Document:

EX-10.10

 Exhibit 10.10 
  

 
 Equity Joint Venture Contract

 for 
 M3C Co.,
Ltd. 
 between 
 Qingdao
Microelectronics Innovation Center Co., Ltd. 
 and 

mCube Hong Kong Limited 

October 26, 2018 

 Table of Contents 

 

							
	Article	 	 	  	Page	 
	 1
	 	Interpretation	  	 	4	 
			
	 2
	 	Parties	  	 	8	 
			
	 3
	 	Representations and Warranties	  	 	8	 
			
	 4
	 	Establishment	  	 	9	 
			
	 5
	 	Purpose and Business Scope	  	 	10	 
			
	 6
	 	Total Investment and Registered Capital	  	 	10	 
			
	 7
	 	Transfer of Equity Interest	  	 	13	 
			
	 8
	 	Withdrawal of QMICC	  	 	15	 
			
	 9
	 	Responsibilities of the Parties	  	 	16	 
			
	 10
	 	Board	  	 	18	 
			
	 11
	 	Supervisors	  	 	23	 
			
	 12
	 	Operation and Management	  	 	24	 
			
	 13
	 	Accounting and Finance Management	  	 	25	 
			
	 14
	 	Taxes and Profit Distribution	  	 	27	 
			
	 15
	 	Foreign Exchange	  	 	27	 
			
	 16
	 	Intellectual Property	  	 	28	 
			
	 17
	 	Non-competition	  	 	28	 
			
	 18
	 	Confidentiality	  	 	29	 
			
	 19
	 	Joint Venture Term	  	 	30	 
			
	 20
	 	Termination	  	 	30	 
			
	 21
	 	Liquidation	  	 	32	 
			
	 22
	 	Breach of Contract	  	 	32	 
			
	 23
	 	Force Majeure	  	 	33	 

  
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	 24
	 	Applicable Law	  	 	33	 
			
	 25
	 	Settlement of Disputes	  	 	34	 
			
	 26
	 	Miscellaneous	  	 	35	 

  
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 This EQUITY JOINT VENTURE CONTRACT (this “JV Contract”) is made and entered into on
August 8, 2018 in Qingdao Shandong Province, PRC. 
 BETWEEN 
  

	(1)	 Qingdao Microelectronics Innovation Center Co., Ltd.
(青岛微电子创新中心有限公司 in Chinese), a limited liability company established and existing under the laws of the PRC with its principle address
at                    (“QMICC”); 

AND 
  

	(2)	 mCube Hong Kong Limited, a company organized and existing under the laws of Hong Kong with its principal
office at                     (“mCube”). 

QMICC and mCube are hereinafter collectively referred to as the “Parties”, and individually as a “Party”. 

WHEREAS, mCube is a subsidiary of mCube, Inc., which is a multi-national company with substantial experience in R&D of sensor module industry; 

WHEREAS, QMICC is a state-owned company established by Laoshan government, mainly engaging in R&D, manufacturing and sales of microelectronics
related products; 
 WHEREAS, the Parties seek to enter into a strategic alliance to create a Sino-foreign equity joint venture enterprise, namely,
M3C Co., Ltd. in English and 青岛合启立智能科技有限公司 in Mandarin (the “JV Company”), to engage in research, development and sale of sensor module
turnkey solutions in China. 
 NOW, THEREFORE, in consideration of the foregoing premises, the Parties hereby agree to the following: 

 

	1	 Interpretation 

In this JV Contract, unless the context otherwise requires, the provisions in this Article 1 shall apply. 

 

	 	1.1	 Definition 

In this JV Contract, defined terms shall, unless otherwise defined in this JV Contract, have the following meanings: 

“Affiliate” with respect to any Party means any Person which controls, is controlled by or is under common control with such
Party and any director, senior management personnel or employee of the Party or any of the above mentioned Person; “control” means (i) the ownership of fifty percent (50%) or more of equity interest of any kind, or ownership of more
equity interest than any other Person, of that Party; (ii) the ability to influence or direct the operation or decision-making of that Party by contract arrangement or otherwise; (iii) the power to appoint senior

  
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management position equivalent to general manager or chief executive or operating officer; or (iv) the power to appoint simple majority member of board of directors or equivalent decision
making body, and “controlled” and “controlling” shall be construed accordingly; 
 “Approval” means the
approvals, consents or permits from, or filing with, the relevant Approval Authority, as required under PRC Laws; 
 “Approval
Authority” means the MOFCOM, NDRC, SASAC, SAIC, SAFE and all other governmental or trade agencies, courts or other regulatory bodies of the PRC or US or other jurisdictions filings with whom or whose licenses, authorizations, registrations
or other approvals are necessary for undertaking the transactions contemplated by this JV Contract; 
 “Articles” means the
articles of association of the JV Company executed by the Parties on the same date of this JV Contract and any amendment thereto from time to time; 

“Board” means the board of directors of the JV Company established pursuant to this JV Contract and the Articles; 

“Business” means the business undertaken by the JV Company from time to time pursuant to the Business Plan; 

“Business Day” means a business day in all of mainland China, Hong Kong and US (excluding Saturdays, Sundays, bank holidays
and public holidays); 
 “Business IP” has the meaning as ascribed to it in Article 16.1(a); 

“Business License” means the business license of the JV Company issued by the SAIC; 

“Business Plan” means the business plan for the JV Company as approved by the Board from time to time; 

“Chairman” means the chairman of the Board; 

“Confidential Information” has the meaning set forth in Article 18.1; 

“Encumbrance” means any mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third-party right or interest, other encumbrance or security interest of any kind, or another type of preferential arrangement (including a title transfer or retention arrangement) having similar
effect; 
 “Equity Interest” means in relation to either Party, the percentage interest in the registered capital of the JV
Company held by that Party from time to time; 

  
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 “Establishment Date” means the date on which the first Business License is
issued to the JV Company; 
 “Exchange Rate” means the mean of the buying and selling rates for RMB against USD published
by the People’s Bank of China as applicable on each payment date; 
 “Execution Date” means the date of this JV
Contract; 
 “Financial Year” means the period commencing on January 1 and ending on December 31 of each year;

 “Force Majeure Event” means any objective circumstances which are unforeseen, unavoidable, insurmountable or otherwise
beyond the control of the Party, including lightning, typhoon, storm, flood, fire, earthquake or other acts of nature, epidemic, war, strike, civil disobedience and the changes of laws and policies; 

“Government Official” means (i) any official, employee or person acting on behalf of any government, any governmental
agency, department or instrumentality, including state-owned or state-controlled commercial enterprises, or any public international organization (e.g., the United Nations or World Bank); or (ii) any political party or official thereof or any
candidate for political office; 
 “Intellectual Property Rights” means on a worldwide basis all (i) trademarks,
service marks, brand names, certification marks, collective marks, Internet domain names, logos, symbols, trade dress, assumed names, fictitious names, trade names, and other indicia of origin, all applications and registrations for the foregoing,
and all goodwill associated therewith and symbolized thereby, including all renewals of same; (ii) proprietarily owned inventions and discoveries, whether patentable or not, and all patents, registrations, invention disclosures and applications
therefor, including divisions, continuations, continuations-in-part and renewal applications, and including renewals, extensions and reissues; (iii) Confidential
Information, trade secrets and know-how, including processes, schematics, business methods, formulae, drawings, prototypes, models, designs, customer lists and supplier lists; (iv) published and
unpublished works of authorship, whether copyrightable or not (including databases and other compilations of information), copyrights therein and thereto, and registrations and applications therefore, and all renewals, extensions, restorations and
reversions thereof; and (v) any other intellectual property or proprietary rights; 
 “MOFCOM” means the Ministry of
Commerce and its local counterparts and their successors; 
 “NDRC” means the National Development and Reform Commission
and its local counterparts and their successors; 
 “Person” means any individual, corporation, partnership, joint venture,
enterprise, association, joint-stock company, limited liability company, trust or unincorporated organization; 

  
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 “PRC” means the People’s Republic of China (including Hong Kong
Special Administrative Region, Macao Special Administrative Region and Taiwan); 
 “PRC GAAP” means generally accepted
accounting principles in the PRC; 
 “PRC Laws” means any laws, regulations, rules, directives, treaties, judicial
interpretations, decrees or orders of any governmental or regulatory authority in the PRC (at either central or local level), and any amendment thereto, modification or interpretation thereof at any time; 

QMICC Equity Cost means (i) RMB 132,000,000 Yuan plus (ii) the amount of interest for RMB 132,000,000 Yuan accrued from the
date of full payment of capital contribution by QMICC to the date of issuance of asset appraisal report by an asset appraisal institution engaged by QMICC for purpose of share withdrawal. The interest rate shall be the benchmark lending rate for the
same period published by the People’s Bank of China; 
 “RMB” means the lawful currency of the PRC; 

“SAFE” means the State Administration of Foreign Exchange and its local branches and its successors; 

“SAIC” means the State Administration of Industry and Commerce and its local branches and its successors; 

“SASAC” means the State-owned Assets Supervision and Administration Commission of the State Council and its local
counterparts and their successors; 
 “Senior Management” has the meaning set forth in Article 12.1(b); 

“Term” means the term of this JV Contract as set forth in Article 19, including any extensions of such term provided for
pursuant to Article 19.2; 
 “US” or “United States” means the United States of America and its
territories; and 
 “USD” means the lawful currency of the US. 

 

	 	1.2	 Headings 

Headings of Articles are inserted for convenience only and shall not affect the construction of this JV Contract. 

 

	 	1.3	 Articles, Schedules etc. 

References to this JV Contract shall include schedules and exhibits to it (if any), and references to articles are references to articles of
this JV Contract. 

  
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	2	 Parties 

The Parties to this JV Contract are: 
  

	 	2.1	 QMICC, a limited liability company established and existing under the laws of the PRC with its
registered address at                    . 

  

					
		 	The legal representative of QMICC is:
			
		 	Name:	  	QING LIU
			
		 	Position:	  	Chairman of Board
			
		 	Nationality:	  	Chinese

  

	 	2.2	 mCube, a company organized and existing under the laws of Hong Kong with its principal office
at                . 

  

							
		 	The authorized representative of mCube is:
			
		 	Name:	  	BEN ALEXANDER LEE
				
		 	Position:	  	Director	  	
				
		 	Nationality:	  	American	  	

  

	3	 Representations and Warranties 

 

	 	3.1	 Representations and Warranties of the Parties 

Each Party represents and warrants to the other Party that it is an entity duly organized, validly existing and in good standing under the
laws of the jurisdiction of its incorporation, and has the full power, authority to enter into this JV Contract and the Articles and perform its obligations under such documents. 

 

	 	3.2	 Compliance Requirements 

All Parties further agree, represent and warrant that: 
  

	 	(a)	 Compliance with Laws 

Each Party and its officers, directors, employees, agents or shareholders (or any person or entity acting on behalf of any of the foregoing)
are complying and will comply with, all relevant and applicable laws in all matters governed or contemplated by this JV Contract, and the Articles, and the Parties agree to fully cooperate in taking those steps necessary to ensure compliance by the
JV Company with such relevant and applicable laws. 

  
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	 	(b)	 Anti-Corruption Law Compliance 

Without limitation, each Party, and any of its officers, directors, employees, agents or shareholders shall, and shall ensure that the JV
Company and its officers, directors, employees and agents, have not and will not, directly, or indirectly through a third-party, pay, offer, give, promise to pay, or authorize the payment of any money or other thing of value to any Government
Official for the purpose of influencing any official act of a Government Official, securing an improper advantage, obtaining or retaining business, or to direct business to a third party with respect to the transactions contemplated under this JV
Contract and the Articles. Without affecting the generality of the preceding sentences, each Party agrees to (i) comply with the anti-bribery and books and records provisions of the Foreign Corrupt Practices Act (“FCPA”), the
principles set out in the Organization for Economic Cooperation and Development Convention Combating Bribery of Foreign Public Officials in International Business Transactions (“OECD Convention”), and with all applicable laws
prohibiting bribery and similar unethical business practices in connection with the business project that is the subject of this JV Contract, and (ii) agree to procure the Directors appointed by it to vote affirmatively for the JV to adopt the
anti-corruption policy of mCube. Each Party represents and warrants that, it and its Affiliates have not paid, offered, promised or authorized, directly or indirectly, a payment of anything of value in violation of the FCPA, the OECD Convention,
local law or the anti-corruption policy. Each Party certifies that it is not a foreign official (which includes being an officer, employee, or representative of any foreign government, department, or a public international organization, or being a
foreign political candidate). A payment, offer, promise or authorization that is prohibited under this clause constitutes a material breach of this JV Contract. 
  

	4	 Establishment 

 

	 	4.1	 Establishment 

In accordance with PRC Laws, the Parties establish the JV Company on the terms and conditions of this JV Contract to own and operate the
intelligent sensor module turnkey solutions R&D center. 
  

	 	4.2	 Name of the JV Company 

The name of the JV Company shall be
“青岛合启立智能科技有限公司” in Mandarin and “M3C Co., Ltd.” in English. 

The use of the name and logo of the JV Company shall be pursuant to Article 16. 

 

	 	4.3	 Registered Address of the JV Company 

The JV Company is registered at                . 

  
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	 	4.4	 Limited Liability 

The JV Company shall be a limited liability company with enterprise legal person status under PRC Laws. The liability of each Party shall be
limited to the amount it has agreed to contribute to the registered capital of the JV Company pursuant to this JV Contract and neither Party shall have any further liability to contribute money or other property to, or be responsible for any losses,
debts, liabilities or other obligations of the JV Company in respect of, its registered capital. The Parties shall have no liability for any losses, debts, liabilities or other obligations of the JV Company beyond the amount of their respective
investments in the registered capital of the JV Company. 
 The Parties shall share the profits and bear the losses of the JV Company in
proportion to their respective Equity Interest. 
  

