Document:

Contract NO: ZH78191206003

Comprehensive Credit Contract

 

Party A: SHENZHEN HIGHPOWER TECHNOLOGY CO.,
LTD.

Add: Luoshan Industrial Zone, Pinghu, Shenzhen,
Guangdong, China

Legal Representative: Pan Dangyu

Tel: 0755-89686236

Fax: 0755-89686819

 

Party B: China Everbright Bank Shenzhen Longhua
Sub-branch

Add: First floor, No.3, 4 building, yinquan
garden, people south road, Longhua, Baoan

Tel: 0755-81483044

Fax: 0755-28138641

 

In accordance with the relevant laws and
regulations, such as “Republic of China on Commercial Banks” and “Interim Measures
of commercial banks authorize and credit”, Party A and Party B make the agreement after the equal consultations, and both
of them are willing to follow all terms of the contract.

 

Part 1Definitions and interpretation

 

1. Except as
otherwise explained in the context, the following terms of this agreement are defined as below: 

 

Comprehensive credit: Party B shall provide
one or several conditional commitments by credit support to Party A.

 

Specific business: According to comprehensive
credit, Party B shall provide the loans, bank acceptances, trade finance and other specific credit business to Party A.

 

The maximum credit limits: According to
comprehensive credit, the highest balance of debt principal by using the specific businesses, Party A can apply to Party B within
the validity period of the comprehensive credit agreement.

 

Specific line of credit: According to the
maximum credit limits, the highest balance of debt principal by using one specific business Party A can apply to Party B within
the validity period of the comprehensive credit agreement.

 

Used line of credit: According
to specific line of credit, the sum of debt principal by using one specific outstanding business Party A applied within the validity
period of the comprehensive credit agreement.

 

Specific business contract: The contract
signed by Party A and Party B about the specific using of the business and Line of credit.

 

Part 2 The maximum
credit limits and Specific line of credit

 

2. The maximum
credit limits under this contract (Currency exchange rates convert according to the actual foreign exchange rate):
RMB50,000,000

 

    	 

    	 	

    
 

3. According to the maximum credit limits,
the specific line of credit is:

Bank acceptances: the
specific line of credit RMB50,000,000

 

Part 3The period of credit

 

4. The period of the
maximum credit limits: from August 1st 2012 to July 31st 2013. 

 

The period of
the specific business is determined by the specific contract, but the start date of the specific business must not exceed the effective
use of the deadline of the maximum credit limits.

 

Part 4 Usage of the Maximum Credit Limits
and Specific Line of Credit

 

5. According
to the maximum credit limits, Party A can apply to use the specific line of credit once or several times during the period of credit.
Party B determines the scope, amount and period of specific business by the credit situation of Party A based on the credit policy
of Party B.

 

6. Provisions of revolving usage: During
the period of the maximum credit limits, Party A can revolve the line of credit. The debt of one specific business is paid off,
the same kind of new specific business can be used except that Party B prohibited revolving.

 

7. Party A and Party B should sign specific
contract for specific business. If the specific business contract is inconsistent with this agreement, it should be subject to
specific business contract.

 

Part 5 The Fees

 

8. According to each specific business
contract, Party A and Party B should conform to the interest rate, exchange rate, fee rate and other fees charged by Party B in
the specific contract.

 

Part 6Adjustment of the
Maximum Credit Limits and Specific Line of Credit

 

9. Party B has the right to adjust the
maximum credit limits and specific line of credit and the period or end the line of credit when one of the following things happens:

		(1)	Country's monetary policy has major adjustment;

		(2)	The region of Party A is suffering or will suffer
financial risks;

		(3)	The market related to Party A has great change;

		(4)	Party A is suffering or will suffer operating difficulty
or risk;

		(5)	Party A appears merger, termination or other major
institutional change;

		(6)	Party A has not used credit fund for the required
purposes;

		(7)	Party A has such acts as transfer of property, withdrawal
of funds or avoiding debt;

		(8)	Party A has the act of violation of commitments under
this Agreement;

		(9)	Guarantor of this Agreement suffers the serious shortage
of funds or operating difficulties, which has seriously affected the security capabilities;

		(10)	Collateral for the guarantee damages, endangering
the Party B's debt security;

		(11)	There occurs everything,
according to Party B’s opinion, which decreases the solvency of Party A or damages the interests of
Party B.

