Document:

Exhibit 10.49

 

Execution Version

 

JHD Holdings (Cayman) Limited

14/F Golden Centre

188 Des Voeux Road Central

Hong Kong

 

East Stone Acquisition Corporation

25 Mall Road, Suite 330

Burlington, MA 01803

 

February 16, 2021

 

	Double Ventures Holdings Limited	Xiaoma (Sherman) Lu
	19/F On Hong Commercial Building	c/o East Stone Acquisition Corporation
	145 Hennessy Road	25 Mall Road, Suite 330
	Wanchai, Hong Kong	Burlington, MA 01803]
	Attn: Chunyi (Charlie) Hao	 
	 	 
	Navy Sail International Limited	Charlie Hao
	19/F On Hong Commercial Building	c/o East Stone Acquisition Corporation
	145 Hennessy Road	25 Mall Road, Suite 330
	Wanchai, Hong Kong	Burlington, MA 01803
	Attn: Chunyi (Charlie) Hao	 

 

Re: Forfeiture of Founder Shares

 

Ladies and Gentlemen:

 

Reference is made to that
certain Business Combination Agreement, dated as of the date hereof (as it may be amended, the “Business Combination Agreement”),
by and among (i) East Stone Acquisition Corporation, a British Virgin Islands business company (the “Purchaser”),
(ii) Navy Sail International Limited, a British Virgin Islands company, as Purchaser Representative, (iii) JHD Technologies Limited, a
Cayman Islands company (“Pubco”), (iii) Yellow River MergerCo Limited, a British Virgin Islands company and
a wholly-owned subsidiary of Pubco (“Merger Sub”), (iv) JHD Holdings (Cayman) Limited, a Cayman Islands company
(the “Company”), (v) solely for purposes of Section 10.3 and Articles XII and XIII, as applicable, Double Ventures
Holdings Limited, a British Virgin Islands business company (the “Sponsor”) and (vi) Yellow River (Cayman) Limited,
a Cayman Islands company (the “Primary Seller”), and each of the holders of the Company’s capital shares
that become parties to the Business Combination Agreement after the date hereof (each individually, a “Seller”,
and collectively with the Primary Seller, the “Sellers”). Unless otherwise defined herein, capitalized terms
used herein shall have the meanings ascribed thereto in the Business Combination Agreement.

 

In order to induce the
Company and the Purchaser to enter into the Business Combination Agreement, the Purchaser’s sponsor, Double Ventures Holdings
Limited, a British Virgin Islands business company (“Sponsor”), Xiaoma (Sherman) Lu, Chunyi (Charlie) Hao,
Navy Sail International Limited, a British Virgin Islands business company (collectively with the Sponsor, the “Primary
Initial Shareholders”) have agreed to enter into this letter agreement (this “Agreement”)
relating to the Founder Shares initially purchased by the Sponsor in a private placement prior to the IPO, which shares are
currently held by the Primary Initial Shareholders and certain other initial shareholders of Purchaser in such amounts as set forth
on Exhibit 1 hereto, and which shares represent approximately ninety eight percent (98%) of the outstanding Founder Shares as
of the date hereof.

 

     

     

    

 

For good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each Primary Initial Shareholder hereby agrees as follows:

 

		1.	The Primary Initial Shareholders hereby agree that, if the
aggregate amount of Purchaser Cash is equal to or less than the aggregate amount of the Target Purchaser Cash, then, upon and subject
to the Closing, the Primary Initial Shareholders shall forfeit an aggregate number of Founder Shares equal to the aggregate number of
Forfeited Shares. The aggregate number of Forfeited Shares shall be forfeited by the Primary Initial Shareholders in proportion to their
respective Founder Pro Rata Share. In order to effectuate such forfeiture, upon the Closing, each Primary Initial Shareholder shall deliver
its Founder Pro Rata Share of the Forfeited Shares to the Purchaser in certificated or book entry form (as applicable) for cancellation
by Purchaser.

 

		(a)	For purposes of this Agreement, the following definitions
shall apply:

 

		(i)	“Base Cash Amount” means the excess
of (x) the Target Purchaser Cash, over (y) the Minimum Purchaser Cash.

