Document:

Exhibit 10.1

 

Business
Operation Agreement

 

This
Business Operation Agreement (this “Agreement”) is entered into in Beijing, the People’s Republic of
China (the “PRC”) on December 15, 2016 by and between the following Parties:

 

Party
A: Jakroo (Beijing) Sports Consulting Co., Ltd.

Address:
Room 509, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

 

Party
B: Rider Sportsfashion Limited

Address:
Room 507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

 

Party
C:

 

Shareholder
1: Weidong Du

 

Shareholder
2: Wei Tan

 

Shareholder
3: Guichun Liu

 

Shareholder
4: Wen Li

 

Shareholder
5: Hao Wang

 

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

 

WHEREAS:

 

1.
Party A is a wholly foreign-owned enterprise incorporated and validly existing in the PRC;

 

2.
Party B is a limited liability company incorporated in the PRC;

 

3.
Party A and Party B have established a business relationship by entering into a certain Exclusive Technical Consulting and Services
Agreement, pursuant to which Party B will make various payments to Party A and therefore Party B’s activities in its ordinary
course of business will have a material effect upon its ability to make such payments to Party A; and

 

4.
Each of the individuals listed as Party C is a shareholder of Party B (collectively, the “Founding Shareholders”),
of which Weidong Du, Wei Tan, Guichun Liu, Wen Li and Hao Wang each holds 50%, 39%, 5%,3%, 3%, respectively, of Party B.

 

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NOW,
THEREFORE, the Parties, through amicable consultations and based on the principle of equality and mutual benefit, hereby agree
as follows:

 

Article1
Negative Obligations

 

In
order to guarantee the performance of Party B in relation to this Agreement and all of Party B’s in relation to its obligations
towards Party A, the Founding Shareholders hereby acknowledge, agree and jointly and severally warrant that without the prior
written consent of Party A or any party designated by Party A, Party B shall not engage in any transaction which may have a material
or adverse effect on any of its assets, businesses, employees, obligations, rights or operations, including without limitation:

 

1.1
Conduct any activity outside its ordinary course of business or in a manner inconsistent with its past practice;

 

1.2
Make any borrowing or undertake any indebtedness from any third party;

 

1.3
Change or remove any of its directors or senior officers;

 

1.4
Sell, acquire or otherwise dispose of any assets or rights, including without limitation any intellectual property rights, with
any third party;

 

1.5
Create or cause the creation of any guarantee, pledge or any other security on any of its assets, including intellectual property,
in favor of any third party, or create any encumbrance on any such assets;

 

1.6
Change its articles of association or its scope of business;

 

1.7
Change its ordinary course of business or materially alter its bylaws;

 

1.8
Transfer any of its rights or obligations under this Agreement to any third party;

 

1.9
Make or cause any material change to its business pattern, marketing strategy, business plan or customer relationships; and

 

1.10
Make or cause a distribution of any bonus or dividend.

 

Article
2 Business Management and Human Resources Arrangement

 

2.1
Party B and the Founding Shareholders hereby jointly agree to accept and strictly implement any proposal made by Party A from
time to time regarding the employment and removal of Party B’s employees, its day-to-day business management and the financial
management system of Party B.

 

2.2
Party B and the Founding Shareholders hereby jointly agree that the Founding Shareholders will elect or appoint, as applicable,
any person designated by Party A as Party B’s director, chairman, president, chief financial officer and any other executive
officers in accordance with relevant laws, regulations and its articles of association.

 

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2.3
Upon termination of his or her employment with Party A, either voluntarily or by Party A, each of the directors or senior officers
elected or appointed under Section 2.2 will be simultaneously disqualified to hold any position in Party B; under such circumstance,
the Founding Shareholders will elect any other person designated by Party A for such position.

 

2.4
For purpose of Section 2.3, the Founding Shareholders will take any actions required under relevant laws, articles of association
and this Agreement to effect the employment and termination provided under Sections 2.2 and 2.3.

 

2.5
The Founding Shareholders hereby agree that, in conjunction with the execution of this Agreement, they will execute an irrevocable
power of attorney authorizing Party A to exercise their respective rights as shareholders of Party B and respective voting rights
at Party B’s shareholders meeting.

 

Article
3 Other Agreements

 

3.1
Upon termination or expiration of any agreement between Party A and Party B, Party A may elect to terminate all of its agreements
with Party B, including without limitation the Exclusive Technical Consulting and Services Agreement.

