Document:

Exhibit 4.2

 

TENTH SUPPLEMENTAL INDENTURE

 

between

 

SARATOGA INVESTMENT CORP.

 

and

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of April 27, 2022

 

THIS TENTH SUPPLEMENTAL INDENTURE
(this “Tenth Supplemental Indenture”), dated as of April 27, 2022, is between Saratoga Investment Corp., a Maryland corporation
(the “Company”), and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association),
as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as defined
below).

 

RECITALS OF THE COMPANY

 

The Company and the Trustee
executed and delivered an Indenture, dated as of May 10, 2013 (the “Base Indenture” and, as supplemented by this Tenth Supplemental
Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured
debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in
the Indenture.

 

The Company desires to issue
and sell $87,500,000 aggregate principal amount (or up to $100,000,000 aggregate principal amount if the underwriters’ option to
purchase additional Securities is exercised in full) of the Company’s 6.00% Notes due 2027 (the “Notes”).

 

The Company previously entered
into the First Supplemental Indenture, dated as of May 10, 2013 (the “First Supplemental Indenture”), the Second Supplemental
Indenture, dated as of December 21, 2016 (the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as
of August 28, 2018 (the “Third Supplemental Indenture”), the Fourth Supplemental Indenture,
dated as of June 24, 2020 (the “Fourth Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of July 9, 2020
(the “Fifth Supplemental Indenture”), the Sixth Supplemental Indenture, dated as of December 29, 2020 (the “Sixth Supplemental
Indenture”), and the Seventh Supplemental Indenture, dated as of January 28, 2021 (the “Seventh Supplemental Indenture”),
the Eighth Supplemental Indenture, dated as of March 10, 2021 (the “Eighth Supplemental Indenture”), and the Ninth Supplemental
Indenture, dated as of January 19, 2022 (the “Ninth Supplemental Indenture”), each of which amended and supplemented
the Base Indenture. Neither the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental
Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental
Indenture, the Eighth Supplemental Indenture, nor the Ninth Supplemental Indenture is applicable to the Notes.

 

     

     

    

 

Sections 901(4) and 901(6)
of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company,
when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental to the Base Indenture in form reasonably satisfactory to the Trustee to (i)
change or eliminate any of the provisions of the Indenture when there is no Security Outstanding of any series created prior to the execution
of the supplemental indenture that is entitled to the benefit of such provision and (ii) establish the form or terms of Securities of
any series as permitted by Section 201 and Section 301 of the Base Indenture.

 

The Company desires to establish
the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of
the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each, a “Future Supplemental
Indenture”)).

 

The Company has duly authorized
the execution and delivery of this Tenth Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary
to make this Tenth Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of
the Company, in accordance with its terms, have been done and performed.

 

NOW, THEREFORE, for and in
consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate
benefit of all Holders of the Notes, as follows:

 

ARTICLE
I

TERMS OF THE NOTES

 

Section 1.01 Terms
of the Notes. The following terms relating to the Notes are hereby established:

 

(a) The
Notes shall constitute a series of Senior Securities having the title “6.00% Notes due 2027.” The Notes shall bear a CUSIP
number of 80349A 802 and an ISIN number of US80349A8027.

 

(b) The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated
and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906,
1107 or 1305 of the Base Indenture, and except for any Securities that, pursuant to Section 303 of the Base Indenture, are deemed never
to have been authenticated and delivered under the Indenture) shall be $87,500,000 (or up to $100,000,000 aggregate principal amount if
the underwriters’ option to purchase additional Securities is exercised in full). Under a Board Resolution, Officers’ Certificate
pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes,
issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate, maturity
and other terms as the Notes; provided that, if such Additional Notes are not fungible with
the Notes (or any other tranche of Additional Notes) for U.S. federal income tax purposes, then such Additional Notes will have different
CUSIP and ISIN numbers from the Notes (and any such other tranche of Additional Notes). Any Additional Notes and the existing Notes
will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the Additional Notes
unless the context otherwise requires.

 

    2

     

    

 

(c) The
entire outstanding principal of the Notes shall be payable on April 30, 2027, unless earlier redeemed or repurchased in accordance with
the provisions of this Tenth Supplemental Indenture.

 

(d) The
rate at which the Notes shall bear interest shall be 6.00% per annum. The date from which interest shall accrue on the Notes shall be
April 27, 2022, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for
the Notes shall be February 28, May 31, August 31 and November 30 of each year, commencing August 31, 2022 (if an Interest Payment Date
falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no
additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including
April 27, 2022, to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and
including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall
be February 15, May 15, August 15 and November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes will be made at the office of the Trustee located
at 60 Livingston Avenue, St. Paul, MN 55107, Attention: Saratoga Investment Corp. (6.00% Notes Due 2027) or at such other address as designated
by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register; provided, further, however, that
so long as the Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established
by The Depository Trust Company and the Trustee. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day
months.

 

(e) The
Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A to this Tenth Supplemental Indenture. Each
Global Note shall represent the aggregate amount of the outstanding Notes as shall be specified therein and each shall provide that it
shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding
Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement
of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made
by the Trustee or the Security Registrar, in accordance with Sections 203 and 305 of the Base Indenture.

 

    3

     

    

 

(f) The
depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New York. The Security
Registrar with respect to the Global Notes shall be the Trustee.

 

(g) The
Notes shall be defeasible pursuant to Section 1402 or Section 1403 of the Base Indenture. Covenant defeasance contained in Section 1403
of the Base Indenture shall apply to the covenants contained in Sections 1006, 1008 and 1009 of the Indenture.

 

(h) The
Notes shall be redeemable pursuant to Section 1101 of the Base Indenture and as follows:

 

(i) The
Notes will be redeemable in whole or in part at any time or from time to time, at the option of the Company, on or after April 27, 2024,
at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest payments otherwise payable
for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

(ii) Notice
of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery,
to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the
Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section
1104 of the Base Indenture.

 

(iii) Any
exercise of the Company’s option to redeem the Notes will be done in compliance with the Indenture and the Investment Company Act,
to the extent applicable.

 

(iv) If
the Company elects to redeem only a portion of the Notes, the Trustee or, with respect to the Global
Notes, the Depositary will determine the method for selecting the particular Notes to be redeemed, in accordance with Section 1103
of the Base Indenture and the Investment Company Act and the rules of any national securities exchange or quotation system on which the
Notes are listed, in each case to the extent applicable.

 

(v) Unless
the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes
called for redemption hereunder.

