Document:

Exhibit 10.3

 

Exclusive
Call Option Agreement

 

This
Exclusive Call Option Agreement (this “Agreement”) is entered into in Beijing, the People’s Republic
of China (the “PRC”) on December 15, 2016 by and between the following Parties:

 

1.
Shareholder 1: Weidong Du

 

2.
Shareholder 2: Wei Tan

 

3.
Shareholder 3: Guichun Liu

 

4.
Shareholder 4: Wen Li

 

5.
Shareholder 5: Hao Wang

 

(Weidong
Du, Wei Tan, Guichun Liu, Wen Li and Hao Wang are hereinafter referred to individually as a “Company Shareholder”
and collectively as the “Company Shareholders.”)

 

6.
Jakroo (Beijing) Sports Consulting Co., Ltd. (the “WFOE”) 

Registered
address: Room 509, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

 

7.
Rider Sportsfashion Limited (the “Company”)

 

Registered
address: Room 507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing

 

(In
this Agreement, the above parties are hereinafter referred to individually as a “Party” and collectively as
the “Parties.”)

  

Whereas:

 

	(1)	The Company Shareholders are the registered shareholders
of the Company, legally holding all the equity interest in the Company. Appendix 1 sets forth the capital contribution amount
made by each of the Company Shareholders and the shareholding percentage of each as reflected in the registered capital of the
Company as of the date of this Agreement.

 

	(2)	 To the extent not
in violation of PRC Law, the Company Shareholders intend to transfer all of their respective equity interest in the Company to
the WFOE and/or any other entity or individual so designated by the WFOE, and the WFOE intends to accept such transfer.

 

    

     

    

 

	(3)	To
the extent not in violation of PRC Law, the Company intends to transfer its assets to the WFOE and/or any other entity or individual
so designated by the WFOE, and the WFOE intends to accept such transfer.

 

	(4)	For
purposes of the foregoing equity interest and asset transfer, the Company Shareholders and the Company agree to grant to the WFOE
the exclusive and irrevocable Equity Transfer Option (as defined below) and Asset Purchase Option (as defined below), respectively.
Pursuant to such Equity Transfer Option and Asset Purchase Option, at the WFOE’s sole request, the Company Shareholders
or the Company shall, to the extent permitted by the PRC Law, transfer the Shareholder Equity (as defined below) or the Company
Assets (as defined below) to the WFOE and/or any other entity or individual so designated by the WFOE pursuant to the provisions
of this Agreement.

 

	(5)	The
Company agrees that the Company Shareholders grant the Equity Transfer Option to the WFOE pursuant to the provisions of this Agreement.

 

	(6)	The Company
Shareholders agree that the Company grants the Asset Purchase Option to the WFOE pursuant to the provisions of this Agreement.

 

NOW,
THEREFORE, the Parties, after amicable consultations, hereby agree as follows:

 

Article 1
Definitions

  

	1.1	As
used in this Agreement, the following terms shall be interpreted to have the following meanings, unless otherwise interpreted
pursuant to the context:

  

“Asset
Purchase Option” shall mean the option to purchase any Company Assets as granted to the WFOE by the Company pursuant
to the terms and conditions of this Agreement.

 

“Business
Permits” shall mean any approvals, permits, filings, or registrations which the Company is required to obtain in order
to legally and validly operate all of its businesses, including without limitation, its business license and such other relevant
permits and licenses as may be required by the then-effective PRC Law.

 

“Company
Assets” shall mean all the tangible and intangible assets which the Company owns or has the right to dispose of during
the term of this Agreement, including without limitation, any immoveable and moveable assets, intellectual property rights such
as trademarks, copyrights, patents, know-how, domain names and software use rights, and any investment interests.

 

    	 	2 / 21	 

     

    

 

“Company
Registered Capital” shall mean the registered capital of the Company as of the signing date of this Agreement,
(i.e. RMB 1,000,000), which shall include any expanded registered capital as a result of any capital increase in any form during
the term of this Agreement.

 

“Equity
Transfer Option” shall mean the option to purchase all of the Shareholder Equity held by each respective Company Shareholder
as granted to the WFOE by the Company Shareholders pursuant to the terms and conditions of this Agreement.

 

“Exercise
of Option” shall mean the exercise of the Equity Transfer Option or the Asset Purchase Option by the WFOE.

  

“Material
Asset” shall mean any asset which has a book value of RMB100,000 or more or has a material effect on the business
operations of any Party.

 

“Material
Agreement” shall mean, in respect to the Company, any agreement to which the Company is a party and which has a
material effect on the business or assets of the Company, including without limitation, the Exclusive Technical Consulting and
Service Agreement entered into by the Company and the WFOE on December 15, 2016 and other important agreements regarding the business
of the Company; in respect of a Subsidiary, any agreement to which such Subsidiary is a party and which has a material effect
on the business or assets of such Subsidiary.

 

“PRC”
shall mean the People’s Republic of China, which, for purposes of this Agreement only, excludes the Hong Kong Special Administrative
Region, the Macao Special Administrative Region and Taiwan.

 

“PRC
Law” shall mean the then-effective laws, administrative regulations, administrative rules, local regulations, judicial
interpretations and other binding regulatory documents of the PRC.

 

“Shareholder
Equity” shall mean, in respect of each of the Company Shareholders, all the equity interest held by him or her
in the Company Registered Capital, respectively, in respect of all the Company Shareholders, the equity interest covering 100%
of the Company Registered Capital.

 

“Transferred
Assets” shall mean the Company Assets which the WFOE has the right to require the Company to transfer to it or
its designated entity or individual in accordance with Article 3 hereof when the WFOE exercises its Asset Purchase Option,
the quantity of which may be all or part of the Company Assets and the details of which shall be determined by the WFOE at its
sole discretion in accordance with the then-effective PRC Law and based on its commercial consideration.

 

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“Transferred
Equity” shall mean the equity interest in the Company which the WFOE has the right to request either of the Company
Shareholders to transfer to it or its designated entity or individual in accordance with Article 3 hereof when the WFOE exercises
its Equity Transfer Option, the quantity of which may be all or part of the Shareholder Equity and the specific amount of which
shall be determined by the WFOE at its sole discretion in accordance with the then-effective PRC Law and based on its commercial
consideration.

 

“Transfer
Price” shall mean all the consideration that the WFOE or its designated entity or individual is required to pay
to the Company Shareholders or the Company in order to obtain the Transferred Equity or the Transferred Assets upon each Exercise
of Option as provided herein.

 

	1.2	The
references to any PRC Law herein shall be deemed to:

 

	 	(1)	simultaneously
include any and all references to the amendments, changes, supplements and restatements of such PRC Law, irrespective of whether
they take effect before or after the execution of this Agreement; and

 

		(2)	simultaneously
include the references to other decisions, notices and regulations enacted in accordance therewith or effective as a result thereof.

