Document:

Exhibit
10.10

 

ABC(2016)1003-1

 

Agricultural
Bank of China

 

 

 

 

 

 

 

Agricultural
Bank of China Co., Ltd

Working
Capital Loan Contract

 

 

 

No.:32010120180020616

  

     

     

    

 

Dear
customers: to protect your rights and interests, please carefully read any and all terms of this contract (especially those in
block letter) prior to execution of this contract) and pay attention to your rights and obligations in the contract. If you have
any doubts or questions regarding this contract, please consult the lending bank. If you need to make business inquiries and complaints,
please dial the customer service hotline of Agricultural Bank of China at 95599.

 

Table
of Contents

 

	Section 1 Definitions	-
    1 -
	Section 2 Borrower’s undertakings	-
    2 -
	Section 3 Basic terms	-
    3 -
	3.1 Form of loan	-
    3 -
	3.2 Purpose of loan	-
    3 -
	3.3 Interest rate, penalty interest and compound interest	-
    3 -
	3.4 Drawdown and loan repayment	-
    6 -
	3.5 Financial indicator supervision	-
    9 -
	3.6 Account supervision	-
    9 -
	3.7 Repayment	-
    10 -
	3.8 Certificate of indebtedness	-
    11 -
	3.9 Guarantee	-
    11 -
	3.10 Rights and obligations	-
    12 -
	Section 4 Additional terms	-
    14 -
	Section 5 Legal liabilities	-
    14 -
	Section 6 Miscellaneous	-
    15 -

 

    i

     

    

 

Borrower
(full name): Nanjing Fuya New-type Building Materials Co., Ltd  

Place
of business (address): Qinglin Community, Tangshan Neighborhood, Jiangning District, Nanjing.  

Tel:
13950555596 Fax:_________ 

Legal
representative/CEO: _Lin Jinru______

 

Lender
(full name): Agricultural Bank of China Co., Ltd Nanjing Chengbei Branch

Place
of business (address): 8-3, Hunan Road, Nanjing City

Tel:
025-83116769  Fax:__________

Legal
representative/CEO: _Zhu Ying_____

 

According
to the applicable Chinese laws and regulations, both parties hereby enter into this contract through consultations.

 

Section
1 Definitions

 

Except
as otherwise agreed upon, the following terms shall have the following meanings ascribed thereto when used herein;

 

1.1
Loan term: consisting of the term of the total loan and the terms of individual loans. The term of total loan shall mean the period
from the date of issue of the first loan to the date when the borrower repays all of the loan principal and interest according
to the contract; the term of individual loan shall mean the period from the date of issue of individual loan in installment drawdown
to the agreed date when the borrower repays the principal of and interest on such loan.

 

1.2
Loan limit: shall mean the limit of the loan principal provided by the lender to the borrower within the valid period of the limit
set forth herein. Within the valid period of limit and the loan limit, the borrower may cyclically use the loan, provided that
the sum of the loan amount requested by the borrower and the balance of the loan principal outstanding hereunder may not exceed
the loan limit. When the valid period of limit expires, the unused loan limit shall automatically expire.

 

1.3
Self-service electronic channel: shall mean such electronic channels as online banking, tele-banking and cash management channel
made available by the lender for drawdown under the self-service revolving working capital loan mode.

 

1.4
Period: the period shall be calculated by day, month and year, and if the last day of a period is a public holiday, the first
day immediately following the public holiday shall be the expiry date of the period.

 

1.5
LIBOR/HIBOR: shall mean the London/Hong Kong interbank market rate published by Reuters for the period corresponding to two working
days prior to the drawdown date.

 

    - 1 -

     

    

 

1.6
Laws and regulations: including the laws and administrative regulations, local regulations, rules, judicial interpretations and
other provisions having the effect of law of the People’s Republic of China.

 

1.7
LPR: Loan Prime Rate, shall mean the loan prime rate published by the National Interbank Funding Center.

 

Section
2 Borrower’s undertakings

 

The
borrower hereby undertakes as follows:

 

2.1
Legal and regulatory compliance of loan application: the borrower is a corporate or public institution legal person incorporated
under laws and approved and registered with the competent authorities or another organization that can act as borrower according
to the national regulations; the borrower is in good standing and without significant bad records; the purpose of loan and source
of funding for repayment are clear and lawful; there is no other violation of laws and regulations.

 

2.2
Contract execution flawless: The execution of this contract or performance of its obligations hereunder by the borrower has undergone
necessary formalities according to the laws and regulations or articles of association; the person signing or sealing this contract
is the legal representative/chief executive officer or authorized agent of the borrower; the borrower actively handles or assists
the lender in handling the contract approval, registration or filing formalities; there is no other circumstance that might cause
the loan contract to be inadequately effective or valid due to the fault of the borrower.

 

2.3
Provided guarantee lawful and valid; the borrower ensures the guarantor has performed the necessary formalities according to the
laws and regulations or articles of association in order to perform the guarantee contract or perform its obligations under the
guarantee contract; the guarantor has the right to create security with such collateral; the person signing the guarantee contract
is the authorized signatory; the borrower urges the guarantor to actively handle or assist the lender in handling the guarantee
contract approval, registration or filing formalities and the guarantee registration formalities; there is no other defect in
effect or any circumstance that might result in material adverse change under the guarantee.

 

2.4
Good-faith performance of contractual rights and obligations: the borrower shall use the loan according to law and the term, purpose
and manner set forth in the contract and shall not use the loan for any activities in violation of laws and regulations; the borrower
shall actively work with the national competent authorities and the lender on loan disbursement management, post-loan management
and related checks; the borrower shall repay the loan in full and in time pursuant to the contract and shall not evade its debts
in any manner; any significant matters of the borrower including but not limited to external investments, substantial increase
in debt financing, consolidation, separation or equity transfer shall be subject to the prior consent of the lender; the lender
has the right to recover the loan in advance based on the return of funds to the borrower; the borrower shall promptly notify
the lender of any material adverse event affecting its solvency; there is no other violation of contractual obligations.

 

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2.5
The borrower did not hold back from the lender any events already incurred or ongoing that might adversely affect its financial
condition and solvency, including but not limited to legal actions, arbitrations, other administrative proceedings or claims.

 

2.6
The documents and data provided by the borrower with respect to the borrower, the guarantor and its shareholders are true, complete,
accurate, lawful and valid.

 

Section
3 Basic terms

 

3.1
Form of loan

 

The
lender will issue the loan to the borrower in the following manner (1).

 

(1)
General working capital loan

 

(1)
Currency and amount of loan (in words): RMB three million eight hundred thousand Yuan only.

 

(2) Term of total loan
(in words): one year.

 

(3) Amounts and terms
of individual loans

 

	Amount
    of loan	 	Date
    issued	 	Loan
    term
	RMB
    three million eight hundred thousand Yuan only	 	December
    19, 2018	 	To
    December 10, 2019

 

(Additional
table may be added if necessary, which shall constitute integral part of this contract)

 

(2)
Revolving working capital loan

 

(1)
Currency and amount of loan limit (in words):______.

 

(2) Valid
period of limit (in words):___to ______.

 

(2)
Self-service revolving working capital loan

 

(1) Currency
and amount of loan limit (in words):______.

 

(2) Valid
period of limit (in words):___to ______.

 

3.2
Purpose of loan

 

The
loan hereunder shall be used for payment of purchase prices of cement, yellow sand, thickening agent and other raw materials.

 

3.3
Interest rate, penalty interest and compound interest

 

3.3.1
Loan interest rate

 

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3.3.1.1
RMB loan, in respect of the loan interest shall be determined in the following manner (3):

 

(1)
Fixed interest rate (base rate pricing): __% ____(above/below) the base rate published by the People’s Bank of China for
the same period and class that corresponds to _____(drawdown date of each loan/contract execution date)_____(term of individual
loan/term of total loan), until the loan maturity date;

 

(2)
Floating interest rate (base rate pricing): __% ____(above/below) the base rate published by the People’s Bank of China
for the same period and class that corresponds to _____(drawdown date of each loan/contract execution date)_____(term of individual
loan/term of total loan). The adjustment to the floating interest rate shall be made at an interval of ___(in words) months, and
the new loan interest shall be determined according to the base rate of the adjusted corresponding period and class as of the
corresponding date of loan in the first month of the next cycle following the adjustment to the RMB loan base rate by the People’s
Bank of China, without further notice from the lender to the borrower. In absence of the corresponding day of loan, the last day
of such month shall be deemed the corresponding day of loan.

 

(3)
Fixed interest rate (base rate pricing): shall be determined at one-year LPR __plus as of the working day immediately preceding
the contract execution date (drawdown date of each loan/contract execution date) (plus/minus)_four__(in words) bp(1bp=0.01%),
until the loan maturity date.

