Document:

Exhibit 10.24(c)

 

Text Encoding: CMBC-HT041 (GS2007)

 

Maximum Guarantee Contract

(Applicable where the guarantor is a unit)

No.: GGBZ 2017 SSBZEZ No. 005-1

Springpower Technology (Shenzhen) Co.,
Ltd. (Seal)

CHINA MINSHENG BANKING CORP., LTD. SHENZHEN
BRANCH (Seal)

 

CHINA MINSHENG BANKING CORP., LTD.

 

     

     

    

 

Maximum Guarantee Contract

 

Guarantor: Springpower Technology (Shenzhen)
Co., Ltd. (hereinafter referred to as Party A)

Address: Workshop Building A, Shunchao
Industrial Zone, Renmin Road, Danhu Community, Guanlan Street, Bao’an District, Shenzhen City

P. C.:

Legal Representative / Main Principal:
Pan Dangyu

Tel.:

Fax:

Opening Bank:

Account No.:

 

Creditor: CHINA MINSHENG BANKING CORP.,
LTD. SHENZHEN BRANCH (hereinafter referred to as Party B)

Address:

P. C.: 518048

Legal Representative / Main Principal:
Wu Xinjun

Tel.:

Fax:

 

In order to ensure the performance of the
Main Contract made and entered into by and between Party B and SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD. (hereinafter referred
to as “Debtor of the Main Contract”), Party A is willing to provide maximum guarantee for all/par of the debts under
the Main Contract. IN WITNESS WHEREOF, Party A and Party B conclude and sign this Contract through friendly consultation in accordance
with relevant national laws and regulations.

 

Chapter 1 Category of the Principal
Creditor’s Right Guaranteed and Maximum Amount of Debts 

 

Article 1 The Main Contract of this Contract
is selected as follows:

 

þ
The Comprehensive Credit Granting Contract of 2017 SSBZEZ No. 005 made and entered into by and between Party
B and the Debtor of the Main Contract, this Contract, and the specific business contracts, applications IOU, and certificates of
creditor’s rights or electronic data under this Contract shall constitute the Main Contract of this Contract;

 

x
All of             continuously made and entered into by and between
Party B and the Debtor of the Main Contract during the period of the principal creditor’s right specified in Article 3 herein
shall constitute the Main Contract of this Contract. The amount of all the outstanding principals used by the Debtor of this Contract
at any time shall not exceed the limit specified in Article 2 herein. However, within this limit, the Debtor of the Main Contract
may apply for recycling the limit of all the outstanding principals.

 

Article 2 The maximum amount of debts guaranteed
by Party A is: (currency) RMB, (amount in words): twenty million Yuan only.

 

The maximum amount of debts is the maximum
limit for balance of principals, defined as follows:

 

The maximum limit for balance of principals
is the maximum limit for principals of principal creditor’s rights only. If the principal does not exceed the said limit,
Party A is willing to undertake joint guarantee liability for all the accounts payable within the scope specified in Article 6
of this Contract.

 

     

     

    

 

Chapter 2 Period of the Principal Creditor’s
Right Guaranteed 

 

Article 3 The period of the principal credit’s
right guaranteed under this Contract shall be from Nov 14, 2017 to Nov 14, 2018. The stipulations of this article
have the following meanings:

 

3.1 If the business specified in the Main
Contract is a loan business, the date of release of each loan shall not be later than the expiry date of this period.

 

3.2 If the business specified in the Main
Contract is a business of acceptance of bill/discount/ opening of L/C/ opening of letter of guarantee (or letter of guarantee for
the release of goods), the date of draft of acceptance of bill/discount/ opening of L/C/ opening of letter of guarantee (or letter
of guarantee for the release of goods) shall not be later than the expiry date of this period.

 

Chapter 3 Guarantee Method 

 

Article 4 Joint liability guarantee is
adopted as the method of guarantee by Party A.

 

Article 5 Besides the guarantee method
specified in this Contract, if there is any other guarantee under the Main Contract (including the Debtor of the Main Contract
provides mortgage/pledge guarantee for Party B to the extent of the Debtor’s own property), Party A’s guarantee liability
undertaken for Party B shall not be affected by any other guarantee nor be exempted or reduced arising therefrom. Party B is entitled
to select to exercise the guarantee right under this Contract first and Party A waives the prior right of defense of any other
guarantee. If Party B’s priority to gain compensation from the said mortgage right/pledge right is lost or reduced due to
Party B’s waiver of the mortgage right/pledge right for the property of the Debtor of the Main Contract for any reason or
due to Party B’s change of the sequence or contents of the mortgage right/pledge right, as promised by Party A, Party A’s
guarantee liability undertaken for Party B shall not be exempted or reduced.

