Document:

Exhibit
10.3

 

Equity
Pledge Agreement

 

This
Equity Pledge Agreement (this “Agreement”) is entered into in the People’s Republic of China (the “PRC”)
on January 【】, 2022, by and among the following Parties:

 

Party
A: (“Shareholder”)

 

Identity
Card No.: 【】

 

(Shareholders
listed above are hereinafter referred to individually as a “Pledgor” and collectively as the “Pledgors.”)

 

Party
B: Mofy Metaverse (Beijing) Technology Co., Ltd. (the “Pledgee”)

 

Registered
address: 307, Floor 3, Building 17, Courtyard 1, Balizhuang Bridge Nanli, Chaoyang District, Beijing

 

Party
C: Global Mofy (Beijing) Technology Co., Ltd. (the “Company”)

 

Registered
address: Building A12, Xidian memory cultural and creative Town, Gaobeidian Township, Chaoyang District, Beijing

 

(In
this Agreement, the above parties are hereinafter referred to individually as a “Party” and collectively as the “Parties.”)

 

WHEREAS:

 

(1)
The Pledgors are the registered shareholders of the Company, legally holding 【xx%】 equity interest of the Company (the
“Company Equity Interest”). Appendix 1 sets forth the capital contribution amount and the shareholding percentage of
each Pledgor in the registered capital of the Company on the signing date of this Agreement.

 

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(2)
The Pledgee is a wholly foreign-owned company incorporated and validly existing in accordance with laws of the PRC.

 

(3)
The Company is a limited liability company incorporated and validly existing
in accordance with laws of the PRC.

 

(4)
In accordance with the provisions of the Exclusive Call Option Agreement entered into by and among the Parties to this Agreement on January
【】, 2022, the Pledgors shall, to the extent permitted under PRC Law, transfer all or part of its equity interests held
in the Company to the Pledgee and/or any other entities or individuals designated by the Pledgee based on the Pledgee’s request. 

 

(5)
In accordance with the provisions of the Shareholder Voting Proxy Agreement (the “Entrustment Agreement”) entered into by
and among the Parties to this Agreement on January 【】, 2022, the Pledgors entirely entrust the individual designated by
the Pledgee to exercise all the voting rights the Pledgors have as the shareholders of the Company.

 

(6)
In accordance with the Consultation and Service Agreement executed between the Company and the Pledgee on January 【】, 2022,
the Company has exclusively engaged the Pledgee to provide relevant consultation services for it and agreed to pay corresponding service
fees to the Pledgee for such consultation services.

 

(7)
As the Pledgors’ security for the performance of the Contractual Obligations (as defined below) and the repayment of the Secured
Liabilities (as defined below) by the Pledgors, the Pledgors are willing to pledge all the Company Equity Interest held by each Pledgor
to the Pledgee and grant the Pledgee the right to request for repayment on first priority, and the Company agrees to such equity interest
pledge arrangement.

 

NOW,
THEREFORE, the Parties, through amicable negotiations and based on the principle of equality and mutual benefit, hereby agree as follows:

 

Article 1
Definitions

 

1.1

 

Unless
otherwise indicated in context of this Agreement, the following terms shall be interpreted as follows.

 

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“Contractual
Obligations” means all the contractual obligations of the Pledgors and/or the Company under the Exclusive Call Option Agreement,
the Consultation and Service Agreement, the Entrustment Agreement, the Business Operation Agreement executed by the Parties on January
【】, 2022 and all the contractual obligations of the Pledgors and the Company under this Agreement.

 

“Secured
Liabilities” means all the direct, indirect and consequential losses and loss of foreseeable profits suffered by the Pledgee due
to any Event of Default (as defined below) on the part of the Pledgors and/or the Company. The basis for determining the amount of such
losses includes but is not limited to the reasonable commercial plan and profit forecast of the Pledgee, and all the expenses incurred
by the Pledgee to enforce the performance by the Pledgors and/or the Company of their Contractual Obligations.

 

“Transaction
Documents” means the Exclusive Call Option Agreement, the Entrustment Agreement, the Business Operation Agreement and the Consultation
and Service Agreement.

 

“Event
of Default”: means the Pledgors’ violation of any Contractual Obligations under the Exclusive Call Option Agreement, the
Business Operation Agreement, the Entrustment Agreement and/or this Agreement, and the Company’s violation of any Contractual Obligations
under the Exclusive Call Option Agreement, the Business Operation Agreement, the Entrustment Agreement, the Consultation and Service
Agreement and/or this Agreement.

 

“Pledged
Equity Interest” means all of the Company Equity Interest lawfully owned by the Pledgors and to be pledged to the Pledgee in accordance
with this Agreement as security for the performance of the Contractual Obligations by the Pledgors and the Company (see Appendix 1) for
the specific Pledged Equity Interest of each Pledgor, and the increased capital contribution amount and dividend as provided in Article 2.6
and Article 2.7 of this Agreement.

 

“PRC”
means the People’s Republic of China, for the purpose of this Agreement only, excluding the Hong Kong Special Administrative Region,
the Macao Special Administrative Region and Taiwan.

 

“PRC
Law” means the then-effective laws, administrative regulations, administrative rules, local regulations, judicial interpretations
and other binding regulatory documents of the PRC.

 

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1.2.

 

Any
reference to any PRC Law in this Agreement shall be deemed (1) to include references to the amendments, changes, supplements and
restatement of such PRC Law, irrespective of whether they take effect before or after the execution of this Agreement, and (2) to
include the references to other decisions, notices and regulations enacted in accordance therewith or effective as a result thereof.

 

1.3

 

Unless
otherwise specified in the context herein, any reference to an Article, clause, item or paragraph in this Agreement shall refer only
to the corresponding part of this Agreement.

 

Article 2
Pledge of Equity Interest

 

2.1

 

The
Pledgors hereby agree to pledge the Pledged Equity Interest, which they lawfully own and are entitled to dispose of, to the Pledgee in
accordance with the provisions of this Agreement as the security for the performance of the Contractual Obligations and the discharge
of the Secured Liabilities, if any. The Company hereby agrees to the Pledgors’ pledge of the Pledged Equity Interest to the Pledgee
in accordance with the provisions of this Agreement. Specifically, on the date of execution of this Agreement, the Pledgors pledge their
equity collectively accounting for 【xx%】 of the Company’s registered capital to the Pledgee.

 

2.2

 

The
Pledgors undertake to be responsible for registering the equity interest pledge arrangement (the “Equity Pledge”) under this
Agreement on the Company’s register of shareholders immediately upon the execution date of this Agreement. The Company undertakes
that it will do its best to cooperate with the Pledgors to complete the registration with authorities of industry and commerce under
this Article. The equity pledge under this Agreement shall be established on the date when the pledge is registered with the registration
authorities of industry and commerce where the Company registers. The Pledgors shall provide the Pledgee with evidence of the registration
of the Equity Pledge on the register of shareholders in a form satisfactory to the Pledgee and shall, after the registration of the Equity
Pledge is completed and as required by the Pledgee, provide the Pledgee with the pledge certificates issued by the administration of
industry and commerce in form to the satisfaction of the Pledgee.

 

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2.3

 

During
the valid term of this Agreement, unless directly attributable to the Pledgee’s willful misconduct or the Pledgee’s gross
negligence in relation to the performance of this Agreement and/or the transactions related hereto, the Pledgee shall in no way be held
liable for any reduction in the value of the Pledged Equity Interest, and the Pledgors shall have no right to claim any compensation
against the Pledgee.

 

2.4

 

Without
breaching the provisions of Article 2.3 above, if there is any probability that the value of the Pledged Equity Interest will notably
reduce in such a way as to jeopardize the rights of the Pledgee, the Pledgee may at any time auction or sell the Pledged Equity Interest
on behalf of the Pledgors, and may reach agreement with the Pledgors to use the proceeds from such auction or sales to prepay the Secured
Liabilities or to deposit such proceeds with the notary office in the place where the Pledgee is domiciled (all expenses so incurred
shall be borne by the Pledgee). Further, if requested by the Pledgee, the Pledgors shall offer additional security interest over other
property for the Secured Liabilities.