 

3.2
Considering the business relationship established between Party A and Party B based on the executed Exclusive Technical Consulting
and Services Agreement, Party B’s activities in its ordinary course of business will have a material effect upon its ability
to make relevant payments to Party A. The Founding Shareholders agree that any bonus, dividend or any other benefit or interest
receivable by it as shareholder of Party B will be unconditionally and automatically paid or transferred to Party A.

 

Article
4 Entire Agreements and Amendments to the Agreement

 

4.1
This Agreement and all of the agreements and/or documents referred to or expressly included herein constitute the entire agreement
among the Parties with respect to the subject matter hereto and supersedes all prior agreements, contracts, understandings and
communications, whether written or oral, among the Parties with respect to the same.

 

4.2
This Agreement may not be amended unless by agreement of all of the Parties in writing. Any amendment or supplement hereto duly
executed by the Parties shall be an integral part of and have the same effect with this Agreement.

 

Article
5 Governing Law

 

The
execution, validity, performance of this Agreement and the resolution of any dispute arising from this Agreement shall be governed
in accordance with the laws of the PRC.

 

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Article
6 Dispute Resolution

 

6.1
Should any dispute arise in connection with construction or performance of any provision under this Agreement, the Parties shall
seek in good faith to resolve such dispute through negotiations. If the negotiations fail, any of the Parties may submit the dispute
to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in Beijing in accordance
with CIETAC’s arbitration rules then in effect. The arbitration shall be conducted in Chinese. CIETAC’s judgment shall
be final and binding on each of the Parties.

 

6.2
Except for the matter under dispute, each of the Parties shall continue to perform its obligations under this Agreement in good
faith.

 

Article
7 Notices

 

All
notices made by each of the Parties to exercise any of its rights or perform any of its obligations hereunder shall be in writing
and given to the following address in person, by registered mail, prepaid mail, recognized courier service, or by fax.

 

	To
    Party A:	 	Jakroo
    (Beijing) Sports Consulting Co., Ltd.
	Address:	 	Room
    509, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC
	Attention:	 	Wen
    Li

 

	To
    Party B:	 	Rider
    Sportsfashion Limited
	Address:	 	

        Room
        507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

	Attention:	 	Weidong
    Du

 

To
Party C:

Shareholder
1

Address:
Room 507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

Fax:
010-5877 3378

Attention:
Weidong Du

 

Shareholder
2

Address:
Room 507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

Fax:
010-5877 3378

Attention:
Wei Tan

 

    	 	4/7	 

     

    

 

Shareholder
3

Address:
Room 507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

Fax:
010-5877 3378

Attention:
Guichun Liu

 

Shareholder
4

Address:
Room 507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

Fax:
010-5877 3378

Attention:
Wen Li

 

Shareholder
5

Address:
Room 507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

Fax:
010-5877 3378

Attention:
Hao Wang

 

Article
8 Effectiveness, Term of this Agreement

 

8.1
Any written consent, proposal, appointment and any other decision made in connection with this Agreement which may have a material
effect on Party B’s day-to-day business operations shall be made by Party A’s board of directors.

 

8.2
This Agreement shall become effective upon execution by each of the Parties on the date first written above. The term of this
Agreement will be ten (10) years unless Party A terminates the agreement earlier. Upon request from Party A, the Parties
may extend the term of this Agreement prior to its expiration or enter into a separate business agreement, each as requested by
Party A.

 

8.3
During the term of this Agreement, none of Party B or the Founding Shareholders may terminate this Agreement. Party A shall have
the sole right to terminate this Agreement at any time, provided that Party A gives prior written notice to Party B and its Shareholders.

 

8.4
If any term or provision hereof is found to be illegal or unenforceable under applicable laws, such term or provision shall be
deemed deleted from this Agreement and the remainder of this Agreement shall remain in full force and effect as if such term or
provision had never been contained herein. The Parties shall negotiate to replace such deleted term or provision with a lawful
and valid term or provision acceptable to each of the Parties.

 

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8.5
Failure to exercise any right, power or privilege hereunder shall not be deemed a waiver thereof. Any single or partial exercise
of any right, power or privilege hereunder shall not preclude exercise of any other right, power or privilege under this Agreement.

 

Article 9
Miscellaneous

 

	9.1 	This Agreement is written in English with a Chinese
translation. In the event of any discrepancy between the two versions, the English version shall prevail. This Agreement is made
with seven (7) original copies, of which Party A and Party B will each hold one copy respectively, and each shareholder of Party
C will hold one copy.
	 	 
	9.2 	The headings in this Agreement are written for ease
of reference only and in no event shall they affect the interpretation of any terms of this Agreement.
	 	 