	5	 Purpose and Business Scope 

 

	 	5.1	 Purpose 

The purpose of production and operation of the JV Company is: to engage in research and development, application and sale of intelligent
sensor module turnkey solutions. The JV Company will be the only regional headquarter of mCube in China in the industries as outlined in Schedule 4. 
  

	 	5.2	 Business Scope 

The business scope of the JV Company shall be application, development and sale of IOT sensor module turnkey solutions and provide relevant
services. 
  

	6	 Total Investment and Registered Capital 

 

	 	6.1	 Total Investment 

The total investment amount of the JV Company shall be RMB 367,000,000 Yuan. 

 

	 	6.2	 Registered Capital 

  

	 	(a)	 The registered capital of the JV Company shall be RMB 123,000,000 Yuan. 

 

	 	(b)	 QMICC shall contribute RMB 110,000,000 Yuan, in which RMB 36,900,000 Yuan will be counted to contribution to
the registered capital of the JV Company, representing 30% of the registered capital of the JV Company, and RMB 73,100,000 Yuan will be counted to capital reserves of the JV Company; 

 

	 	(c)	 mCube shall contribute USD equivalent (calculated using the Exchange Rate on capital contribution date) of RMB
257,000,000 Yuan, in which, RMB 86,100,000 Yuan will be counted to contribution to the registered capital of the JV Company, 

  
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representing 70% of the registered capital of the JV Company, and the balance will be counted to capital reserves of the JV Company. 19% of the Equity Interest of the JV Company will be allocated
for managers and employees equity incentive plan of the JV Company, which will be held in trust by mCube (“Equity Interest in Trust”). 

  

	 	6.3	 Form of Contribution 

 

	 	(a)	 QMICC shall make capital contribute to the JV Company in the form of cash. 

 

	 	(b)	 mCube shall make capital contribution to the JV Company by in-kind
contribution. Such in-kind contribution shall be an exclusive license of the patent and know-how of mCube solely in the territory of PRC. Such in-kind contribution shall be evaluated by a valuation institution as confirmed by both Parties and a valuation report shall be issued. 

 

	 	6.4	 Timing of Contribution 

 

	 	(a)	 QMICC shall make contributions to the registered capital of the JV Company in accordance with the timetable as
specified in Schedule 1, or as otherwise approved by the Board; mCube shall make its full capital contribution within 18 months after the Establishment Date, provided that the obligation of either Party to make its contribution shall be subject to
the fulfillment or waiver of the following conditions: 

  

	 	(i)	 this JV Contract and the Articles have each been filed with the MOFCOM, and no such filing alters in any
material respect the terms of such documents; 

  

	 	(ii)	 the Business License in form and substance satisfactory to the Parties has been issued to the JV Company and is
in full force and effect; 

  

	 	(iii)	 all other approvals or registrations necessary or desirable for establishment of JV Company have been issued by
competent Approval Authorities, including without limitation, the project approval issued by NDRC, and all necessary or desirable approval, consents, confirmation, exemption issued by and/or completion of necessary or desirable registration or
filing formalities with competent State-owned assets supervisory authorities in respect of the transaction as contemplated under this JV Contract; 

  

	 	(iv)	 the representations and warranties made by the Parties in this JV Contract shall have been true, accurate and
not misleading when made and shall be true, accurate and not misleading as of the date of the Parties’ each capital contribution; and 

  
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	 	(v)	 the responsibilities and obligations of the Parties as provided for under this JV Contract have been fully
complied with as of the date of the Parties’ each capital contribution. 

  

	 	6.5	 Investment Certificates 

After each installment of the capital contribution is made by QMICC, the JV Company shall issue a contribution certificate to QMICC signed by
the Chairman, confirming the amount of capital contribution and ownership of the corresponding Equity Interest by that Party. 
 mCube shall
be deemed to have fulfilled its capital contribution obligation upon the successful development of at least one sensor module prototype as listed in Schedule 4 of this JV Contract in the laboratory of the JV Company. Upon the successful development
of such prototype, the JV company shall engage a Certified Public Accountant to verify the capital contribution by mCube and then issue a capital contribution verification report. 

To the extent there is any change in the Equity Interest held by either Party, the JV Company shall issue new investment certificates to the
relevant party signed by the Chairman reflecting such change and shall deregister the former investment certificate of such party. 
  

	 	6.6	 Decrease or Increase of the Registered Capital 

 

	 	(a)	 During the Term, the JV Company shall not reduce the amount of its registered capital without the consent of
both Parties and the approval of the Board. 

  

	 	(b)	 Any increase in the registered capital of the JV Company shall require the unanimous approval of the Board as
set forth in Article 10. The JV Company shall register the increase in the registered capital with the SAIC. 

  

	 	(c)	 Unless otherwise agreed in writing by the Parties, each Party shall contribute towards any increase in the
registered capital of the JV Company in proportion to their respective Equity Interest and thus maintain their respective Equity Interest in the JV Company; 

  

	 	(d)	 Subject to the approval by the Board in accordance with this Article 10, the capital reserves can be used for
capital increase of the JV Company. 

  
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	 	6.7	 Failure to Contribute Capital 

If either Party (the “Defaulting Party”) fails to make any installment of its capital contribution (the “Overdue
Capital Amount”) pursuant to this JV Contract and such failure continues for more than [thirty (30)] days, the other Party (the “Non-Defaulting Party”) shall have the right to
exercise the following remedies by notice to the Defaulting Party and the JV Company: 
  

	 	(a)	 contribute the Overdue Capital Amount, thereby increasing the Equity Interest of the Non-Defaulting Party and reducing the Equity Interest of the Defaulting Party, and the seat of Directors held by the Parties shall be adjusted accordingly; 

 

	 	(b)	 require the JV Company to withhold any distributions to the Defaulting Party or other amounts payable by the JV
Company to the Defaulting Party up to the Overdue Capital Amount; 

  

	 	(c)	 require the Defaulting Party to contribute the Overdue Capital Amount and 0.05%of the Overdue Capital Amount
for every day of delay to the Non-Defaulting Party; or 

  

	 	(d)	 terminate this JV Contract according to Article 20 and claim liquidated damages against the Defaulting Party.

 For the avoidance of doubt, the above remedies are cumulative, may be exercised singly or concurrently and shall not
affect other remedies available to the Non-Defaulting Party under PRC Laws. 
 Notwithstanding to
the above, if mCube fails to make its capital contribution within the timeframe as provided for hereunder not due to the fault of itself (“Other Causes”), it shall not be deemed to have been in breach of this JV Contract. In this
case, the timing for capital contribution by mCube shall be extended a period until all the Other Causes have been eliminated. 
  

	7	 Transfer of Equity Interest 

 

	 	7.1	 Transfers 

Except as specifically provided in Article 7.2 of this JV Contract, no Party nor its successors or assigns may assign, pledge, sell, transfer
or otherwise dispose of, (collectively “Transfer”) all or part of its Equity Interest in the JV Company to a third party or the other Party hereto without the unanimous approval of the Board. If a Party or its successors or assigns
desires to effect an assignment, the following stipulations must be observed: 
  

	 	(a)	 when a Party or its successors or assigns proposes to assign all or part of its Equity Interest in the JV
Company (the “Transferor”), the other Party or its successors or assigns (the “Other Party”) shall have a pre-emptive right to acquire such transferred Equity Interest under
the same terms and conditions offered by the proposed transferee (“Pre-emptive Right”); 

  
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	 	(b)	 the Transferor shall notify the Other Party of its intention to transfer in writing and shall specify the
conditions for such Transfer; the Other Party shall, within thirty (30) days after receiving notice from the Transferor in respect of the intent to transfer, notify the Transferor as to whether it will exercise its Pre-emptive Right; and 

  

	 	(c)	 in the event that the Other Party fails to exercise its Pre-emptive
Right, the Transferor may, within the thirty (30) day period immediately following the expiration of the time period for exercising the Pre-emptive Right and on terms and conditions which are not more
favorable to the third party than those offered to the Other Party, transfer to the third party the portion of its Equity Interest, provided that: 

  

	 	(i)	 such Transfer is valid under the relevant laws and regulations of China; 

 

	 	(ii)	 the third party and its Affiliates are not in competition with the Other Party or the JV Company’s
operations; and 

  

	 	(iii)	 the executed transfer agreement provides that the third party shall assume all the rights and obligations of
the Transferor under this JV Contract. 

 The Other Party shall then be deemed to have granted all consents and shall
undertake all actions as required by applicable law (including but not limited to signing all such documents) to give effect to such Transfer. 

The business of the JV Company shall not be interrupted nor the organizational structure affected during any Transfer. After the Transfer has
been duly agreed, the JV Company shall proceed with the approval and/or registration procedures for changes at the Approval Authorities. 
  

	 	7.2	 Notwithstanding the above Article 7.1, each Party may, at its discretion, assign this JV Contract and all or a
portion of its Equity Interest in the JV Company to any of its wholly owned direct or indirect subsidiaries or Affiliates, provided that the conditions specified in Article 7.1(c)(i) and Article 7.1(c)(iii) are met. Each Party shall undertake all
actions as required by applicable law (including but not limited to signing all such documents) to give effect to such Transfer. 

  

	 	7.3	 Each of the Parties shall cause its nominated directors of the Board to approve the Transfers described under
Article 7.1 and Article 7.2 and cause the management of the JV Company to submit the application(s) of such Transfers together with the relevant documents to the competent Approval Authorities for approval (if then required by law) or registration.

  
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	 	7.4	 Completion of Transfer 

The relevant parties shall execute such legal documentation and take such steps as are required to apply for and obtain all necessary
Approvals in connection with a transfer of Equity Interest pursuant to this Article 7 within sixty (60) Business Days after the giving of the relevant notice. 
  

	 	7.5	 Consequences of Transfer 

Without prejudice to any antecedent rights, this JV Contract shall cease to have effect as regards either Party who ceases to hold any Equity
Interest, except for those Articles which are expressed to continue in force after termination of this JV Contract. 
  

	 	7.6	 Assumption of Obligations 

Notwithstanding anything to the contrary in this JV Contract, no Equity Interest may be transferred pursuant to this Article 7 unless each
transferee agrees to be bound by this JV Contract and the Articles in respect of the Equity Interest so transferred. 
  

	 	7.7	 Exception to Pre-emptive Right 

Notwithstanding the above, in the event mCube transfers the Equity Interest in Trust for purpose of equity incentive plan of the JV Company,
QMICC shall waive its Pre-emptive Right. 
 If in the future, any of the shareholders of the JV
Company intends to dilute its shareholdings for purpose of equity incentive plan, the other shareholder(s) shall waive their Pre-emptive Right. 

 

	8	 Withdrawal of QMICC 

Starting from the fourth year after the Establishment Date, QMICC will withdraw from the JV Company gradually in accordance with Article 7 of
this JV Contract and on the following conditions and procedures: 
  

	 	8.1	 QMICC shall engage an equity appraisal institution as approved by both Parties to appraise the value of the
Equity Interest held by QMICC (“QMICC Equity Interest”). The appraisal method shall be agreed upon by both Parties. If the appraised value of QMICC Equity Interest is equivalent to or more than QMICC Equity Cost, upon confirmation
by all the Board members that the transfer of the Equity Interest by QMICC will not harm the interest of the JV Company or mCube, QMICC may transfer its Equity Interest, provided that QMICC shall have the right to keep no less than 7% of the total
Equity Interest of the JV Company. The total value of the Equity Interest transferred and kept by QMICC shall not be less than QMICC Equity Cost. 

  
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	 	8.2	 If, upon appraisal in accordance with this Article 8.1, the appraised value of QMICC Equity Interest is less
than QMICC Equity Cost, upon confirmation by all the Board members that the transfer of the Equity Interest by QMICC will not harm the interest of the JV Company or mCube, QMICC may transfer its Equity Interest, provided that the price listed
on the competent state-owned equity transaction center or the price as agreed upon by QMICC and any third party shall not be lower than QMICC Equity Cost. If QMICC fails to transfer its Equity Interest to any third party, both Parties shall
negotiate for other solutions. 

  

	9	 Responsibilities of the Parties 

 

	 	9.1	 Each Party shall coordinate with the other Party to: 

 

	 	(a)	 assist the JV Company in achieving its research, development and sales targets mutually acceptable to the
Parties; 

  

	 	(b)	 assist the JV Company in obtaining RMB loans from domestic banks in the PRC; 

 

	 	(c)	 other matters as reasonably requested by the JV Company with respect to establishment and/or operation of the
JV Company. 

  

	 	9.2	 Responsibilities of QMICC 

In addition to its other responsibilities under this JV Contract, QMICC shall: 

 

	 	(a)	 handle the matters relating to the establishment of the JV Company in accordance with PRC Laws, including
(i) submission of this JV Contract and the Articles to the Approval Authorities; (ii) the registration of the JV Company and the issuance of the Business License providing for the business scope consistent with Article 5.2 or otherwise
acceptable to both Parties; (iii) assist the JV Company in handling other matters in connection with the establishment of the JV Company; and (iv) assist the JV Company to complete registrations of the License Agreement with relevant
government authorities, including but not limited to, commerce bureau, the Customs and the State Intellectual Property Right Office; 

  

	 	(b)	 to assist the JV Company to obtain office space with an area of around 1500 square meters located on the 15th
floor, D2 tower, Qingdao International Innovation Park (青岛国际创新园 D2 楼 15 层 in Chinese) and laboratory facility with an area of around 500 square meters and independent three-phase power
(30 kw) facility and access for exhaust system. The rent for the office space and laboratory shall be for free for the first five years starting from the Establishment Date; 

  
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	 	(c)	 assist the JV Company in applying for, and use its best efforts to assist the JV Company in obtaining tax
reductions, exemptions, government subsidy support and any other investment incentives of any kind available to the JV Company, including but not limited to: 

  

	 	(i)	 to assist the JV Company to obtain project support subsidy in the amount of RMB 22,000,000 Yuan from Laoshan
Government (“Subsidy”), and make sure such Subsidy is transferred to the bank account of the JV Company within 30 days upon the Establishment Date; 

 

	 	(ii)	 to assist the JV Company to get a millennium clean room with an area of 100 square meters;

  

	 	(iii)	 to assist the JV Company to enjoy other investment incentives as outlined in the mCube Intelligent Sensor
Module JV Project Cooperation Framework Agreement entered into by and between Laoshan Government and mCube (“Framework Agreement”). 

