Document:

Exhibit 10.4

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (this “Agreement”) is entered into as of                          
by and between MDJM Ltd., a Cayman Islands company (the “Company”), and the undersigned, a director and/or an
officer of the Company (“Indemnitee”), as applicable.

 

RECITALS

 

The Board of Directors
of the Company (the “Board of Directors”) has determined that the inability to attract and retain highly competent
persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable
and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising
out of their services to the corporation.

 

AGREEMENT

 

In consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

	A.	DEFINITIONS

 

The following terms shall have the
meanings defined below:

 

Expenses shall
include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys’ fees and disbursements
and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating,
defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

 

Indemnifiable
Event means any event or occurrence that takes place either before or after the execution of this Agreement, related
to the fact that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company
as a director or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not
done by Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading
statement or omission.

 

Participant means
a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

 

Proceeding means
any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether
civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved
as a party or otherwise by reason of an Indemnifiable Event.

 

	B.	AGREEMENT TO INDEMNIFY

 

1. General
Agreement. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in,
a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes
obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

 

2. Indemnification
of Expenses of Successful Party. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding,
the Company shall indemnify Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or
matter, as the case may be.

 

3. Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for
a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of
such Expenses to which Indemnitee is entitled. 

 

     

     

    

 

4. No
Employment Rights. Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with
the Company.

 

5. Contribution. If
the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those
set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably
incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received
by the Company on the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding
arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with
the events which resulted in such Expenses, as well as any other relevant equitable considerations. The relative fault of
the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting
in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution
pursuant to this Section B.6 were determined by pro rata allocation or any other method of allocation which does not take
account of the foregoing equitable considerations.

 

	C.	INDEMNIFICATION PROCESS

 

1.   Notice
and Cooperation By Indemnitee. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this
Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification
will or could be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice
any of Indemnitee’s rights hereunder, unless such delay results in the Company’s forfeiture of substantive rights or
defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt
of such notice, the Company has directors’ and officers’ liability insurance policies in effect, the Company shall
give prompt notice to its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary
and desirable action to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In
addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

 

	 	2.	Indemnification Payment.

 

(a) Advancement
of Expenses. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company
advance to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The
Company shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to
Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

 

(b) Reimbursement
of Expenses. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee
shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately
after Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request
to the Reviewing Party in compliance with Section C.2(c) below.

 

(c) Determination
by the Reviewing Party. If the Company reasonably believes that it is not obligated under this Agreement to indemnify
the Indemnitee, the Company shall, within 10 days after the Indemnitee’s written request for an advancement or reimbursement
of Expenses, notify the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted
to the Reviewing Party (as hereinafter defined). The Reviewing Party shall make a determination on the request within 30 days
after the Indemnitee’s written request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing
to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification in connection
with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all
the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; provided, however,
that Indemnitee may bring a suit to enforce his/her indemnification right in accordance with Section C.3 below.

 

     

     

    

 

3. Suit
to Enforce Rights. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification
within 30 days after making a written demand in accordance with Section C.2 above or 50 days if the Company submits
a request for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the
right to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction
seeking a determination by the court or challenging any determination by the Reviewing Party or any aspect of this Agreement. Any
determination by the Reviewing Party not challenged by Indemnitee and any judgment entered by the court shall be binding on the
Company and Indemnitee.

 

4. Assumption
of Defense. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding
against Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee,
upon delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel
by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement
for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment
of counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded, based
on written advice of counsel, that there may be a conflict of interest of such counsel retained by the Company between the Company
and Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel
with respect to the defense of such Proceeding, in any of which events the fees and expenses of Indemnitee’s counsel shall
be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel in any Proceeding at
Indemnitee’s expense.

 

5. Defense
to Indemnification, Burden of Proof and Presumptions. It shall be a defense to any action brought by Indemnitee against the
Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify
the Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise
as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination
shall be on the Company.

 

6. No
Settlement Without Consent. Neither party to this Agreement shall settle any Proceeding in any manner that would impose
any damage, loss, penalty or limitation on Indemnitee without the other party’s written consent. Neither the Company
nor Indemnitee shall unreasonably withhold its consent to any proposed settlement.

 

7. Company
Participation. Subject to Section B.5, the Company shall not be liable to indemnify the Indemnitee under this Agreement
with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate
in the defense, conduct and/or settlement of such action.

 

	 	8.	Reviewing Party.

 

(a)
For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred
by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum
consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of
Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel
in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines
that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith
in making a determination under this Agreement of the Indemnitee’s entitlement to indemnification. Any reasonable costs
or expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee. 