 

Chapter 4 Scope of Guarantee

 

Article 6 Party A’s guarantee scope:
the maximum principal of the principal creditor’s rights specified in Article 2 of this Contract and other accounts payable
(including but not limited to interest, default interest, compound interest, penalty, damages, expenses for realizing creditor’s
rights and guarantee right (including but not limited to legal cost, attorney fee and business traveling expenses), and all other
reasonable expenses payable). Other accounts payable specified in the said scope shall be included in the scope of guarantee liability
undertaken by Party A but shall not be included in the maximum limit for balance of principals guaranteed under this Contract.

 

Article 7 The funds (including the funds
Party B obtains from exercising the right specified in sub-clause 12.2 of this Contract) that Party A pays Party B for the purpose
for performing Party A’s responsibility under this Contract shall be paid according to the following order: (1) Party B’s
expenses for realizing creditor’s rights and guarantee right; (2) damages; (3) penalty; (4) compound interest; (5) default
interest; (6) interest; (7) principal. Party B is entitled to change the said order.

 

Chapter 5 Determination of the Creditor’s
Right Guaranteed 

 

Article 8 The creditor’s right guaranteed
under this Contract shall be determined under any one of the following circumstances:

 

8.1 the period of the principal creditor’s
right specified in Article 3 of this Contract expires;

 

8.2 the Main Creditor announces acceleration
of all debts under the Main Contract by law or according to relevant stipulations of the Main Contract;

 

8.3 other circumstances for determining
the creditor’s right guaranteed prescribed by law.

 

Article 9 When the creditor’s right
guaranteed under this Contract is determined, the following shall become effective:

 

9.1 When the creditor’s right guaranteed
under this Contract is determined, the outstanding creditor’s right under the Main Contract shall be included in the scope
of the creditor’s right guaranteed no matter whether the performance period of the creditor’s right has expired or
not or there is any other additional condition.

 

9.2 When the creditor’s right guaranteed
under this Contract is determined, all funds other than principals specified in Article 6 of this Contract shall be included in
the scope of the creditor’s right guaranteed no matter whether the funds have been occurred or not;

 

     

     

    

 

9.3 From the date when the creditor’s
right guaranteed under this Contract is determined to the date of full repayment of the creditor’s right guaranteed, if the
Debtor of the Main Contract fails to perform the obligation of repayment of debts, Party B shall have the right to directly claim
Party A for compensation and Party A shall repay Party B relevant debts immediately.

 

Chapter 6 Guarantee Period 

 

Article 10 The guarantee period of the
guarantee liability undertaken by Party A shall be two years and the date of start shall be determined according to the following
method:

 

10.1 If the expiry date of the performance
period of a debt under the Main Contract is early than or equals to the date of determination of the creditor’s right guaranteed,
the guarantee period of the guarantee liability undertaken by Party A for the debt shall start from the date of determination of
the creditor’s right guaranteed;

 

10.2 If the expiry date of the performance
period of a debt under the Main Contract is later than the date of determination of the creditor’s right guaranteed, the
guarantee period of the guarantee liability undertaken by Party A for the debt shall start from the expiry date of the performance
period of this debt;

 

10.3 The term “expiry date of the
performance period of a debt” indicated in the preceding paragraph includes the expiry date of the debt when the Debtor of
the Main Contract repays the debt by installments and also includes the expiry date of acceleration announced by the Creditor according
to the stipulations of the Main Contract;

 

10.4 If the business under the Main Contract
is a business of letter of credit, bank acceptance bill, letter of guarantee or letter of guarantee for the release of goods, the
date of external payment shall be deemed as the expiry date of the performance period of the debt.

 

Chapter 7 Both Parties’ Rights
and Obligations 

 

Article 11 Rights and obligations of Party
A

 

11.1 Party A is a legal person duly established
and validly existing, has the capacity for civil rights and the capacity for civil conducts for signing and executing this Contract,
and has obtained all necessary licenses, approvals, registration and files required for signature of this Contract;

 

11.2 All the internal authorization formalities
required for Party A for signing this Contract have been completely handled and become fully effective. Party A’s signature
of this Contract and performance of its obligations under this Contract shall not conflict with the current articles of association
and the internal rules and regulations, or any other contract, agreement and document binding upon Party A.