 

(4)
Floating interest rate (base rate pricing): shall be determined at LPR agreed upon for each cycle plus or minus a certain spread,
subject to cycle-by-cycle floatation. Under this contract, the interest rate adjustment shall be made at an interval of ___(in
words) month(s), and the spread shall be ___(plus/minus)____(in words)bp (1bp=0.01%) and shall remain unchanged during the loan
term. Among them, the LPR applied in the first cycle shall be one-year LPR as of the working day immediately preceding the loan
drawdown date, and the LPR applied in each cycle thereafter shall be re-determined at the one-year LPR as of the working day immediately
preceding the corresponding date in the first month of such cycle with respect to the loan drawdown date. In absence of the day
corresponding to the loan drawdown date, the last day of such month shall be deemed the corresponding day.

 

(5)
Others:_______.

 

3.3.1.2
Foreign exchange loan, in respect of which the interest rate shall be determined in the following manner ___:

 

(1)
the loan interest rate floating at ___(in words) months that is constituted by ___(in words) month___
(LIBOR/HIBOR) +_______% spread;

 

(2)
Annual interest rate of __% applied, until the loan maturity date;

 

(3)
Others:______.

 

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3.3.2
Interest accrual and settlement

 

3.3.2.1
The interest accrued on the loan shall be settled on a monthly (monthly/quarterly/yearly) basis on the 20th day of
each month (month/quarter-end month/year-end month). The borrower shall pay the interest on each interest settlement day.
if the last repayment date of the loan principal is not the interest settlement date, the unpaid interest shall be fully paid
along with full repayment of loan principal.

 

3.3.2.2
In case of loan subject o fixed interest rate, the interest shall be calculated at the agreed interest rate. In case of loan subject
to floating interest rate, the interest shall be calculated at the interest rate determined in each floating period; Where the
interest rate floats several times within a single interest settlement period, the interest accrued in each floating period shall
be first calculated before adding up the interest in each floating period. Where another interest rate applies, the interest shall
be calculated according to the agreement of both parties.

 

3.3.2.3
Where the loan maturity date happens on statutory holiday or public holiday, the normal repayment date shall be postponed accordingly
to the first working day after the statutory holiday or public holiday, provided that the interest shall accrue according to the
agreed interest accrual process during the extended period.

 

3.3.3
Penalty interest

 

3.3.3.1
Where the borrower fails to repay the loan principal within the period set forth herein, the lender will charge the penalty interest
period by period according to the overdue period on the overdue loan from the due date on the basis of the applicable loan interest
rate set forth herein: penalty interest will be charged at the applicable loan interest rate plus _fifty_(in words) percents
within 30 days (inclusive) of the due date; penalty interest will be charged at the applicable loan interest rate plus _fifty_(in
words) percents beyond 30 days and less than 60 days (inclusive) of the due date; penalty interest will be charged at the applicable
loan interest rate plus _fifty_(in words) percents beyond 60 days of the due date; During the overdue period, with respect
to RMB loan on which interest accrues at the fixed interest rate (base rate pricing), the penalty interest rate shall be adjusted
accordingly as of the date of adjustment to the base rate in case of any upward adjustment to the RMB loan base rate of the same
period by the People’s Bank of China; with respect to RMB loan on which interest accrues at the fixed interest rate (prime
rate pricing), the penalty interest rate shall be adjusted accordingly as of the working day immediately following the adjustment
to the one-year LPR in case of any upward adjustment to the one-year LPR.

 

    - 5 -

     

    

 

3.3.3.2
Where the borrower fails to use the loan for the purpose set forth herein, the lender will charge the penalty interest on the
misappropriated loan from the misappropriation date at the agreed loan interest rate plus one hundred (in words) percents, until
repayment of the loan principal and interest. During the misappropriation period, with respect to RMB loan on which interest accrues
at the fixed interest rate (base rate pricing), the penalty interest rate shall be adjusted accordingly as of the date of adjustment
to the base rate in case of any upward adjustment to the RMB loan base rate of the same period by the People’s Bank of China;
with respect to RMB loan on which interest accrues at the fixed interest rate (prime rate pricing), the penalty interest rate
shall be adjusted accordingly as of the working day immediately following the adjustment to the one-year LPR in case of any upward
adjustment to the one-year LPR.

 

3.3.3.3
Where the borrower fails to both repay the loan principal on due date and use the loan for the purpose set forth herein with respect
to one and the same loan, the penalty interest rate shall be whichever is higher.

 

3.3.4
Compound interest

 

Where
the borrower fails to pay the interest on due date, the lender will charge compound interest on a monthly (quarterly/monthly)
basis as of the date of failure to pay on the due date. If the borrower fails to pay the interest on due date prior to the loan
maturity date, the lender will charge compound interest at the loan interest rate set forth herein; upon the loan maturity date,
the lender will charge compound interest at the penalty interest rate for delinquency set forth herein.

 

3.4
Drawdown and loan repayment

 

3.4.1
Conditions for drawdown

 

3.4.1.1
The borrower shall meet all of the following conditions when applying for drawdown:

 

(1)
The borrower is qualified as borrower and its corresponding decision-making body or authorizing body has made a resolution consenting
to loan according to law and the approvals of competent authorities have been obtained if necessary;

 

(2)
The borrower has completed the related guarantee formalities as required by the lender and the guarantee is lawful and valid;

 

(3)
The use of loan by the borrower complies with the laws and regulations and the provisions of the loan contract and the commercial
contract applicable to the loan use;

 

(4)
The related representations and warranties made by the borrower at the time of execution of the contract remain true and valid
at the time of each drawdown, no material or substantial adverse change has occurred and no other material adverse circumstances
that might affect the performance of this contract have occurred.

 

(5)
Other covenants:______.

 

    - 6 -

     

    

 

3.4.1.2
If the borrower fails to satisfy any of the conditions set forth in Subsection 3.4.1.1 above within 3 (3/6/9) months of
execution of this contract, the lender has the right to terminate this contract at its sole discretion. Where the lender so terminates
this contract, the borrower shall have 7 days to raise any objection, commencing from the date when the lender notifies the borrower
in writing, orally or in any other form.

 

3.4.2
Drawdown process

 

3.4.2.1
General working capital loan

 

3.4.2.1.1
The borrower shall withdraw the loan according to its actual need for loan utilization, with the specific drawdown schedule as
follows:

 

_one-off
drawdown_. Among them, the first loan must be withdrawn prior to _______ and the last loan must be withdrawn prior to ________.
Where the borrower fails to handle the drawdown formalities according to the drawdown schedule set forth herein, the lender has
the right to cancel the non-withdrawn loan in full or in part and re-determine whether or not to issue the loan and the conditions
for drawdown.

 

3.4.2.1.2
The borrower shall withdraw the loan on such date and in such an amount as set forth herein. If the borrower needs to adjust its
drawdown schedule, it shall file a request to the lender seven days in advance for approval.

 

3.4.2.2
Revolving working capital loan

 

3.4.2.2.1
The borrower may apply to the lender for loan drawdown on a loan-by-loan basis as necessary to the extent of the loan limit and
handle the drawdown formalities subject to the review and approval of the lender, provided that the term of individual loan may
not exceed ___years and the expiry date thereof may not exceed six months of the expiry date of the valid period of limit.

 

3.4.2.2.2
Where the borrower applies for loan drawdown, it shall file a written drawdown request to the lender and provide it with the commercial
contract, invoice and other credentials corresponding to the loan utilization.

 

3.4.2.3
Self-service revolving working capital loan

 

The
borrower may withdraw the loan tranche by tranche as necessary via the clerk counter or self-service electronic channel provided
by the lender to the extent of loan limit, provided that the amount of individual loan may not be less than RMB fifty thousand
Yuan and shall be the multiples of RMB ten thousand Yuan and the loan term may not be more than one year and the expiry date thereof
may not exceed the expiry date of the valid period of limit.

 

3.4.3
Loan disbursement

 

3.4.3.1
Authorized disbursement

 

3.4.3.1.1
In any of the following cases, the borrower will engage the lender to disburse the loan proceeds to the counterparty of the borrower
that meets the provisions of this contract and the purpose set forth in the commercial contract corresponding to the loan utilization:

 

(1)
The payee is well-defined and the amount of each drawdown exceeds RMB____0000 Yuan (including foreign currency equivalent);

 

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(2)
Other circumstances agreed upon by both parties:______.

 

3.4.3.1.2
In case of authorized disbursement, the borrower shall submit a drawdown request and the Notice of Authorized Disbursement to
the lender seven days in advance and provide the commercial contract, invoice and other credentials corresponding to the
loan utilization as required by the lender. Upon its review and confirmation, the lender will directly pay the loan proceeds to
the counterparty of the borrower via the borrower’s account. Where the drawdown request of the borrower does not meet the
drawdown conditions set forth herein or the payment authorization request is inconsistent with the provisions hereof or the transaction
documents are incomplete or untrue with respect thereof, the lender has the right not to issue or disburse the corresponding loan;
the resulting default of the borrower to its counterparty or any other losses so incurred shall not be the responsibility of the
lender. Any delay or failure in payment of funds due to inaccurate or incomplete payment information provided by the borrower
shall not be responsibility of the lender.

