Document:

Contract
NO:
                      

 

 

Guaranty Contract of Maximum Amount

 

IMPORTANT NOTE: This contract is in equal
and voluntary basis of the parties, all terms of the contract are both true meaning of them. To maintain the legitimate interests
of the guarantor, the creditor specially remind the guarantor to pay attention on the bold terms in the contract.

 

Creditors: Industrial and Commercial Bank
of China Ltd, Shenzhen Henggang Branch (hereinafter referred to as "Party A")

Person in charge: Yang Duoping

Business address: Room 101&201, Building
10, City Center Garden, Henggang Street, Longgang District, Shenzhen

 

 

Guarantor: [________________] (hereinafter
referred to as "Party B")

Legal representative: [____]

Business or residence:

 

In ensure the realization of Party A’s
claims, Party B voluntarily provides security guarantee (counter-guarantee). To specify the rights and obligations of both parties,
party A and B enter into this contract, based on "contract law", "Security Law" and other relevant laws and
regulations.

 

Article 1 The principal creditor's right
be guaranteed

 

Item 1.1 The principal creditor's right
guaranteed by party B is the rights within the highest balance of RMB 40,000,000.00 (capital: forty million yuan only) come from
the contracts entered by Party A and Shenzhen Highpower Technology Co. (hereinafter referred to as debtor) since July 26th, 2012
to July 25th, 2015 (including the starting date and the expiration date of the period), the contracts including foreign currency
loan contracts, exchange-loan contract, bank acceptance agreement, letter of credit issuing agreement/contract, international and
domestic trade financing agreements, forward foreign exchange agreements and other financial derivative products agreements and
other documents (hereinafter referred to as the “main contract”) . Whether in the above period or not, the creditor
always has the rights.

 

Item 1.2 The above mentioned maximum balance,
is the total RMB amount exchanged from other different currencies using the foreign exchange rate published by Party A on the day
Party B have the responsibility to guaranty the principal creditor’s right.

 

Article 2 Guaranty method

 

The method party B undertakes the guarantee
responsibility is joint responsibility guarantee.

 

    	 

    	 

    

 

Article 3 Guaranty coverage

 

The maximum guarantee Party B undertakes
contains creditor's principal, interest, Compound interest, punitive interest, Liquidated damages, Compensation for damage, exchange
loss (related exchange loss caused by exchange rate fluctuation) and the cost for realizing creditor’s right (including but
not limited to litigation fees, legal fees), the cost for realizing creditor’s right is not included in the maximum amount
stated in item 1.1.

 

Article 4 Guaranty period

 

Item 4.1 If the main contract is a loan
contract, the guaranty period of the Contract is: two years after the expiration of the loan under the main contract; if Party
A announces that the loan expire in advance according to the item of the loan contract, the guaranty period of the Contract is
two years starting from the day after the advanced expiration date of the loan.

 

Item 4.2 If the main contract is a banker's
acceptance contract, the guaranty period is two years starting from the day after the date Party A pays to the third party.

 

Item 4.3 If the main contract is a guaranty
contract, the guaranty period is two years starting from the day after the date Party A performs the duty of guarantee.

 

Item 4.4 If the main contract is a letter
of credit issuing agreement / contract, the guaranty period is two years starting from the day after the date Party A pays the
amount of letters of credit.

 

Item 4.5 If the main contract is another
financing documents, the guaranty period is two years starting from the day after the expiration date or advanced expiration date
of the loan under the main contract.

 

Article 5 Party B’s statement and
guarantee

 

Party B makes the following statement and
guarantee:

 

Item 5.1 Party B has the guarantor’s
qualifications, the guarantee for the Party A has acquired the necessary authorization or approval according to procedures and
jurisdiction of company constitution, will not violate laws and regulations and other relevant regulations.

 

Item 5.2 If Party B is a listed company
or a subsidiary of a listed company, will ensure to disclose the guarantee in time according to the requirements of "Securities
Act", "Stock Exchange Listing Rules" and other laws, rules and regulations.