 

2.5

 

Upon
the occurrence of any Event of Default, the Pledgee has the right to dispose of the Pledged Equity Interest in accordance with Article 4
of this Agreement. 

 

2.6

 

The
Pledgors shall not increase the registered capital of the Company without the Pledgee’s prior consent. The increased capital contribution
amount of the Pledgors in the registered capital of the Company as a result of such capital increase of the Company shall be a part of
the Pledged Equity Interest.

 

2.7

 

No
dividend or capital bonus on the Pledged Equity Interest shall be distributed to the Pledgors without the Pledgee’s prior written
consent. The Pledgors agree that during the term of pledge, the Pledgee has the right to collect any dividend or capital bonus out of
the Pledged Equity Interest. The Company shall pay such amount into the bank account designated by the Pledgee.

 

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Article 3
Release of Pledge

 

3.1

 

After
the Pledgors and the Company have fully and completely performed all of the Contractual Obligations and discharged all of the Secured
Liabilities, the Pledgee shall, upon the Pledgors’ request, release the Equity Pledge under this Agreement and cooperate with the
Pledgors to go through the formalities to cancel the registration of the Equity Pledge on the Company’s register of shareholders
and with the administration of industry and commerce in charge of the Company. The reasonable fees incurred in connection with such release
shall be borne by the Pledgee.

 

Article 4
Disposal of Pledged Equity Interest

 

4.1

 

The
Parties agree that if any Event of Default occurs, the Pledgee has the right to exercise, upon giving a written notice to the Pledgors,
all of the remedial rights and powers that it is entitled to under PRC Law, the Transaction Documents and the provisions of this Agreement,
including but not limited to being compensated in first priority with proceeds from auctions or sales of the Pledged Equity Interest.
The Pledgee shall not be liable for any loss caused by its reasonable exercise of such rights and powers.

 

4.2

 

The
Pledgee has the right to delegate in writing to its legal counsels or other agents to exercise all or any part of its rights and powers
above, and neither the Pledgors nor the Company may oppose such actions.

 

4.3.

 

The
Pledgee has the right to deduct the reasonable expenses actually incurred from its exercise of all or any part of its rights and powers
set forth above from the proceeds gained from its exercise of such rights and powers.

 

4.4

 

The
proceeds gained from the Pledgee’s exercise of its rights and powers shall be settled in the following order of priority:

 

(a)

 

pay
all expenses arising out of the disposal of the Pledged Equity Interest and the Pledgee’s exercise of its rights and powers (including
the remuneration paid to its legal counsels and agents);

 

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(b)

 

pay
all taxes and charges payable owed in relation to the disposal of the Pledged Equity Interest; and

 

(c)

 

repay
the Secured Liabilities to the Pledgee.

 

If
there is any balance remaining after the payment of the above amounts, the Pledgee shall return the balance to the Pledgors or any other
person entitled to such amount pursuant to relevant laws and regulations, or deposit such amount with the notary office in the place
where the Pledgee is domiciled (all expenses so incurred shall be borne by the Pledgee).

 

4.5.

 

The
Pledgee has the discretion to, simultaneously or separately, exercise any remedies it may be entitled to in relation to any Event of
Default. The Pledgee may exercise its rights to auction or sell the Pledged Equity Interest under this Agreement without first exercising
any other remedy that may be available in an event of default.

 

Article 5
Costs and Expenses

 

5.1

 

All
actual expenses related to the creation of the Equity Pledge under this Agreement, including but not limited to, stamp duty, any other
taxes, and all legal fees shall be assumed as incurred by each respective Party.

 

Article 6
Continuity and No Waiver

 

6.1

 

The
Equity Pledge created under this Agreement is a continuing assurance, which shall be valid until the Contractual Obligations are fully
performed or the Secured Liabilities are fully discharged. Neither waiver or grace period of any event of default of the Pledgors given
by the Pledgee, nor the Pledgee’s late exercise of any of its rights under the Transaction Documents and this Agreement, shall
affect the rights of the Pledgee pursuant to this Agreement, the Transaction Documents or the relevant PRC Law as it may require at any
time thereafter the Pledgors’ strict implementation of the Transaction Documents and this Agreement, or the rights the Pledgee
is entitled to with respect to the Pledgors’ subsequent breach of the Transaction Documents and/or this Agreement.

 

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Article 7
Pledgors’ Representations and Warranties

 

The
Pledgors hereby severally and jointly represent and warrant to the Pledgee as follows:

 

7.1.

 

Each
of the Pledgors is a PRC citizen with full legal capacity, having full civil rights and powers to execute this Agreement and assume the
legal obligations in accordance with this Agreement.

 

7.2

 

All
the reports, documents and information related to the Pledgors and all the matters required under this Agreement that the Pledgors provided
to the Pledgee prior to the effectiveness of this Agreement are true and accurate in all material respects as of the effectiveness of
this Agreement.

 

7.3

 

All
the reports, documents and information related to the Pledgors and all the matters required under this Agreement to be provided by the
Pledgors to the Pledgee after the effectiveness of this Agreement will be true and valid in all material aspects at the time when they
are provided.

 

7.4.

 

Upon
the effectiveness of this Agreement, each of the Pledgors is the sole legal owner of the Pledged Equity Interest. There are no pending
disputes whatsoever concerning the ownership of the Pledged Equity Interest. The Pledgors are entitled to dispose of the Pledged Equity
Interest or any part thereof.

 

7.5

 

Except
the encumbrance set on the Pledged Equity Interest under this Agreement and the rights created under the Transaction Documents, there
are no other encumbrance or third party rights over the Pledged Equity Interest.

 

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7.6

 

The
Pledged Equity Interest can be legally pledged and transferred, and the Pledgors have full rights and powers to pledge the Pledged Equity
Interest to the Pledgee in accordance with the provisions of this Agreement.

 

7.7

 

This
Agreement, upon due execution by the Pledgors, constitutes the lawful, valid and binding obligations of the Pledgors after the signing
of this Agreement.

 

7.8

 

Any
approvals, permits, waivers and authorizations by any third party, or any required governmental approvals, permits and waivers or any
registration or filing formalities with any government authorities (if legally required), which are required with respect to the execution
and performance of this Agreement and the Equity Pledge under this Agreement, have been obtained or completed (subject to Article 2.2),
and will be fully effective during the term of this Agreement.

 

7.9.

 

Each
Pledgor’s execution and performance of this Agreement does not violate or conflict with any laws applicable thereto, any agreement
to which it is a party or by which its assets are bound, or any court adjudication, any arbitration award or any decision of administrative
authorities.

 

7.10

 

The
pledge under this Agreement constitutes a first priority encumbrance over the Pledged Equity Interest.

 

7.11

 

All
taxes and expenses payable for obtaining the Pledged Equity Interest have been paid by the Pledgors in full. 

 

7.12

 

There
is no pending or, to the knowledge of the Pledgors, threatened litigation, legal process or demand by any court or any arbitral tribunal
against the Pledgors, or their property, or the Pledged Equity Interest, nor is there any pending or, to the knowledge of the Pledgors,
threatened litigation, legal process or demand by any government authority or any administration authority against the Pledgors, or their
property, or the Pledged Equity Interest, which is of material or detrimental effect on the economic status of the Pledgors or their
capability to perform the obligations hereunder and the Secured Liabilities.

 

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7.13

 

The
Pledgors hereby undertake to the Pledgee that the above representations and warranties will all be true and accurate and be fully complied
with under any circumstance and at all times before the Contractual Obligations are due to be performed in full or the Secured Liabilities
are discharged in full.

 

7.14

 

If
the Company is required to be dissolved or liquidated as per compulsory provisions of applicable laws, any interest distributed to the
Pledgors according to law upon completion of legal dissolution or liquidation of the Company shall be presented to the Pledgee or the
entity/individual designated by the Pledgee to the extent not in violation of the PRC Law.

 

Article 8
Company’s Representations and Warranties

 

The
Company represents and warrants to the Pledgee as follows:

 

8.1

 

The
Company is a limited liability company duly registered and lawfully existing under the laws of the PRC with independent legal person
status, and can be an independent party to a lawsuit.

