Document:

Exhibit 10.2(a)

 

C12989 Bank of Beijing

Contract No.: [0528366_003]

 

Maximum Warranty Contract

(Applicable to a Unit Customer’s Provision
of Maximum Warranty Guarantee)

 

Warrantor:    Icon Energy System
(Shenzhen) Company Limited

Creditor:    Bank of Beijing
Co., Ltd. Shenzhen Branch

Date of Concluding the Contract:   January
22, 2019

     

     

    

 

Table of Conditions of Maximum Warranty
Contract

 

Warrantor: Icon Energy System (Shenzhen)
Company Limited

Business license number/ uniform social credit
code:**

Legal representative/ person in charge: PAN
Dangyu

Correspondence address: **

Contact: Hu xianglin

 

Creditor (hereinafter referred to as “Bank
of Beijing”): Bank of Beijing Co., Ltd. Shenzhen Branch

Legal representative/ person in charge: QU
Ruiguang

 

Correspondence address: First Floor, Bank
of Beijing Plaza, China Resources MixC T5, No. 9668, Shennan Avenue, Nanshan District, Shenzhen City

 

The warrantor and Bank of Beijing (hereinafter
collectively referred to as “both parties”) hereby conclude this contract through equality, voluntariness and consensus
in the domicile of Bank of Beijing on the date of concluding this contract recorded in the cover page of this contract on the basis
of the Guarantee Law of the People’s Republic of China and other laws and regulations in accordance with the following
contract conditions and the Basic Terms and Conditions of Maximum Warranty Contract for mutual compliance.

 

A. Principal debtor: 

 

Springpower Technology (Shenzhen) Company
Limited

 

B. Guaranteed master contract: 

 

B.1 The guaranteed master contract is the
Comprehensive Credit Contract (including this contract and its valid revision and supplementation) with the number of 0528366
as entered into by and between Bank of Beijing (and other branch institutions in the system of Bank of Beijing which obtain the
status of creditor according to the agreements hereof, as credit grantor) and the principal debtor, and all specific business contracts
concluded under this creditor contract.

 

B.2 The guaranteed creditor’s rights
(scope of guarantee) hereunder is all creditor’s rights of Bank of Beijing (and other branch institutions in the system of
Bank of Beijing which obtain the status of creditor according to the agreements hereof) under the master contract, including the
principal creditor’s right capital (the maximum limit is (currency) RMB (amount in words) fifty million Yuan only)
and interests, penalty interests, liquidated damages, damage compensation, expenses for realizing the creditor’s rights and
guarantee rights and interests and other funds.

 

B.3 The period of occurrence of the guaranteed
principal creditor’s right (creditor’s right determination period) is the period under the credit contract as stated
in paragraph B.1 hereof when the specific business may occur, namely, Jan. 22, 2019 to Jan. 21, 2020 (the details
are subject to the master contract).

 

B.4 The debt fulfillment period under the
master contract is from the date of concluding the master contract (or the date on which the specific business under the master
contract occurs; the earlier shall prevail) to the due date of the abovementioned credit contract and the specific business contract,
subject to the master contract.

     

     

    

 

K. Key financial indicator commitment of
warrantor: 

 

(a) The ratio of the visible net assets (paid
capital plus capital reserve) and the total liabilities shall be no more than [XXX%];

(b) The minimum net assets shall be no less
than RMB (in words) [XXX];

(c) The total amount of annual pre-tax profit
shall be no less than RMB (in words) [XXX];

(d) The ratio (i.e. current ratio) of current
assets and current liabilities shall be no less than [XXX%];

(e) The ratio of pre-tax profits and interest
expenses shall be no less than [XXX%].

 

U. Annex (the following annex is an
integral part of this contract):

 

XXX.

 

W. Enforcement notarization: 

 

No enforcement notarization is required
for this contract.

 

X. Special agreements: 

 

1. The warrantor confirms the address of delivery
of the documents involved in this contract/ agreement and relevant documents and legal instruments when a dispute occurs to this
contract/ agreement and legal consequences as follows: (1) it confirms that its valid address of delivery is the address specified
in the front of this contract/ agreement. (2) The address of delivery is applicable to the delivery of all kinds of documents during
non-litigation and relevant documents and legal instruments when a dispute occurs, including but not limited to the delivery in
the civil supervision procedure and civil litigation procedure (first trial, second trial, re-trial and execution procedure). (3)
If the address of delivery needs to be changed, it shall notify Bank of Beijing by mailing thirty working days in advance; if change
is notified according to the method specified, the address of delivery changed shall prevail. If the obligation to notify fails
to be fulfilled, the original address of delivery shall be still the valid address of delivery. In the event that the legal instruments
fail to be actually received as the address of delivery it provides or confirms is not accurate, Bank of Beijing and the court
have not been notified after the address of delivery is changed or it or the receiver it designates refuses to sign up, if they
are delivered by mailing, the day of returning the instruments shall be deemed as the day of delivery; if they are delivered directly,
the day on which the process server indicates the condition on the receipt of delivery shall be deemed as the day of delivery.
(4) Whereas it has confirmed the address of delivery, the court may directly deliver by mailing upon delivery. Even if it fails
to receive the relevant documents or legal instruments delivered by the court by mailing, it shall be deemed as delivery. (5) After
a dispute enters the civil supervision procedure or civil litigation procedure, if it responds to the litigation and directly submits
the letter of confirmation of the address of delivery to the court, and if the address of delivery confirmed is changed, the letter
of confirmation of the address of delivery that it submits to the court shall prevail.

 

2. This contract/ agreement is concluded by
the parties in Futian District, Shenzhen City. All disputes under this contract/ agreement and related to it shall be first settled
through friendly negotiation. If the negotiation fails to work, it shall be submitted to the people’s court with jurisdiction
in the place of concluding this contract/ agreement for settlement through litigation.

     

     

    

 

Y. The warrantor hereby confirms: 

 

1.Bank of Beijing has reminded it of paying
attention to the terms and conditions concerning liability or right limitation and has made full interpretation and explanation
on this contract. Revision and supplementation (if any) reached by both parties has been indicated in the special agreement column
or supplementary agreement; after fully reviewing and negotiating and discussing with Bank of Beijing, the warrantor comprehensively
understands and agrees all contents of this contract including the table of contract conditions, basic terms and conditions and
annexes hereto, and has no doubt or objection.

