Document:

Exhibit 10.12

 

Termination
Agreement

 

This agreement was signed by the following parties in
Pudong New District, Shanghai, China, on May 1st, 2019:

 

Party A: The9 Computer Technology Consulting (Shanghai)
Co., Ltd. (hereinafter referred to as the "Party A")

 

Party B: Hui Ling Computer Technology Consulting
(Shanghai) Co., Ltd. (hereinafter referred to as the “Party B”)

 

Party C: Wei Ji, ID number: *

 

Zhimin Lin, ID number: * (together with
Wei Ji are referred as the "Borrowers")

 

Party D: Shanghai The9 Information Technology
Co., Ltd. (hereinafter referred to as the “Company")

  

In this agreement, Party A, Party B, Party C and Party
D are collectively referred to as the “Parties”.

 

PREAMBLE

 

  WHEREAS:

  

		1.	Party A has entered into a “Loan Agreement” (hereinafter referred to as the “Loan Agreement”) with
the Borrowers. According to that agreement, Party A had provided the Borrowers with a loan amounting to RMB23,000,000 (twenty-three
million).

 

		2.	Party A and the Borrowers have entered into an Exclusive Call Option Agreement (hereinafter referred to as the “Call
Option Agreement”), under which the Borrowers shall, subject to the conditions permitted by Chinese law, upon the request
of Party A, transfer all or part of their equity shares held in the Company to Party A and/or any other entity or individual designated
by it.

 

		3.	Party A has entered into a “Shareholder Voting Proxy Agreement” (hereinafter referred to as “Proxy Agreement”)
with the Borrowers and the Company. According to that agreement, the Borrowers irrevocably entrust Party A to act on behalf of
the Borrowers to exercise their voting rights in respect to all shares held in the Company.

 

		4.	Party A and the Borrowers, each respectively, signed the “Equity Pledge Agreement” (hereinafter referred to as
the “Pledge Agreement”) regarding the Company, according to which the Borrowers pledged 100% of their respective shares
held in the Company to Party A as a guarantee for fulfilling contractual obligations under the Loan Agreement, the Call Option
Agreement and the Proxy Agreement, and granted Party A with the first priority pledge right.

 

    	 	 

     

    

 

The Parties hereby agree to terminate the Loan Agreement,
the Call Option Agreement, the Proxy Agreement and the Pledge Agreement (hereinafter collectively referred to as the “Original
Agreements”).

 

Therefore, based on the mutual agreement, representations,
guarantees and consents contained in this Agreement, the Parties agree as follows:

  

		1.	The Parties hereby irrevocably agree and confirm that the Original Agreements will be terminated from the date of signing of
this agreement and will no longer be legally binding on the Parties. From the date of signing this Agreement, the Parties no longer
enjoy rights under the Original Agreement and no longer need to fulfill obligations under the Original Agreement. The Parties further
confirm that Parties shall not file any claims for past and future losses resulting from the termination of the Original Agreement,
and all previous obligations shall be deemed to have been fully performed by the Parties. All previous transactions under the Original
Agreements such as the amount of loan transferred shall be deemed as effected under newly signed agreements with Party B and
the Borrowers or treated in the agreed accounting method by the Parties out of tax or other considerations”. 

 

		2.	Party B and the Borrowers agree to enter into new “Equity Pledge Agreement”, “Loan Agreement”, “Exclusive
Call Option Agreement” and “Shareholder Voting Proxy Agreement” and pledge 100% of shares held by the Borrowers
in the Company to Party B as a guarantee of the Borrowers to perform contractual obligations under newly signed "Loan Agreement",
 "Exclusive Call Option Agreement" and "Shareholder Voting Proxy Agreement".

 

		3.	Each Party hereby severally makes the following representations and warranties to the other Parties: signing and performance
of all obligations and transactions under this agreement have or will be fully authorized; such party has full civil capacity and
civil rights to sign this agreement and fulfill its obligations under this agreement. This agreement is legally binding on the
party once it is signed. The signing and performance of this agreement do not violate or conflict with any of the terms of the
Company's articles of association or other organizational documents; Party has obtained all third-party consents or authorizations,
government approvals, permits or made filing (if necessary) to conduct transactions under this agreement. Any material agreement
or contract between the party and any other entity will not be terminated as a result of signing or performance of this agreement
and will not be materially affected by this agreement.

