Document:

exh_415.htm

Exhibit 4.15

 

English Translations for Reference

 

LOAN AGREEMENT

 

 

 

THIS LOAN AGREEMENT (“this Agreement”) is entered into by the following two parties in Shenzhen as of April 2, 2014:

 

Party A:  Fanhua Xinlian Information Technology Consulting (Shenzhen) Co., Ltd.

Address:  Room E1, Floor #3, Hanfeng Building, 1Xiameilin Road, Futian District, Shenzhen

 

Party B:  Rannuo Hu

ID Card No.:

 

 

WHEREAS:

 

	
1.  

	
Party A is a liability limited company duly incorporated under the laws of the People’s Republic of China (the “PRC”);

 

	
2.  

	
Party B is a Chinese citizen and holds 100% equity interest in Shenzhen Dianliang Information Technology Co., Ltd. (“ Shenzhen Dianliang”);

 

	
3.  

	
Party B desires to borrow a loan from Party A by pledging its equity interest in Shenzhen Dianliang, and Party A agrees to extend a loan in an amount of RMB10,000,000 to Party B.

 

NOW THEREFORE, after friendly negotiations, both parties hereby agree as follows for mutual observance:

 

	
1.  

	
In accordance with the terms and conditions of this Agreement, Party A agrees to grant an interest-free loan in an amount of RMB10,000,000 to Party B, and Party B agrees to accept such loan.

 

	
2.  

	
The term of the loan under this Agreement shall start from the date when the loan is withdrawn until ten (10) years after signing this Agreement, and may be extended subject to the mutual agreement between both parties. During the loan term or any extension thereof, Party A shall have the right, by giving written notice to Party B, to decide that the loan under this Agreement is due immediately and request Party B to repay the loan in the manner as specified herein if Party B has any of the following circumstances:

 

	 	
2.1  

	
Party B resigns from or is dismissed by Party A or any of its affiliates;

 

	 	
2.2  

	
Party B dies or loses its civil capacity or its capacity for civil conduct is restricted;

 

	 	
2.3  

	
Party B commits a crime or is involved in a crime;

 

  

  

  

 

	 	
2.4

	
Any other third party claims more than One Hundred Thousand Renminbi (RMB100,000) against Party B; or

 

	 	
2.5

	
Party A has given to Party B a written notice regarding the purchase of Party B’s equity interest in Shenzhen Dianliang according to the provisions of the “Exclusive Purchase Option Agreement” as set forth in Article 3 hereof to exercise its call option.

 

	
3.  

	
Both parties hereby agree and acknowledge that, subject to the permission of and to the extent permitted by the PRC laws, Party A shall be entitled but not obliged to, at any time, purchase, or designate other person (including natural person, legal person or any other entity), to purchase all or part of the equity interest held by Party B in Shenzhen Dianliang (the “Call Option”), provided, however, that Party A gives a written notice about equity purchase to Party B. Once such written notice about exercising the Call Option is given by Party A, Party B shall, according to Party A’s intention and instructions, transfer its equity interest in Shenzhen Dianliang to Party A or other person designated by Party A at its original investment price (the “Original Investment Price”) or if otherwise specified by laws, at another price agreed upon by Party A. Both parties hereby agree and acknowledge that when Party A exercises the Call Option, if the lowest equity price permitted by the applicable laws and regulations then in effect is higher than the Original Investment Price, the purchase price for Party A or its designee shall be the lowest price permitted by laws. Both parties agree to execute the “Exclusive Purchase Option Agreement” with respect thereto.

 

	
4.  

	
Both parties hereby agree and acknowledge that Party B shall repay the loan in the manner as given below only:  when the loan is due, Party B (or any of its successors, heirs or assignees) shall, at Party A’s written request, transfer its equity interest in Shenzhen Dianliang to Party A or its designee subject to the permission of the PRC laws, and shall use the proceeds from such equity transfer to repay the loan under this Agreement.

 

	
5.  

