Document:

Exhibit 10.14

 

 

 

CALL OPTION AND COOPERATION AGREEMENT

Regarding

Shanghai Muliang Industrial Corp.

 

 

 

among

 

Lirong Wang & Zhongfang Wang

 

and

 

Shanghai Mufeng Investment
Consulting Corp.

 

and

 

Shanghai Muliang Industrial
Corp.

 

February 10, 2016

 

     

     

    

 

Call Option and Cooperation Agreement

 

This Call Option and Cooperation Agreement (the “Agreement”)
is entered into in Shanghai, the People’s Republic of China (the “PRC”) as of this February 10, 2016 
by and between the following parties:

 

I. Lirong Wang,
a PRC citizen with ID Card number [310228197206153013] owns 95% shares of Shanghai Muliang Industrial Corp.;

 

Zhongfang Wang, a PRC citizen
with ID Card number [310228194611043017] owns 5% shares of Shanghai Muliang Industrial Corp.;

(hereinafter referred to as the “Existing Shareholders”)

 

	II.	Shanghai Mufeng Investment Consulting Corp. (hereinafter
referred to as “WFOE”)

Registered address:      中国(上海)自由贸易试验区富特北路 379 号二层 203 室; and

 

	III.	Shanghai Muliang Industrial Corp. (hereinafter referred
to as “SMI”)

Registered address:      上海市金山区枫泾镇一号桥北堍
2 号 14 号厅
18 室.

 

(In this Agreement, the above-mentioned parties are collectively
referred to as the “Parties” and individually as a “Party”)

 

Whereas:

 

I. The Existing Shareholders are the enrolled shareholders of SMI and lawfully holds all equities of SMI.

 

II. WFOE is a limited
liability company duly incorporated and validly existing in PRC, and it is an important partner of SMI providing technical support, consultancy
and other relevant service for it.

 

III. The Existing
Shareholders agree to exclusively grant the WFOE with an irrevocable call option (the “Call Option”), pursuant to which
and to the extent permitted by PRC laws, the Existing Shareholders shall, at the request of WFOE, transfer the Option Equity (as defined
below) to WFOE and/or any other entity or individual designated by WFOE in accordance with this Agreement.

 

IV. SMI agrees that
the Existing Shareholders may grant to WFOE the Call Option in accordance with this Agreement.

 

 V. WFOE agrees to cooperate with the Existing Shareholders and SMI according to this Agreement.

 

THEREFORE, the Parties have reached the following agreement
upon mutual consultation:

 

Section 1. Definition

 

1.1 Unless otherwise
required by the context, the following terms in this Agreement shall have the following meanings:

 

“PRC Law” means the laws, administrative
regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory documents of the People’s
Republic of China then in effect.

 

“Option Equity” shall mean, in respect of
the Existing Shareholders, all their equity shares in the registered capital of SMI, which is 100% of the registered capital of SMI.

 

“Transferred Equity” shall mean the equity
of SMI which the WFOE has the right to require the Existing Shareholders to transfer to it or its designated entity or individual when
the WFOE exercises its Call Option (the “Exercise of Option”) in accordance with Section 3.2 herein, and the amount
thereof may be whole or part of the Option Equity and the specific amount thereof may be determined by the WFOE according to the PRC Laws
then in effect and the its own business condition.

 

     

     

    

 

“Transferring Price” shall mean all consideration
to be paid by the WFOE or its designated entity or individual to the Existing Shareholders in order to obtain the Transferred Equity upon
each Exercise of Option.

 

“SMI Assets” shall mean all tangible or
intangible assets which SMI owns or has the right to use during the term of this Agreement, including but not limited to any immovable
or moveable assets, and trademarks, copyrights, patents, know-how, domain names, software use right and other such intellectual properties.

 

“Material Agreements” means those agreements
signed by SMI as a party thereto, and having material influence on the business or assets of SMI (including but not limited to the Exclusive
Technical Support and Service Agreement and other agreements in relation to SMI’s business).

 

 1.2 Reference to any PRC Law herein shall be construed as including references to:

 

(i) the revise, amendment, supplement and reenactment
of such law, irrespective of whether they come into force prior or after the formation of this Agreement; and

 

(ii) other decisions, notices
or regulations enacted in accordance therewith or effective as a result thereof.

 

1.3 Unless otherwise
stated in the context herein, references to any clause, item or paragraph shall refer to the relevant part of this Agreement.

 

Section 2. Grant of Call Option

 

2.1 The Existing Shareholders
hereby agree to irrevocably and unconditionally grant the WFOE an exclusive call option, pursuant to which the WFOE shall be entitled
(to the extent permitted by PRC laws) to request the Existing Shareholders to transfer the Option Equity to the WFOE and/or its designated
entity or individual in accordance with the terms and conditions hereunder. WFOE also agrees to accept such Call Option.

 

2.2 SMI hereby
agrees that the Existing Shareholders may grant WFOE with such Call Option in accordance with Section 2.1 and other provisions of this
Agreement

 

Section 3- Method for Exercise
of Option

 

3.1 To the extent
permitted by PRC Law, WFOE shall have the absolute discretion on determining the specific time, method and times of its Exercise of Option.

 

3.2 If the PRC Law
then in effect permits the WFOE and/or other entity or individual designated by it to hold all equities of SMI, the WFOE shall have the
right to exercise all of its Call Option by a single Exercise of Option, and the WFOE and/or its designated entity or individual will
accept all Option Equity from the Existing Shareholders on a one-time basis. If the PRC Law then in effect only permits the WFOE and/or
other entity or individual designated by it to hold part of SMI’s equities, the WFOE shall have the right to determine the amount
of Transferred Equity within the upper limit of shareholding ratio set out by the PRC Law (the “Shareholder Limit”),
and the WFOE and/or its designated entity or individual will accept such amount of the Transferred Equity from the Existing Shareholders.
In the latter case, the WFOE shall be entitled to exercise its Call Option at multiple times in line with the gradual raise by the PRC
Law in the Shareholding Limit, so as to eventually obtain all Option Equity.

