Document:

Exhibit
10.6

     

    Floor
Lease Agreement

    

    Lessor
(hereinafter referred to as “Party A”): Shunkang Store Wang Jun

    Lessee
(hereinafter referred to as “Party B”): HYUNDAI Light & Electric (HZ)
Company Limited

    

    With
respect to Party B’s lease of the third floor of Block A, Zhenxing Road,
Jiaosha, Gusan Village from Party A for use of factory, the parties hereby
agree upon the following terms:

    

    
      	
              1.

            	
              Area
      for lease: Around 1200m2to be used
      by Party B at the rent of RMB7.2/m2per month.
      Party B shall be responsible for the water and power
    charges.

            

    

    

    
      	
              2.

            	
              The
      term of the lease shall be two years, commencing from April 15, 2009
      to April 14, 2010. Upon expiry of the term of the lease, Party A
      shall have the right to take back the leased area and Party B shall return
      the leased area on time. If party B intends to extend the lease, it shall
      inform Party A of its intention in writing one month prior to the expiry
      of the term of the lease and the parties will negotiate the rents by
      then.

            

    

    

    
      	
              3.

            	
              The
      annual rent shall be ONE HUNDRED THREE THOUSAND SIX HUNDRED AND
      EIGHTY Renminbi only
      (RMB103,680.00), which can be divided to the monthly rents of EIGHT
      THOUSAND SIX HUNDRED AND FORTY Renminbi (RMB8,640.00) (to
      be paid in cash).

            

    

    

    
      	
              4.

            	
              Security
      deposit and payment of the
rents:

            

    

    

    
      	
               
      

            	
              (1)

            	
              On
      the date of execution of this Agreement, Party B shall pay Party A with
      TEN THOUSAND Renminbi (¥10,000.00)
      as the security deposit, and the rent shall be payable by Party B to Party
      A on a quarterly basis. Party B shall pay Party A with the rent of each
      quarter 10 days prior to the commencement of such quarter, i.e. the rent
      shall be settled prior to Party B’s use of the leased area. The water and
      power charges shall be paid by Party B to Party A on a monthly
      basis.

            

    

    

    
      	
               
      

            	
              (2)

            	
              Upon
      the expiry of the term of the lease, if Party B does not renew the lease,
      Party A shall return the security deposit to Party B without interest
      provided that Party B shall settle all the rents, water and power charges,
      telephone charges, gas fees, etc and maintain the good condition of the
      leased area. The security deposit cannot be used to settle the rent during
      the term of the lease.

            

    

    

    
      	
               
      

            	
              (3)

            	
              If
      Party B terminates this Agreement prior to the expiry of the term of the
      lease, the security deposit will not be returned to Party
    B.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (4)

            	
              In
      case that Party B breaches the provisions of this Agreement which
      results in Party A’s failure to collect the rent on time or in
      any additional costs and expenses, Party A shall have the right to use
      part or all of the security deposit to offset the outstanding rent or to
      settle those additional costs and
expenses.

            

    

    

    
      	
              5.

            	
              Use
      of the building and area: Factory and warehouse. This building shall
      be only used for the operation of factory and
  warehouse.

            

    

    

    
      	
              6.

            	
              During
      the term of the lease, Party B shall be responsible for the maintenance
      and repair of the leased area. Party B shall share the elevator with
      the user of the second floor and be jointly responsible for the repair and
      power charges. Party A shall be responsible for the repair of fair wear
      and tear on the facilities attached to the leased
  area.

            

    

    

    
      	
              7.

            	
              During
      the term of the lease, Party B shall be responsible for all the economic,
      political and legal liabilities, liabilities incurred from fire and safety
      accident, and all the
      fees, taxes, certificates decorations, etc. in relation to
      its operation. Party A will not take any responsibilities therefrom. Party
      B is not allowed to mortgage or sublease the leased area. No storage
      of dangerous, inflammable and explosive materials or illegal
      activities in the leased area is
allowed.

            

    

    

    
      	
              8.

