Document:

Exhibit 10.3

 

Execution Version

 

LOCK-UP AGREEMENT

 

THIS LOCK-UP AGREEMENT (this
“Agreement”) is dated as of April 5, 2022, by and among (i) Caravelle International Group, a Cayman Islands exempted
company (“PubCo”), (ii) Pacifico Acquisition Corp., a Delaware corporation (“SPAC”) and (iii) the
undersigned (the “Holder”). Capitalized terms used and not otherwise defined herein shall have the meanings given such
terms in the Merger Agreement (as defined below).

 

BACKGROUND

 

A. On
or about the date of this Agreement, PubCo, SPAC, Pacifico International Group, a Cayman Islands exempted company and a wholly-owned subsidiary
of the PubCo (“Merger Sub 1”), Pacifico Merger Sub 2 Inc., a Delaware corporation and a wholly-owned subsidiary of
the of PubCo (“Merger Sub 2”) and Caravelle Group Co., Ltd.. a Cayman Islands exempted company (“Company”),
are entering into that certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the “Merger
Agreement”), pursuant to which, among other matters, upon the consummation of the transactions contemplated thereby (the “Closing”),
Merger Sub 1 will merge with and into the Company, with the Company continuing as the surviving entity and a wholly-owned subsidiary of
PubCo (the “Initial Merger”), and Merger Sub 2 will merge with and into SPAC, with SPAC continuing as the surviving
entity and a wholly-owned subsidiary of PubCo (the “SPAC Merger” and together with the Initial Merger, the “Transaction”
or “Merger”) and as a result of which all of the issued and outstanding capital stock of each of the Company and SPAC
immediately prior to the Closing shall no longer be outstanding and shall automatically be cancelled and shall cease to exist, in exchange
for the right to receive newly issued PubCo Ordinary Shares, all upon the terms and subject to the conditions set forth in the Merger
Agreement and in accordance with the applicable provisions of the Delaware General Corporation Law and the Companies Act of the Cayman
Islands, as applicable;

 

B. As
of the date hereof, Holder is a holder of Company Ordinary Shares, in such amounts as set forth underneath Holder’s name on the
signature page hereto. Holder does not beneficially own any securities exercisable for or convertible into Company Ordinary Shares except
as indicated on the signature page hereto.

 

C. Pursuant
to the Merger Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties desire to enter into this Agreement, pursuant to which the PubCo Ordinary Shares to be received by Holder as consideration
in the Merger, and further including any other securities held by the Holder immediately following the Merger which are convertible into,
or exercisable, or exchangeable for, PubCo Ordinary Shares (all such securities, together with any securities paid as dividends or distributions
with respect to such securities or into which such securities are exchanged or converted, but not including any shares issued in connection
with the PIPE Subscription Agreements, the “Restricted Securities”) shall become subject to limitations on disposition
as set forth herein.

 

D. As
a condition of, and as a material inducement for the Company to enter into and consummate the Transaction, the Holder has agreed to execute
and deliver this Agreement.

 

    1

     

    

 

NOW, THEREFORE, for and in
consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

 

AGREEMENT

 

1. Lock-Up.

 

(a) During
the Lock-up Period (as defined below), the Holder irrevocably agrees that, without the prior written consent of PubCo, it, he or she will
not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any of the Lock-up Shares (as defined below),
enter into a transaction that would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole
or in part, any of the economic consequences of ownership of such Lock-up Shares, whether any of these transactions are to be settled
by delivery of any such Lock-up Shares, in cash or otherwise, publicly disclose the intention to make any offer, sale, pledge or disposition,
or to enter into any transaction, swap, hedge or other arrangement, or engage in any Short Sales (as defined below) with respect to any
security of PubCo.

 

(b) In
furtherance of the foregoing, PubCo will (i) place an irrevocable stop order on all Lock-up Shares, including those which may be covered
by a registration statement, and (ii) notify PubCo’ transfer agent in writing of the stop order and the restrictions on such Lock-up
Shares under this Agreement and direct PubCo’ transfer agent not to process any attempts by the Holder to resell or transfer any
Lock-up Shares, except in compliance with this Agreement.