 

8.2

 

All
the reports, documents and information related to the Pledged Equity Interest and all the matters required under this Agreement which
the Company provided to the Pledgee prior to the effectiveness of this Agreement are true and accurate in all material respects as of
the effectiveness of this Agreement.

 

8.3

 

All
the reports, documents and information related to the Pledged Equity Interest and all the matters required under this Agreement to be
provided by the Company to the Pledgee after the effectiveness of this Agreement will be true and valid in all material aspects at the
time when they are provided.

 

8.4

 

This
Agreement, upon due execution by the Company, constitutes the lawful, valid and binding obligations of the Company.

 

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8.5

 

The
Company has full internal corporate power and authorization to execute and deliver this Agreement and all other documents related to
the transaction contemplated in this Agreement and to be executed by it. It has full power and authorization to complete the transaction
contemplated in this Agreement.

 

8.6

 

There
is no pending or, to the knowledge of the Company, threatened litigation, legal process or demand by any court or any arbitral tribunal
against the Company, or its property, or the Pledged Equity Interest, nor is there any pending or, to the knowledge of the Company, threatened
litigation, legal process or demand by any government authority or any administration authority against the Company, or its property,
or the Pledged Equity Interest, which is of material or detrimental effect on the economic status of the Company or its capability to
perform the obligations hereunder and the Secured Liabilities.

 

8.7

 

The
Company hereby agrees to assume the joint and several liability to the Pledgee with respect to the representations and warranties made
by the Pledgors under Article 7.4, Article 7.5, Article 7.6, Article 7.8 and Article 7.10 of this Agreement.

 

8.8

 

The
Company hereby undertakes to the Pledgee that the above representations and warranties will all be true and accurate and be fully complied
with under any and all circumstances and at any time up until the Contractual Obligations are performed in full and the Secured Liabilities
are discharged in full.

 

8.9

 

If
the Company is required to be dissolved or liquidated as per compulsory provisions of the PRC Law, the Company assets shall be sold to
the Pledgors or qualified entities/individuals designated by the Pledgors at the lowest price permitted by the then-effective PRC Law
in accordance with the PRC Law.

 

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Article 9
Pledgors’ Undertakings

 

The
Pledgors hereby severally and jointly undertake to the Pledgee as follows:

 

9.1

 

Without
the prior written consent of the Pledgee, the Pledgors shall not create, or allow to be created, any new pledge or any other security
interest over the Pledged Equity Interest. Any pledge or other security interest created over all or any part of the Pledged Equity Interest
without the prior written consent of the Pledgee shall be invalid.

 

9.2

 

Without
the prior written notice to and the prior written consent of the Pledgee, the Pledgors shall not transfer the Pledged Equity Interest
and all activities of the Pledgors to transfer the Pledged Equity Interest shall be invalid. The proceeds obtained from the Pledgors’
transfer of the Pledged Equity Interest shall be used first to prepay the Secured Liabilities to the Pledgee or to be deposited with
a third party as agreed with the Pledgee.

 

9.3

 

In
the event of the occurrence of any lawsuit, arbitration or other claim which may have an adverse effect on the interests of the Pledgors
or the Pledgee under the Transaction Documents and this Agreement or on the Pledged Equity Interest, the Pledgors undertake to notify
the Pledgee in writing as soon as possible and in a timely manner, and, as reasonably required by the Pledgee, to take all necessary
measures to ensure that the Pledgee secures and maintains all rights, title and interest to the Pledged Equity Interest.

 

9.4.

 

The
Pledgors undertake to complete the registration formalities to extend the business term of the Company three months before the expiration
of the business term of the Company so as to continue the effect of this Agreement.

 

9.5

 

The
Pledgors shall not take, or allow to be taken, any activity or action which may have an adverse effect on the Pledgee’s interest
under the Transaction Documents and this Agreement or on the Pledged Equity Interest. The Pledgors waive the right of first refusal to
purchase the Pledged Equity Interest when the Pledgee realizes its pledge rights.

 

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9.6

 

The
Pledgors shall, after signing this Agreement, use their best efforts and take all necessary measures to register the Equity Pledge under
this Agreement with the relevant administration of industry and commerce as soon as possible, and the Pledgors undertake to, as reasonably
required by the Pledgee, take all necessary measures and execute all necessary documents (including but not limited to any agreement
supplemental to this Agreement) to ensure the exercise and realization of the transfer of all rights, title and interest to the Pledged
Equity Interest.

 

9.7

 

When
the right of pledge of the Pledged Equity Interest is exercised under this Agreement, the Pledgors shall undertake to take all measures
to complete such transfer.

 

9.8

 

The
Pledgors shall ensure that the convening process, voting methods and resolutions of the shareholders meetings and board meetings of the
Company convened for the purpose of the exercise of the right of pledge under this Agreement shall not be in conflict with the laws,
administrative regulations or the articles of association of the Company.

 

Article 10
Company’s Undertakings

 

10.1

 

If
any third party approval, permit, waiver or authorization, or any required governmental approval, permit or waiver, or any registration
or filing formalities with any government authorities (if legally required) is required to be obtained or completed for the execution
and performance of this Agreement and for the Equity Pledge under this Agreement, the Company shall endeavor to assist the Parties in
obtaining it and keeping it fully effective during the valid term of this Agreement.

 

10.2

 

Without
the prior written consent of the Pledgee, the Company shall not cooperate to establish or permit to establish any new pledge or any other
encumbrance on the Pledged Equity Interest.

 

10.3

 

Without
the prior written consent of the Pledgee, the Company shall not cooperate to transfer or permit to transfer the Pledged Equity Interest.

 

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10.4

 

In
the event of the occurrence of any lawsuit, arbitration or other claim which may have an adverse effect on the Company, the Pledged Equity
Interest or the Pledgee’s interest under the Transaction Documents and this Agreement, the Company undertakes to notify the Pledgee
in writing as soon as possible and in a timely manner, and, as reasonably required by the Pledgee, to take all necessary measures to
ensure the pledge interest of the Pledgee over the Pledged Equity Interest.

 

10.5

 

The
Company undertakes to complete the registration formalities to extend its business term three months before the expiration of its business
term so as to continue the effect of this Agreement.

 

10.6

 

The
Company shall not take, or allow to be taken, any activity or action which may have an adverse effect on the Pledgee’s interest
under the Transaction Documents and this Agreement or on the Pledged Equity Interest, including but not limited to any activity or action
restricted under Article 9.

 

10.7

 

The
Company shall, in the first month of each calendar quarter, provide the Pledgee with the financial statements of the Company for the
immediately preceding calendar quarter, including but not limited to the balance sheet, the profit and loss statements and the cash flow
statements.

 

10.8

 

The
Company undertakes to, as reasonably required by the Pledgee, take all necessary measures and execute all necessary documents (including
but not limited to any agreement supplemental to this Agreement) to ensure the exercise and realization of the transfer of the Pledged
Equity Interest to the Pledgee.

 

10.9

 

At
such time as the exercise of the right of pledge under this Agreement results in the transfer of any Pledged Equity Interest, the Company
undertakes to take all measures to ensure completion of such transfer.

 

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Article 11
Change of Circumstances

 

11.1

 

As
a supplement to and not with the intent of conflicting with the Transaction Documents or other provisions of this Agreement, if at any
time, due to the promulgation of or change in any PRC Law, regulations or rules , or the change in interpretation or application of such
laws, regulations or rules, or the change of relevant registration procedures, the Pledgee believes that it is illegal or in conflict
with such laws, regulations and rules to keep this Agreement effective, to keep the right of pledge under this Agreement effective and/or
to dispose of the Pledged Equity Interest in accordance with this Agreement, the Pledgors and the Company shall promptly take any and
all actions and/or execute any agreements or other documents upon written instruction by the Pledgee and as reasonably required by the
Pledgee, so as to:

 

(a)

 

keep
this Agreement and the right of pledge under this Agreement effective;

 

(b)

 

facilitate
the disposal of the Pledged Equity Interest in accordance with this Agreement; and/or

 

(c)

 

keep
or realize the security created or intended by this Agreement.

