Document:

Exhibit 10.3

 

Exclusive Business Cooperation Agreement

 

This Exclusive
Business Cooperation Agreement (this “Agreement”) is made and entered into by and between the following parties on August 24,
2021 in Nanjing, the People’s Republic of China (“China” or the “PRC”).

 

	Party A:		 Nanjing Dingxu Xinhui Technology Co. Ltd.

	Address:		Room 501, Building 12, Ideal Mingyuan, No. 88 Gaotang Road,
Moling Street, Jiangning District, Nanjing City

 

	Party B:		 Jiangsu Easy Parking Intelligent Technology Co., Ltd.

	Address:		Building 1, No.7 Yingcui Road, Moling Street, Jiangning District,
Nanjing City

 

Each of Party
A and Party B shall be hereinafter referred to as a “Party” respectively, and as the ” Parties” collectively.

 

Whereas,

 

		1.	Party A is a wholly foreign-owned enterprise established in China,
which is primarily engaged in computer system services; data processing services; consulting and planning services; network technology
service; animation game development; translation services; industrial design services; internet sales (excep1 for sales of goods that
require a license);

  

		2.	Party B is a company with exclusively domestic capital registered
in China, which is primarily engaged in research and development of intelligent technology and intelligent parking equipment; computer
software and hardware research and development, technical consulting, technical services, parkingmanagement ser vices; intelligent
garage construction engineering design and construction; sale and installation of intelligent parking equipment; property management.
(collectively, the  “Principal Business”);

 

		3.	Party A is willing to provide Party B with technical support, consulting service and management services on an exclusive basis in relation to the Principal Business during the term of this Agreement,
utilizing its advantages in technology human resources , and information, and Party B is willing to accept such consultations and services
provided by Party A or Party A’s designee(s), each on the terms set forth herein.

 

  Now, therefore, through mutual discussion, the Parties have reached the following agreements:

 

		1.	Services Provided by Party A

 

		1.1	Party B hereby appoints Party A as Party B’s exclusive services
provider to provide Party B with complete technical support, business support and related consulting services during the term of this
Agreement, in accordance with the terms and conditions of this Agreement, which may include all necessary services within the scope of
the Principal Business as may be determined from time to time by Party A, such as but not limited to providing information technology
consulting services and development and sales of management software.

  

		1.2	Par ty B agrees to accept all the consultations and services
provided by Party A. Party B further agrees that unless with Party A’s prior written consent, during the term of this Agreement, Party
B shall not directly or indirectly accept the same or any similar consultations and/or services provided by any third party and shall
not establish similar corporation relationship with any third party regarding the matters contemplated by this Agreement. Party A may
appoint other parties, who may enter into certain agreements described in Section 1.3 with Party B, to provide Party B with the consultations
and/or services under this agreement.

 

     

     

    

 

		1.3	Service Providing Methodology

 

		1.3.1	Party A and Party B agree that during the term of this Agreement,
where necessary, Party B may enter into further technology services agreement or consulting services agreement with Party A or any other
party designated by Party A, specifying the exact contents, manner, personnel, and fees for the specific techno logy services and consulting
services.

 

		1.3.2	Party B hereby grants to Party A an irrevocable and exclusive
option to purchase from Party B, at Party A’s sole discretion, any or all of the asset of Party B, to the extent permitted under the
PRC laws, at the lowest purchase price permitted by the PRC laws. In this case, the Parties shall enter into a separate assets transfer
agreement, specifying the terms and conditions of the transfer of the assets.

 

		2.	The Calculation and Payment of the Service Fees

 

		2.1	The Parties agree that in respect to the services provided
by Party A to Party B contemplated in this Agreement, Party B shall pay Party A the service fees (the “Service fees”). During
the term of this Agreement, the Service Fees to be paid to Party A by Party B shall be calculated quarterly based on the following formula:
the time of services rendered to Party B by the employees of Party A multiplies
the corresponding rate, plus the amount of the services fees decided by the board of directors of Party A based on the value of services
rendered by Party A and the actual income of Party B from time to time. In the event the board of directors of Party A does not adjust
the aforesaid amount of service fees, the Service Fees shall be exercised in accordance with the amount decided by the latest board of
directors of Party A. In any event, the Service Fees shall be substantially equal to all of the
net income of Party B, subject to any requirement by the PRC law and the Article of Association of Party A.
The following elements shall be taken
into consideration in adjusting or deciding the_Service
Fees:

 

		2.1.1	The complexity and difficulty of the services;

 

		2.1.2	The required time of such services rendered by the employee
s of Party A;

 

		2.1.3	The exact content and commercial value of the services;

 

		2.1.4	The market reference price of the services of the same kind.

 

		2.2	As unanimously agreed upon by the Parties, the exact calculation
and payment methods of the Service Fees may be amended by entering into a separate written agreement.