 

		4.	Any dispute arising under this agreement and related to this agreement shall be settled through negotiation between the Parties.
If the Parties are unable to reach an agreement within thirty (30) days after dispute arises, dispute shall be submitted to Shanghai
International Arbitration Center according to its rules, arbitration proceeding shall be conducted in Shanghai. The result of the
arbitration is final and binding on all Parties.

 

		5.	Each provision contained herein shall be severable and independent from other provisions, and if at any time any one or more
articles herein become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions
herein shall not be affected as a result thereof.

 

    	 	 

     

    

 

		6.	This agreement shall become effective upon signature and stamp by the Parties.

 

		7.	This agreement is made in Chinese language, in six (6) copies, each of which has the same legal effect. Each version is considered
to be the original and each version constitutes the same document.

 

(Remainder of page intentionally
left blank.)

 

    	 	 

     

    

 

It is hereby acknowledged that the Parties to this agreement
have signed this agreement for their respective benefit on the date set out on the first page of this Agreement.

 

Party A: The9 Computer Technology Consulting (Shanghai)
Co., Ltd. (seal)

 

	sign: 	/s/ Authorized Signatory	 

 

Party B: Hui Ling Computer Technology Consulting (Shanghai)
Co., Ltd. (seal)

 

	sign:	/s/ Authorized Signatory	 

 

Party C:

 

 Wei Ji

 

	sign:	/s/ Wei Ji	 

 

 Zhimin Lin

 

	sign:	/s/
    Zhimin Lin	 

 

Party D: Shanghai The9 Information Technology Co., Ltd.
(seal)

 

	sign: 	/s/ Authorized SignatoryExhibit 10.13

 

Exclusive Technical Service Agreement

 

This agreement is entered into in Pudong
New District of Shanghai PRC as of May 1, 2019 by and between the following two Parties:

 

Shanghai The9 Information Technology
Co., Ltd., (hereinafter “Party A”), with its registered address: Room 201, Building 3, 690 Bibo Road, Zhangjiang
Hi-Tech Park, Shanghai, legal representative: Wei Ji; and;

 

Hui Ling Computer Technology
Consulting (Shanghai) Co., Ltd., (hereinafter “Party B”. Party A and Party B are referred separately as
a "Party" and collectively as "Parties"), with its registered address: Block 8, Chuansha Road
1098, Pudong New District, Shanghai, legal representative: Wei Ji.

 

WHEREAS:

 

		(1)	Party A is a company mainly providing electronic commercial technology, developing eight technologies
services in the field of biochemistry and related business activities, internet information services and internet sales of gaming
products.;

 

		(2)	Party B is a company mainly engaged in the development of computer and internet technology and
provision of related technical support and services.

 

		(3)	Party A wishes to engage Party B to provide related services to it, and Party B agrees to provide
Party A with necessary technical support and assistance.

 

The Parties hereby have reached the following
agreement upon mutual friendly consultations:

 

Article 1 - Definition

 

		1.1	Except as otherwise construed in the terms or context hereof, the following terms in this Agreement
shall be interpreted to have the following meanings:

 

“Party A’s Business”
shall mean any businesses engaged in and developed by Party A currently and at any time during the valid term hereof, including
but not limited to:

 

		(1)	internet information services;

		(2)	network game operations;

		(3)	other related services.

 

    	 	1

     

    

 

“Services” shall mean
the services to be provided by Party B exclusively to Party A, which are related to Party A’s Business, with a technical
platform combining software and hardware as well as relevant technical support and maintenance services, including but not limited
to:

 

		(1)	provision of system solutions for internet websites operations;

		(2)	provision of the rights to use computer and network hardware equipment necessary for Party A’s
Business;

		(3)	daily management, maintenance and upgrading of the network sever and databases;

		(4)	development, maintenance and upgrading of the related applied software; and

		(5)	other related technical and consultancy services in relation to or required by Party A’s
Business.

 

“Monthly Business Plan”
shall mean the development plan and budget report for Party A’s Business in the next month which is prepared by Party A with
the assistance of Party B pursuant to this Agreement.

 

“Service Fee”
shall mean all fees to be paid by Party A to Party B pursuant to Article 3 of this Agreement in respect of the Services provided
by Party B.

 

“Equipment” shall mean
any and all equipment owned by Party B or purchased by Party B from time to time, which are to be provided to Party B for its use
for the purpose of provision of the Services.

