Document:

Exhibit 10.1

 

 

Commercial Banking

(CARM 190531 & CM 190711 / 190724)

  

CONFIDENTIAL

Treasure Success International Limited /

Jerash Garments and Fashions Manufacturing Company Limited

19/F Ford Glory Plaza

37-39 Wing Hong Street

Cheung Sha Wan

	Kowloon	12 August 2019

 

Attn: Mr. Samuel Choi

 

Dear Sir

 

BORROWER(S) 

 

	Treasure Success International Limited	[TSL]	[Customer No. 741-027148]
	 	 	 
	Jerash Garments and Fashions Manufacturing Company Limited	[JBL]	[Customer No. 741-023774]
	 	 	 

BANKING FACILITIES — facility
letter dated 19 June 2018, as amended or supplemented from time to time (the “Facility Letter”)

 

With reference to our recent discussions,
we confirm that the Facility Letter will be amended as set out below. Save as amended by this letter, the terms of the Facility
Letter and (if any) all related documents shall remain unchanged and continue in full force and effect. The Bank shall have an
unrestricted discretion to cancel, reduce or suspend, or determine whether or not to permit drawings in relations to, the facilities.
The facilities are subject to review at any time, and also subject to the Bank’s overriding right of repayment on demand
including the right to call for cash cover on demand for prospective and contingent liabilities.

 

Unless defined differently, a term defined
in the Facility Letter has the same meaning in this letter.

 

Amendments

 

The following changes shall be made to
the Facility Letter.

  

    	The Hongkong and Shanghai Banking Corporation Limited 
	 
	HSBC Main Building, 1 Queen’s Road Central, Hong Kong
	 
	Tel: (852) 2822 1111
	 
	Web: www.hsbc.com.hk	Page 1 of 9
	 	 
	Incorporated in the Hong Kong SAR with limited liability 
	 
	Registered at the Hong Kong Companies Registry No. 263876
	 

    
	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	12 August 2019
	 	 

    

 

		1.	The first opening paragraph starting with the words “With reference to our recent discussions” be deleted in its
entirety and replaced with the following:

 

With reference to our recent
discussions, we are pleased to confirm our agreement to renewing the following facilities. The facilities will be made available
subject to (a) the specific terms and conditions outlined herein; (b) the Bank’s Terms and Conditions for Facilities; and
(c) the general terms and conditions governing your account(s) with the Bank or (as the case may be) the relationship terms of
business. In case of any conflict, the terms of the Facility Letter shall prevail. Definitions contained in the Bank’s Terms
and Conditions for Facilities apply to the Facility Letter. The Bank shall have an unrestricted discretion to reduce, cancel or
suspend, or determine whether or not to permit drawings in relations to, the facilities. The facilities are subject to review at
any time, and also subject to the Bank’s overriding right of repayment on demand including the right to call for cash cover
on demand for prospective and contingent liabilities.

 

		2.	The second opening paragraph starting with the words “In the event of a renewal of the facilities next year” be
deleted in its entirety and replaced with the following:

 

In consideration of us continuing
to make the facilities available to you, we will charge each borrower an annual fee of HKD15,000.- and such amount shall be debited
automatically from TSL’s and JGL’s account in August each year after the date of the Facility Letter until the facilities
have been cancelled and all sums due or to become due from you under the Facility Letter have been fully paid to the Bank.

 

		3.	The following be inserted as the third opening paragraph:

 

Save as stated otherwise, the
terms of the Facility Letter shall continue to apply unless we send you a new, revised or supplemental facility letter.

 

		4.	The paragraph starting with the words “None of the Borrower(s), any of its subsidiaries” of the provision entitled
 “Representations and Warranties” under the section entitled “Schedule of Further Notes” be deleted in its
entirety and replaced with the following:

 

None of the Borrower(s), any
of its subsidiaries, any director or officer or any employee, agent, or affiliate of the Borrower or any of its subsidiaries is
an individual or entity (“Person”) that is, or is owned or controlled by Persons that are, (1) the subject of any sanctions
administered or enforced by the US Department of the Treasury’s Office of Foreign Assets Control, the US Department of State,
the United Nations Security Council, the European Union, Her Majesty’s Treasury, or the Hong Kong Monetary Authority (collectively,
 “Sanctions”), or (ii) located , organised or resident in a country or territory that is, or whose government is, the
subject of Sanctions, including, without limitation, the Crimea region, Cuba, Iran, North Korea and Syria.