	9.3 	Matters not covered in this Agreement shall be determined
by the Parties separately through consultation.

 

 

 

 

 

[THIS
SPACE IS INTENTIONALLY LEFT BLANK]

 

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[Signature
Page of Business Operation Agreement]

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their duly authorized representatives on the
date first written above.

 

Party
A: Jakroo (Beijing) Sports Consulting Co., Ltd. (Seal)

 

	Authorized Representative (Signature): 	/s/ Wen Li
	 	Name:
Wen Li

 

Party
B: Rider Sportsfashion Limited (Seal)

 

	Authorized
    Representative (Signature): 	/s/ Weidong Du
	 	Name:
Weidong Du

 

Party
C:

 

	Shareholder
    1: Weidong Du (Signature):	/s/
    Weidong Du
	 	 
	Shareholder
    2: Wei Tan (Signature): 	/s/
    Wei Tan
	 	 
	Shareholder
    3: Guichun Liu (Signature):	/s/
    Guichun Liu
	 	 
	Shareholder
    4: Wen Li (Signature): 	/s/
    Wen Li
	 	 
	Shareholder
    5: Hao Wang (Signature): 	/s/
    Hao Wang

 

 

7/7Exhibit 10.2

 

Equity
Pledge Agreement

 

This
Equity Pledge Agreement (this “Agreement”) is entered into in Beijing, the People’s Republic of China
(the “PRC”) on December 15, 2016 by and between the following Parties:

 

1.
Shareholder 1: Weidong Du

 

2.
Shareholder 2: Wei Tan

 

3.
Shareholder 3: Guichun Liu

 

4.
Shareholder 4: Wen Li

 

5.
Shareholder 5: Hao Wang

 

(Weidong
Du, Wei Tan, Guichun Liu, Wen Li and Hao Wang are hereinafter referred to individually as a “Pledgor” and collectively
as the “Pledgors.”)

 

6.
Jakroo (Beijing) Sports Consulting Co., Ltd. (the “Pledgee”)

Registered
address: Room 509, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

 

7.
Rider Sportsfashion Limited (the “Company”)

 

Registered
address: Room 507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing

 

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

 

WHEREAS:

 

	(1)	The Pledgors are the registered shareholders of the
Company, legally holding all of the equity interest in the Company (the “Company Equity Interest”). Appendix
1 sets forth the capital contribution amount and the shareholding percentage of each Pledgor in the registered capital of the
Company on the signing date of this Agreement.

 

	(2)	The Pledgee is a wholly foreign owned company duly incorporated
and existing under the laws of the PRC.

 

	(3)	The Parties to this Agreement entered into the Exclusive
Call Option Agreement (the “Call Option Agreement”) on December 15, 2016. Each Pledgor provided Power of Attorney
to the Pledgee on December 15, 2016. Under the Call Option Agreement, the Pledgors shall, to the extent permitted under PRC Law,
transfer all or part of their equity interests in the Company to the Pledgee and/or any other entity or individual designated
by the Pledgee based on the Pledgee’s request.

 

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	(4)	As the Pledgors’ security for the performance
of the Contractual Obligations (as defined below) and the discharge of the Secured Liabilities (as defined below), the Pledgors
are willing to pledge all the Company Equity Interest held by each in favor of the Pledgee and grant the Pledgee first priority,
and the Company agrees to such equity interest pledge arrangement.

 

NOW,
THEREFORE, the Parties, through amicable negotiation, agree as follows:

 

Article
1 Definitions

 

	1.1	Unless otherwise indicated in context of this Agreement,
the following terms shall be interpreted as follows.

 

“Contractual
Obligations” means all the contractual obligations of the Pledgors under the Exclusive Call Option Agreement, Business
Operation Agreement, the Exclusive Technical Consulting and Service Agreement, Power of Attorney, and all the contractual obligations
of the Pledgors and the Company under this Agreement.

 

“Secured
Liabilities” means all the direct, indirect and derivative losses and loss of foreseeable interest incurred by the Pledgee
due to any Event of Default (as defined below) on the part of the Pledgors and/or the Company; the basis for determining the amount
of such losses includes but is not limited to the reasonable commercial plan and profit forecast of the Pledgee; and all the expenses
incurred by the Pledgee to enforce the performance by the Pledgors and/or the Company of their Contractual Obligations.

 

“Transaction
Documents” means the Exclusive Call Option Agreement, Power of Attorney, Business Operation Agreement and the Exclusive
Technical Consulting and Service Agreement.

