Document:

Exhibit 10.2

 

SECURED
PROMISSORY NOTE

 

	EFFECTIVE DATE:	October 19, 2022
	 	 
	PRINCIPAL AMOUNT:	$10,000,000.00
	 	 
	INTEREST RATE:	5%
	 	 
	HOLDERS NAMES/ ADDRESS:	JX Luxventure Limited 
	 	 
	 	Attention: Sun Lei, Chief Executive Officer
	 	 
	 	Address: Bin Hai Da Dao No. 270
	 	Lang Qin Wan Guo Ji Du Jia Cun Zong He Lou
	 	Xiu Ying District
	 	Haikou City, Hainan Province 570100
	 	People’s Republic of China

 

FOR VALUE RECEIVED, Shenzhen
Zhongjiyingfeng Investment Co., Ltd., a company incorporated under the laws of the People’s Republic of China, whose address is
Central Building, Science and Technology Park, Room 1808, Nanshan District, Shenzhen 518000, People’s Republic of China (the “Borrower”),
hereby promises to pay to the order of JX Luxventure Limited, a company organized under the laws of the Republic of the Marshall Islands
(hereinafter together with any subsequent holder(s) hereof collectively called the “Holder”), the principal amount
of Ten Million and 00/100 Dollars ($10,000,000.00) (“Principal Amount”), together with interest from the date hereof
on the unpaid balance at the rate of 5% per annum (“Base Interest Rate”) until paid in full (the “Note”).

 

This Note has been issued
pursuant to the terms of a Stock Purchase Agreement (the “Stock Purchase Agreement”) and a Pledge and Security Agreement
(the “Pledge Agreement”), both of even date herewith, by and between the Borrower and the Holder. Terms used in this
Note and not otherwise defined herein shall have the meaning given to them in the Stock Purchase Agreement.

 

It is further agreed by the
Borrower and the Holder as follows:

 

1.   Payment
Terms. Subject to Section 2 below, principal and interest on this Note shall be payable over twenty-four (24) months with four
payments made in the following installments:

 

(a)   The
first installment payment of $1,000,000 plus any accrued interest shall be made on or before November 19, 2022;

 

(b)   The
second installment payment of $2,000,000 plus any accrued interest shall be made on or before April 19, 2023;

 

(c)   The
third installment payment of $3,000,000 plus any accrued interest shall be made on or before April 19, 2024; and

 

(d)   The
fourth and final installment of $4,000,000 plus any accrued interest shall be made on or before October 19, 2024.

 

     

     

    

 

This Note shall be due in
full upon that date which is the due date for the last installment of principal and interest as set forth above.

 

2.   Computation
of Interest. All computations of the Base Interest Rate shall be made on the basis of a year of 365 days, and the actual number of
days elapsed. Interest shall begin to accrue on the Principal Amount on the date of this Note. On any portion of the Principal Amount
that is repaid, interest shall not accrue on the date on which such payment is made.

 

3.   Payment
Mechanics. All payments of principal and interest shall be made in US dollars no later than 5:00 PM China Standard Time on the date
on which such payment is due. Such payments shall be made by wire transfer of immediately available funds to the Seller Bank Account.

 

4.   Business
Day. Whenever any payment hereunder is due on a day that is not a Business Day, such payment shall be made on the next succeeding
Business Day, and interest shall be calculated to include such extension.

 

5.   Prepayment
Privilege. Borrower shall have the privilege of prepaying the debt evidenced and secured hereby in whole or in part at any time or
from time to time without penalty or premium by paying the principal amount to be prepaid together with accrued interest thereon to the
date of prepayment; provided, however, that any and all partial prepayments shall be applied first to the accrued unpaid
interest and then the remaining principal due hereunder but shall not change the payment amounts otherwise due during the year of any
such prepayment.