 

2. The warrantor has been clearly aware of
the specific business category, amount of creditor’s right, debt fulfillment term and scope of guarantee under the master
contract which it guarantees. The warrantor hereby irrevocably promises and warrants that as long as the date of conclusion of
the specific business contract under the comprehensive credit contract or the date of handling the specific business (such as the
date of acceptance of a bill of exchange, opening date of L/C, opening date of SLC and opening date of L/G) is within the occurrence
period of the guaranteed principal creditor’s right specified herein, all creditor’s rights of Bank of Beijing under
the aforesaid specific business shall be included in the scope of guarantee hereof, and the warrantor agrees to assume the liability
of guarantee according to the agreements hereof.

 

Z. Both parties sign as follows: 

 

	Warrantor (seal): 	Bank of Beijing (seal): Special Seal for Credit Business Contract of Bank of Beijing Co., Ltd. Shenzhen Branch (sealed)
	Legal representative 	Person in charge or 
	Or authorized representative: PAN Dangyu(signature) 	Authorized representative: QU Ruiguang (signature)

     

     

    

 

Basic Terms and Conditions of Maximum
Warranty Contract

 

1.       Definitions
and Interpretation

 

1.1 In this contract, unless otherwise clearly
specified, the following words have the following meanings:

This contract: refers to the entity jointly
constituted by the following documents: table of conditions of warranty contract (the main text is paragraphs A-Z), basic terms
and conditions of warranty contract, other contract annexes listed in paragraph U hereof and other documents effectively determining
the rights and obligations of both parties hereunder according to law (including but not limited to the supplementary agreement,
letter of commitment, etc.); however, specially refers to the corresponding terms and conditions in the table of contract conditions
and basic terms and conditions if there is no different instruction when the terms and conditions hereof are quoted.

 

Laws and regulations: refer to the laws, administrative
regulations and judiciary interpretation of the supreme people’s court applicable in the mainland of China except Hong Kong,
Macau and Taiwan.

 

Financial rules: refer to the rules, regulations
and orders of the bank industry supervisory agency, the People’s Bank of China and foreign exchange management department.

 

Working day: refers to any day on which the
commercial bank in the city where Bank of Beijing is located handles general corporate business, excluding statutory holidays and
Saturday, Sunday, but including Saturday and Sunday when the government temporarily stipulates that the pubic shall work.

 

1.2 Unless otherwise clearly instructed herein
or in any document made on the basis of this contract, the words already defined in this contract shall have the same meaning in
the document.

 

2.       Main
Content of Warranty Guarantee

 

2.1 The warrantor provides joint and several
liability warranty guarantee to Bank of Beijing for the principal debtor listed in paragraph A hereof (namely the debtor under
the master contract). Refer to paragraph B hereof for the guaranteed master contract and its debt fulfillment term, scope of guarantee
and occurrence period of principal creditor’s right. In order to avoid any doubt, both parties confirm that the stipulation
of the occurrence period of the principal creditor’s right is to include the specific business related to the scope of guarantee
hereof, does not limit the occurrence and calculation of the guaranteed creditor’s rights including interests and expenses
under the creditor’s right which has occurred. When the business under the master contract is handled by other branch agencies
in the system of Bank of Beijing Co., Ltd., such branch agency shall obtain the corresponding guarantee right and interest within
the scope of guarantee specified herein.

 

2.2 What’s provided by the warrantor
to Bank of Beijing hereunder is independent joint and several liability warranty guarantee; even if there is other guarantee (including
other arrangement similar to guarantee) under the master contract, the warrantor still directly assumes joint and several warranty
liability first in order to Bank of Beijing with respect to the debt within the scope of guarantee specified herein. The scope
of its liability shall not be exempted due to the existence, increase or decrease, revocation or validity of other guarantee nor
shall it be exempted due to Bank of Beijing’s waiver or change of the rights or order under other guarantee; the warrantor
does not fulfill its warranty liability at the premise that Bank of Beijing proposes right claim, file a lawsuit/ apply for arbitration
or apply for/ carry out enforcement to the principal debtor, other guarantor or/and guaranty.

     

     

    

 

2.3 The warranty period hereunder is two years
from the day of expiration (including expiration of the term specified and advance expiration in accordance with the agreement
or the provisions in laws and regulations, same below) of the fulfillment term of the guaranteed debt under the master contract.
If the guaranteed debt shall be fulfilled by installment, Bank of Beijing not only has the right to require the warrantor to fulfill
warranty liability for the fulfillment of the debt in this period within two years from the day of expiration of the fulfillment
term of each period of debt but also has the right to require the warrantor to fulfill warranty liability for all debts within
the scope of guarantee within two years from the day of expiration of the fulfillment term of any period of debt after this period
under the master contract as well as the right to require the warrantor to fulfill warranty liability for all debts which have
been announced by Bank of Beijing to expire in advance within the scope of its guarantee within two years from the day of announcing
to expire in advance in accordance with the agreement of the master contract or the provisions in laws and regulations on account
that this period of debt is overdue.

 

3.       Change
of Master Contract

 

3.1 Except that the principal debtor and Bank
of Beijing agree to extend the validity of the limit of the credit contract in the master contract (excluding corresponding extension
of the day of expiration incurred by delay of the start day of the term and extension incurred due to rest days or holidays), agree
to increase the maximum credit limit under the credit contract or the maximum capital limit guaranteed herein (except increase
incurred by change of exchange rate on the basis of paragraph 3.2 hereof) and agree to change the specific business category of
the usable credit limit guaranteed (excluding adjustment of the limit already allowed under the master contract), any change of
the master contract does not require the consent of the warrantor or notice, and the warrantor shall continue providing warranty
guarantee for the changed master contract; the warrantor is entitled to know the change and execution of the master contract from
the principal debtor and Bank of Beijing by a written notice. When the master contract which has the aforesaid exception conditions
is changed, unless the warrantor’s consent on such change is obtained, the warrantor is entitled to refuse to bear warranty
liability for the debt increased from the change and still bear warranty liability according to this contract and in comparison
with the changed master contract not according to the exception conditions.

 

3.2 In the event that the marked currency
of the scope of guarantee is different from the business currency of the master contract, Bank of Beijing does not bear exchange
rate risks, namely, the amount of debt increased due to change of exchange rate after the occurrence of the business within the
scope of guarantee is deemed as natural increase within the scope of guarantee under this contract.