 

		(ii)	“Cash Shortfall” means the excess
of the Target Purchaser Cash over the Purchaser Cash at Closing; provided that if the Cash Shortfall exceeds the Base Cash
Amount, the Cash Shortfall shall be deemed to equal the Base Cash Amount.

 

		(iii)	“Forfeited Shares” means the product
of (x) the aggregate number of Founder Shares held by the Primary Initial Shareholders at the time of the Closing, multiplied by

 

		(v)	the Forfeiture Percentage.

 

		(iv)	“Forfeiture Percentage” means a percentage
equal to the product of 50% multiplied by a fraction (x) the numerator of which is the Cash Shortfall and (y) the denominator of which
is the Base Cash Amount.

 

		(v)	“Founder Pro Rata Share” means, with
respect to each Primary Initial Shareholder, the percentage determined by dividing the number of Founder Shares owned by such Primary
Initial Shareholder immediately prior to the Closing by the aggregate number of Founder Shares owned by all Primary Initial Shareholders
immediately prior to the Closing.

 

		(vi)	“Minimum Purchaser Cash” means an amount
of Purchaser Cash equal to [Seventy Million U.S. Dollars ($70,000,000)].

 

		(vii)	“Purchaser Cash” means the amount of
Purchaser’s cash and cash equivalents, including funds remaining in the Trust Account (after giving effect to the completion and
payment of the Redemption and the proceeds of any PIPE Investment immediately prior to the Closing).

 

		(viii)	“Target Purchaser Cash” means an amount
of Purchaser Cash equal to [One Hundred Million U.S. Dollars ($100,000,000)].

 

		2.	Notwithstanding anything to the contrary contained herein, no
fraction of a Founder Share will be forfeited by a Primary Initial Shareholder by virtue of this Agreement or the transactions contemplated
hereby, and the number of Founder Shares to be so forfeited shall instead be rounded down to the nearest whole Founder Share.

 

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		3.	This Agreement constitutes the entire agreement and understanding
of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations
by or among the parties hereto, written or oral, relating to the subject matter hereof. This Agreement may not be changed, amended, modified
or waived as to any particular provision, except by a written instrument executed by all parties hereto.

 

		4.	No party hereto may assign either this Agreement or any of its
rights, interests, or obligations hereunder without the prior written consent of the other parties hereto, and any purported assignment
in violation of the foregoing shall be null and void ab initio; provided, however, that each of Purchaser
and the Company may assign this Agreement or any of its rights, interests or obligations hereunder to any Person to whom it validly assigns
its rights, interests or obligations under the Business Combination Agreement without the written consent of the other parties hereto.
This Agreement shall be binding on the parties hereto and their respective successors and assigns.

 

		5.	No Primary Initial Shareholder may assign, alienate, pledge, attach, sell or otherwise transfer to any
Person (except to another Primary Initial Shareholder) or encumber in favor of any Person any Founder Share unless such Person executes
a joinder to this Agreement in form and substance reasonably satisfactory to Purchaser agreeing to be subject to and bound by all of the
terms and conditions of this Agreement applicable to a Primary Initial Shareholder. Any assignment, alienation, pledge, attachment, sale
or other transfer or encumbrance shall be null and void ab initio is such joinder is not delivered to Purchaser and the Company
prior thereto.

 

		6.	This Agreement shall be governed, enforced, construed and interpreted in a manner consistent with the
provisions of the Business Combination Agreement. The provisions set forth in Sections 12.4 through 12.9, 12.11 through 12.13 of the Business
Combination Agreement, as in effect as of the date hereof, are hereby incorporated by reference into, and shall be deemed to apply mutatis
mutandis to, this Agreement as if all references to the “Agreement” in such sections were instead references to this Agreement.

 

		7.	Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement
shall be in writing and shall be sent in the same manner as provided in Section 12.1 of the Business Combination Agreement, with notices
to the Purchaser, Pubco and the Company being sent to the addresses set forth therein, and with notices to the Primary Initial Shareholders
being sent to the addresses set forth on the first page of this Agreement (and with a copy for each Primary Initial Shareholder (which
shall not constitute notice) sent to Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, 11th Floor, New York, New York 10105,
USA, Attn: Barry I. Grossman, Esq., Facsimile No.: (212) 370-7889, Telephone No.: (212) 370-1300, Email: bigrossman@egsllp.com, in each
case with all copies as required thereunder.