 

6.   Default.
Upon the occurrence of any of the following events (each an “Event of Default”), the Holder of this Note, at the Holder’s
option, may declare the entire unpaid principal balance of this Note and all accrued unpaid interest thereon to be immediately due and
payable and the Holder of this Note may proceed to exercise any rights and remedies the Holder may have under this Note, the Stock Purchase
Agreement and any applicable security agreements, including, without limitation, the Pledge Agreement, as well as such other rights and
remedies which the Holder may have at law, equity or otherwise. Failure of the Holder to exercise such option shall not constitute a waiver
of the right to exercise such option in the event of any subsequent default.

 

(a)   Upon
the failure of the Borrower to make any payment required under this Note if such failure is not cured within ten (10) business days after
receipt of written notice of such failure; provided that, during such ten (10) day cure period, the Holder shall not exercise any
rights or remedies it has under this Note, the Stock Purchase Agreement or the Pledge Agreement, or otherwise at law or in equity; or

 

(b)   Upon
any default by the Borrower other than any failure to pay any amount due under this Note if such failure is not cured within twenty (20)
days after receipt of written notice of such default; provided that, during such twenty (20) day cure period, the Holder shall
not exercise any rights or remedies it has under this Note, the Stock Purchase Agreement or the Pledge Agreement, or otherwise at law
or in equity; or

 

(c)   The
material breach or default, beyond any applicable cure period, with respect to the Pledge Agreement or the Stock Purchase Agreement.

 

7.
Late
Charge. Borrower acknowledges that late payment to the Holder of this Note will cause the Holder to incur costs not contemplated
by this Note, the exact amount of such costs being difficult and impractical to assess, therefore, if any installment is not received
by the Holder of this Note within fifteen (15) days of the date when due, the Holder may require Borrower to pay to the Holder of this
Note an additional sum in an amount equal to 1.5% of the overdue amount as a late payment administrative charge. If such amount is considered
unlawful by means of usury, or unenforceable on any grounds pursuant to applicable law, then the late payment administrative charge shall
be the highest permitted under applicable law, if any is permitted at all.

 

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8.   Default
Interest. In the event the unpaid principal balance and accrued unpaid interest is accelerated as provided in Section 7 above,
then if such obligation is not paid within thirty (30) days from the date of acceleration, the interest rate applicable to the unpaid
principal balance of this Note shall be forthwith increased from the Base Interest Rate to nine percent (9%) per annum, effective as of
the expiration of such thirty (30) day period.

 

9.   Miscellaneous.

 

(a)   With
respect to any and all obligations, the Borrower waives the following: (i) demand, presentment, protest, notice of dishonor, suit against
any party and all other requirements necessary to charge or hold the Borrower on any obligation; and (ii) all statutory provisions and
requirements for the benefit of the Borrower now or hereafter in force (to the extent that same may be waived).

 

(b)   All
notices and other communications required or permitted by this Note shall be given in accordance with Section 7.03 of the Stock
Purchase Agreement.

 

(c)   This
Note may be modified only by a written instrument as mutually agreed by the Holder and the Borrower, and signed by, or on behalf of, the
parties hereto.

 

(d)   The
Borrower hereby acknowledges that the Borrower has read and understands this Note and executes it voluntarily without duress or undue
enforcements.

 

(e)   Any
provision of this Note which may be unenforceable or invalid under any law shall be ineffective to the extent of such unenforceability
or invalidity only, without affecting the enforceability or validity of any other provision hereof.

 

(f)   In
the event of any action hereon or for the enforcement hereof, the prevailing party in any such action or proceeding shall be entitled
to recover reasonable attorneys’ fees, collection costs and expert witness fees.

 

(g)   This
Note shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed in and
to be performed in that State without giving effect to any choice or conflict of law provision or rule. THE PARTIES HERETO IRREVOCABLY
WAIVE ANY AND ALL RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS THIS NOTE OR UNDER ANY OTHER DOCUMENT EXECUTED IN CONNECTION WITH THIS NOTE, OR ANY TRANSACTION CONTEMPLATED
HEREBY OR THEREBY. THE PARTIES HERETO ACKNOWLEDGE THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, AND (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY. Each of the parties
hereto hereby agrees that service of process will be validly effected by sending notice in accordance with Section 6(b). Nothing
shall affect the right of the Holder to serve process in any manner permitted by law or shall limit the right of the Holder to bring proceedings
against the Borrower in the courts of any other jurisdiction having jurisdiction.