 

3.3 At each Exercise
of Option, the WFOE shall have the right to determine the amount of Transferred Equity to be transferred by the Existing Shareholders
to the WFOE and/or any other entity or individual designated by it in such Exercise of Option, and the Existing Shareholders shall transfer
the such amount of Transferred Equity as required by the WFOE to the WFOE and/or its designated entity or individual. WFOE and/or its
designated entity or individual shall pay Transferring Price to the Existing Shareholders in respect of the Transferred Option accepted
by it in each Exercise of Option.

 

3.4 In each Exercise
of Option, the WFOE may accept the Transferred Option by itself, or designate any third party to accept all or part of the Transferred
Equity.

 

    2

     

    

 

3.5 After the WFOE
has made its decision on each Exercise of Option, it shall serve a notice to the Existing Shareholders stating its intention of exercising
Call Option (the “Exercise Notice”, the form of which is set out in Appendix 2 hereto). The Existing Shareholders shall,
upon receipt of the Exercise Notice, forthwith transfer the Transferred Equity in accordance with the Exercise Notice to the WFOE and/or
its designated entity or individual in such method as specified in Section 3.3 herein.

 

3.6 The Existing Shareholders
undertakes and guarantees that, once the WFOE issued the Exercise Notice, it shall:

 

(i) immediately
enter into an equity transfer agreement with the WFOE and/or other entity or individual designated by WFOE for transfer of all the Transferred
Equity to the WFOE and/or such designated entity or individual;

 

(ii) offer
necessary support to the WFOE (including providing and signing all relevant legal documents, processing all formalities for governmental
approval and/or registration, and bearing all relevant obligations) in accordance with the requirements of laws and regulations, so as
to enable the WFOE and/or its designated entity or individual to obtain all Transferred Equity free from any legal defect; and

 

(iii) immediately
take all necessary actions (including but not limited to, delivering the official seal, business license, books of accounts and originals
of other certificates and licenses of SMI to the WFOE and/or its designated entity or individual) to enable the WFOE and/or its designated
entity or individual to obtain the actual control over SMI.

 

3.7 At the same time
of executing this Agreement, the Existing Shareholders shall sign a power of attorney (the form of which is set out in Appendix 2 hereto,
hereinafter referred to as the “Power of Attorney”) to authorize any person appointed by the WFOE to sign on behalf
of the Existing Shareholders any and all legal documents, so as to ensure that the WFOE and/or its designated entity or individual may
obtain all Transferred Equity free from any legal defect. Such Power of Attorney shall be delivered to and kept by the WFOE, and, if necessary,
the WFOE may request the Existing Shareholders to execute multiple copies of the Power of Attorney at any time and submit such Power of
Attorney to relevant governmental authorities.

 

Section 4. Transferring Price

 

At each Exercise of Option by the WFOE, all the Transferring
Price to be paid by the WFOE or its designated entity or individual to the Existing Shareholders shall be the amount of the net assets
value of SMI in correspondent to the Transferred Equity as of the date of transfer (the “Correspondent Amount”). If
the PRC Law provides any compulsory requirements on the Transferring Price then, which causes that the Transferring Price must be higher
than the Correspondent Amount mentioned in the preceding sentence, the WFOE and/or its designated entity or individual shall be entitled,
according to PRC Laws, to choose the lowest price permitted by the PRC Laws as the Transferring Price. Subject to all applicable laws
and regulations, differences (if any) between the Transferring Price and the Correspondent Amount shall be given to SMI.

 

Section 5- Representations and
Warranties

 

5.1 The Existing Shareholders
hereby represent and warrant as follows, and such representations and warranties shall be continually effective as if made at the time
of transferring the Transferred Equity:

 

5.1.1 The
Existing Shareholders are PRC citizen with full capacity. The Existing Shareholders have full and independent legal status and legal capacity
to execute, deliver and perform this Agreement, and may act independently as a litigant party.

 

5.1.2 The Existing Shareholders have full
power and authorization to execute and deliver this Agreement as well as other documents relating to the transaction contemplated
hereunder and to be executed by him.

 

    3

     

    

 

5.1.3 This
Agreement is duly executed and delivered by the Existing Shareholders and constitutes legal and binding obligations on the part of the
Existing Shareholders. It is enforceable against him in accordance with its terms and conditions.

 

5.1.4 When
this Agreement comes into force, the Existing Shareholders are the lawful owner of the Option Equity, and the Option Equity is free of
any lien, pledge, claim and other encumbrance or third-party rights other than those rights created by this Agreement, the Equity Pledge
Agreement and the Exclusive Technical Consulting and Service Agreement between the Existing Shareholders and the WFOE. Pursuant to this
Agreement, the WFOE and/or its designated entity or individual may, upon Exercise of Option, obtain the proper title to the Transferred
Equity free from any lien, pledge, claim and other encumbrances or third party rights.

 

 5.2 SMI hereby represents and warrant as follows:

 

5.2.1 SMI
is a limited liability company duly incorporated and validly existing under the PRC Law and has an independent status as a legal person.
SMI has full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act independently
as a litigant party.

 

5.2.2 SMI
has the full power and authorization to execute and deliver this Agreement as well as other documents to be signed by it in relation to
the transaction contemplated herein, and it has full power and authorization to complete the transaction hereunder.