 

3.4.3.1.3
Where the borrower applies for delayed payment or withdraws its payment authorization, it shall file the request in writing to
the lender prior to any payment by the lender. Upon its review and confirmation, the lender will suspend the authorized payment
and may recover the corresponding loan; during this period, the interest shall accrue on the corresponding loan pursuant to this
contract. Upon suspension of authorized payment, if the borrower applies for restoration of payment authorization, the provisions
of Section 3.4.3.1.2 shall apply.

 

3.4.3.1.4
The payment authorization shall be unconditional, and if the borrower imposes any conditions in the Notice of Authorized Payment,
such conditions shall not create any obligation on the part of the lender. Except as otherwise agreed upon by both parties in
writing, the lender will not be obligated to notify the payee when it deals with the matters of authorized payment, suspended
payment, withdrawn payment or restored payment.

 

3.4.3.1.5
In case of authorized disbursement, the lender has the right to restrict the act of payment and withdrawal function of such non-counter
channels with respect to the related accounts of the borrower including but not limited to online banking, tele-banking and cash
management channel.

 

3.4.3.2
Autonomous disbursement

 

Except
as otherwise set forth in Subsection 3.4.3.1.1, upon the issue of the loan into the borrower’s account, the borrower may
make payments of its own pursuant to this contract. The borrower shall notify the lender of the payment of loan proceeds as required
by the lender and provide the loan utilization records and the commercial contract, invoice and other credentials corresponding
to loan utilization in a timely manner as required by the lender. The lender may verify whether the loan disbursement complies
with the agreed purpose through account analysis, voucher examination and onsite survey, among others.

 

    - 8 -

     

    

 

3.4.3.3
If the credit standing of the borrower decreases, the loan utilization is found abnormal, the borrower fails to pay the loan proceeds
pursuant to this contract or the borrower circumvents the authorized disbursement by the lender by breaking up the whole into
parts or providing falsified data, the lender may consult with the borrower about additional conditions for loan issue and disbursement
or cease to issue and disburse the loan.

 

3.4.4
Drawdown return

 

3.4.4.1
If the loan already withdrawn by the borrower exceeds the amount actually paid by the borrower for the related transactions or
the refund of the transaction amount occurs due to the commercial contract upon which the loan hereunder is based corresponding
to the loan utilization cannot be actually performed in full or is rescinded or becomes invalid through no fault of the lender,
the borrower shall return the corresponding loan proceeds to the lender.

 

3.4.4.2
If the borrower fails to disburse the loan proceeds in such manner as set forth herein, the lender has the right to recover the
loan proceeds paid otherwise pursuant to the contract.

 

3.4.4.3
Prior to the return of the loan proceeds according to Subsection 3.4.4.1 and Subsection 3.4.4.2, the interest shall accrue and
be settled according to Subsection 3.3.1 and Subsection 3.3.2.

 

3.5
Financial indicator supervision

 

In
the following case (1), the borrower shall take the debt security measures acceptable to the lender as required by the
lender, otherwise the lender may exercise the remedies set forth in Subsection 5.3:

 

(1)
The asset-liability ratio of the borrower exceeds 85%;

 

(2)
The contingent liability ratio of the borrower exceeds____;

 

(3)
The operating cash flow of the borrower remains negative for ___consecutive years;

 

(4)
Others:______.

 

3.6
Account supervision

 

3.6.1
The borrower hereby designates the following account as its collection account:

 

Account
name: Nanjing Fuya New-type Building Materials Co., Ltd

 

Account
No: 1010050104009710 

 

    - 9 -

     

    

 

3.6.2
The lender has the right to take the following supervisory measures against the aforesaid collection account:

 

(1)
Require the borrower to provide the details about the receipt and expenditure of funds into and from the collection account.

 

(2)
Others;_______.

 

3.7
Repayment

 

3.7.1
Repayment method

 

3.7.1.1
The borrower shall deposit the loan principal and interest then due and payable into the repayment account designated by the lender
one day prior to the repayment date and irrevocably authorize the lender to make collections from such account.

 

3.7.1.2.
If the borrower fails to repay its debts hereunder when due (including being declared due and payable) pursuant to this contract,
the lender has the right to deduct the corresponding amount from any and all accounts of the borrower with the lender or any other
branch of Agricultural Bank of China for repayment, until the borrower fully repays any and all of its debts hereunder.

 

3.7.1.3
If the lender exercises its right of offset according to law or this contract, the borrower shall have seven days to raise any
objections, commencing from the date when the lender notifies the borrower in writing, orally or in any other form.

 

3.7.2
Repayment sequence

 

3.7.2.1
The borrower shall repay its debts hereunder in the following sequence, except as otherwise agreed upon by both parties:

 

(1)
If there are several debts due between the borrower and the lender and the repayment by the borrower is insufficient to repay
all debts due, the debts repaid by the borrower’s payments and the sequence of offset shall be determined by the lender;

 

(2)
If the lender exercises the right of offset against the borrower according to law or the provisions hereof, the debts to be offset
and the sequence of offset shall be determined by the lender; when the lender exercises the right of subrogation according to
law, the debts repaid by the sub-obligor’s payments and the sequence of offset shall be determined by the lender.

 

3.7.2.2
If the repayment by the borrower is insufficient to repay the loan due and payable hereunder, the lender may choose to apply the
repayment towards repayment of the principal, interest, penalty interest, compound interest or the costs and expenses of debt
realization.

 

    - 10 -

     

    

 

3.7.3
Prepayment

 

3.7.3.1
The borrower shall file a written request for prepayment to the lender seven days in advance and may make prepayment with
the mutual consent of both parties. The repayment sequence of prepayment shall be as specified in Subsection 3.7.2.

 

3.7.3.2
When the borrower makes prepayment, the interest shall accrue on the prepaid portion in the following manner (1) and shall
be paid in full along with full repayment of loan principal:

 

(1)
The interest shall accrue for the actual period of loan and at the agreed interest rate;

 

(2)
The interest shall accrue for the actual period of loan and at the interest rate set forth herein plus ___%;

 

(3)
Others:_______.

 

3.7.3.3
In case of prepayment by the borrower, the principal repaid may not be less than RMB one hundred thousand Yuan and shall
be multiples of RMB one hundred thousand Yuan.

 

3.7.3.4
If the borrower prepays a portion of loan, the interest shall still accrue on the loan not yet repaid at the loan interest rate
set forth herein.

 

3.7.4
Extension

 

The
borrower of general working capital loan, if unable to repay the loan on the repayment date set forth herein, may apply to the
lender for extension. The borrower shall file an extension request to the lender 15 days prior to the maturity date of such loan
and both parties will execute the extension agreement subject to the consent of the lender.

 

3.8
Certificate of indebtedness

 

3.8.1
The certificate of indebtedness shall constitute integral part of this contract. If this contract does not so specify or if the
loan amount, drawdown amount, repayment amount, date of loan issue and maturity date, loan term, loan interest rate or purpose
of loan specified herein is inconsistent with that indicated on the certificate of indebtedness, the particulars on the certificate
of indebtedness shall prevail.

 

3.8.2
In case of self-service revolving working capital loan, if the borrowers withdraws the loan via self-service electronic channel,
the loan amount, drawdown amount, repayment amount, date of loan issue and maturity date, loan term, loan interest rate and purpose
of loan shall be as indicated on the electronic transaction records generated from the self-service electronic channel.

 

3.9
Guarantee

 

3.9.1
The form of guarantee for the loan hereunder is: multi-person joint guarantee, mortgage of residential building, mortgage of
residential land. 

 

    - 11 -

     

    

 

3.9.2
The guarantee contract shall be executed by and among the lender, the borrower and the guarantor separately. In case of maximum-amount
guarantee, the guarantee contract numbers are 32100520180000784, 32100620180001445, and 32100620180001440. 