 

(h)   The
rights, duties and obligations of the Borrower shall not be assignable to, or assumable by, any third party without the express prior
written consent of the Holder, which may be withheld, conditioned or delayed in the Holder’s sole discretion. Any assignment or
assumption in contravention of this paragraph shall be voidable at the sole discretion of the Holder.

 

10.   Security
Documents. This Note is secured by the Pledge Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the
Borrower has caused this Note to be executed on the day and year first above mentioned.

 

	 	BORROWER:
	 	 
	 	SHENZHEN ZHONGJIYINGFENG INVESTMENT CO., LTD
	 	 	 
	 	By:	/s/ Fang Kai             
	 	Name: Fang Kai
	 	Title:  Legal Representative

 

 

4Exhibit 10.3

 

EXECUTION VERSION

 

PLEDGE AND SECURITY
AGREEMENT

 

This PLEDGE AND SECURITY AGREEMENT,
dated as of October 19, 2022, is made and entered into by and between Shenzhen Zhongjiyingfeng Investment Co., Ltd., a company incorporated
under the laws of the People’s Republic of China (the “Pledgor”) and JX Luxventure Limited, a company organized
under the laws of the Republic of the Marshall Islands (the “Pledgee”).

 

WHEREAS, Pledgor and Pledgee
are parties to that certain Stock Purchase Agreement and Promissory Note, each dated of the date hereof (as amended, restated or otherwise
modified from time to time, the “Transaction Documents”); and

 

WHEREAS, it is a condition
precedent to the Pledgee entering into the Transaction Documents that the Pledgor shall have executed and delivered to the Pledgee this
Agreement providing for the pledge and grant to Pledgee of a first priority lien on and security interest in all of the common shares
(the “Common Shares”) of Hongri International Holdings Limited, a company formed under the laws of the British Virgin
Islands (“Hongri”), held by Pledgee and to be transferred to Pledgor pursuant to the Transaction Documents (the “Pledged
Shares”), to secure all of the Pledgor’s obligations under the Transaction Documents.

 

NOW, THEREFORE, in consideration
of the mutual covenants, agreements, warranties, and representations herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.   Grant of Security. 

 

(a)   As
security for the Obligations (as defined below), the Pledgor hereby pledges, grants, charges, mortgages, and assigns to the Pledgee the
Pledged Shares and hereby pledges, grants, charges, mortgages, and assigns to the Pledgee a first priority lien on, and a first priority
security interest in and to, all of the right, title and interest of Pledgor in, to and under the following property, wherever located,
and whether now existing or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”):

 

(i)   the
Pledged Shares and all capital, revenue, profit, income, gain or other property or proceeds, return on contribution or otherwise with
respect to the Pledged Shares;

 

(ii)   all
securities, moneys or property representing dividends or interest on any of the Pledged Shares, or representing a distribution in respect
of the Pledged Shares, or resulting from a split-up, revision, reclassification or other like change of the Pledged Shares or otherwise
received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of,
the Pledged Shares (exclusive of any equity holder loan);

 

(iii)   all
right, title and interest of Pledgor in, to and under any policy of insurance payable by reason of loss or damage to the Pledged Shares
and any other Pledged Collateral;

 

     

     

    

 

(iv)   all
other payments due or to become due to the Pledgor in respect of the Pledged Shares whether under any organizational document or otherwise,
whether as contractual obligations, damages or otherwise;

 

(v)   all
“accounts”, “general intangibles”, “instruments” and “investment property” (in each case
as defined in the Uniform Commercial Code (the “UCC”) constituting or relating to the foregoing;

 

(vi)   all
proceeds of any of the foregoing property of Pledgor (including, without limitation, any proceeds of insurance thereon, all “accounts”,
“general intangibles”, “instruments” and “investment property”, in each case as defined in the UCC,
constituting or relating to the foregoing); and

 

(vii)   all
other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing
or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to
time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof.