 

		5.	The paragraph starting with the words “Sanctions: The Borrower(s) will not, directly or indirectly, use the proceeds”
of the provision entitled “Undertakings” under the section entitled “Schedule of Further Notes” be deleted
in its entirety and replaced with the following:

 

Sanctions: The Borrower(s) will
not, directly or indirectly, use the proceeds of the facilities set out in this letter, or lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other Person, (1) to fund any activities or business of or with any Person,
or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions or (ii)
in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the facilities,
whether as lender, underwriter, advisor, investor or otherwise).

 

    	 	Page 2 of 9

    
	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	12 August 2019
	 	 

    

 

	FACILITIES	 	New	 	Previously
	 	 	 	 	 
	Facilities available to TSL and JGL	 	 	 	 
	 	 	 	 	 
	Utilization of the facilities below may be made by, TSL and/or JGL.	 	 
	 	 	 	 	 
	Combined Limit for the following facilities within which the following sub-limits apply, provided that the aggregate amount outstanding of such facilities shall at no time exceed the stated combined limit:	 	USD11,000,000.-	 	USD8,000,000.-
	 	 	 	 	 
	(a)	Import Facilities	 	USD8,000,000.-	 	USD8,000,000.-
	 	(Usance period up to 120 days)	 	 	 	 
	 	 	 	 	 	 
	 	Within which	 	 	 	 
	 	(i)	Loan Against Import (“LAI”)	 	(USD8,000,000.-)	 	(USD8,000,000.-)
	 	 	(Maximum Tenor 120 days)	 	 	 	 
	 	 	 	 	 	 	 
	 	(ii)	Trust Receipts	 	(USD8,000,000.-)	 	(USD8,000,000.-)
	 	 	 	 	 	 	 
	 	Notwithstanding the foregoing, the Bank’s overriding right to demand repayment at any time shall not be affected.	 	 	 	 
	 	 	 	 	 	 
	(b)	Post-Shipment Buyer Loans	 	USD8,000,000.-	 	USD8,000,000.-
	 	(Maximum tenor 120 days)	 	 	 	 
	 	 	 	 	 	 
	 	Notwithstanding the foregoing, the Bank’s overriding right to demand repayment at any time shall not be affected.	 	 	 	 
	 	 	 	 	 	 
	(c)	Post-Shipment Seller Loans	 	USD3,000,000.-	 	NIL
	 	(Maximum tenor 90 days)	 	 	 	 
	 	 	 	 	 	 
	 	Notwithstanding the foregoing, the Bank’s overriding right to demand repayment at any time shall not be affected.	 	 	 	 
	 	 	 	 	 	 
	(d)	Advance to Manufacturer against Purchase Order	 	USD8,000,000.-	 	USD8,000,000.-
	 	(Maximum tenor 120 days)	 	 	 	 
	 	 	 	 	 	 
	 	Notwithstanding the foregoing, the Bank’s overriding right to demand repayment at any time shall not be affected.	 	 	 	 

 

    	 	Page 3 of 9

    
	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	12 August 2019
	 	 

    

 

SCHEDULE OF FACILITIES

 

POST-SHIPMENT
SELLER LOANS

 

DETAILS

 

		1.	Drawdown of Post-shipment Seller Loans is allowed upon presentation of [a] certified true copy(ies)
of [an] invoice(s) evidencing purchase of goods and valid transport documents evidencing shipment of goods related to the invoice(s)
stated.

 

		2.	The finance period of the Post-shipment Seller Loans is up to the maximum tenor as stipulated under
the heading “Facilities” and is calculated from the date of the transport documents evidencing shipment of goods. Loan
amounts will be repaid on the due date by debiting the Borrower(s)’s Current account. Notwithstanding the foregoing, the
Bank’s overriding right to demand repayment at any time shall not be affected.

 

		3.	Pre-shipment Loan outstanding due within 7 days to be repaid by Post-shipment Seller Loans.

 

COMMISSION / FEES

 

Commission in lieu of exchange (to be charged
if bills/loans are settled without foreign currency conversion with HSBC) will be charged as follows:

 

	— For the first USD50,000.- or its equivalent	0.25%
	— Balance in excess of USD50,000.- and up to USD100,000.- or its equivalent	0.125%
	— Balance in excess of USD100,000.- or its equivalent	0.0625%
	 	 

A handling commission of 0.25% of the bill
amount will be collected upon each drawdown of the Post-shipment Seller Loans.