	
Both parties hereby agree and acknowledge that except as otherwise provided for herein, the loan under this Agreement is interest-free. But when the loan is due and Party B needs to transfer its equity interest hereunder to Party A or its designee, if the actual equity transfer price is higher than Party B’s loan principal, due to legal requirements or other reasons, the excess shall be deemed as loan interest or fund utilization costs to the extent permitted by laws, and shall paid to Party A together with loan principal.

 

	
6.  

	
Both parties hereby agree and acknowledge that Party B’s obligations under this Agreement are deemed to be fully performed only if all the following conditions are met:

 

	 	
6.1  

	
Party B has transferred all its equity interest in Shenzhen Dianliang to Party A and/or its designee;  and

 

	 	
6.2  

	
Party B has paid to Party A as loan repayment all proceeds from equity transfer or the maximum amount permitted by laws (including principal and the highest loan interest permitted by applicable laws then in force).

 

	
7.  

	
To secure the performance of the debts under this Agreement, Party B agrees to pledge all its equity interest in Shenzhen Dianliang to Party A (the “Equity Pledge”). Both parties agree to execute an “Equity Pledge Agreement” with respect thereto.

 

	
8.  

	
As of the execution date of this Agreement, Party A hereby represents and warrants to Party B that:

 

	 	
8.1  

	
Party A is a limited liability company incorporated and validly existing under the PRC laws;

 

	 	
8.2  

	
Party A has the authority to execute and perform this Agreement. The execution and performance by Party A of this Agreement comply with its business scope, articles of association or other organizational documents, and Party A has obtained all necessary and appropriate approvals and authorizations with respect to the execution and performance of this Agreement;

 

	 	
8.3  

	
The execution and performance of this Agreement by Party A do not violate any laws, regulations, government approvals, authorizations, notices or other government documents binding upon or influencing it, any agreement signed by it with any third party or any undertaking made by it to any third party;  and

 

  

  

  

 

	 	
8.4  

	
Once executed, this Agreement constitutes a legal, valid and binding obligation of Party A, enforceable against Party A in accordance with its provisions.

 

	
9.  

	
From the execution date of this Agreement until the termination hereof, Party B hereby represents and warrants to Party A that:

 

	 	
9.1  

	
Shenzhen Dianliang is a limited liability company incorporated and validly existing under the PRC laws. Shenzhen Dianliang has completed all government approvals, authorizations, licenses, registrations, filing, etc necessary to carry out the business activities within its business scope and to possess its assets;

 

	 	
9.2  

	
Party B legally owns 100% equity interest in Shenzhen Dianliang;

 

	 	
9.3  

	
Party B has the authority to execute and perform this Agreement. The execution and performance by Party B of this Agreement comply with the articles of association or other organizational documents of Shenzhen Dianliang, and Party B has obtained all necessary and appropriate approvals and authorizations with respect to the execution and performance of this Agreement;

 

	 	
9.4  

	
The execution and performance of this Agreement by Party B do not violate any laws, regulations, government approvals, authorizations, notices or other government documents binding upon or influencing it, any agreement signed by it with any third party or any undertaking made by it to any third party;

 

	 	
9.5  

	
Once executed, this Agreement constitutes a legal, valid and binding obligation of Party B, enforceable against Party B in accordance with its provisions;

 

	 	
9.6  

	
Except for the provisions stipulated in the “Equity Pledge Agreement” and “Exclusive Purchase Option Agreements”, Party B has not mortgaged, pledged or otherwise encumbered its equity interest in Shenzhen Dianliang, given an offer about the transfer of such equity interest to any third party, made any commitment about the offer of any third party to purchase its equity interest, or executed any agreement with any third party to transfer its equity interest in Shenzhen Dianliang;

 

	 	
9.7  

	
There are no existing or potential disputes, litigations, arbitrations, administrative proceedings or other legal proceedings in connection with Party B’s equity interest in Shenzhen Dianliang.

 

	
10.  