 

    	 

    	 	

    
 

10. After signing the contract, Party A
can apply to adjust specific line of credit in writing. After the written consent of Party B, the contract can be adjusted, and
not subject to the constraints. The written application and written consent are considered to the modification of the part 3, which
has the same power of the contract.

 

Part 7Guarantee

 

11. In order to ensure that claims under
this agreement are satisfied, take the following guaranty methods:

 

The guarantor Pan Dangyu signed “Guaranty
Contract of Maximum Amount”, which number is “GB78191206004” with Party B.

 

12. In spite of agreed guaranty method,
when both parties are involved in specific business, if Party B deems necessary, Party B also has the right to require other guarantees
from Party A. Party A can not refuse the requirement because of agreed guarantee in this part.

 

Part 8 Commitment of Party B

 

13. Party A applies to use the specific
credit in accordance with the agreement, Party B should examine and notice the result to Party A in time.

 

14. Except as otherwise provided in this
Agreement, Party B can not adjust the contract which may lead adverse effects to Party A.

 

Part 9 Commitment of Party A

 

15. Party A should pay off the debt and
fees on time according to the specific business credit.

 

16. The using of fund under the specific
contract should follow the provisions of the law and the agreement, and accept Party B's examination at any time.

 

17. During the period of credit, Party
A should submit to Party B true financial statements, truthfully provide major domestic bank, bank account, deposit and loan balance
and other relevant information of the operating conditions.

 

18. If Party A is considered as a Group
Account according to the "Commercial Bank Group guidelines for customer credit risk management business", or other relevant
laws and regulations. During the credit period, Party A shall promptly report to Party B about more than 10% of net assets associated
with the transaction, including but not limited to:

 

		(1)	the parties to the transaction of the association;

		(2)	the nature of projects and transactions the transaction;

		(3)	the amount of the transaction or the corresponding
ratio;

		(4)	pricing policies (including no amount or only nominal
amounts of transactions);

		(5)	requirements of laws, regulations or other circumstances
required by Party B.

 

    	 

    	 	

    
 

19. During the
period of credit, Party A should notice Party B in advance when providing guarantee for third party, which can not affect
the ability to pay off debt.

 

20. During the period of credit, Party
A has the following obligation:

 

(1) If the legal representative
or legal residence, place of business, or the registered capital of a major investment in equity change, Party A shall notice to
Party B within 15 days from the date of change and provide the relevant information.

 

(2) During the credit
period, Party A involves in significant litigation, arbitration or other judicial proceedings, administrative punishment procedures,
or a significant change in operating conditions and financial condition, which may affect the realization of Party B’s debt,
Party A shall notify Party B immediately.

 

(3) During the credit
period, any activities of assets reorganization (such as mergers, acquisitions, discrete), or changes of business, or activities
changes the organization, operation mode, or dissolution, bankruptcy application, should notify Party B two months in advance,
and should pay off all the debts of Party A or perform the debt responsibilities.

 

21. If Party A fails to the rule of any
specific business contract, then it can be deemed to breach the agreement, and Party B has the right to end the agreement and require
all outstanding claims.

 

Any damages to Party B caused by Party
A’s breach of contract, Party A should assume full obligations.

 

Part 10Effect of Contract

 

22. This contract signed by both parties’
the legal representative or agent or sealed and stamped comes into effect when the guarantee contract comes into effect. If there
is not the guarantee contract, the agreement comes into effect when it signed by both parties’ the legal representative or
agent or sealed and stamped.

 

Part 11 Disputes and Resolution

 

23. If two parties have a dispute, amicable
settlement is accepted firstly. Necessary action is needed if the consultation fails, either party may apply to the local court.

 

Part 12 Integrity of the Contract

 

24. Every specific business contract signed
by Party A and Party B is the effective part of this agreement, which make up integrity agreement.

 

25. If Party A fails to perform the provisions
of any specific business contract, then it can be deemed to breach the agreement, and Party B has the right to end the agreement
and require all outstanding claims.

 

    	 

    	 	

    
 

26. Agreed by Party B, Party A can authorize
all or part of the line of credit under this agreement to other units to use, and name of the unit is authorized to enter into
with the relevant specific business contract signed with Party B, the specific content shall prevail by "credit line to use
the power of attorney" issued by Party A and approved by Party B.

 

27. In the "line of credit using the
power of attorney" or "buy-back guarantee amount to use the power of attorney", it is not necessary to clear the
specific business of the specific line of credit under Article 3.

 

28. Party A in the " power of attorney
for using line of credit " must clarify whether the authorized organization can be delegated or not.