            	
              During
      the term of the lease, if Party B wants to decorate the leased area, it
      must take care of the safety of the building and should not cause any
      damages to the main structure of the building. Upon expiry of this
      Agreement, if Party A continues to let the leased area without changing
      the use of the building, Party B shall have the pre-emptive right on equal
      condition of rent. If Party A doesn’t continue to let the leased area,
      Party B shall remove all the commodities and goods from the leased area on
      the expiry date and return the leased area to Party A for inspection on
      time. Party B shall not remove or destroy the floor, wall, ceiling,
      electric wires and other decoration which is fixed in the construction
      structure or walls of the building. Party A will acquire such items
      without any additional payment. Party A shall return the security
      deposit without interest to Party B within two days after Party B’s return
      and Party A’s inspection and acceptance of the leased area in its original
      status. If there is any damage to the leased area, Party B shall
      be responsible to repair or compensate Party A according to the market
      price.

            

    

    

    
      	
              9.

            	
              Liabilities
      for breach of agreement

            

    

    

    
      	
               
      

            	
              (1)

            	
              Party
      A shall not take back the leased area during the term of lease without
      reasonable cases. If Party A commits a breach, it shall compensate Party B
      with an amount equal to double of the security
  deposit.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (2)

            	
              In
      case of early termination by Party B, it shall not remove all the
      decoration and materials, which shall be deemed as belong to Party A.
      Party A shall be entitled to confiscate the security deposit and
      request Party B to settle all the unpaid rents, water and power
      charges before it can take its commodities and goods out of the
      leased area.

            

    

    

    
      	
               
      

            	
              (3)

            	
              If
      Party B fails to pay the rent on time, Party A shall be entitled to a
      default payment equal to 1% of the outstanding amount for each day of
      delay. The delay of or more than 15 days will be viewed as Party B’s
      breach of this Agreement, which shall be subject to Clause 9.(2)
      above and Party A shall have the right to take back the leased
      area.

            

    

    

    
      	
              10.

            	
              For
      anything not specified in this Agreement, the parties may enter into
      supplemental agreements, which shall have the same effect with this
      Agreement.

            

    

    

    
      	
              11.

            	
              This
      Agreement is prepared in two original copies, each party holding one
      copy. This agreement will come into effect upon the execution of the
      parties.

            

    

    

    
      	
              12.

            	
              Party
      A should provide Party B with a written consent from the
      owner.

            

    

    

    Lessor(Party
A): Shunkang Store

    Representative:

    Contact
No.

    

    Lessee(representative
of Party B):HYUNDAI Light & Electric (HZ) Company Limited

    Address:

    Contact
No.

    

    Date of
execution: 8 April 2009Exhibit
10.8

    DEBT REPAYMENT AND SET-OFF
AGREEMENT

    

    This DEBT
REPAYMENT AND SET-OFF AGREEMENT (this “Agreement”), dated
and effective as of November 28, 2008, is entered into by and among (i) NIVS
IntelliMedia Technology Group, Inc., a Delaware corporation (“NIVS USA”),
Niveous Holding Company Limited, a British Virgin Islands corporation
(“NIVS BVI”), NIVS
(HZ) Audio & Video Tech Company Limited (“NIVS PRC”), NIVS
International (H.K.) Limited (“NIVS HK”), and
NIVS (HZ) Audio & Video Tech Company Limited Shenzhen Branch (“NIVS
Shenzhen”); (ii)
Tianfu Li, NIVS USA’s Chief
Executive Officer and Chairman of the Board, an
individual residing in the People’s Republic of China (“PRC”) and
holder of PRC identity card no. 440106196907021831; and (iii) each of NIVS
Investment (SZ) Co., Ltd., Zhongkena Technology Development, Xentsan Technology
(SZ) Co., Ltd., Korea Hyundai Light & Electric (Int’l) Holding, NIVS
Information & Technology (HZ) Co., Ltd., and Hyundai Light & Electric
(HZ) Co., Ltd. (collectively, the “Related
Companies”). For
purposes of this Agreement, all currency amounts have been converted into US
Dollars.