	
Party B covenants that it shall, during the term of this Agreement:

 

	 	
10.1  

	
Without Party A’s prior written consent, not sell, transfer, mortgage or otherwise dispose of or cause any other security interest to be created on its equity interest or other interests in Shenzhen Dianliang, except for the equity pledge and other rights created for the benefit of Party A;

 

	 	
10.2  

	
Without Party A’s prior written consent, not vote for or support or execute at the shareholders’ meetings of Shenzhen Dianliang any shareholders’ resolution approving the sale, transfer, mortgage or otherwise disposal of, or causing any other security interest to be created on, its legal or beneficial interest in the equity interest of Shenzhen Dianliang;

 

	 	
10.3  

	
Without Party A’s prior written consent, not vote for or support or execute at the shareholders’ meetings of Shenzhen Dianliang any resolution approving Shenzhen Dianliang to be merged or consolidated with, acquire or invest in, any person;

 

	 	
10.4  

	
Promptly inform Party A of any existing or potential litigation, arbitration or administrative proceedings relating to Party B’s equity interest in Shenzhen Dianliang;

 

	 	
10.5  

	
Execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to maintain the ownership over its equity interest in Shenzhen Dianliang;

 

	 	
10.6  

	
Not do any act and/or omission that may materially affect the assets, business and liabilities of Shenzhen Dianliang without Party A’s prior written consent;

 

  

  

  

 

	 	
10.7  

	
At Party A’s request, appoint any person nominated by Party A as the director of Shenzhen Dianliang;

 

	 	
10.8  

	
When Party A exercises its Call Option described herein, transfer all of Party B’s equity interest in Shenzhen Dianliang promptly and unconditionally to Party A and/or its designee subject to the permission of and to the extent permitted by the PRC laws;

 

	 	
10.10  

	
Not request Shenzhen Dianliang to distribute dividends or profits to it;

 

	 	
10.11  

	
In case its equity interest in Shenzhen Dianliang is transferred to Party A or its designee, Party B will, subject to compliance with legal requirements, pay all equity transfer proceeds to Party A as the loan principal and as the loan interests or fund utilization costs permitted by laws;

 

	 	
10.12  

	
Comply strictly with the provisions of this Agreement, fully perform its obligations under this Agreement and not do any act/omission that affects or impairs the validity and enforceability of this Agreement.

 

	
11.

	
Party B undertakes that within the term of this Agreement, it will, in the capacity of the shareholder of Shenzhen Dianliang, cause Shenzhen Dianliang:

 

	 	
11.1  

	
Not to supplement, amend or modify its articles of association in any way, or to increase or decrease its registered capital, or to change its capital structure in any way without Party A’s prior written consent;

 

	 	
11.2  

	
To maintain its existence, and to operate its business and deal with matters prudently and effectively, subject to good financial and business rules and practices;

 

	 	
11.3  

	
Not to sell, transfer, mortgage or otherwise dispose of, or cause any other security interest to be created on, the legal or beneficial interests in any of its assets, business or income at any time after the signing of this Agreement without Party A’s prior written consent;

 

	 	
11.4  

	
Not to create any liability, without Party A’s prior written consent, except (i) the liability arising from the normal course of business, but not arising from the loan; and (ii) the liability disclosed to Party A and approved by Party A in writing;

 

	 	
11.5  

	
To operate persistently all the business in the normal course of business to maintain the value of its assets;

 

	 	
11.6  

	
Not to execute any material contracts (a contract will be deemed material if its value exceeds One Hundred Thousand Renminbi (RMB100,000)), without Party A’s prior written consent, other than those executed during the normal course of business;

 

	 	
11.7  

	
To provide information concerning all of its operations and financial performance at Party A’s request;

 

	 	
11.8  

	
Not to be merged or consolidated with, acquire or invest in, any other person without Party A’s prior written consent;

 

	 	
11.9  

	
Not to distribute dividends to each shareholder in any way without Party A’s prior written consent. However, Shenzhen Dianliang shall promptly distribute all its distributable profits to Party A’s shareholders upon Party A’s request;

 

	 	
11.10  

	
To inform promptly Party A of any existing or potential litigation, arbitration or administrative proceedings concerning its assets, business or income;

 

	 	
11.11  

	
To execute all necessary or appropriate documents, to take all necessary or appropriate actions and to bring all necessary or appropriate lawsuits or to make all necessary and appropriate defenses against all claims in order to maintain the ownership over all its assets;

 

  

  

  

 

	 	
11.12  

	
To comply strictly with the agreements with respect to the technological support and consulting services (the “Service Agreements”) and other agreements executed by it with Party A’s affiliates, to perform its obligations under the Service Agreements and other agreements, and not to do any act/omission that affects the validity and enforceability of such agreements.