 

29. Matters not covered in this Agreement,
the parties maybe reach a written agreement as an annex to this Agreement which is the integral part of this agreement, and has
the same legal effect.

 

Part 13 Supplementary Provisions

 

30. This agreement is in triplicate, Party
A has one copy, Party B has two copies, which have the same legal effect.

 

31. This agreement is signed on August
1st 2012 in Shenzhen.

 

32. The two
parties agreed to notarize the contract and promise to give the contract enforceability. When
the party fails to perform, do not fully comply with any legal obligations, Party B has the right to direct the people's court
having jurisdiction for enforcement. Party A makes ​​no objection to the enforcement application under the agreement.
(Not applicable) 

 

33. If at any time, any provision of this
contract in any way becomes illegitimate, invalid or unenforceable, the legality, validity or enforceability of the other provisions
of this contract is not affected.

 

34. Under this agreement In the event of
bank acceptance bill business, "bank acceptance agreement" signed by the China Everbright Bank, Shenzhen branch, the
specific operations undertaken by the Branch Office, all the rights and obligations under "banker's acceptance agreement"
borne by the Longhua Sub-Branch.

 

Party A (Stamp)

Signature of legal representative or deputy:
/s/ [COMPANY SEAL]

 

Party B (Stamp)

Signature of legal representative or deputy:
/s/ [COMPANY SEAL]Contract NO: GB78191206004

 

Guaranty Contract of Maximum Amount

(Natural person as guarantor)

 

Guarantor: Pan Dangyu

ID Number:

Business or
residence address: Room 604, Floor 2, Building 34, Compound 463, Shougouling Road, Tianhe District, Guangzhou, China

Telephone: 0755-8968 6236

Tax: 0755-8968 6819

 

Creditors: China Everbright Bank Shenzhen
Longhua Sub-branch (hereinafter referred to as "Party A")

Business or residence address: First floor,
No.3, 4 building, yinquan garden, people south road, Longhua, Baoan

Zip code: 518131

Legal representative: Bian Jiang

Agent: Yang Xiaolin

Tel: 0755-81483044

Fax: 0755-28138641

 

Article 1 General principles

 

To ensure the performance of the “Comprehensive
Credit Contract”(herein after referred to as “Comprehensive Credit Contract”), which contract number is “ZH78191206003”,
entered into by Shenzhen Highpower Technology Co., Ltd.( herein after referred to as “debtor”) and creditor, guarantor
agrees to provide maximum joint responsibility guarantee, to ensure debtor pay off the coming debt in the “Comprehensive
Credit Contract”.

 

After the audit of creditor, the creditor
accepts the guarantee of guarantor. To ensure the rights and responsibilities between guarantor and creditor, both parties make
the agreement based on equality and mutual interest, according to relevant laws and regulations.

 

    	 

    	 	

    
 

Article 2 Definitions

 

1. Except as otherwise
explained in the context, the following terms of this contract are defined as bellow:

 

Main contract: Comprehensive line of credit
contract and specific credit business contract or agreement based on Comprehensive line of credit contract signed by the creditor
and the debtor.

 

Specific credit business contract or agreement:
specific credit business contract or agreement signed with the debtor, when creditor provides the off-balance sheet credit form
of payment including local and foreign currency loans, trading finance, acceptance, letters of credit and guarantees (referred
Specific credit business in general ), in accordance with Comprehensive line of credit contract.

 

Article 3 The Secured Principal Debt

 

2. The secured principal debt guaranteed
by guarantor is all the debt in the specific credit business contract or agreement signed by the creditor and debtor according
to Comprehensive line of credit contract. The maximum amount of secured debt is RMB50,000,000.

 

If the following situations happen, the
conformation of principal creditor's right:

1) Expiration of the
period that the main contract agreed.

2) No new debt will happen
again.

3) The creditor and debtor
terminate the main contract or the creditor and the guarantor terminate this contract.

4) The debtor is declared
bankrupt or is revoked, suspended, canceled or dismissed

5) Other situations determined
by law claims.

 

Article 4 Guaranty Method

 

3. Guarantees, provided by the guarantor,
are the joint liability guarantee in this contract.

 

Article 5 Scope of Credit

 

4. The scope of credit in this contract:
creditor's principal, interest (including statutory interest, the agreed interest and penalty interest), compound interest, fees,
liquidated damages, damage compensation, the cost for realizing creditor’s right (including but not limited to litigation
fees, attorney’s fees, notary fees, execution fees) and other payments the debtor should pay to creditor in the main contract.
(Above referred as secured debt).