 

(c) For
purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated
under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and all types of direct
and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return
basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers.

 

(d) For
purpose of this Agreement, the “Lock-up Period” means the period commencing on the Closing Date and ending on the earlier
of (A) six-month anniversary of the date of the Closing; and (B) subsequent to the Closing, the date on which PubCo consummates a liquidation,
merger, capital stock exchange, reorganization, or other similar transaction that results in all of PubCo’s shareholders having
the right to exchange their PubCo Ordinary Shares for cash, securities or other property.

 

(e) The
restrictions set forth herein shall not apply to the transfer of any or all of the Restricted Securities owned by Holder: (1) transfers
or distributions to the Holder’s current or former general or limited partners, managers or members, stockholders, other equityholders
or direct or indirect affiliates (within the meaning of Rule 405 under the Securities Act of 1933, as amended) or to the estates of any
of the foregoing; (2) transfers by bona fide gift to a member of the Holder’s immediate family or to a trust, the beneficiary of
which is the Holder or a member of the Holder’s immediate family for estate planning purposes; (3) by virtue of the laws of descent
and distribution upon death of the Holder; or (4) pursuant to a qualified domestic relations order, in each case where such transferee
agrees to be bound by the terms of this Agreement.

 

In addition, after the Closing
Date, if there is a Change of Control, then upon the consummation of such Change of Control, all Lock-up Shares shall be released from
the restrictions contained herein. A “Change of Control” means: (a) the sale of all or substantially all of the consolidated
assets of PubCo and PubCo subsidiaries to a third-party purchaser; (b) a sale resulting in no less than a majority of the voting power
of the PubCo being held by person that did not own a majority of the voting power prior to such sale; or (c) a merger, consolidation,
recapitalization or reorganization of PubCo with or into a third-party purchaser that results in the inability of the pre-transaction
equity holders to designate or elect a majority of the Board of Directors (or its equivalent) of the resulting entity or its parent company.

 

    2

     

    

 

2. Representations and
Warranties. Each of the parties hereto, by their respective execution and delivery of this Agreement, hereby represents and warrants
to the others and to all third party beneficiaries of this Agreement that (a) such party has the full right, capacity and authority to
enter into, deliver and perform its respective obligations under this Agreement, (b) this Agreement has been duly executed and delivered
by such party and is the binding and enforceable obligation of such party, enforceable against such party in accordance with the terms
of this Agreement, and (c) the execution, delivery and performance of such party’s obligations under this Agreement will not conflict
with or breach the terms of any other agreement, contract, commitment or understanding to which such party is a party or to which the
assets or securities of such party are bound.

 

3. Beneficial Ownership.
The Holder hereby represents and warrants that it does not beneficially own, directly or through its nominees (as determined in accordance
with Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder), any shares of capital stock of the Company,
or any economic interest in or derivative of such stock, other than those securities specified on the signature page hereto. For purposes
of this Agreement, the ordinary shares of the Company beneficially owned by the Holder as specified on the signature page hereto, together
with the Restricted Securities to be received by such Holder in connection with the Transaction (subject to the consummation of the Merger),
are collectively referred to as the “Lock-up Shares.”

 

4. No Additional Fees/Payment.
Other than the consideration specifically referenced herein, the parties hereto agree that no fee, payment or additional consideration
in any form has been or will be paid to the Holder in connection with this Agreement.

 

5. Notices. Any notices
required or permitted to be sent hereunder shall be sent in writing, addressed as specified below, and shall be deemed given: (a) if
by hand or recognized courier service, by 4:00PM on a business day, addressee’s day and time, on the date of delivery, and otherwise
on the first business day after such delivery; (b) if by fax or email, on the date that transmission is confirmed electronically, if
by 4:00PM on a business day, addressee’s day and time, and otherwise on the first business day after the date of such confirmation;
or (c) five days after mailing by certified or registered mail, return receipt requested. Notices shall be addressed to the respective
parties as follows (excluding telephone numbers, which are for convenience only), or to such other address as a party shall specify to
the others in accordance with these notice provisions:

