Document:

Exhibit 10.3

 

Equity
Pledge Agreement

 

This
Equity Pledge Agreement (hereinafter referred to as “this Agreement“) is signed by and among the following
parties in Changzhou on _November 8_, 2019:

 

	Party
A:	Changzhou
Jiekai New Energy Technology Co., Ltd. (hereinafter referred to as the “Pledgee“), a wholly foreign-owned
company established and validly existing under the laws of China, with its address at Room A507, Science and Technology Industry
Building, Jiangsu Research Institute, Dalian University of Technology, Changzhou Science and Education Town, No. 18, Changwu Central
Road, Wujin District, Changzhou;

 

Party
B (including the following parties, are all shareholders of Party C, hereinafter referred to as the “Pledgor“)
:

 

	Serial
No.	Shareholder	ID
    No./Unified Social Credit Code	Address	Proportion
    of Share Holding
	1	Ye
    Jianhui	441623198708162758	5
    Shuikou Team, Dongkeng Village, Longjie Town, Lianping County, GangdongProvince	28.716%
	2	Chen
    Henglong	320402196304045010	Room
    201, Unit C, Building 177, Cuizhu New Village, Tianning District, Changzhou City, Jiangsu Province	15.907%
	3	Xinyu
    Xingcaitong Growth 2 Investment Partnership, LLP	91360502MA36UM6181	Room
    906, New Economy Building,21 Kangtai Road, Yushui District, Xinyu City, JiangxiProvince	9.930%
	4	Xinyu
    Xingcaitong Growth 1 Investment Partnership, LLP	91360502MA3644DE89	Room201,
    42North Laodong Road, Yushui District, Xinyu City, Jiangxi Province	6.876%

 

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	5	Yao
    Ting	32118219820626002X	Room
    301, Building 9, Lijing Garden, Yangzhong City, Jiangsu Province	6.710%
	6	Xu
    Huajian	330106196602194015	Room
    1502, Unit 3, Building 13, Wenjinyuan, Xihu District, Hangzhou	6.000%
	7	Jin
    Peiyao	310110198302081043	Room
    602, 1 Lane 138, Nandan Road, Xuhui District, Shanghai	5.059%
	8	Hu
    Wenbin	320421197403044738	Room
    102, Building 79-11, Qingliang New Village, Tianning District, Changzhou City, Jiangsu Province	4.800%
	9	Zhong
    Lina	330381198304191422	52
    South Xunhe Street, Baotian Area, Tangxia Town, Rui‘an City, Zhejiang Province,	4.500%
	10	Lu
    Xiaohai	332602197609065812	3-15
    Fangjianong Village,Datian Street, Linhai City, Zhejiang Province	4.180%
	11	Liu
    Yihan	320483199905045229	10
    Dafentou, Xiliutang Village Committee,Hengshanqiao Town,Wujin District, Changzhou City, Jiangsu Province	4.000%
	12	Xie
    Yanhong	332602197905261009	2-6
    Badie Village, Yongfeng Town,Linhai City,Zhejiang Province	1.821%
	13	Chen
    Yanwen	34230119621023106X	Room
    201, Building 1, 22 Nongke Lane,Langya District, Chuzhou City, AnhuiProvince	1.500%

 

	Party
C:	Jiangsu
                                         Baozhe Electric Technologies, Co., Ltd., a limited liability company established
                                         and validly existing under the laws of China, with its address at Room A508, Science
                                         and Technology Industry Building, Jiangsu Research Institute, Dalian University of Technology,
                                         Changzhou Science and Education Town, No. 18, Changwu Central Road, Wujin District, Changzhou.

 

In
this Agreement, the Pledgee, the Pledgor and Party C are hereinafter referred to as “Party“ and collectively as “Parties“.

 

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WHEREAS:

 

		1.	The
                                         Pledgor is a citizen/enterprise of the People's Republic
                                         of China and owns 100% equity of Party C at the time of signing of this Agreement.