 

(i) The
Notes shall not be subject to any sinking fund pursuant to Section 1201 of the Base Indenture.

 

(j) The
Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess thereof.

 

(k) Holders
of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity.

 

(l) The
Notes are hereby designated as “Senior Securities” under the Indenture.

 

    4

     

    

 

ARTICLE
II

COVENANTS

 

Section 2.01 Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following
new Sections 1009, 1010 and 1011 thereto, each as set forth below:

 

“Section 1009. Section 18(a)(1)(A)
of the Investment Company Act.

 

The Company hereby
agrees that for the period of time during which the Notes are Outstanding, the Company will not violate (whether or not it is subject
to) Section 18(a)(1)(A) as modified by Section 61(a)(2) of the Investment Company Act as may be
applicable to the Company from time to time or any successor provisions thereto, whether or not the Company continues to be subject
to such provisions of the Investment Company Act, but giving effect to any exemptive relief granted to the Company by the Commission.”

 

“Section 1010. Section 18(a)(1)(B)
of the Investment Company Act.

 

The Company hereby
agrees that for the period of time during which Notes are Outstanding, the Company will not declare any dividend (except a dividend payable
in the Company’s stock), or declare any other distribution, upon a class of the Company’s capital stock, or purchase any such
capital stock, unless, in every such case, at the time of the declaration of any such dividend or distribution, or at the time of any
such purchase, the Company has an asset coverage (as defined in the Investment Company Act) of at least the threshold specified in Section
18(a)(1)(B) as modified by such provisions of Section 61(a) of the Investment Company Act as may be applicable to the Company from time
to time or any successor provisions thereto, as such obligation may be amended or superseded, after deducting the amount of such dividend,
distribution or purchase price, as the case may be, and in each case giving effect to (i) any exemptive relief granted to the Company
by the Commission, and (ii) any no-action relief granted by the Commission to another business development company (or to the Company
if it determines to seek such similar no-action or other relief) permitting the business development company to declare any cash dividend
or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by such provisions of Section 61(a) of the
Investment Company Act as may be applicable to the Company from time to time, as such obligation may be amended or superseded, in order
to maintain such business development company’s status as a regulated investment company under Subchapter M of the Code.”

 

“Section 1011. Commission Reports
and Reports to Holders.

 

If, at any time,
the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with
the Commission, the Company agrees to furnish to the Holders of the Notes and the Trustee for the period of time during which the Notes
are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company (which fiscal year ends on February 28 (or February
29 during a leap year)), audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each
fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited interim consolidated financial statements
of the Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP.”

 

    5

     

    

 

ARTICLE
III

MEETINGS
OF HOLDERS OF SECURITIES

 

Section 3.01 Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Section 1505 of the Base Indenture shall be amended by replacing clause
(c) thereof with the following:

 

“(c) At any meeting
of Holders, each Holder of a Security of such series or proxy shall be entitled to one vote for each $25.00 principal amount of the Outstanding
Securities of such series held or represented by such Holder; provided, however, that no vote shall be cast or counted at
any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.”

 

ARTICLE
IV

MISCELLANEOUS

 

Section 4.01 This
Tenth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the law of the State of New York, without
regard to principles of conflicts of laws. This Tenth Supplemental Indenture is subject to the provisions of the Trust Indenture Act that
are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions.

 

Section 4.02 In
case any provision in this Tenth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 4.03 This
Tenth Supplemental Indenture may be executed in counterparts, each of which will be an original,
but such counterparts will together constitute but one and the same Tenth Supplemental Indenture.
The exchange of copies of this Tenth Supplemental Indenture and of signature pages by facsimile,
..pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Tenth Supplemental
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means
shall be deemed to be their original signatures for all purposes. For the avoidance of doubt, all notices, approvals, consents,
requests and any communications hereunder or with respect to the Tenth Supplemental Indenture must be in writing (provided that any communication
sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign
or Adobe (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English. 
The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications
to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse
by third parties.

 

Section 4.04 The
Base Indenture, as supplemented and amended by this Tenth Supplemental Indenture, is in all respects ratified and confirmed, and the Base
Indenture and this Tenth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the
Notes. All provisions included in this Tenth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture
with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented
by this Tenth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented
by this Tenth Supplemental Indenture.

 

Section 4.05 The
provisions of this Tenth Supplemental Indenture shall become effective as of the date hereof.

 

Section 4.06 Notwithstanding
anything else to the contrary herein, the terms and provisions of this Tenth Supplemental Indenture shall apply only to the Notes and
shall not apply to any other series of Securities under the Indenture and this Tenth Supplemental Indenture shall not and does not otherwise
affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture, whether now
or hereafter issued and Outstanding.

 

Section 4.07 The
recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Tenth Supplemental Indenture, the
Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Tenth Supplemental
Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable
for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. All
of the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall
be applicable in respect of this Tenth Supplemental Indenture as fully and with like force and effect as though fully set forth in full
herein.

 

    6

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Tenth Supplemental Indenture to be duly executed as of the date first above written.

 

	 	SARATOGA INVESTMENT CORP.
	 	 
	 	By:	/s/ Henri J. Steenkamp
	 	Name: 	Henri J. Steenkamp
	 	Title:	Chief Financial Officer,

 Chief Compliance Officer,

 Treasurer and Secretary
	 	 	 
	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), as Trustee
	 	 	 
	 	By:	/s/ Karen R.
Beard
	 	Name:	Karen R. Beard  
	 	Title:	Vice President

 

[Signature page to Tenth Supplemental Indenture]

 

    7

     

    

 

Exhibit A – Form of Global Note 

 

This Security is a Global Note within the meaning of the Indenture
hereinafter referred to and is registered in the name of The Depository Trust Company or a nominee thereof. This Security may not be exchanged
in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered, in the name of
any Person other than The Depository Trust Company or a nominee thereof, except in the limited circumstances described in the Indenture.

 

Unless this certificate is presented by an authorized representative
of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange or payment and such certificate issued
in exchange for this certificate is registered in the name of Cede & Co., or such other name as requested by an authorized representative
of The Depository Trust Company, any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful, as the
registered owner hereof, Cede & Co., has an interest herein.

 

Saratoga Investment Corp.