 

3.10
Rights and obligations

 

3.10.1
Borrower’s rights and obligations

 

(1)
To withdraw the loan pursuant to this contract;

 

(2)
To repay the loan principal and interest in time and in full;

 

(3)
To use the loan for such purpose and in such manner as specified by laws and regulations or set forth herein and not to use the
loan for investment in fixed assets or equities or for any field or purpose of production or operations prohibited by the national
laws and regulations;

 

(4)
To accept and actively work with the lender and its principal on supervision and examination of financial activities, loan utilization
and other related matters; to submit the related data and information about loan utilization and finance and such other matters
as required by the lender to the lender in a timely manner as required by the lender;

 

(5)
The borrower shall notify the lender in writing of its intention to conduct any of the following actions in advance for the consent
of the lender, and the lender may participate in such activities:

 

(1)
Contracting, leasing, shareholding reform, joint operation, consolidation, merger, merger & acquisition, separation,
reduction in registered capital, joint venture, transfer of major assets, significant external investment, issue of bonds,
high-value financing, significant related-party transactions, petition for winding-up, petition for dissolution and petition
for bankruptcy, etc;

 

(2) Provision of
large-amount warranty guarantee for others’ debts or mortgaging or pledging its major assets to any third party, which
might adversely affect the borrower’s solvency;

 

(3)
Any other material adverse events sufficient for the borrower to cause any material change to the credit-debt relation
hereunder or affect the realization of the financial claims of the lender;

 

(6)
When the borrower incurs any of the following events, the borrower shall notify the lender in writing within 5 days of occurrence
thereof:

 

(1)
The borrower or its legal representative, chief executive officer or actual controller engages in any illegal
activities;

 

(2) The
borrower is out of business, shut down, deregistered, or has its business license revoked or rescinded;

 

    - 12 -

     

    

 

(3) The
borrower suffers deteriorating financial condition or serious operational difficulties or any material adverse
dispute;

 

(4) Any
other event of the borrower that might adversely affect the realization of financial claims of the lender
hereunder.

 

(7)
When the borrower incurs any of the following events, the borrower shall notify the lender in writing within 7 days of occurrence
thereof:

 

(1) The
affiliation of the borrower changes, its senior management changes substantially or its organizational structure changes
substantially;

 

(2) The
borrower’s name, place of business, scope of business or other business registration particulars or licenses change
substantially;

 

(3) The
borrower’s registered capital is increased or its articles of association are substantially modified;

 

(4) Any
other event of the borrower that might adversely affect the performance of its debts hereunder.

 

(8)
The borrower and its investors may not evade its debts to the lender by means of capital withdrawal, transfer of assets or unauthorized
share transfer or otherwise and may not engage in any other activities detrimental to the interests of the lender;

 

(9)
Other rights and obligations specified in laws and regulations or agreed upon by both parties.

 

3.10.2
Lender’s rights and obligations

 

(1)
To issue the loan to the borrower in time and in full, except for delay due to the fault of the borrower or otherwise through
no fault of the lender;

 

(2)
To supervise and examine the production operations, financial condition, material inventory and loan utilization and other aspects
of the borrower either onsite or offsite and to require the borrower to provide related documents, data and information;

 

(3)
If the borrower incurs any circumstance that might adversely affect the loan security or debt service or the guarantor is out
of business, shut down, deregistered, has its business license revoked, goes bankrupt or is rescinded or suffers substantial operating
losses or any other circumstances that might cause it to lose the corresponding guarantee capacity in part or in full, or the
collaterals or pledged properties used as security for loan are diminished, accidentally destroyed or lost or otherwise jeopardize
the realization of guarantee, the lender may require the borrower to make corrections, implement safeguards for financial claims
or provide another valid guarantee within a specified period or reduce or revoke the loan limit granted to the borrower, cease
to issue the loan or declare the loan hereunder and other contracts due and repayable immediately or recover the loan in advance,
etc.;

 

    - 13 -

     

    

 

(4)
Other rights and obligations specified in laws and regulations or agreed upon by both parties.

 

3.10.3
Other obligations

 

3.10.3.1
Both parties shall keep strictly confidential any and all business secrets of the other party and other information that are acquired
in the course of execution and performance of this contract; except otherwise specified in laws and regulations, neither party
may disclose or divulge any of the aforesaid information to any third party without the prior consent of the other party.

 

3.10.3.2
Upon termination of the rights and obligations hereunder, both parties shall perform necessary notification, assistance and other
obligations in good faith.

 

Section
4 Additional terms

 

Both
parties further agree as follows: 1. This contract and the Maximum-amount Credit Utilization Contract (No: 32100620180001436)
shall jointly constitute the master contract of the Maximum-amount Mortgage Contract (No: 32100620180001440, 32100620180001445);
2. The lender has the right to submit the information about this contract and defaults of the borrower to the legally constituted
credit information database and the government authorities according to the local regulations and rules. 

 

Section
5 Legal liabilities

 

5.1
Any of the following acts of the borrower shall constitute default:

 

(1)
Violation of any obligation hereunder;

 

(2)
Failure to perform any of its undertakings made in Section 2 hereof;

 

(3)
Express indication or indication by action of its unwillingness to repay its debts already due or becoming due hereunder;

 

(4)
Failure to perform any of its obligations under any other contract between the borrower and the lender in full or in part, where
the lender declares such failure constitutes default of the borrower;

 

(5)
The borrower’s other failures to perform this contract in full or in part.

 

5.2
In any of the following cases, the lender may terminate this contract and any other contract between the two parties: 

 

(1)
Any default of the borrower or the guarantor;

 

(2)
The repayment capacity of the borrower or the guarantor might materially and adversely change;

 

(3)
The collaterals or pledged properties may suffer substantial damage or value decrease;

 

(4)
Any adjustment to the national policy that might materially and adversely affect the loan security;

 

    - 14 -

     

    

 

(5)
The borrower commits any material default to any other creditor;

 

(6)
Any other circumstance in which this contract may be terminated according to law or agreement of both parties.

 

If
the lender terminates this contract, the borrower shall have 7 days to raise any objection, commencing from the date when the
lender notifies the borrower in writing, orally or in any other form. 

 

5.3
In case of any circumstance set forth in Subsection 5.1 or 5.2, the lender may exercise the following remedies:

 

(1)
Require the borrower and the guarantor to make corrections to its default or other circumstances detrimental to the loan security,
implement safeguards for financial claims or provide another valid guarantee within a specified period;

 

(2)
If the borrower fails to use or repay the loan pursuant to this contract or to pay interest when due hereunder, to charge the
penalty interest and compound interest pursuant to this contract, until full repayment of the loan principal and interest;

 

(3)
Reduce or revoke the loan limit granted to the borrower, cease to issue the loan or declare the loan hereunder and other contracts
due and repayable immediately or recover the loan in advance;

 

(4)
Exercise the right of offset or other statutory or agreed rights against the borrower;

 

(5)
Require the borrower to assume damages and other legal liabilities;

 

(6)
Take corresponding asset preservation measures and other legal measures;

 

(7)
Publicly disclose the defaults of the borrower;

 

(8)
Other remedies:______.

 

5.4
Where the lender realizes its financial claims by means of legal actions or arbitration or otherwise due to the default of the
borrower, the attorney’s fee, travel expenses, enforcement costs, appraisal costs and any and all other costs and expenses
incurred by the lender to realize its financial claims shall be borne by the borrower.

 

5.5.
Subject to the borrower performing its obligations hereunder, if the lender fails to issue the loan in full and in time to the
borrower, the lender shall compensate the borrower for the actual losses so incurred.

 

Section
6 Miscellaneous

 

6.1
The notices and communications hereunder shall be sent to the other party according to the postal address, fax number or other
contact details indicated herein, and either party shall notify the other party of any change to its contact details promptly.

 

6.2
The lender may charge fees according to the items and rates set by it according to laws and regulations, except otherwise agreed
upon by both parties. If the lender adjusts its fees or tariff according to laws and regulations, it has no obligation to further
notify the borrower after publication of such adjustment, except otherwise specified in laws and regulations or agreed upon by
both parties.

 

    - 15 -

     

    

 

The
fees payable by both parties to third parties for performance of this contract shall be determined and borne by both parties through
consultations. In absence of consultations or if such consultations fails, the fees shall be borne by both parties according to
laws and regulations or on the fairness basis.

 

6.3
The lender or Agricultural Bank of China may authorize or engage other branches of Agricultural Bank of China to perform the rights
and obligations hereunder as necessary for its business management (including but not limited to post-loan management, loan collection
and clearing , exercise of security interests and issue of credit) or appropriate the loan hereunder to the care of other branches
of Agricultural Bank of China, which the borrower hereby acknowledges and undertakes to bear the legal consequences of such action
arising hereunder. The aforesaid acts of the lender may be made without further consent of the borrower.

 

6.4
The lender has the right to provide the information related to this contract (including but not limited to loan form classification
and information of overdue loans) and other information related to the borrower to the financial credit information basic database
according to the applicable laws and regulations or the requirements of financial regulatory authorities for inquiry or use by
suitably qualified entities or individuals. Any adverse effect or loss caused to the borrower due to reliance upon or use of any
of the information by any suitably qualified third party shall not be the responsibility of the lender in any manner.

 

6.5
During the term of this contract, if enactment of or modification to any laws, regulations or national policy or regulatory provisions
renders the lender unable to continue performing this contract in full or in part, the lender has the right to cancel the loan
not yet issued and take such other measures as the lender deems necessary according to the aforesaid applicable provisions.

 

6.6
Any failure to exercise, partial exercise or delay in exercise of any of its rights hereunder by the lender shall not constitute
waiver of or change to such right or any other rights, nor shall it affect the further exercise of such right or any other related
rights.