 

(b)   Pledgor’s
obligations secured by this Agreement (the “Obligations”) shall mean all loans, advances, indebtedness, liability,
and obligations, owed by Pledgor to the Pledgee of every kind and description (whether or not evidenced by any note or instrument and
whether or not for the payment of money), now existing or hereafter arising under or pursuant to the terms of the Transaction Documents
or any other agreement or instrument between the Pledgor and the Pledgee, including without limitation, all interest, fees, charges, expenses,
attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by Pledgor hereunder and thereunder, in
each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement
of a proceeding under applicable bankruptcy, insolvency or other laws affecting creditors’ rights generally and whether or not allowed
or allowable as a claim in any such proceeding and whether the Pledgor be bound alone or with another or others.

 

2.   Pledge
Notation. Promptly following the execution of the Transaction Documents, the Pledgor shall enter a notation into Hongri’s register
of members, noting that the Common Shares are subject to a first priority security interest in favor of the Pledgee. The Pledgor hereby
agreement that such notation shall not be removed from Hongri’s register of members until the full payment of all amounts due to
the Pledgee under the Promissory Note, or the termination or expiration of this Agreement.

 

3.   Rights
Relating to Pledged Shares. Only upon (and not prior to) and during the continuance of an Event of Default (as defined below) (the
“Trigger Date”), the Pledgee shall be entitled to vote the Pledged Shares, to receive cash dividends and other distributions
thereon, and to enjoy all other rights and privileges incident to the ownership of the Pledged Shares.

 

4.   Client
of Record. The Pledgor hereby agrees to keep the Pledgee’s current client of record listed with Hongri’s registered agent
in the British Virgin Islands as the client of record until the full payment of all amounts due to the Pledgee under the Promissory Note.

 

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5.   Release
of Pledged Shares from Pledge. Upon full payment of all amounts due to the Pledgee under the Promissory Note, this Agreement
and Pledgee’s security interest and rights in and to the Pledged Shares shall terminate.

 

6.   Event
of Default. Each event of default under the Promissory Note shall constitute an “Event of Default” hereunder.

 

7.   Rights
Under the UCC. In addition to all other rights granted hereby, and otherwise by law, Pledgee shall have, with respect to the
Pledged Collateral, the rights and obligations of a secured party under the UCC.

 

8.   Remedies.

 

(a)   From
and after the Trigger Date, the Pledgee shall have the right to (i) cause the Pledged Shares to be transferred on the books of the issuer
thereof to the name of the Pledgee or any other person, persons, entity or entities designated by the Pledgee to the extent reasonably
required to sell the Pledged Shares; and (ii) sell the Pledged Collateral and to apply the proceeds of such sales, net of any selling
commissions, to the obligations owed to the Pledgee by the Pledgor under the Promissory Note, including, without limitation, outstanding
principal, interest, penalty, legal fees, and any other amounts owed to the Pledgee, and exercise all other rights. From and after the
Trigger Date, the Pledgee shall have the absolute right to sell or dispose of the Pledged Shares in any manner they see fit and shall
have no liability to the Pledgor or any other party for selling or disposing of such Pledged Shares even if other methods of sales or
dispositions would or allegedly would result in greater proceeds than the method actually used. The Pledgee shall return to the Pledgor
any Pledged Shares released to them and remaining after the Pledgee has applied the net proceeds to all amounts owed to the Pledgee under
the Transaction Documents. Pledgor hereby appoints Pledgee, jointly and severally, as Pledgor’s attorneys-in-fact coupled with an
interest to execute any and all documents necessary to sell the Pledged Shares upon and any time after the Trigger Date. The foregoing
appointment notwithstanding, Pledgor shall cooperate with Pledgee in executing and delivering to Pledgee any instruments the Pledgee may
reasonably request in order to sell the Pledged Shares.