 

5.2.3 This
Agreement is duly executed and delivered by SMI and constitutes legal and binding obligations on it.

 

5.2.4 The
Existing Shareholders are the only enrolled lawful shareholders of SMI as of the effective date hereof. Pursuant to this Agreement, the
WFOE and/or its designated entity or individual may, upon Exercise of Option, obtain the proper title to the Transferred Equity free from
any lien, pledge, claim and other encumbrances or third-party rights.

 

Section 6. Undertakings by the
Existing Shareholders

 

The Existing Shareholders hereby undertake as follows:

 

6.1 Within the term
of this Agreement, the Existing Shareholders shall not (unless and until it has informed the WFOE thereof and obtained the prior written
consent from WFOE, or it is subject to a compulsory requirement provided by law):

 

6.1.1 transfer
or otherwise dispose of any Option Equity or create any encumbrance or other third-party rights on any Option Equity;

 

 6.1.2 increase or decrease the registered capital of SMI;

 

 6.1.3 declare the distribution of or actually distribute any distributable profits, dividends or bonus shares;

 

 6.1.4 agree or causes the merger or division of SMI;

 

6.1.5 directly
or indirectly hold any equity in, or become the director or employee of, or provide any services (save for services in the ordinary business
course of SMI) for entities engaging in any business that is similar to or competing with SMI;

 

 6.1.6 cause SMI to be terminated, liquidated or dissolved; and

 

 6.1.7 amend the articles of association of SMI.

 

6.2 Within the term
of this Agreement, the Existing Shareholders must ensure that SMI is in compliance with its undertakings specified in Section 7.1 below.

 

    4

     

    

 

6.3 During the term
of this Agreement, the Existing Shareholders shall make his best efforts to develop SMI’s business and ensure that the business
operation of SMI is legal and consistent to the regulations. The Existing Shareholders shall not engage in any actions or inactions which
may (i) harm SMI Assets or reputation of SMI, or (ii) affect the validity of those certificates, licenses or qualifications necessary
for SMI’s various businesses. When the Existing Shareholders cease to be shareholders of SMI, it shall cause its successor to accept
in writing the rights and obligations hereunder with equal validity.

 

Section 7- Undertakings by SMI

 

7.1 SMI hereby undertakes
that, within the term of this Agreement, it shall not (unless it has obtained the prior written consent of WFOE or is subject to any compulsory
provisions of laws):

 

 7.1.1 dispose of any SMI Assets (other than in the ordinary business course);

 

7.1.2 dispose
of in any way its operation rights and/or profit-sharing rights in connection with any of its business other than in the ordinary course
of business;

 

7.1.3 terminate
any Material Agreements signed by it or enter into any other agreements in conflict with the existing Material Agreements;

 

7.1.4 lend
or borrow any loan, or provide any guarantee or any other forms of security, or bear any substantial obligations other than in the ordinary
business activity;

 

 7.1.5 purchase or invest in any entity;

 

7.1.6 deposit
or permit any capitals of SMI to be deposited in the account of any other entities or individuals (save for the temporary situation arising
out of the ordinary business course); and

 

7.1.7 incur
any liabilities or contracts with an amount exceeding RMB500,000 (other than in the ordinary business course).

 

7.2 If any consent,
permission, waiver or authorization by any third party, or any governmental approval, license, exemption or filing procedures with any
governmental agency (if required by laws) are required by the execution and performance of this Agreement as well as the grant of Call
Option hereunder, SMI shall make its best efforts to fulfill above conditions.

 

7.3 Without the prior
written consent of the WFOE, SMI shall not assist or permit the Existing Shareholders to transfer or otherwise dispose of any Option Equity,
or create any encumbrance or other third-party rights on any Option Equity.

 

7.4 SMI shall not
conduct or permit any behavior or activity that may adversely affect the interest of WFOE under this Agreement.

 

Section 8. Undertakings by WFOE

 

With respect to any losses or capital requirements of SMI that
may occur in its ordinary operation or business development courses, WFOE undertakes that, notwithstanding the provisions in other agreements
entered into between WFOE and SMI, it shall offer necessary support to SMI to the extent permitted by law; provided that the Existing
Shareholders and SMI shall respectively perform their obligations and undertakings hereunder, and the representations and warranties made
by them hereunder shall remain true and effective.

 

    5

     

    

 

Section 9. Obligation of Confidentiality

 

9.1 Notwithstanding
the termination of this Agreement, the Existing Shareholders shall be obliged to keep the following information in confidential:

 

(i) the execution, performance and the contents of this Agreement;

 

(ii) trade
secret, proprietary information and customer information in relation to the WFOE known to or received by it as a result of execution and
performance of this Agreement; and

 

(iii) trade
secret, proprietary information and customer information in relation to SMI known to or received by it as SMI’s shareholders (collectively
referred to as the “Confidential Information”).

 

The Existing Shareholders may use such Confidential information
only for the purpose of this Agreement. Without the written consent of the WFOE, the Existing Shareholders shall not disclose above Confidential
Information to any third party, otherwise it shall be liable for breach of the agreement and compensate for relevant losses.

 

9.2 Upon termination
of this Agreement, the Existing Shareholders shall, at request of the WFOE, return, destroy or otherwise dispose of all documents, materials
or software containing the Confidential Information, and stop using such Confidential Information.

 

9.3 Notwithstanding
any other provisions herein, this Section shall not be affected by the suspension or termination of this Agreement.

 

Section 10 – Term of Agreement

 

This Agreement shall come into force upon formal signatures
of the Parties, and shall be valid until all Option Equity has been transferred to the WFOE and/or its designated entity or individual
in accordance with this Agreement.

 

Section 11 – Notice

 

11.1 Any notice, request,
requirement or other communications hereunder shall be made in writing and delivered to the relevant receiving Party.

 

11.2 Above notices
or other communications shall be deemed to have been given when (i) it is sent out if sent by facsimile or email, or (ii) when it is delivered
if deliver by person, or (iii) five (5) days following post if posted by mail.