 

4.       Commitment
and Warranty

 

The warrantor promises to fulfill and warrants
fulfilling the following obligations before the fulfillment of this contract:

 

(1) The warrantor has the qualification and
capacity to conclude and fulfill this contract. The personage signing this contract on behalf of the warrantor has obtained full
authorization and has the right to conclude this contract on behalf of the warrantor;

 

(2) The warrantor’s conclusion and fulfillment
of this contract do not violate its articles of association and other organizational documents, laws and regulations and financial
rules and other legal documents which it shall abide by, and has obtained any necessary internal and external authorization, license,
recording and other formalities, to ensure that this contract has legal binding force on it and may be enforced according to law;

 

(3) The warrantor shall be always a legal
entity legally set up and continuously operating and will promptly duly handle annual inspection and other legal formalities. In
terms of the financial and business status of the warrantor and other important information related to this contract, the warrantor
will promptly and completely provide to Bank of Beijing;

     

     

    

 

(4) There is association relationship or dispute
between the warrantor and the principal debtor, which has influence on the validity or revocability of this contract. In case of
aforesaid matter, the warrantor has faithfully and completely explained to the Bank of Beijing in written form, and the warrantor
has adopted effective measures to ensure this contract and the warranty guarantee under this contract legal and valid;

 

(5) The warrantor has fully known the content
of the master contract, voluntarily provides guarantee for the principal debtor and assumes joint and several warranty liability
for the payment and other obligations of the principal debtor under the master contract;

 

(6) Accept and actively cooperate with Bank
of Beijing’s examination and supervision on its financial status and business status, including but not limited to providing
Bank of Beijing with its audited complete financial statement of last year and its audit report before the end of Apr. every year,
providing the duplicates of balance sheet, income statement, cash flow statement and other financial statements of the end of last
quarter in the first month of each quarter (if there is an audited half-year or quarterly financial statement, the audited complete
statement and its audit report shall be provided);

 

(7) The financial statements and other data
information provided to Bank of Beijing are true, complete, legal and valid. There is no fraud, major omission or major misleading;

 

(8) If the warrantor merges, divides, reduces
registered capital, applies for stoppage of business for rectification/ takes over/ dissolves/ or conducts other matters affecting
the existence or continuous existence of the entity of warrantor, it shall notify Bank of Beijing in written form at least 30 days
in advance and obtain the written consent of Bank of Beijing; if a third party applies for/ or the administrative /judiciary agency
orders the warrantors to stop business for rectification/ take over/ dissolve/ be bankrupt, or suspends or cancels the business
license for the warrantor’s main business or major business, the warrantor shall notify Bank of Beijing in written notice
as soon as possible (no later than 3 working days) after it is aware of it and promptly adopt measures to remedy;

 

(9) When the warrantor changes industrial
and commercial registration matters, top ten substantial shareholders, directors, financial director or contact address, it shall
notify Bank of Beijing in written notice as soon as possible (no later than 5 working days);

 

(10) In the event that the warrantor provides
guarantee for a third party (or debt burden and other similar arrangements with the effect of guarantee) or reaches partnership/
contracting of operation, waiver of major creditor’s rights, acquisition and restructuring, main business transfer or similar
major transactions that may reduce the warrantor’s solvency with a third party, it shall obtain the written consent of Bank
of Beijing except that the aforesaid matter does not have major bad influence on the warrantor’s capacity to fulfill this
contract and the total amount of the aforesaid major transaction or total guarantee amount does not exceed 30% of the total assets
of the warrantor nor exceed 50% of its net assets;

 

(11) The warrantor shall promptly notify Bank
of Beijing of the condition of the associated transaction whose total amount reaches or exceeds 10% of its net assets (the associated
party and the associated transaction are affirmed on the basis of Chinese accounting code or international accounting code applicable
to the warrantor according to law), including: the association relationship between the transaction parties, transaction project
and transaction property, transaction amount or corresponding ratio, pricing policy (including the transaction without amount or
only with symbolic amount), etc., and the warrantor shall not have illegal transactions such as withdrawing registered capital,
fabricating transaction in order to extract bank funds or credit, avoiding debts by transferring assets or other forms, associated
transactions that seriously damage its solvency or money-laundering, etc.;

     

     

    

 

(12) Always abide by the commitments under
paragraph K hereof and keep the relevant financial indicators (calculated in accordance with Chinese accounting code or international
accounting code applicable to the warrantor according to law) in the scope specified;

 

(13) The post-tax net profit in the accounting
year is zero or negative, or the post-tax net profit is insufficient to make up for the accumulative loss in previous accounting
years; not distribute dividends and bonuses to shareholders by any form;

 

(14) Urge the principal debtor to promptly,
completely and properly fulfill the master contract. Once knowing that the principal debtor breaches the master contract, the warrantor
shall try its best to adopt remedy measures and notify Bank of Beijing without delay;

 

(15) When Bank of Beijing proposes the requirement
for representing liquidating debts or fulfilling other liabilities specified herein or stipulated in laws and regulations to the
warrantor on the basis of this contract, the warrantor shall immediately (or within the term specially specified herein) fulfill
the liabilities.

 

5.       Taxes
and Dues

 

The warrantor and Bank of Beijing shall assume
the stamp duty which they shall pay under this contract. Taxes and administrative fees (except the taxes and dues which shall be
borne by Bank of Beijing itself according to law) levied by the government or the agency which exercises the administrative function
and power and notarization fees (if any) shall be borne by the warrantor.

 

6.       Default
and Remedy Right

 

6.1 When any one or several circumstances
as follows occur, it shall constitute the warrantor’s default event:

 

(1) The warrantor fails (or clearly indicates
or indicates by behavior that it will not) completely and properly fulfill its commitments, warranties, obligations or liabilities
under this contract;

 

(2) Any major credit financing, guarantee,
compensation or other solvency liability of the warrantor cannot be fulfilled when due, or the business license of the warrantor’s
main business or major business is suspended or canceled, or the warrantor enters stoppage of business for rectification/ is taken
over, dissolves, announces to be bankrupt or enters other procedures;

 

(3) The warrantor’s financial or business
status has major bad changes, or the warrantor has bad credit records, or involves in a dispute or administrative punishment that
has major bad influence on its solvency or its fulfillment of this contract, or has other conditions that has serious bad influence
on Bank of Beijing’s creditor’s rights or guarantee rights and interests.

