Document:

Exhibit
4.67

 

Mobile
Communication Resale

Business
Cooperation Agreement

 

This
Agreement is signed by the following Parties:

 

PARTY
A: YUANTEL (BEIJING) INVESTMENT MANAGEMENT CO., LTD.

 (hereinafter referred to as “Party A” or “Resale
Company”) Yuantel Agreement Number: 9120180006

 

PARTY
B: China Unicom

(hereinafter
referred to as “Party B” or “China Unicom”) China Unicom Agreement Number:
CU12-1001-2018-000028

 

The
following is an overview of the material terms of the Cooperation Agreement signed by both Parties on January 10, 2018 (the specific
cooperation content and terms are subject to the official agreement signed and sealed by both Parties):

 

Article
1 Definition 

 

Stipulate
the order of reference for terms:

 

		(1)	The
                                         definition defined separately in this Agreement, or otherwise interpreted in writing
                                         by both Parties.

 

		(2)	The
                                         definitions listed in Appendix 1.

 

		(3)	Other
                                         relevant terms not expressly specified in this Agreement shall be defined by reference
                                         to Chinese laws and regulations, government regulations or interpretation.

 

		(4)	If
                                         the above documents are not clearly explained, they shall be interpreted with reference
                                         to industry practices.

 

    1

     

    

 

Article
2 Effective Condition 

 

This
Agreement shall enter into force on the premise that the following conditions are met simultaneously:

 

First,
Party A obtains the Mobile Resale License; Second, Party A undertakes to have the required qualifications; Third, the legal representatives
or authorized representatives of both Parties sign and affix official seals or special seals for contracts.

 

Article
3 Scope of Cooperation

 

3.1.
Party B provides Party A with the wholesale of mobile communication services, and Party A provides mobile communication services
to users on its end (hereinafter referred to as “Users”) in its own name and brand.

 

3.2.
Party A shall provide the resale business of mobile communication (MVNO) to Users in the mainland of China (excluding Hong Kong,
Macao and Taiwan) and after obtaining the Mobile Resale License.

 

3.3.
Party A purchases the following specific mobile communication business from Party B on a monthly basis through wholesale:

 

3.3.1
Voice service (domestic call, international long-distance, international roaming), SMS/MMS service (domestic and international),
data service (domestic and international);

 

3.3.2
Switch-based additional services (call transfer, call waiting, caller id, etc.)

 

3.3.3
Value-added extension services such as mobile phone personality ringtone, missed-call reminder, anti-harassment reminder service,
etc.

 

3.4
From the business model classification, the mobile communication services provided by Party B to Party A are divided into resource
pool services and module package services. In the future, in any case of new business models are added, the Parties shall separately
make an agreement in the form of a business notice.

 

3.5
The User’s international long-distance or international roaming permission function is initially turned off, and Party A
may apply for the opening of the User who meets the threshold. If Party A opens its international long-distance or international
roaming services for the User, Party A shall guard against and bear the risk of the User’s arrears and pay the international
business deposit to Party B.

 

Article
4 Prices And Expenses

 

4.1
The price of Party B’s MVNO (including but not limited to the price of resource pool business, module package business,
international business, value-added expansion service), and the price of discounted activities (including but not limited to data
traffic discounted activities), etc. please refer to Party B’s Virtual Network Operator Open Platform (referred to as VOP).

 

4.2
MVNO Price Adjustment Mechanism

Every
6 months after the effective date of this Agreement, Party B may adjust the business price and fee provisions in this Agreement
according to market conditions. If there is price adjustment, Party B shall post it on the VOP and start to implement the adjusted
price from the effective date of the adjustment specified on the VOP.

 

Article
5 Payment Term

 

5.1
Party B starts to bill from the beginning of the system access test in Party A. Party B starts to pay the bill after the formal
business opening date confirmed by both Parties in writing. Both Parties shall conduct reconciliation and settlement on a monthly
basis.

 

5.12.
From the next month after Party B starts to pay, Party B shall provide Party A with the previous month’s bill by e-mail
before the 4th day of each month. Party A shall complete the paper reconciliation and seal confirmation before the 10th of each
month. If Party A has any objection, it shall file a written objection within 3 natural days after receiving the bill from Party
B (hereinafter referred to as “Billing Objection Period”). If Party A fails to file a written objection to Party B
during the Billing Objection Period, it is deemed that Party A has confirmed to agree to Party B’s bill and waiver the right
of recourse. If Party A files any objection, it shall submit the settlement bill and seal it for confirmation before the 10th
day of each month.