 

Item 5.3 Party B has sufficient capacity
to assume the responsibilities, will not reduce or exempt the responsibilities because of any variation of instruction, financial
situation, or any agreement entered with any third party.

 

Item 5.4 Party B fully understands the
purpose of the loan under the main contract, voluntarily guarantee for the debtor, the meanings of the items in the main contract
is fully true. For domestic and international trade financing, Party B admit transaction basis of the financing is true and without
fraud.

 

Item 5.5 All materials and information
provided to Party A are true, accurate and complete, without false record, misleading statement or significant omission.

 

 

    	 

    	 

    

 

Item 5.6 If the principal loan in the contract
is international trade financing that Party A provides to the debtor, then Party B accepts related international conventions about
related business.

 

Item 5.7 If Party B is a natural person,
also makes the following statement and guarantee:

A.
with full civil rights and full civil capacity;

B. with legitimate source of income and adequate compensation capacity;

C.
without malicious acts such as malicious default of bank loan’s principal and interest, malicious overdraft credit cards
and other malicious acts;

D.
without gambling, drug abuse and other bad behavior or criminal record;

E.
Spouse of Party B agrees to provide the guarantees to Party A.

 

Article 6 Party B’s commitment

 

Party B makes the following promises:

 

Item 6.1 If any of the following situations
happens, within five working days since Party A receives notice, with no conditions fulfill the responsibilities in the contract:

A. the outstanding debts of debtor, includes
maturity and early maturity;

B. If Party B or the debtor seeks for bankruptcy
or goes out of business, dissolution, liquidation, business for rectification, revocation of business license, or be revoked.

 

Item 6.2 If Party A’s principal creditor's
right exists on collateralized object for guarantee, whether the collateralized object is provided by the debtor or by third party,
Party A has the right to request Party B to take responsibilities first, Party B can not raise a plea for this reason. If Party
A gives up, change or loss of other security interest, Party B's responsibility is still in effect, will not be invalid, deducted
or exempted.

 

Item 6.3 Upon Party A’s requests,
provide financial information, tax certificates and other financial documents that can timely reflect Party B’s financial
situation.

 

Item 6.4 If any of the following situations
happens, with no need for agreement of Party B, Party B will continue to assume guarantee liability in the contract:

 

A. Party A and the
debtor negotiate to change main contract, without increasing Party B’s debt or extending debt’s maturity;

B. under domestic
and international trade financing, Party A and the debtor modify letters of credit related to main contract, without increase the
debtor's payment obligations of letter of credit or extend the payment period;

C. Party A transfers
the debt to a third party.

 

Item 6.5 If provides any form of guarantee
to a third party, will not damage the interests of the Party A.

 

Item 6.6 If Party B has actions including
merger, divesture, reduction of capital, change of ownership, transfer of significant assets and liabilities, significant external
investment, increasing debt financing materially and other actions may adversely affect the rights of Party A, Party B should have
the written agreement of Party A in advance, or have made satisfactory arrangement for the guarantee responsibilities under the
contract. If not, Party A can not engage in such actions.

 

    	 

    	 

    

 

Item 6.7 If any of the following situations
happens, Party B should notice Party A:

A. Change of charter,
business coverage, registered capital, the legal representative, change of ownership;

B. Go out of business,
dissolution, liquidation, business for rectification, revocation of business license, be revoked or bankruptcy;

C. Involved or maybe
involved in material economic disputes, litigation, arbitration, or the property was legally seized, detained or controlled;

D. If Party B is
a natural person, change of residence, work, contacts, etc.

E. Issuing corporate
bonds, short-term financing bonds or other direct financing methods to increase debt levels;

F. Have other large
amount of borrowing or external guarantees.

 

Item 6.8 React to the return notice from
Party A in time.