  

	 	(d)	 assist the JV Company in its relation with local government authorities and Chinese domestic companies
including the customers and suppliers of the JV Company. 

  

	 	9.3	 Responsibilities of mCube 

In addition to its other responsibilities under this JV Contract, mCube shall: 

 

	 	(a)	 assist the JV Company in procuring from abroad equipment, machinery, raw materials and other supplies which are
not otherwise available in the PRC or which the JV Company wishes to import; 

  

	 	(b)	 dispatch 3-5 key management personnel for the operation, R&D and
training of the JV Company; after technical transfer, dispatch personnel to the JV Company for technical supervision, instruction and quality control; 

  

	 	(c)	 Starting from the date on which JV Company receives the first payment of Subsidy as listed in Appendix 1 of the
Framework Agreement, to exert its efforts to cause the operating period and tax-paying period of the JV Company shall be no less than 10 years. In principle, accumulated amount of support fund granted to the
JV Company within such 5-year period shall not exceed the amount of the economic contribution the JV Company has made to Laoshan District; 

  
 17 

	 	(d)	 exert its efforts to cause the JV Company to complete 5 patent applications and 2 cases of transformation of
scientific and technological achievements each year; 

  

	 	(e)	 exert its efforts to cause the JV Company and Laoshan government to build up mCube town display and experience
center together, mainly to display the complete solutions in the fields of movie, games, smart cities, Wise information technology of 120, intelligent manufacturing, and smart home appliances; and 

 

	 	(f)	 exert its efforts to cause the JV Company to participate in the establishment of Qingdao micro and nanoscale
center, to realize the sharing of resources, reduction of costs for research, development, construction and production, and to improve the efficiency of special purpose equipment. 

 

	 	9.4	 Expenses 

Subject to compliance with PRC Laws and the Board’s approval, the JV Company shall reimburse each Party for all reasonable, properly
vouched, supported and mutually agreed to costs and expenses incurred by it in the establishment of the JV Company and discharging its obligations under this Article 9. 
  

	10	 Board 

  

	 	10.1	 Establishment 

The JV Company shall establish the Board on the Establishment Date, which will be the highest authority of the JV Company. 

 

	 	10.2	 Composition and Directors 

 

	 	(a)	 The Board shall consist of three (3) directors, one (1) of whom shall be appointed by QMICC and two
(2) of whom shall be appointed by mCube. 

  

	 	(b)	 The term of each director shall be three (3) years. Upon expiry of his current term, the Party which
appointed the director may reappoint him for a further term not exceeding three (3) years by notice to the other Party and the JV Company. 

  

	 	(c)	 If a seat on the Board is vacated by the retirement, resignation, illness, disability or death of a director or
by the removal of such director by the Party which originally appointed him, the Party which originally appointed such director shall appoint a successor within fifteen (15) Business Days upon occurrence of any of such aforesaid event to serve
out such director’s term and shall give notice of such change(s) to the other Party and the JV Company. If 

  
 18 

	 	
a quorum is not possible due to the removal or resignation of such director(s), then such removal or resignation shall not become effective until a replacing director is or replacing directors
are appointed. 

  

	 	(d)	 The directors shall carry out their duties with due care and diligence. Unless according to the Articles, or
otherwise authorized by the Board, directors (including the Chairman) shall not act on behalf of the JV Company or the Board. 

  

	 	(e)	 The directors shall serve without remuneration or reimbursement by the JV Company in their capacity as
directors, except that all reasonable expenses for attending Board meetings, including accommodation and transport costs, shall be compensated by the JV Company. 

 

	 	(f)	 The JV Company shall indemnify each director against all claims and liabilities incurred pursuant to the
performance of his duties as a director of the JV Company, provided that any acts or omissions of a director which give rise to such claims and liabilities do not constitute intentional misconduct, gross negligence or violations of criminal laws.

  

	 	(g)	 At each Board meeting, each director present in person or by proxy shall be entitled to one (1) vote. The
Chairman shall not have a second or casting vote. 

  

	 	(h)	 Unless the Board decides otherwise, the General Manager and Deputy General Manager may attend Board meetings
and receive notice of the meetings and relevant documents, but unless the General Manager or the Deputy General Manager is a director, he shall have no right to vote at such meetings. 

 

	 	10.3	 Chairman 

  

	 	(a)	 The Board shall have one (1) Chairman and one (1) Vice Chairman. The office term of Chairman and Vice
Chairman shall be three (3) years. The Chairman shall be appointed by mCube. The Vice Chairman shall be appointed by QMICC. 

  

	 	(b)	 The Chairman shall have the following powers and authorities: 

 

	 	(i)	 to convene Board meetings; 

 

	 	(ii)	 to supervise and inspect the implementation of resolutions of the Board; and 

  
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	 	(iii)	 to sign important documents that have been approved by the Board. 

 

	 	(c)	 In the event that the Chairman is unable to perform his duties, he shall authorize any other director to
perform the duties on his behalf. In the event that the Chairman is unable to perform his duties and does not authorize any other director to perform the duties on his behalf, the Vice Chairman shall be the acting Chairman to perform the
Chairman’s duties until the Chairman resumes his ability to perform his duties. 

  

	 	10.4	 Powers and Functions of Board 

The Board shall be responsible for making all important decisions of the JV Company, including the unanimous approval matters and simple
majority approval matters below. 
  

	 	10.5	 Unanimous Approval Matters 

Resolutions with respect of the following matters shall only be adopted (and the following actions shall only be taken) upon the unanimous
affirmative votes of all the directors (including proxies) attending the relevant duly convened board meeting: 
  

	 	(a)	 any amendment to this JV Contract or the Articles; 

 

	 	(b)	 any increase or decrease of the registered capital or total investment amount of the JV Company;

  

	 	(c)	 any dissolution or liquidation of the JV Company; 

 

	 	(d)	 any consolidation of the JV Company with any other legal entity, or any division of the JV Company;

  

	 	(e)	 any incurrence of one of the following matters, which is in excess of RMB 20,000,000 Yuan individually or in
the aggregate within 6 months: 

  

	 	(i)	 provision of guarantee to any other company; 

 

	 	(ii)	 disposure of JV Company’s assets; 

 

	 	(iii)	 associated transactions not related to the normal business of the JV Company; 

 

	 	(f)	 any other matters required by this JV Contract, the Articles or PRC Laws to be unanimously approved by the
Board. 

  
 20 

	 	10.6	 Simple Majority Approval Matters 

Other than the matters specified in Article 10.5, all decisions of the Board, including but not limited to the following matters, shall be
adopted upon the affirmative votes of a simple majority of all the directors (including proxies) attending the relevant duly convened board meeting,: 
  

	 	(a)	 Incurrence of indebtedness for borrowed money and provision of guarantee for such indebtedness;

  

	 	(b)	 any incurrence of one the following matters, which is less than RMB 20,000,000 Yuan (including RMB 20,000,000
Yuan) individually or in the aggregate within 6 months: 

  

	 	(i)	 provision of guarantee to any other company; 

 

	 	(ii)	 disposure of JV Company’s assets; 

 

	 	(iii)	 associated transactions not related to the normal business of the JV Company; 

 

	 	(c)	 approval of the Business Plan, Budget and Capital Plan, profit distribution plan and audited financial
statements of the JV Company and adoption of any amendment, repeal, modification or departure to or from the Business Plan, Budget and Capital Plan profit distribution plan and audited financial statements of the JV Company; 

 

	 	(d)	 the declaration of any dividend or the making of any other profit distribution by the JV Company;

  

	 	(e)	 appointment, dismissal and any decisions relating to the remuneration, promotion and reward of and disciplinary
actions against the Senior Management of the JV Company; 

  

	 	(f)	 approval of the equity incentive plan of the JV Company; 

 

	 	(g)	 determination of the percentage to be allocated to the reserve fund and the enterprise development fund;

  

	 	(h)	 the formation or closure of any subsidiaries and branches of the JV Company inside or outside the PRC; and

  

	 	(i)	 any other matters required by this JV Contract, the Articles or PRC Laws to be decided by the Board with
affirmative votes from simple majority of all directors attending the relevant duly convened board meeting. 

  
 21 

	 	10.7	 Board Meeting 

  

	 	(a)	 Quorum 

  

	 	(i)	 The quorum for any Board meeting shall be two (2) directors (including proxies), failing which the meeting
shall be adjourned to the same time and place not sooner than five (5) Business Days after the scheduled date of the meeting adjourned. 

  

	 	(b)	 Convening Meetings 

  

	 	(i)	 The Board shall hold regular meetings at least once a year. The Chairman may call a regular Board meeting by
giving not less than ten (10) Business Days’ notice to all directors. 

  

	 	(ii)	 Directors making up one-third or more of the total number of all
directors may call an interim Board meeting by giving notice to the Chairman who shall, giving not less than ten (10) Business Days’ notice to all other directors, convene an interim Board meeting. 

 

	 	(c)	 Notice 

  

	 	(i)	 The ten (10)-Business Day notice period referred to in Article 10.7(b) may be waived by the written consent of
all directors. 

  

	 	(ii)	 All notices given under this Article 10.7(c) shall be given in both Chinese and English, unless such
requirement is waived in writing by the relevant recipient. 

  

	 	(d)	 Proxy 

  

	 	(i)	 Any director may appoint a person as his proxy for the purposes of voting at a Board meeting provided that the
appointment is made in writing and produced at or before the Board meeting to the chairman of the meeting. A person acting as a proxy has the right to count towards the quorum and to exercise the vote of his appointer in addition to the voting
rights of the proxy as a director if the proxy is himself a director. 

  

	 	(e)	 Location and Telephone Meetings 

A meeting of the Board shall be held at the principal place of business of the JV Company or such other venue as may be agreed by the Chairman
and the Vice Chairman. A meeting may be held by telephone, video-conferencing or other electronic means provided that all participants can hear and be heard and are present from the commencement to the close of the meeting. 

  
 22 

	 	(f)	 Language 

Board meetings shall be conducted in Chinese. 
  

	 	(g)	 Written Resolutions 

In lieu of a Board meeting, resolutions in writing signed in person or via facsimile by directors of the JV Company or on their behalf by the
proxies shall have the same force and effect as if such resolutions had been passed at a Board meeting. In order for a resolution to be adopted without a meeting, the relevant materials and information and the resolution must have been sent to all
members of the Board, and affirmatively signed by the number of directors necessary to make the decision in accordance with Article 10.5 and Article 10.6. The written resolutions shall be made in both English and Chinese languages. 

 

	 	(h)	 Minutes 

The proceedings of the Board shall be conducted in Chinese and its minutes shall be maintained, in a minute book, in both English and Chinese.
The minute book shall be kept at the JV Company’s head office and shall be available for inspection during business hours by any director and/or representatives of either Party. 

 

	11	 Supervisors 

  

	 	11.1	 The JV Company shall have two (2) supervisors with each Party appointing one (1) supervisor. The
Party shall appoint the supervisors by notice to the other Party and the JV Company. 

  

	 	11.2	 The term of the supervisor shall be three (3) years. The Party that appoints the supervisor may, at any
time, remove and replace the supervisor appointed by it by notice to the other Party and the JV Company. 

  

	 	11.3	 The supervisors shall have and exercise the authority of supervisors in accordance with the PRC Company Law.

  

	 	11.4	 The supervisors will not receive any remuneration from the JV Company for acting as a supervisor.

  

	 	11.5	 The JV Company shall indemnify each supervisor against all claims and liabilities incurred pursuant to the
performance of his duties as a supervisor of the JV Company, provided that any acts or omissions of a supervisor which give rise to such claims and liabilities do not constitute intentional misconduct, gross negligence or violations of criminal
laws. 

  
 23 

	12	 Operation and Management 

 

	 	12.1	 Management System 

  

	 	(a)	 The JV Company will adopt the system that the General Manager is responsible for the day-to-day management of the JV Company under the leadership of the Board. 

  

	 	(b)	 The senior management of the JV Company (the “Senior Management”) shall consist of one
(1) General Manager, one (1) Deputy General Manager, one (1) chief technology officer and one (1) chief financial officer. 

  

	 	(c)	 The JV Company shall set up several operating departments including finance and accounting department, sales
department and operation department. 

  

	 	12.2	 Appointment of Senior Management 

 

	 	(a)	 The Board shall appoint the Senior Management of the JV Company through recommendation by the Parties. The
candidate for the General Manager, the Chief Technology Officer and Chief Financial Officer will be nominated by mCube. The candidate for the Deputy General Manager will be nominated by QMICC. 

 

	 	(b)	 Each Party shall procure that the directors appointed by it shall vote to appoint the candidates nominated
pursuant to Articles 12.2(a) to be the Senior Management. 

