Document:

Joint Development, 

Customization and Equity Allocation Contract

on LED Advertising Lamp

 

Party A: Dongguan Living Style Enterprises
Limited (hereinafter referred to as Party A)

Address: No. 168, SanJiang Industrial Park,
Heng Li Town, Dong Guan

Legal Representative: Chen Mingyun

(Seal of Shenzhen
Guoning New Energy Investment Co., Ltd)

 

Party B: Shenzhen Guoning New Energy Investment
Co., Ltd. (hereinafter referred to as Party B)

Address: Room 701-702, Changhong Science and
Technology Building, Southern District in High-tech Industrial Park, Nanshan District, Shenzhen

Legal Representative: Zhang Jiong

(Seal of Dongguan Living Style Enterprises
Limited)

 

I Cooperation Framework

 

The advertising projection lamp (LED energy
saving lamp) involved in the contract is a kind of specific product for contractual energy management Pillars in Hundred of
Cities project launched by Party B and advertising customers cooperative developed by both Party A and Party B. Both parties
respectively invested technology, marketing research, project planning and relevant human and material resources for this product.

 

In the principle of equality and mutual benefit,
consultation and consensus, both supply and requisitioning parties signed the contract and hope both parties will comply and execute.

 

		1.1	Name of commodity, order time, quantity, unit price (this prices does not include tax):

	Product Name	 	Order Month	 	 	Order Quantity

(PCS)	 	 	Unit Price without Tax (RMB/Set)	 	 	Remark	 
	 	 	 	Oct. 2011	 	 	 	20,000	 	 	 	530	 	 	 	 	 
	 	 	 	Nov. 2011	 	 	 	30,000	 	 	 	530	 	 	 	 	 
	LED Advertising	 	 	Dec. 2011	 	 	 	50,000	 	 	 	530	 	 	 	 	 
	Lamp	 	 	Jan. 2012	 	 	 	50,000	 	 	 	530	 	 	 	 	 
	 	 	 	Feb. 2012	 	 	 	50,000	 	 	 	530	 	 	 	 	 
	 	 	 	2012-2013	 	 	 	500,000	 	 	 	Less than 500	 	 	 	Quantity of the whole year, but it is required to make an order by month	 

 

The aforesaid definite quantity shall be prevail
to Party B’s operation order of the actual market, that is, if less than 200,000 lamps, it is RMB 530/lamp, if it is exceeded
200,000 lamps, the price is less than RMB 500/lamp.

 

		1.2	Mode Price: the aforesaid is cooperative developed by both Party A and Party B. The mode expense
is paid by Party B, amounted at RMB Four Hundred and Seventy-five Thousand, Six Hundred (RMB 475,600 excluding tax). The R&D
expenses are invested by Party A.
	 	 	 

    	 

    	 

    

  

II Product Rights

 

2.1 Party A invested to Party B with the product
patent right, trademark right, software copyright and the domestic marketing exclusionary right, evaluating as RMB 10 million.
Party A owns 10 million shares holdings of Party B and also the aforesaid rights are owned by Party B.

 

2.2 The aforesaid domestic and overseas product
markets are common developed and operated by both parties.

 

III Product Quality Requirements

 

3.1 Party B’s customers are mainly the
outdoor billboards advertising company, and its required projection lamp product are mainly used for night lighten lighting of
the outdoor advertisement. Thereby, it Party A’s aforesaid product function should be completely met the requirements of
outdoor use, performed well in anti-thunder, sand wind, dust, rainwater prevention and heat dissipation, illumination ,etc with
reliable and stable quality, and saved energy in a larger margin then the traditional filament lamp, otherwise, it may not realize
Party B’s business objective.

3.2 For the power, Party B requires the total
power of projection lamp provided by Party A should be less than 70W, and other technical index should reach the standard. The
objective is to replace the existing 400 W traditional filament lamps or high pressure sodium lamp used as outdoor advertising
lighting lamp.

3.3 Party A promises the aforesaid product
life may be more than five years if it is constantly lighting for 4 hours per day.

3.4 The normal damage rate after constantly
using for more than five years is within 2%.

3.5 Party A promises the light failure standard
of the aforesaid product is not exceeded 30% of the factory delivery production after using five years.