     

    RECITALS

    

    WHEREAS,
NIVS USA, NIVS BVI, and all of the shareholders of NIVS BVI (the “Shareholders”)
completed a share exchange transaction (the “Share
Exchange”)
in accordance with that certain share exchange agreement dated June 27, 2008, as
amended on July 25, 2008 (the “Share Exchange
Agreement”),
pursuant to which NIVS USA became the direct and/or indirect parent of each of
NIVS BVI, NIVS PRC, NIVS HK, and NIVS Shenzhen (the “Subsidiaries”);

    

    WHEREAS,
NIVS USA and the Subsidiaries (collectively, the “NIVS
Group”)
became subject to certain U.S. federal securities laws upon the closing of the
Share Exchange, including, but not limited to, the Sarbanes-Oxely Act of
2002;

    

    WHEREAS,
the Related Companies are owned and/or controlled by Mr. Li, except for Korea
Hyundai Light & Electric (Int’l) Holding which is owned by Ms. Jin Xiang
Ying;

     

    WHEREAS,
the NIVS Group, from time to time, has entered into loan transactions with Mr.
Li and the Related Companies pursuant to which the NIVS Group borrowed funds
from Mr. Li and the NIVS Group lent funds to the Related Companies (the
“Loan
Transactions”);

     

    WHEREAS,
the loans involved in the Loan Transactions were unsecured with no fixed
repayment date;

     

    WHEREAS,
as of the date of this Agreement, the NIVS Group has outstanding loan amounts of
US$9,133,637 owed to Mr. Li (the “Li Debt”)
and US$568,063 owed to NIVS Investment (SZ) Co., Ltd. (the “NIVS Investment
Debt”),
and Mr. Li, through the Related Companies, has an aggregate outstanding loan
amount of US$1,878,101 owed to the NIVS Group (the “Related Companies’
Debt”),
in such amounts and between such parities as set forth in Appendix
A;

     

    WHEREAS,
the parties
to this Agreement desire
to have the Related Companies’ Debt repaid in full and/or set off in full
against the NIVS Investment Debt, in totality, and the Li Debt, partially, such
that, after giving effect to the transactions contemplated by this Agreement,
the Related Companies’ Debt will no longer be outstanding, the NIVS Investment
Debt will be reduced to zero, and neither Mr. Li nor any of the Related
Companies will owe to the NIVS Group any loan amount; and

     

    WHEREAS,
the parties to this Agreement desire to acknowledge that, at any time after this
Agreement, no loan, extension of credit in the form of a loan, or similar
arrangement will be made by the NIVS Group to Mr. Li, any other executive
officer or director, or any related family member, of the NIVS Group, or any
entity owned or controlled by such persons, including the Related Companies, in
the future.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    NOW,
THEREFORE, in consideration of the respective representations, warranties,
covenants and agreements set forth in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as
follows:

    

    AGREEMENT

    

    1.    Debt Repayment and
Set-Off.

    

    a. Mr. Li
and the Related Companies hereby repay and set off the Related Companies’ Debt
in full, as set forth in Appendix
A, such
that the Related Companies’ Debt is hereby fully repaid and extinguished in its
entirety and neither Mr. Li nor any of the Related Companies owes any
outstanding loan amount to the
NIVS Group. The NIVS
Group hereby agrees and acknowledges the foregoing repayment and set-off.

    

    b. The
NIVS Group hereby
sets off an
aggregate amount of US$1,878,101
(the “Repayment
Amount”)
of the
NIVS
Investment Debt, in totality, and the Li Debt, partially, as set forth in
Appendix
A, such
that the Li Debt remaining after deducting the Repayment Amount is equal to an
aggregate amount of US$7,823,599 (the “Remaining
Debt”). The
Repayment Amount is hereby fully repaid and extinguished in its entirety, and
the NIVS Group does not owe any loan amount to Mr.
Li or any of the Related Companies other
than the Remaining Debt. Mr. Li and the Related Companies hereby agree and
acknowledge the foregoing set-off. 