 

	No.	$
	 	CUSIP No. 80349A 802
	 	ISIN No. US80349A8027

 

6.00% Notes due 2027

 

Saratoga Investment Corp., a corporation duly organized
and existing under the laws of Maryland (herein called the “Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of                    Dollars
(U.S. $        ) on April 30, 2027 and to pay interest thereon from April 27, 2022 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, quarterly on February 28, May 31, August 31 and November 30 in each year, commencing August 31, 2022,
at the rate of 6.00% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security is registered at the close of business on the Regular Record Date for such interest, which shall be February 15, May 15, August
15 and November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not
so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all
as more fully provided in said Indenture. This Security may be issued as part of a series.

 

Payment of the principal of (and premium, if any,
on) and any such interest on this Security will be made at the office of the Trustee located at 60 Livingston Avenue, St. Paul, MN 55107,
Attention: Saratoga Investment Corp. 6.00% Notes Due 2027) or at such other address as designated by the Trustee, in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register; provided, further, however, that so long as this Security is registered to Cede
& Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust Company and
the Trustee.

 

Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

    8

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

 

Dated:

 

	 	
    SARATOGA INVESTMENT CORP.

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Attest	 
	 	 
	By: 	 	 
	 	Name:	 
	 	Title:	 

 

[Global Note – Tenth Supplemental Indenture]

 

    9

     

    

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

Dated:

 

	 	
    U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor
in interest to U.S. Bank National Association),

as Trustee

	 	 
	 	By:	 
	 	 	Authorized Signatory

 

[Global Note – Tenth Supplemental Indenture]

 

    10

     

    

 

Saratoga Investment Corp.

6.00% Notes due 2027

 

This Security is one of a duly authorized issue
of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of May 10, 2013 (herein called the “Base Indenture”, which term shall have the meaning assigned to
it in such instrument), between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National
Association), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture),
and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered, as supplemented by the Tenth Supplemental Indenture relating to the Securities, dated as of April 27, 2022,
by and between the Company and the Trustee (herein called the “Tenth Supplemental Indenture”; the Tenth Supplemental Indenture
and together with the Base Indenture, collectively are herein called the “Indenture”). In the event of any conflict between
the Base Indenture and the Tenth Supplemental Indenture, the Tenth Supplemental Indenture shall govern and control.

 

This Security is one of the series designated on
the face hereof, which series is initially limited in aggregate principal amount to $ . Under a Board Resolution, Officers’ Certificate
pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities,
issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking and the same
interest rate, maturity and other terms as the Securities; provided that, if such Additional
Securities are not fungible with the Securities (or any other tranche of Additional Securities for U.S. federal income tax purposes),
then such Additional Securities will have different CUSIP and ISIN numbers from the Securities (and any such other tranche of Additional
Securities). Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all
references to the relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate
amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions.

 

The Securities of this series are subject to redemption
in whole or in part at any time or from time to time, at the option of the Company, on or after April 27, 2024, at a redemption price
per security equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for
the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

Notice of redemption shall be given in writing
and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Securities to be
redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base Indenture.

 

    11

     

    

 

Any exercise of the Company’s option to redeem
the Securities will be done in compliance with the Indenture and the Investment Company Act, to the extent applicable.

 

If the Company elects to redeem only a portion
of the Securities, the Trustee or, with respect to global Securities, the Depositary will
determine the method for selecting the particular Securities to be redeemed, in accordance with Section 1.01 of the Tenth Supplemental
Indenture and Section 1103 of the Base Indenture. In the event of redemption of this Security in part only, a new Security or Securities
of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.

 

Unless the Company defaults in payment of the Redemption
Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.

 

Holders of Securities do not have the option to
have the Securities repaid prior to April 30, 2027.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security,
in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of
the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions of
the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee indemnity, security, or both reasonably satisfactory to the Trustee against
the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders
of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity and/or
security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on
this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and
the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

 

    12

     

    

 

The Securities of this series are issuable only
in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company, the Trustee, or the Security Registrar may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee, or the Security Registrar and any agent of the Company, the Trustee, or the Security Registrar
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and none of the Company, the Trustee, the Security Registrar or any agent thereof shall be affected by notice to the contrary.

 

All terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

 

The Indenture and this Security shall be governed
by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws.

 

To the extent any provision of this Security conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

 

13viot-ex410_315.htm

 

Exhibit 4.10

Business Cooperation Agreement

Party A: Xiaomi Communications Co., Ltd.

Legal representative: Wang Chuan

Address: No. 019, 9/F, Building 6, Yard 33, Xierqi Middle Road, Haidian District, Beijing

Tel.: [****]

Fax: [****]

Party B: Foshan Yunmi Electric Appliances Technology Co., Ltd.

Legal representative: Chen Xiaoping

Address: No. 2, Xinxi Fourth North Road, Xiashi Village, Lunjiao Street, Shunde District, Foshan City, Guangdong Province (one of 2nd Floor in Building 1 and 4th Floor in Building 7)

Tel.: /

Fax: /

Whereas the cooperation willingness of both parties, this agreement aims at the ways of cooperation of customized Xiaomi products, both parties agree to abide by the following terms jointly through negotiation for the matters related to cooperation of both parties:

Article 1: Scope of Application

This agreement applies to all customized products that are provided or have been provided by Party B to Party A (hereinafter referred to as "customized Xiaomi products"). The specific products will be subject to Appendix Approval Agreement of Customized Xiaomi Products in this agreement signed by both parties before being released.

Article 2: Ways of Cooperation

	
 
	
2.1
	
Party A will assign the trademark, ID (industrial design) and package design scheme to be used for customized Xiaomi products (refer to Article 3.1 for definitions). Party B is responsible for the overall development, production and supply of customized Xiaomi products, and the production and delivery according to Party A's order.

	
 
	
2.2
	
According to the market judgment, Party A will provide Party B with order forecasting, and Party B shall arrange production referring to the order forecasting. The order forecasting will not legally bind Party A. Party B is responsible for producing customized Xiaomi products and delivering them to the warehouse assigned by Party A. Party A is responsible for promoting and selling products. 

	
 
	
2.3
	
Party A has the right to sell and dispose customized Xiaomi products in all channels, including but not limited to domestic, global, online, offline and other channels; Customized Xiaomi products produced by Party B according to this agreement may be provided to Party A only. Without Party A's advance written approval, Party B shall not provide the customized Xiaomi products to any third party other than Party A in any form and any channel, including but not limited to domestic, global, online, offline and other channels. In case Party B violates this term, Party A has the right to terminate the agreement and request Party B to compensate all Party A's losses, and Party A has the right to take any possible measure to avoid further losses. 

1/13

 

	
 
	
2.4
	
Party B promises that it will not produce and sell any bogus products of Xiaomi brand by itself or any other third party with its assistance. 