 

Item 6.9 In the buyer's financing, import
credit and import bills financing / import payment services in the domestic letters of credit, if happens following situations,
Party B should assume non-defense guarantee obligation, Party B should not propose exemption or defense because of any judicial
or administrative authorities issues stop-payment order, ban order or take measures such as closing down, detaining, freezing property
related to letters of credit:

 

A. Party A's nominee,
who has been authorized in accordance with the Party A's instructions, pays in good faith;

B. Party A or its
nominee, who has been authorized under the domestic letter of credit, issues payment confirmation in good faith or accepts credit
documents in letters of credit in good faith;

C. Confirming bank
of letter of credit fulfills the payment obligation in good faith;

D. Negotiating bank
of letter of credit negotiates to pay in good faith.

 

Item 6.10 In shipping guarantee, bills
of lading endorsed, authorized delivery business, Party B should not propose exemption or defense because of debtor's dishonored
letters of credit.

 

Article 7 Party A’s commitment

 

Party A’s commitment: Keep non-public
information confidential which is in the relevant documents, financial documents and other related documents provided when Party
B carries out obligations, unless relevant laws and regulations or this contract has otherwise specified.

 

Article 8 Conformation of principal creditor’s
right

 

If one of the following situations happens,
the conformation of the maximum guarantee:

 

A. Expiration of the
period that Article 1.1 agreed;

B. No new debt will
happen again;

C. The debtor, Party
B is declared bankrupt or revoked;

D. Other cases stipulated
in laws.

 

    	 

    	 

    
 

Article 9 Breach of the contract

 

Item 9.1 Once this contract is in effect,
either party fails to perform any obligation in the contract or violate any statement, guarantee and commitment in the contract,
then it is breach of contract. If one party causes losses to the other party because of the above reason, then should be compensated
to the other party.

 

Item 9.2 If Party B does not perform the
guarantee obligations in this contract, Party A has the right to deduct the money in all accounts that Party B opened in the Industrial
and Commercial Bank of China and its branches to pay off the debt in the main contract. If the currency of the deducted money and
the currency in the main contract is different, calculate the deduct amount using applicable rate published by Party A on deduct
day. The interest and other fees from the deduct day and the pay off day, and the difference for exchange rate fluctuations during
the period should be bear by Party B.

 

Item 9.3 Except the provisions in the contract,
if either party breaches the contract, the other party has the right to take measures provided by the PRC laws, regulations and
rules.

 

Article 10 Effect, change and terminate

 

Item 10.1 The contract is in effect since
the date of signing.

 

Item 10.2 Any change of this contract shall
be agreed by all parties involved and be made in writing. The changes of provisions and agreements are part of the contract, has
equal legal right with the contract. Except the changed part, the rest part of this contract is still valid, before the changes
is in effect, the original terms of this contract is still valid.

 

Item 10.3 Any provision of this contract
is invalid or unenforceable, will not affect the validity and enforceability of other provision, nor affect the validity of the
contract.

 

Item 10.4 The change or termination of
this contract will not affect the right of all parties involved to require compensation. The termination of this contract, will
not affect the effectiveness of the dispute settlement provisions.

 

Article 11 Dispute Resolution

 

The sign, validity, interpretation, enforcement
and dispute settlement of this contract are applicable to PRC laws. Any disputes caused by or related to this contract, both parties
should resolve through negotiation. If negotiation fails, use the following method for resolution:

Resolves through litigation in court where
Party A locates.

 

Article 12 Other provisions

 

Item 12.1 Without the written consent of
Party A, Party B can not transfer whole or part of right or obligations in the contract.

 

Item 12.2 If Party A does not perform or
perform partially or perform delayed any right in the contract, does not affect the exercise of the right and any other change.

 

    	 

    	 

    

 

Item 12.3 Party A has the right to provide
the information of this contract and other related information to the credit information database of People’s Bank of China
or other legally established credit database according to relevant laws, regulations or other normative documents requirements
or financial regulatory requirements, for the purpose of inquiry and use by qualified organizations or individuals, and Party A
also has the right to inquiry Party B’s related information via credit information database of People’s Bank of China
or other legally established credit database, for the purpose of sign and perform this contract.

 

Item 12.4 The contract has two originals,
each side hold one with the same legal effect.