 

		(a)	If to SPAC prior to the Closing, to:

 

Pacifico Acquisition Corp.

c/o Pacifico Capital
LLC

521 Fifth Avenue 17th Floor

New York, NY 10175

Attention: Edward
Cong Wang, Chief Executive Officer

E-mail: edwardwang@pacificocorp.com

 

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

 

Loeb & Loeb LLP

345 Park Avenue, 19th Floor

New York, NY 10154

Attention: Giovanni Caruso

 

E-mail: gcaruso@loeb.com

 

    3

     

    

 

		(b)	If to PubCo, to:

 

Caravelle International Group

c/o Caravelle Group Co., Ltd.

P.O. Box 31119

Grand Pavilion, Hibiscus Way,

802 West Bay Road

Grand Cayman

KYI – 1205 Cayman Islands

Attention: Guohua Zhang

Email: zgh@caravelleglobal.com.cn

 

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

 

Jun He Law Offices
LLC

Suite 1919, 630
Fifth Avenue

(45 Rockefeller
Plaza)

New York, NY 10111

Attention: Lan
Lou

Email: loul@junhe.com

 

		(c)	If to the Holder, to the address set forth on the Holder’s signature page hereto, with a copy, which
shall not constitute notice, to:

 

60 Paya Lebar Road

#06-17 Paya Lebar
Square

Singapore 409051

Attention: Guohua Zhang

Phone: (86) 15221560448

E-mail: zgh@caravelleglobal.com.cn

 

or to such other address as any party may have
furnished to the others in writing in accordance herewith.

 

6. Enumeration and Headings.
The enumeration and headings contained in this Agreement are for convenience of reference only and shall not control or affect the meaning
or construction of any of the provisions of this Agreement.

 

7. Counterparts. This
Agreement may be executed in facsimile and in any number of counterparts, each of which when so executed and delivered shall be deemed
an original, but all of which shall together constitute one and the same agreement.

 

8. Successors and Assigns.
This Agreement and the terms, covenants, provisions and conditions hereof shall be binding upon, and shall inure to the benefit of, the
respective heirs, successors and permitted assigns of the parties hereto. The Holder hereby acknowledges and agrees that this Agreement
is entered into for the benefit of and is enforceable by PubCo and its successors and assigns.

 

9. Severability. If
any provision of this Agreement is held to be invalid or unenforceable for any reason, such provision will be conformed to prevailing
law rather than voided, if possible, in order to achieve the intent of the parties and, in any event, the remaining provisions of this
Agreement shall remain in full force and effect and shall be binding upon the parties hereto.

 

    4

     

    

 

10. Amendment. The
parties hereto acknowledge that Pacifico Capital LLC (the “Sponsor”) is a third-party beneficiary to this Agreement
and that this Agreement may be amended or modified by written agreement executed by each of the parties hereto and the Sponsor.

 

11. Further Assurances.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

12. No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules
of strict construction will be applied against any party.

 

13. Dispute Resolution.
Section 11.14 of the Merger Agreement regarding jurisdiction and waiver of jury trial is incorporated by reference herein to apply with
full force to any dispute arising under this Agreement.

 

14. Governing Law.
The terms and provisions of this Agreement shall be construed in accordance with the laws of the State of Delaware.

 

15. Controlling Agreement.
To the extent the terms of this Agreement (as amended, supplemented, restated or otherwise modified from time to time) directly conflicts
with a provision in the Merger Agreement, the terms of this Agreement shall control.