	
 
	
2.5
	
Party B promises that it will not cooperate with consumer electronics manufacturer that has competitive relation with Xiaomi to develop, produce or outsource same or similar products of customized Xiaomi products. In case Party B violates this term, Party A has the right to terminate the agreement, and request Party B to pay USD 1 million as liquidated damages. 

	
 
	
2.6
	
Based on the joint corporate values and consistent business concepts, both Party A and Party B will enter into a commercial cooperation relation of mutual complementary. Both parties sufficiently acknowledge that a friendly and close business cooperation relation has an important business, consensus and reputation value for both parties. Party B promises that, in case it causes any legal dispute with Party A, it shall negotiate with Party A's director at management layer to solve dispute matters. During negotiating with director at management layer of both parties, Party B shall not file a claim, lawsuit, ban or other legal procedures to Party A and its related company, other companies and suppliers within Xiaomi ecological chain system for products of Xiaomi brand; unless the legal action or claim will not impact the supply and production of products of Xiaomi brand. In case Party B violates this term, Party A has the right to request Party B to pay at least RMB 500,000 as liquidated damages according to specific violation. However, in case both parties fail to reach an agreement within the assigned period ("assigned period" here refers to 90 days for purified water, gas water heater and kitchen appliance products, and 30 days for small home appliances such as electric kettle) from the negotiated date submitted by Party B to the director at Party A's management layer. Party B will not be bound by the above agreements and/ or bear default liabilities. 

	
 
	
2.7
	
Party B shall control the production and processing processes of customized Xiaomi products strictly. Party B shall sign relevant agreement of supplier's social liabilities with its authorized manufacturer if Party A requires. 

	
 
	
2.8
	
Both parties agree to collect, save, transmit, use and disclose the user data generated in service provision of customized Xiaomi products according to Appendix Terms about User Data of Customized Xiaomi Products in this agreement. 

Article 3: Definition

	
 
	
3.1
	
Customized Xiaomi products: Products produced and sold in the brands of Xiaomi, and products that use Party B's own brands and are determined as customized Xiaomi products with the written approval of both parties. 

	
 
	
3.2
	
Cost and quotation

	
 
	
3.2.1
	
Party A's cost refers to freight and other expenses (if any) generated from Party A's sales of customized Xiaomi products under this agreement.

Freight calculation method: The actual freight will prevail.

Other expenses: Expense from sales of products.

	
 
	
3.2.2
	
Party B's costs include the following contents:

2/13

 

	
 
		

	
 
	
3.2.2.1
	
Raw material cost: Serial number, model and specification, unit, consumption, unit price, supplier/ agent's full name, contact information and other contents of all purchased materials shall be indicated in raw material cost. 

	
 
	
3.2.2.2
	
OEM cost: All expense details shall be listed in manufacturer's OEM cost. 

	
 
	
3.2.2.3
	
Mold amortization expense: If both parties confirm that the mold expense needs to be apportioned, the expense is limited to the first set of molds of customized Xiaomi products. The mold cost invested secondly will be borne by Party B. 

The calculation formula of mold amortization expense: 

Mold amortization expense of each product= total mold expenses/ amortization amount* 

*Note: The amortization amount is not lower than the sales demand of products in six months, and is not greater than the sale demands of products in one year. The sales demands are subject to Party A's output when product samples are sealed. Specially customized products should be negotiated by both parties. In case negotiation fails, the first set of mold of specially customized products will prevail, and the amortization will be subject to the sales demand quantity of specially customized products within six months. 

3.2.2.4Logistics expenses: It refers to the logistics expenses converted or estimated from Party B's manufacturer to the place assigned by Party A (the reference template provided by Party A will prevail); the logistics expense for self-picking up by Party A at Party B's manufacture will not be included in Party B's cost. 

	
 
	
3.2.3
	
Expenses that shall not be included in the quotation: Party B's profits and indirect cost (including but not limited to management fee, charge of water and electricity, depreciation cost, after-sales service fee and other indirect costs). 

	
 
	
3.2.4
	
All quotations specified in this agreement are tax-inclusive price. 

	
 
	
3.2.5
	
In case Party A is disagreed with Party B's costs, it has the right to purchase products in other methods, including but not limited to the following methods: 

3.2.5.1 Party A will directly purchase products from the supplier, and Party B is responsible for acceptance, quantity counting, management and usage. 

3.2.5.2Party A will provide corresponding purchase channel to Party B, and Party B will sign the purchase agreement with manufacturer provided by Party A according to the conditions assigned by Party A. 

Party B guarantees that it will use raw materials and auxiliary materials confirmed by Party A or purchased according to 3.2.5.1 or 3.2.5.2 in products provided to Party A in any method mentioned above. 

	
 
	
3.2.6
	
Remarks: For the cooperation mode and profit sharing of both parties, both Party A and Party B will calculate direct cost only; Expense for one-time investment (such as research and development, trial production, certification*, selling and promotion activities) will be excluded from the cost. 

3/13

 

*Note: This place aims to domestic markets only. Whether the certification expenses of overseas market are included into the cost or the methods for sharing the certification expenses of overseas market will be discussed independently according to conditions. 

	
 
	
3.2.7
	
Both parties will bear respective expenses for management/ depreciation of water and electricity/ company operation. 

	
 
	
3.2.8
	
Based on the compliance of Appendix Framework Agreement of Customized Product Quality of Xiaomi Ecological Chain in this agreement, both Party A and Party B will bear respective after-sales expense within the specified quality reject ratio for after-sales maintenance/ after-sales service expenses/ online and offline customer services. (The specific after-sales service agreement will be subject to Appendix Framework Agreement of Customized Product After-sales Service of Xiaomi Ecological Chain in this agreement signed by both parties) 

	
 
	
3.3
	
Purchase and acceptance 

	
 
	
3.3.1
	
BOM import: Party B will provide bill of material ("BOM") according to Party A's format requirements. After successful entry in Party A's system, Party B will provide effective quotation according to Party A's template. 

	
 
	
3.3.2
	
Purchase price: The purchase price will be subject to the latest effective purchase order (refer to Article 3.2.2 for Party B's cost). 

	
 
	
3.3.3
	
PO order: It refers to the Purchase Order ("PO order") confirmed by both parties through stamping seals within the validity period of this agreement. 

	
 
	
3.3.4
	
Delivery cycle: It is started from the date when the commitment is made by Party B for the purchase order issued by Party A in an effective confirmation method, and is ended on the date when the receiver assigned by Party A signs the receipt. 

