Document:

Exhibit 10.3(c)

 

Maximum Guarantee Contract

 

Contract No.: pingyinshenxinzhouebaozi 20141020
No. 002

 

Party A (Creditor): PINGAN BANK CO., LTD.
SHENZHEN BRANCH 

 

Address: NO1099 shennanzhonglu road,
shenzhen

 

Tel.: 23480048           
Fax: 23480054

 

Principal: Yao Guiping         
Position: President

 

Party B (Guarantor): SPRINGPOWER TECHNOLOGY
(SHENZHEN) COMPANY LIMITED

 

Certificate Type *:         
Certificate No. *:

 

(The contents expressed with “*”
may not be written if Party B is an unit)

 

Address: Building A, Chaoshun Industrial Zone,
Renmin Road, Guanlan

 

	Tel.:                                                 	Fax:                                         
	 	 
	Legal Representative**:Pan Dangyu	Position **:

 

(The contents expressed with “**”
may not be written if Party B is an individual)

 

Whereas Party B is willing to act as the Guarantor
of Party A and provide Party A with maximum joint liability guarantee in order to ensure the execution of the contract between
Party A and SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD. (hereinafter referred to as the Debtor), IN WITNESS WHEREOF, Party A
and Party B hereby agree to conclude and sign this Contract upon consensus through consultation between both Parties. Both Parties
shall abide by the following terms and conditions.

 

    	 

    	 

    

 

Article 1 Guarantee and Guarantee Liability

 

1.1 Scope of guarantee

 

The scope of guarantee hereunder is as follows
(expressed with “√” in front of the option):

 

(√) The principal, interest, compound
interest and default interest of all the debts (including contingent debts), and the expenses for realizing the creditor’s
rights which shall be borne by the Debtor under the Comprehensive Credit Line Contract of pingyinshenxinzhouzongzi 20141020
No. 001 (hereinafter referred to as “the Main Contract”). The maximum principal (balance) of the debts shall be
(converted into) RMB (currency) (in words) seventy million Yuan only.

 

( ) (Converted into) (currency) (in words)
of the principal of all the debts (including contingent debts) (converted into) (currency) (in words) , and the corresponding interest,
compound interest and default interest, and the expenses for realizing the creditor’s rights which shall be borne by the
Debtor under the Contract of PY No. (hereinafter referred to as “the Main Contract”). Party A shall
have the right to ask Party B to bear guarantee liability for the debt balance within the aforesaid scope of guarantee as long
as the debts under the Main Contract are not fully repaid. 

 

    	 

    	 

    

 

( ) Performance of the debts under all the
credit line contracts and specific credit business contracts (hereinafter referred to as “the Main Contract”) concluded
and signed by and between the Debtor and Party A dated from YYYY MM DD to YYYY MM DD. The date of signature of the Main
Contract shall be within this period and the execution period of the Main Contract is not limited to this period. The scope of
Party B’s maximum guarantee shall include the principal, interest, compound interest and default interest of all the debts
(including contingent debts), and the expenses for realizing the creditor’s rights which shall be borne by the Debtor under
the Main Contract. The maximum principal (balance) of the said debts shall be (converted into) (currency) (in words) .

 

( ) The principal of the debts not fully repaid
by the Debtor (converted into) (currency) (in words) , and the interest, compound interest and default interest thereof, and the
expenses for realizing the creditor’s rights under the Contract of PY No. (hereinafter referred to as “the
Main Contract”).

 

(     )

 

    	 

    	 

    

 

Interest, default interest and compound
interest shall be calculated according to the stipulations of the Main Contract until the debts are fully repaid. The expenses
for realizing the creditor’s rights shall include but not be limited to announcement cost, delivery fee, appraisal fee,
attorney fee, legal cost, traveling expenses, evaluation fee, auction fee, property preservation cost and enforcement fee. 

 

The exchange rate of currencies other than
RMB shall be converted according to the foreign exchange rate published by Party A when the specific business occurs.