 

[Signature Page Follows]

 

    5

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	CARAVELLE INTERNATIONAL GROUP
	 	 	 
	 	By:	      
	 	 	Name: 	Edward Cong Wang
	 	 	Title:	Sole Director
	 	 	 
	 	PACIFICO ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: 	Edward Cong Wang
	 	 	Title:	Chief Executive Officer  

 

[Signature
Page to Lock-Up Agreement]

 

    6

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	DOOSAN INVESTMENT CO., LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	200

 

    7

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	GALION-GROUP CO., LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	24,500

 

    8

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	HAOCHEN GROUP CO., LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	50

 

    9

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	GREATER BIGFISH KING CO., LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	1,500
	 	 

    10

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	JANE RAYS GROUP CO., LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	1,000

 

    11

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	KAIYUE TEC GROUP CO., LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	215

 

    12

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	NEW HONEST GROUP CO., LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	3,485

 

    13

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	NINE TEN INTERNATIONAL CO., LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	75

 

    14

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	YUNQI LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	350
	 	 

    15

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	TAIYUAN GROUP CO., LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	10,000

 

    16

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	TAIYANG GROUP CO., LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	150

 

    17

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	IDEAL VICTORY HOLDINGS LIMITED
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	1,250

 

    18

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	BROOKADE HOLDINGS LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG 1110,  British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	275
	 	 

 

    19

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	SPEED WEALTHY LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:   Director
	 	 	 
	 	Address:
	 	 
	 	Akara Bldg., 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	5,000

 

    20

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	SOUTH PACIFIC GYRE INVESTMENT LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  Director
	 	 	 
	 	Address:
	 	 
	 	Unit 8, 3/F., Qwomar Trading Complex, Blackburne Road, Port Purcell, Road Town, Tortola, British Virgin Islands
	 	 
	 	NUMBER OF Lock-up Shares:
	 	 
	 	1,950

 

    21Exhibit 10.5

 

Strategic Sales Contract

 

Contract No.:                

Signing Place: HONG KONG

Date of Signing: 20/04/2022

 

Buyer (Party A): SINGAPORE GARDEN TECHNOLOGY PTE.
LTD.

 

Residence: 60 PAYA LEBAR ROAD #06-16 PAYA LEBAR
SQUARE 409051

 

Seller (Party B): NEW GALION GROUP (HK) CO LTD

 

Residence: ROOM 1003, 10/F, TOWER 1, LIPPO CENTRE,
89 QUEENSWAY, ADMIRALTY HK

 

  After
full consultation between A and B, in the spirit of honesty and credit, the principle of equality and mutual benefit, enter into this
contract in order to jointly comply.

 

Article 1 Name, species, specification
and quality of the goods

 

1.
Name, Species, Specification of the goods:Maritime Carbon Neutral Intelligent Control Platform

 

	48500T Ship	Ship 1#	Ship 2#	Ship 3#	Ship 4#
	Maritime Carbon Neutral

 Intelligent Carbon Platform	Unit price (million)	Unit price (million)	Unit price (million)	Unit price (million)
	Total	33.520	31.348	31.167	30.986
	Total: HK$127,021,000.00

   

System
itemized price breakdown: see Annex 1.

 

2. Technical standards of the goods

 

In accordance with the agreed
quality and technical standards and signed standards “48500T bulk carrier waste heat recovery drying Wood System Technical Agreement”
implementation.

 

Article 2 The quantity of
goods and unit of measurement, measurement method

 

 1. Quantity
of goods: 4 sets of ships.

 

2. Unit
of measurement, measurement methods: In accordance with the agreed quality and technical standards.

 

     

     

    

 

Article 3 packaging standards of goods: Contract
goods outer packaging provided by Party B, using national and relevant industry standard packaging materials, in line with the characteristics
of the goods, to meet the requirements of loading and transport without damage.

 

Article 4 Delivery unit, delivery
method, mode of transport, arrival place of the goods

 

 1.Delivery
method: Party B delivery.

 

2.Mode
of transportation: Land transportation.

 

3.Place of
arrival & Receiving unit: the place of arrival shall be 48500T bulk carrier berthing terminal, and the receiving unit shall
be the owner.

 

(If Party A requests to change the place of arrival or receiver, Party B should be notified 10 days before the delivery
deadline specified in the contract, so that Party B can adjust its shipment plan; Party A and Party B should follow the relevant regulations
for the transportation and loading and unloading of goods, and the transportation department for exchange procedures, records, signed
by both parties, to clarify the responsibilities of Party A, Party B and the transportation department.)