 

(b)   Upon
and any time after the Trigger Date, the Pledgee shall have the right to proceed by appropriate legal process at law or in equity to enforce
any provision of this Agreement or the Promissory Note or in aid of the execution of any power of sale, or for foreclosure of the security
interest in the Pledged Shares, or for the sale of the Pledged Shares under the judgment or decree of any court.

 

(c)   Each
right, power and remedy of the Pledgee provided for in this Agreement or any other Transaction Document shall be cumulative and concurrent
and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the Pledgee of any one
or more of the rights, powers or remedies provided for in this Agreement or any other Transaction Document or now or hereafter existing
at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee of all such other
rights, powers or remedies, and no failure or delay on the part of the Pledgee to exercise any such right, power or remedy shall operate
as a waiver thereof. The Pledgee shall not be required to make any demand upon or pursue or exhaust any of their rights or remedies against
the Pledgor. To the extent permitted by law, the Pledgor hereby waives all requirements for the exercise of any of Pledgee’ remedies
other than those provided in this Agreement. No notice to or demand on the Pledgor in any case shall entitle it to any other or further
notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the Pledgee to any other further action
in any circumstances without demand or notice. The Pledgee shall have the full power to enforce or to assign or contract its rights under
this Agreement to a third party.

 

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9.   Representations,
Warranties and Covenants. Pledgor hereby represents, warrants and covenants to the Pledgee as follows, which representations, warranties
and covenants shall survive the execution and delivery of this Agreement and the delivery of the Pledged Shares to the Pledgee:

 

(a)   The
Pledgor has the full right, power and authority to enter into and perform this Agreement. This Agreement has been duly entered into and
delivered by the Pledgor and constitutes a legal, valid and binding obligation of the Pledgor, enforceable in accordance with its terms,
except as enforceability thereof may be limited by applicable bankruptcy, insolvency or other laws affecting creditors’ rights generally,
and by the application of usual equitable principles where equitable principles are sought.

 

(b)   The
Pledgor has good and marketable title to the Pledged Collateral represented to be owned by the Pledgor, and the Pledged Collateral is
not subject to any lien, charge, pledge, encumbrance, claim or security interest of any nature whatsoever, other than the security interest
created by the Transaction Documents.

 

(c)   The
Pledged Shares have been duly and validly issued and are fully paid and nonassessable.

 

(d)   The
Pledgor has not entered into any stock restriction, voting agreement, proxy or purchase agreement with respect to the Pledged Shares which
would in any way restrict the sale, pledge or other transfer of the Pledged Shares or of any interest in or to the Pledged Shares.

 

(e)   Pledgor
shall not grant, give or pledge or permit to exist any other liens, claims, charges, encumbrances and security interests of any nature
whatsoever with respect to any of the Pledged Shares, except for the security interest created by this Agreement. Pledgor shall not grant
or give any proxy, power of attorney, option or right of first refusal with respect to any of the Pledged Shares except to the Pledgee.

 

(f)   While
this Agreement is in effect, Pledgor will not sell, assign, transfer or otherwise dispose of all or any portion of the Pledged Shares,
or any rights therein.

 

(g)   The
Pledgor (i) shall maintain at all times the pledge of the Pledged Collateral to the Pledgee, for its benefit, and the Pledgee’s
perfected first priority security interest, for its benefit, on the Pledged Collateral; and (ii) defend the Pledged Collateral and the
Pledgee’s perfected first priority interest in the Pledged Collateral, for its benefit, thereon and pledge thereof against all claims
and demands of all persons at any time and pay all costs and expenses (including, without limitation, in-house documentation and diligence
fees and legal expenses and reasonable attorneys’ fees and expenses) in connection with such defense, which, at the Pledgee’s
discretion, may be added to the Obligations.