 

	1.3	Except
as otherwise stated in the context herein, all references to an Article, clause, item or paragraph shall refer to the corresponding
part of this Agreement.

 

Article 2
Grant of Equity Transfer Option and Asset Purchase Option

 

	2.1	The Company
Shareholders hereby severally and jointly agree to grant the WFOE an irrevocable, unconditional and exclusive Equity Transfer
Option. Pursuant to such Equity Transfer Option, the WFOE is entitled, to the extent permitted under PRC Law, to request the Company
Shareholders transfer the Shareholder Equity to the WFOE, or the WFOE’s designated entity or individual, according to the
terms and conditions hereunder. The WFOE also agrees to accept such Equity Transfer Option.

 

	2.2	The Company
hereby agrees that the Company Shareholders grant such Equity Transfer Option to the WFOE according to Article 2.1 above
and other provisions of this Agreement.

 

	2.3	The Company
hereby agrees to grant the WFOE an irrevocable, unconditional and exclusive Asset Purchase Option. Pursuant to such Asset Purchase
Option, the WFOE is entitled, to the extent permitted under PRC Law, to request the Company to transfer all or part of the Company
Assets to the WFOE, or the WFOE’s designated entity or individual, according to the terms and conditions hereunder. The
WFOE also agrees to accept such Asset Purchase Option.

 

	2.4	The Company Shareholders hereby severally and jointly
agree that the Company grants such Asset Purchase Option to the WFOE according to Article 2.3 above and other provisions
of this Agreement.

 

    	 	4 / 21	 

     

    

 

Article 3
Method of Exercise of Option

 

	3.1.	Subject to the terms and conditions of this Agreement,
the WFOE shall have the absolute sole discretion to determine the specific time, method and times of its Exercise of Option to
the extent permitted under PRC Law.

 

	3.2.	Subject
to the terms and conditions of this Agreement and to the extent not in violation of the then-effective PRC Law, the WFOE shall
have the right, at any time, to request to acquire the Transferred Equity from the Company Shareholders by itself or through any
other entity or individual so designated by the WFOE.

 

	3.3.	Subject to the terms and conditions of this Agreement
and to the extent not in violation of the then-effective PRC Law, the WFOE shall have the right, at any
time, to request to acquire the Transferred Assets from the Company by itself or through any other entity or individual so designated
by the WFOE.

 

	3.4.	With regard to the Equity Transfer Option, at each Exercise
of Option, the WFOE shall have the right to arbitrarily determine the amount of the Transferred Equity to be transferred by the
Company Shareholders to the WFOE and/or any other entity or individual designated by it. The Company Shareholders shall respectively
transfer the Transferred Equity to the WFOE and/or any other entity or individual designated by it in the amount requested by
the WFOE. The WFOE and/or any other entity or individual designated by it shall pay the Transfer Price with respect to the Transferred
Equity acquired at each Exercise of Option to the Company Shareholder transferring such Transferred Equity.

 

	3.5.	With regard to the Asset Purchase Option, at each Exercise
of Option, the WFOE shall have the right to determine the specific Company Assets to be transferred by the Company to the WFOE
and/or any other entity or individual designated by it. The Company shall transfer the Transferred Assets to the WFOE and/or any
other entity or individual designated by it in accordance with the WFOE’s requirement. The WFOE and/or any other entity
or individual designated by it shall pay the Transfer Price to the Company with respect to the Transferred Assets acquired at
each Exercise of Option.

 

	3.6.	At each Exercise of Option, the WFOE may acquire the
Transferred Equity or Transferred Assets by itself or designate any third party to acquire all or part of the Transferred Equity
or Transferred Assets.

 

	3.7.	Having decided each Exercise of Option, the WFOE shall
issue to the Company Shareholders or the Company a notice for exercising the Equity Transfer Option or a notice for exercising
the Asset Purchase Option (the “Exercise Notice,” the form of which is set out in Appendix 2, Appendix 3, Appendix
4, Appendix 5 and Appendix 6 hereto). The Company Shareholders or the Company shall, upon receipt of the Exercise Notice, forthwith
transfer all the Transferred Equity or Transferred Assets in accordance with the Exercise Notice to the WFOE and/or any other
entity or individual designated by the WFOE in such method as described in Article 3.4 or Article 3.5 hereof.

 

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Article 4
Transfer Price

 

	4.1.	With
regard to the Equity Transfer Option, the total Transfer Price to be paid by the WFOE or any other entity or individual designated
by the WFOE to each Company Shareholder at each Exercise of Option by the WFOE shall be the capital contribution mirrored by the
corresponding Transferred Equity in the Company Registered Capital. But if the lowest price permitted by the then-effective PRC
Law is higher than the above capital contribution, the Transfer Price shall be the lowest price permitted by the PRC Law.

 

	4.2.	With
regard to the Asset Purchase Option, the Transfer Price to be paid by the WFOE or any other entity or individual designated by
the WFOE to the Company at each Exercise of Option by the WFOE shall be the net book value of the relevant Transferred Assets.
But if the lowest price permitted by the then-effective PRC Law is higher than the net book value of the Transferred Assets, the
Transfer Price shall be the lowest price permitted under PRC Law.

 

Article 5
Representations and Warranties

 

	5.1	The
Company Shareholders hereby severally and jointly represent and warrant that:

 

	 	5.1.1.	Each of the Company Shareholders is a Chinese citizen.
Each of them has the full and independent legal status and legal capacity to execute, deliver and perform this Agreement and may
act independently as a party to a lawsuit.

 

	 	5.1.2	Each
of them has the full power and authority to execute, deliver and perform this Agreement and all other documents relating to the
transaction contemplated hereby and to be executed by them. Each of them has the full power and authority to consummate the transaction
contemplated hereby.

 

	 	5.1.3	This
Agreement is legally and duly executed and delivered by the Company Shareholders. This Agreement shall constitute their legal
and binding obligations and shall be enforceable against them in accordance with the terms of this Agreement.

 

	 	5.1.4	The
Company Shareholders are the legitimate owners of the Shareholder Equity as of the effective date of this Agreement, and except
for the rights created under the Equity Pledge Agreement executed by the Company, the WFOE and the Company Shareholders on the
date hereof, the Shareholder Equity is free from and clear of any lien, pledge, claim and other encumbrances and third party rights.
Pursuant to this Agreement, the WFOE and/or any other entity or individual designated by it may, after the Exercise of Option,
acquire good and legal title to the Transferred Equity, free from and clear of any lien, pledge, claim and other encumbrances
or third party rights.

 

    	 	6 / 21	 

     

    

 

	 	5.1.5	To
the knowledge of the Company Shareholders, the Company Assets are free from and clear of any lien, mortgage, claim and other encumbrances
and third party rights. Pursuant to this Agreement, the WFOE and/or any other entity or individual designated by it may, after
the Exercise of Option, acquire good title to the Company Assets, free and clear of any lien, mortgage, claim and other encumbrances
or third party rights.