 

Article 12
Effectiveness, Termination and Term of this Agreement

 

12.1

 

This
Agreement shall come into effect upon execution by each of the Parties on the date first written above.

 

12.2

 

The
term of this Agreement shall end upon the full performance of the Contractual Obligations or the full discharge of the Secured Liabilities.

 

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Article 13
Notices

 

13.1

 

Any
notice, request, demand and other correspondence required by this Agreement or made in accordance with this Agreement shall be made in
written form and delivered to the following address in person, by fax, telegram, telex, email, registered mail (postage paid) or express
mail.

 

To
the Pledgors:

 

Address:

 

Email:

 

To
the Pledgee: Mofy Metaverse (Beijing) Technology Co., Ltd.

 

Address:

 

Email:

 

To
the Company: Global Mofy (Beijing) Technology Co., Ltd.

 

Address:

 

Email:

 

13.2

 

If
any such notice or other correspondence is transmitted by fax, telegram, telex or email, it shall be treated as delivered immediately
upon transmission; if delivered in person, it shall be treated as delivered at the time of delivery; if delivered by registered mail
or express mail, it shall be treated as delivered three (3) days after posting.

 

Article 14
Miscellaneous

 

14.1

 

This
Agreement is written in English and translated into Chinese. In the event of any discrepancy between the two versions, the English version
shall prevail. This Agreement is made with Four (4) original copies, with one (1) original to be retained by each Party hereto.
One (1) original is to be used for the application to the local Administration of Industry and Commerce in charge of the Company
for registration of the Equity Pledge under this Agreement.

 

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14.2

 

The
execution, validity, performance, revision, interpretation and termination of this Agreement and the resolution of any dispute arising
from this Agreement shall be governed in accordance with the laws of the PRC.

 

14.3

 

Should
any dispute arise in connection with construction or performance of any provision under this Agreement, the Parties shall seek in good
faith to resolve such dispute through negotiations. If the negotiations fail, any of the Parties may submit the dispute to the China
International Economic and Trade Arbitration Commission (CIETAC) for arbitration in Beijing in accordance with CIETAC’s arbitration
rules then in effect at the time of applying for arbitration, and the language of arbitration shall be in Chinese. The arbitration
award shall be final and binding on each of the Parties. 

 

14.4

 

None
of the rights, powers or remedies granted to any Party by any provision herein shall preclude any other rights, powers or remedies available
to such Party at law and under the other provisions of this Agreement. In addition, a Party’s exercise of any of its rights, powers
and remedies shall not exclude such Party from exercising any of its other rights, powers and remedies.

 

14.5

 

No
failure or delay by a Party in exercising any rights, powers and remedies available to it hereunder or at law (“Such Rights”)
shall result in a waiver thereof, nor shall the waiver of any single or part of Such Rights shall exclude such Party from exercising
Such Rights in any other way and exercising other rights of such Party.

 

14.6

 

Each
term contained herein shall be severable and independent from each of the other terms. In case any term herein becomes all or partly
invalid or unenforceable due to violation of law or governmental regulations or other reasons, the affected part of such term shall be
considered to have been removed, provided that the removal of the affected part of such term shall not affect the legal effect of the
remaining part of such term or other terms herein. The Parties shall conclude new terms through consultations to replace such invalid
or unenforceable terms.

 

14.7

 

The
headings in this Agreement are written for ease of reference only and in no event shall they affect the interpretation of any terms of
this Agreement.

 

    17 / 20

     

    

 

14.8

 

Any
amendments or supplements to this Agreement shall be made in writing. Except for any assignment by the Pledgee of its rights hereunder
according to Article 14.1, the amendments or supplements to this Agreement shall take effect only upon the due execution by the
Parties to this Agreement. If any amendments or supplements to this Agreement legally require any approval of and/or any registration
or filing with any government authority, the Parties shall obtain such approval and/or complete such registration or filing in accordance
with law.

 

14.9

 

Matters
not covered in this Agreement shall be determined by the Parties separately through consultation.

 

14.10

 

This
Agreement constitutes all agreements reached by the Parties on the subject matter of the cooperation project, and supersedes any previous
or concurrent oral and written agreement, understanding and correspondence relevant to the subject matter of the cooperation project
between the Parties. Unless specifically provided herein, there is no other explicit or implicit obligation or covenant between the Parties.

 

14.11

 

The
Pledgors or the Company shall not transfer any of its rights and/or obligations under this Agreement to any third party without prior
written consent of the Pledgee. To the extent not in contravention of the PRC Laws, the Pledgee may, upon written notice to the Pledgors
and the Company, transfer any of its rights and/or obligations under this Agreement to any third party designated by it.

 

14.12

 

When
the Pledgee exercises its right of pledge to the Pledged Equity Interest pursuant to the provisions hereof, the amount of the Secured
Liabilities determined by the Pledgee at its own discretion shall be regarded as the conclusive evidence of the Secured Liabilities hereunder.

 

14.13

 

Upon
execution of this Agreement, each Pledgor shall sign a Power of Attorney (in the form set out in Appendix hereto, the “Power of
Attorney”) to authorize any person designated by the Pledgee to sign on the Pledgors’ behalf according to the terms of this
Agreement, any and all legal documents necessary for the exercise of the Pledgee’s rights hereunder. Such Power of Attorney shall
be delivered to the Pledgee to keep in custody and, when necessary and as needed, the Pledgee may at any time submit the Power of Attorney
to the relevant government authority.

 

    18 / 20

     

    

 

14.14

 

This
Agreement shall be binding upon the legal successors or assigns of the Parties.

 

[The
remainder of this page is intentionally left blank]

 

[Signature
Page of Equity Pledge Agreement]

 

    19 / 20

     

    

 

IN
WITNESS WHEREOF, the following Parties have executed this Agreement on the date and at the place first above written.

 

Shareholders:

 

Mofy
Metaverse (Beijing) Technology Co., Ltd. (Seal)

 

	Authorized Representative
  (Signature):	 	 
	 	Name:	 

 

Global
Mofy (Beijing) Technology Co., Ltd. (Seal)

 

	Authorized Representative (Signature):	 	 
	 	Name:	 

 

    20 / 20Exhibit 10.4

 

Exclusive
Call Option Agreement

 

This
Exclusive Call Option Agreement (this “Agreement”) is entered into in the People’s Republic of China (the “PRC”)
on January 【】, 2022 by and among the following Parties:

 

Party
A: (“Shareholders”)

 

(Shareholders
listed above are hereinafter referred to individually as a “Shareholder” and collectively as the “Shareholders.”)

 

Party
B: Mofy Metaverse (Beijing) Technology Co., Ltd. (the “WFOE”)

 

Registered
address: 307, Floor 3, Building 17, Courtyard 1, Balizhuang Bridge Nanli, Chaoyang District, Beijing

 

Party
C: Global Mofy (Beijing) Technology Co., Ltd. (the “Company”)

 

Registered
address: Building A12, Xidian memory cultural and creative Town, Gaobeidian Township, Chaoyang District, Beijing

 

(In
this Agreement, the above parties are hereinafter referred to individually as a “Party” and collectively as the “Parties.”)

 

Whereas:

 

The
Pledgors are the registered shareholders of the Company, legally holding 【】% equity interest of the Company (the “Company
Equity Interest”). Appendix 1 sets forth the capital contribution amount and the shareholding percentage of each Pledgor in the
registered capital of the Company on the signing date of this Agreement.

 

(1)

 

The
Shareholders are the registered shareholders of the Company, legally holding 【】% equity interest of the Company. Appendix
1 sets forth the capital contribution amount and the shareholding percentage of each of the Shareholders in the registered capital of
the Company as of the date of this Agreement.

 

(2)

 

To
the extent not in violation of PRC Law, the Company intends to transfer its assets to the WFOE and/or any other entity or individual
so designated by the WFOE, and the WFOE intends to accept such transfer.