 

6.7
Tax and invoicing

 

6.7.1
The amounts collected by the lender from the borrower hereunder subject to the tax according to the applicable national tax laws
and regulations are inclusive of VAT. The VAT rate shall be determined according to the provisions of the national laws and regulations.
During the term of this contract, in case of any adjustment to the national tax laws and regulations, the lender will adjust
the tax rates and other related aspects accordingly. 

 

    - 16 -

     

    

 

6.7.2
The lender will issue VAT special invoice or VAT general invoice to the borrower according to the national laws and regulations.
Where the borrower requires the VAT special invoice to be issued, the conditions and procedure specified in the national tax laws
and regulations shall be complied with, otherwise the lender has the right to reject any request of the borrower seeking VAT special
invoice hereunder. Within 360 days of receipt of any taxable amount by the lender from the borrower, the borrower has the right
to require the lender to issue an invoice. The invoices shall be issued by the lender or the issuing entity designated by the
lender. Where the borrower fails to seek VAT invoice within the specified period, the lender has no obligation to provide VAT
invoice.

 

6.7.3
If the lender issues erroneously VAT special invoice or VAT general invoice to the borrower due to the fault of the borrower,
the borrower shall be solely responsible for the resulting consequences, and the lender has the right to require the borrower
to be liable for the losses or other adverse consequences so incurred to the lender. Where any VAT invoice needs to be revoked
or any red-marked invoice is issued due to erroneous issue of invoice, the borrower has the obligation to work with the lender
to complete the matter of related invoices.

 

6.8
Dispute resolution

 

6.8.1
Any dispute arising hereunder shall be resolved by both parties through consultations, failing which the dispute shall be resolved
in the following manner (1):

 

(1)
Sue to the people’s court having competent jurisdiction over the place of the lender;

 

(2)
Submit the dispute to _______(full name of the arbitral authority) for arbitration according to its arbitration rules.

 

6.8.2
During the legal action or arbitration, the terms of this contract not involved in dispute shall continue in full force and effect.

 

6.9
Execution

 

6.9.1
This contract will take effect upon being signed or sealed by both parties hereto.

 

6.9.2
Place of signing: Gulou District, Nanjing City. 

 

6.9.3
Any matter not specified herein shall be resolved by both parties through further consultations.

 

6.9.4
This contract is made in ten copies, one copy for the borrower, one copy for the lender, one copy
for the guarantor, and ___copies for ____, each copy bearing the same legal effect.

 

(The
following is intentionally left blank)

 

    - 17 -

     

    

 

(Signature
page) 

 

The
borrower’s statement: lender has called our attention of the related terms according to law (especially those terms in block
letter) and explained the concepts, contents and legal effect of related terms upon our request, and we are fully aware of and
understood the aforesaid terms. 

 

 

  

Date
of signing: December 19, 2018

 

 

 

- 18 -Exhibit 10.1

 

JOINT
VENTURE AGREEMENT

by
and between

BITSPEED
LLC

and

GBT
TECHNOLOGIES INC.

 

JOINT
VENTURE AGREEMENT

 

This
JOINT VENTURE AGREEMENT (“Agreement”) is made as of October 10, 2019, by and between BITSPEED LLC., a California
limited liability company (“BITSPEED”) and GBT TECHNOLOGIES INC., a Nevada corporation (“GBT”).
BITSPEED and GBT are hereinafter also referred to collectively as the “Parties” and individually as a “Party.”
This Agreement includes three parts and incorporates the following agreements:

1.       Joint
Venture Agreement.

2.       Consulting
Agreement.

3.       Articles
of Incorporation.

RECITALS

A.       BITSPEED’s
principals and affiliates are highly experienced in the fields of technology, business, sales and product management. BitSpeed
has development expertise and source code for its proprietary Extreme Transfer Software Application Concurrency (“Concurrency”),
a software application to transfer secure, accelerated transmission of large file data over networks, and connection to cloud
storage, Network-Attached Storage (NAS) and Storage Area Networks (SANs).

B.       GBT’s
principals and affiliates are highly experienced in the fields of technology, specifically Wireless Mesh Networks (WMNs), Internet
of Things (IoT) and Artificial Intelligence (AI), as well as public markets and financial management.

C.       The
Parties desire to form a joint venture to pursue the Business, as hereafter defined.

NOW
THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as
follows:

    	 	1	 

     

    

AGREEMENT

1.                 
Definitions

1.1.           
“Affiliate” means any Person, other than the Company, that: (a) is controlled by, controls, or is under common
control with a Party (collectively, a “Controlled Person”); or (b) is controlled by, controls, or is under common
control with any such Controlled Person, in each case for so long as such control continues.

1.2.           
“Annual Plan” means a business operations plan detailing the Company’s goals and procedures for technical,
financial, and administrative activities for the Company’s next succeeding fiscal year, as approved each year and revised
from time to time by the Board.

1.3.           
“Applicable Law” means, as to any Person, any statute, law, rule, regulation, directive, treaty, judgment,
order, decree or injunction of any Governmental Authority that is applicable to or binding upon such Person or any of its properties.

1.4.           
“Articles” means the articles of incorporation of the Company substantially in the form attached hereto, as
amended from time to time.

1.5.           
“Board” means the board of directors of the Company.

1.6.           
 “Business” means the business of the Company as described in Section 2, as amended from time to time.

1.7.           
“Business Day” means a day on which commercial banks in New York, United States are generally open to conduct
their regular banking business.

1.8.           
“Closing Date” is defined in Section 3.2(a).

1.9.           
“Corporations Code” means the Nevada Revised Statutes, Chapter 78 et seq. as amended and in effect from time
to time.

1.10.       
“Company” is defined in Section 3.1.

1.11.       
“Company Interest” means, as to any Person, the percentage interest of the total capital stock of the Company
represented by the Securities then held by such Person divided by all then outstanding Securities (on an as-converted to Common
Stock basis and, to the extent warrants or options to purchase stock have vested, as exercised for Common Stock basis).

1.12.       
“Confidential Information” is defined in Section 5. 1 (a).

1.13.       
“Common Stock” means Common Stock of the Company as authorized by the Memorandum.

1.14.       
“Director” means a director of the Company with the powers and duties as specified in the Corporations Code
and the Articles.

1.15.       
“Disclosing Party” is defined in Section 5.1 (a).

1.16.       
“Effective Date” means the date of this Agreement.

    	 	2	 

     

    

 

1.17.       
“Establishment Date” is defined in Section 3.1.

1.18.       
“Governmental Authority” means any domestic or foreign government, governmental authority, court, tribunal,
agency or other regulatory, administrative or judicial agency, commission or organization, and any subdivision, branch or department
of any of the foregoing.

1.19.       
“Memorandum” means the memorandum of association of the Company substantially in the form of the attached Exhibit
1.19, as amended from time to time.

1.20.       
“Party” and “Parties” are defined in the opening paragraph of this Agreement.

1.21.       
“Person” means a natural individual, Governmental Authority, partnership, firm, corporation, or other business
association.

1.22.       
“Receiving Party” is defined in Section 5.1(a).

1.23.       
“Securities” means all outstanding Common Stock, and any other equity securities of the Company or instruments
exercisable for or convertible into Common Stock.

1.24.       
“Territory” means the world.

1.25.       
“Term” is defined in Section 7.1.

1.26.       
“Transaction Documents” means this Agreement, the Articles and the Memorandum, and their related documents.

2.                 
Purpose of Joint Venture

2.1.           
The Parties hereby associate themselves in a joint venture relationship which shall have as its principal purpose: (1) developing,
maintaining and supporting Concurrency; (2) integrating Concurrency into GTCH’s software platforms and products; and (3)
sales and licensing and other activities incidental thereto.

3.                 
Establishment and Capitalization of the Company

3.1.           
Establishment. The Parties agree that the joint venture contemplated by this Agreement shall be carried out exclusively
through a newly-formed corporation (the “Company”). The Company’s corporate name shall be “GBT BitSpeed”
The Parties shall use commercially reasonable efforts to cause the Establishment Date to occur on or before October 31, 2019.
For the purposes of this Agreement, “Establishment Date” means the date on which the Company is established in accordance
with the Corporations Code.

3.2.           
Services and Duties.

BITSPEED
shall provide Company with licensed technology and expertise, as requested and mutually agreed to by Company and BITSPEED.

GBT
shall provide Company with financing as described below in Section 3.3 (a)(ii).

    	 	3	 

     

    

 

3.3.           
Capitalization.

(a)       Initial
Capitalization. The Company shall, as of the Establishment Date, have authorized capital stock consisting of one class of
shares designated as Common Stock with the rights set forth in the Memorandum and the Articles. The Memorandum and the Articles
shall initially provide for 100,000 authorized shares of Common Stock with par value of US$0.001 per share. The Company’s
initial equity shall be funded as follows:

(i)BITSPEED
Initial Subscription. Following the Establishment Date (the “Closing Date”), BITSPEED shall subscribe for 10,000 shares
of Common Stock, representing one half (50%) Company Interest. BITSPEED’s consideration for the Company’s shares (50%
of Company) shall be the services and resources to be provided by BITSPEED as described in Section 3.2 of this Agreement entitled
“Services and Duties” and otherwise required by this Agreement and by the Transaction Documents and by law.