	
 
	
3.3.5
	
Preliminary acceptance: After Party B delivers products in this order to the assigned place, the assigned receiver does not need to unpack the transport package of products and may check quantity, package, binding and other states of products without any inspection equipment. 

Article 4: Order Execution

	
 
	
4.1
	
After receiving the purchase order issued by Party A, Party B shall sign on the order and stamp seal within 3 days and return the order to Party A; after which, the order will be an effective order of both parties; In case Party B fails to confirm and return the order to Party A within the above period, it will be deemed that Party B does not have any objection for the order information, and the order will be deemed as effective order. Party B shall fully perform all contents in the effective order and shall submit the shipping plan of effective orders that have not been executed to Party A regularly in written form. 

	
 
	
4.2
	
Party B shall adopt packing mode that is suitable for product characteristics and delivery time for delivery and transportation. The logistics expenses and responsibilities for Party B's delivery to the place assigned by Party A should be shared by the following methods: The logistics expenses will be included into Party B's cost, and risk and other relevant responsibilities will be borne by Party B. The logistics expenses and responsibilities for Party A's self-picking up at Party B's manufacturer should be shared by the following 

4/13

 

	
 
		
methods: The logistics expenses will be excluded from Party B's cost, and Party B bears relevant responsibilities caused by Party B such as inappropriate package and shipping. 

	
 
	
4.3
	
Party B will deliver products to the delivery place assigned in the effective order, and the receiver assigned by Party A shall accept products preliminarily and sign the receipt to receive order products qualified in the preliminary acceptance. After products are qualified in the preliminary acceptance, Party A has the right to make further acceptance for products. In case products are disqualified in the further acceptance, Party B shall exchange or return at Party A's request. 

	
 
	
4.4
	
In case Party B fails to deliver goods in time, Party B shall notify the modified delivery date and quantity to Party A in written form within 15 working days before the delivery date agreed in relevant order. After Party A's written approval is acquired, both parties may determine the specific delivery date and quantity additionally. However, Party A agrees that the modification will not exempt Party B's default liabilities for failure in delivery according to the original time. Party B shall bear compensation liabilities for losses caused to Party A. In case Party B cannot deliver goods according to the delivery quantity and date additionally confirmed by both parties, it shall pay the price amounting to 3 ‰ of the total order amount to Party A per delayed day as liquidated damages. In case the delay is more than ten days, Party A has the right to terminate this order. In case losses are caused to Party A, Party B shall compensate the actual losses caused to Party A, except for conditions caused by force majeure. 

Article 5: Settlement and Payment

	
 
	
5.1
	
For customized Xiaomi products sold through Party A's channel, the gross profits after deducting all Party A's costs and expenses will be executed by Party A and Party B according to the Appendix Approval Agreement of Customized Xiaomi Products in this agreement or quotation signed by both parties before the products are released. 

Gross profit of one product= sales price- Party B's cost- Party A's cost 

* Refer to Article 3.2 of this agreement for Party A and Party B's costs. 

* Sales price is the average sales price of customized Xiaomi products at Party A's place. 

Both parties determine to adopt the method agreed in Article 5.2 or 5.3 for settlement. 

5.2Profit share model

Party B's profit sharing amount = Party A's sales volume* gross profit of one product* Party B's dividend ratio. 

	
 
	
5.2.1
	
Goods payment: It will be settled according to PO order. 

	
 
	
5.2.2
	
Profit sharing amount: Party A will finish the shipment and profit sharing amount bank statement of the customized Xiaomi products in last month at the 10th working day in each month, and send them to Party B for confirmation. After confirming as errorless, Party B will issue equivalent special VAT invoice to Party A in the name of corresponding commodities according to the bank statement. After receiving the correct invoice issued by Party B, Party A will make payment to Party B's designated account within 10 working days. 

	
 
	
5.2.3
	
The profit sharing amount will be calculated according to the actual sales volume of products within the settlement time. 

5/13

 

5.3Purchase and sales mode

	
 
	
5.3.1
	
Purchase and sales amount: Party A will finish the warehousing amount and bank statement of the customized Xiaomi products in last month at the 5th working day in each month, and send them to Party B for confirmation. After confirming as errorless, Party B will issue equivalent special VAT invoice to Party A in the name of corresponding commodities according to the bank statement. After receiving the correct invoice issued by Party B, Party A will make payment to Party B's designated account within 30 working days. 

	
 
	
5.3.2
	
The settlement of purchase and sales amount will be subject to the warehousing amount and bank statement. 

	
 
	
5.4
	
Party B's designated account: 

Account Name: Foshan Yunmi Electric Appliances Technology Co., Ltd. 

Bank of Deposit: [***]

Bank Account: [***]

Article 6: Rights and obligations of both parties 

	
 
	
6.1
	
Party B shall ensure that the customized Xiaomi products enjoy the treatment of not lower than the production, processing and purchase conditions of Party B's self-brand products. 

	
 
	
6.2
	
According to contents contained in Article 3.2 definition of cost, for the customized Xiaomi products, Party B shall provide the latest cost list to Party A within 3 working days after the BOM cost list changes. Party A has the right to request Party B to provide details such as cooperation contract signed with OEM manufacturer/ supplier, invoice and receipt of both parties. In case of any adjustment of prices of product raw materials, OEM manufacturer, freight or other expenses, Party B shall indicate the price and execution date before and after the adjustment in details in BOM, and adjust the above prices in the new order correspondingly after acquiring Party A's approval. At the same time, Party B is obligated to guarantee Party A's right to contact supplier directly for audit. As an appendix of this agreement, Agreement of Equivalent Right to Know and Audit will be signed when this agreement is signed. 

	
 
	
6.3
	
In case the prices of product raw materials, OEM, freight or other expenses have actually changed, but Party B fails to notify such change to Party A, or fails to indicate in the provided BOM and make corresponding adjustment, Party A has the right to terminate any issued order (to avoid doubt, Party A has the right to cancel the order no matter whether the order is confirmed by Party B) and stop cooperation in case of finding any. Besides, Party A will impose a fine for Party B's fault. The formula for calculating fines is as below: 

Fine limit= purchase unit price before depreciation* highest depreciation ratio* accumulative sales volume of the product* 10; Remarks: The highest depreciation ratio refers to the ratio of single piece of raw material of which the price is depreciated the most in the list of BOM cost. 