1.2 Guarantee period of this Contract:

 

(√) The guarantee period hereunder shall
be from the date of effectiveness of this Contract to two years after the expiration of the debt performance term specified in
the Main Contract. The guarantee period of each specific credit business shall be calculated separately. In case of extension of
any specific credit, the guarantee period shall be extended to two years after the expiration of the extended term.

 

(    ) The guarantee period
hereunder shall be from the date of release of the loan under the Main Contract to the date when handles and completes the procedures
for real estate mortgage registration taking Party A as the mortgagee and the relevant ownership certificates are submitted to
Party A.

 

    	 

    	 

    

 

(    ) The guarantee period
hereunder shall be from the date of effectiveness of this Contract to                                                

 

(   
) 

 

 

If Party A transfers its creditor’s rights
to a third person by law during the guarantee period, Party B hereby agrees to bear guarantee liability within the original scope
of guarantee.

 

1.3 If the Debtor transfers its credit line
granted by Party A to a third party to use, Party B hereby agrees to bear guarantee liability for the transferred part according
to the stipulations of this Contract. The specific credit-transferred object and amount are as follows:

 

1.                                         
(the transferee), amount: (converted into)              (currency)
(in words) ;

 

2.                                         
(the transferee), amount: (converted into)             (currency)
(in words) ;

 

3.                                         
(the transferee), amount: (converted into)             (currency)
(in words) ;

 

4. 

 

    	 

    	 

    

 

1.4 Party B shall bear guarantee liability
hereunder independently. Party A shall have the priority to ask Party B to bear guarantee liability no matter whether there is
any security or guarantee provided by the guarantor (including the debtor of the Main Contract). If Party A waives the guarantee
right for the guaranteed property (including the guaranteed property provided by the Debtor) or for other guarantors, Party B shall
also take full guarantee liability according to the stipulations of this Contract. 

 

1.5 This Contract is an irrevocable contract.

 

1.6 The validity of this Contract is independent
from the Main Contract. In case of invalidity of the Main Contract or any clause of the Main Contract, this Contract shall remain
in force.

  

Article 2 Performance of Guarantee Liability

 

2.1 If the Debtor fails to perform any matured
debt (including matured in advance, same below) under the Main Contract, Party B ensures to repay the debt unconditionally after
the receiving of a written payment notice from Party A. Any document about the Debtor’s failure to perform any matured debt
given by Party A shall be deemed as a written payment notice that Party A asks Party B to make payment.

 

    	 

    	 

    

 

2.2 Party B hereby irrevocably authorizes
Party A to deduct the principal and interest of the Debtor’s matured debt and related expenses directly from any and all
accounts opened by Party B in any banking branch of Pingan Bank. Party A shall notify Party B in writing after this deduction and
shall have the right to continuously claim Party B for the insufficient part. If the amount deducted is not enough to repay
all the matured debts and the Debtor delays for less than 90 days (including 90 days), the repayment priority of principal and
interest is as follows: (1) expenses; (2) interest (including default interest and compound interest); (3) principal. If the Debtor
delays for more than 90 days, the repayment priority of the principal and interest of the advance payment is as follows: (1) expenses;
(2) principal; (3) interest (including default interest and compound interest).

 

Article 3 Guarantor’s Warranties and
Commitments 

 

3.1 Party B has completed all the authorizations
and approvals necessary for the signature of this Contract. This Contract is the presentation of Party B’s true meaning and
may not result in violation of any agreement or commitment concluded with any a third party. When this Contract is concluded and
signed, Party B has not violate any law, regulation and rule for environmental protection, energy conservation and emission reduction,
and pollution reduction, and Party B promises to strictly abide by such laws, regulations and rules after the conclusion of this
Contract.

 

3.2 Party B is not involved in any litigation,
arbitration, execution, appeal and reconsideration procedure and other incident or case which may have major adverse impact on
the execution of this Contract, unless otherwise Party B notified Party A in wiring prior to the conclusion of this Contract.

 

    	 

    	 

    

 

3.3 The following provisions are applicable
if Party B is a legal person:

 

3.3.1 Party B is a company with good reputation
duly established and validly existing within the jurisdiction of the location where it is located. Party B has all corporate rights
and has obtained the government license and approval for conducting its current business.