 

11.3 Party A shall ensure the authenticity,
legitimacy and effectiveness of the documents that Party A provides Party B for demonstrating Party A’s legal identity and
its ability for performing the guarantee liability under this Contract;

 

11.4 When the creditor’s right guaranteed
under this Contract is determined, if the Debtor of the Main Contract fails to perform the debt prior to the expiry date of the
performance period of the debt, Party A shall have the obligation to make payment to Party b immediately on the date of receiving
of Party B’s written notice;

 

11.5 When giving guarantee under this Guarantee
Contract, Party A is not involved in any litigation or arbitration which may be sufficient to affect its ability for undertaking
the guarantee liability under this Contract;

 

11.6 Party A shall not bear the guarantee
liability under the Guarantee Contract when the Debtor of the Main Contract has repaid all the debts under the Main Contract on
schedule;

 

11.7 During the guarantee period, Party
B may transfer to a third party the creditor’s right under the Main Contract without obtaining Party A’s consent, and
Party A shall continue to undertake guarantee liability;

 

11.8 If the Debtor of the Main Contract
and Party B changes the Main Contract through signing an agreement, Party A’s consent may not be obtained if such change
does not increase the Debtor’s debts. However, if such change extends the term or increases the amount of principle of the
principal creditor’s right guaranteed by Party A or allows transfer of debts by the Debtor of the Main Contract, Party A’s
consent shall be obtained. Party A commits to undertake guarantee liability according to the Main Contract after change;

 

     

     

    

 

11.9 During the valid period of this Contract,
Party B shall be notified thirty days in advance where there is any change of Party A’s operation mechanism, registered capital,
equity, or Party A sells, transfers or disposes by any other means its material assets. Party B shall be notified within seven
days if Party A's address, name or legal representative is changed;

 

11.10 If Party A provides guarantee for
any other third party during the valid period of this Contract, Party B’s rights and interests shall not be damaged.

 

11.11 Loans under the Main Contract may
be used for borrowing for repaying. Party A is willing to undertake guarantee liability.

 

11.12 If the Debtor of the Main Contract
changes the purpose of the funds at random, Party A shall undertake guarantee liability for the debts under the Main Contract and
the default interest and penalty arising from misappropriation of funds.

 

Article 12 Rights and obligations of Party
B

 

12.1 Party B is entitled to demand Party
A at any time to provide the financial reports, financial statements or other data reflecting Party A’s operation conditions
and credit status;

 

12.2 If Party B demands Party a to undertake
guarantee liability according to the stipulations of this Contract, Party A authorizes Party B to deduct relevant funds directly
from the account opened with the bank institutions of China Minsheng Banking designated by Party A. With respect to the part insufficient
for deduction, Party B is entitled to make deduction from any other account opened by Party A with the bank institutions of China
Minsheng Banking or demand Party A to make repayment. Party B shall not bear any responsibility for losses on interest and any
other losses caused to Party A arising from Party B’s behavior of deduction;

 

12.3 Party A may not be notified when Party
B and the Debtor of the Main Contract sign a specific business contract (or agreement) on a specific credit granting business under
the Main Contract.

 

Chapter 8 Liabilities for Breach of Contract

 

Article 13 When this Contract becomes effective,
Party A and Party B shall perform the obligations specified in this Contract. Any party which fails to wholly or partly perform
its obligations specified herein shall undertake relevant liabilities for breach of contract and make compensation for losses caused
to the other party.

 

Chapter 9 Contract Effectiveness, Change
and Termination

 

Article 14 This Contract shall become effective
when both Parties’ legal representatives/main principals or authorized agents sign or seal and both Parties affix their official
seals/special contract seals.

 

Article 15 When the Contract comes into
force, Party A and Party B shall not change or cancel the Contract in advance at random. Should the Contract be changed or cancelled,
a written agreement shall be reached and concluded upon unanimity through consultation.

 

Chapter 10 Dispute Settlement

 

Article 16 Any and all disputes between
Party A and Party B arising from and in connection with the execution of this Contract shall be settled through consultation between
both Parties. Where consultation fails, the dispute shall be governed by the people’s court at the location where Party B
is located.

 

Chapter 11 Supplementary Provisions

 

Article 17 Notice and service

 

17.1 Any and all notices or written communications
that one party sends to the other party under this Contract, including (but not limited to) any and all written documents or notices
which must be sent under this Contract, shall be sent by registered post, fax, special delivery or other means to the address of
the other party given on the first page of this Contract;

 

     

     

    

 

17.2 If sent by registered post, the forth
day after the said document or notice is posted shall be deemed as the date of service and receiving; if sent by fax, the date
indicated in the receipt of being sent successfully shall be deemed as the date of service and receiving; if sent by special delivery,
the date when the special person sends the said document or notice to the address of the addressee shall be deemed as the date
of service and receiving. In case of change of any contact information, the related party shall notify the other party in writing
of the contact information changed within seven days after such change. Then, the notices, documents or applications specified
herein shall be sent according to the contact information after the change.