 

IV Party A’s Rights and
Obligations

 

4.1 Party A’s Rights

4.1.1 Party A is entitled to acquire relevant
information required by product quality standard of Party B.

4.1.2 Party A is entitled to acquire the agreed
price after delivery without delay and in high quality.

4.2 Party A’s Obligations

4.2.1 Responsible for the R&D, trial production
and volume production of the aforesaid product.

4.2.2 Responsible for the quality of the aforesaid
product required by Party B is reached the national or industrial standard, which may pass the testing of professional or authorized
quality inspection units or departments, and comply with Party B’s or Party B’s customer’s Requirements. Coordinate
Party B to apply for various patent of this projection lamp and transfer the applied rights to Party B.

4.2.3 Party A should sign the quality assurance
contract and confidential agreement with the suppliers of the aforesaid product components or raw materials, to ensure the raw
material is met relevant quality and environmental protection standard and avoid to disclosure relevant business secret.

4.2.4 Carry on the technical instruction and
training of the aforesaid product for Party B or Party B’s customers, after-sales maintenance and replacement of bad products.

 

    	 

    	 

    

 

V Party B’s Rights and
Obligations

 

5.1 Party B’s Rights

5.1.1 Party B is entitled to acquire the projection
lamp qualified in quality, quantity and model produced by Party A in accordance with the contract.

5.1.2 Party B owns the patent right, trademark
right and software copyright, advanced technical achievement and exclusive right of the aforesaid product.

5.2 Party B’s Obligations

5.2.1 Provide the specification, model and
other technical requirements of the aforesaid product for Party A.

5.2.2 Pay for goods to Party A in accordance
with the contract.

5.2.3 Receive and inspect the goods in the
place where Party A is located, and purchase products to deliver to the destination appointed by Party B for goods transportation.

 

VI Delivery Method

 

6.1 Delivery Time: Base on the required time
of Party B’s order

Party A should produce in accordance with the
plan or order put forward by Party B. Party B should plan the production quantity for the next month in the last month, order the
specific quantity in written form, and use it as the quantity settlement basic.

6.2 Delivery Location: Party A’s factory

6.3 Transportation and Transportation Expense:
Party A is responsible for delivering the product to the customers appointed by Party B, and the transportation expenses are assumed
by Party B. The transportation insurance for the product from factory delivery to the customer’s location is purchased by
Party B.

6.4 Delivery Requirements:

64.1 Party A sends the special personnel to
deliver the products meet the quantity and quality requirements of the order to Party B on schedule.

6.4.2 The products delivered by Party A should
have perfect package, complete component, and the outer packing of the product should be applied to the long-distance transportation
(including air transportation, sea transportation and land transportation, etc).

6.4.3 The product packing should be fitted
with the nameplates (including Party B’s name, product name, model and spec., delivery date, etc), and attached the product
quality qualification mark and Guoning trademark (Party B).

6.5 Inspection Item:

After the quantity, appearance quality packing
list, instruction manual and technical parameter (Chinese), and open case inspection (overall acceptance or selected acceptance)
is qualified, Party B’s staff should sign on the receiving note.

6.6 Payment: The unit price of the aforesaid
is the unit price without tax, and its tax is extra. Party B should transfer the goods payment into the account appointed by Party
A after qualified acceptance, and then Party A will delivery the goods.

 

    	 

    	 

    

 

6.7 Party A consents: Party A’s inspection
and acceptance to Party A’ products is only limited in the qualification status of the factory delivery quantity and appearance
quality, outer packing and the sampling projection lamp in the short time, which does not stand for the products is qualified for
five years after factory delivery. Party A’s quality requirements should be complied with other terms stipulated in the contract.

 

VII Deposit

 

7.1 Party B should prepay RMB 10 million to
Party B, (pay by two terms, and the first term payment of RMB 5 million should be paid to the account appointed by Party A within
3 days after signing the contract, and the second term payment of RMB 5 million should be paid to the account appointed by Party
A within 15 days after 2000 sets of projection lamps are testing produced). For the lamp in this design, when Party B’s delivery
quantity is exceeded 200,000 lamps, Party B should deduct in the follow-up orders of 500,000 lamps at average (deduct RMB 20 per
lamp) until it is completed to deduct.

7.2 When Party B’s orders are exceeded
200,000 lamps, the product price is less than RMB 500 per lamp.

7.3 With the decrease or increase of the raw
material price of LED lamp, Party A should adjust the product price for Party B on time.

 

VIII After Sales Service

 

8.1 Party A should provide product maintenance
for free for five years and product changes service because of the quality issues and it is calculated the date since the signature
date of the factory inspection report.