    

    2.    Acknowledgement of No
Remaining Debt Obligation to the NIVS Group. The
parties
to this Agreement hereby
acknowledge that after the transactions contemplated by this Agreement (i)
neither Mr. Li nor any other executive officer or director, or any related
family member, of NIVS USA owes, either directly or indirectly, the NIVS Group
any amount of debt obligation, (ii) no entity owned or controlled by Mr. Li,
including the Related Companies, owes to the NIVS Group any amount of funds or
debt obligation, either directly or indirectly, (iii) no amount of credit
remains extended or maintained in the form of a loan from the NIVS Group to Mr.
Li, any other executive officer or director, or any related family member, of
the NIVS Group, or any entity owned or controlled by such persons, including the
Related Companies, (iv) any amount of funds or debt obligation previously owed
to the NIVS Group prior to the date of this Agreement, either directly or
indirectly, by Mr. Li, any other executive officer or director, or any related
family member, of the NIVS Group, or any entity owned or controlled by Mr. Li,
including the Related Companies, has been repaid to the NIVS Group in full, and
(v) at any time after this Agreement, no loan, extension of credit in the form
of a loan, or similar arrangement will be made by the NIVS Group to Mr. Li, any
other executive officer or director, or any related family member, of the NIVS
Group, or any entity owned or controlled by such persons, including the Related
Companies, in the future.

    

    3.    Miscellaneous. This
Agreement may be executed in any number of facsimile counterparts, each of which
shall be an original, but which together constitute one and the same instrument.
This Agreement may be executed and delivered by facsimile and will be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns. The parties shall execute and deliver from time to time
hereafter, upon written request, all such further documents and instruments and
shall do and perform all such acts as may be reasonably necessary to give full
effect to the intent of this Agreement.

    

    4.    Governing
Law. This
Agreement and all actions arising out of or in connection with it shall be
governed by and construed in accordance with the laws of the State of
Delaware.

    

    

    [SIGNATURE
PAGE FOLLOWS]

    
      
         

        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the parties have entered into this Agreement as of the date
first set forth above.

    

    
      	
              NIVS IntelliMedia Technology
      Group, Inc.

              

              By: /s/ Tianfu
      Li                         
      

              

              Name: ________________________

              

              Title: ________________________

              

              Niveous Holding Company
      Limited

              

              By: /s/ Tianfu
      Li                         
      

              

              Name: ________________________

              

              Title: ________________________

              

              NIVS (HZ) Audio & Video
      Tech Company Limited

              

              By: /s/ Tianfu
      Li                         
      

              

              Name: ________________________

              

              Title: ________________________

               

              
                NIVS International (H.K.)
      Limited

                

                By: /s/ Tianfu
      Li                         
      

                

                Name: ________________________

                

                Title: ________________________

                

                NIVS (HZ) Audio & Video
      Tech Company Limited Shenzhen Branch

                

                By: /s/ Tianfu
      Li                         
      

                

                Name: ________________________

                

                Title: ________________________

                

                Tianfu Li

                

                /s/ Tianfu
      Li                         
      

                Tianfu
      Li

                

              

            	NIVS Investment (SZ) Co.,
      Ltd.

              

              By: /s/ Tianfu
      Li                         
      

              

              Name: ________________________

              

              Title: ________________________

              

              Zhongkena Technology
      Development

              

              By: /s/ Tianfu
      Li                         
      

              

              Name: ________________________

              

              Title: ________________________

              

              Xentsan Technology (SZ) Co.,
      Ltd.

              

              By: /s/ Tianfu
      Li                         
      

              

              Name: ________________________

              

              Title: ________________________

              

              

              Korea Hyundai Light &
      Electric (Int’l) Holding

              

              By: /s/ [ILLEGIBLE]                        
      

              

              Name: ________________________

              

              Title: ________________________

              

              NIVS Information &
      Technology (HZ) Co., Ltd.

              

              By: /s/ [ILLEGIBLE]                        
      

              

              Name: ________________________

              

              Title: ________________________

              

              Hyundai Light & Electric
      (HZ) Co., Ltd.