 

“Pledged
Equity Interest” means all of the Company Equity Interest lawfully owned by the Pledgors and to be pledged to the Pledgee
in accordance with this Agreement as security for the performance of the Contractual Obligations by the Pledgors and the Company
(see Appendix 1 for the specific Pledged Equity Interest of each Pledgor), and the increased capital contribution amount and dividend
as provided in Article 2.6 and Article 2.7 of this Agreement.

 

“PRC”
means the People’s Republic of China, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative
Region and Taiwan.

 

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“PRC
Law” means the then-effective laws, administrative regulations, administrative rules, local regulations, judicial interpretations
and other binding regulatory documents of the PRC.

 

	1.2	Any reference to any PRC Law in this Agreement shall
be deemed (1) to include references to the amendments, changes, supplements and restatement of such PRC Law, irrespective of whether
they take effect before or after the execution of this Agreement, and (2) to include the references to other decisions, notices
and regulations enacted in accordance therewith or effective as a result thereof.

 

	1.3	Unless otherwise specified in the context herein, any
reference to an Article, clause, item or paragraph in this Agreement shall refer only to the corresponding part of this Agreement.

 

Article
2 Pledge of Equity Interest

 

	2.1	The Pledgors hereby agree to pledge the Pledged Equity
Interest, which they lawfully own and are entitled to dispose of, to the Pledgee in accordance with the provisions of this Agreement
as the security for the performance of the Contractual Obligations and the discharge of the Secured Liabilities, if any. The Company
hereby agrees to the Pledgors’ pledge of the Pledged Equity Interest to the Pledgee in accordance with the provisions of
this Agreement.

 

	2.2	The Pledgors undertake to be responsible for registering
the equity interest pledge arrangement (the “Equity Pledge”) under this Agreement on the Company’s register
of shareholders immediately upon the execution date of this Agreement. The Parties shall use their best efforts to apply to the
registration authority in charge of the Company for registration of the Equity Pledge under this Agreement immediately after the
signing of this Agreement.

 

	2.3	During the valid term of this Agreement, unless directly
attributable to the Pledgee’s willful misconduct or the Pledgee’s gross negligence in relation to the performance
of this Agreement and/or the transactions related hereto, the Pledgee shall in no way be held liable for any reduction in the
value of the Pledged Equity Interest, and the Pledgors shall have no right to claim any compensation against the Pledgee.

 

	2.4	Without breaching the provisions of Article 2.3 above,
if there is any probability that the value of the Pledged Equity Interest will notably reduce in such a way as to jeopardize the
rights of the Pledgee, the Pledgee may at any time auction or sell the Pledged Equity Interest on behalf of the Pledgors, and
may reach agreement with the Pledgors to use the proceeds from such auction or sales to prepay the Secured Liabilities or to deposit
such proceeds with the notary office in the place where the Pledgee is domiciled (all expenses so incurred shall be assumed by
the Pledgee). Further, if requested by the Pledgee, the Pledgors shall offer additional security interest over other property.

 

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	2.5	Upon the occurrence of any Event of Default, the Pledgee
has the right to dispose of the Pledged Equity Interest in accordance with Article 4 of this Agreement.

 

	2.6	The Pledgors shall not increase the registered capital
of the Company without the Pledgee’s prior consent. The increased capital contribution amount of the Pledgors in the registered
capital of the Company as a result of such capital increase of the Company shall be a part of the Pledged Equity Interest.

 

	2.7	No dividend or capital bonus on the Pledged Equity Interest
shall be distributed to the Pledgors without the Pledgee’s prior written consent. The Pledgors agree that during the term
of pledge, the Pledgee has the right to collect any dividend or capital bonus out of the Pledged Equity Interest. The Company
shall pay such amount into the bank account designated by the Pledgee.

 

Article
3 Release of Pledge

 

	3.1	After the Pledgors and the Company have fully and completely
performed all of the Contractual Obligations and discharged all of the Secured Liabilities, the Pledgee shall, upon the Pledgors’
request, release the Equity Pledge under this Agreement and cooperate with the Pledgors to cancel the registration of the Equity
Pledge on the Company’s register of shareholders and with the administration of industry and commerce in charge of the Company.
The Pledgee shall assume the reasonable expenses arising out of the release of the Equity Pledge.

 

Article
4 Disposal of Pledged Equity Interest

 

	4.1	The Parties agree that if any Event of Default occurs,
the Pledgee has the right to, by notifying the Pledgors in writing, exercise all the remedial rights and powers that it is entitled
to under PRC Law, the Transaction Documents and the provisions of this Agreement, including but not limited to being compensated
in first priority with proceeds from auctions or sales of the Pledged Equity Interest. The Pledgee shall not be liable for any
loss caused by its reasonable exercise of such rights and powers.