8.2 In the warranty period, if the equipment
is faulty, because of product quality issues, it should be changed by Party A without charge. If it is caused by artificial reason,
Party A will provide services and charge for material expense.

8.3 If the aforesaid lamps have product quality
issues, Party A will change for it when: if Party B inform Party A during the working time 8:00-18:00 from Monday to Friday, Party
A should send the changed projection lamps to the airport, railway station, express or logistics company (Guangzhou, Shenzhen,
Dongguan, Huizhou, and other districts) appointed by Party B within 8 hours. If it is informed in the non working time, it will
be send within 24 hours.

8.4 Party A should have the special contactor
for product quality, specialized in the product change on time in the regulated time for Party A.

 

IX Force Majeure

 

If both parties may not perform the contract
because of the force majeure, it should be informed the other party on time, and provided the certificate issued by relevant authority
within the reasonable period, which may exempt from the liabilities for non performance of contract of each relevant party.

 

X Liability for Breach of Contract

 

10.1 If Party A may not deliver the qualified
product to Party B on time and in high quality, other than continuously perform the contract, Party A also should assume the liability
for breach of contract. If it is caused Party B’s losses by Party A’s breach of contract (including Party B is claimed
by the customer), it is compensated by Party A through both Party A and Party B’s negotiation and confirmation.

 

    	 

    	 

    

 

10.2 If the aforesaid product is damaged within
five years since the factory delivery date (not including the artificial damage or gross negligence), and the losses caused by
the unqualified product are exceeded for 2%, it is assumed by Party A, including manual and material expenses of lamps change and
installation, transportation and maintenance. The penalty or compensation, litigation costs paid to the customer by Party B because
of breach of contract, and the anticipated profit may be acquired by Party B base on the contract signed with the customer should
be compensated by Party A, through both Party A and Party B’s coordination and confirmation.

10.3 Party A should guarantee to only provide
the aforesaid product for Party B. Without Party B’s consent, Party A shall not sell the aforesaid product in Chinese market,
and also shall not entrust other parties to produce/ sell the aforesaid product. Otherwise, Party A will assume the liability for
breach of contract and compensation liability.

10.4 If Party B may not perform its stipulation
in accordance with the aforesaid terms and rules, Party A is entitled to investigate Party B’s liability for breach of contract
or compensation liability (including the materials prepared by suppliers which has been required by Party A)

 

XI Confidential

 

11.1 For Party B’s intellectual property
and business secret involved in the aforesaid product, Party A should be confidential and may not disclosure to any third party
without Party B’s consent, to sue or permit others to use the business secret grasped by Party A, other than it should be
disclosed to the national authorities in accordance with the legal rules and regulations.

11.2 Party V should be confidential for Party
A’s intellectual property right and business secret acquired in the performance of the contract to any third party.

11.3 During signing and performance period
of this contract, both Party A and Party B should be confidential for the intellectual property right and business secret relevant
in the contract to any third party, and the participated third party (such as raw material supplier, etc) should assume the same
confidential obligation because of implementation of contract in accordance with the requirement, and this obligation will not
extinguished or exempted because of the cancellation or termination of contract until the aforesaid business secret became public.

11.4 The business secret in this term means
al the exclusive, secret or confidential technical information and business information, including verbal or written information,
software, data, drawing, program, original program, technology, analysis, information summary and preparation, research and other
information sent to each party, of which technical information includes but not limited in technical scheme, engineering, circuit
design, manufacturing method, formula, technical process, technical index and computer software, database, technical report of
R&B probability, testing report, experimental data, inspection report, blueprint, sample, sample machine, mode, mould, operation
manual, correspondence relevant to technical files, etc. Business information includes but not limited in customers’ name
list, management decision, production and marketing strategy, marketing planning, purchase information, pricing policy, financial
information, inbound channel, tender in a bid and tender content, etc. The aforesaid information also includes the information
acquired by Party A from Party B, or the information acquired by Party B from Party Am and the information collected and prepared
by Party A base on the aforesaid relevant information during cooperation.

 

    	 

    	 

    

 

11.5 If Party A and Party A’s staffs
who have contacted this project, and Party A’s supplier, etc may not be confidential to both parties’ business and
technical secret of this project, or disclosure business and technical secret relevant to this project to any third party, Party
A should take measures on time, to prevent from expanding the influence, as well Party A should coordinate Party B to claim for
the third party’s compensation.