 

Article
6 Making SIM Card with the Number Obtained

 

6.1
Number Assignment: Party B shall formulate the mobile number resale service code number assignment policy and notify Party A in
writing, and Party A shall submit the mobile phone number assignment application in accordance with the above policy requirements.

 

    2

     

    

 

6.4
The number and IMSI resources, which has been assigned by Party B to Party A shall be managed by Party A itself.

 

6.7
From later date of either January 1st, 2018 or January 1st of the following year when Party A’s mobile resale business is
opened, if Party A’s accumulated wholesale settlement income is lower than annual minimum income standard (annual minimum
income standard (including tax) = (number of assigned code numbers at the beginning of the year + number of assigned code numbers
at the end of the year) / 2 × RMB 5 yuan), Party A may choose to follow the annual minimum income standard in January of
the next year to fill in the income, or do not make up the payment and return the code number resources in excess within three
months.

 

Article
7 Customer Service 

 

7.1
Party A shall carry out relevant work in accordance with existing laws and regulations.

 

7.2
Party A is obliged to sign service agreements with Users in its own name and explain the contents of the agreements, and take
full responsibility for user services and related problems and complaints.

 

7.3
Both Parties designate special personnel or persons to contact and deal with relevant user service matters.

 

7.4
In any case, Party B shall not provide services directly to users or service providers of Party A. For complaints about users’
network quality, Party A shall investigate them first. If Party A needs Party B to cooperate with the co-examination, Party B
shall feedback the results of the co-examination to Party A within a certain time limit.

 

7.5
Any problems between Party A and users shall be borne by Party A on its own.

 

7.6
Within the geographical scope stipulated in the 3.2 of this Agreement, Party B shall notify Party A 72 hours in advance of the
foreseeable reasons that affect or may affect the use of Party A’s users; Party B shall notify Party A in time of network
accidents and other emergencies and follow-up treatment.

 

7.7
Neither Party shall use the user service number beyond the purposes approved by the competent authorities.

 

    3

     

    

 

Article
8 Supporting System

 

8.1
Party A builds its own IT system. Party B relies on the VOP to provide Party A with the basic services of the whole process: including
enterprise access registration service, resource service, service opening and change service, enterprise customer service, settlement
service, test opening service and technical support service.

 

Article
9 Cybersecurity and Quality 

 

9.1
Network Security

Party
A is obliged to establish and improve the internal security system and provide relevant business information as required by Party
B. Party A shall not access, enter illegally or use Party B’s network, hardware, software, database or any other equipment
in other unauthorized ways. If User’s behavior endangers Party B’s network security, Party B shall have the right
to take measures as required by relevant national regulatory authorities. If Party A’s business exceeds Party B’s
network capacity, Party B has the right to suspend or terminate its business.

 

9.2
Network Quality

Stipulate
the quality service and network coverage standards provided by Party B, and the circumstances under which Party B suspends network
services and takes measures

 

Article
10 User Rights and Interests and User Information Security 

 

Party
A is obliged to comply with relevant laws and regulations to protect the legitimate rights and interests of Users, and fulfill
its commitment on information security. Party A is obliged to set up a special information security organization for mobile resale
business, with information security personnel, and establish and improve the corresponding system for the discovery, monitoring
and disposal of violation information in the resale business. Party A’s network and information system complies with the
security requirements of the national authority, with security policies and protection. Party A is obliged to take full responsibility
for the information security problems caused by Party A. Party A is obliged to clearly inform Users of their real-name registration
obligations, and finish verification of User identity certificates and entry of identity information. Party A is obliged to establish
the user information protection mechanism and specific measures covering the whole process of business operation, the fraud control
system of spam SMS, harassing phone calls and communication information, and the emergency handling team of major information
security incidents. Party A is obliged to cooperate with Party B to carry out information security work. Notification forms of
Party B to carry out relevant work are stipulated.

 

    4

     

    

 

Article
11 Business Operation

 

11.1
The opening procedure of the MVNO is as follows:

 

11.1.1
Party A applies to Party B for the first batch of code numbers and makes its own card.

 

11.1.2
Party A applies to Party B for system access test. If Party A passes the test, Party B issues a system access report.

 

11.1.3
After Party A passes the system access test, the business operation verification is carried out. After verification, Party B issues
a business operation verification report.