  

	 	12.3	 Term of Office 

  

	 	(a)	 Unless expressly provided for otherwise, the term of office for each of the Senior Management shall be three
(3) years. Upon expiry of his current term, the Party who nominated the relevant Senior Management may re-nominate him by notice to the Board for appointment by the Board for a further term.

  

	 	(b)	 If an office of Senior Management is vacated by the retirement, resignation, illness, disability or death of
any Senior Management or by the removal of such Senior Management by the Board, the Party which originally nominated such Senior Management shall be entitled to nominate a successor within thirty (30) Business Days upon occurrence of any of
such aforesaid event to serve out such Senior Management’s term. 

  

	 	12.4	 Powers and Authorities of Senior Management 

 

	 	(a)	 The General Manager shall be in charge of the
day-to-day management of the JV Company. The General Manager shall be the legal representative of the JV Company. 

  
 24 

	 	(b)	 The General Manager shall be accountable to the Board. He shall be responsible for formulating the Business
Plan, the Budget and Capital Plan of the JV Company with the assistance from the Deputy General Manager for approval by the Board. 

  

	 	(c)	 The General Manager may delegate his powers and authorities to other Senior Management or other staff of the JV
Company as the General Manager deems fit. 

  

	 	(d)	 The Deputy General Manager shall directly report to the General Manager and assist the General Manager in the day-to-day management of the JV Company. 

  

	 	12.5	 Business Reports 

The General Manager shall prepare and submit to the Board, on a monthly basis an interim business report on the activities and prospects of
the JV Company, showing the performance of the JV Company against the annual Business Plan. The form of the monthly business reports shall comply with mCube’s reporting requirements. 

 

	 	12.6	 No Concurrent Posts 

Unless otherwise approved by the Board, the General Manager and the Deputy General Manager may not hold posts concurrently as the general
manager or other officer or employee or consultant of any other economic organization; provided, however, that the General Manager and other Senior Management as may be seconded to the JV Company by either Party or its Affiliate may concurrently be
employees of such Party or its Affiliate. 
  

	13	 Accounting and Finance Management 

 

	 	13.1	 Chief Financial Officer 

The chief financial officer shall be responsible for the financial management of the JV Company under the instruction of the General Manager
and preparing the financial statements of the JV Company together with the General Manager. 
  

	 	13.2	 Accounting Requirements and Financial Documents 

 

	 	(a)	 The JV Company shall maintain complete, fair and accurate financial and accounting books and records
satisfactory to the Parties and the Board in accordance with PRC Laws and PRC GAAP. The JV Company’s account shall use the internationally used accrual basis and debit and credit accounting system. 

 

	 	(b)	 The accounting rules and procedures to be adopted by the JV Company shall be prepared by the General Manager.

  
 25 

	 	(c)	 RMB shall be used as the unit of account by the JV Company in its day-to-day financial accounting. 

  

	 	(d)	 Financial statements and reports of the JV Company shall be made and kept in Chinese and English.

  

	 	13.3	 Financial Information and Budget 

 

	 	(a)	 The General Manager, under the assistance of the chief financial officer, shall prepare and submit to the Board
and the Parties the following information as soon as reasonably practicable and no later than the dates set forth below: 

  

	 	(i)	 monthly unaudited management accounts, including (1) a detailed profit and loss account, balance sheet,
cash flow statement and cash flow forecast for the next three (3) months, and (2) a review of the Budget and Capital Plan including a reconciliation of results against the Budget and Capital Plan within ten (10) Business Days after
the end of each month; 

  

	 	(ii)	 a draft Budget and Capital Plan for the JV Company for the following Financial Year no later than two
(2) months before the end of each Financial Year, such draft being broken down on a monthly basis and containing a cash flow forecast and a balance sheet showing the projected position of the JV Company as at the end of the following Financial
Year; 

  

	 	(iii)	 the unaudited financial statements of the JV Company for each Financial Year within two (2) months after
the end of the Financial Year; 

  

	 	(iv)	 audited financial statements for each Financial Year within four (4) months after the end of the Financial
Year; and 

  

	 	(v)	 such further information relating to the business or financial condition of the JV Company as either Party may
reasonably require or for tax purposes or any other legal or regulatory requirement applicable to the Party in and outside the PRC. 

  

	 	(b)	 The JV Company shall provide to each Party the necessary information and data required to meet the regulatory
requirements of the relevant governmental authorities or any supervisory authority of either Party. 

  
 26 

	 	13.4	 Audit 

The Board shall retain an accounting firm to perform the annual examination and audit of the financial statements of the JV Company, produce
the relevant certificates and reports in both the English and Chinese languages, and assist in the production and counter-signing of the annual accounting statements and other documents, certificates or statements required by PRC Laws to be examined
and certified by an accountant registered in the PRC. The cost of retaining the accounting firm shall be borne by the JV Company. 
  

	14	 Taxes and Profit Distribution 

 

	 	14.1	 Taxes 

  

	 	(a)	 The JV Company shall pay taxes in accordance with PRC Laws. 

 

	 	(b)	 The Parties shall procure that the JV Company shall use its best endeavors to obtain the most preferential tax
treatment obtainable under PRC Laws and relevant policies of Approval Authorities from time to time. 

  

	 	14.2	 Profit distribution 

  

	 	(a)	 In each Financial Year, the JV Company shall set aside an amount as determined by the Board from its
distributable after-tax profits for allocation to the funds required by PRC Laws. The funds shall be used in accordance with PRC Laws. 

 

	 	(b)	 Profits may not be distributed before any losses of previous years have been made up. Remaining undistributed
profits from previous years may be distributed together with those of the current year. 

  

	15	 Foreign Exchange 

 

	 	15.1	 The JV Company shall have RMB bank accounts and foreign exchange accounts within the PRC in currencies used by
the JV Company. The JV Company’s foreign exchange transactions shall be handled in accordance with PRC Laws relating to foreign exchange administration. 

 

	 	15.2	 Payments to mCube 

  

	 	(a)	 To the extent permitted by PRC Laws and unless otherwise requested in writing by mCube, all payments from the
JV Company to mCube shall be made in USD. 

  

	 	(b)	 The JV Company shall purchase foreign exchange for remittance of any profit to be distributed to, and any
amount to be paid to, mCube in an account designated by mCube outside the PRC. For this purpose, all exchange and remittance expenses shall be borne by the JV Company. If the JV Company is unable to convert all the

  
 27 

	 	
dividends payable, the JV Company shall deposit the balance into an interest bearing account until the JV Company is able to convert and repatriate such funds and interest. 

 

	16	 Intellectual Property 

 

	 	16.1	 Use of Intellectual Property Rights by the JV Company 

Each Party shall use its best endeavors to procure that the JV Company shall: 

 

	 	(a)	 use all Intellectual Property Rights licensed to the JV Company in connection with its Business
(“Business IP”) and solely for the benefit of the JV Company and not for any other purpose which may directly or indirectly prejudice its Business or which is outside the scope of the Business; 

 

	 	(b)	 promptly notify the other Party of any circumstance coming to the attention of that Party, the JV Company, or
any director or any employee of that Party or the JV Company which may constitute an infringement of, or any suspected infringement of, any Business IP or of any infringement or alleged infringement of any third party Intellectual Property Rights or
any actual or threatened proceedings relating to the infringement of any third party Intellectual Property Rights; 

  

	 	(c)	 not do anything which, in the opinion of either Party, may bring the interests of such Party or any of its
Affiliates into disrepute or damage the interests of such Party or any of its Affiliates in any way; and 

  

	 	(d)	 take such action in relation to the Business IP owned by either Party as that Party may require in connection
with the protection of that Business IP or any infringement or passing off in relation to the Business IP. 

  

	17	 Non-competition 

 

	 	17.1	 The Parties agree and undertakes that during the JV Term, each Party shall not, and shall procure that its
Affiliates and successors thereof shall not, compete with the JV Company in China on the business described in Article 5.2, provided however that mCube and its Affiliates shall be permitted to continue with their existing subsidiaries in China and
complete their existing programs with any Key Customers without any liability. 

 For avoidance of doubt, breach by either
Party’s Affiliate of the restrictions as set forth in this Article shall be deemed as a breach by such Party for which such Party shall be liable to the other Party for all actual losses suffered by the other Party as a result of or in
connection with the breach. 

  
 28 

	 	17.2	 Each Party considers the restrictions in Article 17 to be reasonable and necessary for the protection of the
interests and Intellectual Property Rights of the JV Company. If any such restriction shall be held to be void but would be valid if deleted in part or reduced in application, such restriction shall apply with such deletion or modification as may be
necessary to make it valid and enforceable. 

  

	18	 Confidentiality 

 

	 	18.1	 For the purpose of this JV Contract, “Confidential Information” means all information not in
the public domain disclosed (whether in writing, orally or by any other means and whether directly or indirectly) by one Party (the “Disclosing Party”) to another Party (the “Receiving Party”) whether before or
after the Execution Date including any information relating to the Disclosing Party’s technology, products, operations, processes, formulas, data, various commercial and management models, software, plans or intentions, pricing, product
information, methods know-how, designs, trade secrets, market opportunities and business affairs. 

  

	 	18.2	 During the Term and for a period of five (5) years from the date of termination or expiration of this JV
Contract for any reason whatsoever the Receiving Party of any Confidential Information shall: 

  

	 	(a)	 keep the Confidential Information confidential; 

 

	 	(b)	 not disclose the Confidential Information to any third party other than with the prior written consent of the
Disclosing Party or pursuant to Article18.3; and 

  

	 	(c)	 not use the Confidential Information for any purpose other than the performance of its obligations under this
JV Contract. 

  

	 	18.3	 During the Term, the Receiving Party may disclose the Confidential Information to any of its directors,
employees, contractors or professional advisors (each a “Recipient”) to the extent that such disclosure is reasonably necessary to perform this JV Contract, provided that the Receiving Party shall procure that each Recipient is made
aware of and complies with all the Receiving Party’s obligations of confidentiality under this JV Contract as if the Recipient were a party to this JV Contract. 

 

	 	18.4	 The obligations contained in Articles 18.2 to18.4 shall not apply to any Confidential Information which:

  

	 	(a)	 enters into the public domain other than through breach of this JV Contract by the Receiving Party or any
Recipient; 

  

	 	(b)	 can be shown by the Receiving Party to the reasonable satisfaction of the Disclosing Party to have been known
by the Receiving Party before disclosure by the Disclosing Party to the Receiving Party; 

  
 29 

	 	(c)	 comes lawfully into the possession of the Receiving Party from a third party; or 

 

	 	(d)	 is required to be disclosed by the Receiving Party by any applicable laws, the regulations of a recognized
stock exchange or a court order, provided that the Receiving Party shall disclose such information to the minimum extent required under such regulations and shall promptly provide copies of all documents requested and disclosing such information to
the Disclosing Party. 

  

	 	18.5	 Where any Confidential Information is disclosed orally, the Disclosing Party shall immediately prior to or
after such disclosure inform in writing the Receiving Party that such information is Confidential Information. 

  

	 	18.6	 For the purpose of this Article 18, the Disclosing Party and the Receiving Party shall include the Parties as
well as the JV Company, and the Recipients shall include the Recipients of the Parties as well as those of the JV Company. 

  

	 	18.7	 The protection of Confidential Information under this Article 18 shall be in addition to and without prejudice
to any other rights, interests and remedies under PRC Laws. 

  

	19	 Joint Venture Term 

 

	 	19.1	 The Term established under this JV Contract shall be twenty (20) years, commencing from the Establishment
Date. 

  

	 	19.2	 If the Board approves the extension of the Term, the JV Company shall apply to SAIC for registration of such
extension at a time as required under PRC Laws but in no event less than six (6) months prior to the expiration of the Term. 

  

	20	 Termination 

  

	 	20.1	 This JV Contract shall terminate upon the expiration of the Term unless extended pursuant to Article 19.2. This
JV Contract may also be terminated at any time by the written agreement of the Parties. 

  

	 	20.2	 Unless otherwise provided in this Article 20.2, this JV Contract may be terminated by the written notice of
either Party to the other Party of an intention to terminate this JV Contract (the “Initial Notice”), followed by a thirty (30) day period and further written notice to terminate this JV Contract (the “Confirming
Notice”) pursuant to the procedure set forth in Article 20.3 upon the occurrence of any of the following events: 

  

	 	(a)	 either Party commits a material breach of this JV Contract or the Articles, which material breach is not
remedied within sixty (60) days after receipt of a notice from the other Party or the JV Company requiring remedy, including the breach of the contribution obligation under Article 6 (in which case, only the
non-breaching party has the right to give the Initial Notice); 

  
 30 

	 	(b)	 either Party is declared bankrupt or has a liquidation committee appointed in relation to its assets or
business, ceases to carry on its business, or is unable to pay its debts as and when they fall due (in which case, only the other Party has the right to give the Initial Notice); 

 

	 	(c)	 inability to continue the JV Company’s operations because of a Force Majeure Event which continues for a
period of six (6) months or such other period as the Parties may agree in writing; and 

  

	 	(d)	 Other circumstances as required by PRC Law. 

 

	 	20.3	 In the event that either Party gives an Initial Notice pursuant to Article 20.2 of its intention to terminate
this JV Contract (“Notifying Party”), then 

  

	 	(a)	 the Parties shall within a thirty (30) day period after such notice is given, conduct negotiations and
endeavor to resolve the situation, which resulted in the giving of such notice. 

  

	 	(b)	 In the event matters are not resolved to the satisfaction of the Parties within thirty (30) days of such
notice or a non-notifying Party refuses to commence negotiations within the period stated above, then either Party may terminate this JV Contract by providing a Confirming Notice to the other Party except
where the Initial Notice identifies the event permitting termination is set forth in Articles 20.2(a) and 20.2(b), only the Notifying Party may terminate this JV Contract. If such Party wishes to exercise its right to terminate hereunder, it shall
issue a Confirming Notice within thirty (30) days immediately following the thirty (30)-day period referred to in this Article 20.3(a). 