 

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(h)   The
Pledgor shall (i) keep materially true, complete, and accurate records with respect to the Pledged Collateral, (ii) not take or permit
to be taken any action in connection with the Pledged Collateral or otherwise the effect of which would be or have a material adverse
effect on the value of the Pledged Collateral (as determined by the Pledgee in its sole discretion).

 

(i)   The
Pledgor shall promptly pay all taxes, assessments, fees and other public or private charges when levied or assessed against the Pledged
Shares.

 

(j)   The
execution and delivery of this Agreement creates a valid and perfected first-priority security interest in the Pledged Shares securing
the performance of the Obligations.

 

(k)   the
Pledged Shares are “securities” governed by Article 8 of the UCC.

 

(l)   No
consent of any other party (including equity interest holders of the Pledgor) is required in connection with the execution, delivery,
performance, validity, enforceability or enforcement of this Pledge Agreement, and no consent, license, approval or authorization of,
or registration or declaration with, any governmental authority, bureau or agency is required in connection with the execution, delivery,
performance, validity, enforceability or enforcement of this Pledge Agreement.

 

(m)   The
execution, delivery and performance of this Pledge Agreement will not violate or contravene any provision of any existing law or regulation
or decree of any court, governmental authority, bureau or agency having jurisdiction in the premises or of the organizational documents
of the Pledgor or of any mortgage, indenture, security agreement, contract, undertaking or other agreement to which the Pledgor is a party
or which purports to be binding upon it or any of its properties or assets and will not result in the creation or imposition of any lien,
charge or encumbrance on, or security interest in, any of its properties or assets pursuant to the provisions of any such mortgage, indenture,
security agreement, contract, undertaking or other agreement;

 

(n)   The
representations and warranties set forth in the Stock Purchase Agreement insofar as they relate to the Pledgor are true and complete and
the Pledgor shall comply with each of the covenants set forth in the Stock Purchase Agreement which are applicable thereto.

 

(o)   The
Pledgor shall not vote the Pledged Shares in favor of the consolidation, merger, dissolution, liquidation or any other corporate reorganization
of Hongri.

 

(p)   The
Pledgor waives any and all notices of the creation, renewal, extension or accrual of any of the obligations under the Promissory Note
and notice of or proof of reliance by the Pledgee upon this Pledge Agreement, and the obligations under the Promissory Note, and any of
them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Agreement, and all dealings between
Hongri and the Pledgee shall likewise be conclusively presumed to have been had or consummated in reliance upon this Agreement. The Pledgor
waives diligence, presentment, protest, demand for payment and notice of default or non-payment to or upon the Pledgor or Hongri with
respect to the obligations under the Promissory Note.

 

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10.   Delivery
of Additional Collateral. If the Pledgor shall become entitled to receive or shall receive any equity interests, option or rights,
whether as an addition to, in substitution of, or in exchange for any of the Pledged Shares, the Pledgor agrees to accept the same as
the agent of the Pledgee and to hold the same in trust for the benefit of the Pledgee as additional collateral security for the Obligations.

 

11.   Further
Assurances. The Pledgor agrees that if this Pledge Agreement shall, in the reasonable opinion of the Pledgee, at any time be deemed
by the Pledgee, for any reason, insufficient in whole or in part to carry out the true intent and spirit hereof, it shall execute or cause
to be executed such other documents or deliver or cause to be delivered such further assurances as in the opinion of the Pledgee may be
required in order to more effectively accomplish the purposes of this Pledge Agreement including, without limitation, an alternative pledge
or such other alternative security as the Pledgee shall require.

 

12.   Perfection.
The Pledgor hereby irrevocably authorizes the Pledgee to file such financing statements and other documents in such offices and jurisdictions
as shall be necessary or as the Pledgee may reasonably deem necessary to perfect and establish the priority of the security interests
and liens granted by this Agreement, including any amendments, modifications, extensions or renewals thereof, without the signature of
the Pledgor where permitted by law. The Pledgor hereby agrees, upon the Pledgee’s request, to promptly take all such actions as
shall be necessary or as the Pledgee may reasonably request to perfect and establish the priority of the security interest and liens granted
by this Agreement, including any amendments, modifications, extensions or renewals thereof.