 

11.1.4
Party A obtains the Mobile Resale License, completes the payment of the security deposit, and the customer service center has
the conditions for business development. At the same time, after the system access test and business operation verification organized
by Party B, the application for opening the business shall be submitted to Party B. Both Parties shall use the business notice
to stipulate the business opening time, geographical scope and other contents. In the initial stage, Party A shall operate in
some areas where the Parties cooperate with each other.

 

11.1.5
After Party A operates for a period of time and meets the conditions of Party B’s business operation evaluation, it may
submit an application for business operation evaluation. After Party A passes the business operation evaluation, Party B shall
issue a business operation evaluation report and gradually expand the geographical scope of Party A’s operation.

 

Article
12 Guarantee 

 

During
the period of carrying out the mobile resale business hereunder, Party A provides the agreed uninterrupted guarantee for payment,
international business and performance of the agreement. 12.2 – 12.4 summarized the conditions for Party A to choose bank
guarantee as the guarantee method. Stipulate the conditions of making up security deposit and bank guarantee and refunding security
deposit.

 

Article
13 Intellectual Property Rights 

 

13.1
– 13.3 The effectiveness of this Agreement shall not change the ownership of intellectual property of each Party, and either
Party shall not use the other Party’s intellectual property without prior written consent. The intellectual property generated
or changed after the effective date of this Agreement is owned by the developer; if under agency, by the principal. The ownership
of the intellectual property rights jointly developed by the Parties during the performance of this Agreement will be determined
by additional arrangement by and between the parties.

 

13.5
Party A is obliged to use independent brands to carry out the mobile communication resale business under this Agreement. Party
A may use the words “China Unicom Network Support” in accordance with China Unicom Mobile Communications Resale Brand
Elements Application Specification. Party A’s use of Party B’s authorized intellectual property rights shall not affect
Party B’s reputation and the operation and quality of its network.

 

13.6
Party B shall take steps and lawsuit procedure as it deems necessary or reasonable to protect its intellectual property. If requested
by Party B, Party A must provide all reasonable assistance to Party B in implementing the steps or lawsuit procedure for protecting
its intellectual property rights.

 

    5

     

    

 

Article
14 Confidentiality 

 

14.1
The Parties agree that all terms and conditions of the confidentiality agreement apply to all confidential information
covered by this Agreement. Without the prior written consent of the other Party, either Party shall not disclose the confidential
information to any third party, otherwise it is obliged to bear the corresponding responsibilities. The confidentiality obligation
in this chapter shall not become invalid in spite of the termination or rescission of this Agreement.

 

14.2
Except for the contents required to be disclosed in accordance with laws and regulations, stock exchanges or regulations of regulatory
authorities, neither Party shall release the contents related to this Agreement without the prior written approval of the other
Party. However, Party B shall take appropriate measures when necessary in case of adverse circumstances caused by Party A or Users.

 

Article
15 Penalty 

 

Either
party who fails to perform or perform any obligation hereunder as agreed is deemed to be in breach and is liable for breach of
agreement. Except as expressly provided in other terms of this Agreement, any Party that defaults is obliged to pay liquidated
damages to the other Party. No Party is liable for breach of contract for the indirect loss caused by the breach of contract.
If Party A violates the interface specification requirements stipulated in Article 8 of this Agreement, it is obliged to immediately
rectify and notify Party B of the rectification plan and progress. If violation of Article 8 of this Agreement by Party A leads
to the failure of the system services, Party A is obliged to bear full responsibility. Either Party is liable for damages or other
acts that disparage the goodwill of the other Party.

 

Article
16 Modification and Assignment

 

Regarding
the change of the Agreement, a written agreement for change shall be signed separately after the two Parties have agreed. No Party
shall assign or otherwise dispose of all or part of its rights or obligations under this Agreement without the prior written consent
of the other Party.

 

    6

     

    

 

Article
17 Governing Law

 

The
laws of the People’s Republic applies to this agreement. If the dispute has not been resolved through the coordination of
the Telecommunications Regulatory Agency, or involves non-business cooperation disputes, either Party may file a lawsuit in the
proper people’s court of the residence of Party B.

 

Article
18 Force Majeure 

 

Stipulate
the definition of force majeure, the notification obligations and certification obligations of both Parties. Under 18.2, each
Party should immediately inform the other one of the occurrence of force majeure and its impacts on the performance of theAgreement.
Both Parties have the right to negotiate whether to terminate a stipulation or the entire Agreement.

 

Article
19 Suspension, Termination and Rescission of the Agreement

 

19.1
In case of any of the following circumstances, Party B shall have the right to suspend this Agreement by giving a written notice
of five calendar days in advance:

 

19.1.1
Without any statutory or agreed exemption, Party A overdue any payment or guarantee deposit due under this Agreement.