 

	 	20.4	 Upon termination of this JV Contract pursuant to Article 20.3(b), each Party shall cause the directors
appointed by it to unanimously adopt a resolution to dissolve the JV Company, and the JV Company shall forthwith submit an application for dissolution to the MOFCOM and SAIC. Each Party agrees to take all actions and to sign all documents, and to
cause the directors appointed by them to take all actions and to sign all documents that are legally required to effect termination of this JV Contract and dissolution of the JV Company. If either Party refuses or fails to cause the directors
appointed by it to take such actions and sign such documents required to effect the termination of this JV Contract and the dissolution of the JV Company pursuant to this Article 20.4 at a duly convened Board meeting, whether by the absence of its
representatives on the Board or otherwise, then the other Party shall have the right to refer the matter to arbitration as set forth in Article 25.2. 

  
 31 

	 	20.5	 If any termination event specified in this Article 20 occurs, either Party may elect not to dissolve the JV
Company and may offer to buy out the other Party. If the Parties fail to reach agreement on the buyout terms within three (3) months after the date of Initial Notice, the JV Company shall be liquidated in accordance with Article 21.

  

	21	 Liquidation 

  

	 	21.1	 Upon the expiration of the Term absent any extension or in the event that this JV Contract is terminated and
neither Party purchases the other Party’s Equity Interest pursuant to Article20.5 the Parties shall cause the directors appointed by them respectively to vote in favor of a resolution to dissolve and liquidate the JV Company. Liquidation of the
JV Company shall be handled in accordance with PRC Laws and this Article 21 so far as they do not conflict with such PRC Law. 

  

	 	21.2	 After the Board approves the dissolution of the JV Company, the Board shall appoint a committee (the
“Liquidation Committee”) which shall have the power to represent the JV Company in all legal matters. The Liquidation Committee shall be made up of four (4) members, of which one (1) members shall be appointed by QMICC and
three (3) members shall be appointed by mCube. Members of the Liquidation Committee may, but need not be, directors of the JV Company. 

  

	 	21.3	 After the liquidation of the JV Company’s assets and the settlement of all of its outstanding debts, the
balance of its assets and/or proceeds from the sale of such assets (“Balance”) shall be paid over to QMICC, mCube and managers/employees who have become immediate or indirect shareholders of the JV Company by exercising options
under the equity incentive plan of the JV Company, in proportion to their respective Equity Interest. If the amount allocated to QMICC is lower than QMICC Equity Cost, QMICC may request mCube to make up the difference from the Balance payable to
mCube. However, any assets to be distributed to a breaching Party shall first be used to offset against any losses caused by the breaching Party to the non-breaching Parties, with any shortage to be made up by
the breaching Party. 

  

	22	 Breach of Contract 

 

	 	22.1	 Breach of the Contract 

If one Party fails to perform on time or in full any of its obligations, covenants, undertakings under this JV Contract or the Articles, or if
any of the representations or warranties made by such Party in this JV Contract or the Articles untruthful or conceals any facts, or if such Party is in breach of any other provisions of this JV Contract or the Articles, then such Party is in breach
of this JV Contract. 
  

	 	22.2	 Indemnification 

If one Party is in breach of any of its obligations, covenants, representations and warranties or any other provisions of this JV Contract, it
shall indemnify and keep 

  
 32 

 
indemnified the other Party and the JV Company against any losses, damages, costs, expenses, claims and liabilities of whatsoever nature and in whatsoever form that such Party or the JV Company
may suffer as a result of such breach to restore the other Party and the JV Company to such a position as if such breach has never occurred. However, unless otherwise stated in this JV Contract, loss of profit, loss of revenue, loss of business
opportunity, as well as any other consequential, accidental or special damages are not recoverable by the non-breaching Party or Notifying Party, whether or not such loss or damages are foreseeable. 

 

	 	22.3	 Survival of Rights and Liabilities 

Termination of this JV Contract or dissolution of the JV Company for any cause shall not release either Party from any liability (whether for
breach of contract or otherwise) which at the time of termination or dissolution has already accrued to the other Party. 
  

	23	 Force Majeure 

 

	 	23.1	 Upon the occurrence of a Force Majeure Event, either Party shall immediately notify in writing the other Party
of such event and furnish within ten (10) Business Days thereafter a certificate issued by the notary public of the place where the Force Majeure Event occurs stating the details of such event and reasons for
non-performance, partial non-performance or delayed performance. Depending on the impact of the Force Majeure Event on the operation of the JV Company, the Parties shall
negotiate whether to terminate this JV Contract or partly exempt the affected Party from, or allow an extension for, the performance of this JV Contract. Neither Party shall claim for damages caused by the Force Majeure Event. The Parties shall
immediately take measures to perform this JV Contract upon termination of the Force Majeure Event. 

  

	 	23.2	 Where the PRC promulgates new PRC Laws, or amends or abolishes some PRC Laws, or makes new interpretation or
implementing rules for any PRC Laws after the Execution Date and the Equity Interest of either Party under this JV Contract have been materially affected thereby, the Parties shall decide immediately within twenty (20) Business Days after any
of the above events occurs whether to continue the performance of this JV Contract, or to make necessary adjustment so as to ensure that each Party’s Equity Interest under this JV Contract is not less favorable than what the affected Party
might have achieved if the above PRC Laws had not been promulgated, amended or abolished, or the above different interpretation had not been made, otherwise, a Force Majeure Event shall be deemed as having occurred. 

 

	24	 Applicable Law 

This JV Contract shall be governed by and construed in accordance with PRC Laws. Where there is no published PRC law on the subject,
international practice and internationally-recognized legal principles shall prevail. 

  
 33 

	25	 Settlement of Disputes 

 

	 	25.1	 Consultation 

The Parties shall use their reasonable endeavors to settle any dispute, controversy or claim in connection with this JV Contract through
friendly consultations. 
  

	 	25.2	 Choice of Arbitration 

 

	 	(a)	 Subject to Article 25.1, in case no settlement can be reached through consultations within thirty
(30) days after the date of notification of the existence of the dispute, controversy or claim by one Party to the other Party, then such dispute controversy or claim, including a dispute as to the validity or existence of this JV Contract,
shall be resolved by arbitration in Hong Kong conducted in Chinese and English at the Hong Kong International Arbitration Centre (“HKIAC”) in accordance with the Arbitration Rules of HKIAC as then in force. 

 

	 	(b)	 Each Party shall appoint one (1) arbitrator and the third arbitrator, who shall act as the chairman of the
tribunal, shall be appointed by the two (2) arbitrators appointed by the Parties respectively. The Parties agree that the third arbitrator shall not be a national of either Party. If the third arbitrator is not appointed within twenty-one (21) days after the date of appointment of the later of the two (2) arbitrators appointed by the Parties, he shall be appointed by the HKIAC. 

 

	 	(c)	 The arbitral award shall be final and binding upon the Parties and shall be enforceable pursuant to its terms.
Both Parties agree to waive their right to appeal to any court with jurisdiction in relation to relevant issues. Any arbitration expense (excluding attorney fees) shall be paid by the losing party or as fixed by the arbitral tribunal.

  

	 	(d)	 The arbitral award may be enforced by filing as judgment in any court having jurisdiction, or application may
be made to such court for assistance in enforcing the award, as the case may be. If it becomes necessary for either Party to enforce an arbitral award by legal action of any kind, the defaulting Party shall pay all reasonable costs and expenses and
attorney’s fees, including any cost of additional litigation or arbitration that shall be incurred by the Party seeking to enforce the award. 

  

	 	25.3	 Continual Performance 

During the period when a dispute is being resolved, the Parties shall in all respects other than the issue(s) in dispute continue their
performance of this JV Contract. 

  
 34 

	 	25.4	 Nothing contained in this Article 25 shall preclude either Party from seeking specific performance, injunctive
relief or other equitable remedies in any court with competent jurisdiction. 

  

	26	 Miscellaneous 

 

	 	26.1	 No Agent 

Nothing in this JV Contract shall be deemed to constitute either Party a partner or an agent of the other Party for any purpose. In
particular, unless otherwise agreed in writing by the Parties, neither Party shall hold itself out as the agent of the other Party for any purposes or represent that it has authority to bind the other Party in any way. Each Party acknowledges that
the other Party shall have no liability to any third party in respect of the operation of that Party and that Party agrees to indemnify such other Party against any losses which such other Party may incur in respect thereof as a result of the breach
by that Party of the provisions of this Article 26.1. 
  

	 	26.2	 Entire Agreement 

This JV Contract, including its schedules (if any), constitutes the complete contract between the Parties for the establishment and operation
of the JV Company, and supersedes any and all prior oral or written letters of intent, memorandums of understanding or contracts between the Parties. 
  

	 	26.3	 Assignment 

Unless otherwise provided in this JV Contract, neither Party may assign its rights or obligations under this JV Contract without the prior
written consent of the other Party. 
  

	 	26.4	 Severability 

If any provision in this JV Contract shall be held to be illegal, invalid or legally unenforceable, in whole or in part, under any applicable
enactment or rule of law, such provision or part shall to that extent be deemed not to form part of this JV Contract but the legality, validity and enforceability of the remainder of this JV Contract shall not be affected. The Parties shall consult
with each other so as to replace the provisions that are deemed to have been deleted with a new one that shall be legal, effective, acceptable and closest possible to the Parties’ original purpose in this JV Contract. 

 

	 	26.5	 Waiver 

Any Party’s failure to exercise or delay in exercising any right, power or privilege under this JV Contract shall not operate as a waiver
thereof, and any single or partial exercise of any right, power or privilege shall not preclude the exercise of any other right, power or privilege. 

  
 35 

	 	26.6	 Notices 

All notices and communications between the Parties shall be in writing and shall be written in Chinese and English and may be delivered by
hand, courier, fax or email to the following addresses: 
  

	 	(a)	 All notices and communications between the Parties shall be in writing and shall be written in Chinese and
English and may be delivered by hand, courier , fax or email to the following addresses: 

 QMICC 

Address: 
 Attention: 

Telephone: 
 Facsimile: 

Email 
 mCube 

Address:            mCube, Inc. 

                2570 North First Street Suite 300 

                San Jose, CA 95131 

Attention: 
 Telephone: 

Facsimile: 
 Email 

 

	 	(b)	 Notices shall be deemed to have been delivered at the following times: 

 

	 	(i)	 if by hand, on reaching the designated address subject to proof of delivery; 

 

	 	(ii)	 if by courier, the 3rd Business Day after the date of dispatch; and 

 

	 	(iii)	 if by fax or email, upon generation of a confirmation of successful transmission report by the sender’s
fax machine or email indicating completed uninterrupted transmission. 

  

	 	(c)	 During the Term, each Party may change its particulars for receipt of notices at any time by notice given to
the other Party pursuant to this Article 26.6. 

  
 36 

	 	26.7	 Costs 

Unless otherwise provided in this JV Contract, each Party shall bear its own legal and other costs in relation to the preparation, negotiation
and entry into of this JV Contract and the Articles. 
  

	 	26.8	 Articles 

In case of any inconsistency between the Articles and this JV Contract, this JV Contract shall prevail. 

 

	 	26.9	 Languages and Copies 

 

	 	(a)	 This JV Contract shall be written in the Chinese and English languages in six (6) originals. Both versions
shall be of equal legal effect. Each Party and the JV Company shall retain one (1) original of each version in each language. 

  

	 	(b)	 This JV Contract may be executed in any number of counterparts, all of which taken together shall constitute
one and the same instrument. Any Party may enter into this JV Contract by executing any such counterpart. 

  

	 	26.10	 Effective Date 

This JV Contract shall come into effect on the date of signing. 
  

	 	26.11	 Amendments 

No amendment of any provision of this JV Contract shall be valid or binding on either Party unless made in writing and duly executed by both
Parties. 

  
 37 

 IN WITNESS WHEREOF, Parties have caused their duly authorized representatives to sign this JV
Contract as of the date first set forth above. 
  

					
	Qingdao Microelectronics Innovation Center Co., Ltd.
		
	By:	 	 /s/ Qing Liu

		 	Name:	 	Qing Liu
		 	Title:	 	Chairman of Board
	
	mCube Hong Kong Limited.
		
	By:	 	 /s/ Ben Lee

		 	Name:	 	Ben Alexander Lee
		 	Title:	 	Director

  
 38 

 Schedule 1: The Investment Schedule of QMICC 

Schedule 2: License Agreement 

Schedule 3: Articles of Association of JV 

  
 39 

 Schedule 4 Main projects During the Preliminary Stage 

  
 40EX-10.11

 Exhibit 10.11 

LICENSE AGREEMENT 
 This LICENSE AGREEMENT
(this “Agreement”) is made effective as of June 8, 2020 (the “Signing Date”) by and between Mcube International Limited, a Cayman Island corporation with offices at
(                ) (“MIL”), MCube, Inc., a Delaware corporation with offices at
(                ) (“MCI”), and Mcube Hong Kong Limited, a Hong Kong registered company with offices at
(                ) (“MCHK”) (collectively, “MCUBE”), and MEMSIC Semiconductor (Tianjin) Co. Ltd., a Chinese limited
liability company having its principal place of business at (                ) (“MEMSIC Tianjin”), MEMSIC Semiconduction (HK) Co., Ltd., a Hong
Kong company with its registered office in (                ) (“MEMSIC HK”), and Total Force Limited, a Hong Kong company with its registered
office in (                ) (“MEMSIC Total Force”) (collectively, “MEMSIC”). Each of MCUBE on the one hand, and MEMSIC
on the other hand, is referred to herein sometimes as a “Party” and together as the “Parties”. 