 

		2.3	Unless otherwise unanimously agreed upon by the Parties, the
Service Fees to be paid by Party B to Party A pursuant to this Agreement shall not be deducted or offset in any manner.

 

		3.	Confidentiality Clauses

 

		3.1 .	The Parties acknowledge
that the existence and the terms of this Agreemen1 and any oral or written information exchanged between the Parties in connection with
the preparation and performance of this Agreement are regarded as confidential information. Each Party shall maintain confidentiality
of all such confidential information, and without obtaining the written consent of the other party, it shall not disclose any relevant
confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through
the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations,
rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party
to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that
such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those
set forth in this Section. Disclosure of any confidential information by the staff members or agencies hired by any Party shall be deemed
disclosure of such confidential information by such Party, which Party shall be held liable for breach of this Agreement. This Section
shall survive the termination of this Agreement for any reason.

 

		3.2	The
Parties agree that this Section shall survive changes to, and rescission or termination of, this Agreement.

 

		4.	Representations
and Warranties

 

		4.1	Party A hereby represents and warrants as follows:

 

		4.1.1	Party A is a wholly owned-foreign enterprise legally registered
and validly existing in accordance with the laws of China.

 

		4.1.2	Party A has taken all necessary corporate actions, obtained
all necessary authorization and the consent and approval from third parties and government agencies (if any) for the execution, delivery
and performance of this Agreement. Party A’s execution, delivery and performance of this Agreement do not violate any explicit requirements
under any law or regulation binding on Party A.

 

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		4.1.3	This Agreement constitutes Party A’s legal, valid and binding
obligations, and enforceable in accordance with the terms hereof.

 

		4.2	Party B hereby represents and warrants as follows:`

 

		4.2.1	Party B is a company legally registered and validly existing
in accordance with the laws of China and has obtained the relevant governmental permit and license for engaging in the Principal Business.

 

		4.2.2	Party B has taken all necessary corporate actions, obtained
all necessary authorization and the consent and approval from third parties and government agencies (if any) for the execution, delivery
and performance of this Agreement. Party B’s execution, delivery and performance of this Agreement do not violate any explicit requirements
under any law or regulation binding on Party B.

 

		4.2.3	This Agreement constitutes Party B’s legal, valid and binding
obligations, and enforceable in accordance with the terms hereof.

 

		5.	Effectiveness and Term

 

		5.1	This Agreement is executed on the date first above written and
shall take effect as of such date. Unless earlier terminated in accordance with the provisions of this Agreement or relevant agreements
separately executed between the Parties, the term of this Agreement shall be 10 years.

 

		5.2	The term of this Agreement may be extended if confirmed in writing
by Party A prior to the expiration thereof. The extended term shall be determined
by Party A, and Party B shall accept such extended term unconditionally.

 

		6.	Termination

 

		6.1	Unless renewed in accordance with the relevant terms of this
Agreement, this Agreement shall be terminated upon the date of expiration hereof.

 

		6.2	During the term of this Agreement, Party B
shall not terminate this Agreement prior to its expiration date. Nevertheless, P art y A shall have the right to terminate this
Agreement upon giving 30 days’ prior written notice to Party B at any time.

 

		6.3	The rights and obligations of the Parties under Articles 3,
7 and 8 shall survive the termination of this Agreement.

 

		7.	Governing Law and Resolution of Disputes

 

		7.1.	The execution, effectiveness, construction, performance, amendment
and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

 

		7.2	In the event of any dispute
with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations.
In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party’s request to the other Parties for
resolution of the dispute through negotiations, either Party may submit the relevant dispute to the China International Economic and
Trade Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in Hangzhou,
and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.

 

		7.3	Upon the occurrence of any disputes arising from the construction
and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties
to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under
this Agreement.

 

		8.	Indemnification

 

			Party B shall indemnify and hold harmless Party A from any losses, injuries, obligations or expenses
                                                                                caused by any lawsuit, claims or other demands against Party A arising from or caused by the consultations and services provided by
                                                                                Party A to Party B pursuant this Agreement, except where such losses, injuries, obligations or expenses arise from the gross
                                                                                negligence or willful misconduct of Party A.

 

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		9.	Notices

 

		9.1	All notices and other communications required or permitted
to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier
service or by facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall also be sent
by email. The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

 

		9.1.l	Notices given by personal delivery, by courier service or by
registered mail, postage prepaid, shall be deemed effectively given on the date of receipt or refusal at the address specified for notices.

 

		9.1.2	Notices given by facsimile transmission shall be deemed effectively
given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission).