 

13.   Notices.
All notices and other communications required or permitted by this Agreement shall be given in accordance with Section 7.03 of
the Stock Purchase Agreement.

 

14.   Choice
of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect
to the conflicts of laws principles thereof. THE PARTIES HERETO IRREVOCABLY WAIVE ANY AND ALL RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS THIS AGREEMENT OR UNDER
ANY OTHER DOCUMENT EXECUTED IN CONNECTION WITH THIS AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. THE PARTIES HERETO ACKNOWLEDGE
THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS
OF THIS WAIVER, AND (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY. Each party hereto hereby agrees that service of process will
be validly effected by sending notice in accordance with Section 13. Nothing shall affect the right of the Pledgee to serve process
in any manner permitted by law or shall limit the right of the Pledgee to bring proceedings against the Pledgor in the courts of any other
jurisdiction having jurisdiction.

 

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15.   Assignment.
This Agreement may not be assigned by operation of law or otherwise without the express written consent of the Pledgee (which consent
may be granted or withheld in the sole discretion of the Pledgee).

 

16.
Amendment. This Agreement may not be amended or modified except (a) by an instrument in writing signed by, or on behalf of, the
Pledgor and the Pledgee or (b) by a waiver in accordance with Section 17.

 

17.   Waiver.
Either party to this Agreement may (a) extend the time for the performance of any of the obligations or other acts of the other party,
(b) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document delivered by the
other party pursuant hereto, or (c) waive compliance with any of the agreements of the other party or conditions to such party’s
obligations contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the
party to be bound thereby. Any waiver of any term or condition shall not be construed as a waiver of any subsequent breach or a subsequent
waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of either party hereto
to assert any of its rights hereunder shall not constitute a waiver of any of such rights. All rights and remedies existing under this
Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

18.   Counterparts.
This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different parties
hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall
constitute one and the same agreement.

 

19.   Binding
Effect. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person, any legal or equitable
right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

 

20.   Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable law or public policy,
all other terms and provisions of this Agreement shall nevertheless remain in full force and effect for so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to either party hereto. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that
the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

21.   Entire
Agreement. This Agreement together with the Transactions Documents constitutes the entire agreement of the parties hereto and
thereto with respect to the subject matter hereof and thereof and supersedes all prior agreements and undertakings between the parties
hereto with respect to the subject matter hereof and thereof.

 

22.   Additional
Instruments. At any time and from time to time, upon the request of the Pledgee, and at the sole expense of the Pledgor, the Pledgor
will promptly and duly execute and deliver such further instruments and documents and take such further action as the Pledgee may reasonably
request for the purpose of obtaining and preserving the full benefits of this Agreement, including, without limitation, for the purpose
of perfecting and maintaining the Pledgee’ security interest in the Pledged Shares.

 

23.   No
Strict Construction. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation
against the party drafting an instrument or causing any instrument to be drafted.

 

[SIGNATURE PAGE FOLLOWS]

 

    7

     

    

 

IN WITNESS WHEREOF
the parties hereto have executed and delivered this Agreement as of the date first written above.

 

	 	PLEDGOR:
	 	 	 
	 	SHENZHEN ZHONGJIYINGFENG 

INVESTMENT CO., LTD.
	 	 	 
	 	By:	/s/ Fang Kai
	 	Name: 	Fang Kai
	 	Title: 	Legal Representative
	 	 	 
	 	PLEDGEE:
	 	 	 
	 	JX LUXVENTURE LIMITED
	 	 	 
	 	By:	/s/ Sun Lei
	 	Name: 	Sun Lei
	 	Title: 	Chief Executive Officer

 

8

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