 

    1 / 21

     

    

 

(3)

 

For
purposes of the foregoing equity interest and asset transfer, the Shareholders and the Company agree to grant to the WFOE the exclusive
and irrevocable Equity Transfer Option (as defined below) and Asset Purchase Option (as defined below). Pursuant to such Equity Transfer
Option and Asset Purchase Option, at the WFOE’s sole request, the Shareholders or the Company shall, to the extent permitted by
the PRC Law, transfer the Shareholder Equity (as defined below) or the Company Assets (as defined below) to the WFOE and/or any other
entity or individual so designated by the WFOE pursuant to the provisions of this Agreement.

 

(4)

 

The
Company agrees that the Shareholders grant the Equity Transfer Option to the WFOE pursuant to the provisions of this Agreement.

 

(5)

 

The
Shareholders agree that the Company grants the Asset Purchase Option to the WFOE pursuant to the provisions of this Agreement.

 

NOW,
THEREFORE, the Parties, through amicable negotiations and based on the principle of equality and mutual benefit, hereby agree as
follows:

 

Article 1
Definitions

 

1.1

 

As
used in this Agreement, the following terms shall be interpreted to have the following meanings, unless otherwise interpreted pursuant
to the context:

 

“Asset
Purchase Option” shall mean the required option to purchase any Company Assets as granted to the WFOE by the Company pursuant to
the terms and conditions of this Agreement.

 

“Business
Permits” shall mean any approvals, permits, filings, or registrations which the Company is required to obtain in order to legally
and validly operate all of its businesses, including without limitation, its business license and such other relevant permits and licenses
as may be required by the then-effective PRC Law.

 

“Company
Assets” shall mean all the tangible and intangible assets which the Company owns or has the right to dispose of during the term
of this Agreement, including without limitation, any immoveable and moveable assets, intellectual property rights such as trademarks,
copyrights, patents, know-how, domain names and software use rights, and any investment interests.

 

“Company
Registered Capital” shall mean the registered capital of the Company as of the signing date of this Agreement, which shall
include any expanded registered capital as a result of any capital increase in any form during the term of this Agreement.

 

    2 / 21

     

    

 

“Equity
Transfer Option” shall mean the option to purchase all of the Shareholder Equity held by each of the Shareholders as granted to
the WFOE by the Shareholders pursuant to the terms and conditions of this Agreement.

 

“Exercise
of Option” shall mean the exercise of the Equity Transfer Option or the Asset Purchase Option by the WFOE.

 

“Material
Asset” shall mean any asset which has a book value of RMB100,000 or more or has a material effect on the business operations
of any Party.

 

“Material
Agreement” shall mean, in respect to the Company, any agreement to which the Company is a party and which has a material effect
on the business or assets of the Company, including without limitation, the Consultation and Service Agreement entered into by the Company
and the WFOE on [ ], 2022 and other important agreements regarding the business of the Company; in respect of a Subsidiary, any agreement
to which such Subsidiary is a party and which has a material effect on the business or assets of such Subsidiary.

 

“PRC”
shall mean the People’s Republic of China, which, for purposes of this Agreement only, excluding the Hong Kong Special Administrative
Region, the Macao Special Administrative Region and Taiwan.

 

“PRC
Law” shall mean the then-effective laws, administrative regulations, administrative rules, local regulations, judicial interpretations
and other binding regulatory documents of the PRC.

 

“Shareholder
Equity” shall mean, in respect of each of the Shareholders, all the equity interest held by it in the Company Registered Capital,
respectively, in respect of all the Shareholders, the equity interest covering 100% of the Company Registered Capital.

 

“Transferred
Assets” shall mean the Company Assets which the WFOE has the right to require the Company to transfer to it or its designated
entity or individual in accordance with Article 3 hereof when the WFOE exercises its Asset Purchase Option, the quantity of which
may be all or part of the Company Assets and the details of which shall be determined by the WFOE at its sole discretion in accordance
with the then-effective PRC Law and based on its commercial consideration.

 

“Transferred
Equity” shall mean the equity interest in the Company which the WFOE has the right to request either of the Shareholders to
transfer to it or its designated entity or individual in accordance with Article 3 hereof when the WFOE exercises its Equity Transfer
Option, the quantity of which may be all or part of the Shareholder Equity and the specific amount of which shall be determined by the
WFOE at its sole discretion in accordance with the then-effective PRC Law and based on its commercial consideration.

 

“Transfer
Price” shall mean all the consideration that the WFOE or its designated entity or individual is required to pay to the Shareholders
or the Company in order to obtain the Transferred Equity or the Transferred Assets upon each Exercise of Option as provided herein.

 

    3 / 21

     

    

 

1.2

 

The
references to any PRC Law herein shall be deemed to:

 

(a)

 

simultaneously
include any and all references to the amendments, changes, supplements and restatements of such PRC Law, irrespective of whether they
take effect before or after the execution of this Agreement; and

 

(b)

 

simultaneously
include the references to other decisions, notices and regulations enacted in accordance therewith or effective as a result thereof.

 

1.3

 

Except
as otherwise stated in the context herein, all references to an article, clause, item or paragraph shall refer to the corresponding part
of this Agreement.

 

Article 2
Grant of Equity Transfer Option and Asset Purchase Option

 

2.1

 

The
Shareholders hereby severally and jointly agree to grant the WFOE an irrevocable, unconditional and exclusive Equity Transfer Option.
Pursuant to such Equity Transfer Option, the WFOE is entitled, to the extent permitted under PRC Law, to request the Shareholders to
transfer the Shareholder Equity to the WFOE, or the WFOE’s designated entity or individual, according to the terms and conditions
hereunder. The WFOE also agrees to accept such Equity Transfer Option.

 

2.2

 

The
Company hereby agrees that the Shareholders grant such Equity Transfer Option to the WFOE according to Article 2.1 above and other
provisions of this Agreement.

 

2.3

 

The
Company hereby agrees to grant the WFOE an irrevocable, unconditional and exclusive Asset Purchase Option. Pursuant to such Asset Purchase
Option, the WFOE is entitled, to the extent permitted under PRC Law, to request the Company to transfer all or part of the Company Assets
to the WFOE, or the WFOE’s designated entity or individual, according to the terms and conditions hereunder. The WFOE also agrees
to accept such Asset Purchase Option.

 

2.4

 

The
Shareholders hereby severally and jointly agree that the Company grants such Asset Purchase Option to the WFOE according to Article 2.3
above and other provisions of this Agreement.

 

    4 / 21

     

    

 

Article 3
Method of Exercise of Option

 

3.1.

 

Subject
to the terms and conditions of this Agreement, the WFOE shall have the absolute sole discretion to determine the specific time, method
and times of its Exercise of Option to the extent permitted under PRC Law.

 

3.2.

 

Subject
to the terms and conditions of this Agreement and to the extent not in violation of the then-effective PRC Law, the WFOE shall have the
right, at any time, to request to acquire the Transferred Equity from the Shareholders by itself or through any other entity or individual
so designated by the WFOE.

 

3.3.

 

Subject
to the terms and conditions of this Agreement and to the extent not in violation of the then-effective PRC Law, the WFOE shall have the
right, at any time, to request to acquire the Transferred Assets from the Company by itself or through any other entity or individual
so designated by the WFOE.

 

3.4.

 

With
regard to the Equity Transfer Option, at each Exercise of Option, the WFOE shall have the right to arbitrarily determine the amount of
the Transferred Equity to be transferred by the Shareholders to the WFOE and/or any other entity or individual designated by it. The
Shareholders shall respectively transfer the Transferred Equity to the WFOE and/or any other entity or individual designated by it in
the amount requested by the WFOE. The WFOE and/or any other entity or individual designated by it shall pay the Transfer Price with respect
to the Transferred Equity acquired at each Exercise of Option to the Shareholders transferring such Transferred Equity.

 

3.5

 

With
regard to the Asset Purchase Option, at each Exercise of Option, the WFOE shall have the right to determine the specific Company Assets
to be transferred by the Company to the WFOE and/or any other entity or individual designated by it. The Company shall transfer the Transferred
Assets to the WFOE and/or any other entity or individual designated by it in accordance with the WFOE’s requirement. The WFOE and/or
any other entity or individual designated by it shall pay the Transfer Price to the Company with respect to the Transferred Assets acquired
at each Exercise of Option.