 

Sectioin 12 – Liability
for Breach of Contract

 

12.1 The Parties agree
and acknowledge that, if either Party (the “Defaulting Party”) substantially breaches any terms hereunder, or substantially
fails to perform any of the obligations hereunder, it shall constitute a default under this Agreement (the “Default”).
The non-defaulting Party shall have the right to require the Defaulting Party to make corrections or remedies within a reasonable period.
If the Defaulting Party fails to make correction or remedy within ten (10) days following receipt of the written notice from the non-defaulting
Party, the non-defaulting shall have the right to (at its/his own discretion):

 

(i) terminate
this Agreement, and to request the Defaulting Party to make full compensation for losses and damages; or

 

(ii) enforce
the Defaulting Party to perform its/his obligations hereunder, and to request the Defaulting Party to compensate for all losses and damages.

 

12.2 The Parties agree
and acknowledge that, in any circumstances, the Existing Shareholders and SMI shall not request the termination of this Agreement for
any reason.

 

12.3 The rights and
remedies provided herein are accumulative and shall not preclude any other rights or remedies under the laws.

 

12.4 Notwithstanding
any other provision of this Agreement, the validity of this Section shall not be affected by the suspension or termination of this Agreement.

 

    6

     

    

 

Section 13 – Miscellaneous

 

13.1 This Agreement
is prepared in Chinese and shall be executed in three (3) originals. Each Party hereto shall hold one (1) original hereof.

 

 13.2 This Agreement shall be governed by and construed in accordance with the PRC Laws.

 

13.3 Any dispute arising
out of or in connection with this Agreement shall be settled by the Parties through friendly consultation. If no agreement has been reached
within thirty (30) days following the occurrence of such dispute, it shall be submitted to the competent court for resolution.

 

13.4 Any right, power
or remedy granted to any Party under any provisions herein shall not preclude any other rights, powers or remedies that a Party may be
entitled to in accordance with laws or other provisions hereof. A Party’s exercise of its rights, powers or remedies shall not preclude
it from exercising other rights, powers or remedies granted to such Party.

 

13.5 Any failure or
delay by a Party in exercising any of its rights, powers and remedies hereunder or in accordance with laws (the “Party’s
Rights”) shall not be deemed as a waiver thereof, and any single or partial exercise of the Party’s Rights shall not preclude
(i) such Party’s further exercise of such rights and (ii) exercise of other Party’s Rights.

 

13.6 The headings
of this Agreement are for easy reference only and shall not be used for or affect the interpretation hereof in any circumstances.

 

13.7 Each provision
hereunder shall be severable and independent from each other, and, if any provision(s) hereunder has been held invalid, illegal or unenforceable
at any time, the validity, legality and enforceability of the remaining provision shall not be affected thereby.

 

13.8 Upon execution,
this Agreement shall supersede any other legal documents previously executed by the Parties in respect of the same subject. Any amendment
or supplement to this Agreement shall be made in writing, and no amendment or supplement to this Agreement shall be effective without
being duly signed by the Parties

 

13.9 Without the prior
written consent of the WFOE, neither the Existing Shareholders nor SMI may transfer its rights and/or obligations hereunder to any third
party. WFOE shall have the right to transfer its rights and/or obligations to any of its designated third party upon notice to the Existing
Shareholders and SMI.

 

 13.10 This Agreement shall be binding upon the lawful successor of each Party.

 

[SIGNATURE PAGE FOLLOWS]

 

    7

     

    

 

IN WITNESS WHEREOF,
the following Parties have caused this Equity Pledge Agreement to be executed as of the date and in the place first written above.

 

	EXISTING SHAREHOLDERS:	 
	 	 	 
	Signed by : 		 
	Name:	Lirong Wang	 
	 	 	 
	Signed by :		 
	Name:	Zhongfang Wang	 

 

	Shanghai Mufeng Investment Consulting
    Corp.	 
	 	 	 
	Authorized Representative :	
	 
	Name:	Lirong Wang	 
	Title:	President	 
	 	 	 
	Shanghai Muliang Industrial Corp.	 
	 	 	 
	Authorized Representative : 		 
	Name:	Lirong Wang	 
	Title:	President	 

 

    8

     

    

 

Appendix 1

 

Basic Information of SMI

 

	Company name	:	Shanghai Muliang Indrustrial Corp.	 
	Registered address	:	上海市金山区枫泾镇一号桥北堍
2 号 14 号厅
18 室	 
	Registered capital	:	RMB50,000,000	 
	Equity structure	:	 	 

 

	Name of Shareholders	 	Capital Contribution	 	 	Equity

 Share	 
	Lirong Wang	 	 	47,500,000	 	 	 	95	%
	Zhongfang Wang	 	 	2,500,000	 	 	 	5	%

 

	Fiscal year	:	from January 1 to December 31 (calendar date)	 

 

     

     

    

 

Appendix 2

 

Option Exercise Notice

 

To: Lirong Wang and Zhongfang Wang

 

Given that we have entered into the Call Option and Cooperation
Agreement with you and Shanghai Muliang Industrial Corp. (“SMI”), as of this February 10, 2016 (the “Option
Agreement”) and reached an agreement that, to the extent permitted by PRC laws and regulations, you shall transfer your equity
interest in SMI to our company or any third party designated by us based on our demand.

 

Therefore, we hereby notify you as follows:

 

We hereby request to exercise the Call Option under the Option
Agreement, and we/Shanghai Mufeng Investment Consulting Corp. designated by us will accept 100% equity interest held by you in SMI (the
“Proposed Equity”). Upon receipt of this Notice, please immediately transfer all the Proposed Equity to us/ Shanghai
Mufeng Investment Consulting Corp. designated by us in accordance with the agreed terms in the Option Agreement.