 

		8.	This Agreement shall terminate at such time, if any, as the Business Combination Agreement is terminated
in accordance with its terms, and upon such termination this Agreement shall be null and void and of no effect whatsoever, and the parties
hereto shall have no obligations under this Agreement; provided that any such termination of this Agreement shall not relieve
any Primary Initial Shareholder of any liability due to a breach of any covenant prior to the date of such termination.

 

{Remainder of Page Intentionally Left Blank;
Signature page follows}

 

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Please indicate your agreement to the foregoing by
signing in the space provided below.

 

	 	JHD HOLDINGS (CAYMAN) LIMITED
	 	 
	 	By:	/s/ Jun Wang
	 	Name:	Jun Wang
	 	Title:	Director

 

[Additional Signatures on Following Page]

 

(Signature Page to Founder Share Letter)

 

     

     

    

 

Please indicate your agreement to the foregoing
by signing in the space provided below.

 

	 	JHD HOLDINGS (CAYMAN) LIMITED
	 	 
	 	By:	                                                 
	 	Name:	 
	 	Title:	 

 

	 	EAST STONE ACQUISITION CORPORATION
	 	 
	 	By:	
	 	Name:	                                    
	 	Title:	 

 

Accepted and agreed, effective as of the date first set forth
above:

 

DOUBLE VENTURES HOLDINGS LIMITED

 

	By:	/s/ Chunyi (Charlie) Hao	 
	Name:	Chunyi (Charlie) Hao	 
	Title:	Director	 

 

NAVY SAIL INTERNATIONAL LIMITED

 

	By:	/s/ Chunyi (Charlie) Hao	 
	Name:	Chunyi (Charlie) Hao	 
	Title:	Director	 

 

	/s/ Chunyi (Charlie) Hao	 
	Chunyi (Charlie) Hao	 

 

	/s/ Xiaoma (Sherman) Lu	 
	Xiaoma (Sherman) Lu	 

 

[Signature Page to Founder Share Letter]

 

     

     

    

 

Exhibit 1

 

Founder Shares

 

	Initial Shareholder	 	Number of Founder Shares Owned*	 	 	Ownership Percentage*	 	 	Founder Pro Rata Share*	 
	Double Ventures Holdings Limited	 	 	1,500,000	 	 	 	43.48	%	 	 	44.17	%
	Navy Sail International Limited	 	 	750,000	 	 	 	21.74	%	 	 	22.08	%
	Chunyi (Charlie) Hao	 	 	1,026,000	 	 	 	29.74	%	 	 	30.21	%
	Xiaoma (Sherman) Lu	 	 	120,000	 	 	 	3.48	%	 	 	3.53	%
	Independent Directors	 	 	54,000	 	 	 	1.57	%	 	 	0	%
	TOTAL	 	 	3,450,000	 	 	 	100.000	%	 	 	100.000	%

 

		*	As of the date of this AgreementExhibit 10.51

 

Convertible Promissory Note

 

	USD 5,000,000	 	November 22, 2021 (the “Effective
Date”)

 

FOR VALUE RECEIVED (BEING USD 5,000,000 PAID
TO EITHER THE MAKER (AS DEFINED BELOW) OR YELLOW RIVER CORPORATION LIMITED AT THE OPTION OF THE MAKER), JHD Holdings (Cayman) Limited,
a Cayman Islands company having its principal place of business at 14/F Golden Centre, 188 Des Voeux Road Central, Hong Kong (the “Maker
”), promises to pay to Lycos Management, a BVI limited liability company having its principal place of business at OMC Chambers,
Wickhams Cay 1, Road Town, Tortola, British Virgin Islands (the “Holder”), the principal sum of Five Million United States
dollars (USD 5,000,000) (the “Principal”), plus interest set forth herein (this “Note”), subject to
the conversion of this Note in accordance with Clause 4 below.