              

              By: /s/ [ILLEGIBLE]                        
      

              

              Name: ________________________

              

              Title: ________________________

            
	 	 

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    APPENDIX A

    

    LOAN AND REPAYMENT
INFORMATION

    

    The
Related Companies’ Debt (amount owed by Mr. Tianfu Li, through the Related
Companies, to the NIVS Group) is as set forth below and is as repaid in such
manner as set forth below (for purposes of this Agreement, all currency amounts
have been converted into US Dollars):

    

    
      	
              Related
      Companies

            	 	
              Amounts owed by Related Company
      to the NIVS Group

            	 	
              Amounts
      Repaid

            	 	
              Method of
      Repayment

            	 	
              Remaining Amount Outstanding
      After Effect of this Agreement

            
	
              NIVS
      Investment (SZ) Co., Ltd. 

               

            	 	
              -
      

               

            	 	
              -
      

               

            	 	
              Set
      off against the NIVS Investment Debt, in totality, and the Li Debt,
      partially

               

            	 	
              $
      -

               

            
	
              Zhongkena
      Technology Development 

               

            	 	
              $20,921

               

            	 	
              $20,921
      

               

            	 	
              Set
      off against the NIVS Investment Debt, in totality, and the Li Debt,
      partially

               

            	 	
              -

               

            
	
              Xentsan
      Technology (SZ) Co., Ltd. 

               

            	 	
              -
      

               

            	 	
              -
      

               

            	 	
              Set
      off against the NIVS Investment Debt, in totality, and the Li Debt,
      partially

               

            	 	
              -

               

            
	
              Korea
      Hyundai Light & Electric (Int'l) Holding

               

            	 	
              1,849,865

               

            	 	
              1,849,865
      

               

            	 	
              Set
      off against the NIVS Investment Debt, in totality, and the Li Debt,
      partially

               

            	 	
              -

               

            
	
              NIVS
      Information & Technology (HZ) Co., Ltd.

               

            	 	
              7,315
      

               

            	 	
              7,315
      

               

            	 	
              Set
      off against the NIVS Investment Debt, in totality, and the Li Debt,
      partially

               

            	 	
              -

               

            
	
              Hyundai
      Light & Electric (HZ) Co., Ltd. 

               

            	 	
              5,741,794

               

            	 	
              5,741,794
      

               

            	 	
              Repaid
      in Cash

               

            	 	
              -

               

            
	
              Other
      Entities Affiliated with Mr. Li

               

            	 	
              -

               

            	 	
              -

               

            	 	
              n/a

               

            	 	
              -

               

            
	 	 	 	 	 	 	 	 	 
	
              Total
      amount owed by any Affiliated Party to NIVS Group after the effect of this
      Agreement

               

            	 	 	 	 	 	 	 	
              -

               

            

    

    

    The NIVS
Investment Debt (amount owed by the NIVS Group to NIVS Investment (SZ) Co.,
Ltd.) is US$568,063 and the Li Debt (amount owed by the NIVS Group to Mr. Tianfu
Li) is US$9,133,637, and the NIVS Investment Debt, in totality, and the Li Debt,
partially, are set off as set forth below, in addition to the table above (for
purposes of this Agreement, all currency amounts have been converted into US
Dollars):

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    
      	
              The
      Li Debt

               

            	 	 	
              $9,133,637

               

            
	
              The
      NIVS Investment Debt

               

            	 	
              $568,063

               

            	 
	
              Total
      Amount of the Related Companies’ Debt Repaid via Set-Off Against the NIVS
      Investment Debt, in totality, and the Li Debt, partially (see table
      above)

               

            	
              $1,878,101

               

            	 	 
	
              Amount
      of the Related Companies’ Debt Repaid via Set-Off Against the NIVS
      Investment Debt

               

            	 	
              $568,063

               

            	 
	
              Total
      Remaining Amount of NIVS Investment Debt

               

            	 	
              0

               

            	 
	
              Amount
      of the Related Companies’ Debt Repaid via Set-Off Against the Li
      Debt

               

            	 	 	
              $1,310,038

               

            
	
              The
      NIVS Group’s Remaining Debt owed to Mr. Tianfu Li after the Effect of this
      Agreement

               

            	 	 	
              $7,823,599

               

            

    

    

    

    

    
      
        
        

      

      
        A-2

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