 

 

/s/ [COMPANY SEAL]

Party A (seal): Industrial and Commercial
Bank of China Ltd, Shenzhen Henggang Branch

Person in charge: Duoping Yang

 

Party B: /s/ [______________]

Legal representative:

 

 

Date signed: July 26th, 2012

    	 

    	 

    

[INFORMATION FOR PURPOSES OF FILING WITH THE SECURITIES AND EXCHANGE
COMMISSION]

 

SCHEDULE A

 

GUARANTORS

 

Springpower Technology (Shenzhen) Co.,
Ltd.

Dangyu Pan

Hong Kong Highpower Technology Co., Ltd.Exhibit
10.1

 

	
        MBT Financial Corp.

         

        Director Deferred Compensation Plan

         

        Terms & Conditions of Deferred Compensation
        Plan

         

	 
	The following terms and conditions apply to the deferral of compensation under the Director Compensation Plan.

 

		A.	Director Compensation Available for Deferral.
A Non-Employee Director may, in accordance with and subject to the terms and conditions stated herein, defer 100% of his/her retainer
otherwise payable in cash, and/or 100% of his/her accumulated meeting fees earned during each calendar quarter of a Service Period.

         

		B.	Service Period. A service period for application
of deferral elections is a full calendar year. For a newly elected Director, the initial calendar year service period begins on
the first full calendar quarter following the Director’s service commencement date and ends on the last day of the calendar
year in which Board service commences.

         

		C.	Deferral election. A deferral election
shall be effective only for the full calendar quarters of the Service Period designated in the election. Such deferral election
shall be irrevocable for the designated Service Period. For the first Service Period for which a Director becomes eligible for
the Plan, the deferral election may be made within 30 days prior to the beginning of the Service Period. The deferral election
shall only relate to available compensation earned during the calendar quarters of the Service Period.

         

		D.	Initial Payment Election (Refer to Initial Payment
Election Form). An Initial Payment Election, as to time and form of payment, may be made within 30 days prior to a future
Service Period during which compensation is deferred. An Initial Payment Election will apply to all future amounts deferred, beginning
with the first Service Period after such election is made, unless modified subject to the provisions of paragraph E of this Plan
document. If an election is made to receive payment of amounts deferred on a designated year-end future payment date, and Board
service continues beyond such year-end payment date, a new Initial Payment Election may be made for future compensation deferred
beginning with the first Service Period after such election is made. This new election must be made prior to the year in which
the deferral begins. If an Initial Payment Election is not made by the Director with respect to any future Service Period, amounts
deferred during such Service Periods will be distributed from the Plan, in a single lump sum amount, within 60 days following
the earlier of the Director’s termination of Board service, death, or disability as defined in this Plan document.

         

		E.	Change of Initial Payment Election (Refer to Initial
Payment Election Change Form). A participant may elect a new future payment date that modifies an election made
under the Initial Payment Election. A new future payment date may not result in a distribution date that is earlier than 5 years
from the date on which the payment would have been made under the corresponding Initial Payment Election. A participant may also
change an initial form of payment election. If this election is made for distributions upon a designated future payment
date or termination of service, such installment payments may commence no earlier than 5 years from the date such payment would
have been made under the Initial Payment Election.

         

		F.	Automatic pay-out. A participant’s
deferred compensation account valued at less than $10,000 at the time of payment under the Plan, will be automatically paid in
a single lump sum not withstanding the participant’s form of payment election in effect at the payment date.

         

		G.	Disability. Disability means as defined
under Treasury Regulation Section 1.409A-3(i)(4). Disability status will be determined by the Compensation Committee of the Board
in accordance with this definition.

         

		H.	Account Allocation. The amount of the retainer
and/or meeting fees deferred shall be credited to an account established for the Director as of the last day of the calendar quarter,
upon which the retainer and/or accumulated meeting fees for services rendered during that quarter is otherwise paid.