 

Best regards,

 

	 	Shanghai Mufeng Investment Consulting Corp.
	 	 	 
	 	Authorized Representative: 	
	 	 	 
	 	Date: 	February 10, 2016

 

     

     

    

 

Appendix 3

 

Power of Attorney

 

I, Lirong Wang, with ID Card number: [310228197206153013],owns
95% shares of Shanghai Muliang Industrial Corp. hereby irrevocably appoints any person designated by Shanghai Mufeng Investment Consulting
Corp. as my authorized representative to sign on my behalf all legal documents necessary for or in connection with enabling Shanghai
Mufeng Investment Consulting Corp. to exercise its rights under the Call Option and Cooperation Agreement entered into by and between
it, Shanghai Muliang Industrial Corp and myself.

 

	Signature: 		 
	Date: 	February 10, 2016	 

 

Power of Attorney

 

I, Zhongfang Wang, with ID Card number: [310228194611043017],owns
5% shares of Shanghai Muliang Industrial Corp. hereby irrevocably appoints any person designated by Shanghai Mufeng Investment Consulting
Corp. as my authorized representative to sign on my behalf all legal documents necessary for or in connection with enabling Shanghai Mufeng
Investment Consulting Corp. to exercise its rights under the Call Option and Cooperation Agreement entered into by and between it, Shanghai
Muliang Industrial Corp and myself.

 

	Signature: 		 
	Date: 	February 10, 2016Exhibit 10.15

 

 

 

EQUITY PLEDGE AGREEMENT

Regarding

Shanghai Muliang Industrial
Corp.(Company)

 

 

 

between

 

Lirong Wang & Zhongfang
Wang (Shareholders of Company)

 

and

 

Shanghai Mufeng Investment Consulting Corp.(WFOE)

 

February 10, 2016

 

     

     

    

 

Equity Pledge Agreement

 

This Equity Pledge Agreement (the “Agreement”)
is entered into in Shanghai, the People’s Republic of China (the “PRC”) as of this February 10, 2016 by
and between the following parties:

 

[Shareholders of Company] (hereinafter referred
to as the “Pledgor”)

Lirong Wang with ID Card Number: [310228197206153013]

Zhongfang Wang with ID Card Number: [310228194611043017];
and

 

[WFOE]. (hereinafter referred to as the “Pledgee”)

Legal Address: 中国(上海)自由贸易试验区富特北路
379 号二层 203 室

 

(In this Agreement, the Pledgor and Pledgee are collectively
referred to as the “Parties” and individually as a “Party”)

 

Whereas:

 

I.
The Pledgor is the enrolled shareholder of Shanghai Muliang Industrial Corp. (its business licence number is 310000400758185, and
hereinafter referred to as the “Company”), lawfully holding the equities of the Company, and, as of the date hereof,
the Pledgor holds all shares of the Company (the “Company Equity”).

 

 II. The Pledgor and the Pledgee entered into the Call Option and Cooperation Agreement as of February 10, 2016.

 

III.
The Pledgee and the Company entered into the Exclusive Technical Support and Service Agreement as of February 10, 2016.

 

IV.
As the guarantee by the Pledgor and the Company for their performance of the Contract Obligation (as defined below) and repayment
of the Guaranteed Liabilities (as defined below), the Pledgor agrees to pledge all of its Company Equity to the Pledgee, and grant herewith
to the Pledgee the right of first priority.

 

Therefore, the Parties hereby agreed as follows:

 

Section 1 - Definition

 

1.1
Unless otherwise required by the context, the following terms in this Agreement shall have the following meanings:

 

“Contract Obligations” shall mean all
contractual obligations of the Pledgor under the Call Option and Cooperation Agreement and this Agreement; and all contractual obligations
of the Company under the Exclusive Technical Support and Service Agreement.

 

“Guaranteed Liabilities” shall mean
(i) all monetary payment obligations of the Pledgor and/or the Company under any transaction agreement, (ii) all direct, indirect and
derivative losses and loss of foreseeable profits suffered by the Pledgee due to any Breaching Event (as defined below) of the Pledgor
and/or the Company, and (iii) all fees incurred by the Pledgee for its enforcement of the Contractual Obligations of Pledgor and/or the
Company.

 

“Transaction Agreement” means the Call Option
and Cooperation Agreement and the Exclusive Technical Support and Service Agreement.

 

“Breaching Event” means any breach by the
Pledgor and/or the Company of any Contract Obligations.

 

“Pledged Property” shall mean (i) all
Company Equity to be pledged to the Pledgee according to this Agreement as a guarantee for (a) the performance of Contract Obligations
and (b) the repayment of Guaranteed Liabilities, which is lawfully owned by the Pledgor as of the date hereof; and (ii) the increased
contribution amounts and interests specified in Sections 2.6 and 2.7 hereof.

 

    1

     

    

 

“PRC Law” means the laws, administrative
regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory documents of the People’s
Republic of China then in effect.

 

“Equity Pledge” shall have the meaning
set out in Section 2.2 hereof.

 

“Party’s Right” shall have the meaning set out in Section 12.7 hereof.

 

“Power
of Attorney” shall have the meaning set out in Section 12.13 hereof.

 

 1.2 Reference to any PRC Law herein shall be construed as including references to:

 

(i)
the revise, amendment, supplement and reenactment of such law, irrespective of whether they come into force prior or after the
formation of this Agreement; and

 

(ii) other decisions, notices
or regulations enacted in accordance therewith or effective as a result thereof.

 

1.3
Unless otherwise stated in the context herein, references to any clause, item or paragraph shall refer to the relevant part of
this Agreement.

 

Section 2 - Equity Pledge

 

2.1
The Pledgor hereby agrees to pledge the Pledged Property (that it lawfully owns and is entitled to dispose of) to the Pledgee in
accordance with this Agreement as the guarantee for the performance of the Contract Obligations and the repayment of the Guaranteed Liabilities.