 

		2.	Party
                                         C is a limited liability company registered in Changzhou
                                         City, China, and intends to confirm the rights and obligations of the Pledgor and the
                                         Pledgee hereunder and agrees to provide necessary assistance to complete the pledge registration
                                         procedures;

 

		3.	The
                                         Pledgee is a wholly foreign-owned enterprise registered
                                         in China;

 

		4.	The
                                         Pledgee, the Pledgor and/or Party C have entered into a
                                         number of cooperation agreements, and in order to ensure that the Pledgor fulfils its
                                         obligations under such agreements, the Pledgor shall provide the Pledgee with all the
                                         equity held by it in Party C as a pledge guarantee.

 

By
consensus, the Parties hereby enter into this Agreement as follows:

 

	1.	Definition
                                         

 

Unless
otherwise provided herein, the following words shall have the meanings as follows:

 

		1.1	Pledge:
                                         refers to real rights granted by the Pledgor to the Pledgee by way of security according
                                         to Article 2 hereof, that is, the rights enjoyed by the Pledgee to be compensated in
                                         priority with the proceeds from the discount, auction or sale of the equity pledged by
                                         the Pledg or to the Pledgee.

 

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		1.2	Equity:
                                         refers to all equity legally held by the Pledgor in Party C now and in the future.

 

		1.3	Pledge
                                         period: refers to the period from the effective date of this Agreement to the termination
                                         date of the cooperation agreements.

 

		1.4	Event
                                         of default: refers to any of the circumstances set out in Article 7 hereof.

 

		1.5	Notice
                                         of default: refers to the notice issued by the Pledgee to announce the event of default
                                         pursuant to this Agreement.

 

	2.	The
                                         Scope of Pledge and Pledge Guarantee

 

The
Pledgor pledges all of its equity interests in Party C that it owns or will own in the future to the Pledgee to ensure that the
Pledgor and/or Party C will strictly fulfil their duties and obligations under the following agreements and that the Pledgee acquires
all rights and interests in accordance with the following agreements:

 

		a)	Exclusive
                                         Management Consulting and Technical Service Agreement signed by and between the Pledgee
                                         and Party C on November 8, 2019 and its supplementary agreement (if any);

		b)	Exclusive
                                         Call Option Agreement signed by and among the Pledgee, the Pledgor and Party
                                         C on November 8, 2019 and its supplementary agreement (if any);

		c)	The
                                         Proxy Agreement signed by and between the Pledgee and the Pledgor on November
                                         8, 2019 and its supplementary agreement (if any).

 

For
the convenience of expression, the above agreements are collectively referred to as the “Cooperation Agreements”.

 

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	3.	Pledge
                                         Registration

 

The
Pledgor and Party C shall, within three (3) working days from the date of signing this Agreement, register the pledge of this
Agreement on Party C‘s Register of Shareholders, and apply for the pledge registration with the relevant administrative
authorities for industry and commerce within ten (10) working days from the date of signing this Agreement.

 

All
parties hereto jointly acknowledge that, to go through the industrial and commercial registration formalities for equity pledge,
each party and other shareholders of Party C shall submit this Agreement or an equity pledge contract signed in the form required
by the local administrative authority for industry and commerce of the place where Party C is located, which truly reflects the
pledge information hereunder (hereinafter referred to as the “Pledge Contract for Industrial and Commercial Registration“)
to the competent authority in charge of the registration of companies, and matters not covered in the Pledge Contract for Industrial
and Commercial Registration shall still be subject to the provisions hereof. The Pledgor and Party C shall submit all necessary
documents and go through all necessary procedures in accordance with Chinese laws and regulations as well as the requirements
of relevant administrative authorities for industry and commerce, so as to ensure that the pledge will be registered as soon as
possible after the application is submitted.

 

If
the equity pledge registration fails to be completed due to the reason of the competent authority for the registration of companies,
the Pledgor and Party C undertake that once the competent authority for the registration of companies agrees to handle the pledge
registration, they will try their best to apply for the pledge registration in a timely manner.

 

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	4.	Custody
                                         of Pledge Voucher

 

		4.1	Within
                                         three (3) working days from the date of signing this Agreement, the Pledgor shall deliver
                                         the capital contribution certificate issued by Party C to the Pledgee for custody, and
                                         Party C shall also deliver the Register of Shareholders bearing the equity pledge information
                                         to the Pledgee. The Pledgee shall maintain such information for the duration of the pledge
                                         as set forth herein.