 

PRICING

 

For drawings in HKD

 

Interest will be charged at Hong Kong Interbank
Offered Rate (HIBOR) + 1.5% p.a.

 

For drawings in USD/CHF/EUR/GBP/JPY

 

Interest will be charged at London Interbank
Offered Rate (LIBOR) + 1.5% p.a.

 

For details of benchmark interest rates,
please refer to the attached Appendix.

  

    	 	Page 4 of 9

    
	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	12 August 2019
	 	 

    

 

APPENDIX : DETAILS OF BENCHMARK RATES

 

	Benchmark	Applicable Currency	Definition of Benchmark
	 	 	 
	Hong Kong Interbank Offered Rate (HIBOR) * and 1	HKD	
        “HIBOR” means, in relation
        to any advance, the applicable Screen Rate at or around 11.00 am Hong Kong time on the proposed date of advance (or such other
        time or day if the market practice differs in the Hong Kong interbank market, as determined by the Bank), if any such rate is below
        zero, TIMOR will be deemed to be zero.

         

        “Screen Rate” means
        the Relevant Administrator’s Interest Settlement Rate for Hong Kong dollars and for the relevant period displayed on the
        appropriate page of the Reuters screen provided that (a) if in the Bank’s sole determination its funding cost is in excess
        of HIBOR, the Bank may specify the cost of funding any facility or financial arrangement; or (b) if the screen page is replaced,
        not available or such service ceases to be available, the Bank may specify another page or service displaying the appropriate rate.

         

        “Relevant Administrator”
        means the Hong Kong Association of Banks or any other person to whom the administrator function of the HIBOR fixing process is
        transferred from time to time.

         

	London Interbank Offered Rate (LIBOR) * and 1	
        CHF

        EUR

        GBP

        JPY

        USD
	
        “LIBOR” means, in relation
        to any advance, the applicable Screen Rate at or around 11:00 am London time two Business Days (or such other time or day as determined
        by the Bank if the market practice differs) before the proposed date of advance and, if any such rate is below zero, LIBOR will
        be deemed to be zero.

         

        “Business Day” means
        a day other than a Saturday or Sunday on which banks are open for general business in London.

         

        “Screen Rate” means
        the Relevant Administrator’s Interest Settlement Rate for the relevant currency and period displayed on the appropriate page
        of the Reuters screen provided that (a) if in the Bank’s sole determination its funding cost is in excess of LIBOR, the Bank
        may specify the cost of funding any facility or financial arrangement; or (b) if the screen page is replaced, not available or
        such service ceases to be available, the Bank may specify another page or service displaying the appropriate rate.

         

        “Relevant Administrator”
        means ICE Benchmark Administration Limited or any other person to whom the administrator function of the LIBOR fixing process is
        transferred from time to time.

         

	Note:	 	 

		1	Interpolated rates, which refers to rate calculated using linear interpolation method as recommended
by the International Swaps and Derivatives Association (ISDA) for a situation where there is no current quote available for below
maturities:-

		·	LIBOR: 2 weeks, 4 months, 5 months, 7 months, 8 months, 9 months, 10 months and 11 months

		·	HIBOR: 4 months, 5 months, 7 months, 8 months, 9 months, 10 months and 11 months

 

		*	For tenors where fixing is not published by the relevant administrator and the interpolated rate
does not apply, the benchmark rate shall be the rate as specified by the Bank in its sole discretion as its cost of funding the
relevant facility or financial arrangement.

 

    	 	Page 5 of 9

    
	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	12 August 2019
	 	 

    

 

Governing law

 

This letter shall be governed by and construed
in accordance with the laws of the Hong Kong Special Administrative Region. No one other than the Bank and the Borrower(s) will
have any right to enforce the terms of this letter.

 

Acceptance

 

Please arrange for the authorised signatories
of TSL and JGL, in accordance with the terms of the mandates given to the Bank, to sign and return the duplicate copy of this letter
with Appendix by 2 September 2019 to signify the Borrower(s)’s understanding and acceptance of the terms of this letter.

 

Yours faithfully

 

For and on behalf of

The Hongkong and Shanghai Banking Corporation
Limited

 

 

/s/ Chris Lam                                

Chris Lam

Senior Vice President

fx/naz

 

Encl

 

    	 	Page 6 of 9

    
	Treasure Success International Limited /	 
	Jerash Garments and Fashions Manufacturing Company Limited	12 August 2019
	 	 

    

 

Acceptance and Confirmation

 

We, Treasure Success International Limited
and Jerash Garments and Fashions Manufacturing Company Limited, confirm our acceptance of and agreement to all of the terms and
conditions set out above.