 

	 	5.1.6	The
execution, delivery and performance by the Company Shareholders of this Agreement and the consummation by the Company Shareholders
of the transaction contemplated hereby do not violate any PRC Law or any agreement, contract or other arrangement with any third
party by which the Company Shareholders are bound.

 

	5.2	The
Company hereby represents and warrants that:

 

	 	5.2.1	The Company is a limited liability company duly registered
and legitimately existing under PRC Law with an independent legal personality. It has the full and independent legal status and
may act independently as a party to a lawsuit.

 

	 	5.2.2	The
Company has the full internal corporate power and authority to execute, deliver and perform this Agreement and all other documents
relating to the transaction contemplated hereby and to be executed by it. It has the full power and authority to consummate the
transaction contemplated hereby.

 

	 	5.2.3 	This
Agreement is legally and duly executed and delivered by the Company and constitutes a legal and binding obligation against it.

 

	 	5.2.4	The
Company Assets are free from and clear of any lien, mortgage, claim or other encumbrance or third party right. Pursuant to this
Agreement, the WFOE and/or any other entity or individual designated by it will, after the Exercise of Option, acquire good title
to the Company Assets, free from and clear of any lien, mortgage, claim and other encumbrances or third party rights.

 

	 	5.2.5	The
execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transaction contemplated
hereby does not violate any PRC Law or any agreement, contract or other arrangement with any third party by which it is bound.

 

	5.3	The
WFOE hereby represents and warrants that:

 

	 	5.3.1.	The
WFOE is a wholly foreign-owned enterprise duly registered and legally existing under PRC Law. The WFOE has the full and independent
legal status and may act independently as a party to lawsuit.

 

    	 	7 / 21	 

     

    

 

	 	5.3.2.	The
WFOE has the full internal corporate power and authority to execute, deliver and perform this Agreement and all other documents
relating to the transaction contemplated hereby and to be executed by it. It has the full power and authority to consummate the
transaction contemplated hereby.

 

	 	5.3.3.	This
Agreement is legally and duly executed and delivered by the WFOE. This Agreement shall constitute a legal and binding obligation
against it.

 

Article 6
Undertakings by the Company Shareholders

 

Each
of the Company Shareholders hereby severally undertakes that:

 

	6.1	Within the valid term of this Agreement, without
the WFOE’s prior written consent, any Company Shareholder:

 

	 	6.1.1.	shall
not transfer or otherwise dispose of any Shareholder Equity or create any encumbrance or other third party rights on any Shareholder
Equity;

 

	 	6.1.2.	shall not increase or decrease the
Company Registered Capital or cause or permit the Company to be divided or merged with any other entity;

 

	 	6.1.3.	shall not dispose of or cause the
management of the Company to dispose of any Material Asset (other than in the ordinary course of business), or create any encumbrance
or other third party rights on any Material Asset;

 

	 	6.1.4.	shall not terminate or cause the management
of the Company to terminate any Material Agreement entered into by the Company, or enter into any other agreement in conflict
with the existing Material Agreements;

 

	 	6.1.5.	shall not appoint or dismiss and replace
any director or supervisor of the Company or any other management personnel of the Company who shall be appointed or dismissed
by the Company Shareholders;

 

	 	6.1.6.	shall not cause the Company to declare
the distribution of or release any distributable profit, dividend, share profit or share interest;

 

	 	6.1.7.	shall ensure that the Company maintains
its valid legal existence and that such status is not terminated, liquidated or dissolved;

 

	 	6.1.8.	shall not amend the articles of association
of the Company; 

 

	 	6.1.9.	shall ensure that the Company will
not lend or borrow any money, or provide any guarantee or engage in security activities in any other form, or bear any substantial
obligations other than in the ordinary course of business; and

 

    	 	8 / 21	 

     

    

 

	 	6.1.10.	shall
not cause the Company or the management of the Company to approve any of the following acts of any of the Company’s subsidiaries
or affiliates (collectively, the “Subsidiaries”), including:

 

	 	(a)	increase
or decrease any Subsidiary’s registered capital or cause or permit any Subsidiary to be divided or merged with any other
entity;

 

	 	(b)	dispose
of or cause the management of the Subsidiaries to dispose of any Material Asset of any Subsidiary (other than in the ordinary
course of business), or create any encumbrance or other third party rights on such assets;

 

	 	(c)	terminate
or cause the management of the Subsidiaries to terminate any Material Agreement entered into by any Subsidiary, or enter into
any other agreement in conflict with the existing Material Agreements;

 

	 	(d)	appoint
or dismiss and replace any director or supervisor of any Subsidiary or any other management personnel of such Subsidiary who shall
be appointed or dismissed by the Company;

 

	 	(e)	terminate, liquidate or dissolve any Subsidiary
or act in any way that damages or is likely to damage the valid existence of any Subsidiary;

 

	 	(f)	amend the articles of association of any Subsidiary;
or

 

	 	(g)	lend or borrow any money, provide any guarantee, engage
in security activities in any other form, or bear any substantial obligations other than in the ordinary course of business.

 

	6.2	During
the term of this Agreement, the Company Shareholders shall endeavor to the best of their ability to develop the business of the
Company and ensure that the Company’s operations are legal and in compliance with the regulations, and they will not engage
in any act or omission which may damage the Company’s (or its Subsidiaries’) assets and/or goodwill or affect the
validity of the Business Permits of the Company.

 

	6.3 	During the term of this Agreement, the Company Shareholders
shall notify the WFOE of any circumstances that may have a material adverse effect on the existence, business operations, financial
conditions, assets or goodwill of the Company (including the Subsidiaries’) and take all the measures approved by the WFOE
to remove such adverse circumstances or take effective remedial measures with respect thereto in a timely manner.

 

    	 	9 / 21	 

     

    

 

	6.4 	Once the WFOE gives the Exercise Notice:

 

	 	6.4.1.	the Company Shareholders shall promptly convene a meeting
of the shareholders, pass shareholders’ resolutions and take all other necessary actions to approve any Company Shareholder
and the Company to transfer all the Transferred Equity or the Transferred Assets at the Transfer Price to the WFOE, and/or any
other entity or individual designated by the WFOE, and waive any preemptive right to purchase such interests enjoyed by the Company
Shareholders (if any);

 

	 	6.4.2.	the Company Shareholders shall promptly enter into an
equity transfer agreement with the WFOE and/or any other entity or individual designated by the WFOE to transfer all the Transferred
Equity at the Transfer Price to the WFOE and/or any other entity or individual designated by the WFOE and provide necessary support
to the WFOE (including the provision and execution of all relevant legal documents, performance of all government approval and
registration procedures and assumption of all relevant obligations) in accordance with the WFOE’s requirements and the PRC
Law so that the WFOE and/or any other entity or individual designated by the WFOE may acquire all the Transferred Equity, free
from and clear of any legal defect or any encumbrance, third party restriction or any other restrictions on the Transferred Equity.