 

	5.	Representations
                                         and Warranties of the Pledgor

 

		5.1	The
                                         Pledgor is the sole legal owner of the pledged equity.

 

		5.2	The
                                         Pledgee shall have the right to dispose and transfer the equity in the manner stipulated
                                         herein.

 

		5.3	The
                                         Pledgor does not have any other pledge or security interest in the equity other than
                                         this pledge.

 

	6.	Commitment
                                         and Confirmation of the Pledgor

 

		6.1	During
                                         the term of this Agreement, the Pledgor undertakes to the Pledgee that it shall:

 

		6.1.1	except
                                         for the performance of Exclusive Call Option Agreement signed by and among the
                                         Pledgor, the Pledgee and Party C, not transfer the equity, nor shall it establish any
                                         security or other liability on the equity without the prior written consent of the Pledgee;

 

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		6.1.2	observe
                                         and enforce all laws and regulations relating to pledge of rights; upon receipt of a
                                         notice, instruction or suggestion issued or formulated by the competent authority regarding
                                         the pledge, present the said notice, instruction or suggestion to the Pledgee within
                                         three (3) working days, while complying with the said notice, instruction or suggestion,
                                         or raising objections and statements in respect of the above matters at the reasonable
                                         request or with the consent of the Pledgee;

 

		6.1.3	notify
                                         the Pledgee of any event or notice received that may affect the equity of the Pledgor
                                         or the rights of any part thereof, and of any event or notice received that may alter
                                         any warranties or obligations of the Pledgor herein or affect the performance by the
                                         Pledgor of its obligations hereunder.

 

		6.2	The
                                         Pledgor agrees that the rights of the Pledgee to the pledge acquried under the terms
                                         hereof shall not be interrupted or obstructed by the Pledgor or any other person through
                                         legal proceedings. The Pledgor warrants to the Pledgee that it has made all appropriate
                                         arrangements and signed all necessary documents to ensure that the performance hereof
                                         will not be adversely affected or hindered by its heirs, guardians, creditors, spouse
                                         or other third parties due to its death, incapacitation, bankruptcy, divorce or any other
                                         circumstances.

 

		6.3	The
                                         Pledgor warrants to the Pledgee that it will sign in good faith and cause other parties
                                         with an interest in the pledge to sign all certificates of entitlement, covenants and/or
                                         performance required by the Pledgee, cause other interested parties to perform the acts
                                         required by the Pledgee, facilitate the exercise of the rights and authorization granted
                                         to the Pledgee hereunder, sign all documents relating to equity ownership with the Pledgee
                                         or its designated person (natural/legal person) and provide the Pledgee with all notices,
                                         orders and decisions relating to the pledge as it considers necessary within a reasonable
                                         period.

 

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		6.4	The
                                         Pledgor warrants to the Pledgee that, without the prior consent of the Pledgee, the Pledgor
                                         shall not receive any dividends or bonuses in respect of the pledged equity, such dividends
                                         and bonuses shall be deposited into the bank account designated by the Pledgor and shall
                                         be used first to pay off or offset the secured debts.

 

		6.5	During
                                         the term of pledge hereunder, should Party C assigns any property or assets to the Pledgor
                                         due to liquidation or cessation of operations for any reason, such property or assets
                                         shall be paid to the Pledgor in order to pay off or offset the secured debts first.

 

		6.6	The
                                         Pledgor warrants that it will observe and perform all warranties, covenants, agreements,
                                         representations and conditions hereunder. Should the Pledgor fails to perform or fully
                                         perform its warranties, covenants, agreements, representations and conditions, it shall
                                         compensate the Pledgee for all losses thus incurred.

 

	7.	Event
                                         of Breach 

 

		7.1	The
                                         following shall be deemed as an event of breach:

 

		7.1.1	The
                                         Pledgor or Party C fails to perform its obligations under any cooperation agreement on
                                         schedule and in full;

 

		7.1.2	The
                                         Pledgor or Party C materially breaches any provision hereof;

 

		7.1.3	The
                                         Pledgor transfers or intends to transfer the pledged equity without obtaining the written
                                         consent of the Pledgee.

 

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		7.2	The
                                         Pledgor shall immediately notify the Pledgee in writing should it becomes aware of or
                                         discovers that any of the events mentioned in this Article 7.1 or events that may lead
                                         to the foregoing have occurred.