(ii)GBT
Initial Subscription. On the Closing Date, GBT shall subscribe for 10,000 shares of Common Stock, representing a one-half (50%)
Company Interest GBT’s consideration for the Company’s shares (50% of Company) shall be issuance to the benefit of
the JV Establishment 10,000,000 common shares of GBT and additional consideration for the Company’s shares shall be the
financing provided by GBT to Company as follows:

GBT
will fund Company with all funds reasonably needed for implementation of the Business purposes as described in Section 2 of this
Agreement entitled “Purpose of Joint Venture.”.

(b)       Certain
Deliveries. On or before the Closing Date, and as a condition to the purchase and sale of the Common Stock:

(i)the
Establishment Date shall have occurred; and

(ii)each
Party shall have received one original of each of the fully executed Transaction Documents.

(c)
Acknowledgment of Agreement, Delivery of Share Certificates. Promptly after the Closing Date, the Parties shall cause
the Company (i) to deliver to each Party its written acknowledgment of, and

(d)       agreement
to abide by, the terms of this Agreement, and (ii) at the request of either BITSPEED or GBT, to promptly issue and deliver
to BITSPEED, or GBT, share certificates representing the shares of Common Stock purchased pursuant to this Section 3.2.

(d)       Additional
Investors. The Parties acknowledge that including additional strategic investors with expertise or strategic positions relevant
to the Company’s Business may be beneficial to the Company and, accordingly, agree that BITSPEED or GBT may, in its discretion,
introduce additional parties to acquire Common Stock, in the form of newly issued shares. The selection of the strategic investors,
and the terms and conditions of any such investors’ purchase of Company shares shall be documented as determined by the
Company at such time.

 

    	 	4	 

     

    

3.4.           
Financial Assistance.

(a)       Each
Party shall at all times have the preemptive right to purchase Common Stock or other equity interests as set forth in the Articles.
The preemptive rights granted pursuant to this Section 3.4(a) shall cease to be of any further force or effect upon the closing
of an initial public offering of Securities.

(b)       At
the request of the Company, GBT shall invest additional funds in the Company. GBT shall make such additional investment in the
Company; provided that the Parties shall have no obligation to invest such funds in excess of $10,000.00 for the Parties in the
aggregate.

(c)       From
time to time, GBT may mutually agree to provide additional financial assistance to the Company, including in the form of promissory
notes, and, in such event, GBT shall make such financial assistance available to the Company.

3.5.           
Incentive Stock Option Plan. The Parties agree that an incentive stock option plan, or other agreed to method, providing
for reasonable incentive to management of Company that are directly involved in the Business would be beneficial to the Company,
and agree to cooperate in good faith with a view towards establishing such a plan within ninety (90) days after the Closing Date
on terms mutually agreed by the Parties.

4.                 
Operation and Management of the Company

4.1.           
Operation of the Company. Each Party agrees to take all actions necessary to ensure that the Company shall be operated
in accordance with the terms of this Agreement and the other Transaction Documents, including, without limitation, to vote all
Securities held by it (and to cause all Securities held by its permitted transferees under Section 8 to be voted) and to cause
the Directors nominated by it to vote to effect the terms hereof.

4.2.           
Board of Directors. The Company will be managed by the Board in accordance with the terms of this Agreement and Applicable
Law. The Board shall initially consist of three (3) Directors, one of whom shall be appointed by BITSPEED and two shall be appointed
by GBT. The Chairman of the Board and President of the Company shall be appointed by the Directors appointed by GBT. Initially,
Mr. Douglas Davis shall serve as the Initial Director, Chairman of the Board and as the President. The Directors appointed by
GBT shall have the authority to remove the Chairman of the Board and President and appoint a successor at any time.

4.3.           
Removal; Reappointment of Directors. Any Director may be removed for cause in accordance with Applicable Law. In addition,
each Party having the right to appoint a Director pursuant to this Section 4 shall also have the right, in its sole discretion,
to remove such Director at any time, effective upon delivery of written notice to the Company, the Director to be removed and
to the other Party. In the case of a vacancy in the office of a Director for any reason (including removal pursuant to the preceding
sentence), the vacancy shall be filled by the Party that appointed the Director in question.

4.4.           
Board Meetings. The Chairman of the Board shall have the authority to convene Board meetings, including the authority to
specify the time and place of such meetings. Directors may attend Board meetings in person or by any other means of attendance
permitted under the Corporations Code, provided, however, that (a) the Board shall meet at least two (2) times during each semi-annual
fiscal period and (b) written notice of all Board meetings shall be given not less than 15 days in advance of each meeting (which
15 day period may be shortened by written waiver of Directors or actual attendance by Directors, without objection, at a Board
meeting). Board meetings shall be conducted in the English language and minutes of such meetings shall be prepared by the Company
in English and distributed to each Director promptly following each meeting. Proposals or reports brought before any Board meeting
for information or action (including without limitation the Company’s annual and quarterly financial statements) shall be
prepared in English.

    	 	5	 

     

    

 

4.5.           
Board Quorum, Resolutions. The quorum necessary for the transaction of business at a meeting of the Board shall be two
(2) Directors. Any action, determination or resolution of the Board shall require the affirmative vote of a majority of Directors
present at a meeting at which a valid quorum pursuant to this Section 4.5 is present.

4.6.           
Other Offices. In addition to the President, senior management of the Company will consist of such other officers as are
deemed to be necessary or appropriate by the Board.

4.7.           
Shareholders’ Meetings. Shareholders of the Company shall receive notice of each shareholders’ meeting at least
fifteen (15) days before the scheduled date of such meeting. The Company shall have at least one shareholders’ meeting each
calendar year. Such meeting will take place at such time and place as is determined by the Board. Meetings shall be conducted
in the English language, and minutes of such meetings shall be prepared by the Company in English.

4.8.           
Annual Plan. The President shall prepare, and the Board shall approve, an Annual Plan with respect to each fiscal year
of the Company no later than 45 days prior to the commencement of the fiscal year.

4.9.           
Financial Statements and Accounting Records. Financial statements for the Company, including, without limitation, a balance
sheet, income statement, statement of cash flows and statement of shareholders’ equity, shall be submitted by the Company
to each of the Parties (a) within 60 days after the end of the quarter of each fiscal year for such quarterly period, and (b)
within 45 days after the end of each fiscal year for such year. Each of the annual financial statements shall be audited and certified
by a reputable accounting firm retained by the Company, selected by GBT. All financial statements shall be prepared in accordance
with generally accepted accounting principles in the United States and in reasonable detail, and shall contain such financial
data as GBT may deem necessary in order to keep the Parties advised of the Company’s financial status (although such statements
need not include footnotes and may be subject to year-end adjustments). The Company shall, at GBT’s request, provide GBT
with such financial information as GBT may reasonably deem necessary for purposes of complying with its periodic reporting obligations
under U.S. securities law and shall cooperate with GBT in connection therewith, including in the preparation of quarterly financial
statements if required by GBT; provided, that Company shall bear any costs incurred in preparing or providing such information,
including, without limitation, in preparing additional financial statements and reconciling the Company’s financial statements
with U.S. generally accepted accounting principles for such purposes.

 

    	 	6	 

     

    

5.                 
Additional Covenants 

5.1.           
Confidentiality.

(a)       The
Parties recognize that, in connection with the performance of this Agreement, each Party (in such capacity, the “Disclosing
Party”) may disclose “Confidential Information” (as defined below) to the other Party (the “Receiving
Party”). For purposes of this Agreement, the term “Confidential Information” means (i) proprietary information
(whether owned by the Disclosing Party or a third party to whom the Disclosing Party owes a non-disclosure obligation) regarding
the Disclosing Party’s business or (ii) information which is marked as confidential at the time of disclosure to the Receiving
Party, or if in oral form, is identified as confidential at the time of oral disclosure and reduced in writing or other tangible
(including electronic) form including a prominent confidentiality notice and delivered to the Receiving Party within 10 days of
disclosure or (iii) technical information including but not limited to source code, documents, and product plans. “Confidential
Information” shall not include information which: (A) was known to the Receiving Party at the time of the disclosure by
the Disclosing Party; (B) has become publicly known through no wrongful act of the Receiving Party; (C) has rightfully been received
by the Receiving Party from a third party without breach of this provision; or (D) has been independently developed by the Receiving
Party without using any Confidential Information of the other Party. The Receiving Party agrees (x) not to use any such Confidential
Information for any purpose other than in the performance of its obligations under this Agreement or any Transaction Document
and (y) not to disclose any such Confidential Information, except (1) to its employees who are reasonably required to have the
Confidential Information in connection herewith or with any of the other Transaction Documents, (2) to its agents, representatives,
lawyers and other advisers that have a need to know such Confidential Information and (3) pursuant to, and to the extent of, a
request or order by a Governmental Authority. The Receiving Party agrees to take all reasonable measures to protect the secrecy
and confidentiality of, and avoid disclosure or unauthorized use of, the Disclosing Party’s Confidential Information.