 

“Business Income” shall
mean the aggregate of all main business incomes and other business incomes as confirmed by Party A in the process of its business
operations (before the deduction of related costs, fees and taxes), including but not limited to (i) income from game services;
(ii) internet content placement income; and (iii) any other income.

 

		1.2	The references to any laws and regulations (hereinafter the “Law”) herein shall
be deemed (1) to include the references to the amendments, changes, supplements and reenactments of such Law, irrespective of whether
they take effect before or after the formation of this Agreement; and (2) to include the references to other decisions, notices
or regulations enacted in accordance therewith or effective as a result thereof.

 

    	 	2

     

    

 

		1.3	Except as otherwise stated in the context herein, all references to an Article, clause, item or
paragraph shall refer to the relevant part of this Agreement.

 

Article
2 – Services

 

		2.1	Party B shall provide the Services to Party A pursuant to this Agreement, and Party A shall accept
the Services provided by Party B and shall endeavor to cooperate with Party B in applicable provision of the Services.

 

		2.2	Party B shall procure various equipment reasonably necessary for the provision of the Services
and shall purchase and procure new equipment in accordance with Party A’s Annual Business Plan, as to meet with the demand
for its provision of quality Services.

 

		2.3	Party A shall discuss and decide with Party B prior to the last calendar day of each month the
Monthly Business Plan of Party A for the next month, in order for Party B to make appropriate arrangement for its Services plan
and purchase necessary equipment. In case that Party A need Party B to purchase new equipment in interim, Party A shall discuss
the same with Party B fifteen (15) days in advance and obtain Party B’s consent thereto.

 

		2.4	The Services provided by Party B hereunder shall be of an exclusive nature. During the valid term
hereof, without Party B’s prior written consent, Party A shall not enter into any agreement with any other third party as
to engage such third party to provide to Party A services identical or similar to the Services provided by Party B.

 

Article
3 – Service Fee

 

		3.1	In respect of the Services to be provided by Party B pursuant to Article 2 hereof, Party A agrees
to pay to Party B pursuant to 3.2 hereof the Service Fee as follows:

 

90%
of profits after deduction of validated costs by the Parties

 

    	 	3

     

    

 

		3.2	Party A shall pay the Service Fee to Party B on a monthly basis. Prior to the last calendar day
of each month Party A shall pay to Party B the performance fee set out in 3.1.; after the end of each of Party A’s accounting
month, Party A and Party B shall, on the basis of mutually accepted income amount calculation by the Parties, carry out the overall
examination and verification on the Service Fee actually payable by Party A, and shall make corresponding payment adjustment within
thirty (30) days of the commencement of the next accounting month.

 

		3.3	Party A shall, according to the provisions of this Article, pay all Service Fees in a timely manner
into the bank account designated by Party B. In case that Party B is to change its bank account, it shall notify Party A in writing
of such change seven (7) working days in advance.

 

		3.4	Upon expiration or termination of this Agreement, Party A shall, within thirty (30) days of the
date of the expiration or termination of this Agreement, pay all the remaining part of the Service Fee to Party B.

 

		3.5	Party A shall, according to the provisions of Article 3 hereof, provide Party B with the true information
concerning its business income, and shall pay the full amount of the Service Fee to Party B in a timely manner; at the request
of Party B, Party A shall permit Party B to review and examine its financial records, as to verify the amount of its business income.

 

Article
4 – Work Product, Intellectual Property and Know-how

 

		4.1	Both Parties acknowledge that all work products, intellectual property and know-how involved or
generated in the process of Party B’s provision of the Services shall belong to Party B, but excluding the followings:

 

		(1)	intellectual property legally owned by any third party, which Party A or Party B has obtained legally
the right to use through license or otherwise;

		(2)	customer information obtained during the process of Party A’s Business; such customer information
shall belong to Party A and Party B jointly; and

		(3)	issues agreed otherwise between the Parties in writing.

 

    	 	4

     

    

 

Article 5 –Representations and
Warranties

 

		5.1	Party A represents and warrants hereby as follows:

 

		5.1.1	it is a company of limited liabilities duly registered and validly existing under the laws where
it is incorporated with independent legal person qualification, with full and independent legal status and legal capacity to execute,
deliver and perform this Agreement, and may act independently as a subject of actions.

 

		5.1.2	it has full power and authorization to execute and deliver this Agreement and all the other documents
to be entered into by it in relation to the transaction referred to herein, and it has the full power and authorization to complete
the transaction referred to herein. This Agreement shall be executed and delivered by it legally and properly. This Agreement constitutes
the legal and binding obligations on it and is enforceable on it in accordance with the terms and conditions.