 

		7.3	Unless
                                         the event of breach under Article 7.1 has been remedied at the request of the Pledgee
                                         within twenty (20) days after the Pledgee has given the Pledgor a notice to remedy the
                                         breach, otherwise the Pledgee shall have the right to exercise the pledge according to
                                         the provisions of Article 8 hereof or in such manner as may be permitted by law.

 

	8.	The
                                         Exercise of the Pledge 

 

		8.1	In
                                         the event of an breach as set forth in Article 7.1 hereof or any other circumstances
                                         which may be legally defined as breach, the Pledgee shall have the right to dispose of
                                         the pledged equity by means of discount, auction or sale of pledged equity in accordance
                                         with the provisions of relevant Chinese laws and regulations.

 

		8.2	In
                                         the event that the Pledgee disposes of the pledge pursuant to this Agreement, the Pledgor
                                         and Party C shall provide necessary assistance to enable the Pledgee to realize the pledge.

 

		9.	Assignment

 

		9.1	The
                                         Pledgor shall have no right to assign its rights and obligations hereunder except with
                                         the prior consent of the Pledgee.

 

		9.2	This
                                         Agreement shall be binding upon the Pledgor and its successors and permitted assignees,
                                         and shall be valid for the Pledgee and each of its successors and assignees.

 

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		9.3	The
                                         Pledgee may at any time assign all or any of its rights and obligations under the cooperation
                                         agreements to the designated person (natural person/legal person), under the circumstances,
                                         the assignee shall enjoy and assume the rights and obligations of the Pledgee hereunder
                                         as if it were a party to the original agreement. When the Pledgee assigns its rights
                                         and obligations under the cooperation agreements, at the request of the Pledgee, the
                                         Pledgor shall sign the relevant agreement and/or documents in connection with such assignment.

 

		9.4	After
                                         the change of the Pledgee caused by the assignment, at the request of the Pledgee, the
                                         Pledgor and the new Pledgee shall enter into a new pledge agreement with contents consistent
                                         with this Agreement, and register it with the relevant administrative authority for industry
                                         and commerce.

 

		9.5	The
                                         Pledgor shall strictly comply with the provisions hereof and of the cooperation agreements,
                                         perform its obligations under each agreement, and shall not conduct any action/inaction
                                         sufficient to affect the validity and enforceability of the agreement. Unless directed
                                         in writing by the Pledgee, the Pledgor shall not exercise any remaining rights to the
                                         pledged equity.

 

		10.	Termination

 

On
the date of termination of the cooperation agreements, this Agreement shall also terminate. The Parties shall cooperate with the
Pledgee to go through the procedures for the removal of the pledge as soon as possible and within a reasonable and feasible time.

 

		11.	Handling
                                         Fees and Other Charges

 

All
costs and actual expenses incurred in connection with this Agreement, including but not limited to legal costs, cost of production,
stamp duty and any other taxes and expenses, shall be borne by Party C.

 

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		12.	Applicable
                                         Law and Dispute Resolution

 

		12.1	The
                                         conclusion, validity, interpretation, performance, modification and termination hereof
                                         and the resolution of disputes shall be governed by the laws of the People's Republic
                                         of China.

 

		12.2	Any
                                         dispute arising from the interpretation or performance of this Agreement shall first
                                         be resolved by the Parties hereto through friendly consultation. Should the dispute remains
                                         unresolved within thirty (30) days after one party sends a written notice to the other
                                         parties requesting a negotiated settlement, either party may submit the dispute to China
                                         International Economic and Trade Arbitration Commission (CIETAC) for arbitration in accordance
                                         with its arbitration rules.The arbitration shall take place in Shanghai and the language
                                         used shall be Chinese. The arbitration award shall be final and binding upon all parties.

 

		12.3	In
                                         the event of any dispute arising from the interpretation or performance hereof or in
                                         the course of arbitration, the Parties hereto shall, except for the matters in dispute,
                                         continue to exercise their other rights and perform their other obligations hereunder.