 

3.6

 

At
each Exercise of Option, the WFOE may acquire the Transferred Equity or Transferred Assets by itself or designate any third party to
acquire all or part of the Transferred Equity or Transferred Assets.

 

    5 / 21

     

    

 

3.7

 

Having
decided each Exercise of Option, the WFOE shall issue to the Shareholders or the Company a notice for exercising the Equity Transfer
Option or a notice for exercising the Asset Purchase Option (the “Exercise Notice”, the form of which is set out in Appendix
2 and Appendix 3 hereto). The Shareholders or the Company shall, upon receipt of the Exercise Notice, forthwith transfer all the Transferred
Equity or Transferred Assets in accordance with the Exercise Notice to the WFOE and/or any other entity or individual designated by the
WFOE in such method as described in Article 3.4 or Article 3.5 hereof.

 

Article 4
Transfer Price

 

4.1

 

With
regard to the Equity Transfer Option, the total Transfer Price to be paid by the WFOE or any other entity or individual designated by
the WFOE to the Shareholders at Exercise of Option by the WFOE shall be the capital contribution mirrored by the corresponding Transferred
Equity in the Company Registered Capital. But if the lowest price permitted by the then-effective PRC Law is lower than the above capital
contribution, the Transfer Price shall be the lowest price permitted by the PRC Law.

 

4.2

 

With
regard to the Asset Purchase Option, the Transfer Price to be paid by the WFOE or any other entity or individual designated by the WFOE
to the Company at each Exercise of Option by the WFOE shall be the lowest price permitted by the then-effective PRC Law.

 

Article 5
Representations and Warranties

 

5.1

 

The
Shareholders hereby severally and jointly represent and warrant that:

 

5.1.1.

 

Each
of the Shareholders is a Chinese citizen has the full and independent legal status and legal capacity to execute, deliver and perform
this Agreement and may act independently as a party to a lawsuit.

 

5.1.2

 

The
Company is a limited liability company duly registered and legitimately existing under the PRC Law with an independent legal personality.
It has the complete and independent legal status and legal capacity to execute, deliver and perform this Agreement and may act as the
subject of litigation independently. The Company has the full power and authority to consummate the transaction contemplated hereby.

 

    6 / 21

     

    

 

5.1.3

 

The
Shareholders have the full power and authority to execute, deliver and perform this Agreement and all other documents relating to the
transaction contemplated hereby and to be executed by them. The Shareholders have the full power and authority to consummate the transaction
contemplated hereby.

 

5.1.4

 

This
Agreement is legally and duly executed and delivered by the Shareholders. This Agreement shall constitute their legal and binding obligations
and shall be enforceable against them in accordance with the terms of this Agreement.

 

5.1.5

 

The
Shareholders are the legitimate owner of the Shareholder Equity as of the effective date of this Agreement, and except for the rights
created under the Equity Pledge Agreement executed by the Company, the WFOE and the Shareholders on the date hereof, the Shareholder
Equity is free from and clear of any lien, pledge, mortgage and other encumbrances and third party rights. Pursuant to this Agreement,
the WFOE and/or any other entity or individual designated by it may, after the Exercise of Option, acquire good and legal title to the
Transferred Equity, free from and clear of any lien, pledge, mortgage and other encumbrances or third party rights.

 

5.1.6

 

To
the knowledge of the Shareholders, the Company Assets are free from and clear of any lien, pledge, mortgage other encumbrances and third
party rights. Pursuant to this Agreement, the WFOE and/or any other entity or individual designated by it may, after the Exercise of
Option, acquire good title to the Company Assets, free and clear of any lien, pledge, mortgage and other encumbrances or third party
rights.

 

5.1.7

 

Unless
as mandatorily required by the PRC Law, the Shareholders shall not request the Company to declare the distribution of or in practice
release any distributable profit, bonus or dividend; the Shareholders shall, in compliance with the PRC Law, promptly gift any profit,
bonus or dividend obtained by them from the Company to the WFOE and/or any qualified entity or individual designated by the WFOE.

 

5.1.8

 

The
execution, delivery and performance by the Shareholders of this Agreement and the consummation by the Shareholders of the transaction
contemplated hereby does not violate any PRC Law or any agreement, contract or other arrangement with any third party by which the Shareholders
are bound.

 

5.2.

 

The
Company hereby represents and warrants that:

 

    7 / 21

     

    

 

5.2.1

 

The
Company is a limited liability company duly registered and legitimately existing under PRC Law with an independent legal personality.
It has the full and independent legal status and may act independently as a party to a lawsuit.

 

5.2.2

 

The
Company has the full internal corporate power and authority to execute, deliver and perform this Agreement and all other documents relating
to the transaction contemplated hereby and to be executed by it. It has the full power and authority to consummate the transaction contemplated
hereby.

 

5.2.3

 

This
Agreement is legally and duly executed and delivered by the Company and constitutes a legal and binding obligation against it.

 

5.2.4

 

The
Company Assets are free from and clear of any lien, mortgage, claim or other encumbrances or third party rights. Pursuant to this Agreement,
the WFOE and/or any other entity or individual designated by it will, after the Exercise of Option, acquire good title to the Company
Assets, free from and clear of any lien, mortgage, claim or other encumbrances or third party rights.

 

5.2.5

 

The
execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transaction contemplated
hereby does not violate any PRC Law or any agreement, contract or other arrangements with any third party by which it is bound.

 

5.2.6

 

Unless
as mandatorily required by the PRC Law, the Company shall not declare the distribution of or in practice release any distributable profit,
bonus or dividend.

 

5.3.

 

The
WFOE hereby represents and warrants that:

 

5.3.1

 

The
WFOE is a wholly foreign-owned enterprise duly registered and legally existing under PRC Law. The WFOE has the full and independent legal
status and may act independently as a party to lawsuit.

 

    8 / 21

     

    

 

5.3.2

 

The
WFOE has the full internal corporate power and authority to execute, deliver and perform this Agreement and all other documents relating
to the transaction contemplated hereby and to be executed by it. It has the full power and authority to consummate the transaction contemplated
hereby.

 

5.3.3

 

This
Agreement is legally and duly executed and delivered by the WFOE. This Agreement shall constitute a legal and binding obligation against
it.

 

Article 6
Undertakings by the Shareholders

 

The
Shareholders hereby severally undertakes that:

 

6.1

 

Within
the valid term of this Agreement, without the WFOE’s prior written consent, any Shareholder:

 

6.1.1

 

shall
not transfer or otherwise dispose of any Shareholder Equity or create any encumbrance or other third party rights on any Shareholder
Equity;

 

6.1.2

 

shall
not increase or decrease the Company Registered Capital or cause or permit the Company to be divided or merged with any other entity;

 

6.1.3

 

shall
not dispose of or cause the management of the Company to dispose of any Material Asset (other than in the ordinary course of business),
or create any encumbrance or other third party rights on any Material Asset;

 

6.1.4

 

shall
not terminate or cause the management of the Company to terminate any Material Agreement entered into by the Company, or enter into any
other agreement in conflict with the existing Material Agreements;

 

6.1.5

 

shall
not appoint or dismiss and replace any director or supervisor of the Company or any other management personnel of the Company who shall
be appointed or dismissed by the Shareholders;

 

    9 / 21

     

    

 

6.1.6

 

shall
not cause the Company to declare the distribution of or in practice release any distributable profit, dividend, share profit or share
interest;

 

6.1.7

 

shall
ensure that the Company maintains its valid legal existence and that such status is not terminated, liquidated or dissolved;

 

6.1.8

 

shall
not amend the articles of association of the Company; 

 

6.1.9

 

shall
ensure that the Company will not lend or borrow any money, or provide any guarantee or engage in security activities in any other form,
or bear any substantial obligations other than in the ordinary course of business; and

 

6.1.10

 

shall
not cause the Company or the management of the Company to approve any of the following acts of any of the Company’s subsidiaries
or affiliates (individually as a “Subsidiary” and collectively as the “Subsidiaries”), including:

 

(a)

 

increase
or decrease any Subsidiary’s registered capital or cause or permit any Subsidiary to be divided or merged with any other entity;

 

(b)

 

dispose
of or cause the management of the Subsidiaries to dispose of any Material Asset of any Subsidiary (other than in the ordinary course
of business), or create any encumbrance or other third party rights on such assets;

 

(c)

 

terminate
or cause the management of the Subsidiaries to terminate any Material Agreement entered into by any Subsidiary, or enter into any other
agreement in conflict with the existing Material Agreements;

 

(d)

 

appoint
or dismiss and replace any director or supervisor of any Subsidiary or any other management personnel of such Subsidiary who shall be
appointed or dismissed by the Company;

 

    10 / 21

     

    

 

(e)

 

terminate,
liquidate or dissolve any Subsidiary or act in any way that damages or is likely to damage the valid existence of any Subsidiary;

 

(f)

 

amend
the articles of association of any Subsidiary; or

 

(g)

 

lend
or borrow any money, provide any guarantee, engage in security activities in any other form, or bear any substantial obligations other
than in the ordinary course of business.