(b)
Each Party acknowledges and agrees that (i) its obligations under this Section 5.1 are necessary and reasonable to protect the
other Party and its business, (ii) any violation of these provisions could cause irreparable injury to the other Party for which
money damages would be inadequate, and (iii) as a result, the other Party shall be entitled to obtain injunctive relief against
the threatened breach of the provisions of this Section 5.1 without the necessity of proving actual damages. The Parties agree
that the remedies set forth in this Section 5.1 are in addition to and in no way preclude any other remedies or actions that may
be available at law or under this Agreement.

5.2.           
Confidentiality of Agreement, Publicity. Each Party agrees that the terms and conditions of this Agreement and the Transaction
Documents shall be treated as confidential information and that no reference thereto shall be made thereto without the prior written
consent of the other Party (which consent shall not be unreasonably withheld) except (a) as required by Applicable Law including,
without limitation, by the U.S. Securities and Exchange Commission and other applicable countries’ Governmental Authorities,
(b) to its accountants, banks, financing sources, lawyers and other professional advisors, provided that such parties undertake
in writing (or are otherwise bound by rules of professional conduct) to keep such information strictly confidential, (c) in connection
with the enforcement of this Agreement, (d) in connection with a merger, acquisition or proposed merger or acquisition, or (e)
pursuant to joint press releases prepared in good faith. The Parties will consult with each other, in advance, with regard to
the terms of all proposed press releases, public announcements and other public statements with respect to the transactions contemplated
hereby.

    	 	7	 

     

    

6.                 
Warranties of the Parties

6.1.           
Warranties of BITSPEED. BITSPEED hereby represents and warrants to GBT that, as of the Effective Date and as of the Closing
Date, the following statements are and shall be true and correct:

(a)       Organization.
BITSPEED is a corporation duly organized and validly existing under the laws of the State of California, and has the corporate
power and authority to enter into and perform this Agreement.

(b)       Authorization.
All corporate action on the part of BITSPEED necessary for the authorization, execution and delivery of this Agreement and for
the performance of all of its obligations hereunder and thereunder has been taken, and this Agreement when fully executed and
delivered, shall each constitute a valid, legally binding and enforceable obligation of BITSPEED .

(c)
       Government and Other Consents. Other than any licenses, permits, certifications
or authorizations which may be required in connection with the Business, as to which BITSPEED makes no representation, no consent,
authorization, license, permit, registration or approval of, or exemption or other action by, any Governmental Authority, or any
other Person, is required in connection with BITSPEED’s execution, delivery and performance of this Agreement, or if any
such consent is required, BITSPEED has satisfied the applicable requirements.

(d)       Effect
of Agreement. BITSPEED’s execution, delivery and performance of this Agreement will not (i) violate the Articles of
Incorporation of BITSPEED or any provision of Applicable Law, (ii) violate any judgment, order, writ, injunction or decree of
any court applicable to BITSPEED , (iii) have any effect on the compliance of BITSPEED with any applicable licenses, permits
or authorizations which would materially and adversely affect BITSPEED , (iv) result in the breach of, give rise to a right
of termination, cancellation or acceleration of any obligation with respect to (presently or with the passage of time), or otherwise
be in conflict with any term of, or affect the validity or enforceability of, any agreement or other commitment to which BITSPEED
is a party and which would materially and adversely effect BITSPEED , or (v) result in the creation of any lien, pledge,
mortgage, claim, charge or encumbrance upon any assets of BITSPEED ; provide, however, that regulatory approval may be required
in connection with conducting the Business and BITSPEED makes no representation with respect to any such approvals.

(e)       Litigation.
There are no actions, suits or proceedings pending or, to BITSPEED’s knowledge, threatened, against BITSPEED before any
Governmental authority which question BITSPEED ’s right to enter into or perform this Agreement, or which question the validity
of this Agreement or any of the other Transaction Documents.

6.2.           
Warranties of GBT. GBT hereby represents and warrants to BITSPEED that, as of the Effective Date and as of the Closing
Date, the following statements are and shall be true and correct:

(a)       Organization.
GBT is a corporation duly organized and validly existing under the laws of Nevada. GBT has the corporate power and authority to
enter into and perform this Agreement.

    	 	8	 

     

    

 

(b)       Authorization.
All corporate action on the part of GBT necessary for the authorization, execution and delivery of this Agreement and for
the performance of all of its obligations hereunder and thereunder has been taken, and this Agreement when fully executed and
delivered, shall each constitute a valid, legally binding and enforceable obligation of GBT.

(c)       Government
and Other Consents. Other than any licenses, permits or authorizations which may be required in connection with the Business,
as to which GBT makes no representation, no consent, authorization, license, permit, registration or approval of, or exemption
or other action by, any Governmental Authority, or any other Person, is required in connection with GBT’s execution, delivery
and performance of this Agreement, or if any such consent is required, GBT has satisfied any applicable requirements.

(d)       Effect
of Agreement. GBT’s execution, delivery and performance of this Agreement will not (i) violate the Certificate of Incorporation
of GBT or any provision of Applicable Law, (ii) violate any judgment, order, writ, injunction or decree of any court applicable
to GBT, (iii) have any effect on the compliance of GBT with any applicable licenses, permits or authorizations which would materially
and adversely affect GBT, (iv) result in the breach of, give rise to a right of termination, cancellation or acceleration of any
obligation with respect to (presently or with the passage of time), or otherwise be in conflict with, any term of, or affect the
validity or enforceability of any agreement or other commitment to which GBT is a party and which would materially and adversely
affect GBT, or (v) result in the creation of any lien, pledge, mortgage, claim, charge or encumbrance upon any assets of GBT;
provided, however, that regulatory approvals may be required in connection with conducting the Business and GBT makes no representation
with respect to any such approvals.

(e)       Litigation.
Other than litigation/arbitration as disclose to BitSpeed via Douglas Davis, GBT’s CEO, there are no actions, suits or proceedings
pending or, to GBT’s knowledge, threatened, against GBT before any Governmental Authority which question GBT ‘s right
to enter into or perform this Agreement, or which question the validity of this Agreement or any of the other Transaction Documents.

7.                 
Term and Termination

7.1.           
Term. This Agreement shall be effective as of the Effective Date, and shall continue in effect until terminated pursuant
to Section 7.2 (the “Term”).

7.2.           
Termination. This Agreement may be terminated as follows:

(a)       Upon
the mutual written agreement of the Parties.

(b)       By
either Party, effective immediately upon written notice to the other Party(ies), if the other Party(ies) breach(es) any material
provision of this Agreement or of any of the other Transaction Documents and such breach continues for a period of fifteen (15)
days after the delivery of written notice of the default, describing the default in reasonable detail.

(c)       By
either Party, effective immediately upon written notice to the other Party and the Company, in the event that the other Party
is dissolved, liquidated or declared bankrupt or a voluntary or involuntary bankruptcy filing is made by such Party.

    	 	9	 

     

    

 

7.3.           
Effect. Upon termination of this Agreement, the Parties shall negotiate in good faith a possible purchase by one or more
Parties of all outstanding Securities held by the other Parties or the sale of the Company to a third party. In the event that,
notwithstanding their good faith negotiations, the Parties are unable to agree upon such a purchase or sale within thirty (30)
days of the notice of termination, the Parties shall cooperate to cause the Company to be liquidated as promptly as practical
in accordance with Applicable Law. The rights and obligations of the Parties under Sections 5.1, 5.2, this Section 7.3, and Sections
7.4, 7.5, 9 and 10 shall survive any termination of this Agreement.

7.4.           
Return of Confidential Information. Upon the termination of this Agreement, each Party, at its own cost, shall promptly
return to the Disclosing Party any and all documents and materials constituting or containing Confidential Information of the
Disclosing Party which are in its possession or control, or at its option, shall destroy such documents and materials and certify
such destruction in writing to the Disclosing Party.

7.5.           
Continuing Liability. Termination of this Agreement for any reason shall not release any Party from any liability or obligation
which has already accrued as of the effective date of such termination, and shall not constitute a waiver or release of, or otherwise
be deemed to prejudice or adversely affect, any rights, remedies or claims, whether for damages or otherwise, which a Party may
have hereunder, at law, equity or otherwise or which may arise out of or in connection with such termination.