 

	6.5	If
the total Transfer Price obtained by any Company Shareholder with respect to the Transferred Equity held by the shareholder is
higher than the capital contribution corresponding with such Transferred Equity in the Company Registered Capital, or the Company
Shareholder receives any form of profit distribution, share profit, share interest or dividend from the Company, then such Company
Shareholder agrees, so long as it does not violate any PRC Laws, to waive the premium earnings and any profit distribution, share
profit, share interest or dividend (after the deduction of relevant taxes) and the WFOE shall be entitled to such profit distribution,
share profit, interest or dividend. Otherwise, such Company Shareholder shall compensate the WFOE and/or any other entity or individual
designated by the WFOE for any loss incurred as a result thereof.

 

Article 7
Undertakings by the Company

 

	7.1	The
Company hereby undertakes that:

 

	 	7.1.1.	If any consent, permit, waiver or authorization by any
third party, or any approval, permit or exemption by any government authority, or any registration or filing formalities (if required
by law) with any government authority needs to be obtained or handled with respect to the execution and performance of this Agreement
and grant of the Equity Transfer Option or Asset Purchase Option hereunder, the Company shall endeavor to assist in satisfying
the above conditions.

 

	 	7.1.2.	Without the WFOE’s prior written consent, the
Company shall not assist or permit the Company Shareholders to transfer or otherwise dispose of any Shareholder Equity or create
any encumbrance or other third party rights on any Shareholder Equity.

 

    	 	10 / 21	 

     

    

 

	 	7.1.3.	Without the WFOE’s prior written consent, the
Company shall not transfer or otherwise dispose of any Material Asset (other than in the ordinary course of business) or create
any encumbrance or other third party rights on any Company Assets.

 

	 	7.1.4.	The Company shall not itself nor permit others to act
in such a way as to adversely affect the interests of the WFOE under this Agreement, including without limitation, any behavior
or action that is subject to Article 6.1.

 

	7.2	Within
the valid term of this Agreement, once the WFOE gives its Exercise Notice:

 

	 	7.2.1	the Company shall promptly cause the Company Shareholders
to convene a meeting of the shareholders, pass shareholders resolutions and take all other necessary actions to approve the Company’s
transfer of all of the Transferred Assets at the Transfer Price to the WFOE and/or any other entity or individual so designated
by the WFOE;

 

	 	7.2.2	the
Company shall promptly enter into an asset transfer agreement with the WFOE and/or any other entity or individual designated by
the WFOE to transfer all of the Transferred Assets at the Transfer Price to the WFOE and/or any other entity or individual designated
by the WFOE, and cause the Company Shareholders to provide necessary support to the WFOE (including provision and execution of
all relevant legal documents, performing all government approval and registration procedures and assuming all relevant obligations)
in accordance with the WFOE’s requirements and the PRC Law so that the WFOE and/or any other entity or individual designated
by the WFOE may acquire all the Transferred Assets, free from and clear of any legal defect or any encumbrance, third party restriction
or any other restrictions on the Transferred Assets.

 

Article 8
Confidentiality Obligations

 

	8.1	Regardless
of whether this Agreement is terminated or not, each Party shall keep strictly confidential all business secrets, proprietary
information, customer information and all other information of a confidential nature concerning the other Parties known by it
during the execution and performance of this Agreement (collectively, the “Confidential Information”). Unless a prior
written consent is obtained from the Party disclosing the Confidential Information (the “Disclosing Party”) or unless
it is required to be disclosed to third parties in accordance with relevant laws, rules and regulations (including those of the
United States Securities and Exchange Commission) or the requirements of the place where any affiliate is listed on a stock exchange,
the Party receiving the Confidential Information (the “Receiving Party”) shall not disclose to any third party any
Confidential Information. The Receiving Party shall not use any Confidential Information other than for the purpose of performing
this Agreement.

 

    	 	11 / 21	 

     

    

 

	8.2	The following information shall not be deemed part of
the Confidential Information:

 

	 	(a)	any
information that has been lawfully acquired by the receiving Party prior to entering into the Agreement as evidenced by other
written documents;

 

	 	(b)	any
information entering the public domain not attributable to the fault of the Party receiving the information; or

 

	 	(c)	any
information lawfully acquired by the Party receiving the information through other sources after its receipt of such information.

 

	8.3	For
purposes of performing this Agreement, the Receiving Party may disclose the Confidential Information to its relevant employees,
agents or professionals retained by it. However, the Receiving Party shall ensure that the aforesaid persons shall comply with
all relevant terms and conditions of this Article 8. In addition, the Receiving Party shall be responsible for any liability
incurred as a result of such persons’ breach of the relevant terms and conditions of this Article 8.

 

	8.4	Notwithstanding
any other provision contained herein, the effect of this Article 8 shall not be affected by the termination of this Agreement.

 

Article 9
Term of Agreement

 

This
Agreement shall become effective immediately upon the signing of this Agreement by all parties. This Agreement shall terminate
after all the Shareholder Equity and the Company Assets are lawfully transferred to the WFOE and/or any other entity or individual
designated by the WFOE pursuant to the provisions of this Agreement.

 

Article 10
Notices

 

	10.1	Any
notice, request, demand and other correspondence required pursuant to this Agreement or made in accordance with this Agreement
shall be delivered in writing to the relevant Party.

 

	10.2	If
any such notice or other correspondence is transmitted by facsimile or telex, it shall be treated as delivered immediately upon
transmission; if delivered in person, it shall be treated as delivered at the time of delivery; if posted by mail, it shall be
treated as delivered five (5) days after posting.

 

    	 	12 / 21	 

     

    

 

Article 11
Defaulting Liability

 

	11.1	The Parties agree and confirm that, if any
of the Parties (the “Defaulting Party”) substantially violates any agreement herein or substantially fails
to perform or delays performance of any of the obligations hereunder, such violation, failure or delay shall constitute a default
under this Agreement (a “Default”). The non-defaulting Party shall have the right, within a reasonable period,
to request the Defaulting Party to rectify or take remedial actions. If the Defaulting Party fails to rectify such Default or
take remedial actions within such reasonable period or within ten (10) days after the non-defaulting Party notifies the Defaulting
Party in writing requiring the Default to be rectified, then the non-default Party will be entitled to decide at its own discretion
as follows:

 

		11.1.1.	if
any Company Shareholder or the Company is the Defaulting Party, the WFOE shall be entitled to terminate this Agreement and require
the Defaulting Party to indemnify the non-defaulting parties for any and all damages;

 

	 	11.1.2.	if
the WFOE is the Defaulting Party, the non-defaulting Party shall be entitled to indemnification from the Defaulting Party, but
unless otherwise provided for by the PRC Law, the non-defaulting Party has no right to terminate or cancel this Agreement under
any circumstances.