 

XII Dispute Settlement

 

If the contract is arisen dispute when implement,
both contractual parties should first negotiate. If it may not negotiate, it may be settled through action in Shenzhen people’s
court with jurisdiction.

 

XIII Modification

 

During the implementation of contract, if it
may not perform or it is required to alter for some causes, it will be valid if both parties consent to make another written contract.

 

XIV Enter into Force

 

The contract is entered in to force since the
date both parties affixed a seal. The contract is in duplicate, and each party holds an original with equally legal effect.

 

XV The effective period of contract
is for 8 years since the signature date of contract.

 

	Supplier: Dongguan Living Style	Buyer: Shenzhen Guoning New Energy
	Enterprises Limited (Seal)	Investment Co., Ltd (Seal)
	Signature on behalf of	Signature on behalf of
	Sept. 25th, 2011	Sept. 25th, 2011

 

Signed in ShenzhenBUSINESS OPERATING AGREEMENT

 

DATED: ____________________

 

This business operating agreement(Hereafter “Agreement”)
is entered into between Shenzhen Guoning New Energy Investment Co. LTD. (Hereafter “Guoning”) and Greenpower International
Group Limited (Hereafter “Greenpower”).

 

It is agreed amongst the parties that:

 

		1.	Greenpower will provide Guoning with guidance and instructions on Guoning’s daily operations, financial management and
employment issues.

 

		2.	Greenpower has the right to appoint or remove Guoning’s directors and executive officers.

 

		3.	Greenpower agrees to guarantee Guoning’s performance under any agreements or arrangements relating to its business arrangements
with any third party.

 

		4.	Greenpower agrees to provide loans to support Guoning’s operation’s capital requirements and to provide a guarantee
if the Guoning needs to apply for loans from a third party.

 

		5.	Guoning agrees to pledge its accounts receivable and all of its assets to Greenpower.

 

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		6.	The term of this agreement is for 100 years and may be extended at the option of Greenpower for an additional 100 year term.

 

		7.	Greenpower is entitled to assign to a wholly-owned subsidiary, if one were set up in the future, all the rights to the Guoning
as stated in this agreement.

 

		8.	This agreement is effective upon signing by both parties.

 

	DATED:	BY:  	/s/ Jiong Zhang
	 	 	Jiong Zhang
	 	 	Shenzhen Guoning New Energy Investment Co. LTD
	 	 	 
	DATED:	BY:	/s/ Jiong Zhang
	 	 	Jiong Zhang
	 	 	Greenpower International Group Limited

 

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EQUITY PLEDGE AGREEMENT

 

DATED: ____________________

 

Thisequity pledgeagreement(Hereafter “Agreement”)
is entered into between Shenzhen Guoning New Energy Investment Co. LTD. (Hereafter “Guoning”) and Greenpower International
Group Limited (Hereafter “Greenpower”).

 

It is agreed amongst the parties that:

 

		1.	All the shareholders of Guoning pledge all of their equity interests in Guoning to Greenpower to guarantee its performance
of its obligations under the Business Operating Agreement.

 

		2.	If Guoning or its shareholders breaches their respective contractual obligations, Greenpower, as Pledge, will be entitled to
certain rights, including the right to sell the pledged equity interests. The 100% shareholders of Guoning also agree that upon
occurrence of default, Greenpower shall be granted an exclusive, irrevocable power of attorney to take actions in the place and
stead of the 100% shareholders of Guoning to carry out the security provisions of the equity pledge agreement and take any action
and execute any instruments that Greenpower deem necessary or advisable to accomplish the purpose of the equity pledge.

 

		3.	100% of Guoning’s shareholders agree that they will not take any action that will reduce Greenpower’s equity interest
in Gruoning or reduce the value of Greenpower’s equity interest in Guoning.

 

		4.	Greenpower has the sole right to terminate this proxy.

 

		5.	The term of this agreement is for 100 years and may be extended at the option of Greenpower for an additional 100 year term.

 

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		6.	Greenpower is entitled to assign to a wholly-owned subsidiary, if one were set up in the future, all the rights to the Guoning
as stated in this agreement.