 

6.2 The principal debtor fails to fully repay
the debts under the master contract on schedule or has default events under the master contract, Bank of Beijing is entitled to
require the warrantor to fulfill warranty liability for the debts under the master contract within the scope of its guarantee.
When the warrantor has the default events under this contract, Bank of Beijing has the right to exercise the default remedy right
in accordance with the agreement hereof or/ and the provisions in laws, regulations and financial rules, including but not limited
to correcting default, calculating and collecting penalty interests by floating up 50% (if there is no contract interest rate,
by five-ten thousandths per day) from the contract interest rate applicable under the master contract, exercising guarantee rights
and interests and the right of detention according to law, announcing that all debts or some debts under the master contract are
immediately due, collecting by announcement, requiring compensation of loss and requiring repaying the expenses incurred by Bank
of Beijing in order to realize the creditor’s rights and guarantee rights and interests (including but not limited to litigation/
arbitration fees, appraisal/ authentication/ auction and other disposal fees, attorney’s fee, investigation and evidence
collection fee, travel expense and other reasonable expenses), etc.

     

     

    

 

6.3 In the event that the warrantor’s
debts hereunder shall be fulfilled upon expiration, Bank of Beijing is entitled to voluntarily deduct the expiring fund payable
by the warrantor from the account opened by the warrantor in the system of Bank of Beijing Co., Ltd. at any time and notify the
warrantor by a statement of account or other forms after deduction.

 

6.4 When the fund taken back by Bank of Beijing
through exercise of right is different from the currency of the creditor’s right, it shall liquidate the creditor’s
right of Bank of Beijing after conversion according to the exchange price of the currency of the creditor’s right sold out
by the bank as published by Bank of Beijing and the currency of the receivable purchased. The exchange rate loss and currency exchange
expense incurred therefrom shall be assumed by the warrantor. The warrantor is obligated to cooperate to handling the currency
exchange formality.

 

6.5 The fund taken back by Bank of Beijing
through exercise of right liquidates its creditor’s rights according to the following order: (1) the expenses for realizing
the creditor’s rights and guarantee rights and interests and other expenses which shall be assumed by the warrantor, (2)
damage compensation, indemnity and liquidated damages, (3) penalty interests, (4) interests, (5) capital, (6) other payables; but
Bank of Beijing may change the aforesaid liquidation order. In the event that the warrantor has several expiring funds repayable,
the repayment order determined by Bank of Beijing shall prevail.

 

6.6 In the event that one party suffers from
force majeure and this party provides the certificate issued by the competent agency within 5 working days after the force majeure
occurs, the corresponding liability for default of this party may be exempted according to law. But in order to avoid doubts, both
parties confirm that the warrantor may be exempted for the corresponding liability for default but still has the obligation to
fulfill the repayment liability within the scope of guarantee.

 

7.       Applicable
Law and Dispute Settlement

 

This contract is applicable to the laws and
regulations of the People’s Republic of China; all disputes under this contract and related to it shall be first settled
through friendly negotiation. If the negotiation fails to work, they shall be submitted to the people’s court in the place
where Bank of Beijing is located for settlement through litigation.

 

8.       Supplementary
Provisions

 

8.1 When the special agreements in paragraph
X hereof is inconsistent with the other terms and conditions of the text of this contract, the special agreements of this paragraph
shall prevail; the annexes listed in paragraph U hereof constitute an integral part of this contract; unless otherwise stipulated
in written form in the text or annex of this contract, the text of this contract shall prevail where there is inconsistency between
the annex and the text of this contract.

 

8.2 Notices or documents sent by any party
hereunder: (i) if they are submitted in person or through entrustment, the date on which the notified party or its receiving agent
signs up is the date of delivery; (ii) if they are posted by express or registered mail in the same city (including downtown or
suburb), the 3rd day after sending the mail is the date of delivery; (iii) if they are sent by other mailing forms,
the 7th day after sending is the date of delivery; when the date of delivery determined in accordance with the aforesaid
provisions is inconsistent with the date of actually receipt of the notified party or the formal signup date, the earliest date
shall prevail. Where either party changes its contact information, it shall notify the other party promptly in written form. Otherwise,
the other party still has the right to deem the contact information before change as valid.

     

     

    

 

8.3 Bank of Beijing may provide the information
related to this contract to the credit system and information library established with the approval of the government competent
department.

 

8.4 Unless otherwise stipulated herein, either
party has the confidentiality obligation for the business secrets belonging to the other party which it acquires in the conclusion
and fulfillment course of this contract and other nonpublic information which the other party clearly requires keeping confidential
before the aforesaid information loses confidentiality, shall not openly disclose and shall not disclose to any third party without
the other party’s written permission; however, if one party discloses in accordance with the provisions in laws and regulations
or the requirements of the competent organ or its listed exchange, or reasonably discloses to the auditor, financial counselor,
legal counselor or other intermediary agencies for the purpose of this contract (this party shall require the aforesaid agencies
and personage to assume the confidentiality obligation), it is not deemed as violation of the confidentiality obligation.

 

8.5 The validity of this contract is independent
from the master contract, other guarantee under the master contract and any contract/ agreement/ commitment, free from the impact
of the validity and operability of the aforesaid documents. When any term or content of this contract is revoked according to law
or affirmed as invalid, the validity of the other terms and contents will not be affected and they shall still be valid. In the
event that when one party breaches the contact, the other party does not exercise the corresponding remedy right, it shall not
be deemed as waiver of right or permission of breach of contract.

 

8.6 This contract is concluded by the warrantor
and Bank of Beijing on the date of concluding the contract in the place where Bank of Beijing is located and shall enter into force
after the legal representative/ person in charge/ authorized representative of both parties sign and affix the unit official seal
(or the special seal for contract recognized in the document with the official seal affixed). The original of this contract is
made in triplicate (if notarization and other formalities are required, the corresponding copies of original shall be signed) with
Bank of Beijing holding two copies and the warrant or holding one copy. Each original has the same force.