 

	11.2	Notwithstanding any other provision herein,
the effect of this Article 11 shall not be affected by the termination of this Agreement.

 

Article 12
Miscellaneous

 

	12.1	This
Agreement is written in English and translated into Chinese. In the event of any discrepancy between the two versions, the English
version shall prevail. This Agreement is made with seven (7) original copies, with one (1) original to be retained by each
Party hereto.

 

	12.2	The execution, effectiveness, performance,
revision, interpretation and termination of this Agreement shall be governed by PRC Law.

 

	12.3	Any dispute arising out of or in connection
with this Agreement shall be resolved through consultations among the Parties. In case the Parties fail to reach agreement within
thirty (30) days after a dispute arises, such dispute shall be submitted to the China International Economic and Trade Arbitration
Commission (CIETAC) for arbitration in Beijing in accordance with such Commission’s arbitration rules in effect at
the time of applying for arbitration. The arbitration shall be conducted in Chinese. The arbitration judgment shall be final and
binding on the Parties.

 

    	 	13 / 21	 

     

    

 

	12.4	Each provision contained herein shall be
severable and independent from each of the other provisions. If any one or more provision herein is deemed invalid, illegal or
unenforceable at any time, the validity, legality and enforceability of the remaining provisions herein shall not be affected
as a result thereof.

 

	12.5	This Agreement, when signed, shall supersede
any prior legal documents executed by and among the Parties with respect to the subject matter hereof. Any amendment or supplement
hereto shall be made in writing and shall become effective only upon due execution by the Parties hereto.

 

	12.6	Without the WFOE’s prior written consent,
each Company Shareholder or the Company itself shall not transfer any of its rights and/or obligations hereunder to any third
party. The Company Shareholders and the Company hereby agree that the WFOE shall be entitled to transfer any of its rights and/or
obligations hereunder to any third party upon written notice thereof to the Company Shareholders and the Company.

 

	12.7	This Agreement shall be binding on the legal successors
or assigns of the Parties.

  

[THIS
SPACE IS INTENTIONALLY LEFT BLANK]

 

    	 	14 / 21	 

     

    

  

[Signature Page of Exclusive Call Option
Agreement]

 

IN
WITNESS WHEREOF, the following Parties have executed this Exclusive Call Option Agreement to be executed on the date and at
the place first above written.

 

	Shareholder
    1: Weidong Du (Signature):	/s/
    Weidong Du
	 	 
	Shareholder
    2: Wei Tan (Signature): 	/s/
    Wei Tan
	 	 
	Shareholder
    3: Guichun Liu (Signature): 	/s/
    Guichun Liu
	 	 
	Shareholder
    4:Wen Li (Signature): 	/s/
    Wen Li 
	 	 
	Shareholder
    5: Hao Wang (Signature): 	/s/
    Hao Wang

 

Jakroo
(Beijing) Sports Consulting Co., Ltd. (Seal)

 

	Authorized
    Representative (Signature):	By:	/s/
    Wen Li
	 	Name:	Wen
    Li

 

Rider
Sportsfashion Limited (Seal)

 

	AuthorizedRepresentative(Signature):	By:	/s/
    Weidong Du
	 	Name:	Weidong
    Du

 

    	 	15 / 21	 

     

    

 

Appendix
1:

 

Company’s
General Information

 

	Company
    name:	 	Rider
    Sportsfashion Limited
	 	 	 
	Registered
    address:	 	Room
    507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, P.R. China
	 	 	 
	Registered
        capital:

         

        

        Legal
        Representative
	 	RMB
        1,000,000

         

        Weidong
        Du

	 	 	 
	Shareholding
    structure:	 	 

 

	Shareholder’s name	 	Contribution in
 registered capital	 	Percentage of
 contribution	 	 	Method of
 contribution	 
	Weidong Du	 	RMB 500,000	 	 	50	%	 	 	Currency	 
	Wei Tan	 	RMB 390,000	 	 	39	%	 	 	Currency	 
	Guichun Liu	 	RMB 50,000	 	 	5	%	 	 	Currency	 
	Wen Li	 	RMB 30,000	 	 	3	%	 	 	Currency	 
	Hao Wang	 	RMB 30,000	 	 	3	%	 	 	Currency	 
	 	 	 	 	 	 	 	 	 	 	 
	Total	 	RMB 1,000,000	 	 	100	%	 	 	Currency 	 

 

    	 	16 / 21	 

     

    

 

Appendix
2:

 

Form of
Exercise Notice

 

To:
Weidong Du

 

WHEREAS,
we, Rider Sportsfashion Limited (the “Company”), Wei Tan, Guichun Liu, Wen Li, Hao Wang and you entered into an Exclusive
Call Option Agreement (the “Option Agreement”) on December 15, 2016 and reached an agreement that you shall transfer
the equity interest you hold in the Company to us or any third party designated by us at our request to the extent permitted under
PRC laws, rules and regulations.

 

Therefore,
we hereby give this notice to you as follows:

 

We
hereby exercise the Equity Transfer Option under the Option Agreement and we/[name of company/individual so designated by us]
will acquire the [●]% of the equity interest you hold in the Company (the “Proposed Acquired Equity”). Upon
your receipt of this notice, you shall immediately transfer all the Proposed Acquired Equity to us/[name of designated company/individual]
pursuant to the provisions of the Option Agreement.

 

Regards,

 

	 	Jakroo
    (Beijing) Sports Consulting Co., Ltd.
	 	(Seal)
	 	Authorized
    representative:
	 	Date:

 

    	 	17 / 21	 

     

    

 

Appendix
3:

 

Form of
Exercise Notice

 

To:
Wei Tan

 

WHEREAS,
we, Rider Sportsfashion Limited (the “Company”), Weidong Du, Guichun Liu, Wen Li, Hao Wang and you entered into an
Exclusive Call Option Agreement (the “Option Agreement”) on December 15, 2016 and reached an agreement that you shall
transfer the equity interest you hold in the Company to us or any third party designated by us at our request to the extent permitted
under PRC laws, rules and regulations.

 

Therefore,
we hereby give this notice to you as follows:

 

We
hereby exercise the Equity Transfer Option under the Option Agreement and we/[name of company/individual so designated by us]
will acquire the [●]% of the equity interest you hold in the Company (the “Proposed Acquired Equity”). Upon
your receipt of this notice, you shall immediately transfer all the Proposed Acquired Equity to us/[name of designated company/individual]
pursuant to the provisions of the Option Agreement.