 

     

     

    

 

(b)
If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected
as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall
request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee
shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee
or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to
the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however,
that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements
of “Independent Counsel” as defined in Section C.8(d) of this Agreement, and the objection shall set
forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected
shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not
serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without
merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no Independent Counsel
shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for
resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court
shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent
Counsel. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent
Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to
the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.

 

(c)
In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee
is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with
this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any
person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim,
issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of nolocontendere or
its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee
to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he/she reasonably believed
to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable
cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall
be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Company and
any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written request
of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied
to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity
in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint
venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership,
joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable
care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or
actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership,
joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under
this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way
the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this
Agreement.

 

     

     

    

 

(d)
 “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation
law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in
any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or
of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a
claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include
any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees
to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all
Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

	D.	DIRECTOR AND OFFICER LIABILITY INSURANCE

 

1. Good
Faith Determination. The Company shall from time to time make the good faith determination whether or not it is practicable
for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers
and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the
Company’s performance of its indemnification obligations under this Agreement.

 

2. Coverage
of Indemnitee. To the extent the Company maintains an insurance policy or policies providing directors’ and officers’
liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the
maximum extent of the coverage available for any of the Company’s directors or officers.

 

3. No
Obligation. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and
officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that
(i) premium costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided
by such insurance is limited by exclusions so as to provide an insufficient benefit.

 

	E.	NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

 

1. Non-Exclusivity. The
indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under
the Company’s current memorandum and articles of association, as may be amended from time to time, applicable law or any
written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided
under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified
capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding.

 

2. U.S.
Federal Preemption. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances,
U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers
under this Agreement or otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange Commission
(the “SEC”)’s prohibition on indemnification for liabilities arising under certain U.S. federal securities
laws. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake
with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s
right under public policy to indemnify Indemnitee.

 

3. Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee
is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as
Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company, whether or not he/she
is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under this
Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or
a director of the Company or any other enterprise at the Company’s request.

 

     

     

    

 

	F.	MISCELLANEOUS

 

1. Amendment
of this Agreement. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing
by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions
(whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement,
no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver.

 

2. Subrogation. In
the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such
rights.

 

3. Assignment;
Binding Effect. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party
hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such
rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding
the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto
and the Company’s successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise
to all or substantially all of the business and/or assets of the Company) and assigns, as well as Indemnitee’s spouses, heirs,
and personal and legal representatives.

 

4. Severability
and Construction. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do
or fail to do any act in violation of applicable law. The Company’s inability, pursuant to a court order, to perform
its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this
Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions
shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto acknowledge that they each
have opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to
be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of the parties
hereto.

 

5. Counterparts. This
Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

 

6. Governing
Law. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts
of law provisions thereof.

 

7. Notices. All
notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed
to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return
receipt requested, and addressed to the Company at:

 

Dragon Victory International
Limited

 

Attention: Chief Financial
Officer

 

and to Indemnitee at his/her address
last known to the Company.

 

8. Entire
Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both
written and oral, between the parties with respect to the subject matter hereof.

 

(Signature page follows) 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
execute this Agreement as of the date first written above.

 

	MDJM Ltd 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

Indemnitee

 

	Signature:	 	 
	Name:	 	 

 

[Signature Page
to Indemnification Agreement]Exhibit 10.5

 

 

 

Exclusive Business Cooperation Agreement

 

This Exclusive Business Cooperation Agreement
(this “Agreement”) is made and entered into by and between the following parties on April 28, 2018 in Tianjin, the
People’s Republic of China (“China” or the “PRC”).

 

	Party A:	Beijing Mingda Jiahe Technology Development Co., Ltd.
	 	 
	Address:	19-4-1002 East Beiyuan Road, Chaoyang District, Beijing. 
	 	 
	 	 
	Party B:	Tianjin Mingda Jiahe Real Estate Co., Ltd.
	 	 
	Address:	No. 36, North Side of Sports Institute North Road, Hexi District, Tianjin

 

Each of Party A and Party B shall be hereinafter
referred to as a “Party” respectively, and as the “Parties” collectively.

 

Whereas,

   

	1.	Party A is a wholly-foreign-owned enterprise established in China, which is primarily engaged in
real estate brokerage business, technology development and corporate management consulting business;

  

	2.	Party B is a company with exclusively domestic capital registered in China, which is primarily
engaged in real estate agency services, secondary real estate brokerage services as well as real estate consulting and information
services (collectively, the “Principal Business”);

 

	3.	Party A is willing to provide Party B with technical support, consulting services and management
services on exclusive basis in relation to the Principal Business during the term of this Agreement, utilizing its advantages
in technology, human resources, and information, and Party B is willing to accept such services provided by Party A or Party A's
designee(s), each on the terms set forth herein.