(No text below)Exhibit 10.2(b)

 

C12989 Bank of Beijing

Contract No.: [0528366_002]

 

Maximum Warranty Contract

(Applicable to a Unit Customer’s Provision
of Maximum Warranty Guarantee)

 

Warrantor: HUIZHOU HIGHPOWER TECHNOLOGY
CO., LTD. 

Creditor: Bank of Beijing Co., Ltd. Shenzhen
Branch

Date of Concluding the Contract: January
22, 2019

     

     

    

 

Table of Conditions of Maximum Warranty
Contract

 

Warrantor: HUIZHOU HIGHPOWER TECHNOLOGY
CO., LTD. 

Business license number/ uniform social credit
code: **

Legal representative/ person in charge: PAN
Dangyu

Correspondence address: ** 

Contact: SUN Xun

 

Creditor (hereinafter referred to as “Bank
of Beijing”): Bank of Beijing Co., Ltd. Shenzhen Branch 

 

Legal representative/ person in charge: QU
Ruiguang

 

Correspondence address: First Floor, Bank
of Beijing Plaza, China ResourcesMixC T5, No. 9668, Shennan Avenue, Nanshan District, Shenzhen City

 

Postal code: 518040 Tel.: 0755-23957000 Fax:
0755-23957009

 

The warrantor and Bank of Beijing (hereinafter
collectively referred to as “both parties”) hereby conclude this contract through equality, voluntariness and consensus
in the domicile of Bank of Beijing on the date of concluding this contract recorded in the cover page of this contract on the basis
of the Guarantee Law of the People’s Republic of China and other laws and regulations in accordance with the following
contract conditions and the Basic Terms and Conditions of Maximum Warranty Contract for mutual compliance.

 

A. Principal debtor: 

 

Springpower Technology (Shenzhen) Company
Limited

 

B. Guaranteed master contract: 

 

B.1 The guaranteed master contract is the
Comprehensive Credit Contract (including this contract and its valid revision and supplementation) with the number of 0528366
as entered into by and between Bank of Beijing (and other branch institutions in the system of Bank of Beijing which obtain the
status of creditor according to the agreements hereof, as credit grantor) and the principal debtor, and all specific business contracts
concluded under this creditor contract.

 

B.2 The guaranteed creditor’s rights
(scope of guarantee) hereunder is all creditor’s rights of Bank of Beijing (and other branch institutions in the system of
Bank of Beijing which obtain the status of creditor according to the agreements hereof) under the master contract, including the
principal creditor’s right capital (the maximum limit is (currency) RMB (amount in words) fifty million Yuan only)
and interests, penalty interests, liquidated damages, damage compensation, expenses for realizing the creditor’s rights and
guarantee rights and interests and other funds.

 

B.3 The period of occurrence of the guaranteed
principal creditor’s right (creditor’s right determination period) is the period under the credit contract as stated
in paragraph B.1 hereof when the specific business may occur, namely, Jan. 22, 2019 to Jan. 21, 2020 (the details
are subject to the master contract).

 

B.4 The debt fulfillment period under the
master contract is from the date of concluding the master contract (or the date on which the specific business under the master
contract occurs; the earlier shall prevail) to the due date of the abovementioned credit contract and the specific business contract,
subject to the master contract.

 

     

     

    

 

K. Key financial indicator commitment of
warrantor: 

 

(a) The ratio of the visible net assets (paid
capital plus capital reserve) and the total liabilities shall be no more than [XXX%];

(b) The minimum net assets shall be no less
than RMB (in words) [XXX];

(c) The total amount of annual pre-tax profit
shall be no less than RMB (in words) [XXX];

(d) The ratio (i.e. current ratio) of current
assets and current liabilities shall be no less than [XXX%];

(e) The ratio of pre-tax profits and interest
expenses shall be no less than [XXX%].

 

U. Annex (the following annex is an
integral part of this contract):

 

XXX.

 

W. Enforcement notarization: 

 

No enforcement notarization is required
for this contract.

 

X. Special agreements: 

 

1. The warrantor confirms the address of delivery
of the documents involved in this contract/ agreement and relevant documents and legal instruments when a dispute occurs to this
contract/ agreement and legal consequences as follows: (1) it confirms that its valid address of delivery is the address specified
in the front of this contract/ agreement. (2) The address of delivery is applicable to the delivery of all kinds of documents during
non-litigation and relevant documents and legal instruments when a dispute occurs, including but not limited to the delivery in
the civil supervision procedure and civil litigation procedure (first trial, second trial, re-trial and execution procedure). (3)
If the address of delivery needs to be changed, it shall notify Bank of Beijing by mailing thirty working days in advance; if change
is notified according to the method specified, the address of delivery changed shall prevail. If the obligation to notify fails
to be fulfilled, the original address of delivery shall be still the valid address of delivery. In the event that the legal instruments
fail to be actually received as the address of delivery it provides or confirms is not accurate, Bank of Beijing and the court
have not been notified after the address of delivery is changed or it or the receiver it designates refuses to sign up, if they
are delivered by mailing, the day of returning the instruments shall be deemed as the day of delivery; if they are delivered directly,
the day on which the process server indicates the condition on the receipt of delivery shall be deemed as the day of delivery.
(4) Whereas it has confirmed the address of delivery, the court may directly deliver by mailing upon delivery. Even if it fails
to receive the relevant documents or legal instruments delivered by the court by mailing, it shall be deemed as delivery. (5) After
a dispute enters the civil supervision procedure or civil litigation procedure, if it responds to the litigation and directly submits
the letter of confirmation of the address of delivery to the court, and if the address of delivery confirmed is changed, the letter
of confirmation of the address of delivery that it submits to the court shall prevail.

 

2. This contract/ agreement is concluded by
the parties in Futian District, Shenzhen City. All disputes under this contract/ agreement and related to it shall be first settled
through friendly negotiation. If the negotiation fails to work, it shall be submitted to the people’s court with jurisdiction
in the place of concluding this contract/ agreement for settlement through litigation.

 

     

     

    

 

Y. The warrantor hereby confirms: 

 

1.Bank of Beijing has reminded it of paying
attention to the terms and conditions concerning liability or right limitation and has made full interpretation and explanation
on this contract. Revision and supplementation (if any) reached by both parties has been indicated in thespecial agreement column
or supplementary agreement; after fully reviewing and negotiating and discussing with Bank of Beijing, the warrantor comprehensively
understands and agrees all contents of this contract including the table of contract conditions, basic terms and conditions and
annexes hereto, and has no doubt or objection.