8.                 
Transfer Restrictions

8.1.           
General Restriction. Each Party agrees to hold its Securities during the Term and, except as otherwise specifically provided
in this Agreement or agreed to in writing by the other Party, not to sell, transfer, assign, hypothecate or in any way alienate
any of such Party’s Securities or any right or interest therein except to an Affiliate of such Party in accordance with
the Articles. In the case of any transfer permitted hereunder, the transferring Party shall deliver to the other Party (a) at
least fifteen (15) days prior to such transfer, a written notice stating its intention to transfer the Securities to be transferred,
the name of the transferee, whether such transferee is an Affiliate, the number of Securities to be transferred, and the price
and other material terms and conditions of the transfer, and (b) except as otherwise specifically provided herein, on or prior
to the effective date of the transfer and in a form reasonably acceptable to the other Party and its counsel, the transferee’s
written acknowledgement of and agreement to be bound by, and to vote the transferred Securities at all times in accordance with,
the terms of this Agreement.

8.2.           
Legends. Each share certificate of the Company shall bear a legend, consistent with Applicable Law, providing that any
transfer of the Securities evidenced by such certificate is subject to approval by the Board.

8.3.           
Initial Public Offering. The foregoing restrictions shall cease to be of any further force or effect upon the closing date
of an initial public offering of Securities.

8.4.           
Board Approval. Each Party shall cause each Director that it has appointed pursuant hereto to vote to approve any transfer
of Securities that complies with the terms of this Section 8.

9.                 
Distributions. Subject to restrictions set forth in any financing document entered into by the Company, upon completion of
each Company’s business venture, the Company shall distribute its available cash (net cash generated from sale of the business
venture and/or its units less disbursements and appropriate reserves), to the Parties based on their relative equity interest
in the Company.

    	 	10	 

     

    

 

10.             
Indemnification. The Company shall indemnify and hold harmless its directors, officers, to the fullest extent permitted by
law, from and against any and all liabilities and damages (including legal expenses) imposed on or incurred by them in any way
relating to or arising out of their services to the Company, but not including costs in connection with a dispute(s) between the
parties to this Agreement. The Company shall purchase an insurance policy providing directors’ and officers’ liability
insurance.

11.             
General Provisions

11.1.       
Governing Law, Dispute Resolution. The validity, construction and enforceability of this Agreement shall be governed by
and construed in accordance with the laws of the State of Nevada. All disputes between the Parties arising out of this Agreement
shall be settled by the Parties amicably through good faith discussions upon the written request of either Party. In the event
that any such dispute cannot be resolved thereby within a period of thirty (30) days after such notice has been given, such dispute
shall be finally settled by arbitration in Clark County, California, using the English language, and in accordance with the rules
then in effect of the American Arbitration Association. The arbitrator(s) shall have the authority to grant specific performance,
and to allocate between the Parties the costs of arbitration in such equitable manner as the arbitrator(s) may determine. The
prevailing Party in the arbitration shall be entitled to receive reimbursement of its reasonable expenses incurred in connection
therewith. Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such
court for judicial acceptance of any award and an order of enforcement, as the case may be. Notwithstanding the foregoing, either
Party shall have the right to institute a legal action in a court of proper jurisdiction for injunctive relief and/or a decree
for specific performance pending final settlement by arbitration.

11.2.       
Notices and Other Communications. Any and all notices, requests, demands and other communications required or otherwise
contemplated to be made under this Agreement shall be in writing and in English and shall be provided by one or more of the following
means and shall be deemed to have been duly given (a) if delivered personally, when received, (b) if transmitted by facsimile,
on the first Business Day following receipt of a transmittal confirmation, or (d) if by international courier service, on the
second business day following the date of deposit with such courier service, or such earlier delivery date as may be confirmed
in writing to the sender by such courier service. All such notices, requests, demands and other communications shall be addressed
as follows:

 

If
to BITSPEED:

 

BITSPEED
LLC

Attention:
Douglas Davis, Founder

2030
Canyon Court

La
Habra Heights, CA 90631 USA

Telephone:(310)
710-5810

 

If
to GBT:

 

GBT
TECHNOLOGIES INC.

Attention:
Mansour Khatib, CMO

2500
Broadway, Suite F-125

Santa
Monica, CA 90404 USA

Telephone:(424)
238-4589

or
to such other address or facsimile number as a Party may have specified to the other Party in writing delivered in accordance
with this Section 9.2.

    	 	11	 

     

    

 

11.3.       
Language. This Agreement is in the English language only, which language shall be controlling in all respects, and all
versions hereof in any other language shall be for accommodation only and shall not be binding upon the Parties. All communications
and notices to be made or given pursuant to this Agreement shall be in the English language.

11.4.       
Severability. If any provision in this Agreement shall be found or be held to be invalid or unenforceable then the meaning
of said provision shall be construed, to the extent feasible, so as to render the provision enforceable, and if no feasible interpretation
would save such provision, it shall be severed from the remainder of this Agreement which shall remain in full force and effect
unless the severed provision is essential and material to the rights or benefits received by any Party. In such event, the Parties
shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly
affects the Parties’ intent in entering into this Agreement.

11.5.       
References, Subject Headings. Unless otherwise indicated, references to Sections and Exhibits herein are to Sections
of, and Exhibits to, this Agreement. The subject headings of the Sections of this Agreement are included for the purpose of convenience
of reference only, and shall not affect the construction or interpretation of any of its provisions.

11.6.       
Further Assurances. The Parties shall each perform such acts, execute and deliver such instruments and documents, and do
all such other things as may be reasonably necessary to accomplish the transactions contemplated in this Agreement.

11.7.       
Expenses. Each of the Parties will bear its own costs and expenses, including, without limitation, fees and expenses of
legal counsel, accountants, brokers, consultants and other representatives used or hired in connection with the negotiation and
preparation of this Agreement and consummation of the transactions contemplated hereby. All such expenses incurred by the Company
shall be borne by GBT to the maximum extent permitted by Applicable Law including, without limitation, expenses relating to the
formation of the Company, any transfer taxes for transfer of the Company stock to the Parties, registration charges, taxes, fees
and expenses relating to required governmental or regulatory approvals, notary fees and legal fees and expenses.

11.8.       
No Waiver. No waiver of any term or condition of this Agreement shall be valid or binding on a Party unless the same shall
have been set forth in a written document, specifically referring to this Agreement and duly signed by the waiving Party. The
failure of a Party to enforce at any time any of the provisions of this Agreement, or the failure to require at any time performance
by one or both of the other Parties of any of the provisions of this Agreement, shall in no way be construed to be a present or
future waiver of such provisions, nor in any way affect the ability of a Party to enforce each and every such provision thereafter.

11.9.       
Entire Agreement; Amendments. The terms and conditions contained in this Agreement (including the Exhibits hereto) and
the Transaction Documents constitute the entire agreement between the Parties and supersede all previous agreements and understandings,
whether oral or written, between the Parties with respect to the subject matter hereof. No agreement or understanding amending
this Agreement shall be binding upon any Party unless set forth in a written document which expressly refers to this Agreement
and which is signed and delivered by duly authorized representatives of each Party.

    	 	12	 

     

    

 

11.10.   
Assignment. The Parties shall have the right to assign its rights or obligations under this Agreement except in connection
with a transfer of all of such Party’s Securities in a manner permitted hereunder, under terms reasonably acceptable to
the non-assigning Party and providing for the assignee to be bound by the terms hereof, and for the assigning Party to remain
liable for the assignee’s performance of its obligations hereunder. This Agreement shall inure to the benefit of, and shall
be binding upon, the Parties and their respective successors and permitted assigns.

11.11.   
No Agency. The Parties are independent contractors. Nothing contained herein or done in pursuance of this Agreement shall
constitute any Party the agent of any other Party for any purpose or in any sense whatsoever.

11.12.   
No Beneficiaries. Nothing herein express or implied, is intended to or shall be construed to confer upon or give to any
person, firm, corporation or legal entity, other than the Parties and their Affiliates who hold Securities, any interests, rights,
remedies or other benefits with respect to or in connection with any agreement or provision contained herein or contemplated hereby.

11.13.   
Effective Date of Transaction Documents. The Transaction Documents (other than this Agreement and the Articles) shall become
effective concurrently with consummation, on the Closing Date, of the transactions described in Section 3.2(a).

11.14.   
Counterparts. This Agreement may be executed in any number of counterparts, and each counterpart shall constitute an original
instrument, but all such separate counterparts shall constitute only one and the same instrument.

11.15.   
Incidental and Consequential Damages. No Party will be liable to the other Party(ies) under any contract, negligence, strict
liability or other theory for any indirect, incidental or consequential damages (including without limitation lost profits) with
respect to a breach of this Agreement or any Transaction Document.

    	 	13	 

     

    

 

IN
WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to execute this Agreement as of the
Effective Date.

  

	 

                            

                           Dated: October 10, 2019

	GBT TECHNOLOGIES INC.

                            

                           By:
                           /s/ Mansour Khatib

                                        Mansour
                           Khatib 

                           Its:Chief
                           Marketing Officer 

                            

	

        

Dated:
October 10, 2019
	BITSPEED LLC

    

    By: /s/ Douglas L. Davis

                 Douglas L. Davis

    

    Its:Founder and CEO

    

 

 

  

    	 	14

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