 

19.1.3
After Party A’s guarantee deposit is deducted, Party A fails to make up the guarantee deposit according to this Agreement
or within the time limit specified by Party A, or fails to provide the bank guarantee in accordance with any agreement.

 

19.1.4
Party A fails to comply with the opening procedures of the cooperation area as stipulated in the agreement and directly opens
the business.

 

19.1.6
If Party A is circulated a notice of criticism by the Ministry of Industry and Information Technology or the local communications
administration and the violation is serious, or Party A is noticed by the Ministry of Industry and Information Technology or the
local communications administration to suspend the operation of the MVNO.

 

    7

     

    

 

19.1.7
Other suspensions as required by law or otherwise agreed by the Parties.

 

19.4
Any of the following situations occurs and this Agreement is immediately terminated:

 

19.4.1
The Parties have not reached an agreement on the extension of this Agreement and this Agreement has expired and the Parties have
fulfilled their obligations under this Agreement as agreed.

 

19.4.2
Both Parties sign a written termination agreement upon mutual agreement.

 

19.4.3
Party B terminates this Agreement in accordance with the provisions of Article 19.5 of this Agreement.

 

19.4.4
Other circumstances under which the termination is stipulated by law or mutually agreed upon by both Parties.

 

19.5
In any of the following circumstances, Party B has the right to immediately terminate this Agreement by written notice, terminate
the mobile communication service, and have the right to request Party A to pay liquidated damages or compensate for losses:

 

19.5.1
Party A fails to pay the payment (including accounts payable and guarantee deposit or providing bank guarantee) within 30 days
after receiving the written notice from Party B.

 

19.5.2
Party A has significant operational risks or problems that may affect contract performance.

 

19.5.3
Without prior written consent of Party B, Party A transfers all or part of the rights or obligations under this Agreement.

 

19.5.4
Party A violates the provisions on network security and user information security protection related to this Agreement.

 

19.5.5
Party A has any breach of the contractual commitments and guarantees and has not taken remedial measures within 30 days;

 

19.5.6
Party A conducts mobile resale business operations in violation of the scope of business licenses approved by the Telecommunications
Regulatory Agency.

 

19.5.7
Party A uses mobile communication services to violate the laws, regulations, administrative regulations and regulatory requirements;

 

19.5.8
Party A violates this Agreement and does not correct the breach within 10 working days after receiving the notice of corrective
request from Party B;

 

    8

     

    

 

Article
20 Representations and Warranties 

 

20.1
Party A undertakes and warrants:

 

Party
A undertakes and warrants that it is an independent legal person established and existing according to law and has good credit
standing. Party A is competent to enter into this Agreement and doing so will not contradict with its charter, existing contracts,
resolutions and other legally binding documents. Party A has good creditworthiness, and there is no bankruptcy, liquidation, insolvency
or any situation that has a significant adverse impact on Party A’s creditworthiness. If any such situation occurs, Party
B shall be informed in writing in time. During the validity period of this Agreement, Party A legally holds the administrative
approval permission necessary for the performance of this Agreement, and Party A’s control rights, the ownership nature
of Party A or the mobile telecommunication resale business subject qualification do not change. Party A is a company that meets
the requirements of relevant laws and regulations and has the resources and capabilities to carries out mobile communication resale
business, and carries out the mobile communication resale business under this Agreement in accordance with the relevant provisions
of the Ministry of Industry and Information Technology and is not transferable.

 

20.2
Party B undertakes and warrants:

 

Party
B undertakes and warrants that it is an independent legal person established and existing according to law and has good credit
standing. Party B has good creditworthiness, and there is no bankruptcy, liquidation, insolvency or any situation that has a significant
adverse impact on Party B’s creditworthiness. If any such situation occurs, Party A shall be informed in writing in time.
Party B has completed the necessary internal examination and approval procedures in accordance with the articles of association
and other organizational documents. Signing, delivering and fulfilling this Agreement shall not conflict with the Articles of
Association or other organizational documents and shall not violate or conflict with any contractual agreement binding on Party
B.

 

Article
21 Coordination 

 

Establish
an irregular meeting mechanism participated by senior leaders of both Parties and joint special working group. Party A is obliged
to obtain Party B’s written consent at least 5 working days in advance when it issues any information that may involve Party
B’s goodwill or corporate image.