 

2.2
The Company shall record the arrangement of equity pledge hereunder on the shareholder register of the Company.

 

2.3
With the term of this Agreement, except for the willful misconduct or gross negligence (which is directly related as cause/result
to the consequence) of the Pledgee, the Pledgee shall not be liable in any way to, nor shall the Pledgor have any right to claim in any
way or propose any demands on the Pledgee, in respect of the reduction in value of the Pledged Property.

 

2.4
Subject to above Section 2.3, in case of any possibility of obvious reduction in value of the Pledged Property which is sufficient
to jeopardize Pledgee’s rights, the Pledgee may at any time auction or sell off the Pledged Property on behalf of the Pledgor to
use the proceeds from such auction or sale-off as pre-repayment of the Guaranteed Liabilities, or may submit such proceeds to the local
notary institution where the Pledgee is registered (any fees arising therefrom shall be borne by the Pledgor).

 

2.5
In case of any breaching Event, the Pledgee shall be entitled to dispose of the Pledged Property in the manner set out in Section
4 hereof.

 

2.6
Without the prior consent of the Pledgee, the Pledgor shall not increase its capital contribution to the Company. The increase
contribution amount of the Pledgor in the Company as a result of the foresaid capital increase shall also be a part of the Pledged Property.

 

2.7
Under the precondition that the prior consent of the Pledgee has been obtained, the Pledgor may receive dividends or share profits
from the Pledged Property. Such dividends or share profits received by the Pledgor from the Pledged Property shall be deposited into the
account designated by the Pledgee and be under the supervision of the Pledged. Such dividends or share profits shall be used as the Pledged
Property to repay in priority the Guaranteed Liabilities.

 

2.8
The Pledgee shall have the right to dispose of any Pledged Property of the Pledgor in accordance with this Agreement in case of
a Breaching Event.

 

    2

     

    

 

Section 3 - Release of Pledge

 

3.1  After the
Pledgor and the Company has fully and completed performed all Contractual Obligations and repaid all Guaranteed Liabilities, the Pledgee
shall, at request of the Pledgor, release the pledge hereunder and cooperate with the Pledgor to remove the record of Equity Pledge in
the shareholder register of the Company. Reasonable fees arising out of the release of the pledge shall be borne by the Pledgee.

 

Section 4 - Disposition
of Pledged Property

 

4.1
The Pledgor and the Pledgee hereby agree that, in case of any Breaching Event, the Pledgee shall have the right to exercise, upon
giving written notice to the Pledgor, all of its remedies and powers granted to it by the PRC Law, Transaction Agreements and this Agreement,
which includes but not limited to, repayment in priority with proceeds from auctions or sale-offs of the Pledged Property. The Pledgee
shall not be liable for any loss arising out of its reasonable exercise of such rights and powers.

 

4.2
The Pledgee has the right to designate in writing its legal counsel or other agents to exercise any and all rights and powers set
out above on its behalf, and the Pledgor shall not make any object thereto.

 

4.3
Reasonable costs incurred by the Pledgee in connection with its exercise of any and all rights and powers set out in Sections 4.1
and 4.2 shall be borne by the Pledgor, and the Pledgee shall have the right to deduct such costs from the proceeds it acquires from the
exercise of such rights and powers.

 

4.4
The proceeds obtained by the Pledgee from exercise of its rights and powers shall be used in the following orders:

 

4.4.1
to pay any cost incurred in connection with the disposition of Pledged Property and to exercise of the Pledgee’s rights and
powers (including fees paid to its lawyer and agent);

 

 4.4.2 to pay any taxes payable for the disposition of the Pledged Property; and

 

 4.4.3 to repay the Guaranteed Liabilities to the Pledgee.

 

In case of any balance remained after payment of above
sums, the Pledgee shall return the same to the Pledgor or other persons entitled thereto according to relevant laws and rules, or submit
the same to the local notary public where the Pledgee is located.

 

4.5
The Pledgee shall have the option to exercise, simultaneously or in certain sequence, any remedies for breaching of the contract
entitled to it. The Pledgee is not obliged to exercise other remedies for breaching of the contract before it exercises its right to auction
or sell off the Pledged Property hereunder.

 

Section 5 - Fees and Costs

 

5.1   All actual
costs in connection with the creation of the Equity Pledge hereunder (including but not limited to stamp duty, any other taxes, all legal
costs, etc.) shall be borne by the Pledgee.

 

Section 6 - Continuity and
No Waiver

 

6.1   The Equity
Pledge created hereunder is a continuous guarantee and shall be valid until the full performance of Contract Obligations or the full repayment
of Guaranteed Liabilities. If the Pledgee waives or gives grace period for any breach of the agreement by Pledgor, or if the Pledgee delays
in exercising any of its rights under the Transaction Agreements or this Agreement, the Pledgee’s rights to require the Pledgor
and/or the Company to strictly perform the Transaction Agreement and this Agreement in accordance with this Agreement, the Transaction
Agreements and the relevant PRC Law and regulations shall not be affected.

 

    3

     

    

 

Section 7 - Representations
and Warranties

 

The Pledgor hereby represents and warrants to the Pledgee as
follows:

 

7.1
The Pledgor is a PRC citizen with full capacity of disposition. He has full and independent legal status and capacity and has obtained
due authorization to execute, deliver and perform this Agreement, and can be a litigant party independently.

 

7.2
The Pledgor has full power and authorization to execute and deliver this Agreement as well as other documents relating to the transaction
contemplated hereunder and to be executed by him. The Pledgor also has full power and authorization to complete the transaction contemplated
herein.