 

	
12.

	
This Agreement shall be binding on and inure to the benefit of both parties hereto and their respective successors, heirs and permitted assignees. Without the prior written approval of Party A, Party B shall not transfer, pledge or otherwise assign any of its rights, benefits or obligations under this Agreement.

 

	
13.  

	
Party B hereby agrees that Party A may assign its rights and obligations under this Agreement to any other third parties when necessary. Party A shall only be required to notify Party B in writing when such transfer occurs and no further consent from Party B shall be needed in respect of the transfer.

 

	
14.  

	
The formation, validity, interpretation, performance, amendment and termination of and resolution of disputes in connection with this Agreement shall be governed by the PRC laws.

 

	
15.  

	
Arbitration:

 

	 	
15.1  

	
Any dispute, controversy or claim arising from the interpretation and performance in connection with this Agreement (including any question regarding its existence, validity or termination) shall be settled by both parties through friendly consultations. In case no settlement can be reached within thirty (30) days after one party makes a request for settlement, either party may submit such dispute to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its arbitration rules then in effect at the time of applying for arbitration. The arbitration award shall be final and binding upon both parties;

 

	 	
15.2  

	
The seat of arbitration shall be Shenzhen;

 

	 	
15.3  

	
The language of arbitration proceedings shall be Chinese.

 

	
16.  

	
This Agreement shall be formed on its signing date. This Agreement shall be effective as of the date on which the loan is released until both parties have performed their obligations under this Agreement.

 

	
17.  

	
Party B shall not terminate or revoke this Agreement unless Party A commits a gross negligence, fraud or other material illegal acts; or Party A goes bankrupt.

 

	
18.  

	
This Agreement shall not be amended or modified except with the written consent of both parties. In case of anything not covered herein, both parties may make supplements hereto by signing a written agreement. Any amendment, modification, supplement or annex to this Agreement shall form an integral part of this Agreement.

 

	
19.  

	
This Agreement constitutes the entire agreement between both parties with respect to the transactions contemplated herein and supersedes all prior oral discussions or written agreements reached by both parties with respect to the transactions mentioned above.

 

	
20.  

	
This Agreement is severable. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall not affect the validity and enforceability of the remainder of this Agreement.

 

	
21.  

	
Each party hereto shall keep in strict confidence the information concerning the other party’s business, operation, financial performance or other confidential data obtained under this Agreement or during the performance of this Agreement.

 

  

  

  

 

	
22.  

	
Any obligation arising out of this Agreement or that is due before the expiration or early termination of this Agreement shall survive such expiration or early termination. Articles 14, 15 and 21 hereof shall survive the termination of this Agreement.

 

	
23.  

	
This Agreement is executed in two originals, with each of Party A and Party B holding one original. All originals have the same legal effect.

 

 

 

 

  

  

  

IN WITNESS WHEREOF, Party A’s legal representative or authorized representative and Party B have executed this Agreement as of the date as first above written.

 

Party A:  Fanhua Xinlian Information Technology Consulting (Shenzhen) Co., Ltd.

 

Chop: [Chop affixed]

 

 

Party B:  Rannuo Hu

 

Signature:  /s/ Rannuo Huexh_416.htm

Exhibit 4.16

English Translation for Reference

EQUITY PLEDGE AGREEMENT

THIS EQUITY PLEDGE AGREEMENT (hereinafter “this Agreement”) is entered into in Shenzhen as of April 2, 2014 by the following parties:

Party A: Fanhua Xinlian Information Technology Consulting (Shenzhen) Co., Ltd.

Address: Room E1, Floor #3, Hanfeng Building, 1Xiameilin Road, Futian District, Shenzhen

Party B: Rannuo Hu

ID card No.:

Third Party: Shenzhen Dianliang Information Technology Co., Ltd.