 

Article 5 Delivery period and delivery conditions
of the goods

 

1. Deliver the first set of system
before July 1, 2022, and the subsequent sets of equipment will be delivered, installed and commissioned according to the
owner’s ship schedule.

 

2. The
delivery conditions are:Party B receives the
corresponding payment from Party A as stipulated in paragraph 6 of this contract. If Party A postpones the payment of goods, Party B
has the right to postpone the delivery accordingly, and Party B will not bear any responsibility. 

 

(The date shall be the date
of arrival of Party B’s goods at the designated site. Party B shall notify Party A of the receipt of the goods __1___ days before the
delivery date.)

 

    2

     

    

 

Article 6 Price of goods and
settlement of payment

 

 The total price of this contract
is: HK$127,021,000.00

 

    (The
total contract price includes the cost of packaging materials under normal shipping conditions and in accordance with national and related
industry standards)

 

2. Payment
for the goods shall be settled in the following manner: (based on the amount of a single ship as the basis of payment price)

 

(1) Party
A shall pay 30% of the final price as advance payment after the completion of the ship modification design and passing the final
account

 

(2) Party
A shall pay 50% of the final price as shipment within 7 days from the date of receipt of shipment notice from Party
B

 

(3) Party B shall pay 10%
of the final price as commissioning payment within 7 days after the equipment and system interconnection is supplied and
confirmed by Party A in writing.

 

(4) Party B shall issue to
Party A a quality guarantee letter of 10% of the total price of this contract, valid until the expiration of the warranty period
agreed in this contract. If Party A receives the quality guarantee letter issued by Party B and does not raise objection to Party B
within 7 days according to the agreement of this contract, Party A shall pay 10% of the total final price.

 

3. Party A shall pay Party B’s invoice in full,
without any offset, counterclaim or deduction, and without any settlement discount or other special payment terms.

 

4. If Party A violates the
payment obligation under this Contract, and the breach time exceeds thirty (30) days, Party B may notify Party A in writing to terminate
this Contract immediately. Party B shall not bear any responsibility for this, while Party A shall still be liable in accordance with
the relevant provisions of this Contract.

 

5. If Party B fails to meet
Party A’s acceptance requirements due to construction period, technical indicators, etc., and the violation time exceeds sixty (60) days,
Party A has the right to notify Party B in writing to terminate this contract immediately. Party B shall be liable for extension at 0.5%
of the contract price per vessel per day, and the maximum breach of contract amount shall not exceed 10% of the contract price per vessel.
If Party A does not terminate this contract, Party B still needs to carry out the work according to the technical requirements.

 

    3

     

    

 

6. If Party A does not receive the goods to be
provided by Party B under this contract as scheduled, liquidated damages shall be paid in accordance with 0.5% of the amount of deferred
payment for every 1 day of delay, and if the delay in payment exceeds 20 days, Party A shall have the right to choose to terminate the
contract or require Party B to pay liquidated damages; the liquidated damages shall not exceed 10% of the total final price of the contract.
If Party B does not receive the payment due from Party A under this contract as scheduled, liquidated damages shall be paid in accordance
with 0.5% of the deferred amount for every 1 day of delay, such as late payment for more than 10 days, Party B has the right to choose
to terminate the contract or request Party A to pay liquidated damages, which shall not exceed 10% of the total final price of the contract.

 

Article 7 Time and method of acceptance and
objection of goods

 

1. After Party A receives Party
B’s goods, if Party A finds that the variety, type, specification and quality of the goods are not in accordance with the regulations,
Party A shall take proper care of the goods and submit written objection to Party B within 7 days after receiving the goods; if Party
A fails to notify Party B within the above-mentioned period, the goods shall be deemed to be accepted and qualified.

 

2. Party A shall not object
to any deterioration in the quality of the goods due to poor use, storage and maintenance.

 

3. Party B shall be responsible
for handling or giving a written reply opinion within 7 days after receiving Party A’s written objection.