	
 
	
6.4
	
Party A shall purchase products from Party B according to the purchase order agreed by both parties. The purchase order will bind both parties. In case either party causes losses to another party due to failure in performance of purchase plan, it ("defaulting party") shall bear compensation liabilities, and the 

6/13

 

	
 
		
compensation amount is subject to the actual loss of opposite party ("observant party"), excluding any indirect, excepted losses and losses that cannot be forecast by the defaulting party in advance. Despite the above agreement, in case Party A finds out the change in cost after order is effective, it has the right to cancel the order or change order contents. 

	
 
	
6.5
	
When replacing spare parts and suppliers of products, Party B needs to notify Party A in advance. The change management is subject to Appendix Framework Agreement of Customized Product Quality of Xiaomi Ecological Chain in this agreement. 

	
 
	
6.6
	
Party B promises that it is qualified to provide commodities and perform services, and has acquired all permissions, approvals and certifications (in case Party B s responsible for certifying customized Xiaomi products) required by Chinese laws and regulations, and laws and regulations of Party A's sales target country for provision and performance of commodities/ services. These permissions, approvals and certifications are comprehensively effective during the term of the agreement. 

	
 
	
6.7
	
Party B guarantees that the manufacturing process, product quality, performance indexes and other contents involved in the test of products provided to Party A are consistent with the products certified and tested. 

	
 
	
6.8
	
Party A has the right to carry out compliance audit for customized Xiaomi products according to company policies combined with the laws and regulations of sales target country. Party B shall provide cooperation according to Party A's compliance audit requirements, timely provide information or materials complying with requirements, and correct customized Xiaomi products according to Party A's compliance audit results. 

	
 
	
6.9
	
Party B shall guarantee that the packing material information such as specifications, warnings and statements of customized Xiaomi products comply with compliance requirements of sales target country. Party A has the right to request Party B to correct packing material information according to laws and regulations of sales target country. The expenses caused thereby will be borne by Party B. 

	
 
	
6.10
	
Party B guarantees that product quality and mass comply with Party A's requirements, and shall provide customized Xiaomi products according to Appendix Framework Agreement of Customized Product Quality of Xiaomi Ecological Chain in this agreement. Party B has acknowledged and agreed to unconditionally accept and abide by relevant policies of after-sales, exchange or return updated by Party A at any time. 

	
 
	
6.11
	
When Party A sells customized Xiaomi products without gross profit or with negative profit, the losses will be borne by both Party A and Party B according to the profit distribution ratio or the ratio additionally agreed by both parties in written form. 

	
 
	
6.12
	
In case customized Xiaomi products have potential safety hazards and endanger the personal and property safety of terminal users due to Party B, Party B will fully bear all expenses and all legal liabilities generated thereby. The specific details are shown in Appendix Framework Agreement of Customized Product Quality of Xiaomi Ecological Chain and Appendix Framework Agreement of Customized Product After-sales Service of Xiaomi Ecological Chain in this agreement signed by both Party A and Party B. 

	
 
	
6.13
	
Party B shall collect, use and transmit user data according to the Appendix Terms About User Data of Customized Xiaomi Products in this agreement. 

	
 
	
6.14
	
In case both parties decide to adopt direct delivery mode for cooperation, Party B or assigned third-party logistics carrier will directly deliver goods to the delivery address or recipient assigned by Party A, and 

7/13

 

	
 
		
both parties shall sign Appendix Special Agreements for Directly- delivery Products and relevant data protection Appendix Annex of Data Protection (the appendix name may be adjusted) additionally. 

	
 
	
6.15
	
Party B shall purchase product liability insurance complying with Party A's requirements for the customized Xiaomi products at Party A's requirements, and Party A will be the joint insured or additional insured. Relevant expenses will be borne by Party B. Copies or scanning copies of relevant insurance certificates shall be submitted to Party A for keeping. 

Article 7: Intellectual Property

	
 
	
7.1
	
Authorization of Party B's trademark and copyright 

	
 
	
7.1.1
	
Party B authorizes Party A and its related party entity, in an irrevocable, free and sub-licensable methods, to use Party B's trademark, identification and enterprise name on customized Xiaomi products for the purposes of, including but not limited to, manufacturing, promotion and publicity, selling, offering for sale and export and import. Relevant contents for use of Xiaomi identification will be subject to the Appendix Brand Management in this agreement. 

	
 
	
7.1.2
	
Party B shall ensure the originality of product station (including but not limited to publicity materials, official documents and correspondence, pictures, videos, H5 pages and other contents) materials designed and manufactured. In case the provided materials are from a third party, Party B needs to acquire the legal authorization of relevant third party. Party B agrees to authorize Party A and its related party entity to use the all materials above in the world. The specific usage mode and channel are decided by Party A. 

Article 8: Confidentiality Terms

Both parties agree that: the confidential information involved in the cooperation between both parties includes but is not limited to any materials provided by both parties to the opposite party according to this agreement, correspondences in cooperation process and other materials or information related to business or technology that are not published. The recipient shall bear confidentiality obligations for the confidential information of disclosing party. The recipient shall not disclose the disclosing party's confidential information acquired in oral, written, visual or other forms to any third party or use such information for the purpose other than the cooperation of both parties; unless the disclosing party has authorized such third party to acquire the disclosed confidential information in written form in advance. The specific agreement of confidentiality is subject to Appendix Confidentiality Agreement in this agreement. 

Article 9: Default Liabilities and Contract Termination

	
 
	
9.1
	
Any behavior violating this agreement and appendixes of this agreement and PO order will be deemed as violation of this agreement. Unless otherwise agreed in this agreement or appendixes, in case either party violates this agreement, it ("defaulting party") shall pay RMB five hundred thousand (RMB 500,000) to the opposite party ("observant party") as liquidated damages. In case the above liquidated damages are insufficient to recover the observant party's losses, the defaulting party shall compensate the insufficient part, including but not limited to the expenses and expenditures generated for observant party's handling of default events, including legal expenses for investigation, arbitration, lawsuit and lawyer. In case Party B or its related company has any payables for Party A (including but not limited to expenses, fines and liquidated damages that shall be paid by Party B), Party A has the right to freeze corresponding amount or directly offset the amount in the Party A's payables to Party B. 