 

7.3
All reports, documents and information in relation to (i) the Pledgor and (ii) all matters required by this Agreement that have
been provided by the Pledgor to the Pledgee before this Agreement comes into effect are true and correct in all material aspects.

 

7.4
All reports, documents and information in relation to (i) the Pledgor and (ii) all matters required by this Agreement to be provided
by the Pledgor to the Pledgee after this Agreement has come into effect are true and correct in all material aspects.

 

7.5
When this Agreement comes into force, the Pledgor is the sole lawful owner of the Pledged Property free of any existing dispute
in the ownership of the Pledge Property. The Pledgor has the right to dispose of the Pledged Property or any part thereof.

 

7.6
Other than the encumbrance created on the Pledged Property hereunder and the rights under the Transaction Agreements, the Pledged
Property is free of any other encumbrance or third party interest.

 

7.7
At the time of effectiveness of this Agreement, the Pledged Property can be pledged or transferred in accordance with laws, and
the Pledgor has sufficient rights and powers to pledge the Pledged Property to the Pledgee pursuant to this Agreement.

 

7.8
By executing this Agreement, this Agreement shall constitute the legal, valid and binding obligations on the Pledgor.

 

7.9
Any consent, permission, waiver, authorization, or any governmental approval, license, exemption or filing procedures with any
governmental agency (if required by laws) which are necessary for the execution and performance of this Agreement as well as the Equity
Pledge hereunder have been duly obtained or processed and will remain effective during the valid term of this Agreement.

 

7.10
The Pledgor’s execution and performance of this Agreement are not in violation of or conflict with any (i) laws applicable
to it, (ii) any agreements to which it is a party, or which have binding force upon its assets, or (iii) any court judgment, arbitration
award, or decisions made by administrative authorities.

 

7.11
The pledge contemplated hereunder shall constitute the encumbrance of the first order in priority on the Pledged Property.

 

7.12
All taxes and fees payable in connection with the acquisition of the Pledged Property have already been paid by the Pledgor in
full.

 

7.13 There is no pending or,
to the knowledge of the Pledgor, threatened litigation, legal proceeding or request by any court or any arbitral tribunal against the
Pledgor, its assets or the Pledged Property that may cause material or adverse effect on the financial condition of the Pledgor or its
capability to perform the obligations hereunder and Guaranteed Liabilities.

 

7.14
The Pledgor hereby warrants to the Pledgee that above representations and warranties shall remain true and correct at any time
and under any circumstances before the Contract Obligations are fully performed or the Guaranteed Liabilities are fully repaid, and will
be complied with to the fullest extent.

 

    4

     

    

 

Section 8 - Undertakings

 

 8.1 Undertakings by the Pledgor

 

The Pledgor hereby undertakes to the Pledgee as follows:

 

8.1.1
Without the prior written consent of the Pledgee, the Pledgor shall not create or permit to create any new pledge or other encumbrances
on the Pledged Property. Any Pledge or other encumbrances created in respect of the whole or part of the Pledged Property without prior
written consent of the Pledgee shall be null and void.

 

8.1.2
Without prior written consent of the Pledgee, the Pledgor shall not transfer the Pledged Property (whether a consideration is obtained
therefrom or not), and any proposed transfer of the Pledge Property by the Pledgor shall be null and void. The prices obtained by the
Pledgor from transferring the Pledged Property shall be used to repay the Guaranteed Liabilities in first priority.

 

8.1.3
In case of any litigation, arbitration or other demand that may adversely affect the Pledged Property or the interests of the Pledgor
or the Pledgee under the Transaction Agreements as well as this Agreement, the Pledgor shall assure that it will notify the Pledgee thereof
in writing as soon as practicable and, at the request of the Pledgee, take all necessary measures to ensure the interests of the Pledgee
in/on the Pledged Property.

 

8.1.4
The Pledgor shall not conduct or permit any act or action that may affect detrimentally the Pledged Property or the Pledgee’s
interest under the Transaction Agreements and hereunder.

 

8.1.5
The Pledgor undertakes that, upon the reasonable request of the Pledgee, it shall take all necessary actions and execute all required
documents (including but not limited to any supplementary agreement hereof) to ensure the pledge interest of the Pledgee over the Pledged
Property and the exercise and realization of such rights.

 

8.1.6
In case an assignment of the Pledge Property is required for exercising the pledge right hereunder, the Pledgor undertakes that
it shall take all actions to realize such assignment.

 

Section 9 - Change of Circumstances

 

9.1
As a supplement hereof, and subject to the terms and conditions set out in this Agreement and the Transaction Agreements, if, at
any time, the Pledgee believes that it becomes illegal or conflict with the following laws, regulations or rules to maintain the effectiveness
hereof and/or to dispose of the Pledged Property in accordance with this Agreement due to (i) promulgation or change of any PRC Law, regulations
or rules, (ii) change in the interpretation or application of such laws, regulations and rules, (iii) change of the relevant registration
procedures, the Pledgor shall immediately take any action and / or execute any agreement or other documents according to the written instruction
and reasonable requirement of the Pledgee, in order to:

 

(a) keep this Agreement effective; 

 

(b) facilitate the disposition of Pledged Property
in the way provided herein; and/or 

 

(c) maintain or realize the intention of this Agreement.

 

Section 10 - Effectiveness
and Term

 

 10.1 This Agreement shall come into force upon the satisfaction of all following conditions:

 

 (i) This Agreement has been duly executed by the Parties; and

 

(ii)
The Equity Pledge hereunder has been legally recorded in the shareholders’ register of the Company.

 

The Pledgor shall cooperate with the Pledgee to register the
Equity Pledge hereunder with competent equity-pledge registration authority within thirty (30) days following the execute date hereof,
and shall provide the relevant registration certificate of the Equity Pledge to the Pledgee in the way satisfactory to the Pledgee.