 

Regards,

 

	 	Jakroo
    (Beijing) Sports Consulting Co., Ltd.
	 	(Seal)
	 	Authorized
    representative:
	 	Date:

 

    	 	18 / 21	 

     

    

 

Appendix
4:

 

Form of
Exercise Notice

 

To:
Guichun Liu

 

WHEREAS,
we, Rider Sportsfashion Limited (the “Company”), Weidong Du, Wei Tan, Wen Li, Hao Wang and you entered into an Exclusive
Call Option Agreement (the “Option Agreement”) on December 15, 2016 and reached an agreement that you shall transfer
the equity interest you hold in the Company to us or any third party designated by us at our request to the extent permitted under
PRC laws, rules and regulations.

 

Therefore,
we hereby give this notice to you as follows:

 

We
hereby exercise the Equity Transfer Option under the Option Agreement and we/[name of company/individual so designated by us]
will acquire the [●]% of the equity interest you hold in the Company (the “Proposed Acquired Equity”). Upon
your receipt of this notice, you shall immediately transfer all the Proposed Acquired Equity to us/[name of designated company/individual]
pursuant to the provisions of the Option Agreement.

 

Regards,

 

	 	Jakroo
    (Beijing) Sports Consulting Co., Ltd.
	 	(Seal)
	 	Authorized
    representative:
	 	Date:

 

    	 	19 / 21	 

     

    

 

Appendix
5:

 

Form of
Exercise Notice

 

To:
Wen Li

 

WHEREAS,
we, Rider Sportsfashion Limited (the “Company”), Weidong Du, Wei Tan, Guichun Liu, Hao Wang and you entered into an
Exclusive Call Option Agreement (the “Option Agreement”) on December 15, 2016 and reached an agreement that you shall
transfer the equity interest you hold in the Company to us or any third party designated by us at our request to the extent permitted
under PRC laws, rules and regulations.

 

Therefore,
we hereby give this notice to you as follows:

 

We
hereby exercise the Equity Transfer Option under the Option Agreement and we/[name of company/individual so designated by us]
will acquire the [●]% of the equity interest you hold in the Company (the “Proposed Acquired Equity”). Upon
your receipt of this notice, you shall immediately transfer all the Proposed Acquired Equity to us/[name of designated company/individual]
pursuant to the provisions of the Option Agreement.

 

Regards,

 

	 	Jakroo
    (Beijing) Sports Consulting Co., Ltd.
	 	(Seal)
	 	Authorized
    representative:
	 	Date:

 

    	 	20 / 21	 

     

    

 

Appendix
6:

 

Form of
Exercise Notice

 

To:
Hao Wang

 

WHEREAS,
we, Rider Sportsfashion Limited (the “Company”), Weidong Du, Wei Tan, Guichun Liu, Wen Li and you entered into an
Exclusive Call Option Agreement (the “Option Agreement”) on December 15,2016 and reached an agreement that you shall
transfer the equity interest you hold in the Company to us or any third party designated by us at our request to the extent permitted
under PRC laws, rules and regulations.

 

Therefore,
we hereby give this notice to you as follows:

 

We
hereby exercise the Equity Transfer Option under the Option Agreement and we/[name of company/individual so designated by us]
will acquire the [●]% of the equity interest you hold in the Company (the “Proposed Acquired Equity”). Upon
your receipt of this notice, you shall immediately transfer all the Proposed Acquired Equity to us/[name of designated company/individual]
pursuant to the provisions of the Option Agreement.

 

Regards,

 

	 	Jakroo
    (Beijing) Sports Consulting Co., Ltd.
	 	(Seal)
	 	Authorized
    representative:
	 	Date:

 

 

21
/ 21Exhibit 10.4

 

Exclusive
Technical Consulting and Service Agreement

 

This
Exclusive Technical Consulting and Service Agreement (this “Agreement”) is entered into in Beijing, the People’s
Republic of China (the “PRC”) on December 15, 2016 by and between the following Parties:

 

Party
A: Jakroo (Beijing) Sports Consulting Co., Ltd.

Address:
Room 509, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

 

Party
B: Rider Sportsfashion Limited

Address:
Room 507, Unit 3, No.69 Beichen West Road, Chaoyang District, Beijing, PRC

 

(Party
A and Party B may be referred to herein individually as, a “Party” and collectively as the “Parties.”)

 

Whereas:

 

(1)
Party A is a wholly foreign-owned enterprise, duly incorporated and validly existing under the laws of the PRC:

 

(2)
Party B is a limited liability company, incorporated in Beijing, China and validly existing under the laws of the PRC: and

 

(3)
For the purpose of operating its business, Party B has decided to employ Party A as its exclusive technical service supplier to
provide Party B with relevant services, such as technical consulting services for Party B’s design, manufacture, and sale
of cycling apparel and other related customized endurance apparel products. Party A agrees to provide Party B with the corresponding
technical services in accordance with the provisions of this Agreement.

 

NOW,
THEREFORE, the parties, through amicable consultation, hereby agree as follows in respect of the specific issues concerning
the exclusive technical service is to be provided by Party A to Party B:

 

	1	Definition
    and Interpretation

 

		1.1	Except
                                         as otherwise defined in the terms or context hereof, the following terms in this Agreement
                                         shall have the following meanings:

 

    	 	1 / 10	 

     

    

 

“Service
Fees” shall mean all fees to be paid by Party B to Party A pursuant to Article 2 of this Agreement in respect of the
Services provided by Party A.

 

“Operating
Revenue” shall mean, in any single fiscal year during the term of this Agreement, the total revenue generated by Party
B in its daily operation of the business of that year as recorded under the column entitled “Revenue of Main Business”
(or other such similarly named column) in the audited financial statements prepared in accordance with the accounting standards
of the PRC.

 

	1.2	References
                                         to any laws and regulations (the “Law”) herein shall be deemed to include
                                         (1) references to any amendments, changes, supplements and reenactments of such Law,
                                         irrespective of whether they take effect before or after the execution of this Agreement;
                                         and (2) references to any other decisions, notices or regulations enacted in accordance
                                         therewith or effective as a result thereof.
	 	 
	1.3	Except
                                         as otherwise stated in the context herein, all references to an article, clause, item
                                         or paragraph shall refer to the relevant part of this Agreement.

 

	2	Exclusive
    Technical Consulting Services

 

	2.1	Party
                                         A is the exclusive technology service provider to Party B, except for the circumstances
                                         set forth in Article 2.2 or Article 2.3 of this Agreement, any technical service (including
                                         but not limited to technical consulting services for Party B’s design, manufacture,
                                         sale of cycling apparel and other related customized endurance apparel products) as required
                                         during the course of business operated by Party B must be rendered by Party A on an exclusive
                                         basis. Without the prior written consent of Party A, Party B shall not seek any technical
                                         service under this Agreement rendered by any third party by any means other than Party
                                         A.
	 	 
	2.2	Party
                                         B agrees that in event that Party A does not possess the capability to render specific
                                         technical services to Party B objectively, such technical service shall be rendered by
                                         an appropriate third party solely appointed by Party A in accordance with the terms and
                                         conditions of this Agreement. Party B further agrees that, in any case, Party A shall
                                         have the right to appoint any third party adequately qualified in absence of any reason
                                         to replace Party A and render technical service which should have been rendered by Party
                                         A in accordance with the Agreement, and Party B agrees to accept appropriate technical
                                         services rendered by such appropriate third party entrusted by Party A.