8/13

 

	
 
	
9.2
	
In case of one or several conditions below due to Party B's violation of this agreement, Party A has the right to adopt or request Party B to take all measures to solve this problem to maintain its brand reputation, including but not limited to taking public relation measures, responding to suits, reaching an accommodation with third party and/or compensating the third party in advance. All expenses generated for solving the dispute or problem (including but not limited to expenses for Party A to engage a lawyer and other third party, expenses for responding a lawsuit and expenses and fines compensated to the third party) shall be borne by Party B. In case Party A compensates such expenses in advance, it has the right to claim compensation from Party B: 

	
 
	
(1)
	
Products will cause events or disputes that will lead to personal and property losses to consumers; 

	
 
	
(2)
	
Party B causes intellectual property rights of customized Xiaomi products (including but not limited to disputes of infringement of intellectual property rights); 

	
 
	
(3)
	
Party B fails to acquire relevant certification, permission or qualification required in laws of China and sales target country, or the products provided do not comply with product compliance requirements of China and sales target country, which causes the conditions including but are not limited to failure in normal sales of products, customer complaints, consumer dispute, administrative punishment, retention and punishment of customs or market regulatory authority, and court injunction; 

	
 
	
(4)
	
Controversy, dispute, complaint and other problems are caused by provision of illegal or wrong product after-sales service by Party B or Party B cooperating with authorized distributor; 

	
 
	
(5)
	
User data is collected, disposed, disclosed, saved, used and transmitted by Party B through violating laws and regulations about data privacy protection of product sales places or other application laws and regulations about data privacy protection of product sales places. 

In case the third party files a claim or lawsuit to Party A or its related company, distributor and agent ("damaged party") due to the above causes, Party B shall cooperate with Party A for defending, to ensure that the interests of damaged party will not be damaged, and Party B shall compensate the damaged party (including but not limited to the expense for the damaged party to engage a lawyer and other third party, expenses for responding a lawsuit and expenses and fines compensated to the third party). 

	
 
	
9.3
	
In case of the following conditions, Party A has the right to terminate this agreement and specific order in advance after sending written notice: 

	
 
	
(1)
	
Party B seriously violates the obligations in this agreement and specific order; 

	
 
	
(2)
	
Except for conditions forbidden by applicable bankruptcy law, Party B is declared as bankrupt, is unable to pay matured debt, losses performance ability due to other causes, or its assets are transferred or received by other creditors; 

	
 
	
(3)
	
Products delivered by Party B cannot satisfy the agreed acceptance standards or quality requirements, and Party A deems that there is no correction value or the standards still cannot be satisfied after three times of correction; 

	
 
	
(4)
	
Party B delays the delivery unconditionally without Party A's advance written approval; 

9/13

 

	
 
		

	
 
	
(5)
	
Party B fails to abide by the Appendix Terms about User Data of Customized Xiaomi Products in this agreement, and fails to save data to the Cloud server assigned by Xiaomi, causes dispute about infringement of user's personal information protection, and discloses the user data to a third party without Party A's permission. 

Article 10: Export Control

Both parties promise and guarantee to abide by applicable laws and regulations about export control and economic sanctions (including but not limited to those of China, the U.S., European Union and Japan) strictly. Either party promises that, for any technology, technical data, software code or other information, hardware, equipment or its component ("deliverables") provided to another party, the disclosure or provision to such party will not violate any applicable laws and regulations about export control. Either party guarantees that it will not directly or indirectly disclose or provide any deliverables to the following places within its known scope: (1) Any country or region where the American government executes comprehensive economic sanctions (including Crimea, Cuba, Iran, South Korea and Syria) and other relevant regions sanctioned by America (including Sultan and Venezuela); or (2) Any individuals or entities that are listed in (a) Specially Designated Nationals and Blocked Persons List ("SDN List") of America or other sanction list, or entities that are owned or controlled by entities in the above list; or (b) "List of Denied Persons", "Entity List" or any other export control or tied transaction list; or (3) Final military users or final military purpose specified in Export Control Regulations of America; (4) Deliverables cannot be used for supporting terrorism, nuclear technology, chemical and biological weapon, guided missile and weapons of mass destruction. In case either party violates this term, the observant party has the right to stop performance of this agreement and relevant contract. 

Article 11: User Data

Party B shall guarantee to collect, dispose, disclose, save, use and transmit the user data according to applicable data protection laws and regulations. In case Party B violates any applicable data protection laws and regulations, it shall bear all legal liabilities independently. In case of causing losses to Party A, Party B shall make compensation. In case of causing adverse effect to Party A, Party B shall announce and clear relevant conditions through public channels or by cooperating with Party A. Other specific agreements will be subject to the Appendix Terms about User Data of Customized Xiaomi Products in this agreement. 

Article 12: Integrity Terms

	
 
	
12.1
	
Party B or its worker shall not directly or indirectly bribe or provide other illegal tangible or intangible profits to Party A's personnel and their relatives for any reason and in any form, or impose undue influence Party A's personnel and their relatives in any form, including but not limited to: 

	
 
	
(1)
	
Bribe or gift (including but not limited to cash, cash gift, negotiable securities, valuables and other properties, provision of loans and dividends) Party A's personnel and their relatives; 

	
 
	
(2)
	
Provide entertainment, vacation, outbound trip and activities at commercial entertainment venues to Party A's personnel and their relatives; 

	
 
	
(3)
	
Bribe Party A's personnel and their relatives with agent or any third party; 

	
 
	
(4)
	
Propose other illegal requirements unrelated to works to Party A's personnel in any form; 

	
 
	
(5)
	
Take other briberies forbidden in laws. 

10/13

 

	
 
		

	
 
	
12.2
	
In case Party B violates one or more agreements in this term, Party A has the right to select one or more measures below: 

	
 
	
(1)
	
Cancel Party B's supplier qualification, and terminate relevant contracts with Party B unilaterally without bearing default liabilities; 

	
 
	
(2)
	
Deduct all deposits (if any) paid by Party B; 

	
 
	
(3)
	
Party B shall pay ten percent (10%) of the business contract or order amount (the contract amount includes amount that has been paid+ amount that has not been paid) or RMB five hundred thousand to Party A in a lump sum as liquidated damages, whichever higher will prevail. 

In case the above relief measures cannot recover Party A's losses, Party B shall compensate Party A's actual losses. For the above liquidated damages or damage compensations, Party A has the right to deduct them from Party B's receivables directly. At the same time, Party A reserves the right to investigate legal liabilities according to national laws and regulations. 

	
 
	
12.3
	
In case Party A's relevant personnel violates one or more agreements in this term, Party B shall immediately report it to Party A's leader or supervisory department. Besides, Party B shall actively cooperate with Party A's investigation and works, actively provide relevant information that may influence Party A's interests or required by Party A. In case Party B finds out that other suppliers cooperating with Party A violate the above terms, Party B promises to report them to Party A and provide evidence. 