 

Article 18 The validity of this Contract
shall be independent of this Contract and may not be affected by the invalidity of the Main Contract.

 

Article 19 Other provisions agreed by both
Parties

 

Article 20 This Contract has been made
out in two originals, for Party A, Party B and the related party each holding one, which shall be equally authentic.

 

Article 21 When this Contract is signed,
Party B has explained and interpreted in details all the terms and conditions of this Contract to Party A, and both Parties have
no objection to the terms and conditions of this Contract. Both Parties have accurate understanding of the legal meaning of their
corresponding rights and obligations, limitation of responsibilities or disclaimers. 

 

Article 22 Both Parties agree and authorize
Party B irrevocably to report relevant information to the financial credit information database established by the State. Such
information shall include the name, registered address and other related information of this institution, the transaction records,
credit information and bad information (including failure to perform obligations of this Contract, the institution’s performance
of obligations and enforcement ruled or judged by the people’s court, and other relevant bad information prescribed by laws
and regulations) generated during business activities and performance activities of this institution under this Contract.

 

This Contract is signed by Party A and
Party B in Shenzhen.

 

	Party A: Springpower Technology (Shenzhen) Co.,wd Ltd. (Seal) (Seal)
	 
	Legal Representative / Main Principal: Pan Dangyu (Seal)
	 
	Date: 
	 
	Party B: CHINA MINSHENG BANKING CORP., LTD. SHENZHEN BRANCH (Seal) (Seal)
	 
	Legal Representative / Main Principal: Ou Yangyong (Signature) 
	 
	(Or Authorized Agent)	(Signature or Seal)
	 	 
	Date:Exhibit 10.25

 

Maximum Financing Contract

 

Huaxia Bank Co., Ltd.

 

     

     

    

 

Maximum Financing Contract

 

No.: SZ03 (R.Z.) 20170028

 

Party A: Springpower Technology (Shenzhen) Co., Ltd. 

 

Domicile: Workshop Building A, Shunchao
Industrial Zone, Renmin Road, Danhu Community, Guanlan Street, Bao’an District, Shenzhen City

 

Zip Code: 51800

 

Legal Representative: Pan Dangyu

 

Tel.: 0755-89686802 

 

Fax: 0755-89666819

 

Basic Account Opening Bank: Bank of
China Shenzhen Branch 

 

Account No.: xxxxx

 

Party B: Huaxia Bank Co., Ltd. Shenzhen
Great China Sub-branch 

 

Domicile: East of First Floor, Great
China International Exchange Square, Futian District, Shenzhen 

 

Zip Code: 518000

 

Legal Representative / Main Principal:
Xia Feng 

 

Tel.: 0755-23997085

 

Fax: 0755-23997090 

 

In accordance with relevant laws and regulations
of China, Party A and Party B make and enter into this Contract upon unanimity through consultation between both parties following
the principle of fairness.

 

Article 1 Maximum Financing Limit and Type

 

1.1 Within the valid period of the maximum
financing limit agreed herein (hereinafter referred to as “the Valid Period of Limit”), the maximum financing limit
Party A may apply Party B for use is:

 

Currency: RMB

 

Amount (in words): Fifty Million Yuan
Only

 

(The amount of a foreign currency transaction
shall be converted according to the selling price of foreign exchange listed by Party B on the date when the transaction occurs.)

 

This Contract shall not constitute Party
B’s inevitable obligation of providing Party A with financing. Party B shall, under any circumstances, have the right to
adjust the Valid Period of Limit and the maximum financing limit under this Contract.

 

1.2 The financing form under the maximum
financing limit agreed herein shall include but not be limited to loan, acceptance of bill, discount of bill, trade financing,
letter of guarantee or other credit business types accepted by Party B.

 

1.3 Within the Valid Period of Limit agreed
herein, the specific business type, amount, usage period and purpose of the financing limit used by Party A shall be subject to
the specific business contract under this Contract. Both parties shall handle relevant business according to the stipulations of
the specific business contract.

 

The specific business contract may be a
contract or an agreement signed by both parties, or other legal document submitted by Party A to Party B and accepted by Party
B, for example, “application for opening of a L/C”.