 

	
        For and on behalf of

        Treasure Success International Limited
	 	 	 
	 	 	 	 
	 	 	 	 
	Signature	/s/ Choi Lin Hung	 	Signature	/s/ Ng Tsze Lun	 
	 	 	 	 
	Name	Choi Lin Hung	 	Name	Ng Tsze Lun	 
	 	 	 	 
	Title	Director	 	Title	Director	 
	 	 	 	 
	Date	August 21, 2019	 	Date	August 21, 2019	 
	 	 	 	 
	 	 	 	 
	
        For and on behalf of

        Jerash Garments and Fashions Manufacturing Company Limited
	 
	 	 	 	 
	 	 	 	 
	Signature	/s/ Choi Lin Hung	 	Signature	/s/ Ng Tsze Lun	 
	 	 	 	 
	Name	Choi Lin Hung	 	Name	Ng Tsze Lun	 
	 	 	 	 
	Title	Director	 	Title	Authorized Person	 
	 	 	 	 
	Date	August 21, 2019	 	Date	August 21, 2019	 
	 	 	 	 	 	 	 	 

  

    	 	Page 7 of 9

     

    

 

INTEREST RATE BENCHMARKS DISCLOSURE

 

The following is provided for general
information only and you should conduct your own Independent research and analysis regarding the risks involved in conjunction
with your legal, tax and/or accountancy advisors. The statements below are not exhaustive, and HSBC is not in a position to express
a view on the likelihood of any particular event occurring nor is HSBC providing any advice or recommendation.

 

What are LIBOR & EURIBOR?

 

The London Interbank Offered Rate (“LIBOR”)
and the Euro Interbank Offered Rate (“EURIBOR’) are interest rate benchmarks often used to determine the interest payable
under banking products including loan and/or trade facilities.

 

What’s changing?

 

Widely used across the banking industry,
LIBOR and EURIBOR are subject to national and international regulatory guidance and reforms, and recent developments may cause
them to perform differently than they have in the past or to disappear entirely. For example:

 

		·	the UK financial regulatory authority which regulates the calculation of LIBOR has stated that
after 2021 it will no longer compel banks to submit rates used for the calculation of LIBOR and that firms should treat the discontinuation
of LIBOR as something that will happen

 

		·	financial regulatory authorities are encouraging the use of alternative risk-free rates (RFRs)
which have been developed as alternative interest rate benchmarks but are calculated in a different way to existing benchmark rates
such as LIBOR or EURIBOR

 

		·	the administrator of EURIBOR has announced that it intends to change the way in which it is
determined, although it remains a possibility that EURIBOR will cease to be published or continue to be published but its use in
products is restricted.

 

In such circumstances, a loan or trade
facility may have provisions to address the temporary unavailability of LIBOR and EURIBOR as interest rate benchmarks. However,
these provisions may not be appropriate or work on a permanent discontinuation of LIBOR or EURIBOR. This may create uncertainty
in the value and calculation of interest payments due under the relevant product.

 

Why are we sending this to you?

 

As you are considering using products
from us that use LIBOR or EURIBOR to calculate payments, we wanted to make you aware of the potential impact these changes and
the use of RFRs may have on such products in the future. This information may help you decide whether a different product is more
appropriate.

 

What’s the impact for you?

 

While the banking industry is developing
a more permanent solution, the current expectation is that impacted loans may need to be amended to refer to an alternative interest
rate benchmark. This may affect you in the following ways:

 

		·	RFRs would typically be a lower rate than LIBOR or EURIBOR as a result of the different way
RFRs are calculated. Therefore, if the most appropriate alternative benchmark for your facility is a RFR, an amount may need to
be added to the RFR to make it equivalent to LIBOR or EURIBOR (this additional amount is often referred to as an ‘adjustment
spread’).

 

		·	Notwithstanding the application of an ‘adjustment spread’ it is possible that use
of a RFR may result in changes to the amounts payable under the facility. Those amounts might be lower or higher than would have
been payable if LIBOR or EURIBOR had applied.