 

3.3.2 Party B shall, within the time limit
requested by Party A, provide its financial statements, number of all opening accounts, loan balance and other relevant materials
requested by Party A. Party B shall ensure the genuine, completeness and objectivity of all the documents and materials provided,
which shall have no false record, misleading representation or material misstatement. The financial statements shall be prepared
strictly in accordance with the Accounting Standards of China.

 

3.4 The following provisions are applicable
if Party B is an individual:

 

3.4.1 Party B has provided his personal and
family incomes and properties, and other relevant materials required by Party A, and Party B warrants the genuine, completeness
and accuracy of the documents and materials that Party B has provided.

 

3.4.2 Party B warrants coordinating Party A
to supervise and inspect the incomes and credit conditions of Party B. If Party A thinks the loan guarantee conditions worsened
during the execution period of this Contract, Party B shall provide other guarantee measures accepted by Party A.

 

    	 

    	 

    

 

Article 4 Guarantor’s Rights and Obligations

 

4.1 Party B shall have the right to ask Party
A to bear confidentiality obligation for the materials provided by Party B, except otherwise prescribed by laws and regulations,
or specified by a regulatory authority or by both Parties, or non-confidential information provided by Party B.

 

4.2 Party B has carefully read the Main
Contract and confirmed all the clauses of the Main Contract. Party B may not confirm the single credit contract or IOU or other
credit business voucher under the Main Contract which does not exceed the specification of the Main Contract. 

 

Party A and the Debtor may not obtain Party
B’s consent for change of the Main Contract. Party B shall continuously bear joint guarantee liability for the Main Contract
after change. However, if the principal of the debit is increased and the loan term is extended without Party B’s written
consent, Party B shall continuously bear guarantee liability according to the amount and term originally specified in the Main
Contract. 

 

4.3 Party B shall accept and ensure to coordinate
Party A to supervise and inspection Party B’s management situations and guarantee capacity. Party B shall allow Party A to
enter Party B’s business site for inspecting Party B’s assets, financial status and management situations.

 

    	 

    	 

    

 

4.4 ( ) In case of transfer of major property
rights, system change or transfer of claims and debts occurring to Party B, Party B shall notify Party A of the relevant issues
in advance and obtain Party A’s written consent prior to such change.

 

( ) If Party B has any one of the following
circumstances, it shall notify Party A thirty days in advance. If Party A thinks it will cause significant impact on the performance
of the Contract, Party B shall obtain Party A’s written consent in advance:

 

(1) material change to Party B’s operating
system, equity structure, property organizational form and primary business, including but not limited to implementation of contracting,
lease, joint operation, reform of shareholding system, merger, acquisition, joint venture (cooperation), division, establishment
of a subsidiary, trusteeship (takeover), sales of enterprise, transfer of property rights and reduction of capital, etc.;

 

(2) disposal of important assets, of which
the value exceeds 10% of the net assets, by selling, gifting, lending, transferring, mortgaging (pledging) or other means;

 

(3) its dividends exceed 30% of the net profits
after tax of the current year or exceed 20% of the total undistributed profits;

 

(4) it adds external investment of over 20%
of its net assets after the Contract becomes valid;

 

    	 

    	 

    

 

(5) it changes the debt clauses with other
bank and pay off other long-term debt in advance;

 

(6) Party B repays its shareholder debt; or

 

(7) it applies other bank for a credit line,
or provides a third party with security, or reduces or exempts a third party’s debt, with the debt amount concerned exceeding
20% of its net assets.