 

Article
22 Miscellaneous

 

The
period of cooperation between the two Parties begins on January 1, 2018 and ends on December 31, 2018. If there are other unfinished
matters, Party A and Party B may sign supplementary or change agreements. The By-law Agreement, Annex, Supplement or Change Agreement
of this Agreement is an integral part of this Agreement and has the same legal effect as this Agreement.

 

    9

     

    

 

(no
text below)

 

PARTY
A: YUANTEL (BEIJING) INVESTMENT MANAGEMENT CO., LTD.

 

	/s/ Lei Wang	 	 
	Lei Wang, its Legal Representative

        (or Authorized Representative)
	 	 
	 	 	 
	Date:
January 10, 2018	 	 

 

PARTY
B: China Unicom

 

	/s/
    Renjie Zhou	 	 
	Renjie
Zhou, its Legal Representative

        (or Authorized Representative)
	 	 
	 	 	 
	Date:
January 9, 2018	 	 

 

 

10Exhibit 4.69

 

PFG IV

 

WAIVER,
CONSENT AND MODIFICATION TO

LOAN
AND SECURITY AGREEMENT

 

This
Waiver and Modification to Loan and Security Agreement (this “Modification”) is entered into as of June 28,
2019 (the “Modification Effective Date”), by and between Partners for Growth IV, L.P., a Delaware limited partnership
with its principal place of business at 1751 Tiburon Blvd., Tiburon, California 94920 (“PFG”) Borqs Hong Kong
Limited, a Hong Kong company, and Borqs Technologies (HK) Limited, each with its principal place of business at Office B, 21/F,
Legend Tower, 7 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong (“Borrower”), and BORQS International Holding
Corp, a Cayman Islands company (“Holdings”) as guarantor of the obligations of Borrower under that certain
Loan and Security Agreement between PFG and Borrower dated as of August 26, 2016 (as amended, the “Loan Agreement”).
Capitalized terms used but not defined herein have their meanings as set forth in the Loan Agreement.

 

RECITALS

 

WHEREAS,
Borrower is currently in default under the Loan Agreement due to its having failed to meet the minimum Revenues financial covenant
for the reporting periods ending December 31, 2018 and March 31, 2019 and the minimum EBITDA financial covenants set forth in
the Loan Agreement for the reporting periods ending February 28, 2019, March 31, 2019 and April 30, 2019 (the “Current
Defaults”) and for its anticipated failure to meet the minimum Revenues financial covenant for the reporting period
ending June 30, 2019 and the minimum EBITDA financial covenant for the reporting periods ending May 31, 2019 and June 30, 2019
(the “Anticipated Defaults” and, together with the Current Defaults, the “Specified Defaults”);

 

WHEREAS,
Borrower desires to consummate the sale of its equity ownership in a mobile virtual network operator business as disclosed to
PFG (the “Yuantel Sale”), for which PFG’s consent is required under the Loan Agreement;

 

WHEREAS,
the parties desire to adjust the minimum performance thresholds under the Loan Agreement to facilitate Borrower’s ability
to reasonably comply with the Loan Agreement;

 

NOW
THEREFORE, the parties hereby agree as follows:

 

1. DESCRIPTION
OF EXISTING INDEBTEDNESS: As of the Modification Effective Date, Borrower is directly indebted to PFG for the Obligations
pursuant to the Existing Loan Documents (as defined below) in the aggregate principal amount of $500,000 under a term loan.

 

2. DESCRIPTION
OF COLLATERAL. Repayment of the Obligations is secured by the Collateral, as described in the Loan Agreement, in that certain
Intellectual Property Security Agreement and related Collateral Agreements and Notices of even date with the Loan Agreement, Deeds
of Guaranty, Debentures, Hong Kong Security Documents, BVI Security Documents, Cayman Security Documents and such documents, agreements
and instruments as were entered into in contemplation of the Loan Agreement. The above-described security documents, together
with all other documents securing and/or perfecting security interests in the repayment of the Obligations, shall be referred
to herein as the “Security Documents”. Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations are referred to as the “Existing Loan Documents”.

 

    

     

    

 

3. DESCRIPTION
OF CHANGES IN TERMS. As from the Modification Effective Date:

 

3.1 Section
5 of the Schedules. The first (operative) paragraph of Section 5 of Schedule 3 Loan Agreement (made applicable to all Schedules)
is hereby restated to read in its entirety as follows, with the remaining parts of the Section to remain unamended):

 

	“(Section
4.1):	The
                                         Group shall meet or exceed (i) Revenues of $27,500,000 on a calendar quarterly basis
                                         commencing with the quarter ending September 30, 2019, and (ii) three (3) month
                                         trailing EBITDA of not less than $1,350,000, tested monthly commencing with the month
                                         ending August 31, 2019; provided, however, if the Group fails to meet the foregoing minimum
                                         Revenues requirement, such failure may be cured by the Group meeting for any such non-compliant
                                         reporting period trailing twelve (12) month Revenues of not less than $120,000,000.”