 

	4.2	The Pledgee has the right to delegate in writing to
its lawyers or other agents the ability to exercise all or any part of its rights and powers above, and neither the Pledgors nor
the Company may oppose such actions.

 

	4.3	The Pledgee has the right to deduct the reasonable expenses
actually incurred from its exercise of all or any part of its rights and powers set forth above from the proceeds gained from
its exercise of such rights and powers.

 

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	4.4	The proceeds gained from the Pledgee’s exercise
of its rights and powers shall be settled in the following order of priority:

 

		(1)	pay
                                         all expenses arising out of the disposal of the Pledged Equity Interest and the Pledgee’s
                                         exercise of its rights and powers (including the remuneration paid to its lawyers and
                                         agents);

 

		(2)	pay
                                         all taxes and charges payable owed in relation to the disposal of the Pledged Equity
                                         Interest; and

 

		(3)	repay
                                         the Secured Liabilities to the Pledgee.

 

If
there is any balance remaining after the payment of the above amounts, the Pledgee shall return the balance to the Pledgors or
any other person entitled to such amount pursuant to relevant laws and regulations, or deposit such amount with the notary office
in the place where the Pledgee is domiciled (all expenses so incurred to be assumed by the Pledgee).

 

	4.5	The Pledgee has the discretion to, simultaneously or
separately, exercise any remedies it may be entitled to in relation to any event of default. The Pledgee may exercise its rights
to auction or sell the Pledged Equity Interest under this Agreement without first exercising any other remedy that may be available
in an event of default.

 

Article
5 Costs and Expenses

 

	5.1	All actual expenses related to the creation of the Equity
Pledge under this Agreement, including but not limited to, stamp duty, any other taxes, and all legal fees shall be assumed as
incurred by each respective Party.

 

Article
6 Continuity and No Waiver

 

	6.1	The Equity Pledge created under this Agreement is a
continuing assurance, which shall be valid until the Contractual Obligations are fully performed or the Secured Liabilities are
fully discharged. No waiver or grace period of any event of default of the Pledgors given by the Pledgee, nor the Pledgee’s
late exercise of any of its rights under the Transaction Documents and this Agreement, shall affect the rights of the Pledgee
pursuant to this Agreement, the Transaction Documents or the relevant PRC Law as it may require at any time thereafter the Pledgors’
strict implementation of the Transaction Documents and this Agreement, or the rights the Pledgee is entitled to with respect to
the Pledgors’ subsequent breach of the Transaction Documents and/or this Agreement.

 

Article
7 Pledgors’ Representations and Warranties

 

Each
of the Pledgors respectively represents and warrants to the Pledgee as follows:

 

	7.1	The Pledgors are PRC citizens with full legal capacity,
having full civil rights and powers to execute this Agreement and assume the legal obligations in accordance with this Agreement.

 

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	7.2	All the reports, documents and information related to
the Pledgors and all matters required under this Agreement that the Pledgors provided to the Pledgee prior to the effectiveness
of this Agreement are true and accurate in all material respects as of the effectiveness of this Agreement.

 

	7.3	All the reports, documents and information related to
the Pledgors and all the matters required under this Agreement to be provided by the Pledgors to the Pledgee after the effectiveness
of this Agreement will be true and valid in all material respects upon provision.

 

	7.4	Upon the effectiveness of this Agreement, the Pledgors
are the sole legal owners of the Pledged Equity Interest. There are no pending disputes on the ownership of the Pledged Equity
Interest. The Pledgors are entitled to dispose of the Pledged Equity Interest or any part thereof.

 

	7.5	Except the security interest created over the Pledged
Equity Interest under this Agreement and the rights created under the Transaction Documents, there are no other security interests
or third party rights or any other encumbrance over the Pledged Equity Interest.

 

	7.6	The Pledged Equity Interest can be legally pledged and
transferred, and the Pledgors have full rights and powers to pledge the Pledged Equity Interest to the Pledgee in accordance with
the provisions of this Agreement.

 

	7.7	This Agreement, upon due execution by the Pledgors,
constitutes the lawful, valid and binding obligations of the Pledgors after the signing of this Agreement.

 

	7.8	Any third party approvals, permits, waivers and authorizations,
any required governmental approvals, permits and waivers or any registration or filing formalities with any government authorities
(if legally required), which are required with respect to the execution and performance of this Agreement and the Equity Pledge
under this Agreement, have been obtained or completed (subject to Article 2.2), and will be fully effective during the term of
this Agreement.