Reporting manner: Email: [***] 

Article 13: Force majeure 

	
 
	
13.1
	
In case either party cannot perform obligations under this agreement due to force majeure events, including but not limited to fire, flood, earthquake, typhoon, natural disasters and other unforeseeable or inevitable and uncontrollable conditions, it will not bear any liabilities. The performance time of such party specified in this agreement will be prolonged automatically. The prolonged time shall be equivalent to the time when the party cannot perform this agreement due to force majeure events directly or indirectly. The party influenced by force majeure events shall notify such event to the opposite party through telegraph or telex within the rational time, and submit the proof of relevant force majeure event issued by authorities to the opposite party within 15 days after the events occur. 

	
 
	
13.2
	
In case the performance cannot be continued, Party A has the right to terminate this agreement and specific order unilaterally. 

Article 14: Scope of validity 

	
 
	
14.1
	
This agreement is signed by both Party A and Party B in Haidian District, Beijing. The validity period of this agreement is 2 years, which is from September 10, 2021 to September 10, 2023. 

	
 
	
14.2
	
Except for conditions agreed in Article 9.3 of this agreement, in case Party B fails to abide by any content in this agreement, Party A has the right to request Party B to stop violation behavior immediately in case of finding; In case Party A finds out that Party B does not stop the violation behavior thereafter, Party A has the right to terminate this agreement immediately. 

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14.3
	
Within the validity period of this agreement, either party cannot change and terminate this agreement without the written approval of opposite party. However, either party may execute its unilateral termination right to terminate or suspend this agreement according to this agreement. 

	
 
	
14.4
	
Both Party A and Party B confirm that, in case the performance of this agreement is unnecessary or impossible due to force majeure, termination of this agreement may be negotiated. 

	
 
	
14.5
	
When this agreement expires, the outstanding debts and debts of both parties incurred will not be impacted by termination of this agreement, and both parties shall continuously perform respective obligations. 

	
 
	
14.6
	
The warranty, intellectual property rights, confidentiality, default liabilities and other terms that shall be existed as per natures agreed in this agreement and specific order shall be effective if this agreement and specific order are terminated or suspended in advance for any reason. 

Article 15: Dispute resolution 

Any disputes arising from the execution of, or in connection with cooperation according to this agreement shall be solved by both parties through negotiation. In case both parties cannot reach an agreement through negotiation, the dispute shall be submitted to the jurisdictional people's court at Party A's place for arbitration. In the process of dispute resolution, except for the part under arbitration, other parts hereof shall continue to be performed. 

Article 16: Supplementary provisions of the contract 

	
 
	
16.1
	
Contract change: All contract changes (including supplementation and revision) may be valid after being effectively signed by both parties. 

	
 
	
16.2
	
Appendixes Approval Agreement of Customized Xiaomi Products, Agreement of Equivalent Right to Know and Audit, Terms about Intellectual Property, Terms about User Data of Customized Xiaomi Products, Framework Agreement of Customized Product Quality of Xiaomi Ecological Chain, Framework Agreement of Customized Product After-sales Service of Xiaomi Ecological Chain, Confidentiality Agreement, Brand Management, Customized Products of Xiaomi Ecological Chain_ Framework Agreement of International After-sales Service and Product Change (PCN) Agreement of this agreement as well as PO order signed by both parties shall be indivisible parts of this agreement, which shall have the same legal effects. 

	
 
	
16.3
	
A written supplementary agreement may be signed by both parties for matters uncovered in this agreement through negotiation, which shall have the same legal effects as this agreement. 

	
 
	
16.4
	
For any right waiver expressed in this agreement or failure in timely execution of any right granted in this agreement, it will not constitute continuous right waiver or mean the waiver of any right under this agreement. 

	
 
	
16.5
	
In case any term or part in this agreement is judged as illegal or non-coercive, relevant contents will be separated from this agreement, and will not influence, damage or relieve the effectiveness of other terms or parts in this agreement. The above terms that are judged as illegal or non-coercive will be replaced by other effective or legal terms or parts in this agreement that have the most similar meaning and content. 

	
 
	
16.6
	
Notice: All notices shall be issued in written form. In case Party A sends the written notice to Party B through fax or similar methods, it will be deemed as delivered on the delivery date; in case the mail is 

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adopted, it will be deemed as delivered on the date when the mail is sent to Party B's receiver; in case airmail is adopted, it will be deemed as delivered on the fifth (5th) day after the airmail is sent; in case the express is adopted, it will be deemed as delivered after the express is signed by the receiver for confirmation. In case the email or message data is adopted, it will be deemed as delivered on the date when the email or data is sent to Party B's electronic system. In case of any change in Party B's contact person, such change shall be notified to Party A three (3) days in advance. 

Contact person of Party B: [***] 

	
 
	
16.7
	
Titles and descriptions of terms contained in this agreement are for reference only. The above titles cannot limit, restrict, expand or describe the scope of this agreement or contents of any terms in any form. 

	
 
	
16.8
	
This agreement will be made in duplicate, which will be valid after being stamped with official seal or special seal for contract by both parties. Each party holds one copy with the same legal effects. 

(Signature page to follow)

 

	
Xiaomi Communications Co., Ltd. (Seal) 
	
 
	
Foshan Yunmi Electric Appliances Technology Co., Ltd. (Seal) 

	
 
	
 
	
 

	
(Seal of Xiaomi Communications Co., Ltd. affixed)
	
 
	
(Seal of Foshan Yunmi Electric Appliances Technology Co., Ltd. affixed)

	
 
	
 
	
 

	
Signature of authorized representative: /s/ Xiaomi Communications Co., Ltd.
	
 
	
Signature of authorized representative: /s/ authorized representative

	
 
	
 
	
 

	
September 23, 2021
	
 
	
September 22, 2021

 

Appendix 1: Terms about Intellectual Property

Appendix 2: Agreement of Equivalent Right to Know and Audit

Appendix 3: Terms about User Data of Customized Xiaomi Products

Appendix 4: Approval Agreement of Customized Xiaomi Products

Appendix 5: Brand Management

Appendix 6: Framework Agreement of Customized Product Quality of Xiaomi Ecological Chain

Appendix 7: Framework Agreement of Customized Product After-sales Service of Xiaomi Ecological Chain

Appendix 8: Confidentiality Agreement

Appendix 9: Customized Products of Xiaomi Ecological Chain_ Framework Agreement of International After-sales Service

Appendix 10: Product Change (PCN) Agreement

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