 

4.5 Party B shall notify Party A within
seven working days as of the date of occurrence or possible occurrence of the following matters, and Party A shall have the right
to decide whether to request Party B and the Debtor to add guaranty or directly take back all the loans as the case may be:

 

(1) business or financial status is worsened;

 

(2) Party B is highly fined by a competent
authority or is involved in major legal dispute;

 

(3) Party B, its shareholder, its legal representative
or key manager is involved in an important case, or Party B’s main asset goes under property preservation or other compulsory
measures; or there is any other incident which causes Party B’s legal representative or key manager impossible to perform
his duties normally;

 

(4) Party B provides a third party with guarantee,
causing significant adverse impact on its financial condition or on the performance of its obligations under this Contract;

 

    	 

    	 

    

 

(5) Party B goes into winding-up, ceasing of
its operation for reorganization, dissolution, closedown or bankruptcy, or its business license is revoked;

 

(6) its economic conditions become bad, such
as unemployment, unit bankruptcy, or major loss of personal property, major adverse change of personal physical health, divorce
with spouse, and other matters which may affect Party B’s capacity to perform this Contract; or

 

(7) any other important event or default event
which may affect the business activities of Party B and the loan safety of Party A.

 

4.6 If Party B changes its domicile, mailing
address, telephone number, business scope, legal representative (work unit) or other relevant items, it shall notify Party A in
writing within seven working days after the change. In the event that Party B fails to perform the said notification obligation,
the notices and documents given by Party A according to the original mailing address shall be deemed to have been served.

 

4.7 ( ) Party B shall keep reasonable financial
ratios within the loan term.

 

( ) The financial indicators shall reach the
following standard within the loan term:

  

    	 

    	 

    

 

Article 5 Breach of Contract 

 

5.1 Any one of
the following cases shall be deemed as a default event referred to herein:

 

(1) Party B fails to perform the compensative
liability on time and in full;

 

(2) Party B violates some of its warranties
and commitments or has any other behavior not performing the obligations hereunder;

 

(3) Party B transfers its property or draws
out capital;

 

(4) Party B has breach of contract under other
contracts signed and concluded with Party A or any other banks; or

 

(5) there is any major adverse change of Party
B’s business and financial status.

 

5.2 In case of any one of these default
events listed in the preceding clause, Party A shall have the right to take the following actions:

 

(l) To ask Party B to perform the compensative
liability immediately;

 

(2) To ask Party B to provide new guarantee
measures accepted by Party A;

 

(3) Party A claims Party B’s debtor for
the right of subrogation or appeal to the court to revoke Party B’s waiving of the creditor’s right due or Party B's
transfer of property free of charge or at an obviously unreasonable low price. Party B shall provide all necessary coordination
and assistance according to Party A’s requirements, and all the costs and expenses caused to Party A arising therefrom shall
be borne by Party B; or

 

(3) Other remedial measures prescribed by laws
and regulations.

 

    	 

    	 

    

 

Article 6 Other Provisions 

 

( ) The Bank Enterprise Guarantee Business
Cooperation Agreement (hereinafter referred to as the Agreement) concluded and signed by and between Party A and Party B is
a fundamental legal document for standardizing the relation of rights and obligations between both Parties. In case of any discrepancy
between this Contract and the Agreement, the Agreement shall prevail.

 

 

 

Chapter 7 Supplementary Provisions

 

7.1 ( ) Both Parties agree to handle compulsory
enforcement notarization for this Contract.

 

If Party B fails to completely or partly perform
the obligations specified herein when compulsory enforcement notarization is handled by both Parties for this Contract, Party A
shall have the right to apply the original notary public for an enforcement certificate, and apply the competent people’s
court (the people’s court at the location where the person subject to enforcement lives or where the property of the person
subject to enforcement is located) for enforcement holding the original notarial certificate and the enforcement certificate.

 

(√) No compulsory enforcement notarization
shall be handled for this Contract.

 

    	 

    	 

    

 

7.2 Party B authorizes Party A to inquire Party
B’s credit standing including information about social insurance from the credit information database of the People’s
Bank of China, the credit database established upon approval by the competent credit investigation authorities, or relevant institutions,
departments and individuals. The credit report acquired through inquiry may be used only within the scope prescribed by the interim
measures for administration of credit information database issued by the People’s Bank of China and other relevant laws and
regulations. As agreed by Party B, Party A may provide Party B’s credit information for the credit information database of
the People’s Bank of China and the credit database established upon approval by the competent credit investigation authorities.