 

	7.9	Each Pledgor’s execution and performance of this
Agreement does not violate or conflict with any laws applicable thereto, any agreement to which it is a party or by which its
assets are bound, or any court adjudication, any arbitration award or any decision of administrative authorities.

 

	7.10	The pledge under this Agreement constitutes a first
priority security interest over the Pledged Equity Interest.

 

	7.11	Unless otherwise provided by the Equity Interest Transfer
Agreement, all taxes and expenses payable for obtaining the Pledged Equity Interest have been paid by the Pledgors in full.

 

	7.12	The Pledgors hereby undertake to the Pledgee that the
above representations and warranties will all be true and accurate and be fully complied with under any circumstance and at all
times before the Contractual Obligations are due to be performed in full or the Secured Liabilities are discharged in full.

 

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Article
8 Company’s Representations and Warranties

 

The
Company represents and warrants to the Pledgee as follows:

 

	8.1	The Company is a limited liability company duly registered
and lawfully existing under the laws of the PRC with independent legal person status, and can be an independent party to a lawsuit.

 

	8.2	All the reports, documents and information related to
the Pledged Equity Interest and all the matters required under this Agreement which the Company provided to the Pledgee prior
to the effectiveness of this Agreement are true and accurate in all material respects as of the effectiveness of this Agreement.

 

	8.3	All the reports, documents and information related to
the Pledged Equity Interest and all the matters required under this Agreement to be provided by the Company to the Pledgee after
the effectiveness of this Agreement will be true and valid in all material respects upon provision.

 

	8.4	This Agreement, upon due execution by the Company, constitutes
the lawful, valid and binding obligations of the Company.

 

	8.5	The Company has full internal corporate power and authorization
to execute and deliver this Agreement and all other documents related to the transaction contemplated in this Agreement and to
be executed by it. It has full power and authorization to complete the transaction contemplated in this Agreement.

 

	8.6	The Company hereby agrees to assume the joint and several
liability to the Pledgee with respect to the representations and warranties made by each of the Pledgors under Article 7.4, Article
7.5, Article 7.6, Article 7.8 and Article 7.10 of this Agreement.

 

	8.8	The Company hereby undertakes to the Pledgee that the
above representations and warranties will all be true and accurate and be fully complied with under any and all circumstances
and at any time up until the Contractual Obligations are performed in full and the Secured Liabilities are discharged in full.

 

Article
9 Pledgors’ Undertakings

 

Each
Pledgor hereby respectively undertakes to the Pledgee as follows:

 

	9.1	Without the prior written consent of the Pledgee, the
Pledgors shall not create, or allow to be created, any new pledge or any other security interest over the Pledged Equity Interest.
Any pledge or other security interest created over all or any part of the Pledged Equity Interest without the prior written consent
of the Pledgee shall be invalid.

 

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	9.2	Without the prior written notice to and the prior written
consent of the Pledgee, the Pledgors shall not transfer the Pledged Equity Interest and all activities of the Pledgors to transfer
the Pledged Equity Interest shall be invalid. The proceeds obtained from the Pledgors’ transfer of the Pledged Equity Interest
shall be used first to prepay the Secured Liabilities to the Pledgee or to be deposited with a third party as agreed with the
Pledgee.

 

	9.3	In the event of the occurrence of any lawsuit, arbitration
or other claim which may have an adverse effect on the interests of the Pledgors or the Pledgee under the Transaction Documents
and this Agreement or on the Pledged Equity Interest, the Pledgors undertake to notify the Pledgee in writing as soon as possible
and in a timely manner, and, as reasonably required by the Pledgee, to take all necessary measures to ensure that the Pledgee
secures and maintains all rights, title and interest to the Pledged Equity Interest.

 

	9.4	The Pledgors undertake to complete the registration
formalities to extend the business term of the Company three months before the expiration of the business term of the Company
so as to continue the effect of this Agreement.

 

	9.5	The Pledgors shall not take, or allow to be taken, any
activity or action which may have an adverse effect on the Pledgee’s interest under the Transaction Documents and this Agreement
or on the Pledged Equity Interest. The Pledgors waive the right of first refusal to purchase the Pledged Equity Interest when
the Pledgee realizes its pledge rights.

 

	9.6	The Pledgors shall, after signing this Agreement, use
their best efforts and take all necessary measures to register the Equity Pledge under this Agreement with the relevant administration
of industry and commerce as soon as possible, and the Pledgors undertake to, as reasonably required by the Pledgee, take all necessary
measures and execute all necessary documents (including but not limited to any agreement supplemental to this Agreement) to ensure
the transfer of all rights, title and interest to the Pledged Equity Interest.