 

		5.1.3	it has obtained complete business permits as necessary for its operations upon the time when the
Agreement takes effect, and it has sufficient rights and qualifications to operate within PRC the businesses of internet information
services, electronic announcement services, short message services, operations of network games and other Party A’s Business
it is currently engaged in.

 

		5.2	Party B represents and warrants hereby as follows:

 

		5.2.1	it is a company of limited liabilities duly registered and validly existing under the laws where
it is incorporated with independent legal person qualification, with full and independent legal status and legal capacity to execute,
deliver and perform this Agreement, and may act independently as a subject of actions.

 

		5.2.2	it has full corporate power and authorization to execute and deliver this Agreement and all the
other documents to be entered into by it in relation to the transaction referred to herein, and it has the full power and authorization
to complete the transaction referred to herein. This Agreement shall be executed and delivered by it legally and properly. This
Agreement constitutes the legal and binding obligations on it and is enforceable on it in accordance with the terms and conditions.

 

    	 	5

     

    

 

Article 6 – Special Undertakings
by Party A

 

Party A hereby undertakes as follows:

 

		6.1	it must take all necessary measures during the term of this Agreement to obtain promptly all the
business permits requisite under the then applicable Law and necessary for the purpose of Party A’s Business operation, and
to keep all the business permits to remain in effect at any time.

 

		6.2	It must make all its efforts during the term of this Agreement to develop Party A’s Business,
as to maximize the profits.

 

		6.3	Party A must respect Party B’s work product and intellectual property, and shall take all
necessary or practical measures to protect Party B’s work product and intellectual property during the term of this Agreement.

 

Article 7 - Indemnification

 

Party A agrees that it shall indemnify
and keep Party B harmless from any and all losses Party B suffers or may suffer as the result of the execution and performance
hereof and of Party A’s Business, including but not limited to any loss arising from any litigation, repayment pursuit, arbitration,
claims lodged by any third party or administration investigations and/or penalties by government authorities against it in relation
to Party A’s Business; provided that losses due to Party B’s willful or gross fault shall be excluded from such indemnification.

 

    	 	6

     

    

 

Article 8 - Confidentiality

 

		8.1	Notwithstanding the termination of this Agreement, Party A shall be obliged to keep in confidence
the execution, performance and the contents of this Agreement; the commercial secret, proprietary information and customer information
in relation to Party B known to or received by it as the result of execution and performance of this Agreement; and the customer
information and other non-public information jointly owned by it with Party B (hereinafter collectively the “Confidential
Information”). Party A may use such Confidential Information only for the purpose of performing its obligations under
this Agreement. Party A shall not disclose the above Confidential Information to any third parties without the written consent
from Party B, or Party A shall bear the default liability and indemnify the losses.

 

		8.2	Upon termination of this Agreement, Party A shall, upon demand by Party B, return, destroy or otherwise
dispose of all the documents, materials or software containing the Confidential Information and suspend using such Confidential
Information.

 

		8.3	Notwithstanding any other provisions herein, the validity of this Article shall not be affected
by the suspension or termination of this Agreement.

 

Article
9 – Force Majeure

 

In the event of earthquake, typhoon, flood,
fire, war, computer virus, loophole in the design of tooling software, computer system or internet encountering a hacker, invasion
or disastrous spreading of computer virus, affection by the technical adjustment of telecommunication departments, temporary close-down
of websites due to government supervision, or change of policies or laws, and other unforeseeable or unpreventable or unavoidable
event of force majeure, which directly prevents a Party from performing this Agreement or performing the same on the agreed condition,
the Party encountering such a force majeure event shall forthwith issue a notice by a facsimile and, within thirty (30) days, present
the documents proving the details of such force majeure event and the reasons for which this Agreement is unable to be performed
or is required to be postponed in its performance, and such proving documents shall be issued by the notarial office of the area
where such force majeure event takes place. The Parties shall consult each other and decide whether this Agreement shall be waived
in part or postponed in its performance with regard to the extent of impact of such force majeure event on the performance of this
Agreement. No Party shall be liable to compensate for the economic losses incurred to the other Party by the force majeure event.

 

    	 	7

     

    

 

Article
10 – Term of Agreement

 

		10.1	This Agreement shall take effect as of the date of formal execution by the Parties, and shall remain
in force with no express expiration unless as terminated early in writing by the Parties.