 

7.3 Please confirm the options with √
in the brackets before the selected items.

 

7.4 Any and all disputes arising from the execution
of the Contract shall be settled by both Parties through consultation. Where consultation fails, the following (2) shall
be adopted for dispute settlement:

 

(1) To apply                    
/               for arbitration in accordance with the
current arbitration rules of the commission. The award of the arbitration shall be final and binding upon both Parties.

 

(2) To initiate a lawsuit in the people’s
court at the location where Party A is located;

 

    	 

    	 

    

 

(3) To initiate a lawsuit in the people's court
of             /           .

 

7.5 This Contract shall be governed by the
laws of the People's Republic of China.

 

7.6 This Contract shall come into force upon
the signature of all the parties hereto (if one party is a natural person, the Contract shall be signed by the party; if one party
is a legal person or other organization, the Contract shall be signed or sealed by the authorized signatory and affixed with the
official seal).

 

7.7 This Contract shall be made out in three
originals for Party A holding two and Party B, ( ) the Debtor and ( ) the registration authority each holding one.

 

Unit Seal of Party A: PINGAN BANK CO., LTD.
SHENZHEN BRANCH:

 

Signature of Legal Representative or Authorized
Agent:

  

Seal of Party
B (if an unit):

 

Signature
of Legal Representative or Authorized Agent:

 

Signature of
Party B (if an individual) In person: Dangyu Pan or Authorized Agent:Exhibit 10.4

 

Maximum Amount Comprehensive Credit Line
Contract

 

NO. SX161214000368

 

Borrower: Shenzhen Highpower Technology
Co., Ltd.

 

Address: Building A1, 68 Xinxia Street, Pinghu,
Longgang, Shenzhen.

 

Creditor:Bank of Jiangsu, Shenzhen
Sub-branch.

 

Address:4011, Shennan Road, Futian District,
Shenzhen.

 

According to relevant laws and regulations
of China, this contract was agreed to by the two parties, and both parties agree to comply with all terms of the contract.

 

Clause 1 The
maximum comprehensive credit limit(hereinafter referred to as “borrower”) means the credit line that creditor provides
to borrower who can use the credit line in the business lines agreed upon in the contract.

 

Clause 2 Content of the credit

 

1. The maximum
amount of comprehensive credit limit that creditor may provide to borrower is RMB 20,000,000.

 

2. The period of
the credit: From Sep 12th, 2014 to Sep 11th 2015. This period only limits the start date of the credit businesses,
not the expiration date.

 

    	 

    	 

    

  

3. The allotted
time, amount, interest rate and rate of single specific business under this credit contract should be agreed upon in a specific
business contract and voucher.

 

4. Aforesaid “The
maximum comprehensive credit limit” only includes the balance of credit principal which is the actual used credit line (deducting
any guaranty bond) less the part which has been repaid under this contract during the contract period, but includes the interest,
punitive interest compound interest and other payables which should be paid by borrower.

 

Clause 3 The usage of credit line

 

1. When borrower
needs to use the credit line under this contract, it should apply to creditor one by one, creditor has the right to audit in accordance
with fund condition of itself, the operational situation of borrower and the purpose of credit etc. If the applications are approved,
both parties should sign a specific credit business contract separately. Every single credit business contract under this contract
and relevant vouchers constitute an effective attachment to this contract.

 

    	 

    	 

    

  

 2. Within the period
agreed upon in this contract, borrower can use the credit line according to the limit of every single credit business agreed by
this contract repeatedly, if borrower need to adjust the usage of credit line, application should be provided to creditor in writing,
and creditor decides whether the application can be approve and the method of adjustment.

 

4. When the credit period expires, the credit
line which is not used will automatically be cancelled.

 

Clause 4 Adjustment of credit line

 

In the process of performing this contract,
if any of the following situations, which may affect the rights of creditor, occur, creditor has the right to make relevant adjustments
and/or stop borrower from using the credit line, and cancel unused credit line of borrower.

 

1. The market, which is related to borrower’s
operations, has significant adverse changes, or the Country’s monetary policy has significant adjustment.