 

		13.	Severability
                                         

 

In
the event that any one or more of the provisions hereof are held to be invalid, illegal or unenforceable in any respect under
any law or regulation, the validity, legality or enforceability of the remaining provisions hereof shall not in any way be affected
or impaired thereby. The Parties shall, through consultations in good faith, seek to replace the provisions that are invalid,
illegal or unenforceable with those that are permitted by law and effective to the maximum extent desired by the Parties, and
the economic effects of such effective provisions shall, as far as possible, be similar to that of those that are invalid, illegal
or unenforceable.

 

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		14.	Supplementary
                                         Provisions

 

		14.1	The
                                         annexes set forth herein shall constitute an integral part hereof.

 

		14.2	Any
                                         modification, supplement or alteration hereto shall be made in writing and shall come
                                         into force upon signature or seal of the Parties.

 

		14.3	This
                                         Agreement is made in sixteen (16) originals, with each of the Pledgee, the Pledgor and
                                         Party C holding one (1) copy, which shall bear the same legal effect.

 

[The
rest of the page is deliberately left blank]

 

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IN
WITNESS WHEREOF, the Parties have caused this Equity Pledge Agreement to be executed by their authorized representatives
and take effect on the date first written above.

 

 

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IN
WITNESS WHEREOF, the Parties have caused this Equity Pledge Agreement to be executed by their authorized representatives
and take effect on the date first written above.

 

 

 

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IN
WITNESS WHEREOF, the Parties have caused this Equity Pledge Agreement to be executed by their authorized representatives
and take effect on the date first above written.

 

 

 

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Annexes:

 

		a)	Party
                                         C‘s Register of Shareholders;

 

		b)	Exclusive
                                         Management Consulting and Technical Service Agreement

 

		c)	Exclusive
                                         Call Option Agreement

 

		d)	Proxy
                                         Agreement 

 

 

16Exhibit 10.4

 

The Proxy Agreement

 

This Proxy Agreement
(the “Agreement”) is made as of _November 8__, 2019 in Changzhou City, the People’s Republic of China by and
among:

 

		Party A:	Changzhou Jiekai New Energy Technology Co., Ltd. (the
“Trustee”),a wholly foreign-owned company established and validly existing under the laws of China, with its address
at Room A507, Science and Technology Industry Building, Jiangsu Research Institute, Dalian University of Technology, Changzhou
Science and Education Town, No. 18, Changwu Central Road, Wujin District, Changzhou;

 

		Party B	(including the following parties who are Party C’s
shareholders, collectively the “Principals” or individually the “Principal”):

 

	No.	Shareholder	ID Card Number/Unified Social Credit Code	Address	Ratio of Shareholding
	1	Ye Jianhui	441623198708162758	No. 5 Shuikou Team, Dongkeng Village, Longjie Town, Lianping County, Guangdong Province	28.716%
	2	Chen Henglong	320402196304045010	Room 201, Unit C, Building 177, Cuizhu New Village, Tianning District, Changzhou City, Jiangsu Province	15.907%
	3	Xinyu Xingcaitong Growth 2 Investment Partnership, LLP	91360502MA36UM6181	Room 906, New Economic Building, No. 21 Kangtai Road, Yushui District, Xinyu City, Jiangxi Province	9.930%

 

     

     

    

 

	4	Xinyu Xingcaitong Growth 1 Investment Partnership, LLP	91360502MA3644DE89	Room 201, No. 42 North Laodong Road, Yushui District, Xinyu City, Jiangxi Province	6.876%
	5	Yao Ting	32118219820626002X	Room 301, Building 9, Lijing Garden, Yangzhong City, Jiangsu Province	6.710%
	6	Xu Huajian	330106196602194015	Room 1502, Unit 3, Building 13, Wenjin Yuan, Xihu District, Hangzhou City	6.000%
	7	Jin Peiyao	310110198302081043	Room 602, No. 1 Lane 138, Nandan Road, Xuhui District, Shanghai City	5.059%
	8	Hu Wenbin	320421197403044738	Room 102, Building 79-11, Qingliang New Village, Tianning District, Changzhou City, Jiangsu Province	4.800%
	9	Zhong Lina	330381198304191422	No. 52 South Xunhe Road, Baotian, Tangxia Town, Ruian City, Zhejiang Province	4.500%

 