 

3.2 Restated
Compliance Certificate. The Compliance Certificate is amended and restated in the form appended as Exhibit B hereto.

 

4. ACKNOWLEDGMENT
OF SPECIFIED DEFAULTS; WAIVER. Borrower acknowledges that it is currently in default under the Loan Agreement due to the Specified
Defaults as set forth in the Recitals hereto. If no Default or Event of Default has occurred and is continuing under the Loan
Agreement, other than the Specified Defaults and the conditions set forth in Section 7 are timely satisfied, PFG shall be deemed
to have forever waived the Specified Defaults. Borrower hereby acknowledges and agrees that except as specifically provided herein,
nothing in this Section or anywhere in this Modification shall be deemed or otherwise construed as a waiver by PFG of any of its
rights and remedies pursuant to the Existing Loan Documents, applicable law or otherwise. The waiver of Specified Defaults set
forth in this Modification shall be limited precisely as written and shall not be deemed (a) to be a forbearance, waiver or modification
of any other term or condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice
any right or remedy which PFG may now have or may have in the future under or in connection with the Loan Agreement, the Existing
Loan Documents or any instrument or agreement referred to therein; (b) to be a consent to any future amendment or modification,
forbearance or waiver to any instrument or agreement the execution and delivery of which is consented to hereby, or to any waiver
of any of the provisions thereof; or (c) to limit or impair PFG’s right to demand strict performance of all terms and covenants
as of any date, subject to this Modification. The Loan Agreement, as amended by this Modification, shall continue in full force
and effect.

 

    2

     

    

 

5. Representations
And Warranties OF OBLIGOR. Each Obligor hereby represents and warrants that:

 

(a) immediately
upon giving effect to this Modification (i) the representations and warranties contained in the Existing Loan Documents are
true, accurate and complete in all material respects as of the date hereof (except to the extent qualified in the updated Representations
deliverable to PFG on or before the Modification Effective Date), and (ii) no Event of Default has occurred and is continuing,
other than the Specified Defaults;

 

(b) it
has the corporate power and authority to execute and deliver this Modification and to perform its respective obligations under
the Existing Loan Documents, as amended by this Modification, and in the case of Group Parent, its obligations in relation to
the conversion of the Schedule 2 Loan;

 

(c) its
Constitutional Documents as last delivered to PFG remain true, accurate and complete and have not been amended, supplemented or
restated and are and continue to be in full force and effect;

 

(d) it
has duly executed and delivered this Modification and the performance by it of its obligations under the Existing Loan Documents,
as amended by this Modification, and any required consents, including of shareholders, have been duly secured;

 

(e) this
Modification constitutes (i) its binding obligation, enforceable against it in accordance with the terms of this Modification,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar
laws of general application and equitable principles relating to or affecting creditors’ rights, and (ii) a reaffirmation
of its respective obligations under the Existing Loan Documents applicable to it, including under the Hong Kong Security Documents,
the Cayman Security Documents, and the BVI Security Documents;

 

(f) as
of the date hereof, it has no defenses against its obligation to repay the Obligations, it has no claims of any kind against PFG
and it acknowledges that PFG has acted in good faith and in a commercially reasonable manner in connection with this Modification
and the Existing Loan Documents;

 

(g) the
Security Documents relating to Intellectual Property either disclose an accurate, complete and current listing of all Collateral
that consists of Intellectual Property; and

 

(h) it
hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in the Representations previously
delivered to PFG by Borrower, and acknowledges, confirms and agrees that, subject to the update to the Representations to be provided
under Section 7 hereof, the disclosures and information provided to PFG therein remain true, correct, accurate and complete in
all material respects as of the Modification Effective Date.

 

    3

     

    

 

Each
Obligor understands and acknowledges that PFG is entering into this Modification in reliance upon, and in partial consideration
for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate.