 

		7.	This agreement is effective upon signing by both parties.

 

	DATED:	BY:  	/s/ Jiong Zhang
	 	 	Jiong Zhang
	 	 	Shenzhen Guoning New Energy Investment Co. LTD
	 	 	 
	DATED:	BY:	/s/ Jiong Zhang
	 	 	Jiong Zhang
	 	 	Greenpower International Group Limited

 

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BUSINESS CONSULTANCY AGREEMENT

 

DATED: ____________________

 

This business consultancyagreement(Hereafter “Agreement”)
is entered into between Shenzhen Guoning New Energy Investment Co. LTD. (Hereafter “Guoning”) and Greenpower International
Group Limited (Hereafter “Greenpower”).

 

It is agreed amongst the parties that:

 

		1.	Greenpower will provide Guoning with consulting services and daily operational guidance and instructions on Guoning’s
daily operations, financial management and employment issues.

 

		2.	Guoning agrees to pay 100% of its net revenue for each fiscal year that this agreement is in place.

 

		3.	Guoning agrees that it will not sell, assign, transfer or encumber any assets, intellectual rights, account receivable or any
interest valued at $100 RMB or more without the written consent of Greenpower.

 

		4.	The term of this agreement is for 100 years and may be extended at the option of Greenpower for an additional 100 year term.

 

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		5.	Greenpower is entitled to assign to a wholly-owned subsidiary, if one were set up in the future, all the rights to the Guoning
as stated in this agreement.

 

		6.	This agreement is effective upon signing by both parties.

 

	DATED:	BY:  	/s/ Jiong Zhang
	 	 	Jiong Zhang
	 	 	Shenzhen Guoning New Energy Investment Co. LTD
	 	 	 
	DATED:	BY:	/s/ Jiong Zhang
	 	 	Jiong Zhang
	 	 	Greenpower International Group Limited

 

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IRREVOCABLE POWER OF ATTORNEY

 

I, Zhang, Jiong, in my capacity as Chairman of The Board
of Shenzhen Guoning New Energy Investment Co. LTD and on behalf of Shenzhen Guoning New Energy Investment Co. LTD as authorized
by its Board of Directors and Shareholders hereby appoint Greenpower International Group Limited of the British Virgin Islands,
as Shenzhen Guoning New Energy Investment Co. LTD attorney in fact to act in its place without any limitations or restrictions
except for those provided by law.

 

Shenzhen Guoning New Energy Investment Co. LTD further grants
toGreenpower International Group Limited full authority to act in any manner both proper and necessary to the exercise of the foregoing
powers; and hereby ratifies every act that Greenpower International Group Limited may lawfully perform in exercising the above
powers.

 

For valuable consideration of $1,000, receipt of which is
acknowledged, I grant to my attorney in fact the rights to certain revenues per agreement from Shenzhen Guoning New Energy Investment
Co. LTD. I intend that this power of attorney be coupled with that interest. I declare this power of attorney to be irrevocable
and renounce all right to revoke it or to appoint another person to perform the acts referred to in this instrument.

 

This power of attorney becomes effective upon the signature
of Jiong Zhang.

 

DATED: October 26, 2011

 

	 	By:  	/s/ Jiong Zhang
	 	 	Jiong Zhang, Chairman of TheBaord
	 	 	Shenzhen Guoning New Energy Investment Co. LTD

 

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EXCLUSIVE OPTION AGREEMENT

 

DATED: ____________________

 

This exclusive optionagreement(Hereafter “Agreement”)
is entered into between Shenzhen Guoning New Energy Investment Co. LTD. (Hereafter “Guoning”) and Greenpower International
Group Limited (Hereafter “Greenpower”).

 

It is agreed amongst the parties that:

 

		1.	All the shareholders of Guoning irrevocably grant Greenpower (or its designated person) an exclusive option to purchase, to
the extent permitted by law, all or part of the equity interest in Guoning for the minimum amount of consideration permitted by
law.

 

		2.	Greenpower has the sole right to decide when to exercise the option, whether in part or full.

 

		3.	The term of this agreement is for 100 years and may be extended at the option of Greenpower for an additional 100 year term.

 

		4.	Greenpower is entitled to assign to a wholly-owned subsidiary, if one were set up in the future, all the rights to the Guoning
as stated in this agreement.

 

		5.	This agreement is effective upon signing by both parties.

 

	DATED:	BY:  	/s/ Jiong Zhang
	 	 	Jiong Zhang
	 	 	Shenzhen Guoning New Energy Investment Co. LTD

 

	DATED:	BY:	/s/ Jiong Zhang
	 	 	Jiong Zhang
	 	 	Greenpower International Group Limited

 

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