Address: Rom201, Building A, 1 Qianwanyi Road Liyumen Street, Qianhai Shengang Cooperate District, Shenzhen

WHEREAS:

 

	
1.

	
Party A is a wholly foreign-owned enterprise incorporated in the People’s Republic of China (hereinafter the “PRC”).

	
  

	 

	
2.

	
Party B is a citizen of the PRC and holds 100% equity interest  in Shenzhen Dianliang Information Technology Co., Ltd. (hereinafter “Shenzhen Dianliang”), a limited liability company incorporated in Shenzhen, China.

	
  

	 

	
3.

	
Party A and Party B signed the Loan Agreement on April 2, 2014, pursuant to which, Party A will provide an interest-free loan in the total amount of RMB10,000,000 (in words: RMB ten million)  (hereinafter the “Loan”) to Party B, and Party B will provide the Pledged Equity Interest to Party A as a guarantee for the Loan.

NOW THEREFORE, Party A (hereinafter the “Pledgee”) and Party B (hereinafter the “Pledgor”) hereby enter into this Agreement after friendly negotiation.

	
1.

	
Definitions

 

Unless otherwise provided in this Agreement, the following terms shall have the following meanings:

 

	 	
1.1

	
“Right of Pledge”: refers to all the contents as set forth in Article 2 hereunder.

	 	
1.2

	
“Pledged Equity Interest”: refers to all the equity interest legally held by the Pledgor in Shenzhen Dianliang. 

 

	 	
1.3

	
“Event of Default”: refers to any circumstances set forth in Article 7.1 hereof.

 

	 	
1.4 

	
“Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement, declaring the occurrence of an Event of Default.

 

	
2. 

	
Right of Pledge

The Pledgor pledges all of his Pledged Equity Interest in Shenzhen Dianliang to the Pledgee as a guarantee for all of his liabilities under the Loan Agreement. The “Right of Pledge” refers to the right owned by the Pledgee to be first compensated from the money converted from, or the proceeds from the auction or sale of, such equity interest pledged by the Pledgor to the Pledgee.

	
3. 

	
Registration of Pledge

 

	 	
3.1

	
Within one (1) week after the signing of this Agreement, the Pledgor shall cause Shenzhen Dianliang to record the Pledgee’s Right of Pledge over his Pledged Equity Interest in the register of shareholders and deliver the copy of the register of shareholders bearing the common seal of Shenzhen Dianliang, as well as the original of equity contribution certificate of Shenzhen Dianliang to the Pledgee for safe-keeping.

 

  

  

  

 

	 	
3.2

	
Both parties agree that if conditions permit, they will make their best effort to file, and cause the pledge under this Agreement to be filed, with the industrial and commercial administrative department in the place where Shenzhen Dianliang is registered, but both parties confirm that unless compulsorily stipulated by the PRC laws and regulations, whether this Agreement is filed as above or not will not affect the validity of this Agreement.

 

	
4. 

	
Rights of the Pledgee

 

	 	
4.1

	
Where the Pledgor does not perform his liabilities, the Pledgee shall be entitled to be first compensated from the money converted from, or the proceeds from the auction or sale of, such Pledged Equity Interest.

	 	
4.2

	
The Pledgee shall be entitled to the bonus arising from the Pledged Equity Interest.

	
5. 

	
Representation and Warranty of the Pledgor

 

	 	
5.1

	
The Pledgor is the legal owner of the Pledged Equity Interest.

	 	
5.2

	
Except for the interest of the Pledgee, the Pledgor has not created other pledges or any other kinds of rights over the Pledged Equity Interest.

	 	
5.3

	
The pledge of the equity interest by the Pledgor has obtained the consent of the other shareholders of Shenzhen Dianliang, and other shareholders have unanimously agreed that they will give up the exercise of their respective preemptive right when the Pledgee actually exercises the Right of Pledge.

	
6. 