 

     

     

    

 

Article 2 Valid Period of Limit

 

2.1 The Valid Period of Limit agreed in
Article 1 of this Contract shall be one year from Oct 23, 2017 to Oct 23, 2018. 

 

2.2 Party B has the right to review the
use of the maximum financing limit under this Contract and adjust the aforesaid Valid Period of Limit.

 

Article 3 Guarantee

 

3.1 In order to ensure that the creditor’s
rights produced under this Contract are repaid, mortgage, pledge, suretyship, or other one or several guarantees permitted by law
may be adopted. The guarantee contract shall be made and entered into by and between the guarantor and Party B, separately.

 

3.2 When Party A and Party B conclude a
specific business contract hereunder, Party B shall have the right to demand Party A to provide guarantee other than the guarantee
specified herein.

 

Article 4 Use of Maximum Financing Limit

 

4.1 Each time when Party A uses a financing
limit, Party A shall present a written application to Party B ten working days in advance, and Party B has the right to review.
When Party B agrees through review, both parties shall conclude and sign a specific business contract separately.

 

4.2 Within the Valid Period of Limit, Party
A may reapply for use of the financing limit released by means of payment, and the financing limit unused within the Valid Period
of Limit shall be automatically lapsed upon expiration of the Valid Period.

 

4.3 Party B must apply for use of the financing
limit within the Valid Period of Limit agreed in Article 2 herein. The date of signature of a specific business contract shall
not be later than the deadline of the Valid Period of Limit. The date of payment of each loan or the date of draft of acceptance
of bill/discount/ opening of L/C/ opening of letter of guarantee / issuance of a letter of guarantee for the release of goods shall
not be later than the deadline of this period.

 

If Party B adjusts or Party A and Party
B agree to extend the Valid Period of Limit upon unanimity through consultation between both parties, this deadline shall be the
deadline after adjustment. The service life of each maximum financed capital shall be subject to the stipulation of the specific
business contract and the expiry date of the performance period shall not be affected by the expiration of the Valid Period of
Limit.

 

4.4 The expenses which should be charged
under bills, letter of guarantee, international trade financing and other related business, the discount rate under discount of
bills, and the interest rate and exchange rate which should be determined in inward and outward documentary bills shall be agreed
by Party A and Party B in each specific business contract.

 

Article 5 Party A’s Representations
and Warranties

 

Party A hereby makes the following representations
and warranties to Party B:

 

5.1 Party A is a legal entity duly established
and validly existing. Party A has the right to dispose the properties under its operation and management, do business for the purpose
related to that specified in this Contract and the specific business contract, and sign and execute this Contract and the specific
business contract.

 

5.2 To sign and execute this Contract and
the specific business contract, Party A has obtained approvals from competent authorities, including superior competent department
or the board of directors of the company and has obtained all necessary authorizations.

 

5.3 The signature and execution of this
Contract and the specific business contract by Party A does not violate the stipulations or provisions binding upon Party A and
Party A’s assets, including but not limited to any guarantee agreement between Party A and another party or the contents
of guarantee commitments made to another party.

 

5.4 All documents and materials that Party
A provides Party B shall be genuine, accurate, legitimate and effective.

 

     

     

    

 

5.5 Party A’s all behaviors and performances
in connection with environment and social risks shall comply with statutory and regulatory requirements, and there is no major
lawsuit connected with environment and social risks.

 

Article 6 Party A’s Rights and Obligations

 

6.1 During the execution period of this
Contract and a specific business contract thereof, Party A shall, according to Party B’s requirements, provide coordination
in inspection and timely provide, including but not limited to:

 

6.1.1 business license, organization code
certificate, identity certification and necessary personal information of the legal representative, members and main principal
of the board of directors, list of financial officers, business operation permit, tax registration certificate of pass of the taxation
departments’ annual inspection, photocopies of the tax payment proof materials of taxation departments provided according
to the year required by Party B, and loan certificate (card);

 

6.1.2 all opening banks, account number,
and deposit and loan;

 

6.1.3 audited balance sheet, statement
of profit and loss, statement of changes of owner’s equity, sales conditions, statement of cash flow, financial statements
and notes and explanations;

 

6.1.4 production management planning, statistics
statements, and engineering budget and settlement materials;

 

6.1.5 situations of all external guarantee
(including guarantee for Party B’s any institution);

 

6.1.6 information of all affiliated enterprises
and affiliated relations, information of affiliated transaction accounting for over ten percent of Party A’s net assets which
have occurred and are going to occur, and information of mutual guarantee amongst group customers;

 

6.1.7 information of lawsuit, arbitration,
administrative punishment and dispute over obligation with others, and criminal case, prosecution and punishment on members of
the management.