 

2. There are significant difficulties on the
borrower’s operational situation or important adverse changes to the borrower’s financial condition.

 

3. Termination of business, liquidation, restructuring,
dissolution and bankruptcy of or by borrower by an active or passive means.

 

4. Borrower is involved in significant litigation,
arbitration or administrative punishment, or has a significant default with other creditors.

 

    	 

    	 

    

  

5. Borrower indicates or expresses by its
actions that it does not intend to perform its obligations under this contract or another contract signed by creditor and borrower.

 

6. Borrower provides false materials or conceals
any important fact of finance or operations.

 

7. Borrower does not perform the obligations
agreed to in this contract or any specific credit business contract.

 

8. Borrower violates other contracts signed
by creditor and borrower.

 

9. Borrower transfers its assets, pumps money,
evades debts and engages in other behaviors which damage or might damage the rights of creditor.

 

10. Borrower is involved in illegal operations.

 

11. Division, merger, important takeover,
consolidation and reorganization of borrower.

 

12. Borrower loses commercial integrity.

 

13. Controlling shareholder of borrower transfer
is changed, or significant items happen to controlling shareholder, actual controller, legal representative, or senior executives
of borrower, including but not limited to becoming involved in illegal actions, litigation, arbitration, deterioration of financial
condition, bankruptcy, dissolution etc.

 

    	 

    	 

    

  

14. A Guarantor of the credit business under
this contract defaults, such as by providing false information; violating other contracts signed by creditor or other third parties
becoming involved in litigation, arbitration, business failures, or illegal actions;, ceasing doing business; evading bank creditor’s
rights; merging, consolidating, or reorganizing; or other situation which may affect guaranty ability of Guarantor.

 

15. Other situations that damage the rights
and interests of creditor.

 

Clause 5 Rights and obligations of borrower

 

1. Having
the right to apply for using the credit line.

 

2. Opening a settlement account in Bank of
Jiangsu, Shenzhen Sub-branch, and arranging settlement of both domestic and overseas accounts, foreign exchange settlements and
sale and other intermediate business in Bank of Jiangsu or its sub-branch more than the proportion of the credit line which borrower
gets from creditor and all credit line of borrower.

 

3. Borrower should provide true documents
and information to creditor (including but not limited all bank accounts, balance of deposits and loans, situations of using loans,
condition of assets, operations, and inner management etc.

 

4. Providing last month’s financial
statements before the 20th of each month, and providing audited financial statement to creditor within120 days after a fiscal year,
and providing changes and modifications of itself to creditor.

 

    	 

    	 

    

  

5. Accepting and cooperating with creditor
in surveying, supervising and examining on the use of credit, related production, management, financial situation and operations.

 

6. Complying with this contract and every
single business contract under this contract strictly.

 

7. When used credit exceeds the credit line
agreed to in this contract results from the change of exchange rate, borrower should repay the exceeding part or pay homologous
security deposit.

 

8. If any of the following situations occurs,
borrower should provide notice in writing to creditor within 5 days of the occurrence of the related situation and implement security
measures acceptable to creditor.

 

(1) Changes of membership function, executives,
articles of association and organization.

 

(2) Stopping production, going out of business,
cancelling registration, having it business license cancelled or filing for bankruptcy.

 

(3) Changes of name, domicile, legal representative,
contact manner and so on.

 

(4) Financial standing depravation, significant
difficulty on operations, significant litigation or arbitration.

 

(5) Other things that have significant effect
on the rights and interests of creditor.

 

    	 

    	 

    

  

9. Borrower should ask for creditor’s
consent and implement security measures, which are acceptable to creditor, before taking following actions.

 

(1) Contract management, lease, stock system
reform, joint operation, consolidation, merger, discrete, joint venture, asset transference, reducing registered capital, applications
of suspensions, dissolution, bankruptcy and other actions which can affect rights and interests of creditor.

 

(2) Providing a guarantee for other’s
debts, or pledging or mortgaging any of its major assets to a third party, leading to affecting borrower’s repayment ability
under this contract.