 

The Maker hereby agrees as follows:

 

	1.	Repayment

 

To the extent that the Note has not been
converted into shares of JHD Technologies Limited (“Pubco Shares”), as provided herein, the Maker shall repay the Principal
and all accrued interest thereon and any other sums owing under this Note on December 31, 2022 (the “Maturity Date”).
For avoidance of doubt, if the Note has converted into Pubco Shares as provided herein, the Maker shall not be obligated to repay the
Principal.

 

		2.	Interest

 

From the Effective Date until the earlier
of (a) such date as the Principal shall have been paid in full and (b) the date of the conversion of the Principal in accordance with
Clause 4 hereof, interest shall accrue on the unpaid Principal of this Note on a daily basis (without compounding unless interest is overdue)
at a rate of ten percent (10%) per annum and shall be calculated and payable in arrears on such earlier date.

 

		3.	Prepayment

 

Prepayment of the Note shall not be permitted.

 

		4.	Conversion

 

On the date of the
consummation of the transactions contemplated by that certain Business Combination Agreement, dated February 16, 2021, as previously amended
and restated, and as may be further amended and/or restated from time to time, by and among East Stone Acquisition Corporation, Navy Sail
International Limited, Pubco, Yellow River Mergerco Limited, Yellow River (Cayman) Limited, the Maker, Double Ventures Holdings Limited
and the other parties thereto, as amended to date, (the “Closing”), the Note (including the Principal, but excluding
accrued interest) will automatically convert into Pubco Shares at the rate of one (1) share of Pubco for every Seven Dollars and Fifty
Cents (USD 7.50) so converted, pursuant to and upon the Closing.

 

		5.	Absolute Obligation

 

Except to the extent that the Note is
converted, the Maker hereby unconditionally promises to pay to the Holder, in U.S. Dollars in immediately available funds, the Principal,
interest and other amounts owing under this Note when such amounts are
due and payable hereunder, without counterclaim, deduction, setoff or other reduction for any reason.

 

     

     

    

 

		6.	Covenants

 

		6.1	Neither the Maker nor any of its subsidiaries or affiliates shall liquidate
themselves or wind-up their business affairs prior to the Maturity Date. Neither the Maker nor any of its subsidiaries or affiliates shall
directly or indirectly convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or a
substantial part of their business assets to any unrelated person or entity without the prior written consent of the Holder.

 

		6.2	The Maker will do or cause to be done, all things necessary to preserve
and keep in full force and effect (a) its existence under the laws of its jurisdiction of organization and (b) its franchises, authority
to do business and governmental licenses.

 

		6.3	The Maker shall comply in all respects with the requirements of all laws,
rules, regulations, ordinances and orders applicable to its property or business operations.

 

		6.4	The Maker will pay and discharge all taxes (whether or not shown on any
tax return, and including in its capacity as withholding agent) imposed upon it or any of its property, before becoming delinquent and
before any penalties accrue thereon, unless and to the extent that such taxes are being contested in good faith and by proper proceedings
and as to which appropriate reserves are provided in accordance with GAAP.

 

		6.5	The Maker will not fundamentally or substantively alter the character of
its business, taken as a whole, from the business conducted by the Maker on the date hereof and other business activities which are extensions
thereof or otherwise incidental or related or ancillary to any of the foregoing.

 

		6.6	This Note shall rank pari passu with any other indebtedness
of the Maker and the Maker shall not represent to any potential lender that this Note is subordinated to any indebtedness.

 

		7.	Default

 

		7.1	The Holder may, by written notice and without incurring any liability to
the Maker, declare an event of default hereunder at any time and with immediate effect, if any of the following events shall have occurred:
(i) in the event of (a) the filing of a petition for voluntary or involuntary insolvency or the suspension of payments regarding the Maker;
or (b) liquidation or dissolution of the Maker; (ii) in the event the Maker becomes insolvent or unable to pay its debts as they mature
or ceases to pay its debts as they mature in the ordinary course of business or makes an assignment for the benefit of its creditors;
(iii) in the event the Maker fails to pay any amount due by it under this Note on the dates and in the manner provided herein after having
been notified thereof in writing, and has not remedied such failure within fifteen (15) calendar days after the date of such notification;
(iv) in the event it shall become unlawful for either the Maker or the Holder to maintain this Note or for the Maker to perform any of
its obligations thereunder, or if this Note shall cease to be effective and enforceable in accordance with its terms; (v) in the event
that the Maker materially breaches a covenant contained in Clause 6; or (vi) Maker fails to honor any conversion requested by Holder in
accordance with Section 4 hereof.