 

     

     

    

 

Now, therefore, through mutual discussion,
the Parties have reached the following agreements:

 

	1.	Services Provided by Party A

 

		1.1	Party B hereby appoints Party A as Party B's exclusive
services provider to provide Party B with complete technical support, business support and related consulting services during
the term of this Agreement, in accordance with the terms and conditions of this Agreement, which may include all necessary services
within the scope of the Principal Business as may be determined from time to time by Party A, such as but not limited to providing
real estate brokerage business consulting, technology development support and corporate management consulting business.

 

		1.2	Party B agrees to accept all the consultations and
services provided by Party A. Party B further agrees that unless with Party A's prior written consent, during the term of this
Agreement, Party B shall not directly or indirectly accept the same or any similar consultations and/or services provided by any
third party and shall not establish similar corporation relationship with any third party regarding the matters contemplated by
this Agreement. Party A may appoint other parties, who may enter into certain agreements described in Section 1.3 with Party B,
to provide Party B with the consultations and/or services under this Agreement.

 

		1.3	Service Providing Methodology

 

		1.3.1	Party A and Party B agree that during the term of this
Agreement, where necessary, Party B may enter into further technology service agreements or consulting service agreements with
Party A or any other party designated by Party A, which shall provide the specific contents, manner, personnel, and fees for the
specific technology services and consulting services.

 

		1.3.2	Party B hereby grants to Party A an irrevocable and
exclusive option to purchase from Party B, at Party A’s sole discretion, any or all of the assets of Party B, to the extent
permitted under the PRC laws, at the lowest purchase price permitted by the PRC laws. In this case, the Parties shall enter into
a separate assets transfer agreement, specifying the terms and conditions of the transfer of the assets.

 

	2.	The Calculation and Payment of the Service Fees

 

		2.1	The Parties agree that in respect to the services
provided by Party A to Party B contemplated in this Agreement, Party B shall pay Party A the service fees in an amount equivalent
to 100% of net income after deduction of the required PRC statutory reserve (the “Service Fees”). The Service Fee
shall be paid on an annual basis (or any such time period agreed by Party A and Party B) within thirty days based on annual audited
financial accounts of Party B in accordance with the U.S. generally accepted accounting principles. During the term hereof, Party
A shall have the rights to adjust such Service Fee at its sole discretion without the consent of Party B.

  

     

     

    

 

		2.2	With advance written consent by Party A, the time
of payment of the Service Fees may be adjusted according to Party B’s needs for operation. Party A is entitled to decided
not to withdraw the Service Fees set forth above temporarily at its own discretion, under which, all the fruits derived therefrom
shall be owned by Party A. Party B undertakes to unconditionally agree with and perform the arrangements set forth above accordingly.

 

		2.3	As unanimously agreed upon by the Parties, the exact
calculation and payment methods of the Service Fees may be amended by entering into a separate written agreement.

 

		2.4	Unless otherwise unanimously agreed upon by the Parties,
the Service Fees to be paid by Party B to Party A pursuant to this Agreement shall not be deducted or offset in any manner.

 

	3.	Confidentiality Clauses

 

		3.1	The Parties acknowledge that the existence and the
terms of this Agreement and any oral or written information exchanged between the Parties in connection with the preparation and
performance of this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such
confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential
information to any third parties, except for the information that: (a) is or will be in the public domain (other than through
the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws
or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be
disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated
hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall  be bound by the confidentiality
obligations similar to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies
hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable
for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason.

 

     

     

    

 

		3.2	The Parties agree that this Section shall survive
changes to, and rescission or termination of, this Agreement.

 

	4.	Representations and Warranties

 

		4.1	Party A hereby represents and warrants as follows:

 

		4.1.1	Party A is a wholly owned foreign enterprise legally
registered and validly existing in accordance with the laws of China.

 

		4.1.2	Party A has taken all necessary corporate actions,
obtained all necessary authorization and the consent and approval from third parties and government agencies (if any) for the
execution, delivery and performance of this Agreement.  Party A’s execution, delivery and performance of this
Agreement do not violate any explicit requirements under any law or regulation binding on Party A.

 

		4.1.3	This Agreement constitutes Party A's legal, valid and
binding obligations, enforceable in accordance with its terms.

 

		4.2	Party B hereby represents and warrants as follows:

 

		4.2.1	Party B is a company legally registered and validly
existing in accordance with the laws of China and has obtained the relevant permit and license for engaging in the Principal Business
in a timely manner.

 

		4.2.2	Party B has taken all necessary corporate actions,
obtained all necessary authorization and the consent and approval from third parties and government agencies (if any) for the
execution, delivery and performance of this Agreement.  Party B’s execution, delivery and performance of this
Agreement do not violate any explicit requirements under any law or regulation binding on Party A.