 

	9.7	When the right of pledge of the Pledged Equity Interest
is exercised under this Agreement, the Pledgors shall undertake to take all measures to complete such transfer.

 

	9.8	The Pledgors shall ensure that the convening process,
voting methods and resolutions of the shareholders meetings and board meetings of the Company convened for the purpose of the
exercise of the right of pledge under this Agreement shall not be in conflict with the laws, administrative regulations or the
articles of association of the Company.

 

Article
10 Company’s Undertakings

 

	10.1	If any third party approval, permit, waiver or authorization,
or any required governmental approval, permit or waiver, or any registration or filing formalities with any government authorities
(if legally required) is required to be obtained or completed for the execution and performance of this Agreement and for the
Equity Pledge under this Agreement, the Company shall endeavor to assist the Parties in obtaining it and keeping it fully effective
during the valid term of this Agreement.

 

    	 	8 / 12	 

     

    

 

	10.2	Without the prior written consent of the Pledgee, the
Company shall not assist the Pledgors in obtaining or allow the Pledgors’ creation of any new pledge or other security interest
over the Pledged Equity Interest.

 

	10.3	Without the prior written consent of the Pledgee, the
Company shall not assist in or allow the Pledgors’ transfer of the Pledged Equity Interest.

 

	10.4	In the event of the occurrence of any lawsuit, arbitration
or other claim which may have an adverse effect on the Company, the Pledged Equity Interest or the Pledgee’s interest under
the Transaction Documents and this Agreement, the Company undertakes to notify the Pledgee in writing as soon as possible and
in a timely manner, and, as reasonably required by the Pledgee, to take all necessary measures to ensure the pledge interest of
the Pledgee over the Pledged Equity Interest.

 

	10.5	The Company undertakes to complete the registration
formalities to extend its business term three months before the expiration of its business term so as to continue the effect of
this Agreement.

 

	10.6	The Company shall not take, or allow to be taken, any
activity or action which may have an adverse effect on the Pledgee’s interest under the Transaction Documents and this Agreement
or on the Pledged Equity Interest, including but not limited to any activity or action restricted under Article 9.

 

	10.7	The Company shall, in the first month of each calendar
quarter, provide the Pledgee with the financial statements of the Company for the immediately preceding calendar quarter, including
but not limited to the balance sheet, the profit and loss statements and the cash flow statements.

 

	10.8	The Company undertakes to, as reasonably required by
the Pledgee, take all necessary measures and execute all necessary documents (including but not limited to any agreement supplemental
to this Agreement) to ensure the exercise and realization of the transfer of the Pledged Equity Interest to the Pledgee.

 

	10.9	At such time as the exercise of the right of pledge
under this Agreement results in the transfer of any Pledged Equity Interest, the Company undertakes to take all measures to ensure
completion of such transfer.

 

    	 	9 / 12	 

     

    

 

Article
11 Change of Circumstances

 

	11.1	As a supplement to and not with the intent of conflicting
with the Transaction Documents or other provisions of this Agreement, if at any time, due to the promulgation of or change in
any PRC Law, rules or regulations, or the change in interpretation or application of such laws, regulations or rules, or the change
of relevant registration procedures, the Pledgee believes that it is illegal or in conflict with such laws, rules and regulations
to keep this Agreement effective, to keep the right of pledge under this Agreement effective and/or to dispose of the Pledged
Equity Interest in accordance with this Agreement, the Pledgors and the Company shall promptly take any and all actions and/or
execute any agreements or other documents upon written instruction by the Pledgee and as reasonably required by the Pledgee, so
as to:

 

	 	(1)	keep this Agreement and the right of pledge under this
Agreement effective;
	 	 	 
	 	(2)	facilitate the disposal of the Pledged Equity Interest
in accordance with this Agreement; and/or
	 	 	 
	 	(3)	keep or realize the security created or intended by
this Agreement.

 

Article
12 Effectiveness and Term of this Agreement

 

	12.1	This Agreement shall come into effect upon the satisfaction
of all of the following conditions:

 

	 	(1)	this Agreement has been duly executed by the Parties;
	 	 	 
	 	(2)	the Equity Pledge under this Agreement has been duly
registered on the register of shareholders of the Company.

 

The
Pledgors shall provide the Pledgee with evidence of the registration of the Equity Pledge on the register of shareholders in a
form satisfactory to the Pledgee and shall, after the registration of the Equity Pledge is completed and as required by the Pledgee,
provide the Pledgee with the pledge certificate issued by the administration of industry and commerce in form to the satisfaction
of the Pledgee.