 

    	 	2 / 10	 

     

    

 

	2.3	If
                                         any of the following circumstances occurs, Party B has the right to seek for any third
                                         party to render technical service to Party B:

 

	 	2.3.1	Party A has voluntarily waived its rights as the exclusive
technical service provider and agreed in writing that such technical service shall be rendered by a third party to Party B;
	 	 	 
	 	2.3.2	Party A is unable to provide a certain technical service
to Party B objectively and fails to appoint an appropriate third party to provide such technical service to Party B; or
	 	 	 
	 	2.3.3	Party A decides not to provide a certain technical service
to Party B and fails to appoint an appropriate third party to provide such technical service to Party B.

 

Article 3
Payment

 

	3.1 	In respect of the Services to be provided by Party A
pursuant to the terms of this Agreement, Party B shall pay to Party A the Service Fees as follows:

 

	 	3.1.1	Service Fees equivalent to ninety percent (90%) of the
total Operating Revenue of Party B or such other amount otherwise agreed by the Parties; and
	 	 	 
	 	3.1.2	Services Fees otherwise confirmed by the Parties for
specific technical services and consulting services provided by Party A in accordance with Party B’s requirement from time
to time.

 

	3.2	Party B shall, within three months of the end of each
calendar year, pay the Service Fees determined under Article 3.1 hereof into a bank account designated by Party A on a lump-sum
basis. In case Party A changes its bank account, it shall notify Party B in writing of such change at least seven (7) working
days in advance of such change.

 

	3.3	The Parties agree that, in principle, the payment of
said Services Fee shall not cause any difficulty to either Party’s operation for any year. For the aforesaid purposes, Party
A may agree to the deferred payment of the Services Fee by Party B, or upon the mutual agreement by the Parties through negotiation,
Party A may adjust, pursuant to a written agreement with Party B, the percentage of calculation and/or the specific amount of
the Services Fee payable by Party B to Party A as specified in Article 3.1 above.

 

    	 	3 / 10	 

     

    

 

	3.4	If Party A designates a third party to provide Party
B with the Technology Service in accordance with this Agreement, Party A may choose any of the following ways of payment for such
third party’s fees and require Party B to implement:

 

	 	3.4.1 	Party B pays the fees for the Technology Service to
the third party directly; or
	 	 	 
	 	3.4.2	Party B pays the fees for the Technology Service to
Party A directly and Party A is responsible for settling with such third party.
	 	 	 
	 	3.5  	Where Party A designates a third party to provide Party
B with the Technology Service in accordance with this Agreement, in the event Party A, assumes any joint and several liability
to such third party at the request of Party B, Party B shall compensate Party A for all economic losses incurred thereby.

 

Article 4
Working Product, Intellectual Property and Proprietary Information

 

		4.1	The
                                         Parties agree and confirm that Party A shall hold the ownership of work product, intellectual
                                         property and proprietary information during its term of providing the consulting services,
                                         except for the following:

 

	 	4.1.1	Intellectual property owned legally by a third party
which is licensed to or otherwise permitted to be used by Party A or Party B; and
	 	 	 
	 	4.1.2	As may otherwise be agreed to by both Parties in writing.

 

		4.2	During
                                         the term of this Agreement, if Party B requires the use of Party A’s software,
                                         technical systems or other intellectual property (together, the “systems”),
                                         both parties shall enter into a separate agreement defining the scope, method and fee
                                         for the use of such systems.

 

    	 	4 / 10	 

     

    

 

Article 5
Confidentiality

 

	5.1 	Both Parties shall maintain the confidentiality of any
confidential material and information which became known to the other Party or was accessed by the other Party due to the execution
or performance of this Agreement (the “Confidential Information”). Without the other Party’s written
consent, neither Party shall disclose, give or transfer such Confidential Information to any third parties, except as may be required
in accordance with any applicable law, rule or regulation.

 

	5.2   	If requested by either Party, the other Party shall
return, destroy, or otherwise dispose of all of the documents, materials and software that contains or may contain any Confidential
Information as requested, and promptly stop using such Confidential Information.

 

	5.3 	The Parties’ obligations under this Article shall
survive the termination of this Agreement. Either Party shall still comply with the confidentiality terms of this Agreement and
fulfill the confidentiality obligations as promised, until the other Party gives consent to the release of such obligations or
as a matter of fact, violation of the confidentiality terms herein will not cause damage of any form to the other Party.

 

Article 6
Payment of Taxes

 

	6.1 	The Parties shall respectively pay taxes to relevant
tax authorities in accordance with all relevant laws, regulations and State policies.

 

	6.2 	In the event that either Party pays any tax for the
other Party, the paying Party shall submit the tax certificate to the payable Party as soon as possible, and the payable Party
shall compensate the equivalent amount to the paying Party within seven days after the receipt of such tax certificate.

 

Article 7
Representations, Covenants and Warranties

 

	7.1	Both of the Parties
    represent, covenant and warrant to the other Party as follows:

 

	 	7.1.1 	It is a company lawfully established and duly existing
pursuant to the laws of the PRC;
	 	 	 
	 	7.1.2 	It is qualified to conduct the transaction hereunder
and such transaction is in line with its business scope;
	 	 	 
	 	7.1.3 	It has full power and authority to enter into this Agreement,
and its authorized representative has obtained full authorization to execute this Agreement on its behalf;

 

    	 	5 / 10	 

     

    

 

	 	7.1.4	It has the ability to perform its obligations hereunder,
and such performance will not violate any restrictions of legal documents binding upon it;
	 	 	 
	 	7.1.5	It is not subject to any liquidation, dissolution or
bankruptcy procedures.

 

	7.2	Party B covenants that during the term of this Agreement,
Party B shall notify Party A of any change in Party B’s shareholding structure thirty days in advance of any such change.

 

	7.3	Party B shall neither conduct, nor allow any third party
to conduct, any act or omission that is detrimental to Party A’s ownership of technology or any other intellectual property
or any other rights of Party A.

 

Article 8
Liability for Breach of Contract

 

	8.1	Either Party’s direct or indirect violation of
any provisions herein, or failure in assuming or untimely or insufficient assumption of, any of its obligations hereunder shall
constitute a breach of contract. The non-defaulting Party (the “Non-Defaulting Party”) is entitled to send
to the defaulting Party (the “Defaulting Party”) a written notice, requesting the Defaulting Party to rectify
its breach, take sufficient, effective and timely measures to eliminate the effects of breach, and compensate the Non-Defaulting
Party for any losses incurred by the breach.