 

10. When the guarantor, whether under this
contract or under a single business contract of this contract, loses its guarantee ability, or a pledge, which is under this contract
or under a single business contract of this contract, depreciates in value, borrower should take other guarantee measures, which
are acceptable to creditor, in time.

 

11. Borrower is not allowed to sign a contract,
which can damage the rights and interests of creditor, with any other third party.

 

Clause 6 Rights and obligations of creditor

 

1. Accepting and
reviewing borrower’s application of using the credit.

 

    	 

    	 

    

  

2. The financial conditions and operations
of borrower should be kept secret by Party B, except the laws, administrative laws and regulations, normative documents requested.

 

3. Having the right to ask borrower to provide
related information of the credit, having the right to know the production, financial condition, operation, and repayment plan
of borrower, and having right to extract and copy from account books, operations records and related information.

 

4. Having the right to supervise borrower’s
uses the credit according to this contract and single credit business contract.

 

5. Having the right to collect principal,
interest, and other related expenses from Party A’s account on schedule or in advance.

 

6. If borrower fails to act or violates the
obligations under this contract or single credit business contract of this contract, creditor has the right to adjust the maximum
amount of comprehensive credit line, and stop using credit line, cancel unused credit line of borrower, demand accelerated repayment
of credit.

 

7. Having the right to query the credit inquiry
of borrower, the legal representative of borrower and executives of borrower, and having the right to provide the information of
borrower to the people’s Bank of China etc.

 

    	 

    	 

    

  

8. If borrower fails to comply with its repayment
obligations under this contract or single credit business contract of this contract, defaults of borrower can be announced in public
by creditor.

 

Clause 7 All debts (including punitive
interest and related expense) under the contract are guaranteed by Maximum Amount Guaranty Contract (NO.BZ161214000045) signed
by SPRINGPOWER TECHNOLOGY (SHENZHEN) CO., LTD. and the creditor, and Maximum Amount Personal Joint Responsibility Guarantee(BZ161214000046)
signed by DANGYU PAN and the creditor.

 

Clause 8 Expense

 

 1. The expenses
of credit information, notarization, testimony, register etc. under the contract should be paid by borrower.

 

2. The expenses resulting from borrower non-repayment
of debt, such as advertising fees, delivery fees, appraisal costs, counsel fees, legal fares, travel expenses, valuation fees,
auction fees, property preservation fees, enforcement fees etc., should be paid by borrower.

 

    	 

    	 

    

  

Clause 9 Modification, dissolution and
execution of civil right of the contract

 

1. When agreed by both parties, this contract
can be modified and dissolved in writing.

 

2. Any tolerance, extension or delay from
creditor to borrower in exercising its rights under this contract does not affect the rights creditor enjoys according to this
contract and laws and regulations, and cannot be considered as approval to the default, and does not mean the abdication of the
right.

 

3. If any item of this contract becomes invalid
because of any reason, borrower still should assume all responsibilities. If any of the above situations happen, creditor has the
right to terminate this contract, and ask borrower to repay all debt immediately.

 

4. If borrower violates the obligations stated
in the eighth item of clause 5 of this contract, it will be considered delivered if the creditor will have mailed related notices
to original address provided.

 

5. Any related notices and documents should
be sent in writing by both parties.

  

Clause 10 Borrower agrees that the
creditor’s rights under this contract can be enforced after notarization. When borrower does not carry out obligations under
the contract completely or partly, creditor can apply for enforcement to a competent court.

 

    	 

    	 

    

  

Clause 11 Applicable Law and Resolution
for dispute

 

The making, efficacy,
explanation, performance and resolution for dispute of the contract are subject to the applicable to the laws of People’s
Republic of China. During the performance of this contract or all disputes relating to this contract, the two parties will attempt
settle through negotiations. If through negotiation the parties cannot reach agreement, both parties can apply to the local people’s
court of creditor.

 

Clause 12 Effective and invalid of the
contract

 

1. This contract
is entered into force upon the date when it is signed or sealed and affixed with official seals by the legal representative or
entrusted agents of borrower and creditor.