 

6. CONTINUING
VALIDITY. Each of Borrower and Group Parent understands and agrees that in modifying the existing Obligations, PFG is relying
upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly
modified pursuant to this Modification, the terms of the Existing Loan Documents remain unchanged and in full force and effect.
PFG’s agreement to modifications to the existing Obligations in no way shall obligate PFG to make any future consents, waivers
or modifications to the Obligations. Nothing in this Modification shall constitute a satisfaction of the Obligations or a waiver
of any default under the Existing Loan Documents. It is the intention of PFG and Borrower to retain as liable parties all makers
and endorsers, if any, of the Existing Loan Documents, unless the party is expressly released by PFG in writing. Unless expressly
released herein, no maker, endorser, or guarantor will be released by virtue of this Modification. The terms of this paragraph
apply not only to this Modification, but also to all subsequent loan modifications.

 

7.
 CONDITIONS. The effectiveness of this Modification is conditioned upon each of:

 

 7.1 Execution
and Delivery. Each Obligor shall have duly executed and delivered a counterpart of this Modification to PFG.

 

7.2 Lender
Expenses. Promptly upon PFG invoice, Borrower shall have promptly paid all Lender Expenses noticed by PFG in connection with
this Modification.

 

7.3 Waiver
and Modification Fee. Promptly upon PFG invoice, Borrower shall have promptly paid PFG a fee in consideration of this Modification
in the amount of $1,091 provided, however, if Borrower fails to meet either of the Revenue or EBITDA threshold under Section
5 of the Schedule, as amended by this Modification (regardless of whether Borrower’s performance is measured for any particular
period for purposes of compliance with the Loan Agreement), then the above-referenced fee shall increase to $1,455.

 

7.4 Updated
Representations. Within ten (10) Business Days from the Modification Effective Date, Borrower shall have provided an update
to the Representations.

 

The
failure of any of the conditions set forth in this Section 7 shall constitute an immediate Event of Default.

 

8. CONSISTENT
CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above.

 

9. CONSENT.
PFG hereby consents to the Yuantel Sale substantially as disclosed to PFG and confirms and acknowledges that the entry into and
consummation of the Yuantel Sale by the Borrower, shall not constitute a breach of any obligations or covenants, including under
Section 4.6 of the Loan Agreement or otherwise be deemed an Event of Default under any of the PFG Loan Documents.

 

    4

     

    

 

10. RATIFICATION
OF EXISTING LOAN DOCUMENTS; FURTHER ASSURANCES. Borrower (a) acknowledges and agrees that (i) each of the Existing Loan Documents
remains in full force and effect in accordance with the original terms, except as expressly modified hereby, (ii) the Liens granted
by the Borrower to PFG under the Existing Loan Documents shall remain in place, unimpaired by the transactions contemplated by
this Agreement, and PFG’s priority with respect thereto shall not be affected hereby or thereby, and (iii) the Loan Agreement
and the other Existing Loan Documents shall continue to secure all Obligations as stated therein except as expressly amended and
modified by this Modification; (b) Borrower ratifies, reaffirms, restates and incorporates by reference all of its representations,
warranties, covenants, and agreements made under the Existing Loan Documents; (c) Borrower hereby ratifies, confirms, and reaffirms
that the Obligations include, without limitation, the Loans, and any future modifications, amendments, substitutions or renewals
thereof; (d) Borrower has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims,
actions or causes of action of any kind or nature whatsoever against PFG or any past, present or future agent, attorney, legal
representative, predecessor-in-interest, affiliate, successor, assign, employee, director or officer of PFG, directly or indirectly,
arising out of, based upon, or in any manner connected with, any transaction, event, circumstance, action, failure to act, or
occurrence of any sort or type, whether known or unknown, which occurred, existed, was taken, permitted, or began prior to the
execution of this Agreement and accrued, existed, was taken, permitted or begun in accordance with, pursuant to, or by virtue
of the terms or conditions of the Existing Loan Documents, or which directly or indirectly relate to or arise out of or in any
manner are connected with any of the Existing Loan Documents; (e) Borrower and PFG confirm that neither party has heretofore waived
or modified, and has not agreed to waive or modify, any term of the Existing Loan Documents, and any actions that Borrower takes
or fails to take (including the expenditure of any funds) is voluntary, informed and taken at its own risk; and (g) Borrower shall,
from and after the execution of this Agreement, execute and deliver to PFG whatever additional documents, instruments, and agreements
that PFG may reasonably require in order to perfect the Collateral granted in the Loan Agreement more securely in PFG and to otherwise
give effect to the terms and conditions of this Modification. Nothing in this Modification shall constitute a satisfaction of
the Obligations or a waiver of any default under the Existing Loan Documents, except of the Specified Defaults to the extent waived
herein. It is the intention of PFG and Borrower to retain as liable parties all makers and endorsers, if any, of the Existing
Loan Documents, unless the party is expressly released by PFG in writing. Unless expressly released herein, no maker, endorser,
or guarantor will be released by virtue of this Modification. The terms of this paragraph apply not only to this Modification,
but also to all subsequent loan modification agreements.