 

(Party A in the written objection,
should state the contract number, waybill number, car or ship number, delivery and arrival date; state the name, model, specification,
logo, brand, batch number, certificate of conformity or quality assurance number, quantity, packaging, test method, inspection and test
certificate of non-conforming goods; put forward the treatment of non-conforming goods.)

 

Article 8 Delivery.

 

1. If the goods are not dispatched
to the place of delivery on the date they are ready for delivery due to Party A’s fault, it shall be deemed to be a breach of contract
by Party A. In such case and without prejudice to any other rights of Party B under this Contract, Party B may take custody of the said
goods at Party A’s risk and related costs. The warehouse receipt or the relevant certificate may be considered in all respects as a substitute
for the delivery formalities and the performance of the relevant formalities may be deemed to complete the delivery of the goods.

 

2. In any event, delivery of
the goods by Party B is subject to Party A having fulfilled its payment obligations in accordance with the requirements of this contract.
Party B retains ownership of all goods and spare parts and the above rights shall only be automatically transferred to Party A when Party
A has paid the full contract price and Party B has received such payment.

 

3.If
the delay in delivery is due to force majeure or other reasons beyond Party B’s control or due to Party A’s actions or omissions (including
but not limited to delay in providing technical documents to Party B, etc.), Party B shall be given a certain amount of delivery. The
delivery grace period, the period of grace equal to the duration of the above reasons for the delay in delivery. Party B shall not pay
any consideration for such grace period, and Party A shall pay all additional costs for delayed delivery caused by Party A, including
but not limited to storage fees for the goods.

 

4. Party A shall not refuse
Party B’s delivery or refuse to accept the goods on the grounds of minor defects or insufficiencies that do not interfere with the normal
operation of the goods. However, Party B shall agree to make compensation for these defects after delivery of the goods in accordance
with the contract.

 

5. If the delivery is delayed
due to Party B’s reasons, then Party B shall pay Party A liquidated damages for the part of the delayed delivery according to the annual
loan interest rate of the People’s Bank of China during the delayed delivery period until Party A receives the part of the goods. The
limit of the liquidated damages paid by Party B is 10% of the total price of the single-vessel contract, and the liquidated damages are
the only exclusive compensation that Party A can get for Party B’s overdue delivery.

 

    4

     

    

 

Article 9 Warranty

 

1. The warranty period shall
be 2 years from the time you deliver the Goods to us/our designated place or a place agreed by both parties. In no event shall the warranty
period for any part of the Goods exceed 18 months from the commencement of the initial warranty period specified in this clause.

 

2. During the warranty period,
if there is any problem with the goods due to defects in design, material or production process, Party A shall immediately notify Party
B and take appropriate measures to stop the expansion of the defects. Party B shall repair the defects and replace the parts as soon as
possible after Party A has been notified. Otherwise, Party B shall not be liable for the expanded portion of the loss. In order to secure
this repair, any warranty claims and requests against this warranty shall be made in writing without delay during the warranty period.

 

3. The replaced parts are the
property of you. You shall only bear the cost of repairing or replacing the defective parts at our workplace and the cost of transporting
the defective, to be repaired, to be replaced parts between the respective manufacturer’s workplace and the place of delivery originally
agreed in the delivery terms.

 

4. Warranty obligations do
not cover the cost of any consequential damages. Indirect damages include, but are not limited to, loss of profits, loss of use, loss
of production, investment costs and costs associated with operational interruptions, loss of anticipated savings, or special, indirect
or consequential damages of any nature.

 

5. This warranty is the
only warranty applicable to the goods and is expressly in lieu of any other warranties, express or implied, against non-performance
or defective performance and any other obligations and liabilities hereunder or under law.

 

Article 10 Intellectual Property Rights

 

Both A and B agree by consultation
that the ownership of intellectual property rights (including but not limited to copyrights, patents and trademarks) of the products mentioned
in Article 1 of this contract shall be owned by Party A.