 

2. The warrantor has been clearly aware of
the specific business category, amount of creditor’s right, debt fulfillment term and scope of guarantee under the master
contract which it guarantees. The warrantor hereby irrevocably promises and warrants that as long as the date of conclusion of
the specific business contract under the comprehensive credit contract or the date of handling the specific business (such as the
date of acceptance of a bill of exchange, opening date of L/C, opening date of SLC and opening date of L/G) is within the occurrence
period of the guaranteed principal creditor’s right specified herein, all creditor’s rights of Bank of Beijing under
the aforesaid specific business shall be included in the scope of guarantee hereof, and the warrantor agrees to assume the liability
of guarantee according to the agreements hereof.

 

Z. Both parties sign as follows: 

	Warrantor (seal): 	Bank of Beijing (seal): Special Seal for Credit Business Contract of Bank of Beijing Co., Ltd. Shenzhen Branch (sealed)
	Legal representative 	Person in charge or 
	Or authorized representative: PAN Dangyu(signature) 	Authorized representative: QU Ruiguang (signature)

     

     

    

 

Basic Terms and Conditions of Maximum Warranty
Contract

 

1.       Definitions
and Interpretation

 

1.1 In this contract, unless otherwise clearly
specified, the following words have the following meanings:

This contract: refers to the entity jointly
constituted by the following documents: table of conditions of warranty contract (the main text is paragraphs A-Z), basic terms
and conditions of warranty contract, other contract annexes listed in paragraph U hereof and other documents effectively determining
the rights and obligations of both parties hereunder according to law (including but not limited to the supplementary agreement,
letter of commitment, etc.); however, specially refers to the corresponding terms and conditions in the table of contract conditions
and basic terms and conditions if there is no different instruction when the terms and conditions hereof are quoted.

 

Laws and regulations: refer to the laws, administrative
regulations and judiciary interpretation of the supreme people’s court applicable in the mainland of China except Hong Kong,
Macau and Taiwan.

 

Financial rules: refer to the rules, regulations
and orders of the bank industry supervisory agency, the People’s Bank of China and foreign exchange management department.

 

Working day: refers to any day on which the
commercial bank in the city where Bank of Beijing is located handles general corporate business, excluding statutory holidays and
Saturday, Sunday, but including Saturday and Sunday when the government temporarily stipulates that the pubic shall work.

 

1.2 Unless otherwise clearly instructed herein
or in any document made on the basis of this contract, the words already defined in this contract shall have the same meaning in
the document.

 

2.       Main
Content of Warranty Guarantee

 

2.1 The warrantor provides joint and several
liability warranty guarantee to Bank of Beijing for the principal debtor listed in paragraph A hereof (namely the debtor under
the master contract). Refer to paragraph B hereof for the guaranteed master contract and its debt fulfillment term, scope of guarantee
and occurrence period of principal creditor’s right. In order to avoid any doubt, both parties confirm that the stipulation
of the occurrence period of the principal creditor’s right is to include the specific business related to the scope of guarantee
hereof, does not limit the occurrence and calculation of the guaranteed creditor’s rights including interests and expenses
under the creditor’s right which has occurred. When the business under the master contract is handled by other branch agencies
in the system of Bank of Beijing Co., Ltd., such branch agency shall obtain the corresponding guarantee right and interest within
the scope of guarantee specified herein.

 

2.2 What’s provided by the warrantor
to Bank of Beijing hereunder is independent joint and several liability warranty guarantee; even if there is other guarantee (including
other arrangement similar to guarantee) under the master contract, the warrantor still directly assumes joint and several warranty
liability first in order to Bank of Beijing with respect to the debt within the scope of guarantee specified herein. The scope
of its liability shall not be exempted due to the existence, increase or decrease, revocation or validity of other guarantee nor
shall it be exempted due to Bank of Beijing’s waiver or change of the rights or order under other guarantee; the warrantor
does not fulfill its warranty liability at the premise that Bank of Beijing proposes right claim, file a lawsuit/ apply for arbitration
or apply for/ carry out enforcement to the principal debtor, other guarantor or/and guaranty.

     

     

    

 

2.3 The warranty period hereunder is two years
from the day of expiration (including expiration of the term specified and advance expiration in accordance with the agreement
or the provisions in laws and regulations, same below) of the fulfillment term of the guaranteed debt under the master contract.
If the guaranteed debt shall be fulfilled by installment, Bank of Beijing not only has the right to require the warrantor to fulfill
warranty liability for the fulfillment of the debt in this period within two years from the day of expiration of the fulfillment
term of each period of debt but also has the right to require the warrantor to fulfill warranty liability for all debts within
the scope of guarantee within two years from the day of expiration of the fulfillment term of any period of debt after this period
under the master contract as well as the right to require the warrantor to fulfill warranty liability for all debts which have
been announced by Bank of Beijing to expire in advance within the scope of its guarantee within two years from the day of announcing
to expire in advance in accordance with the agreement of the master contract or the provisions in laws and regulations on account
that this period of debt is overdue.

 

3.       Change
of Master Contract

 

3.1 Except that the principal debtor and Bank
of Beijing agree to extend the validity of the limit of the credit contract in the master contract (excluding corresponding extension
of the day of expiration incurred by delay of the start day of the term and extension incurred due to rest days or holidays), agree
to increase the maximum credit limit under the credit contract or the maximum capital limit guaranteed herein (except increase
incurred by change of exchange rate on the basis of paragraph 3.2 hereof) and agree to change the specific business category of
the usable credit limit guaranteed (excluding adjustment of the limit already allowed under the master contract), any change of
the master contract does not require the consent of the warrantor or notice, and the warrantor shall continue providing warranty
guarantee for the changed master contract; the warrantor is entitled to know the change and execution of the master contract from
the principal debtor and Bank of Beijing by a written notice. When the master contract which has the aforesaid exception conditions
is changed, unless the warrantor’s consent on such change is obtained, the warrantor is entitled to refuse to bear warranty
liability for the debt increased from the change and still bear warranty liability according to this contract and in comparison
with the changed master contract not according to the exception conditions.