 

10.2
This Agreement shall be valid until the complete performance of Contract Obligation and the full repayment of Guaranteed Liabilities.

 

    5

     

    

 

Section 11 - Notice

 

11.1
Any notice, request, requirement or other communications hereunder shall be made in writing and delivered to the relevant receiving
Party.

 

11.2
Above notices or other communications shall be deemed to have been given when (i) it is sent out if sent by facsimile or email,
or (ii) when it is delivered if deliver by person, or (iii) five (5) days following post if posted by mail.

 

Section 12 - Miscellaneous

 

12.1
The Pledgee may transfer its rights and/or obligations hereunder to any third party by notifying the Pledgor without the Pledgor’s
consent, however, without the Pledgee’s prior written consent, the Pledgor shall not transfer any of its rights, obligations or
liabilities hereunder to any third party.

 

12.2
The successor or permitted transferee (if any) of the Pledgor shall continue to perform all obligations of the Pledgor hereunder.

 

12.3
The amount of the Guaranteed Liabilities determined by the Pledgee at the time of exercising its pledge right to the Pledged Property
according to this Agreement shall be the conclusive evidence of Guaranteed Liabilities hereunder.

 

12.4
This Agreement is prepared in Chinese and shall be executed in four (4) originals. Each Party hereto shall hold one (1) original
hereof. The number of originals hereof may be increased accordingly for the purpose of registration or filing (if necessary).

 

12.5 ‘This Agreement shall be
governed by and construed in accordance with the PRC Laws.

 

12.6
Any dispute arising out of or in connection with this Agreement shall be settled by the Parties through friendly consultation.
If no agreement has been reached within thirty (30) days following the occurrence of such dispute, it shall be submitted to the competent
court for resolution.

 

12.7
Any right, power or remedy granted to either Party under any provisions herein shall not preclude any other rights, powers or remedies
that a Party may be entitled to in accordance with laws or other provisions hereof. A Party’s exercise of its rights, powers or
remedies shall not preclude it from exercising other rights, powers or remedies granted to such Party.

 

12.8
Any failure or delay by a Party in exercising any of its rights, powers and remedies hereunder or in accordance with laws (the
“Party’s Rights”) shall not be deemed as a waiver thereof, and any single or partial exercise of the Party’s
Rights shall not preclude such Party from (i) further exercise of such rights and (ii) exercise of other Party’s Rights.

 

12.9
The headings of this Agreement are for easy reference only and shall not be used for or affect the interpretation hereof in any
circumstances.

 

    6

     

    

 

12.10
Each provision hereunder shall be severable and independent from each other, and, if any provision(s) hereunder has been held invalid,
illegal or unenforceable at any time, the validity, legality and enforceability of the remaining provision shall not be affected thereby.

 

12.11
Any amendment or supplement to this Agreement shall be made in writing. No amendment or supplement to this Agreement shall be effective
without duly signed by the Parties, save for the Pledgee’s transfer of its rights hereunder according to Section 12.1.

 

12.12 Subject to above Section 12.1, this
Agreement shall be binding upon the lawful successor of each Party.

 

12.13
At the same time of the execution hereof, the Pledgor shall sign a power of attorney (the sample of which is set out in Appendix
2 hereto, hereinafter referred to as the “Power of Attorney”) to authorize any person appointed by the Pledgee to sign
on behalf of the Pledgor any and all legal documents necessary for enabling the Pledgee to exercise its rights hereunder. Such Power of
Attorney shall be delivered to and be kept by the Pledgee, and, when necessary, the Pledgee may submit such Power of Attorney to relevant
governmental authorities at any time.

 

[SIGNATURE PAGE FOLLOWS]

 

    7

     

    

 

IN WITNESS WHEREOF, the following Parties have
caused this Equity Pledge Agreement to be executed as of the date and in the place first written above.

 

[Pledgor]

 

	Signed by:		 
	Name: 	Lirong Wang	 

 

	Signed by:		 
	Name:	Zhongfang Wang	 

 

Shanghai Mufeng Investment Consulting
Corp.

 

	Signed by:		 
	Name:	Lirong Wang	 
	Title:	President	 

 

    8

     

    

 

Appendix 1

 

Basic Information of the
Company

 

	Company name	:Shanghai Muliang Industrial Corp.
	 	 
	Registered address	: 上海市金山区枫泾镇一号桥北堍 2 号 14 号厅 18 室
	 	 
	Registered capital	: RMB50,000,000
	 	 
	Equity structure	:

  

	Name of Shareholder	 	Capital Contribution	 	Equity Share	 
	Lirong Wang	 	RMB 47,500,000	 	 	95	%
	Zhongfang Wang	 	RMB 2,500,000	 	 	5	%

 

     

     

    

 

Appendix 2

 

Power of Attorney

 

I, Lirong Wang (ID Card Number: [310228197206153013]),
hereby irrevocably appoint any person designated by Shanghai Mufeng Investment Consulting Corp. as my authorized representative to sign
on my behalf all legal documents necessary for or in connection with enabling Shanghai Mufeng Investment Consulting Corp. to exercise
its rights under the Equity Pledge Agreement Concerning Shanghai Muliang Industrial Corp. between it and myself.

 

	Signature:	 	 
	Date:	February 10, 2016	 

 

Power of Attorney

 

I, Zhongfang Wang (ID Card Number: [310228194611043017]),
hereby irrevocably appoint any person designated by Shanghai Mufeng Investment Consulting Corp. as my authorized representative to sign
on my behalf all legal documents necessary for or in connection with enabling Shanghai Mufeng Investment Consulting Corp. to exercise
its rights under the Equity Pledge Agreement Concerning Shanghai Muliang Industrial Corp. between it and myself.

 

	Signature:	 	 
	Date:	February 10, 2016

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