RECITALS 
 WHEREAS, MCUBE
is engaged in the business of designing, developing, manufacturing, and marketing proprietary integrated circuit devices and related products; 

WHEREAS, MEMSIC is engaged in the business of designing, developing, manufacturing and marketing integrated circuit devices and related
products; 
 WHEREAS, MCUBE desires to license certain intellectual property rights and technology assets in the field of accelerometers,
gyroscopes, and other inertial sensing devices to the MEMSIC Group (as defined below); and the MEMSIC Group desires to accept such license from MCUBE; and 

WHEREAS, accordingly, MEMSIC Tianjin and MCI have executed a term sheet on March 24, 2020, which is attached as Exhibit A (the
“Term Sheet”), indicating a desire to enter into this Agreement for the licensing of certain intellectual property lights and technology; 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual representations, warranties, covenants and promises contained
herein, the adequacy and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows. 
 ARTICLE 1 

CERTAIN DEFINITIONS 
 As
used in this Agreement, the following terms will have the meanings set forth below: 
 “Affiliate” means, with
respect to a person, any other person that, presently or in the future, directly or indirectly, controls, is controlled by or is under common control with such person. For purpose of this definition, “control” of a given
person means the power or authority, whether exercised or not, to direct the business, management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that such
power or authority shall conclusively be presumed to exist upon possession of beneficial 

 
ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such person or power to control the
composition of a majority of the board of directors of such person. The terms “controlled” and “controlling” have meanings correlative to the foregoing. 

“Confidential Information” means, subject to Section 4.5, information disclosed by one Patty
(the “Disclosing Party”) to the other Patty (the “Receiving Party”) that, if disclosed in tangible form, is marked “Confidential” or with other similar designation to indicate its
confidential or proprietary nature, and if disclosed orally is indicated orally to be confidential or proprietary by the Patty disclosing such information at the time of such disclosure and is confirmed in writing as confidential or proprietary by
the Disclosing Patty within a reasonable time after such disclosure. 
 “dollar” or “$” means the
lawful currency of the United States. 
 “Effective Date” means the date upon which MIL receives the
$15 million cash payment pursuant to clause (1) of Exhibit E. 
 “Exploit” or
“Exploitation” means to develop, design, test, modify, make, use, sell, have made, used and sold, import, reproduce, market, distribute, commercialize, support, maintain, correct and create derivative works of, and otherwise
exploit. 
 “Intellectual Property Rights” means any and all intellectual property and similar proprietary rights in
any jurisdiction throughout the world and all rights therein, including any and all of the following: (i) Patents; (ii) trademarks, trade names, trade dress, certification marks, logos, and service marks, including all registrations and
applications for registration of, and all goodwill associated with, any of the foregoing (“Trademarks”); (iii) copyrights, works of authorship, copyright registrations and applications therefor, moral tights, and all other
rights corresponding thereto (including mask works and integrated circuit topographies); (iv) rights in computer software (including but not limited to source code, executable code, programming, applets, scripts, binary code and documentation), data
and databases and documentation thereof; (v) any and all tangible and intangible proprietary information, techniques, technology, practices, inventions (whether patentable or not), methods, knowledge,
know-how, trade secrets, data and results (“Know-How”); and (vi) all rights to sue, or claims or actions arising out of or related to, any
past, present and future infringement, misappropriation or other violation of any of the foregoing, if any. 
 “Licensed
Intellectual Property Rights” means any and all Intellectual Property Rights which are now owned or controlled by MCUBE or that MCUBE otherwise has the tight to license that relate to the design, development, manufacturing, marketing
and sale of Inertial Sensing Devices, including the Patents listed in Exhibit B, Trademarks listed in Exhibit C and other technology listed in Exhibit D. For the avoidance of doubt, the Patents listed in Exhibit B are the
only Patents included in the Licensed Intellectual Property Rights. 
 “Licensed Sensor Device Technology” means any
Sensor Device Technology that is included in the Licensed Intellectual Property Rights (including the technology listed in Exhibit D). For the avoidance of doubt, the Licensed Sensor Device Technology excludes (i) systems, modules, or any
platform that uses the Sensor Device Technology and (ii) any technology developed by, or acquired from, Xsens Holding B.V. 

  
 2 

 “MEMSIC Licensed Field” means the Exploitation of micro electrical
mechanical systems (MEMS) consisting of the Inertial Sensing Devices. 
 “Patents” means (i) patents and patent
applications, (ii) divisionals, continuations, continuations-in-part thereof or any other patent application claiming priority to or from any of the patents or patent applications in subsection (i), (iii)
patents issuing on any of the foregoing, (iv) foreign counterparts of any of the foregoing, and (v) registrations, reissues, re-examinations, supplemental protection certificates, or extensions of
any of the foregoing. 
 “Sensor Device Technology” means methods, devices, computer codes or source codes,
software, algorithms, and any other Know-How, in each case included in accelerometers, gyroscopes, and any other inertial sensors (collectively “Inertial Sensing Devices”), and related
equipment test methods, software, and algorithms for Inertial Sensing Devices. 
 “Subsidiary” means, with respect
to any Patty, any corporation or other entity of which (i) at least a majority of the securities or other interests having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar·
functions with respect to such corporation or other entity is directly or indirectly owned or controlled by such Patty, or (ii) such Patty holds at least 50% of the outstanding equity, voting or beneficial or financial interests in such
corporation or entity. 
 ARTICLE 2 

LICENSE AND PAYMENT 

2.1    License. MCUBE hereby grants to MEMSIC and its Subsidiaries (whether now existing or in the future) (the
“MEMSIC Group”) an exclusive (even as to MCUBE), non-transferable (except as set forth in Section 7.2), worldwide, fully
paid-up, royalty-free, irrevocable and perpetual (except as set forth in Section 6.3) license, with the right to sublicense (subject to Section 2.2) (the
“License”) under the Licensed Intellectual Property Rights to use, make, have made, sell, offer for sale, import, export, distribute, commercialize, practice, perform, display, create derivative works of, modify, copy,
reproduce, and otherwise Exploit in any manner any inventions claimed in or otherwise covered by the Licensed Intellectual Property Rights solely for Inertial Sensing Devices products, and to use any process for the manufacture of Inertial Sensing
Devices products solely in the MEMSIC Licensed Field, or otherwise provide any service in the MEMSIC Licensed Field. For the avoidance of doubt, such derivative works include derivatives of any of the methods, devices, computer codes, source codes,
software and algorithms, in each case included in accelerometers, gyroscopes, and any other inertial sensors included in the Licensed Sensor Device Technology. 

2.2    Sublicenses. The MEMSIC Group may, without the consent of MCUBE or any third party, sublicense (through one
or more tiers of distribution) the License, solely in the MEMSIC Licensed Field, to (a) its vendors, consultants, contractors, suppliers, distributors, customers and end-users solely in connection with,
as applicable, such third patties providing services to the MEMSIC Group in connection with the License granted to the MEMSIC Group or 

  
 3 

 
in connection with the MEMSIC Group’s Exploitation of the Licensed Intellectual Property Rights as set forth in Section 2.1, but in each case not for the
independent use of such third patties, or (b) its current or future Subsidiaries, as long as such Subsidiaries remain within the MEMSIC Group. The MEMSIC Group may also sublicense (through one or more tiers of distribution) the License to any
other third patty, but only (i) if the MEMSIC Group itself ceases the production of Inertial Sensing Devices and (ii) MCUBE gives its consent to such sublicense (such consent not to be unreasonably withheld, delayed or conditioned). Under
the terms of any such permitted sublicense, the applicable sublicensee must agree to abide by the obligations of MEMSIC under this Agreement. 

2.3    No Other Rights: Retained Ownership by MCUBE. Except as expressly set forth in this Agreement, this
Agreement grants to MEMSIC and MCUBE no right or license under any Patents, whether by implication, estoppel or otherwise. For avoidance of doubt, under this Agreement, MCUBE retains sole ownership of the Licensed Intellectual Property Rights, and
no rights are granted to the MEMSIC Group under the Licensed Intellectual Property Rights outside of the MEMSIC Licensed Field. 

2.4    Third-Patty Licenses. MCUBE shall exercise commercially reasonable efforts to assist the MEMSIC Group in
acquitting for the MEMSIC Group sublicensable, worldwide, perpetual licenses to any Intellectual Property Right and/or Sensor Device Technology owned or controlled by a third party that is necessary for the purposes of allowing the MEMSIC Group to
use, make, have made, sell, offer for sale, import, export, distribute, commercialize, practice, perform, display, create derivative works of, modify, copy, reproduce, and otherwise Exploit in any manner any inventions claimed in or otherwise
covered by the Licensed Intellectual Property Rights as provided for in the License. Any such currently existing third-party Intellectual Property Rights and/or Sensor Device Technology are listed in Exhibit F. 

2.5    Resulting Intellectual Property. As between the Patties, the MEMSIC Group shall exclusively own, throughout
the world, any Intellectual Property Rights (including any Sensor Device Technology) that are developed by or on behalf of the MEMSIC Group based upon or otherwise using the Licensed Intellectual Property Rights (including the Licensed Sensor Device
Technology) after the Effective Date, provided that such Intellectual Property Rights (including any Sensor Device Technology) excludes any of the Licensed Intellectual Property Rights themselves. 

2.6    Payment Terms 

(a)    Payments: Schedule. As consideration for the License and the other rights and obligations of MCUBE under this
Agreement, MEMSIC agrees to pay MCUBE a total maximum amount of seventy-five million dollars ($75,000,000) payable solely as set forth in Exhibit E. 

(b)    Wire Transfer. Cash payments shall be made by wire transfer to the designated account of the applicable payee (as
set forth in Exhibit E) and in accordance with the payment terms set forth in Exhibit E. 

  
 4 

 (c)    Late Payments and
Non-Payments. MEMSIC shall pay the applicable payee (as set forth in Exhibit E) a penalty of 10% interest per annum for payments due pursuant to clauses (1) (i.e., $15 million) and (3) (i.e., $10
million) of Exhibit E that MEMSIC has delayed or otherwise failed to make; provided that no such penalty is due until after a two (2) month grace period has passed after such payment was due. Any such non-payment by MEMSIC shall be deemed a material breach for the purposes of MCUBE’s termination rights pursuant to Section 6.2. 

2.7    Lost Profits. If MCUBE grants to a third party a license under, or any other tights in or to, any of the
Licensed Intellectual Property Rights in conflict with the License granted to the MEMSIC Group or in conflict with MCUBE’s obligations under Sections 5.1 or 5.2, MCUBE must compensate MEMSIC for the profits that the MEMSIC Group
can reasonably demonstrate it lost as a result of such third party’s use of such Licensed Intellectual Property Rights. Such compensation may, at MEMSIC’s sole option, be payable by MCUBE in cash or be deducted from future payments due by
MEMSIC pursuant to Section 2.6. 

2.8    Non-Compete. MCUBE and its successors and permitted assigns shall
not, and shall cause its Affiliates to not, directly or indirectly, develop, make, conduct, research, sell, market or otherwise commercialize Inertial Sensing Devices in component form. For the avoidance of doubt, this Section 2.8 shall survive
the termination or expiration of this Agreement. 
 2.9    Taxes. 

(a)    Any tax due under applicable law in applicable jurisdictions relating to the payments made under this Agreement in
cash or cash equivalent, including but not limited to China-sourcing income tax, value-added-tax (“VAT”) and local surcharges, shall be borne by MCUBE. MEMSIC may withhold any amounts
payable under this Agreement such tax as may be required to be withheld pursuant to any applicable law. 
 (b)    In the
event that a VAT exemption or other VAT benefit is possible under the applicable law, the taxpayer shall make necessary efforts to apply from the in-charge tax authorities the required certification and
approval for VAT exemption or benefit, and the other Patty shall use best efforts to assist. 
 (c)    The stamp duty of
this Agreement (to the extent applicable) shall be borne by each Patty respectively. 
 2.10    Non Refundable.
All payments already made by MEMSIC are non-refundable for purposes of revenue recognition. 

ARTICLE 3 
 PROSECUTION,
MAINTENANCE AND ENFORCEMENT 
 3.1    Filing, Prosecution and Maintenance. MEMSIC will have the sole right
and obligation to control the preparation, filing, prosecution, maintenance and defense (including any proceedings) of the Patents included in the Licensed Intellectual Property Rights (the “Licensed Patents”) and will use
commercially reasonable best efforts with respect thereto. MEMSIC shall be responsible for the costs included with respect to the preparation, filing, prosecution, 

  
 5 

 
maintenance and defense of the Licensed Patents. MEMSIC shall provide, as promptly as reasonably practicable, MCUBE with copies of any material official correspondence to or from applicable
patent offices with respect to the Licensed Patents. Within thirty (30) days of receiving such copies of such correspondence, MCUBE may provide MEMSIC with comments on, and discuss with MEMSIC, any response to such correspondence and MEMSIC
shall consider any reasonable comments provided by MCUBE to MEMSIC within such thirty (30) day period. MEMSIC may file a notice with governmental patent offices of the exclusive license to the Licensed Patents granted to MEMSIC hereunder,
provided that MCUBE will have the tight to review such notice prior to such filing and provide feedback regarding the language thereof, and MEMSIC agrees to exercise reasonable good faith in accepting such feedback. Any defense of the
Licensed Patents (including any proceedings) shall be conducted and controlled by MEMSIC at its own expense, and MEMSIC shall notify, as promptly as reasonably practicable, MCUBE of the initiation of such proceeding, and MCUBE shall also participate
and appear solely to the extent as required by the applicable rules governing such proceedings; MEMSIC shall reimburse MCUBE for its reasonable expenses incurred in connection therewith. Any settlement or compromise of such proceeding shall be
subject to the approval of MCUBE, which approval shall not be unreasonably withheld, delayed or conditioned. 