 

		9.2	For the purpose of notices, the addresses of the Parties are
as follows:

 

	 	PartyA:	Nanjing Dingxu Xinhui Technology Co. Ltd.
	 	Address :	Room 50 l, Building 12, Ideal Mingyuan, No . 88 Gaotang Road,
    Moling Street, Jiangning District, Nanjing City
	 	Attn:	Chao Chen
	 	Phone:	19962017631
	 	Facsimile:	025-85305277
	 	 	 
	 	Party B:	Jiangsu Easy Parking Intelligent Technology Co., Ltd.
	 	Address:	Buildin g  1, No.7 Yingcui Road, Moling Street, Jiangning
    District, Nanjing city
	 	Attn:	Xin Jin
	 	Phone:	16623060872
	 	Facsimile:	025-85305277

 

		9.3	Any Party may at any time change its address for notices by
a notice delivered to the other Party in accordance with the terms hereof.

 

		10.	Assignment

 

		10.1	Without Party A’s prior written consent, Party B shall not assign
its rights and obligations under this Agreement to any third party.

 

		10.2	Party B agrees that Party
A may assign its obligations and rights under this Agreement to any third party upon a prior written notice to Party B
but without obtaining the consent of Party B.

 

		11.	Severability

 

			In the event that one or several of the provisions of this Agreement are found to be invalid,
                                                                                illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the
                                                                                remaining provisions of this Agreement shall not be affected or compromised in any aspect. The Parties shall strive in good faith to
                                                                                replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted
                                                                                by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the
                                                                                economic effect of those invalid, illegal or unenforceable provisions.

 

		12.	Amendments and Supplements

 

			Any amendments and supplements to this Agreement shall be in writing. The amendment agreements and
                                                                                supplementary agreements that have been signed by the Parties and that relate to this Agreement shall be an integral part of this
                                                                                Agreement and shall have the same legal validity as this Agreement.

 

		13.	This Agreement is written in both Chinese and English language
in two copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the
English version, the Chinese version shall prevail.

 

The Remainder of this page is intentionally
left blank

 

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IN WITNESS WHEREOF, the Parties have caused their
authorized representatives to execute this Exclusive Business Cooperation Agreement as of the date first above written.

 

 

	Party A: Nanjing Dingxu Xinhui Technolo gy C o. Ltd.
	 	 	 
	By:	/s/ Chao Chen	 
	Title:	Legal Representative	
	 	 	 
	Party B: Jiangsu Easy Parking Intelligent Technology Co., Ltd.
	 	 	 
	By:	/s/ Xin Jin	
	Title:	Legal Representative	 

 

 

5Exhibit 10.4

 

Power of Attorney

 

________________
("Shareholder") is one of the shareholders of Jiangsu Easy Parking Intelligent Technology Co., Ltd. ("Company"), holding
____% of equity interest of the Company ("My Shareholding"). Shareholder hereby irrevocably authorizes Nanjing Dingxu Xinhui
Technology Co. Ltd. ("WFOE") to exercise the following rights relating to My Shareholding during the term of this Power of Attorney:

 

The WFOE is hereby authorized to
act on behalf of myself as my exclusive agent and attorney with respect to all matters concerning My Shareholding, including without limitation
to: 1) attend shareholders' meetings of the Company; 2) exercise all the shareholder's rights and shareholder's voting rights I am entitled
to under the laws of China and the Company's Articles of Association, including but not limited to the sale or transfer or pledge or disposition
of My Shareholding in part or in whole; and 3) designate and appoint on behalf of myself the legal representative, the executive director,
supervisor, the chief executive officer and other senior management members of the Company.

 

Without limiting the generality
of the powers granted hereunder, the WFOE shall have the power and authority under this Power of Attorney to execute the Transfer Contract(s)
stipulated in Exclusive Option Agreement, to which I am required to be a party, on behalf of myself, and to effect the terms of the Share
Pledge Agreement and Exclusive Option Agreement, both dated the date hereof, to which I am a party.

 

All the actions
associated with My Shareholding conducted by the WFOE shall be deemed as my own actions, and all the documents related to My Shareholding
executed by the WFOE shall be deemed to be executed by me. I hereby acknowledge and ratify those actions and/or documents by the WFOE.

 

The WFOE
is entitled to re-authorize or assign its rights related to the aforesaid matters to any other person or entity at its own discretion
and without giving prior notice to me or obtaining my consent.

 

This Power
of Attorney is coupled with an interest and shall be irrevocable and continuously valid from the date of execution of this Power of Attorney,
so long as I am a shareholder of the Company.

 

During the
term of this Power of Attorney, I hereby waive all the rights associated with My Shareholding, which have been authorized to the WFOE
through this Power of Attorney, and shall not exercise such rights by myself.

 

This Power
of Attorney is written in Chinese and English; in case there is any conflict between the Chin ese version and the English version, the
Chinese version shall prevail.

 

     

     

    

 

[signature page]

 

	By:	 	 

 

	Witness:	 	 

 

	Date: 	 	 

 

 

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