 

6.2 Use of a financing limit by Party A
shall comply with laws, this Contract and the specific business contract.

 

6.3 Party A shall notify Party B in written
form thirty days prior to the following changes, including but not limited to contracting, lease, custody, reorganization of assets,
reconstruction of debts, transformation of equity system, joint operation, business combination (or merger), division, paid transfer
of property, joint investment (or cooperation), reduce of registered capital, or filing for winding-up, filing for dissolution
(or cancellation), filing for reorganization, mediation and bankruptcy, or change of self system or legal status. Party A shall
implement the liability of repayment of the debts under this Contract upon Party B’s written consent, or provide a new guarantee
accepted by Party B in written form, or Party A shall not conduct the foregoing activities prior to full repayment of all debts
under this Contract.

 

6.4 Party A shall notify Party B of the
following changes in written form thirty days prior to occurrence of the changes that Party A is announced winding-up, is announced
closed, is announced dissolved (cancelled), is filed reorganization or bankruptcy, or changes self system and legal status. Meanwhile,
Party A shall take sufficient and effective actions to protect the creditor's rights of Party B.

 

6.5 Where there is any situation which
is sufficient to endanger Party A’s normal operation or the safety of the creditor’s rights of Party B, Party A shall
notify Party B in writing within three days. Meanwhile, Party A shall take sufficient and effective actions to protect the creditor's
rights of Party B.

 

6.6 Without Party B’s consent, Party
A shall not sell specific assets, prepay other long-term debts or provide a third party with extra guarantee for debts until Party
A has repaid Party B the principal and interest of the amount of the specific business under this Contract.

 

6.7 Party A shall not conclude any contract
with any a third party which damages Party B’s rights and interests under this Contract and a specific business contract
hereof.

 

6.8 In the event that Party A’s legal
representative, domicile, name or middle and senior management personnel have any significant change, Party A shall notify Party
B in writing within seven days after this change.

 

     

     

    

 

6.9 Party A shall repay on time the principal
and interest of the amount of the specific business under this Contract and pay the expenses payable on time.

 

6.10 If Party A uses a financing limit
to handle international trade financing business (including packing loan, import and export bill purchase, opening of L/C, letter
of guarantee, discount of bill and acceptance of bill of exchange), Party A shall ensure: when the business is conducted, the Uniform
Customs and Practice for Documentary Credits (latest version) of the International Chamber of Commerce, the Uniform Rules
for Collections (URC522) and other related international practices prevailing when this Contract is signed shall be strictly
observed. Party B’s reputation and interest shall not be damaged due to any business dispute.

 

6.11 In the event that Party B realizes
creditor’s rights through lawsuit, arbitration or other means due to Party A’s violation of this Contract and a specific
business contract hereof, Party A shall bear the appraisal cost, evaluation cost, auction cost, legal cost, arbitration fee, notarization
fee and attorney fee paid by Party B therefore, and other reasonable expenses of Party B for realizing creditor’s rights.

 

6.12 If Party A is a group customer, Party
A shall:

 

6.12.1 provide Party B with relevant information
and materials of the group company, including but not limited to list of members of the group customer, legal representative, actual
controlled, registered address, registered capital, main business, equity structure, senior management personnel, financial status,
items of major assets, guarantees and important lawsuits, and so on.

 

6.12.2 timely report to Party B in written
form the affiliated transactions accounting for over ten percent of Party A’s net assets, including but not limited to affiliated
relations amongst transaction parties, transaction items, transaction nature, transaction amount or relevant proportions and pricing
policy of transaction.

 

6.13 Party A shall strengthen management
of environment and social risks, and accept and coordinate Party B or a third party affirmed by Party B in supervision and inspection.
At Party B’s request, Party A shall submit an environment and social risk report to Party B timely.

 

Article 7 Party B’s Rights and Obligations

 

7.1 Party B is entitled to, according to
relevant management regulations and credit examination and approval procedures of Huaxia Bank, decide whether to conclude a specific
business contract with Party A and check and supervise the situations of the specific business at any time.

 

7.2 If Party B agrees Party A to use a
financing limit, the specific business contract concluded shall be timely executed.

 

7.3 Party B shall keep confidential the
materials and information about Party A’s debt, financial status, production and operation provided by Party A, except otherwise
prescribed by laws and regulations and regulatory policies.