3.2    Abandonment. MEMSIC may abandon or cease prosecution or maintenance of any Licensed Intellectual Property
Right in its sole discretion, provided that, if MEMSIC determines to abandon or cease prosecution or maintenance of any Licensed Intellectual Property Right, MEMSIC shall provide reasonable written notice to MCUBE of such determination (which
notice shall, to the extent possible, be given no later than ninety (90) days prior to the final deadline for any action that must be taken with respect to any such Licensed Intellectual Property Right with respect to the relevant authority).
In such case, upon MCUBE’s written election provided no later than thirty (30) days after such notice from MEMSIC, MCUBE may assume the prosecution and maintenance of such Licensed Intellectual Property Right at MCUBE’s sole cost and
expense. 
 3.3    Enforcement. 

(a)    Enforcement by MEMSIC. In the event that MCUBE or MEMSIC becomes aware of (i) a suspected infringement
of any Licensed Intellectual Property Right in the MEMSIC Licensed Field that is or would be infringing activity involving the using, making, importing, offering for sale or selling of articles that the Patty reasonably believes infringes any of the
Licensed Intellectual Property Rights conferred under this Agreement or (ii) any allegations of alleged patent invalidity, unenforceability or non-infringement (e.g., declaratory judgment action)
of any Licensed Intellectual Property Rights, such Party shall notify the other Party in writing promptly, including all information available to such Party with respect to such alleged infringement, and following such notification, the Parties
shall confer. MEMSIC shall have the first right, but shall not be obligated, to bring an infringement action for suspected infringement of the Licensed Intellectual Property Rights in the MEMSIC Licensed Field at its own cost and expense, in its own
name and entirely under its own direction and control, subject to the following: (A) MCUBE shall reasonably assist MEMSIC (at MEMSIC’s expense) in any action or proceeding being prosecuted for suspected infringement in the MEMSIC Licensed
Field if so requested, including by being named or joined as a plaintiff to such actions or proceedings if requested by MEMSIC or required by applicable law (and MCUBE hereby consents to be so named and joined), (B) MCUBE shall have the right to
participate and be represented in any such suit by its own 

  
 6 

 
counsel at its own cost and expense and (C) no settlement of any such action or proceeding which restricts the scope, or adversely affects the enforceability, of a Licensed Intellectual
Property Right may be entered into by MEMSIC without the prior written consent of MCUBE, which consent shall not be unreasonably withheld, delayed or conditioned. 

(b)    Timing; Enforcement by MEMSIC. MEMSIC will have a period of one hundred eighty (180) days after its
receipt or delivery of notice and evidence pursuant to Section 3.3(a)(a) or receipt of written notice from a third party that reasonably evidences such infringement of the Licensed Intellectual Property Rights, to elect to
so enforce such Licensed Intellectual Property Rights in the applicable jurisdiction (or to settle or otherwise secure the abatement of such infringement in accordance with Section 3.3(a)), provided, however,
that such period will be more than one hundred eighty (180) days to the extent applicable law prevents earlier enforcement of such Licensed Intellectual Property Rights, and provided, further, that if such period is extended
because applicable law prevents earlier enforcement, MEMSIC shall have until the date that is thirty (30) days following the date upon which applicable law first permits such proceeding. In the event MEMSIC does not so elect (or settle or
otherwise secure the abatement of such infringement) before the expiration of such time period, it will so notify MCUBE in writing and in the case where MCUBE then desires to commence a suit or take action to enforce the applicable Licensed
Intellectual Property Right in the applicable jurisdiction, MCUBE will thereafter have the right to commence such a suit or take such action to enforce the applicable Licensed Intellectual Property Right, as applicable, at MCUBE’s sole cost and
expense, provided that MCUBE shall first consult with MEMSIC concerning the reasons MEMSIC elected not to bring such action and shall consider those reasons in good faith in deciding whether to bring such action. MEMSIC shall reasonably
assist MCUBE (at MCUBE’s sole cost and expense) in any action or proceeding being prosecuted if so requested, including by being named or joined as a plaintiff to such actions or proceedings if requested by MCUBE or required by applicable law
(and MEMSIC hereby consents to being so named and joined). MEMSIC shall have the right to participate and be represented in any such suit by its own counsel at its own cost and expense. No settlement of any such action or proceeding which restricts
the scope, or adversely affects the enforceability, of a Licensed Intellectual Property Right in the MEMSIC Licensed Field may be entered into by MCUBE without the prior written consent of MEMSIC, which consent shall not be unreasonably withheld,
delayed or conditioned. 
 (c)    Withdrawal. If either Party brings an action or proceeding under this
Section 3.3 and subsequently ceases to pursue or withdraws from such action or proceeding, it shall promptly notify the other Party and the other Party may substitute itself for the withdrawing Party under the terms of this
Section 3.3. 
 (d)    Damages. In the event that either Party exercises the rights
conferred in this Section 3.3 and recovers any damages or other sums in such action, suit or proceeding or in settlement thereof, such damages or other sums recovered shall first be applied to all reasonable out-of-pocket costs and expenses incurred by the Parties in connection therewith, including attorneys’ fees, and if after such reimbursement any funds remain from such
damages or other sums recovered, such funds shall be retained by the Party that controlled the action or proceeding under this Section 3.3. 

  
 7 

 3.4    Trade Secrets. To the extent that the value of any
Licensed Intellectual Property Rights is dependent upon being maintained as a trade secret, each of MEMSIC and MCUBE shall continue to maintain any such Licensed Intellectual Property Rights as a trade secret. 

3.5    No Other Obligations. Except as set forth in this Article 3, neither Patty has any obligation to
enforce, prosecute, or maintain any Licensed Intellectual Property Rights. 
 ARTICLE 4 

ADDITIONAL OBLIGATIONS 

4.1    Reservations. This Agreement grants no license or tight, by implication or otherwise, to either Patty, under
any Intellectual Property Rights now or hereafter or controlled by the other Patty, except as expressly set forth in this Agreement. 

4.2    Delivery. Within fourteen (14) days after the Effective Date, MCUBE shall provide MEMSIC with
electronic copies (or tangible embodiments, if electronic copies are not available) of the Licensed Sensor Device Technology and any other Know-How included in the Licensed Intellectual Property Rights. If
MEMSIC reasonably determines that there is additional, specific Know-How included in the Licensed Intellectual Property Rights that is necessary for the continued Exploitation of the Licensed Intellectual
Property Rights that has not been provided pursuant to this Section 4.2, MEMSIC shall notify MCUBE in writing thereof and, as promptly as reasonably practicable following receipt of such notice, MCUBE shall, at its cost and
expense, provide MMSIC with electronic copies (or tangible embodiments, if electronic copies are not available) of such Know-How to MEMSIC. MEMSIC may withhold any further payments payable pursuant to
Section 2.6 if it reasonably determines that MCUBE is not complying with the terms of this Section 4.2. 

4.3    Further Assurances. From time to time following the Signing Date, each of the Parties shall, at the other
Patty’s reasonable request and expense, execute and deliver such documents and other papers as may be required to carry into effect the transactions contemplated by this Agreement. 

4.4    Bankruptcy Rights. All tights and licenses granted to the MEMSIC Group as licensee hereunder are, for
purposes of Section 365(n) of the United States Bankruptcy Code (the “Bankruptcy Code”), licenses of intellectual property within the scope of Section 101 of the Bankruptcy Code. MCUBE
acknowledges that the MEMSIC Group, as a licensee of such rights and licenses hereunder, will retain and may fully exercise all of its tights and elections under the Bankruptcy Code. MCUBE irrevocably waives all arguments and defenses arising under
11 U.S.C. § 365(c)(l) or successor provisions to the effect that applicable law excuses MCUBE from accepting performance from or rendering performance to an entity other than the debtor or debtor in possession as a basis for opposing assumption
of this Agreement in a case under Chapter 11 of the Bankruptcy Code to the extent that such consent is required under 11 U.S.C. § 365(c)(l) or any successor statute. 

4.5    Confidentiality. 

(a)    Obligations. The Patties may, from time to time, in connection with this Agreement, disclose to each other
Confidential Information. Except as expressly authorized in 

  
 8 

 
this Agreement, including in connection with the exercise of license rights under this Agreement, the Receiving Patty shall not use or disclose the Confidential Information of the Disclosing
Patty. Without limiting the foregoing, the Receiving Patty shall use at least the same degree of care that it uses to prevent the disclosure or unauthorized use of its own confidential information of like importance, but in no event with less than
reasonable care, to prevent the disclosure and unauthorized use of the Disclosing Party’s Confidential Information. 

(b)    Exclusions. Notwithstanding the provisions of this Section 4.5, Confidential
Information excludes information that the Receiving Patty can demonstrate: (i) was independently developed by the Receiving Party without any use of the Disclosing Party’s Confidential Information or by the Receiving Party’s employees
or other agents (or independent contractors hired by the Receiving Party) who have not been exposed to the Disclosing Party’s Confidential Information; (ii) becomes known to the Receiving Patty, without restriction, from a source (other
than the Disclosing Patty) that had a tight to disclose it without breach of this Agreement; (iii) was in the public domain at the time it was disclosed or enters the public domain through no act or omission of the Receiving Party; or
(iv) was rightfully known to the Receiving Party, without restriction, at the time of disclosure. 

(c)    Required Disclosure. If the Receiving Party must disclose the Disclosing Party’s Confidential
Information under the order or requirement of a court, administrative agency, or other governmental body or in connection with prosecuting or defending litigation or filing, prosecuting or enforcing Patents in connection with the Receiving
Party’s rights and obligations pursuant to this Agreement, the Receiving Patty may disclose the Disclosing Party’s Confidential Information as required in connection with the applicable order, requirement, litigation, filing, prosecution
or enforcement, provided that the Receiving Patty shall provide prompt notice thereof to the Disclosing Party and shall use its reasonable efforts to obtain a protective order or otherwise prevent public disclosure of such information. 

(d)    Survival. The confidentiality obligations under this Section 4.5 shall survive the
termination of this Agreement for a period of five (5) years. Notwithstanding the foregoing, for any and all Confidential Information that constitutes (and continues to constitute) a trade secret under applicable law, the obligations under this
Section 4.5 shall survive in perpetuity. 

4.6    Mai-Icing. The MEMSIC Group shall use commercially reasonable
efforts consistent with its current practices to include any and all patent notices as are required by applicable law or are standard in the industry on any products (and associated written materials or packaging thereof) that are covered by the
Patents included in the License. 
 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES; INDEMNITY; DISCLAIMER; LIMITATION OF LIABILITY 

5.1    Mutual Representations and Warranties. Each Patty hereby represents and warrants to the other Party that
(a) it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority to enter into this Agreement and to perform its obligations under this
Agreement, (b) this Agreement has been duly executed and delivered on behalf of such Patty, and is legally binding and enforceable 

  
 9 

 
on each Patty in accordance with its terms, (c) it has not granted and will not grant any tights in any Intellectual Property Rights that are inconsistent with the tights and licenses
granted herein, and (d) its entry into and performance of this Agreement, including the transfers, grants of tights, licenses and any tight to use granted to the other Patty hereunder, does not conflict with or result in a breach of the terms,
conditions or provisions of, give rise to a right of termination under, constitute a default under, or result in any violation of any agreement, contract, instrument, order, judgment, decree, statute, law, rule or regulation to which such Party or
any of its assets is bound. 
 5.2    Representations, Warranties and Covenants of MCUBE. 

(a)    Licensed Intellectual Property Rights. MCUBE hereby represents and warrants that (i) it (and neither any
third party nor any Subsidiary or Affiliate of MCUBE) is the sole owner of the entire right, title, and interest in and to the Licensed Intellectual Property Rights (including the Licensed Sensor Device Technology), (ii) it has the sole right and
power to grant the License, (iii) there are no other agreements with any other patty in conflict with the grant of such License, (iv) it knows of no prior art that would invalidate the Licensed Patents, (v) it will maintain and ensure
the validity of the License, (vi) to the knowledge of MCUBE after due inquiry, the MEMSIC Group’s contemplated use of the Licensed Intellectual Property Rights under the License as set forth in Section 2.1 does
not and will not infringe, misappropriate or otherwise violate any valid Intellectual Property Rights held by any third party, and (vii) there are no actions for infringement, misappropriation or other violation anywhere in the world against
MCUBE with respect to products it manufactures and commercializes embodying the Licensed Intellectual Property Rights. To the extent that any Licensed Intellectual Property Right is now or hereafter owned or controlled by a Subsidiary or Affiliate
of MCUBE, MCUBE agrees to take any steps necessary to promptly consolidate sole ownership and control of such Licensed Intellectual Property Right in MCUBE. 

(b)    No Transfer: Negative Pledge. Following the Signing Date, none of MCUBE, its Subsidiaries or Affiliates, and
any of their successors or permitted assigns shall, directly or indirectly, sell, assign, transfer, dispose of, grant any future rights in conflict with the License, or create or allow the creation of any pledge, security interest, mortgage, lien or
any other encumbrance on or in respect of, any of the Licensed Intellectual Property Rights without the prior written consent of MEMSIC. Any attempt to do so in violation of the foregoing shall be null and void and have no force or effect. 

(c)    Export Controls. MCUBE hereby represents and warrants that the Licensed Intellectual Property Rights are
classified as either EAR99 under the Export Administration Regulations (the “EAR”), or are not subject to the EAR. 