 

6.2

 

During
the term of this Agreement, the Shareholders shall endeavor to the best of their ability to develop the business of the Company and ensure
that the Company’s operations are legal and in compliance with the regulations, and they will not engage in any act or omission
which may damage the Company’s (or its Subsidiaries’) assets and/or goodwill or affect the validity of the Business Permits
of the Company.

 

6.3

 

During
the term of this Agreement, the Shareholders shall notify the WFOE of any circumstances that may have a material adverse effect on the
existence, business operations, financial conditions, assets or goodwill of the Company (including the Subsidiaries’) and take
all the measures approved by the WFOE to remove such adverse circumstances or take effective remedial measures with respect thereto in
a timely manner.

 

6.4

 

Once
the WFOE gives the Exercise Notice:

 

6.4.1

 

the
Shareholders shall promptly convene a meeting of the shareholders, pass shareholder’s resolutions and take all other necessary
actions to approve any Shareholder and the Company to transfer all the Transferred Equity or the Transferred Assets at the Transfer Price
to the WFOE, and/or any other entity or individual designated by the WFOE, and waive any preemptive right to purchase such interests
enjoyed by the Shareholders (if any);

 

6.4.2

 

the
Shareholders shall promptly enter into an equity transfer agreement with the WFOE and/or any other entity or individual designated by
the WFOE to transfer all the Transferred Equity at the Transfer Price to the WFOE and/or any other entity or individual designated by
the WFOE and provide necessary support to the WFOE (including the provision and execution of all relevant legal documents, performance
of all government approval and registration procedures and assumption of all relevant obligations) in accordance with the WFOE’s
requirements and the PRC Law so that the WFOE and/or any other entity or individual designated by the WFOE may acquire all the Transferred
Equity, free from and clear of any legal defect or any encumbrance, third party restriction or any other restrictions on the Transferred
Equity.

 

    11 / 21

     

    

 

6.5

 

If
the total Transfer Price obtained by any Shareholder with respect to the Transferred Equity held by the shareholder is higher than the
capital contribution corresponding with such Transferred Equity in the Company Registered Capital, or any Shareholder receives any form
of profit distribution, share profit, share interest or dividend from the Company, then each of the Shareholders agrees, so long as it
does not violate any PRC Laws, to waive the premium earnings and any profit distribution, share profit, share interest or dividend (after
the deduction of relevant taxes) and the WFOE shall be entitled to such profit distribution, share profit, interest or dividend. Otherwise,
the Shareholders shall compensate the WFOE and/or any other entity or individual designated by the WFOE for any loss incurred as a result
thereof.

 

Article
7 Undertakings by the Company

 

7.1

 

The
Company hereby undertakes that:

 

7.1.1

 

If
any consent, permit, waiver or authorization by any third party, or any approval, permit or exemption by any government authority, or
any registration or filing formalities (if required by law) with any government authority needs to be obtained or handled with respect
to the execution and performance of this Agreement and grant of the Equity Transfer Option or Asset Purchase Option hereunder, the Company
shall endeavor to assist in satisfying the above conditions.

 

7.1.2

 

Without
the WFOE’s prior written consent, the Company shall not assist or permit the Shareholders to transfer or otherwise dispose of any
Shareholder Equity or create any encumbrance or other third party rights on any Shareholder Equity.

 

7.1.3

 

Without
the WFOE’s prior written consent, the Company shall not transfer or otherwise dispose of any Material Asset (other than in the
ordinary course of business) or create any encumbrance or other third party rights on any Company Assets.

 

7.1.4

 

The
Company shall not itself nor permit others to act in such a way as to adversely affect the interests of the WFOE under this Agreement,
including without limitation, any behavior or action that is subject to Article 6.1.

 

7.2

 

Within
the valid term of this Agreement, once the WFOE gives its Exercise Notice:

 

    12 / 21

     

    

 

7.2.1

 

the
Company shall promptly cause the Shareholders to convene a meeting of the Shareholder, pass Shareholder’s resolutions and take
all other necessary actions to approve the Company’s transfer of all of the Transferred Assets at the Transfer Price to the WFOE
and/or any other entity or individual so designated by the WFOE;

 

7.2.2

 

the
Company shall promptly enter into an asset transfer agreement with the WFOE and/or any other entity or individual designated by the WFOE
to transfer all of the Transferred Assets at the Transfer Price to the WFOE and/or any other entity or individual designated by the WFOE,
and cause the Shareholders to provide necessary support to the WFOE (including provision and execution of all relevant legal documents,
performing all government approval and registration procedures and assuming all relevant obligations) in accordance with the WFOE’s
requirements and the PRC Law so that the WFOE and/or any other entity or individual designated by the WFOE may acquire all the Transferred
Assets, free from and clear of any legal defect or any encumbrance, third party restriction or any other restrictions on the Transferred
Assets.

 

Article 8
Confidentiality Obligations

 

8.1

 

Regardless
of whether this Agreement is terminated or not, each Party shall keep strictly confidential all business secrets, proprietary information,
customer information and all other information of a confidential nature concerning the other Parties known by it during the execution
and performance of this Agreement (collectively, the “Confidential Information”). Unless a prior written consent is obtained
from the Party disclosing the Confidential Information (the “Disclosing Party”) or unless it is required to be disclosed
to third parties in accordance with relevant laws, rules and regulations (including those of the United States Securities and Exchange
Commission) or the requirements of the place where any affiliate is listed on a stock exchange, the Party receiving the Confidential
Information (the “Receiving Party”) shall not disclose to any third party any Confidential Information. The Receiving Party
shall not use any Confidential Information other than for the purpose of performing this Agreement.

 

8.2

 

The
following information shall not be deemed part of the Confidential Information:

 

(a)

 

any
information that has been lawfully acquired by the Receiving Party prior to entering into the Agreement as evidenced by other written
documents;

 

(b)

 

any
information entering the public domain not attributable to the fault of the Party receiving the information; or

 

    13 / 21

     

    

 

(c)

 

any
information lawfully acquired by the Party receiving the information through other sources after its receipt of such information.

 

8.3

 

If
requested by either Party, the other Party shall return, destroy, or otherwise dispose of all documents, materials and software that
contains or may contain any Confidential Information as requested, and promptly stop using such Confidential Information.

 

8.4

 

For
purposes of performing this Agreement, the Receiving Party may disclose the Confidential Information to its relevant employees, agents
or professionals retained by it. However, the Receiving Party shall ensure that the aforesaid persons shall comply with all relevant
terms and conditions of this Article. In addition, the Receiving Party shall be responsible for any liability incurred as a result of
such persons’ breach of the relevant terms and conditions of this Article 8.

 

8.5

 

The
Parties’ obligations under this Article shall survive the termination of this Agreement. Each Party shall still comply with
the confidentiality terms of this Agreement and fulfill the confidentiality obligations as promised, until the other Parties give consent
to the release of such obligations or as a matter of fact, violation of the confidentiality terms herein will not cause damage of any
form to the other Parties.