 

Article 8 Management and Control of Post-Credit
Risks

 

8.1 During the period when the maximum
financed capital hereunder is used, to meet the needs for control of Party B’s risks, Party A shall ensure and continue to
meet the requirements of the following financial indicators:

 

	 	/	.

 

Where there is any stipulation in the specific
business contract, the contents specified in the specific business contract shall prevail.

 

8.2 During the period when the maximum
financed capital hereunder is used, to meet the needs for control of Party B’s risks, Party A shall ensure and continue to
make business settlement according to the following stipulations:

 

 Party B is the main settlement bank of Party A and Party A’s main
settlement business shall be handled through Party A’s account opened with Party B. 

 

 Party B is not the main settlement bank of Party A. Party A shall provide Party B with
the bank statements of the main settlement account or other relevant materials once every      /      month(s). 

 

     

     

    

 

          /                             .

 

Article 9 Prepayment

 

9.1 During the execution process of this
Contract, Party B shall have the right to ask Party A to prepay the financing limit used by Party A under the following circumstances:

 

9.1.l Party A provides false information
or holds back important operational accounting facts;

 

9.1.2 without Party B’s consent,
Party A changes the purpose of the financed capital or uses the financed capital for conducting any illegal or rule-breaking transaction;

 

9.1.3 Party A violates any other contract
or agreement concluded with others, or Party A makes any commitment or warranty unilaterally, which constitutes serious breach
of other debts;

 

9.1.4 the guarantee capacity of the guarantor
hereunder becomes obviously insufficient, or the pledged or mortgaged property hereunder is expropriated or damaged or its value
obviously declines, and Party A is unable to provide a new guarantee according to Party B’s requirements;

 

9.1.5 During the valid period of this Contract,
Party A expressly indicates or indicates by its acts that Party A is unable to or fails to perform its obligations specified in
this Contract or the specific business contract;

 

9.1.6 Party A transfers its assets, withdraws
funds, evades debts or has any other behavior which damages Party B’s rights and interest;

 

9.1.7 Party A does not perform its commitments
made in Article 5 herein or does not perform the obligations agreed in this Contract or a specific business contract;

 

9.1.8 Party A refuses Party B’s supervision
and examination on Party A’s use of the credit funds and relevant operation and financial activities;

 

9.1.9 Party A uses a false contract with
an affiliated party to discount or pledge on the basis of bill receivable and accounts receivable without real trade background
to illegally withdraw Party B's financing;

 

9.1.10 Party A evades Party B’s obligatory
right intentionally through affiliated transaction;

 

9.1.11 Party A’s operating mode,
self system or legal status is changed, including but not limited to contracting, lease, custody, asset reorganization, debt reconstruction,
reform of shareholding system, joint operation, consolidation (merger), division, paid transfer of property, joint venture (cooperation),
reduce of registered capital, or applying for winding-up, applying for dissolution (or cancellation), applying for reforming, reconciliation
and bankruptcy. Party A has not obtained Party A’s written consent, hasn’t implemented the liability of repayment of
the debts under a specific business contract of this Contract or hasn’t provided a new guarantee accepted by Party B;

 

9.1.12 There is any serious crisis of the
overall credit status, operating conditions and financial status of the group customer of Party A, which causes significant threat
to the safety of Party B’s loan;

 

9.1.13 Party A is unable to or is likely
unable to repay the due debt because Party A sells, transfers or disposes by other means any material assets or Party A’s
operation and financial status becomes worse; or Party A is involved in any significant economic lawsuit or arbitration and other
legal dispute, or is involved in any significant administrative punishment, which serious affects and threatens the realization
of the creditor’s rights of Party B;

 

9.1.14 Party A goes out of business, is
dissolved, stops business or is ordered to close, or its business license is revoked or cancelled;

 

9.1.15 Party A violates any other obligation
agreed in this Contract, or the Guarantor hereunder violates any obligation agreed in the guarantee contract, that Party B thinks
sufficient to affect realization of its creditor’s rights;

 

9.1.16 Party A causes a liability accident
or a significant environment and social risk incident due to violation of relevant laws, regulations, regulatory provisions or
industrial standards for food safety, work safety, environmental protection and management of environment and social risks, which
has affected or may affect the performance of obligations under this Contract or a specific business contract.