 

    	 	Page 8 of 9

     

    

 

		·	We also expect the way interest is calculated may change. This may include only being able to
determine interest payable at the end of an interest period. This could mean that you need to make operational changes, resulting
in potential additional administrative costs.

 

if you are using a derivative product
to hedge your facility with us or any other provider, the fallback interest rates that may apply may no longer match and could
result in the facility ceasing to be hedged appropriately by that product.

 

Where can I find further information?

 

We are unable to provide specific advice
or recommendations to you on this issue. However, given the current levels of uncertainty and the complexity of this issue, we
strongly recommend you seek guidance from your usual professional advisors if you have any questions.

 

Further information is available at:
www.dbm.hsbc.com/ibor

 

 

    	 	Page 9 of 9Exhibit 10.1

 

English Translation

 

EXCLUSIVE BUSINESS COOPERATION AGREEMENT

 

This Exclusive Business Cooperation Agreement
(this “Agreement”) is made and entered into by and between the following parties on February 22, 2019 in Fuzhou, the
People’s Republic of China (“China” or the “PRC”).

 

Party A: E-Home
Household Service Technology Co., Ltd.

Address:

Legal Representative: Wenshan Xie

 

Party B: Pingtan
Comprehensive Experimental Area E Home Service Co., Ltd.

Address:

Legal Representative: Wenshan Xie

 

Each of Party A and Party B shall be hereinafter
referred to as a “Party” respectively, and as the “Parties” collectively.

 

Whereas,

 

		1.	Party A is a wholly foreign owned enterprise established in China, and has the necessary resources
to provide technical and consulting services;

 

		2.	Party B is a company established in China with exclusively domestic capital. The businesses conducted
by Party B currently and any time during the term of this Agreement are collectively referred to as the “Principal Business”;

 

		3.	Party A is willing to provide Party B with technical support, consulting services and other services
on exclusive basis in relation to the Principal Business during the term of this Agreement, utilizing its advantages in technology,
human resource, and information, and Party B is willing to accept such services provided by Party A or Party A’s designee(s),
each on the terms set forth herein.

 

Now, therefore, through mutual discussion,
the Parties have reached the following agreements:

 

		1.	Services Provided by Party A

 

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

 

		(1)	Licensing Party B to use any intellectual property rights, including but not limited to patent,
trademark, domain name, legally owned by Party A;

 

		(2)	Technical support and training for employees of Party B;

 

		(3)	Assisting Party B in consultancy, collection and research of technology and market information
(excluding market research business that wholly foreign-owned enterprises are prohibited from conducting under PRC law);

 

		(4)	Providing business management consultation for Party B;

 

     

     

    

 

		(5)	Providing marketing and promotion services for Party B;

 

		(6)	Providing customer order management and customer services for Party B;

 

		(7)	Leasing of equipment or properties; and

 

		(8)	Other services requested by Party B from time to time to the extent permitted under PRC law.

 

		1.2	Party B agrees to accept all the services provided by Party A. Party B further agrees that unless
with Party A’s prior written consent, during the term of this Agreement, Party B shall not directly or indirectly accept
the same or any similar services provided by any third party and shall not establish similar corporation relationship with any
third party regarding the matters contemplated by this Agreement. Party A may appoint other parties, who may enter into certain
agreements described in Section 1.3 with Party B, to provide Party B with services under this Agreement.

 

		1.3	Service Providing Methodology

 

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

 

		1.3.2	To fulfill this Agreement, Party A and Party B agree that during the term of this Agreement, where
necessary, Party B may enter into equipment or property leases with Party A or any other party designated by Party A which shall
permit Party B to use Party A’s relevant equipment or property based on the needs of the business of Party B.

 

		1.3.3	Party B hereby grants to Party A an irrevocable and exclusive option to purchase from Party B,
at Party A’s sole discretion, any or all of the assets and business of Party B, to the extent permitted under PRC law, at
the lowest purchase price permitted by PRC law. The Parties shall then enter into a separate assets or business transfer agreement,
specifying the terms and conditions of the transfer of the assets.

 

		2.	The Calculation and Payment of the Service Fees

 

		2.1	The fees payable by Party B to Party A during the term of this Agreement shall be calculated as
follows:

 

		2.1.1	Party B shall pay service fee to Party A in each month. The service fee each month shall consist
of management fee and fee for services provided, which shall be determined by the Parties through negotiation after considering:

 

		(1)	Complexity and difficulty of the services provided by Party A;

 

		(2)	Time consumed by employees of Party A providing the services;

 

		(3)	Contents and value of the services provided by Party A;

 

		(4)	Market price of the same type of services;

 

		(5)	Operation conditions of Party B.