 

5. The certificates that creditor using
to indicate the secured debt or any payment in the main contract is ultimate evidence of both sides, bind to guarantor, unless
there is obvious error in the certificates.

 

    	 

    	 	

    
 

Article 6 Guaranty Period

 

6. The guarantee period of each specific
credit business under Comprehensive line of credit contract will be calculated separately, is two years after expiration date of
the loan agreed in specific credit business contract or agreement. (If the loan expires in advance caused by the provisions of
related laws or happening of contract event, the guaranty period of the Contract is two years after the advanced expiration date
of the loan.)

 

Article 7 Files Submitted by Guarantor

 

7. Guarantor shall ensure that the creditor
has received the following files submitted by the guarantor before the debtor uses the specific credit amount provided by creditor
in the main contract:

 

1) The original contract
signed by guarantor or an agent effectively;

2) Identity documents
of guarantor;

3) Assets certificates
and other documents that can prove guarantor’s credit situation;

4) Other documents creditor
requires reasonable.

 

If above documents are copies, then copies
shall be signed by guarantor or authorized signatory for the truth, complete and effect.

 

Article 8 Guarantor’s Statement and
Guarantee

 

8. Guarantor makes the following statement
and guarantee:

 

		1)	Guarantor is a natural person with full civil capacity, has complete qualification and right to
enter into and perform this contract, and can assume civil responsibilities independently.

 

		2)	Guarantor has read carefully and fully understand and accept the content of the main contract and
this contract, guarantor enters into and performs this contract is in voluntary, and the meaning expressions in this contract is
true.

 

		3)	All documents guarantor provides to creditor are accurate, true, complete and effective, and the
duplicate documents are consistent with original.

 

		4)	Guarantor enters into and performs this contract does not violate
any other contract or agreement which guarantor involved in or applicable to the laws and regulations. The guarantee in this contract
will not have any limitation.

 

		5)	To ensure the legitimacy, validity or enforceability of this contract, guarantor finished or will
finish all required Registration, keep on record or notarization procedures.

 

    	 

    	 	

    
 

		6)	This contract is legal and effective, has legally binding obligations to guarantor.

 

		7)	There is no litigation, arbitration or administrative procedure involved in guarantor that may
has serious adverse effect to guarantor’s financial situation or guarantor’s ability to perform the obligations in
this contract.

 

		8)	Guarantor does not accrue or have any outstanding events of default.

 

9)
The above statement and guarantee of guarantor in the period of validity must be correct, and guarantor should provide further
documents at any time according to creditor’s requirements.

 

Article 9 Commitment of Guarantor

 

10. Before the debt that be secured is
paid off, guarantor should comply with the following provisions:

 

		1)	Guarantor should notice any following event immediately:

		A.	Any default event happens;

		B.	litigation, arbitration or administrative procedure
involved in guarantor or major assets;

		C.	the situations that guarantor will lose or may lose
the ability of performance the responsibilities, such as revenue of guarantor reduces obviously and greatly, loss of economic
sources and etc.

		D.	Guarantor changes his/her residence address or contacts.

 

		2)	In the valid period of this contract, as long as the secured debt is not paid off, otherwise has
the written agreement of creditor, guarantor can’t sell, transfer, break up or deal with his/her any major assets in other
method.

 

		3)	In the valid period of this contract, before the secured debt is paid off, guarantor will not has
recovery or claim right to creditor for the amount guarantor pay for debtor or any other creditor’s right debtor may have.

 

		4)	If debtor not pay any due secured debt on time, guarantor should unconditionally pay the debt to
creditor for debtor via the method creditor requires, in creditor’s seven work days that guarantor receives the written payment
notice of creditor.

 

		5)	If guarantor does not pay any amount in this contract according to creditor’s requirements
on time, creditor has the right to deduct the amount from any account that guarantor opened at creditor or any branch in creditor’s
system without guarantor’s consent.

 

    	 

    	 	

    
 

		6)	Once creditor requires, guarantor will pay or compensate the following fees and losses according
to requirements immediately:

		A.	All cost and fees for fulfilling the right of creditor
in this contract(include but not limit attorney fee, litigation fee, execution fee and all other actual fee); and

		B.	Any other losses caused by guarantor violating the
agreements in this contract to creditor.

 

Article 10 Nature and Effectiveness of Guarantee

 

11. This guarantee in this contract is
independent of any other guarantee obtained by creditor for secured guarantee. Creditor exercises the right in this contract does
not need to execute any other guarantee first (Regardless of the guarantee is object or a natural person), and does not need to
take any relief measures to debtor or any other third party first.