 

	12.2	The term of this Agreement shall end upon the full performance
of the Contractual Obligations or the full discharge of the Secured Liabilities.

 

Article
13 Notices

 

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

 

	13.2	If any such notice or other correspondence is transmitted
by facsimile or telex, it shall be treated as delivered immediately upon transmission; if delivered in person, it shall be treated
as delivered at the time of delivery; if posted by mail, it shall be treated as delivered five (5) days after posting.

 

    	 	10 / 12	 

     

    

 

Article
14 Miscellaneous

 

	14.1	The Pledgors and the Company agree that the Pledgee
may, upon written notice to the Pledgors and the Company, assign the Pledgee’s rights and/or obligations hereunder to any
third party. However, the Pledgors or the Company shall not, without the Pledgee’s prior written consent, assign their rights,
obligations or liabilities hereunder to any third party. The successors or permitted assignees (if any) of the Pledgors and the
Company shall continue to perform the respective obligations of the Pledgors and the Company under this Agreement.

 

	14.2	When the Pledgee exercises its right of pledge to the
Pledged Equity Interest pursuant to the provisions hereof, the amount of the Secured Liabilities determined by the Pledgee at
its own discretion shall be regarded as the conclusive evidence of the Secured Liabilities hereunder.

 

	14.3	This Agreement is written in English and has been translated
into Chinese. In the event of any discrepancy between the two versions, the English version shall prevail. This Agreement is made
with eight (8) original copies, with one (1) original to be retained by each Party hereto. One (1) original is to be used for
the application to the Local Administration of Industry and Commerce in charge of the Company for registration of the Equity Pledge
under this Agreement.

 

	14.4	The execution, effectiveness, performance, revision,
interpretation and termination of this Agreement shall be governed by the PRC Law.

 

	14.5	Any dispute arising out of and in connection with this
Agreement shall be resolved through consultations among the Parties. In case the Parties fail to reach agreement within thirty
(30) days after the dispute arises, such dispute shall be submitted to the China International Economic and Trade Arbitration
Commission (CIETAC) for arbitration in Beijing in accordance with such Commission’s arbitration rules then in effect at
the time of applying for arbitration, and the language of arbitration shall be in Chinese. The arbitration award shall be final
and binding on the Parties.

 

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

 

	14.7	Any amendments or supplements to this Agreement shall
be made in writing. Except for any assignment by the Pledgee of its rights hereunder according to Article 14.1, the amendments
or supplements to this Agreement shall take effect only upon the due execution by the Parties to this Agreement. If any amendments
or supplements to this Agreement legally require any approval of and/or any registration or filing with any government authority,
the Parties shall obtain such approval and/or complete such registration or filing in accordance with law.

 

		14.8	This
                                         Agreement shall be binding upon the legal successors of the Parties.

 

		14.9	Upon
                                         execution of this Agreement, each Pledgor shall sign a power of attorney (the “Power
                                         of Attorney”) to authorize any person designated by the Pledgee to sign on
                                         the Pledgor’s behalf according to the terms of this Agreement any and all legal
                                         documents necessary for the exercise of the Pledgee’s rights hereunder. Such Power
                                         of Attorney shall be delivered to the Pledgee to keep in custody and, when necessary
                                         and as needed, the Pledgee may at any time submit the Power of Attorney to the relevant
                                         government authority.

 

 

 

 

 

 

 

 

 

 

 

[THIS
SPACE IS INTENTIONALLY LEFT BLANK]

 

    	 	11 / 12	 

     

    

 

[Signature
Page of Equity Pledge Agreement]

 

IN
WITNESS WHEREOF, the following Parties have executed this Equity Pledge Agreement on the date and at the place first above
written.

 

	Shareholder
    1: Weidong Du  (Signature):	/s/
    WeiDong Du
	 	 
	Shareholder
    2: Wei Tan (Signature):	/s/
Wei Tan
	 	 
	Shareholder
    3: Guichun  Liu  (Signature):	/s/
    Guichun Liu
	 	 
	Shareholder
    4: Wen Li  (Signature):	/s/
Wen Li
	 	 
	Shareholder
    5: Hao Wang  (Signature):	/s/
    Hao Wang
	 	 
	Jakroo
    (Beijing) Sports Consulting Co., Ltd. (Seal)	 
	 	 
	Authorized
    Representative (Signature):	/s/
    Wen Li
	 	Name: Wen Li
	 	 
	Rider
    Sportsfashion Limited (Seal)	 
	 	 
	Authorized
    Representative (Signature):	/s/
    Weidong Du
	 	Name: Weidong Du

 

 

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