 

    2 

     

    

 

		2.2	If Party A transfers technology to Party B or develops software or other technology as entrusted
by Party B or leases equipment or properties to Party B, the technology transfer price, development fees or rent shall be determined
by the Parties based on the actual situations.

 

		3.	Intellectual Property Rights and Confidentiality Clauses

 

		3.1	Party A shall have exclusive and proprietary ownership, rights and interests in any and all intellectual
properties arising out of or created during the performance of this Agreement, including but not limited to copyrights, patents,
patent applications, software, technical secrets, trade secrets and others. Party B shall execute all appropriate documents, take
all appropriate actions, submit all filings and/or applications, render all appropriate assistance and otherwise conduct whatever
is necessary as deemed by Party A at its sole discretion for the purpose of vesting any ownership, right or interest of any such
intellectual property rights in Party A, and/or perfecting the protections for any such intellectual property rights in Party A.

 

		3.2	The Parties acknowledge that the existence and the terms of this Agreement and any oral or written
information exchanged between the Parties in connection with the preparation and performance of this Agreement are regarded as
confidential information. Each Party shall maintain confidentiality of all such confidential information, and without obtaining
the written consent of the other Party, it shall not disclose any relevant confidential information to any third party, except
for the information that: (a) is or will be in the public domain (other than through the receiving Party’s unauthorized disclosure);
(b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders
of the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors
shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information
by the shareholders, directors, employees of or agencies engaged by any Party shall be deemed disclosure of such confidential information
by such Party and such Party shall be held liable for breach of this Agreement.

 

		4.	Representations and Warranties

 

		4.1	Party A hereby represents, warrants and covenants as follows:

 

		4.1.1	Party A is a wholly foreign owned enterprise legally established and validly existing in accordance
with the laws of China; Party A or the service providers designated by Party A will obtain all government permits and licenses
for providing the service under this Agreement before providing such services.

 

		4.1.2	Party A has taken all necessary corporate actions, obtained all necessary authorizations as well
as all consents and approvals from third parties and government agencies (if required) for the execution, delivery and performance
of this Agreement. Party A’s execution, delivery and performance of this Agreement do not violate any explicit requirements
under any law or regulation.

 

		4.1.3	This Agreement constitutes Party A’s legal, valid and binding obligations, enforceable against
it in accordance with its terms.

 

    3 

     

    

 

		4.2	Party B hereby represents, warrants and covenants as follows:

 

		4.2.1	Party B is a company legally established and validly existing in accordance with the laws of China
and has obtained and will maintain all permits and licenses for engaging in the Principal Business in a timely manner.

 

		4.2.2	Party B has taken all necessary corporate actions, obtained all necessary authorizations as well
as all consents and approvals from third parties and government agencies (if required) for the execution, delivery and performance
of this Agreement. Party B’s execution, delivery and performance of this Agreement do not violate any explicit requirements
under any law or regulation.

 

		4.2.3	This Agreement constitutes Party B’s legal, valid and binding obligations, enforceable against
it in accordance with its terms.

 

		5.	Term of Agreement

 

		5.1	This Agreement shall become effective upon execution by the Parties. Unless terminated in accordance
with the provisions of this Agreement or terminated in writing by Party A, this Agreement shall remain effective.

 

		5.2	During the term of this Agreement, each Party shall renew its operation term prior to the expiration
thereof so as to enable this Agreement to remain effective. This Agreement shall be terminated upon the expiration of the operation
term of a Party if the application for renewal of its operation term is not approved by relevant government authorities.

 

		5.3	The rights and obligations of the Parties under Sections 3, 6, 7 and this Section 5.3 shall survive
the termination of this Agreement.

 

		6.	Governing Law and Resolution of Disputes

 

		6.1	The execution, effectiveness, construction, performance, amendment and termination of this Agreement
and the resolution of disputes hereunder shall be governed by the laws of China.

 

		6.2	In the event of any dispute with respect to the construction and performance of this Agreement,
the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement
on the dispute within 30 days after either Party’s request to the other Party for resolution of the dispute through negotiations,
either Party may submit the relevant dispute to Fuzhou Arbitration Commission for arbitration, in accordance with its arbitration
rules. The arbitration shall be conducted in Fuzhou. The arbitration award shall be final and binding on both Parties.