	
Undertakings by the Pledgor

	 	
6.1

	
During the term of this Agreement, the Pledgor undertakes to the Pledgee for the benefit of the Pledgee that he will:

 

	
  

	
6.1.1

	
Not to transfer the Pledged Equity Interest, nor create or cause to be created any pledge which may possibly affect the rights and benefits of the Pledgee on the Pledged Equity Interest without the prior written consent of the Pledgee.

	
  

	
6.1.2

	
Comply with the laws and regulations with respect to the pledge of rights; present to the Pledgee the notices, orders or suggestions with respect to the Right of Pledge issued or made by the competent authority within five (5) days upon receipt thereof; and comply with such notices, orders or suggestions; or make an objection to or a statement on the foregoing matters at the reasonable request of the Pledgee or with the consent of the Pledgee;

	
  

	
6.1.3

	
Timely notify the Pledgee of any events or any received notices which may affect the Pledgor’s right over the Pledged Equity Interest or any part thereof, or may change the Pledgor’s any warranty and obligation under this Agreement or may have effects on it.

	 	
6.2

	
The Pledgor agrees that the Pledgee’s right to exercise the Right of Pledge obtained pursuant to this Agreement shall not be interrupted or hindered by the Pledgor or any of its successors or principals or any other person through legal proceedings.

	 	
6.3

	
The Pledgor undertakes to the Pledgee that in order to protect or improve the guarantee for the repayment of the loan under this Agreement, the Pledgor will execute in good faith and cause other interested persons relating to the Right of Pledge to execute all right certificates and contracts required by the Pledgee and/or perform and cause other interested persons to perform the acts required by the Pledgee and facilitate the exercise of the rights and authority granted to the Pledgee under this Agreement.

 

  

  

  

 

	 	
6.4

	
The Pledgor undertakes to the Pledgee that he will execute all documents relating to any change in equity interest that is pledged with the Pledgee and any persons designated by it (natural persons/ legal persons) within a reasonable period.

	 	
6.5

	
The Pledgor undertakes to the Pledgee that for the purpose of the Pledgee’s benefits, he will comply with and perform all warranties, undertakings, agreements, representations and conditions. Where the Pledgor does not perform, in whole or in part, his warranties, undertakings, agreements, representations and conditions, the Pledgor shall compensate all losses suffered by the Pledgee arising therefrom.

	
7. 

	
Event of Default

 

	 	
7.1

	
The following events shall be regarded as the Events of Default:

	
  

	
7.1.1

	
The Pledgor fails to perform his obligations under the Loan Agreement;

	
  

	
7.1.2

	
Any representation or warranty made by the Pledgor in Article 5 hereof contains misleading or false information that is material and/or the Pledgor breaches any warranty in Article 5 hereof;

	
  

	
7.1.3

	
The Pledgor breaches the undertakings under Article 6 hereof;

	
  

	
7.1.4

	
The Pledgor breaches any of the other provisions of this Agreement;

	
  

	
7.1.5

	
The Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity Interest without the prior written consent of the Pledgee;

	
  

	
7.1.6

	
Any borrowing, guarantee, compensation, undertaking or other debt liabilities of the Pledgor (1) is required to be repaid or performed in advance due to a default; or (2) has been due but cannot be repaid or performed on time, which, in the opinion of the Pledgee, would have affected the ability of the Pledgor in performing his obligations under this Agreement;

	
  

	
7.1.7

	
Shenzhen Dianliang is incapable of repaying the general debts or other debts;

	
  

	
7.1.8

	
This Agreement becomes illegal or the Pledgor fails to continue to perform his obligations herein due to any cause other than force majeure;

	
  

	
7.1.9

	
The properties owned by the Pledgor have significant adverse changes, which, in the opinion of the Pledgee, would have affected the ability of the Pledgor in performing his obligations under this Agreement;

	 	
7.1.10

	
The breach by the Pledgor due to his act or omission regarding the other provisions of this Agreement.

	 	
7.2

	
If the Pledgor knows or finds that any matter stated in Article 7.1 hereof or any event possibly resulting in any of the above matters has occurred, he shall immediately inform the Pledgee in writing.