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	10	Lu Xiaohai	332602197609065812	No. 3-15 Fangjialong Village, Datian Street, Linhai City, Zhejiang Province	4.180%
	11	Liu Yihan	320483199905045229	No. 10 Dafentou, Xiliutang Village, Hengshanqiao Town, Wujin District, Changzhou City, Jiangsu Province	4.000%
	12	Xie Yanhong	332602197905261009	No. 2-6 Badie Village, Yongfeng Town, Linhai City, Zhejiang Province	1.821%
	13	Chen Yanwen	34230119621023106X	Room 201, Building 1, No. 22 Nongke Alley, Langya District, Chuzhou City, Anhui Province	1.500%

 

		Party C:	Jiangsu Baozhe Electric Technologies Co., Ltd.,
a limited liability company established and validly existing under the laws of China, with its address at Room A508, Science and
Technology Industry Building, Jiangsu Research Institute, Dalian University of Technology, Changzhou Science and Education Town,
No. 18, Changwu Central Road, Wujin District, Changzhou.

 

For the purpose of the Agreement,
the Trustee, the Principals and Party C are individually referred to as a “Party” and collectively the “Parties”.

 

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Whereas:

 

		1.	The Principal is a citizen or enterprise of the People’s Republic of China and the Principals
together own 100% of the equity of Party C as of the date hereof.

 

		2.	Party C is a limited liability company incorporated in China and agrees that Party B may authorize
Party A to exercise the shareholder’s voting right on behalf of Party B;

 

		3.	The Trustee is a wholly foreign-owned enterprise registered in China;

 

		4.	The Trustee, the Principals and/or Party C have entered into the Exclusive Management Consulting
and Technical Service Agreement, Exclusive call Option Agreement, Equity Pledge Agreement and other agreements,
and in order to guarantee the Principals’ due performance of their obligations under such agreements, the Principals agree
to authorize the Trustee to exercise the shareholder’s voting right they have in Party C.

 

After consultation, the Parties
agree as follows:

 

		1.	Authorization and Authority

 

The Principals irrevocably
authorize the person designated by the Trustee from time to time (such as the Trustee’s director or his successor or the
Trustee’s liquidator) as their agent to exclusively exercise the shareholder’s voting right the Principals have in
Party C in accordance with laws and Party C’s articles of association, including without limitation:

 

		a)	convening, holding and attending Party C’s meetings of shareholders on behalf of the Principals;

		b)	proposing a motion to Party C’s meeting of shareholders on behalf of the Principals;

		c)	voting on matters (including without limitation election or removal of directors and supervisors)
deliberated at Party C’s meetings of shareholders;

		d)	signing the minutes of Party C’s meetings of shareholders;

		e)	exercising other voting rights of shareholders under Party C’s articles of association;

		f)	submitting in the capacity of the authorized (shareholders’) representative of the Principals
relevant documents to relevant industrial and commercial registration authority or other competent governmental department to fulfill
or guarantee the purpose of the Agreement;

		g)	executing any equity transfer agreement or other relevant documents and going through any government approval, registration,
filing or other procedures on behalf of the Principals so as to effect the equity transfer under the Exclusive call Option Agreement.

 

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		2.	Term

 

The Agreement
shall maintain in effect for a term of twenty years unless terminated early in pursuance of the Agreement or other agreements between
the Parties.

 

Unless otherwise
notified by the Trustee in writing, the Agreement shall be automatically extended upon the expiry of the term mentioned above until
the expiry of the operating period of the Trustee or Party C.

 

Unless otherwise
provided by laws or the Agreement, both the Trustee and Party C shall have no right to terminate the Agreement.

 

		3.	Issuance of Power of Attorney

 

Upon the Principals’ request,
the Trustee is obliged to issue a power of attorney to the person designated by the Principals from time to time so that such person
may exercise the Trustee’s rights hereunder on behalf of the Principals.

 

If the Trustee withdraws the designation
of such person, the Principals shall also promptly revoke the power of attorney issued to such person and issue a power of attorney
to the person re-designated by the Trustee.

 

		4.	Principals’ Warranties

 

The Principals irrevocably undertake
that during the term of the Agreement, it recognizes and accepts any legal consequence arising from the act of agency of the Trustee
(or the person designated by it) and is willing to bear corresponding legal liability.

