact necessary in order to make the statements
contained herein or therein not misleading in light of the circumstances under which they were made.

    	15

    	 

    

4.                  
Conditions to Buyer’s Obligations at Closing. The obligations of Buyer to purchase the MVNO Stock at the Closing
are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

4.1               Representations
and Warranties. The representations and warranties of Seller contained in Article 2 shall be true and correct in all
respects as of the Closing.

4.2              
Performance. Seller shall have performed and complied with all covenants, agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by Seller on or before the Closing.

4.3               Compliance
Certificate. A director or an authorized person of Seller shall deliver to Buyer at the Closing a certificate certifying
that the conditions specified in Sections 1.5, 4.1 and 4.2 have been fulfilled. Seller shall deliver resolutions of its board
of directors approving this Agreement and the transactions contemplated under this Agreement.

4.4              
Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body
of Hong Kong and any other jurisdiction in which the Company is authorized to conduct business that are required in connection
with the lawful sale of the MVNO Stock pursuant to this Agreement shall be obtained and effective as of the Closing.

5.                  
Conditions of the Seller’s Obligations at Closing. The obligations of Seller to sell MVNO Stock to Buyer at the
Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived:

5.1               Representations
and Warranties. The representations and warranties of Buyer contained in Article 3 shall be true and correct in all
respects as of the Closing.

5.2              
Performance. Buyer shall have performed and complied with all covenants, agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by the Buyer on or before the Closing.

5.3               Compliance
Certificate. A director or an authorized person of Buyer shall deliver to the Seller at the Closing a certificate
certifying that the conditions specified in Sections 1.5, 5.1 and 5.2 have been fulfilled. Buyer shall deliver resolutions of
its board of directors approving this Agreement and the transactions contemplated under this Agreement.

6.                  
Miscellaneous.

6.1              
Survival of Terms. Unless otherwise set forth in this Agreement, the representations and warranties of, and provisions
for payment by, Seller and Buyer contained in or made pursuant to this Agreement shall survive the execution and delivery of this
Agreement and the Closing, and shall in no way be affected by any investigation or knowledge of the subject matter thereof made
by or on behalf of Seller or Buyer.

    	16

    	 

    

6.2              
Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon
the respective successors and assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer upon
any party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement.

6.3              
Governing Law. This Agreement is made and shall be governed by, and construed and enforced in accordance with, the
laws of the Hong Kong Special Administrative Region of the People’s Republic of China ("Hong Kong"), without
regard to the conflict of laws principles thereof as the same apply to agreements executed solely by residents of Hong Kong and
wholly to be performed within Hong Kong.

6.4              
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to
be considered in construing or interpreting this Agreement.

6.5              
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall
be deemed effectively given upon the earlier of actual receipt or: (i) personal delivery to the Party to be notified; (ii) when
sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business
hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified
mail, return receipt requested, postage prepaid; or (iv) one (1) business day after deposit with a worldwide recognized overnight
courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall
be sent to the respective Parties at their address as set forth on the signature page, or to such e-mail address, facsimile number
or address as subsequently modified by Notice given in accordance with this Section 6.5.

6.6              
Dispute Resolution. Any dispute between the Parties arising out of or relating to this Agreement shall be submitted
to binding arbitration with the Hong Kong International Arbitration Center (“HKIAC”) for binding arbitration
conducted in English by a single arbitrator. The dispute(s) shall be resolved pursuant to the United Nations Commission on International
Trade Law Arbitration Rules. The award of the arbitrator shall be final and binding on the Parties and may be enforced in any court
of competent jurisdiction.

6.7              
Attorney Fees and Stamp Duty. If any action at law or in equity (including arbitration) is necessary to enforce
or interpret the terms of any of this Agreement, the prevailing Party shall be entitled to reasonable attorneys’ fees, costs
and necessary disbursements in addition to any other relief to which such Party may be entitled. Save as disclosed in this Section
6.7, each Party shall pay its own costs and disbursements (including stamp duty, adjudication fee, and other impositions in relation
to the transfer of the MVNO Stock, and professional (including legal) fees) of and incidental to this Agreement and the sale and
purchase hereby agreed to be made.

6.8              
Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision.

    	17

    	 

    

6.9              
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Party under this
Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of
such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of
any kind or character on the part of either Party of any breach or default under this Agreement, or any waiver on the part of either
Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically
set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to either Party, shall be
cumulative and not alternative.

6.10           
Entire Agreement. This Agreement, including the Schedules hereto, constitute the full and entire understanding and
agreement between the Parties with respect to the subject matter hereof, and any other written or oral agreement relating to the
subject matter hereof existing between the Parties is expressly canceled.

6.11           
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original copy of this Agreement and all of which, when taken together, shall be deemed to constitute one and the same agreement.

6.12           
Process Agent. Buyer hereby irrevocably appoints Lawrence Lo of Room 1307, Tower 1, Lippo Centre, No. 89 Queensway,
Admiralty, Hong Kong, as its process agent to receive and acknowledge, on its behalf, service of any writ, summons, order, judgment
or other notice of legal process in Hong. If for any reason the process agent named above (or its successor) ceases to be able
to act as such or no longer has an address in Hong Kong, Buyer irrevocably agrees to promptly appoint a substitute process agent
acceptable to the other Party, notify and to deliver to the other Party copies of the new process agent's acceptance of appointment,
provided that until the other Party receive such notifications, the other Party shall be entitled to treat the process agent named
above (or its successor) as the process agent of Buyer for the purpose of this Section 6.12. Buyer agrees that any such legal
process shall be sufficiently served on it if delivered to such process agent for service at its address for the time being in
Hong Kong whether or not such process agent gives notice thereof to it.

    	18

    	 

    

IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date first written above.

	
        GULFSTREAM CAPITAL PARTNERS LTD.

          

         

        By /s/ Colin Tay                                       

        Colin Tay, its President

         

        Room 1307, Tower 1, Lippo Centre, No. 89

Queensway,
Admiralty, Hong Kong and

        4F-1 No. 102 Kuang Fu South Road

        Taipei 106

        Taiwan

        Facsimile: + (886) 2 2778-1534

        E-Mail: ctay@trussadc.com
	
        CHINA MOTION TELECOM INTERNATIONAL LIMITED

         

          

        By /s/ Wu Chi Chiu                                

               Wi Chi Chiu, Director

         

        Unit 3101, Level 31, Tower 1, Enterprise Square Five

        38 Wang Chiu Road

        Kowloon Bay, Hong Kong

        Facsimile: +(852) 2209 1388

        E-Mail: wu.chcc@chinamotion.com

         

	 	 
	 	
        CHINA MOTION HOLDINGS LIMITED

         

          

        By /s/ Wu Chi Chiu                              

               Wu, Chi Chiu, Director

         

        Unit 3101, Level 31, Tower 1, Enterprise Square Five

        38 Wang Chiu Road

        Kowloon Bay, Hong Kong

        Facsimile: +(852) 2209 1388

        E-Mail: wu.chcc@chinamotion.com

	 	 
	 	 
	 	
        CHINAMOTION INFOSERVICES LIMITED

         

          

        By /s/ Wu Chi Chiu                              

              Wu Chi Chiu, Director

         

        Unit 3101, Level 31, Tower 1, Enterprise Square Five

        38 Wang Chiu Road

        Kowloon Bay, Hong Kong

        Facsimile: +(852) 2209 1388

        E-Mail: wu.chcc@chinamotion.com

 

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