	 	
7.3

	
Unless the Events of Default listed in this Article 7.1 has been resolved to the satisfactory of the Pledgee, the Pledgee may give a written Notice of Default to the Pledgor at any time when the Pledgor is in default or thereafter, requesting the Pledgor to immediately pay the outstanding debts and other payables under the Loan Agreement or requesting to dispose of the Right of Pledge according to Article 8 hereof.

	
8. 

	
Exercise of the Right of Pledge

 

	 	
8.1

	
The Pledgor shall not transfer the Pledged Equity Interest before his obligations under the Loan Agreement have been fully performed and without the prior written consent of the Pledgee.

	 	
8.2

	
The Pledgee shall give a notice to the Pledgor when the Pledgee exercises the Right of Pledge.

 

  

  

  

 

	 	
8.3

	
Subject to Article 7.3, the Pledgee may exercise the Right of Pledge when it gives a Notice of Default in accordance with Article 7.3 or at any time thereafter.

	 	
8.4

	
The Pledgee shall be entitled to be first compensated from the money converted from, or the proceeds from auction or sale of, all or part of the equity interest hereunder in accordance with statutory procedures until the outstanding debts and all other payables of the Pledgor under the Loan Agreement are repaid.

	 	
8.5

	
When the Pledgee disposes of the Right of Pledge in accordance with this Agreement, the Pledgor shall not pose any obstacles, and shall give necessary assistance in this regard so that the Pledgee can realize its Right of Pledge.

	
9. 

	
Assignment of this Agreement

 

	 	
9.1

	
The Pledgor shall have no right to transfer any of his rights and obligations under this Agreement without the prior consent of the Pledgee.

	 	
9.2

	
This Agreement shall be binding upon the Pledgor and his successors or heirs, and shall be valid and binding upon the Pledgee and each of its successors, heirs or permitted assigns.

	 	
9.3

	
The Pledgee may, at any time and to the extent permitted by laws, transfer or assign all or any of its rights and obligations under the Loan Agreement to any person designated by it (natural person or legal person). In this case, such assignee shall have the same rights and obligations hereunder as those of the Pledgee as if the assignee is a party hereto. When the Pledgee transfers or assigns the rights and obligations under the Loan Agreement, only a written notice shall be given by the Pledgee to the Pledgor, and the Pledgor shall, at the request of the Pledgee, execute the relevant agreements and/or documents with respect to such transfer or assignment.

	 	
9.4

	
A new pledge contract shall be signed between the new parties to the pledge after the change of the Pledgee as result of the transfer.

	
10. 

	
Effectiveness and Term

This Agreement is signed on the date first set forth above, and shall become effective from the date when the pledge of the Equity Interest is recorded on the register of shareholders of Shenzhen Dianliang.

	
11. 

	
Termination

This Agreement shall be terminated when the Loan under the Loan Agreement is paid off and the Pledgor ceases to undertake any obligations under the Loan Agreement, and the Pledgee shall, within the earliest reasonable and practicable time, offer assistance to complete necessary formalities so as to discharge the pledge of the Equity Interest.

	
12. 

	
Handling Charges and Expenses

The Pledgee shall be responsible for all the fees and actual expenses in relation to this Agreement, including but not limited to legal fees, cost of production, stamp tax and any other taxes and charges. If the Pledgee shall pay the relevant taxes in accordance with the laws, it shall compensate all such taxes paid by the Pledgor.

	
13. 

	
Force Majeure

 

	 	
13.1

	
“Force Majeure” means any event that is beyond the reasonable control of either party and unavoidable or unpreventable after he/it gives reasonable attention, including but not limited to government act, act of God, fire, explosion, storm, flood, earthquake, tide, lightning or war, but shortage of credit, funds or financing shall not be deemed to be the event beyond the reasonable control of either party. The party who is affected by the “Force Majeure” shall inform the other party as soon as possible of the event, in respect of which the exemption from such obligations is sought.