 

The Principals agree that the
shareholder’s voting right gained by the Trustee hereunder shall not be suspended or jeopardized by any legal proceedings
instituted by the Principals or any other person. The Principals warrant to the Trustee that they have made all proper arrangements
and executed all necessary documents to ensure that their successors, guardians, creditors, spouses and other third parties will
not adversely affect or prevent the performance of the Agreement by reason of their death, loss of legal capacity, bankruptcy,
divorce or any other circumstance.

 

The Principals irrevocably and
unconditionally undertake to compensate the Trustee (or the person designated by it) in time and in full for all losses resulting
from any litigation, claims, charges, expenses and liabilities incurred by the Trustee (or the person designated by it) by reason
of the exercise or intended exercise of the authority granted hereunder.

 

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		5.	Liability for Breach

 

The Principals warrant that they
will comply with and perform all obligations hereunder; in case of any breach, the Principals shall indemnify for all losses incurred
by the Trustee.

 

		6.	Duty of Confidentiality

 

The Parties acknowledge and determine
that the existence of the Agreement, the content of the Agreement and any oral or written information mutually exchanged for the
preparation or performance of the Agreement shall be deemed as confidential information. The Parties shall keep confidential all
such confidential information, and neither Party shall disclose any confidential information to any third party without the written
consent of the other Parties except the information that: (a) has or will become public knowledge (unless it is disclosed to the
public by the Party receiving the confidential information arbitrarily); (b) is required to be disclosed in accordance with applicable
laws and regulations, rules of stock exchange, or orders of government departments or courts; or (c) is required to be disclosed
in respect of transactions contemplated hereby by any Party to its shareholders, investors, legal or financial consultants, who
shall also comply with the duty of confidentiality similar to this provision. If any of the working personnel of, or institutions
engaged by, any Party discloses any confidential information, such Party shall be deemed to have disclosed the same and shall bear
the liability for breach in accordance with the Agreement. This provision shall survive the termination of the Agreement for whatever
reason.

 

		7.	Governing Law and Dispute Resolution

 

		1)	The execution, effect, construction, performance, modification and termination of, and the resolution
of disputes arising from or relating to, the Agreement shall be governed by laws of the People’s Republic of China.

 

		2)	Any dispute arising from the construction and performance of the Agreement shall be first resolved
by the Parties through friendly consultation. If such a dispute fails to be resolved within 30 days after a Party gives the other
Parties a written notice demanding resolution of the same through consultation, any Party may refer the dispute to China International
Economic and Trade Arbitration Commission for arbitration in accordance with its arbitration rules. The arbitral proceedings shall
be conducted in Shanghai and in Chinese. The arbitral award shall be final and binding upon the Parties.

 

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		3)	Where any dispute arises from the construction and performance of the Agreement or is pending arbitration,
the Parties shall continue to exercise other rights hereunder and perform other obligations hereunder except for the disputed matters.

 

		8.	Severability

 

If any provision or provisions
of the Agreement is held to be invalid, unlawful or unenforceable in any respect in accordance with any laws or regulations, the
validity, lawfulness or enforceability of the remaining provisions of the Agreement shall not be affected or impaired in any respect.
The Parties shall through consultation in good faith strive to replace those invalid, unlawful or unenforceable provisions with
valid provisions to the maximum extent permitted by laws and expected by the Parties, which shall have economic effect as similar
as possible to those invalid, unlawful or unenforceable provisions.

 

		9.	Supplementary Provisions

 

		1)	Any annex hereto shall be an integral part of the Agreement.

 

		2)	Any modification or alteration of or supplement to the Agreement shall be in writing and come into
effect upon the Parties’ affixation of their signatures or seals thereon.

 

		3)	The Agreement is made in fifteen copies, with each of the Trustee, the Principals and Party C holding
one copy, and all copies shall have equal effect.

 

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page is intentionally left blank]

 

    7

     

    

 

IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to sign this Proxy Agreement with immediate effect on the date
first indicated above.

 

 

     

     

    

 

IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to sign this Proxy Agreement with immediate effect on the date
first indicated above.

 

 

     

     

    

 

IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to sign this Proxy Agreement with immediate effect on the date
first indicated above.

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