 

		4.2.3	This Agreement constitutes Party B's legal, valid and
binding obligations, and shall be enforceable against it.

  

	5.	Effectiveness and Term

 

		5.1	This Agreement is executed on the date first above
written and shall take effect as of such date. Unless earlier terminated in accordance with the provisions of this Agreement or
relevant agreements separately executed between the Parties, the term of this Agreement shall be 10 years.

 

     

     

    

 

		5.2	The term of this Agreement may be extended if confirmed
in writing by Party A prior to the expiration thereof. The extended term shall be determined by Party A, and Party B shall accept
such extended term unconditionally.

 

	6.	Termination

 

		6.1	Unless renewed in accordance with the relevant terms
of this Agreement, this Agreement shall be terminated upon the date of expiration hereof.

 

		6.2	During the term of this Agreement, Party B shall not
terminate this Agreement prior to its expiration date. Nevertheless, Party A shall have the right to terminate this Agreement
upon giving 30 days' prior written notice to Party B at any time.

 

		6.3	The rights and obligations of the Parties under Articles
3, 7 and 8 shall survive the termination of this Agreement.

 

	7.	Governing Law and Resolution of Disputes

 

		7.1	The execution, effectiveness, construction, performance,
amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

 

		7.2	In the event of any dispute with respect to the construction
and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the
Parties fail to reach an agreement on the dispute within 30 days after either Party's request to the other Parties for resolution
of the dispute through negotiations, either Party may submit the relevant dispute to the China International Economic and Trade
Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in Tianjin,
and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.

 

		7.3	Upon the occurrence of any disputes arising from the
construction and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under
dispute, the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their
respective obligations under this Agreement.

 

     

     

    

 

	8.	Indemnification

 

Party B shall indemnify and
hold harmless Party A from any losses, injuries, obligations or expenses caused by any lawsuit, claims or other demands against
Party A arising from or caused by the consultations and services provided by Party A to Party B pursuant this Agreement, except
where such losses, injuries, obligations or expenses arise from the gross negligence or willful misconduct of Party A.

 

	9.	Notices

 

		9.1	All notices and other communications required or permitted
to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial
courier service or by facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice
shall also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be determined as
follows:

 

		9.1.1	Notices given by personal delivery, by courier service
or by registered mail, postage prepaid, shall be deemed effectively given on the date of receipt or refusal at the address specified
for notices.

 

		9.1.2	Notices given by facsimile transmission shall be deemed
effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission).

 

		9.2	For the purpose of notices, the addresses of the Parties
are as follows:

  

	 	PartyA:	Beijing Mingda Jiahe Technology Development Co., Ltd.
	 	Address:	 
	 	Attn:	 
	 	Phone:	 
	 	 	 
	 	 	 
	 	 	 
	 	Party B:	Tianjin Mingda Jiahe Real Estate Co., Ltd.
	 	Address:	 
	 	Attn:	 
	 	Phone:	 +86-22-83520851

 

     

     

    

 

		9.3	Any Party may at any time change its address for notices
by a notice delivered to the other Party in accordance with the terms hereof.

 

	10.	Assignment

 

		10.1	Without Party A's prior written consent, Party B shall
not assign its rights and obligations under this Agreement to any third party.

  

		10.2	Party B agrees that Party A may assign its obligations
and rights under this Agreement to any third party upon a prior written notice to Party B but without the consent of Party B.

 

	11.	Severability

 

In the event that one or several
of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws
or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or
compromised in any aspect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions
with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic
effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable
provisions.

 

	12.	Amendments and Supplements

 

Any amendments and supplements
to this Agreement shall be in writing. The amendment agreements and supplementary agreements that have been signed by the Parties
and that relate to this Agreement shall be an integral part of this Agreement and shall have the same legal validity as this Agreement.

  

	13.	Language and Counterparts

 

This Agreement is written in
both Chinese and English language in two copies, each Party having one copy with equal legal validity; in case there is any conflict
between the Chinese version and the English version, the Chinese version shall prevail.

 

 

     

     

    

  

The Remainder of this page is intentionally
left blank

 

 

 

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF, the Parties have caused
their authorized representatives to execute this Exclusive Business Cooperation Agreement as of the date first above written.

 

	Party A: Beijing Mingda Jiahe Technology Development Co., Ltd.
	 
	By:	/s/ Siping Xu	 
	Name:	Siping Xu	 
	Title:	Legal Representative	 
	 	 	 
	 	 	 
	Party B: Tianjin Mingda Jiahe Real Estate Co., Ltd.
	 
	 	 	 
	By:	/s/ Siping Xu	 
	Name:	Siping Xu	 
	Title:	Legal Representative

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