 

Article 11 Compensation

 

This clause has stipulated
all the possible breaches of the contract by Party B and the corresponding consequences, as well as the rights and claims of Party A.
Under no circumstances shall Party B be liable for any indirect, subsequent, special, temporary or incidental arising out of or in connection
with the design, sale, delivery, service, use or operation of the Goods or spare parts or any other components. be liable for damages,
nor for loss of time, inability, actual or potential use of the goods or spare parts, arising out of or in connection with the design,
sale, delivery, service, use or operation of the goods or spare parts or any other components loss of profits or revenue, costs of replacing
goods or spare parts and loss of other property (including loss of goods in which Party A has title), labor costs, costs of dismantling
or unloading the goods or spare parts or any part thereof, or any additional testing responsible for the costs. However, if Party B has
intentional or gross negligence, the above disclaimer of Party B does not apply.

 

Under no circumstances shall
both parties be liable for any unforeseen damages at the time of the conclusion of this contract.

 

Without prejudice to other
general principles of this contract, the amount of compensation for all liabilities undertaken by Party B shall not exceed 10% of the
total price of this contract.

 

Article 12 Force Majeure

 

Force majeure event means an
event that cannot be foreseen by a party, cannot be avoided and cannot be overcome. This includes, but is not limited to, new prohibitions
or actions by government or public agencies, riots, war or hostilities, unrest, strikes, epidemics, fires, earthquakes, storms, tsunamis
or other natural disasters.

 

If such force majeure event
occurs at the supplier selected by you to complete the delivery, it shall be deemed to be a force majeure event on your part.

 

If either party cannot perform
the contract due to force majeure, it shall promptly inform the other party of the reasons for not being able to perform or not being
able to perform completely, so as to mitigate the losses that may be caused to the other party, and after obtaining certification from
the relevant agencies, it shall be allowed to postpone the performance, partial performance or non- performance of the contract, and may
be partially or fully exempted from liability for breach of contract according to the circumstances.

 

    5

     

    

 

Article 13 Dispute Resolution

 

The
liquidated damages, compensation, storage and maintenance fees and various economic losses that should be repaid according to the provisions
of this contract shall be paid within 10 days after the responsibility is clarified, otherwise they shall be treated as late payment.

 

In case of disputes arising
from this contract, the parties shall promptly negotiate for settlement, and if the negotiation fails, sue in the court of the defendant’s
location.

 

Article 14 Contract Confirmation

 

(1) The contract signed
and sealed by both parties shall be effective, and the contract equipment manufacturing cycle shall be counted from the effective
date of the contract.

 

(2) For the equipment of
ships 1# --- 4#, Party A shall issue a single ship contract execution notice and the technical plan signed by both parties
(according to the actual situation, one plan per ship), as the official construction basis.

 

(3) If the technical
status changes, the equipment price can be increased or decreased according to the actual situation in the form of a single ship
contract change order.

 

(4) “Technical
Agreement on Waste Heat Recovery Drying Wood System for 48,500T Bulk Carrier” is attached as Annex 2 of this contract and
has the same legal status as this contract. During the execution period of the contract, neither Party A nor Party B shall change or
cancel the contract at will. If there are any matters not covered in the contract, supplementary provisions shall be made through
mutual negotiation between the two parties, and the supplementary provisions shall have the same effect as the contract. The
original of this contract is in 8 original copies, and each party holds 4 copies.

 

(No
text below)

 

	Party A Purchaser	Party B Seller
	SINGAPORE GARDEN TECHNOLOGY PTE. LTD (Seal)	NEW GALION GROUP (HK) CO LTD (Seal)
	
    Address: 60 PAYA LEBAR ROAD #06-16 PAYA LEBAR
SQUARE 409051

    
	Address: ROOM 1003, 10/F, TOWER 1, LIPPO CENTRE, 89 QUEENSWAY, ADMIRALTY
	Entrusted Agent: /stamp/	Entrusted Agent: /s/ Zhang Dong
	Signing Date:	Signing Date:
	Postal Code: 409051	Postal Code:
	Tel. (Fax): +65 6518 9175	Tel. (Fax):
	Bank Account: 0720409450 (DBS)	Bank Account: 36811582228 (SCBLHK)
	UEN: 202016481R	Certificate No.:

 

 

6

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