 

		7.2	If an event of default specified in Clause 7.1 occurs, the Holder may, but
with no obligation to do so and without incurring any liability to the Maker, declare by written notice to the Maker, that the Principal
and all accrued and unpaid interest are immediately due and payable. Upon the occurrence of an event of default, interest on the Principal
and all accrued and unpaid interest shall accrue at a rate two hundred (200) basis points higher than the interest rate in effect immediately
prior to the occurrence of the event of default. The Holder shall have the right to institute any suit, action or proceeding in equity
or at law to enforce its rights under this Note.

 

    2

     

    

 

		7.3	It is the intent of the Maker and the Holder that in no event shall interest
be payable at a rate in excess of the maximum rate permitted by applicable law. Solely to the extent necessary to prevent interest under
this Note from exceeding the maximum legal rate, the Maker agrees that any amount that would be treated as excessive under a final judicial
interpretation of applicable law shall be deemed to have been a mistake and automatically cancelled, and, if received by the Holder, shall
be refunded to the Maker, without interest.

 

		8.	Miscellaneous

 

	8.1	Waivers

 

No waiver of any provision of this Note,
nor consent to any departure from its terms by the Holder, is effective unless the same is in writing, and then such waiver or consent
is effective only to the extent set forth therein.

 

	8.2	Payment Instructions

 

All payments by the Maker to the Holder
under this Note shall be made in U.S. Dollars on the respective due dates set forth herein by transfer to the account of the Holder as
the Holder shall designate to the Maker from time to time.

 

	8.3	Applicable Law

 

This Note shall be governed by, and construed
and enforced in accordance with, the laws of the State of New York, United States of America.

 

	8.4	Submission to Jurisdiction

 

The Maker hereby irrevocably and unconditionally
submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the State of New York sitting in New York County
and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action
or proceeding arising out of or relating to this Note.

 

	8.5	Successors and Assigns

 

The Maker may not assign or transfer
its rights or obligations hereunder without the Holder’s prior written consent. The Holder may assign its rights hereunder, subject to
compliance with applicable U.S. federal securities law, which provide, inter alia, that this Note and the securities to be received
upon conversion may not be transferred unless such securities have either been registered for resale with the U.S. Securities and Exchange
Commission or an exemption from such registration is available. Without limiting this Section 8.5, the provisions of this Note shall be
binding upon the successors and assigns of the Maker and shall inure to the benefit of the successors and assigns of the Maker.

 

	8.6	Headings

 

The headings of the sections of this
Note are for convenience only and shall not control or affect the meaning or construction of any provision of this Note.

 

	8.7	Costs and Expenses

 

All costs and expenses, including attorneys’ fees, incurred
by the Holder in the enforcement of this Note shall be for the account of the Maker.

 

	8.8	Characterization.

 

The parties hereto agree that this Note
constitutes a “PIPE Investment” as such term is defined and employed in the Business Combination Agreement to which the Maker
is a party.

 

(Signature page to Promissory Note follows)

 

    3

     

    

 

Execution

 

IN WITNESS WHEREOF, the
Maker has executed this Note, by its duly authorized representative, as of the date first above written.

 

JHD HOLDINGS (CAYMAN) LIMITED (Maker) 

 

	Signature: 	/s/ Alan Clingman	 
	Name:	Alan Clingman	 
	Title:	Authorized Person	 
	Place:	New York	 

 

AGREED:

 

LYCOS MANAGEMENT (Holder)

 

	Signature: 	/s/ B. Prensilevich	 
	Name:	B. Prensilevich	 
	Title:	Director	 
	Place:	Geneva	 

 

AGREED (solely in
relation to the conversion terms in Section 4)

 

JHD TECHNOLOGIES INC.
(Pubco) 

 

	Signature: 	/s/ Alan Clingman	 
	Name:	Alan Clingman	 
	Title:	Authorized Person	 
	Place:	New York	 

 

(Signature Page to Promissory
Note)

 

 

4

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