 

	8.2	After the occurrence of breach, and in the event that
such a breach has made it impossible or unfair for the Non-Defaulting Party to perform its corresponding obligations hereunder
based on the Non-Defaulting Party’s reasonable and objective judgments, the Non-Defaulting Party is entitled to send to
the Defaulting Party a written notice of its temporary suspension of performance of corresponding obligations hereunder, until
the Defaulting Party stops the breach, takes sufficient, effective and timely measures to eliminate the effects of breach, and
compensate the Non- Defaulting Party for any losses incurred by the breach.

 

	8.3	The losses of the Non-Defaulting Party that should be
compensated by the Defaulting Party include direct economic losses and any foreseeable indirect losses and extra expenses incurred
by the breach, including without limitation, attorneys fees, litigation and arbitration fees, financial expenses and travel charges.

 

    	 	6 / 10	 

     

    

 

Article 9
Force Majeure

 

	9.1	“Force Majeure” shall mean events
beyond the reasonable control of the Parties that are unforeseeable or foreseeable but unavoidable, which cause obstruction in,
impact on or delay in either Party’s performance of part or all of its obligations in accordance with this Agreement, including
without limitation, government acts, natural disasters, wars, hacker attacks or any other similar events.

 

	9.2 	The Party affected by Force Majeure may suspend the
performance of relevant obligations hereunder that cannot be performed due to Force Majeure until the effects of Force Majeure
are eliminated, without having to assume any liability for breach of contract, provided however that such Party shall endeavor
to overcome such events and reduce the negative effects to the best of its abilities.

 

	9.3 	The Party affected by Force Majeure shall provide the
other Party with valid certificate documents verifying the occurrence of Force Majeure events, which documents shall be issued
by the notary office where the events occur (or other appropriate agencies). In case the Party affected by Force Majeure cannot
provide such certificate documents, the other Party may request such certificate documents in order to assume the liability for
breach of contract in accordance with this Agreement.

 

Article 10
Effectiveness, Amendment, Termination and Term of the Agreement

 

	10.1 	This Agreement takes effect as of the date when it is
signed and stamped by the authorized representatives of the Parties, and shall be terminated on the date when Party B dissolves
according to law.

 

	10.2 	The term of this Agreement will be ten (10) years
unless Party A terminates the agreement early. Upon request from Party A, the Parties may extend the term of this Agreement prior
to its expiration or enter into a separate business agreement, each as requested by Party A.

 

	10.3 	Unless provided otherwise herein, Party A is entitled
to unilaterally exercise immediate early termination of this Agreement by sending a written notice to Party B should any of the
following events were to occur:

 

	 	10.3.1	arty B breaches this Agreement, and within thirty (30) days
after Party A sends out written notice of breach to Party B, Party B fails to rectify its breach, take sufficient, effective and
timely measures to eliminate the effects of breach and compensate Party A for any losses incurred by the breach;
	 	 	 
	 	10.3.2	Party B is bankrupt or is subject to any liquidation
procedure and such procedure is not revoked within seven (7) days; and

 

    	 	7 / 10	 

     

    

 

	 	10.3.3	due to any event of Force Majeure, Party B’s failure
to perform this Agreement lasts for more than twenty (20) days.

 

	10.4	The early termination of this Agreement shall not affect
the rights and obligations of the Parties arising out of this Agreement prior to the early termination date.

 

Article 11
Delivery of Notice

 

	11.1	Notices relevant to this Agreement sent by one Party
to the other shall be made in written form and delivered in person, or by fax, telegram, telex or email, or by registered mail
(postage paid) or express mail. As to those delivered in person or by fax, telegram, telex or email, the delivery date shall be
the date when it is sent; as to those delivered by registered mail (postage paid) or express mail, the delivery date shall be
the third day after it is sent.

 

Article 12
Dispute Resolution

 

	12.1	With regard to disputes arising out of the interpretation
and performance of the terms hereunder, the Parties shall resolve the disputes through consultations in good faith. 

 

	12.2	In case no resolution can be made, the dispute shall
be submitted to the China International Economic and Trade Arbitration Commission (CIETAC) for arbitration in Beijing in accordance
with its arbitration rules then in effect. The arbitration shall be conducted in Chinese. The arbitration judgment shall
be final and binding upon the Parties.

 

	12.3	The conclusion, effectiveness, implementation and interpretation
of this Agreement and resolution of any disputes related thereto shall all be governed pursuant to the laws of the PRC.

 

Article 13
Miscellaneous

 

	13.1 	This Agreement is written in English and translated
into Chinese. In the event of any discrepancy between the two versions, the English version shall prevail. This Agreement is made
with two (2) original copies, with one (1) original to be retained by each Party hereto.

 

	13.2 	The headings in this Agreement are written for ease
of reference only and in no event shall they affect the interpretation of any terms of this Agreement.

 

	13.3 	The Parties may amend and supplement this Agreement
in the way of a written agreement. Any Amended agreements and supplemental agreements executed by the Parties will become part
of this Agreement, having the same legal effect as this Agreement.

 

    	 	8 / 10	 

     

    

 

	13.4 	In case any term herein becomes all or partly invalid
or unenforceable due to violation of law or governmental regulations or other reasons, the affected part of such term shall be
considered to have been removed, provided that the removal of the affected part of such term shall not affect the legal effect
of the remaining part of such term or other terms herein. The Parties shall conclude new terms through consultations to replace
such invalid or unenforceable terms.

 

	13.5 	Unless provided otherwise, a Party’s failure or
delay in exercising any of the rights, powers or privileges that it is entitled to under this Agreement shall not be considered
a waiver of such rights, powers or privileges, nor shall any single or partial exercise of any rights, powers or privileges by
a Party preclude its exercise of any other rights, powers or privileges.

 

	13.6 	This Agreement constitutes all agreements reached by
the Parties on the subject matter of the cooperation project, and supersedes any previous or concurrent oral and written agreement,
understanding and correspondence relevant to the subject matter of the cooperation project between the Parties. Unless specifically
provided herein, there is no other explicit or implicit obligation or covenant between the Parties.

 

	13.7 	Matters not covered in this Agreement shall be determined
by the Parties separately through consultation.

 

[THIS
SPACE IS INTENTIONALLY LEFT BLANK]

 

    	 	9 / 10	 

     

    

 

[Signature
Page of Exclusive Technical Consulting and Service Agreement]

 

IN
WITNESS WHEREOF, the Parties have caused this Exclusive Technical Consulting and Services Agreement to be executed on the
date and at the place first above written.

 

Party
A: Jakroo (Beijing) Sports Consulting Co., Ltd. (Seal)

 

	Authorized
    Representative (Signature):	/s/
    Wen Li
	 	Name:
    Wen Li

 

Party
B: Rider Sportsfashion Limited (Seal)

 

	Authorized
    Representative (Signature):	/s/
    Weidong Du
	 	Name:
    Weidong Du

 

 

10 /
10

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