 

Article
11 - Notice

 

		11.1	Any notice, request, demand and other correspondences made as required by or in accordance with
this Agreement shall be made in writing and delivered to the relevant Party.

 

		11.2	The abovementioned notice or other correspondences shall be deemed to have been delivered when
it is transmitted if transmitted by facsimile or telex; it shall be deemed to have been delivered when it is delivered if delivered
in person; it shall be deemed to have been delivered five (5) days after posting the same if posted by mail.

 

Article
12 – Default Liability

 

		12.1	The Parties agree and confirm that, if any Party (hereinafter the “Defaulting Party”)
breaches substantially any of the agreements made under this Agreement, or fails substantially to perform any of the obligations
under this Agreement, such a breach shall constitute a default under this Agreement (hereinafter a “Default”),
then the non-defaulting Party (hereinafter the “Non-defaulting Party”) shall have the right to require the Defaulting
Party to rectify such Default or take remedial measures within a reasonable period. If the Defaulting Party fails to rectify such
Default or take remedial measures within such reasonable period or within ten (10) days of the other Party notifying the Defaulting
Party in writing and requiring it to rectify the Default, then (1) in case of Party A being the Defaulting Party, Party B shall
have the right to terminate this Agreement and require the Defaulting Party to indemnify it for the damage; (2) in case of Party
B being the Defaulting Party, the Non-defaulting Party shall have the right to terminate this Agreement and require the Defaulting
Party to indemnify it for the damage, and under no circumstances shall the Non-defaulting Party have the right to terminate or
dissolve this Agreement or the authorization under this Agreement.

 

    	 	8

     

    

 

		12.2	Notwithstanding any other provisions herein, the validity of this Article shall stand disregarding
the suspension or termination of this Agreement.

 

Article
13 - Miscellaneous

 

		13.1	This Agreement shall be prepared in the Chinese language in two (2) original copies, with each
involved Party holding one (1) copy hereof.

 

		13.2	The formation, validity, execution, amendment, interpretation and termination of this Agreement
shall be subject to the PRC Laws.

 

		13.3	Any disputes arising hereunder and in connection herewith shall be settled through consultations
between the Parties, and if the Parties cannot reach an agreement regarding such disputes within thirty (30) days of their occurrence,
such disputes shall be submitted to China International Economic and Trade Arbitration Commission Shanghai Branch for arbitration
in Shanghai in accordance with the arbitration rules of such Commission, and the arbitration award shall be final and binding on
the Parties.

 

		13.4	Any rights, powers and remedies empowered to any Party by any provisions herein shall not preclude
any other rights, powers and remedies entitled by such Party in accordance with laws and other provisions under this Agreement,
and the exercise of its rights, powers and remedies by a Party shall not preclude its exercise of its other rights, powers and
remedies by such Party.

 

		13.5	Any failure or delay by a Party in exercising any of its rights, powers and remedies hereunder
or in accordance with laws (hereinafter the “Party’s Rights”) shall not lead to a waiver of such rights,
and the waiver of any single or partial exercise of the Party’s Rights shall not preclude such Party from exercising such
rights in any other way and exercising the remaining part of the Party’s Rights.

 

		13.6	The titles of the Articles contained herein shall be for reference only, and in no circumstances
shall such titles be used in or affect the interpretation of the provisions hereof.

 

    	 	9

     

    

 

		13.7	Each provision contained herein shall be severable and independent from each of other provisions,
and if at any time any one or more articles herein become invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions herein shall not be affected as a result thereof.

 

		13.8	Any amendments or supplements to this Agreement shall be made in writing and shall take effect
only when properly signed by the Parties to this Agreement.

 

		13.9	No Party shall assign any of its rights and/or obligations hereunder to any third parties without
the prior written consent from the other Party.

 

		13.10	This Agreement shall be binding on the legal successors of the Parties.

 

    	 	10

     

    

 

IN WITNESS HEREOF, the Parties have
caused this Agreement to be executed as of the date and in the place first here above mentioned.

 

Shanghai
The9 Information Technology Co., Ltd.

 

	Signed by:	/s/ Wei Ji	 
	Name:	Wei Ji	 

 

Hui Ling
Computer Technology Consulting (Shanghai) Co., Ltd.

 

	Signed by:	/s/ Wei Ji	 
	Name:	Wei Ji	 

 

    	 	11

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