 

  

  

  

 

	 	
13.2

	
Should the performance of this Agreement be delayed or prevented due to any “Force Majeure” defined above, the party who is affected by the “Force Majeure” shall not be required to assume any liabilities hereunder to the extent that it is within the scope of the delay or prevention. The party so affected shall take appropriate measures to minimize or eliminate the impact of “Force Majeure”, and make endeavors to resume the performance of the obligations delayed or prevented by the “Force Majeure”. Both parties agree to make their best efforts to resume the performance of this Agreement once the “Force Majeure” is eliminated.

	
14. 

	
Confidentiality

Both parties agree and acknowledge that any oral or written information exchanged between them in connection with this Agreement shall be confidential information. Each party shall keep confidential all such information, and shall not disclose any of the information to any third party without the prior written consent of the other party, except for the following: (a) the information that is or will be known to the public (provided that it is not disclosed to the public without authorization by the information receiving party); (b) the information required to be disclosed by applicable laws or stock exchange’s rules or regulations; or (c) the information required to be disclosed by either party to his/its legal or financial advisors with respect to the transaction contemplated under this Agreement, for which such legal or financial advisors shall also comply with the confidentiality obligations similar to those stated in this Article. Any divulgence of confidential information by any personnel of either party or any institutions engaged by him/it shall be deemed as the divulgence of confidential information by such party, and such party shall be liable for the breach pursuant to this Agreement.

	
15. 

	
Dispute Resolution

 

	
  

	
15.1

	
This Agreement shall be governed by and construed in accordance with the PRC laws.

 

	
  

	
15.2

	
Any dispute between the parties arising from the interpretation and performance of the provisions of this Agreement shall be settled by both parties in good faith through negotiations. In case no settlement can be reached by both parties, either party may refer such dispute to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its arbitration rules then in effect. The seat of arbitration shall be Shenzhen and the language of proceedings shall be Chinese. The arbitral award shall be final and binding upon both parties.

	
16. 

	
Notice

Any notice given by the parties hereto for the purpose of performing the rights and obligations hereunder shall be in writing. Such notice is deemed to be duly received: if by hand delivery, at the time of delivery; if by telex or facsimile, at the time of transmission. If such notice does not reach the addressee on a business day or reaches the addressee after the business hours, the next business day following such day is the date of delivery. The delivery place shall be the address of each party hereto as first written above or other address advised by such party in writing (including facsimile and telex) subsequently from time to time.

	
17. 

	
Integrity of this Agreement

Notwithstanding Article 10 hereof, both parties agree that upon its effectiveness, this Agreement constitutes the entire agreement and understanding between both parties with respect to the subject matter thereof and supersedes and replaces all prior oral and/or written agreements and understandings between both parties with respect to the subject matter thereof.

	
18. 

	
Severability of this Agreement

Should any provision of this Agreement be held invalid or unenforceable due to its inconsistency with the relevant laws, such provision shall be invalid only to the extent within the scope of the related jurisdiction, and shall not affect the legal effect of the other provisions hereof.

	
19. 

	
Amendment or Supplement to this Agreement

 

	 	
19.1

	
The parties hereto may make amendments or supplements to this Agreement by written agreement. All amendment agreements and supplemental agreements in relation to this Agreement that are duly signed by both parties shall form an integral part of this Agreement, and shall have the same legal effect as this Agreement.

 

  

  

  

 

	 	
19.2

	
This Agreement and any amendments, supplements or changes thereof shall be in writing and will come into effect upon being executed and sealed by both parties hereto.

	
20. 

	
Counterparts

This Agreement is executed in three originals in Chinese. Each of Party A and Party B shall hold one original and one original shall be held by Shenzhen Dianliang for filing. Each original shall have the same legal effect.

  

  

  

IN WITNESS WHEREOF, each party has caused this Agreement to be executed by himself/itself or his/its legal representative or authorized representative as of the date first above written.

Pledgee: Fanhua Xinlian Information Technology Consulting (Shenzhen) Co., Ltd.

Legal Representative/Authorized Representative:

Chop: [Chop affixed]

Pledgor: Rannuo Hu

Signature: /s/ Rannuo Hu    

Third Party: Shenzhen Dianliang Information Technology Co., Ltd.

Legal Representative/Authorized Representative:

Chop: [Chop affixed]

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