 

Article 11 Breach of Contract

 

12. Each of the following events deems
guarantor breaches of contract in this contract.

 

		1)	Any breach of contract happens in the main contact.

		2)	Any statement, guarantee and commitment of guarantor
in this contract are deemed as incorrect and untrue.

		3)	Any part of the main contract is no longer fully legal
and effective for any reason, or terminated or restricted for any reason.

		4)	Material litigation, arbitration or administrative
proceedings involved the guarantor or its major assets.

		5)	Guarantor violates other obligations in this contract
or there is other events that creditor deems will serious adverse affect the right of creditor in this contract.

 

13. If above events happens, creditor has
the right to take any one or more of the following measures:

 

		1)	Take any relief measures for breach of contract creditor
has in the main contract and this contract.

		2)	Request the guarantor assume the responsibility agreed
in this contract.

		3)	Exercise any other guarantee interests of creditor
obtained by secured debts.

 

    	 

    	 	

    
 

Article 12 Other provisions

 

14. Without the agreement of creditor,
guarantor cannot transfer or disposition all or part of the obligations in this contract.

 

15. Any grace, preferential or delay Creditor
gives to guarantor shall not affect, damage or limit creditor enjoy all rights in accordance with this contract and laws, regulations;
and will not be deemed as creditor gives up the rights in this contract, and will not affect any obligations of guarantor in this
contract.

 

16. If at any time, any provision in this
contract at any aspect becomes illegal, invalid or unenforceable, will not affect the legitimacy, validity or enforceability of
other provisions.

 

17. In this contract, guarantor should
pay all amount of the secured debt, and cannot apply for any offset suggest and with no condition.

 

18. If the parties hereto send notices
and requirements related to this contract to each other, the notices and requirements shall be made in writing and send to the
address or fax listed in the first page of this contract. Either party changes its address or fax, shall promptly notify the other
party.

 

Exchanges files between two parties, if
delivered by hand, the delivery is deemed to be delivered; if send by registered mail, 3 days after registered is deemed to be
delivered; if send by fax, the sending time is deemed to be delivered. But if guarantor sends files to creditor, the file is deemed
to be delivered when creditor actually received.

 

Article 13 Applicable Laws and Dispute Resolution

 

19. Any event in this contract or involved
in this contract is applicable to the lows of the People's Republic of China (excluding the lows of Hong Kong, Macao and Taiwan),
and be explained by the laws of the People's Republic of China (excluding lows of Hong Kong, Macao and Taiwan).

 

20. Any disputes caused by or related to
this contract, both parties should resolve through negotiation. If negotiation fails, any party can take a legal action at the
court located in the creditor city.

 

Article 14 Effect, Change and Terminate
of This Contract

 

21. This contract is in effect since guarantor
or his/her authorized agent and creditor’s legal representative/principal or its authorized agent both sign or stamp on this
contract.

 

22. Once this contract is in effect, neither
party can unilaterally modify or premature terminate this contract. If the contract needs to be modified or terminated, the guarantor
and creditor should be consensus, and reached agreement in writing. Before the agreement in writing is reached, all provisions
of this contract remain valid.

 

    	 

    	 	

    
 

Article 15 Attachment

 

23. Any other unmentioned provisions in
this contract, should be reached in writing separately between guarantor and creditor. Attachment of this contract is an integral
part of this contract, has the same legal effect as this contract.

 

Article 16 Appendix

 

24. This contract is in triplicate, guarantor
has one copy, creditor has two copies, which have the same legal effect.

 

25. This contract is signed on August 1st
2012 in Shenzhen between guarantee and creditor.

 

26. Both parties agree to justice this
contract and promised the contract enforcement effectiveness. If the debtor, guarantor doesn’t perform or incomplete perform,
or other situations creditor realizes the creditor’s right and guaranty right agreed by laws and regulations and this contract,
creditor has rights to apply for compulsory execution directly. The debtor, guarantor has no suggestion about the compulsory execution
application. (This provisions is selectable, both parties is not applicable.)

 

(This is signature page, no context below)

 

Signature of guarantor or deputy: /s/ Dangyu
Pan

 

 

Creditor (stamp):

 

Signature of creditor’s legal representative
or deputy: /s/ [COMPANY SEAL]

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