 

3.2 In the event that the marked currency
of the scope of guarantee is different from the business currency of the master contract, Bank of Beijing does not bear exchange
rate risks, namely, the amount of debt increased due to change of exchange rate after the occurrence of the business within the
scope of guarantee is deemed as natural increase within the scope of guarantee under this contract.

 

4.       Commitment
and Warranty

 

The warrantor promises to fulfill and warrants
fulfilling the following obligations before the fulfillment of this contract:

 

(1) The warrantor has the qualification and
capacity to conclude and fulfill this contract. The personage signing this contract on behalf of the warrantor has obtained full
authorization and has the right to conclude this contract on behalf of the warrantor;

 

(2) The warrantor’s conclusion and fulfillment
of this contract do not violate its articles of association and other organizational documents, laws and regulations and financial
rules and other legal documents which it shall abide by, and has obtained any necessary internal and external authorization, license,
recording and other formalities, to ensure that this contract has legal binding force on it and may be enforced according to law;

 

(3) The warrantor shall be always a legal
entity legally set up and continuously operating and will promptly duly handle annual inspection and other legal formalities. In
terms of the financial and business status of the warrantor and other important information related to this contract, the warrantor
will promptly and completely provide to Bank of Beijing;

     

     

    

 

(4) There is association relationship or dispute
between the warrantor and the principal debtor, which has influence on the validity or revocability of this contract. In case of
aforesaid matter, the warrantor has faithfully and completely explained to the Bank of Beijing in written form, and the warrantor
has adopted effective measures to ensure this contract and the warranty guarantee under this contract legal and valid;

 

(5) The warrantor has fully known the content
of the master contract, voluntarily provides guarantee for the principal debtor and assumes joint and several warranty liability
for the payment and other obligations of the principal debtor under the master contract;

 

(6) Accept and actively cooperate with Bank
of Beijing’s examination and supervision on its financial status and business status, including but not limited to providing
Bank of Beijing with its audited complete financial statement of last year and its audit report before the end of Apr. every year,
providing the duplicates of balance sheet, income statement, cash flow statement and other financial statements of the end of last
quarter in the first month of each quarter (if there is an audited half-year or quarterly financial statement, the audited complete
statement and its audit report shall be provided);

 

(7) The financial statements and other data
information provided to Bank of Beijing are true, complete, legal and valid. There is no fraud, major omission or major misleading;

 

(8) If the warrantor merges, divides, reduces
registered capital, applies for stoppage of business for rectification/ takes over/ dissolves/ or conducts other matters affecting
the existence or continuous existence of the entity of warrantor, it shall notify Bank of Beijing in written form at least 30 days
in advance and obtain the written consent of Bank of Beijing; if a third party applies for/ or the administrative /judiciary agency
orders the warrantors to stop business for rectification/ take over/ dissolve/ be bankrupt, or suspends or cancels the business
license for the warrantor’s main business or major business, the warrantor shall notify Bank of Beijing in written notice
as soon as possible (no later than 3 working days) after it is aware of it and promptly adopt measures to remedy;

 

(9) When the warrantor changes industrial
and commercial registration matters, top ten substantial shareholders, directors, financial director or contact address, it shall
notify Bank of Beijing in written notice as soon as possible (no later than 5 working days);

 

(10) In the event that the warrantor provides
guarantee for a third party (or debt burden and other similar arrangements with the effect of guarantee) or reaches partnership/
contracting of operation, waiver of major creditor’s rights, acquisition and restructuring, main business transfer or similar
major transactions that may reduce the warrantor’s solvency with a third party, it shall obtain the written consent of Bank
of Beijing except that the aforesaid matter does not have major bad influence on the warrantor’s capacity to fulfill this
contract and the total amount of the aforesaid major transaction or total guarantee amount does not exceed 30% of the total assets
of the warrantor nor exceed 50% of its net assets;

 

(11) The warrantor shall promptly notify Bank
of Beijing of the condition of the associated transaction whose total amount reaches or exceeds 10% of its net assets (the associated
party and the associated transaction are affirmed on the basis of Chinese accounting code or international accounting code applicable
to the warrantor according to law), including: the association relationship between the transaction parties, transaction project
and transaction property, transaction amount or corresponding ratio, pricing policy (including the transaction without amount or
only with symbolic amount), etc., and the warrantor shall not have illegal transactions such as withdrawing registered capital,
fabricating transaction in order to extract bank funds or credit, avoiding debts by transferring assets or other forms, associated
transactions that seriously damage its solvency or money-laundering, etc.;

     

     

    

 

(12) Always abide by the commitments under
paragraph K hereof and keep the relevant financial indicators (calculated in accordance with Chinese accounting code or international
accounting code applicable to the warrantor according to law) in the scope specified;

 

(13) The post-tax net profit in the accounting
year is zero or negative, or the post-tax net profit is insufficient to make up for the accumulative loss in previous accounting
years; not distribute dividends and bonuses to shareholders by any form;

 

(14) Urge the principal debtor to promptly,
completely and properly fulfill the master contract. Once knowing that the principal debtor breaches the master contract, the warrantor
shall try its best to adopt remedy measures and notify Bank of Beijing without delay;

 

(15) When Bank of Beijing proposes the requirement
for representing liquidating debts or fulfilling other liabilities specified herein or stipulated in laws and regulations to the
warrantor on the basis of this contract, the warrantor shall immediately (or within the term specially specified herein) fulfill
the liabilities.

 

5.       Taxes
and Dues

 

The warrantor and Bank of Beijing shall assume
the stamp duty which they shall pay under this contract. Taxes and administrative fees (except the taxes and dues which shall be
borne by Bank of Beijing itself according to law) levied by the government or the agency which exercises the administrative function
and power and notarization fees (if any) shall be borne by the warrantor.

 

6.       Default
and Remedy Right

 

6.1 When any one or several circumstances
as follows occur, it shall constitute the warrantor’s default event:

 

(1) The warrantor fails (or clearly indicates
or indicates by behavior that it will not) completely and properly fulfill its commitments, warranties, obligations or liabilities
under this contract;

 

(2) Any major credit financing, guarantee,
compensation or other solvency liability of the warrantor cannot be fulfilled when due, or the business license of the warrantor’s
main business or major business is suspended or canceled, or the warrantor enters stoppage of business for rectification/ is taken
over, dissolves, announces to be bankrupt or enters other procedures;

 

(3) The warrantor’s financial or business
status has major bad changes, or the warrantor has bad credit records, or involves in a dispute or administrative punishment that
has major bad influence on its solvency or its fulfillment of this contract, or has other conditions that has serious bad influence
on Bank of Beijing’s creditor’s rights or guarantee rights and interests.