 

    5

     

    

 

11. INTEGRATION;
CONSTRUCTION. This Modification, the Loan Agreement and the Existing Loan Documents (as modified) and any documents executed
in connection herewith or pursuant hereto contain the entire agreement between the parties with respect to the subject matter
hereof and supersede all prior agreements, understandings, offers and negotiations, oral or written, with respect thereto and
no extrinsic evidence whatsoever may be introduced in any judicial or arbitration proceeding, if any, involving this Modification;
provided, however, that any financing statements or other agreements or instruments filed by PFG with respect to Borrower shall
remain in full force and effect. The Existing Loan Documents are hereby amended wherever necessary to reflect the modifications
set forth in this Modification. The quotation marks around modified clauses set forth herein and any differing font styles in
which such clauses are presented herein are for ease of reading only and shall be ignored for purposes of construing and interpreting
this Modification. This Modification is subject to the General Provisions of Section 8 of the Loan Agreement, each of which are
incorporated herein as if set forth in this Modification.

 

12. ADVICE
OF COUNSEL. PFG and Borrower have prepared this Modification and all documents, instruments, and agreements incidental hereto
with the aid and assistance of their respective counsel. Accordingly, all of them shall be deemed to have been drafted by PFG
and Borrower and shall not be construed against the PFG or Borrower.

 

13. ILLEGALITY
OR UNENFORCEABILITY. Any determination that any provision or application of this Modification or the Loan Agreement is invalid,
illegal, or unenforceable in any respect, or in any instance, shall not affect the validity, legality, or enforceability of any
such provision in any other instance, or the validity, legality, or enforceability of any other provision of this Agreement.

 

14. Governing
Law; Venue. THIS MODIFICATION SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF CALIFORNIA. Borrower and PFG submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara
County, California, in connection with any proceeding or dispute arising in connection herewith.

 

[Signature
Page Follows]

 

    6

     

    

 

This
Modification to Loan and Security Agreement is executed as of the date first written above.

 

	Executed
    and Delivered as a Deed by 	)	 	PARTNERS
    FOR GROWTH IV, L.P. 	 
	BORQS
Hong Kong Limited	)	 	 	 
	Acting
                                         by:

        
	 	 	
	 
	 	 	 	 	 
	/s/
    Pat Sek Yuen Chan 	 	By:	/s/
    Geoffrey Allan	 
	 	 	 	 	 
	Name:
Pat Sek Yuen Chan 
	 	 	Name:
                                         Geoffrey Allan
	 
	 	 	 	 	 
	Title:
    Chief Executive Officer	 	 	Title:
                                         Manager, Partners for Growth IV, LLC, its

 General Partner
	 
	 	 	 	 	 
	in
the presence of :
	 	 	

         
	 
	 	 	 	 	 
	/s/
    Anthony K. Chan 	 	 	 	 
	Witness
    name: Anthony K. Chan	 	 	 	 
	Witness
    occupation: Chief Financial Officer	 	 	 	 
	 	 	 	 	 
	Executed
    and Delivered as a Deed by 	) 	 	Executed
    and Delivered  as a Deed by  	)
	BORQS
    Technologies (HK) Limited 	) 	 	BORQS
    International Holding Corp 	)
	Acting
    by:	 	 	Acting
    by:	 
	 	 	 	 	 
	/s/
    Pat Sek Yuen Chan	 	 	/s/
                                         Pat Sek Yuen Chan 
	 
	 	 	 	 	 
	Name:
    Pat Sek Yuen Chan	 	 	Name:
                                         Pat Sek Yuen Chan
	 
	 	 	 	 	 
	Title:
                                         Chief Executive Officer 
	 	 	Title:
                                         Chief Executive Officer 
	 
	 	 	 	 	 
	in
    the presence of :	 	 	in
    the presence of :	 
	 	 	 	 	 
	/s/
                                         Anthony K. Chan
	 	 	/s/
                                         Anthony K. Chan
	 
	Witness
                                         name: Anthony K. Chan
	 	 	Witness
                                         name: Anthony K. Chan
	 
	Witness
    occupation: Chief Financial Officer			Witness
                                         occupation: Chief Financial Officer
	 

 

 

7

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