 

Article 9
Effectiveness, Termination and Term of Agreement

 

9.1

 

This
Agreement shall become effective upon execution by each of the Parties on the date first written above and shall terminate after all
the Shareholder Equity and the Company Assets are lawfully transferred to the WFOE and/or any other entity or individual designated by
the WFOE pursuant to the provisions of this Agreement.

 

Article 10
Defaulting Liability

 

10.1

 

The
Parties agree and confirm that, if any of the Parties (the “Defaulting Party”) substantially violates any agreement herein
or substantially fails to perform or delays performance of any of the obligations hereunder, such violation, failure or delay shall constitute
a default under this Agreement (a “Default”). The non-defaulting Party shall have the right, within a reasonable period,
to request the Defaulting Party to rectify or take remedial actions. If the Defaulting Party fails to rectify such Default or take remedial
actions within such reasonable period or within ten (10) days after the non-defaulting Party notifies the Defaulting Party in writing
requiring the Default to be rectified, then the non-default Party will be entitled to decide at its own discretion as follows:

 

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10.1.1

 

if
any Shareholder or the Company is the Defaulting Party, the WFOE shall be entitled to terminate this Agreement and require the Defaulting
Party to indemnify the non-defaulting parties for any and all damages;

 

10.1.2

 

if
the WFOE is the Defaulting Party, the non-defaulting Party shall be entitled to indemnification from the Defaulting Party, but unless
otherwise provided for by the PRC Law, the non-defaulting Party has no right to terminate or cancel this Agreement under any circumstances.

 

10.2 虽然本协议另有规定,但本协议的终止不影响本协议第10条的效力。

 

Notwithstanding
any other provision herein, the effect of this Article 10 shall not be affected by the termination of this Agreement.

 

Article 11
Notices

 

11.1

 

Any
notice, request, demand and other correspondence required by this Agreement or made in accordance with this Agreement shall be made in
written form and delivered to the following address in person, by fax, telegram, telex, email, registered mail (postage paid) or express
mail.

 

To
the Shareholders:

 

Address:

 

Email:

 

To
the WFOE: Mofy Metaverse (Beijing) Technology Co., Ltd.

 

Address:

 

Email:

 

To
the Company: Global Mofy (Beijing) Technology Co., Ltd.

 

Address:

 

Email:

 

11.2.

 

If
any such notice or other correspondence is transmitted by fax, telegram, telex or email, it shall be treated as delivered immediately
upon transmission; if delivered in person, it shall be treated as delivered at the time of delivery; if delivered by registered mail
or express mail, it shall be treated as delivered three (3) days after posting.

 

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Article 12
Miscellaneous

 

12.1

 

This
Agreement is written in English and translated into Chinese. In the event of any discrepancy between the two versions, the English version
shall prevail. This Agreement is made with three (3) original copies, with one (1) original to be retained by each Party hereto.

 

12.2

 

The
execution, validity, performance, revision, interpretation and termination of this Agreement and the resolution of any dispute arising
from this Agreement shall be governed in accordance with the laws of the PRC.

 

12.3

 

Should
any dispute arise in connection with construction or performance of any provision under this Agreement, the Parties shall seek in good
faith to resolve such dispute through negotiations. If the negotiations fail, any of the Parties may submit the dispute to the China
International Economic and Trade Arbitration Commission (CIETAC) for arbitration in Beijing in accordance with CIETAC’s arbitration
rules in effect at the time of applying for arbitration, and the language of arbitration shall be in Chinese. The arbitration judgment
shall be final and binding on each of the Parties.

 

12.4

 

None
of the rights, powers or remedies granted to any Party by any provision herein shall preclude any other rights, powers or remedies available
to such Party at law and under the other provisions of this Agreement. In addition, a Party’s exercise of any of its rights, powers
and remedies shall not exclude such Party from exercising any of its other rights, powers and remedies.

 

12.5

 

No
failure or delay by a Party in exercising any rights, powers and remedies available to it hereunder or at law (hereinafter referred to
as “Such Rights”) shall result in a waiver thereof, nor shall the waiver of any single or part of Such Rights exclude such
Party from exercising Such Rights in any other way and exercising other rights of such Party.

 

12.6

 

Each
term contained herein shall be severable and independent from each of the other terms. In case any term herein becomes all or partly
invalid or unenforceable due to violation of law or governmental regulations or other reasons, the affected part of such term shall be
considered to have been removed, provided that the removal of the affected part of such term shall not affect the legal effect of the
remaining part of such term or other terms herein. The Parties shall conclude new terms through consultations to replace such invalid
or unenforceable terms.

 

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12.7

 

The
headings in this Agreement are written for ease of reference only and in no event shall they affect the interpretation of any terms of
this Agreement.

 

12.8

 

Any
amendment or supplement hereto shall be made in writing and shall become effective only upon due execution by the Parties hereto. Any
Amended agreements and supplemental agreements executed by the Parties will become part of this Agreement, having the same legal effect
as this Agreement.

 

12.9

 

Matters
not covered in this Agreement shall be determined by the Parties separately through consultation.

 

12.10

 

This
Agreement constitutes all agreements reached by the Parties on the subject matter of the cooperation project, and supersedes any previous
or concurrent oral and written agreement, understanding and correspondence relevant to the subject matter of the cooperation project
between the Parties. Unless specifically provided herein, there is no other explicit or implicit obligation or covenant between the Parties.

 

12.11

 

Without
the prior written consent of other Parties, none of the Parties shall transfer any of its rights and/or obligations hereunder to any
third party.

 

12.12

 

This
Agreement shall be binding on the legal successors or assigns of the Parties.

 

[The
remainder of this page is intentionally left blank]

 

[Signature
Page of Exclusive Call Option Agreement]

 

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IN
WITNESS WHEREOF, the following Parties have executed this Agreement to be executed on the date and at the place first above written.

 

Shareholder:

 

	(Signature/Seal):	 	 

 

	Mofy Metaverse (Beijing)
Technology Co., Ltd. (Seal)
	 	 	 
	Authorized Representative (Signature):	 	 
	 	Name:	 

 

	Global Mofy (Beijing)
Technology Co., Ltd. (Seal)
	 	 	 
	Authorized Representative (Signature):	 	 
	 	Name:	 

 

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Appendix
1:

 

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Appendix
2:

 

Form of
Exercise Notice

 

To:
[Name of Shareholders]

 

Whereas,
we entered into an Exclusive Call Option Agreement with you and Global Mofy (Beijing) Technology Co., Ltd. (the “Company”)
on [          ] and we reached an agreement that you shall transfer the equity you
hold in the Company to us or any third party designated by us at our request to the extent permitted by the PRC laws and regulations.

 

Therefore,
we hereby give this notice to you as follows:

 

We
hereby require to exercise the Equity Transfer Option under the Exclusive Call Option Agreement and we will acquire the [●]% of
the equity you hold in the Company (the “Proposed Acquired Equity”). Upon your receipt of this notice, you shall immediately
transfer all the Proposed Acquired Equity to us pursuant to the provisions of the Exclusive Call Option Agreement.

 

Best
regards

 

Mofy
Metaverse (Beijing) Technology Co., Ltd. (Seal)

 

Signature:

 

Date:

 

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Appendix
3:

 

Form of
Exercise Notice

 

To:
Global Mofy (Beijing) Technology Co., Ltd.

 

Whereas,
we entered into an Exclusive Call Option Agreement with you, [Name of Shareholder] on [          ]
and we reached an agreement that you shall transfer your assets to us or any third party designated by us at our request to the extent
permitted by the PRC laws and regulations.

 

Therefore,
we hereby give this notice to you as follows:

 

We
hereby require to exercise the Asset Purchase Option under the Exclusive Call Option Agreement and we designated by us will acquire the
assets owned by you as stated in a separate list (the “Proposed Acquired Assets”). Upon your receipt of this notice, you
shall immediately transfer all the Proposed Acquired Assets to us pursuant to the provisions of the Exclusive Call Option Agreement.

 

Best
regards

 

Mofy
Metaverse (Beijing) Technology Co., Ltd. (Seal)

 

Signature:

 

Date:

 

    21 / 21

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