 

6.2 The principal debtor fails to fully repay
the debts under the master contract on schedule or has default events under the master contract, Bank of Beijing is entitled to
require the warrantor to fulfill warranty liability for the debts under the master contract within the scope of its guarantee.
When the warrantor has the default events under this contract, Bank of Beijing has the right to exercise the default remedy right
in accordance with the agreement hereof or/ and the provisions in laws, regulations and financial rules, including but not limited
to correcting default, calculating and collecting penalty interests by floating up 50% (if there is no contract interest rate,
by five-ten thousandths per day) from the contract interest rate applicable under the master contract, exercising guarantee rights
and interests and the right of detention according to law, announcing that all debts or some debts under the master contract are
immediately due, collecting by announcement, requiring compensation of loss and requiring repaying the expenses incurred by Bank
of Beijing in order to realize the creditor’s rights and guarantee rights and interests (including but not limited to litigation/
arbitration fees, appraisal/ authentication/ auction and other disposal fees, attorney’s fee, investigation and evidence
collection fee, travel expense and other reasonable expenses), etc.

     

     

    

 

6.3 In the event that the warrantor’s
debts hereunder shall be fulfilled upon expiration, Bank of Beijing is entitled to voluntarily deduct the expiring fund payable
by the warrantor from the account opened by the warrantor in the system of Bank of Beijing Co., Ltd. at any time and notify the
warrantor by a statement of account or other forms after deduction.

 

6.4 When the fund taken back by Bank of Beijing
through exercise of right is different from the currency of the creditor’s right, it shall liquidate the creditor’s
right of Bank of Beijing after conversion according to the exchange price of the currency of the creditor’s right sold out
by the bank as published by Bank of Beijing and the currency of the receivable purchased. The exchange rate loss and currency exchange
expense incurred therefrom shall be assumed by the warrantor. The warrantor is obligated to cooperate to handling the currency
exchange formality.

 

6.5 The fund taken back by Bank of Beijing
through exercise of right liquidates its creditor’s rights according to the following order: (1) the expenses for realizing
the creditor’s rights and guarantee rights and interests and other expenses which shall be assumed by the warrantor, (2)
damage compensation, indemnity and liquidated damages, (3) penalty interests, (4) interests, (5) capital, (6) other payables; but
Bank of Beijing may change the aforesaid liquidation order. In the event that the warrantor has several expiring funds repayable,
the repayment order determined by Bank of Beijing shall prevail.

 

6.6 In the event that one party suffers from
force majeure and this party provides the certificate issued by the competent agency within 5 working days after the force majeure
occurs, the corresponding liability for default of this party may be exempted according to law. But in order to avoid doubts, both
parties confirm that the warrantor may be exempted for the corresponding liability for default but still has the obligation to
fulfill the repayment liability within the scope of guarantee.

 

7.       Applicable
Law and Dispute Settlement

 

This contract is applicable to the laws and
regulations of the People’s Republic of China; all disputes under this contract and related to it shall be first settled
through friendly negotiation. If the negotiation fails to work, they shall be submitted to the people’s court in the place
where Bank of Beijing is located for settlement through litigation.

 

8.       Supplementary
Provisions

 

8.1 When the special agreements in paragraph
X hereof is inconsistent with the other terms and conditions of the text of this contract, the special agreements of this paragraph
shall prevail; the annexes listed in paragraph U hereof constitute an integral part of this contract; unless otherwise stipulated
in written form in the text or annex of this contract, the text of this contract shall prevail where there is inconsistency between
the annex and the text of this contract.

 

8.2 Notices or documents sent by any party
hereunder: (i) if they are submitted in person or through entrustment, the date on which the notified party or its receiving agent
signs up is the date of delivery; (ii) if they are posted by express or registered mail in the same city (including downtown or
suburb), the 3rd day after sending the mail is the date of delivery; (iii) if they are sent by other mailing forms,
the 7th day after sending is the date of delivery; when the date of delivery determined in accordance with the aforesaid
provisions is inconsistent with the date of actually receipt of the notified party or the formal signup date, the earliest date
shall prevail. Where either party changes its contact information, it shall notify the other party promptly in written form. Otherwise,
the other party still has the right to deem the contact information before change as valid.

     

     

    

 

8.3 Bank of Beijing may provide the information
related to this contract to the credit system and information library established with the approval of the government competent
department.

 

8.4 Unless otherwise stipulated herein, either
party has the confidentiality obligation for the business secrets belonging to the other party which it acquires in the conclusion
and fulfillment course of this contract and other nonpublic information which the other party clearly requires keeping confidential
before the aforesaid information loses confidentiality, shall not openly disclose and shall not disclose to any third party without
the other party’s written permission; however, if one party discloses in accordance with the provisions in laws and regulations
or the requirements of the competent organ or its listed exchange, or reasonably discloses to the auditor, financial counselor,
legal counselor or other intermediary agencies for the purpose of this contract (this party shall require the aforesaid agencies
and personage to assume the confidentiality obligation), it is not deemed as violation of the confidentiality obligation.

 

8.5 The validity of this contract is independent
from the master contract, other guarantee under the master contract and any contract/ agreement/ commitment, free from the impact
of the validity and operability of the aforesaid documents. When any term or content of this contract is revoked according to law
or affirmed as invalid, the validity of the other terms and contents will not be affected and they shall still be valid. In the
event that when one party breaches the contact, the other party does not exercise the corresponding remedy right, it shall not
be deemed as waiver of right or permission of breach of contract.

 

8.6 This contract is concluded by the warrantor
and Bank of Beijing on the date of concluding the contract in the place where Bank of Beijing is located and shall enter into force
after the legal representative/ person in charge/ authorized representative of both parties sign and affix the unit official seal
(or the special seal for contract recognized in the document with the official seal affixed). The original of this contract is
made in triplicate (if notarization and other formalities are required, the corresponding copies of original shall be signed) with
Bank of Beijing holding two copies and the warrant or holding one copy. Each original has the same force.

 

(No text below)

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