 

		6.3	Upon the occurrence of any disputes arising from the construction and performance of this Agreement
or during the pending arbitration of any dispute, except for the matters under dispute, the Parties shall continue to exercise
their respective rights under this Agreement and perform their respective obligations under this Agreement.

 

    4 

     

    

 

		7.	Breach of Agreement and Indemnification

 

		7.1	If Party B conducts any material breach of any term of this Agreement, Party A shall have right
to terminate this Agreement and/or require Party B to indemnify all damages. This Section 7.1 shall not prejudice any other rights
of Party A herein.

 

		7.2	Unless otherwise required by applicable laws, Party B shall not have any right to terminate this
Agreement in any event.

 

		7.3	Party B shall indemnify and hold harmless Party A from any losses, injuries, obligations or expenses
caused by any lawsuit, claims or other demands against Party A arising from or caused by the services provided by Party A to Party
B pursuant this Agreement, except where such losses, injuries, obligations or expenses arise from the gross negligence or willful
misconduct of Party A.

 

		8.	Force Majeure

 

		8.1	In the case of any force majeure events (“Force Majeure”) such as earthquake, typhoon,
flood, fire, flu, war, strikes or any other events that cannot be predicted and are unpreventable and unavoidable by the affected
Party, which directly or indirectly causes the failure of either Party to perform or completely perform this Agreement, then the
Party affected by such Force Majeure shall give the other Party written notices without any delay, and shall provide details of
such event within 15 days after sending out such notice, explaining the reasons for such failure of, partial or delay of performance.

 

		8.2	If such Party claiming Force Majeure fails to notify the other Party and furnish it with proof
pursuant to the above provision, such Party shall not be excused from the non-performance of its obligations hereunder. The Party
so affected by the event of Force Majeure shall use reasonable efforts to minimize the consequences of such Force Majeure and to
promptly resume performance hereunder whenever the causes of such excuse are cured. Should the Party so affected by the event of
Force Majeure fail to resume performance hereunder when the causes of such excuse are cured, such Party shall be liable to the
other Party.

 

		8.3	In the event of Force Majeure, the Parties shall immediately consult with each other to find an
equitable solution and shall use all reasonable endeavours to minimize the consequences of such Force Majeure.

 

		9.	Notices

 

		9.1	All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:

 

		9.1.1	Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of receipt or refusal at the address specified for notices.

 

		9.1.2	Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission).

 

    5 

     

    

 

		9.2	For the purpose of notices, the addresses of the Parties are as follows:

 

Party A:

Address:

Attn:

Phone:

Facsimile:

 

Party B:

Address:

Attn:

Phone:

Facsimile:

 

		9.3	Any Party may at any time change its address for notices by a notice delivered to the other Party
in accordance with the terms hereof.

 

		10.	Assignment

 

		10.1	Without Party A’s prior written consent, Party B shall not assign its rights and obligations
under this Agreement to any third party.

 

		10.2	Party B agrees that Party A may assign its obligations and rights under this Agreement to any third
party and in case of such assignment, Party A is only required to give written notice to Party B and does not need any consent
from Party B for such assignment.

 

		11.	Severability 

 

In the event that one or several
of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws
or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or
compromised in any aspect. The Parties shall negotiate in good faith to replace invalid, illegal or unenforceable provisions with
effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic
effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable
provisions.

 

		12.	Amendments and Supplements

 

Any amendments and supplements
to this Agreement shall be in writing. The amendment agreements and supplementary agreements that have been signed by the Parties
and relate to this Agreement shall be an integral part of this Agreement and shall have the same legal validity as this Agreement.

 

		13.	Language and Counterparts

 

This Agreement is written in
Chinese in two copies, each Party having one copy. Each copy shall have equal legal validity.

 

    6 

     

    

 

IN WITNESS WHEREOF, the Parties have caused
their authorized representatives to execute this Exclusive Business Cooperation Agreement ad of the date first above written.

 

	Party A: E-Home Household Service Technology Co., Ltd.
	 	 	 
	By:	 	 
	Name: 	Wenshan Xie	 
	Title:	Legal Representative	 
	 	 	 
	Party B: Pingtan Comprehensive Experimental Area E Home Service Co., Ltd.
	 	 	 
	By:	 	 
	Name: 	Wenshan Xie	 
	Title: 	Legal Representative	 

 

 

7

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