 

2. This contract become invalid after borrower
accomplishes all repayment responsibility under this contract.

 

Clause 13 This contract is signed in
triplicate, creditor holds two copies, borrower holds one copy, three copies have equal legal effect.

 

The things which
are not mentioned in this contract should be explained and settled according to relevant laws, administrative laws and regulations,
normative documents and single credit business contract, and the related regulations of Bank of Jiangsu.

 

    	 

    	 

    

  

Clause 15 Prompt

 

Borrower has known
the business scope and grant privilege of Party B. Borrower has read all terms of the contract. Creditor has explained homologous
terms requested by borrower. Borrower has known the meaning of all terms of the contract and homologous legal consequence. Signing
the contract is the true will of borrower.

 

/s/ [COMPANY SEAL]

 

Borrower (stamp)

 

Legal Representative or agent (signature):

 

Oct 28, 2014

 

/s/ [COMPANY SEAL]

 

Creditor (stamp)

 

Legal Representative or agent (signature):

 

Oct 28, 2014

 

    	 

    	 

    

  

Supplementary Agreement 

 

The credit line hereunder shall cover the
credit line under the Maximum Comprehensive Credit Contract of No. SX161213000377 (hereinafter referred to as the Original
Contract) from the date of completion of security under the line. The unpaid line used in the Maximum Comprehensive Credit Contract
of No. SX161213000377 under the Original Contract shall occupy the credit line under this Contract. The aforesaid contract shall
be deemed as a single credit business contract under this Contract, shall be brought into uniform management within this credit
line and shall be secured by a relevant guarantee contract in a unified way under this Contract.

 

		1.	The credit granted by the Credit Grantor shall be used for purchasing raw materials and for other
normal business turnover. To make payment for a single business, the effective transaction contract or order and other relevant
materials not lower than the amount of payment for the single business shall be provided. The corresponding VAT invoice shall be
timely supplemented if a note is required. The credit granted by the Credit Grantor shall not be used for any affiliated transaction
without a real trade background, nor be used for investment in fixed asset projects, equity and securities.

 

		2.	The Fiduciary shall make up the note exposure in advance according to the requirements specified
in the single note contract.

 

		3.	During the period of credit granting by the Credit Grantor, except the current financing bank,
if the guarantee conditions provided by the other financing (except project loan) added by the Fiduciary are better than those
provided by the Credit Grantor, agreement shall be obtained from the Credit Grantor.

 

    	 

    	 

    

  

		4.	In case of any breach of these clauses, or in case of any situation specified in Article 4 of the
Maximum Comprehensive Credit Contract of No. SX161214000368 which endangers or may endanger the rights and interests of
the Credit Grantor during the performance of the Contract, the Credit Grantor shall have the right to charge 1% of the line exposure
amount as penalty and announce acceleration of maturity of the credit, in addition to the relevant rights under the Maximum
Comprehensive Credit Contract.

 

		5.	The amount of settlement that the Fiduciary makes in the Credit Grantor shall match with the use
of credit of the Credit Grantor, or the Credit Grantor shall have the right to decide the use and renewal of the line according
to the settlement conditions of the Fiduciary.

 

This Supplementary Agreement shall be supplementary
provisions to the Maximum Comprehensive Credit Contract (Contract No.: SX161214000368) and shall have the same equal legal
force with the Maximum Comprehensive Credit Contract. In case of any discrepancy between these supplementary provisions
and the Contract, these supplementary provisions shall prevail, and the other clauses shall remain unchanged.

 

    	 

    	 

    

  

	Fiduciary (Official Seal):	Credit Grantor (Official Seal):
	 	 
	SPRING POWER TECHNOLOGY	BANK OF JIANGSU SHENZHEN 
	(SHENZHEN) COMPANY LIMITED (SEAL)	BRANCH (SEAL)
	 	 
	Legal Representative or	Legal Representative or
	Authorized Representative	Authorized Representative 
	 	 
	Oct. 28, 2014	Oct. 28, 2014

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}]]