 

     

     

    

 

9.2 If Party A applies for prepayment,
Party A shall present a written application to Party B ten working days in advance and make treatment according to the following
methods upon Party B’s written consent:

 

 Party B shall calculate and collect interest according to the number of days
of actual occupation of the loan and the loan interest rate agreed in the specific business contract under this Contract;

 

 In addition to the interest calculated and collected according to the number
of days of actual occupation of the loan and the loan interest rate agreed in the specific business contract under this
Contract, Party B shall charge   /  % of the prepayment amount as compensation. However, the
maximum compensation shall not exceed the result of: repayment amount × loan interest rate agreed in the specific
business contract / 360 × number f days advanced.

 

Article 10 Effectiveness, Transfer and Change
of Contract

 

10.1 This Contract shall come into force
as of the date of signature of both parties. However, Party B shall have no obligation for allowing Party A to use any financing
limit before Party A and its guarantor conclude a guarantee contract according to Party B’s requirements and complete the
procedures agreed in the guarantee contract and the mortgage /pledge right becomes effective by law.

 

10.2 As agreed by Party A, after effectiveness
of this Contract, Party B may transfer to a third party all or part of the debts under this Contract and the specific business
contract.

 

10.3 If Party A transfers to a third party
all or part of the debts under this Contract and the specific business contract after effectiveness of this Contract, Party A shall
submit to Party B the written documents that the guarantor agrees transfer of successive guarantee obligation or provide a new
guarantee, and obtain Party B’s written consent.

 

10.4 Party A and Party B shall not change
this Contract without authorization after effectiveness of this Contract. Where necessary, Party A and Party B shall reach a written
change agreement.

 

Article 11 Confidentiality

 

Party A or Party B shall bear the obligation
of confidentiality for the other party’s business secret, contractual clauses and other information related to interest acquired
during the signature and execution processes of this Contract, but shall not disclose the aforesaid information to a third party
without the other party’s consent, except otherwise prescribed by laws, regulations and regulatory policies.

 

Article 12 Governing Laws and Dispute Settlement

 

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

 

12.2 Any and all disputes arising from
the execution of this Contract and/or a specific business contract shall be settled through consutlation between Party A and Party
B. Where consutlation fails, either party may make settlemnt acording to the following method, except otherwise agreed in the specific
business contract for dispute settlement under this Contract:

 

 To bring a case to the local people’s court at the domicile of Party B;

 

 To apply                     /                    
Arbitration Committee for arbitration.

 

Article 13 Notice and Service

 

During the valid period of this Contract,
if Party A changes its information first given in this Contract without notifying Party B in written form, including name of Party
A’s legal person, legal representative, domicile and telephone number, all documents that Party B sends to Party A according
to Party A’s information given in this Contract shall be deemed as having been served.

 

Article 14 Supplementary Provisions

 

14.1 The specific business contracts made
and entered into by and between Party A and Party B for each specific maximum financing business on the basis of this Contract
shall be a part of this Contract and constitute an entire contract. in case of discrepancy between a specific business contract
and this Contract, the specific business contract shall prevail.

 

     

     

    

 

14.2 Party A authorizes Party B to, in
accordance with relevant laws and regulations, or other regulatory documents or requirements of financial regulators, provide the
relevant information of the Contract and other relevant information for the credit information basic database of the People’s
Bank of China or other credit database established by law for the qualified institutions or individuals to search and use. Party
A also authorizes Party B to, for the purpose of the conclusion and performance of the Contract, search Party B’s relevant
information through the credit information basic database of the People’s Bank of China or other credit database established
by law.

 

14.3 If selection is made in □ under
this Contract, this clause shall apply if √ is ticked in □ but shall not apply if × is given in □.

 

14.4 This Contract shall be provided for
Party A holding one original, Party B holding two originals and the Guarantor holding one original,
which shall be equally authentic.

 

14.5 Other provisions agreed by both parties:

 

/

 

14.6 Party B has take reasonable measures
to remind Party A to pay attention to the clauses of exempting or restricting Party B’s responsibilities and, according to
Party A’s requirements, has given full explanation of relevant clauses. Party A and Party B have no objection to the understanding
of the contents of all clauses of this Contract.

 

(The remainder of this page is intentionally
left blank.)

 

     

     

    

 

Page of signature (the remainder of this
page is intentionally left blank.)

 

	Party A: (Seal) 	 
	 	 
	Springpower Technology (Shenzhen) Co., Ltd. (Seal)
	 	 
	Legal Representative:	 
	 	 
	(Or Authorized Agent):	(Signature)

 

	Party B: (Seal)	
	 	 
	Huaxia Bank Co., Ltd. Shenzhen Great China Sub-branch (Seal) 

 

	Legal Representative / Main Principal:	 
	 	 
	(Or Authorized Agent)	(Signature or Seal)

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