 

 

    	 

    	 

    

 

		I.	Investment Elections. Amounts deferred
for each service period will be invested under Options (1) and/or (2) as elected by the Director:

         

		·	Deferred
Cash Account – Amounts allocated to the deferred cash account shall be credited with interest on the last day of
each calendar quarter based on the 10 year treasury rate.

         

		·	Deferred
MBT Stock Unit Account – Amounts allocated to the deferred MBT stock unit account shall be treated as invested in
MBT common stock and shall be converted to MBT Stock Units based on the fair market value of MBT stock on the last day of the
calendar quarter. Fair market value shall be as defined under the MBT Financial Corp. Long Term Incentive Compensation Plan. Any
dividend paid on the MBT stock units credited to this account shall be credited to this account in equivalent whole and fractional
MBT stock units.

         

        Deferred amounts credited to available investment accounts
        may not be reallocated between such accounts.

         

		J.	Deferred Cash Account Valuation and Adjustments.
– The Director’s Deferred Cash sub-account shall be adjusted on the last day of each calendar quarter by multiplying
the applicable interest rate to the Director’s average account balance for the quarter

         

		K.	Establishment of Grantor Trust . MBT Financial
Corp, in its sole and absolute discretion, may establish a grantor trust, sometimes referred to as a “rabbi trust”,
for the purpose of creating a reserve account to meet the liabilities of this Plan. MBT Financial Corp. may also, in its sole
discretion, invest assets held in the trust in MBT Financial Corp stock or any other publicly traded security. Any such grantor
trust will be based on any model trust document provided by the IRS and may be established as an irrevocable trust that will not
allow return of trust assets to MBT Financial Corp until plan liabilities are satisfied, but must allow for payment of claims
by creditors of MBT Financial Corp in the event of MBT Financial Corp’s insolvency or bankruptcy. Any MBT Financial Corp
stock or other investment security so acquired for the convenience of MBT Financial Corp shall be the sole and exclusive property
of MBT Financial Corp, with MBT Financial Corp named as owner and beneficiary thereof. To the extent that the Director or the
Director’s Beneficiary acquires a right to receive payments from MBT Financial Corp under the provisions hereof, such right
shall be no greater than the right of any unsecured general creditor of MBT Financial Corp.

 

		L.	Vesting. A Director’s account shall
always be 100% non-forfeitable.

         

		M.	Account Distribution. Compensation deferred
and any attributed earnings will always be paid upon the earlier of the Director’s termination of Board service, death,
disability as defined under the Plan, or designated future payment date pursuant to an Initial Payment Election. Amounts payable
in a lump sum will be made within 60 days following the distribution event in a single lump sum. If annual installment payments
are elected, the first payment will be made within 60 days following termination of Board service. Remaining installment payments
will be made on each subsequent January 1 date. Each annual installment payment will be equal to the account value multiplied
by a fraction equal to one divided by the remaining installment payments (e.g., the fraction for the second of five annual installments
will be 1⁄4). Distributions will be paid in cash from the Deferred Cash Account and in MBT Financial Corp. stock from the
MBT Stock Unit Account. Fractional stock units will be distributed in cash. The Director will be solely liable for any and all
taxes applicable on such distribution.

         

		N.	Funding. Distributions from the deferral
accounts are paid from the general assets of MBT Financial Corp.

         

		O.	Plan Administration

         

		1.	The Plan will be administered by the Compensation Committee
of the MBT Financial Corp. Board.

         

		2.	Participants shall receive annual statements of their
account reflecting amounts deferred and any adjustments due to allocation of gain or loss, or distributions.

 

		P.	General. MBT Financial Corp., by action
of its Board, reserves the right to amend or terminate the deferred compensation plan, in whole or in part, at any time, subject
to the limitations and conditions set forth under Treasury Regulations Section 1.409A-3(j)(4)(ix). However, in no event shall
MBT Financial Corp. have the right to eliminate or reduce any non-forfeitable benefit under the Plan. This Agreement shall be
construed and enforced in accordance with the laws of the State of Michigan. Compensation deferral agreements shall be binding
upon and inure to the benefit of MBT, Director and their respective heirs, personal representatives, successors and assigns.

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