(d)    Evaluation Report. MCUBE shall use commercially reasonable efforts to assist MEMSIC in the evaluation of the
Licensed Intellectual Property Rights, as may be required by the applicable government authority. 

5.3    Indemnity. Each Patty (the “Indemnifying Party”) shall indemnify, defend and hold
harmless the other Patty and its Affiliates, and then· respective officers, directors, employees, agents, licensors, and then· respective successors, heirs and assigns and representatives, from and against any and all damages,
liabilities, losses, costs and expenses (including reasonable legal 

  
 10 

 
expenses, costs of litigation and reasonable attorneys’ fees) arising in connection with any claims, suits or proceedings, whether for money damages or equitable relief, of any kind brought
by any third party that are a result of the Indemnifying Party’s (a) violation of Sections 4.5, 5.1 or 5.2 or (b) fraud, gross negligence or willful misconduct. 

5.4    NO OTHER REPRESENTATIONS. THE EXPRESS REPRESENTATIONS AND WARRANTIES STATED IN THIS ARTICLE 5 ARE IN
LIEU OF ALL OTHER REPRESENTATIONS AND WARRANTIES, EXPRESS, IMPLIED, OR STATUTORY, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, CUSTOM, TRADE, OR
NON-INFRINGEMENT OR NON-MISAPPROPRIATION OF THIRD-PARTY INTELLECTUAL PROPERTY RIGHTS. 

5.5    General Disclaimer. Except as expressly set forth in this Agreement, nothing contained in this Agreement
shall be construed as: 
 (a)    a warranty or representation by either Party as to the validity, enforceability or
scope of any technology or Intellectual Property Rights; 
 (b)    an agreement to bring or prosecute actions or suits
against any third party for infringement of Intellectual Property Rights or any other right, or conferring upon either Patty any right to bring or prosecute actions or suits against any third party for infringement of Intellectual Property Rights or
any other right; 
 (c)    conferring upon either Party any right to use in advertising, publicity or otherwise any
trademark, trade name or names, or any contraction, abbreviation or simulations thereof, of the other Patty; or 

(d)    conferring upon either Party, by implication, estoppel or otherwise, any license or other right except the licenses
and rights expressly granted hereunder; or an obligation to provide any technical information, know-how, consultation, technical services or other assistance or deliverables to the other Party. 

5.6    Limitation of Liability. EXCEPT FOR A PARTY’S INDEMNIFICATION OBLIGATIONS HEREUNDER, DAMAGES ARISING
FROM A BREACH OF SECTION 4.5, AND AS OTHERWISE PROVIDED IN SECTION 2.7, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL OR PUNITIVE DAMAGES ARISING FROM THIS AGREEMENT. 

5.7    Joint and Several Liability. MIL and MCI shall be jointly and severally liable for, and each unconditionally
guarantees, any and all obligations, representations, warranties, covenants, undertakings, indemnities and other agreements of MCUBE under this Agreement. 

ARTICLE 6 
 TERM AND
TERMINATION 
 6.1    Term. This Agreement shall commence as of the Signing Date and shall continue in
perpetuity unless earlier terminated pursuant to Section 6.2. 

  
 11 

 6.2    Termination. Either Patty (the “Non-Breaching Party”) shall have the right to terminate this Agreement upon delivery of written notice to the other Party (the “Breaching Party”) in the event of any material
breach by the Breaching Party of any terms and conditions of this Agreement, provided, however, that such termination will not be effective if such breach has been cured within thirty (30) days after written notice thereof is given by the Non-Breaching Patty to the Breaching Party specifying the nature of the alleged breach. 

6.3    Effect of Termination. Following the effective date of any termination of this Agreement, (a) MEMSIC
will no longer be obligated to make any payments under this Agreement; and (b) solely in the event that such termination is by MCUBE pursuant to Section 6.2 for material breach by MEMSIC of its payment obligations
under Section 2.6, the License shall terminate, subject to a six (6) month wind-down period following such termination to allow the MEMSIC Group to sell or otherwise dispose of any substantially finished products or
inventory already existing as of such effective date of termination. 
 6.4    Survival. The following provisions
shall survive any termination of this Agreement, as well as any other provisions which by their nature are intended to survive any termination: Articles 1 (Certain Definitions), 6 (Term and Termination) and 7 (General
Provisions) and Sections 2.5 (Resulting Intellectual Property), 2.8 (Non-Compete), 2.9 (Taxes), 4.5 (Confidentiality), 5.3 (Indemnity), 5.4 (NO OTHER REPRESENTATIONS),
5.5 (General Disclaimer), 5.6 (Limitation of Liability) and 5.7 (Joint and Several Liability). In addition, the following provisions shall survive any termination of this Agreement (except for early termination by MCUBE pursuant
to Section 6.2 for material breach by MEMSIC of its payment obligations under Section 2.6, in which case only the provisions listed in the previous sentence shall survive): Articles 3 (Prosecution, Maintenance
and Enforcement) and 4 (Additional Obligations) and Sections 2.1 (License), 2.2 (Sublicenses), 2.7 (Lost Profits), 5.2(b) (No Transfer; Negative Pledge) and 5.2(d) (Evaluation Report). 

ARTICLE 7 
 GENERAL
PROVISIONS 
 7.1    Governing Law: Arbitration: Submission to Jurisdiction. This Agreement shall be governed
by and construed in accordance with the laws of Hong Kong, without reference to the conflicts of law provisions thereof. Any dispute, controversy, claim or difference of any kind whatsoever arising out of or in connection with this Agreement,
including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be exclusively referred
to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (“HKIAC”) under the HKIAC Administered Arbitration Rules in effect when the applicable notice of arbitration is submitted.
The law of such arbitration shall be Hong Kong law, the seat of such arbitration shall be Hong Kong law, the number of arbitrators in such arbitration shall be three, and such arbitration proceedings shall be
conducted-and all associated decisions or correspondence shall be-in English. 

7.2    Assignment; Change of Control: Binding Upon Successors and Assigns. No Patty may assign any of its rights or
obligations under this Agreement without the prior written consent of the other Party: provided that either Party may, without the consent of the other Party, assign 

  
 12 

 
this Agreement as part of the transfer of all or substantially all of its assets to which this Agreement relates, it being understood that this Agreement must be assigned in the event of any such
transfer of assets and the assignee of this Agreement and transferee of such asset transfer shall at all times be the same entity. For the avoidance of doubt, and without limiting the foregoing, without the prior written consent of a Patty, any
merger, consolidation, sale of all or a significant portion of any the assets of the other Patty (including, for the avoidance of doubt, MCI, MIL or MCHK individually) or any similar transaction or series of transactions that results in, directly or
indirectly, such other Patty’s liquidation, dissolution, winding up, cessation of existence or merger into another entity shall require the applicable successor or assignee to agree in writing to be bound by all of the provisions of, and
perform all of the obligations of such other Patty under, this Agreement. Subject to rest of this Section 7.2, this Agreement will be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns and
enforceable against such successors and permitted assigns. Any attempted assignment or other transaction in violation of this Section 7.2 will be void ab initio. 

7.3    Severability. If any provision of this Agreement, or the application thereof, is for any reason held to any
extent to be invalid, illegal or unenforceable, then the remainder of this Agreement and the application thereof will nevertheless remain in full force and effect so long as the economic and legal substance of the transactions contemplated by this
Agreement are not affected in any manner materially adverse to any Party. Upon such determination that any provision is invalid, illegal or unenforceable, the Parties agree to replace such provision with a valid, legal and enforceable provision that
will achieve, to the maximum extent legally permissible, the economic, business and other purposes of such provision. 

7.4    Other Remedies. Except to the extent set forth otherwise herein, any and all remedies herein expressly
conferred upon a Patty will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such Party, and the exercise by a Party of any one remedy will not preclude the exercise of any other remedy. It
is accordingly agreed that the Parties will be entitled (in addition to any other remedy that may be available to it) to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions
hereof in any court having jurisdiction and that no Party shall be required to provide any bond or other security in connection with any such decree, order or injunction or in connection with any related action. 

7.5    Specific Performance. The Parties agree that irreparable damage for which monetary damages, even if
available, would not be an adequate remedy, would occur in the event that the provisions of this Agreement were not performed in accordance with its specific terms or otherwise breached by MCUBE and that any remedy at law for any breach of any
provision of this Agreement by MCUBE would be inadequate. Accordingly, the Parties acknowledge and agree that MEMSIC shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches of this
Agreement or to enforce specifically the terms and provisions hereof, without limitation of and in addition to any other remedy to which it is entitled at law or in equity, and MCUBE hereby agrees not to asset, and hereby waives, in any action
seeking any such relief, the defense of adequacy of a remedy at law and any requirement for the posting of any bond or other security in connection therewith. The Patties agree that, by seeking the remedies set forth in this
Section 7.5, MEMSIC does not in any respect waive its right to seek any other form of relief that may be available to it under this Agreement or in the event that the 

  
 13 

 
remedies provided for in this Section 7.5 are not available or otherwise are not granted, and nothing set forth in this Section 7.5 shall
require MEMSIC to institute any action for (or limit MEMSIC’s right to institute any action for) specific performance under this Section 7.5 prior to or as a condition to exercising any termination right under
Section 6.2. 
 7.6    Amendment and Waivers. Subject to applicable law, any provision
of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each of the Parties, or, in the case of a waiver, by the Patty against whom the waiver is to be
effective. No course of dealing and no failure or delay on the part of any Party in exercising any right, power or remedy conferred by this Agreement shall operate as a waiver thereof or otherwise prejudice such party’s rights, powers and
remedies. Tue failure of any of the Parties to this Agreement to require the performance of a term or obligation under this Agreement or the waiver by any of the Parties to this Agreement of any breach hereunder shall not prevent subsequent
enforcement of such term or obligation or be deemed a waiver of any subsequent breach hereunder. No single or partial exercise of any right, power or remedy conferred by this Agreement shall preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. 
 7.7    Attorneys’ Fees. Should suit be brought to enforce
or interpret any part of this Agreement, the prevailing patty will be entitled to recover, as an element of the costs of suit and not as damages, reasonable attorneys’ fees to be fixed by the court (including costs, expenses and fees on any
appeal). Tue prevailing party will be entitled to recover its costs of suit. 
 7.8    Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered personally, (b) the next business day in the jurisdiction of the Party receiving such communication
(“Business Day”), if sent by a nationally-recognized overnight delivery service (unless the records of the delivery service indicate otherwise), (c) three (3) Business Days after deposit in the United States mail,
certified and with proper postage prepaid, addressed as follows; or (d) upon delivery if sent by electronic mail or facsimile during a Business Day (or on the next Business Day if sent by electronic mail or facsimile after the close of normal
business hours or on a non-Business Day): 
  

	
	 If to MCUBE:

	
	 MCUBE, Inc.

2570 North First Street STE 300

	 San Jose, California 95131

	 Attn: Ben Lee, CEO, MCube, Inc.

	
	 with a copy (which shall not constitute notice) to:

	 (
                    )

	
	 If to MEMSIC:

	
	 MEMSIC Semiconductor (Tianjin) Co. Ltd.

	
(                    )

	 Attn:

  
 14 

 7.9    Interpretation; Rules of Construction. The words
“include,” “includes” and “including” when used herein will be deemed in each case to be followed by the words “without limitation.” The headings contained in this Agreement are for reference purposes only and
will not affect in any way the meaning or interpretation of this Agreement. The Patties agree that they have been represented by legal counsel during the negotiation and execution of this Agreement and the other agreements, certificates and
documents contemplated by this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement will be construed against the Patty drafting such agreement. 

7.10    Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the entire
understanding and agreement of the Patties with respect to the subject matter hereof and thereof and supersedes all prior and contemporaneous agreements or understandings, inducements or conditions, express or implied, oral or written, between the
Patties (including the Term Sheet). The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof. 

7.11    Counterparts. This Agreement and any signed agreement or instrument entered into in connection with this
Agreement, and any amendments hereto or thereto, may be executed in two or more counterparts and by the Patties on separate counterparts, each of which when so executed and delivered shall be an original, but all of which together shall constitute
one and the same instrument. Any such counterpart, to the extent delivered by means of a fax machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall
be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No Patty shall raise the use of Electronic
Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each Patty forever waives any such
defense, except to the extent that such defense relates to lack of authenticity. 
 7.12    Relationship Between the
Patties. The relationship between the Patties established under this Agreement is that of independent contractors and no Patty shall be deemed an employee, agent, partner, or joint venturer of or with the other. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 

  
 15 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the Parties as of the Signing Date.

  

			
	MCUBE, INC.
		
	By:	 	 /s/ Ben Lee

	Name:	 	 Ben Lee

	Title:	 	 CEO

	
	MCUBE INTERNATIONAL LIMITED
		
	By:	 	 /s/ Ben Lee

	Name:	 	 Ben Lee

	Title:	 	 Director

	
	MCUBE HONG KONG LIMITED
		
	By:	 	 /s/ Ben Lee

	Name:	 	 Ben Lee

	Title:	 	 Director

  
 [SIGNATURE PAGE TO
LICENSE AGREEMENT] 

 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the Parties as of the
Signing Date. 
  

			
	MEMSIC SEMICONDUCTOR (TIANJlN) CO. LTD.
		
	By:	 	 /s/ Chunxing Zhi

	Name:	 	  

	Title:	 	  

	
	MEMSIC SEMICONDUCTION (HK) CO., LTD.
		
	By:	 	 /s/ Chunxing Zhi

	Name:	 	  

	Title:	 	  

	
	TOTAL FORCE LIMITED
		
	By:	 	 /s/ Chunxing Zhi

	Name:	 	  

	Title:	 	  

  
 17

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