Document:

Working Capital Loan Contract 

 

Reference No. : 2013zhenzhongyinbujiezi No.00038

 

Party A: Shenzhen Highpower Technology
Co., Ltd

Business License: 440307503274740

Legal Representative: Dangyu Pan

Address: Building A1, 68 Xinxia Street, Pinghu,
Longgang, Shenzhen;

Postal code: 518111

Deposit A/C and financial institutions: Bank
of China, Pinghu Sub-branch, Shenzhen, 744557938816

Telephone: 8968 6236; Facsimile: 8968 6298

 

Party B: Bank of China, Buji Sub-branch.

Legal Representative: Yang Yong

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518112

Telephone: 0755-2827 4825; Facsimile: 0755-2827
0847

 

This contract is the affiliated specific credit
contract under the “Comprehensive Credit Line Contract” (Reference No.: 2013zhenzhongyinebuxiezi No. 0000099), which
is signed by Shenzhen Highpower Technology Co., Ltd and Bank of China, Buji Sub-branch.

 

The parties agree as follow.

 

Clause 1 Amount 

 

Party B agrees to provide the following loan:

	Currency in: 	RMB
	Amount: 	RMB Twenty millions only
	 	RMB  20,000,000.00

 

Clause 2 Period

 

The period of the loan is 12 months starting
from the first withdrawal date in part or in whole. It is Party A’s obligation to withdraw funds on the date as agreed.
Any late withdrawal will not result in delay/extension of repayment.

 

    	1

    	 

    

 

Clause 3 Use of loan

 

Purpose of loan: Purchase of raw materials

 

Party A is prohibited from changing the use
of loan without Party B’s written approval. The restrictions include but are not limited to changing the use of loan to fixed
assets or equity investments, as well as production activities prohibited by the central governments.

 

Clause 4 lending rate and interest
calculations

 

Lending rate is floating rate, which is reset
every six months starting from the first withdrawal date. The rate resetting date is the first day of each floating period.

 

For each withdrawal in installments:

 

■
RMB floating rate

 

A. First withdrawal (during the first floating
period) interest rate is the one-year benchmark lending interest rate, set by People's Bank of China, plus 10%;

 

B. On the interest resetting date, the new
interest rate is the spot one-year lending interest rate, benchmarked by People’s Bank of China, plus 10% on all outstanding
loan amounts.

 

2. Interest calculation

 

Interest is calculated starting from the actual
withdrawal date on the actual amount of money withdrawn and the number of days outstanding.

 

Interest calculation formula: Interest = Principal
× actual number of days × daily rate.

Daily rate calculation is: daily rate = APR
/ 360.

 

3. The method of interest settlement

 

Interest settlement takes place on the 20th
of each month, the 21st is the interest payment date.

 

If the final loan principal payment date is
different from the interest payment date, the borrower should pay off all interest on the principal payment date.

 

4. Penalty interest

 

(1) For the loan overdue or violated use the
loan purpose, penalty interest rate will apply to the loan amount that is overdue or misappropriated from the date of overdue or
misappropriation until the principal and interest are paid off.

 

    	2

    	 

    

 

On both overdue and misappropriation of loans,
a higher penalty interest rate shall be charged.

 

(2) If the borrower does not pay interest
and/or penalty interest by the interest payment date, the interest is calculated based on Clause 3 and 4.

 

(3) Penalty rate

 

■
The penalty interest rate on floating-rate loans

 

According to the floating period and the method
of floating as agreed in Clause 1, the penalty interest rate of the overdue loan shall be the agreed interest rate plus 50%, and
the penalty interest rate of the misappropriated loan shall be the agreed interest rate plus 100%;

 

Clause 5 Withdrawal Conditions

 

Withdrawal must meet the following conditions:

 

1. This contract and its attachments have
become effective.

 

2. Party A has provided guarantees requested
by Party B, and the guarantee contract has become effective and has accomplished legal procedures of approval and registration.

 

3. Party A has provided Party B with loan
documents, seals, personnel list, specimen signature, and complete the relevant evidence.

 

4. Party A has opened the account for fulfilling
this contract requested by Party B.

 

5. Party A should submit written withdrawal
application, documentary proof for using of loans and complete the relevant formalities for withdrawal before 5 banking days.

 

6. Party A has submitted resolution books
and power of attorney signed by the board or other authorities to Party B.

 

Withdrawal can be refused by Party B if Party
A has not met the above conditions, but agreed by Party B.

 

Clause 6 Date and method of withdrawal

 

1. All loans should be withdrawn in 30 days
from 7th May 2013.

 

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2. Party B has the right to refuse the withdrawal
application of unused loan which is over the date of withdrawal.

 

Clause 7 Payment of the loan

1. The account

The loan should be granted and paid through
the account opened by Party A:

 

Account Name: Shenzhen Highpower Technology
Co., Ltd.

Account number:

 

2. The way of payment

 

(1) The way of payment should be in accordance
with laws and regulations, regulatory requirements and the contract. The way of single payment of the Loan should be approved in
written withdrawal application. Party B has the right to change the way of payment or stop providing the loan if the way of payment
in the application doesn’t meet the requirement.

 

(3) Borrower makes the payment on its own.

 

(4) The change of payment. The way of payment
should be changed when the payment, credit rating or other conditions of Party A has changed after submitting withdrawal application.
Party A should provide the written change application, should resubmit the withdrawal application and documentary proof for using
of loans if the sum, payment object or the use of loans has changed.

 

3. The specific requirements of entrusted
payment

 

(1) Entrusted payment. Party B pay to the
specified account directly which is written in this contract, including the name of account, account number and the sum of payment.

 

(2) To provide the transaction information.
Party A should provide the account of loans, the account information of counterparty and relevant documents when entrusted payment.
All document provided to Party B should be true, integral and effective, or Party B does not assume any responsibility for failed
transaction, and occurred repayment obligations do not be affected.

 

(3) Party B’s obligations under the
entrusted payment

 

A. Party B pay to the specified account after
examination and approval of Party A’s commission books and other related transaction information when entrusted payment.

 

    	4

    	 

    

 

B. If Party B found that the proof materials
and other related trading purposes material provided by Party A does not comply with this contract or the presence of other defects,
Party B has the right to require Party A to supplement, replace, description or re-submit the relevant materials. Before these
materials are submitted, Party B has the right to refuse the issuance and payment of the relevant amounts.

 

C. Party B will assume no responsibility and
the generated obligations of Party A will be not affected if Party B cannot pay the loan to the counterparty in time in accordance
with payment order of Party A because of the refund by opening bank of the counterparty. Party A hereby authorizes Party B to freeze
the fund returned by opening bank of the counterparty. In this case, Party A shall resubmit the payment order and use proven materials
and other related transaction materials.

 

(4) Party A shall not piecemeal way to circumvent
the trustee to pay Party B.

 

5. Party B has right to redefine the terms
of payment and loan disbursement or stop the loan if the following situations occurred:

 

(1) Party A violates the contract to circumvent
entrusted payment of Party B by piecemeal way.

 

(2) Party A's credit status drops or main
business profitability is not good.

 

(3) The use of loan is abnormal.

 

(4) Party A fails to provide the records and
information of the loan requested by Party B timely.

 

(5) Party A contravenes this section to use
the loan.

 

Clause 8 Repayment

 

1. Party A shall specify the following account
as capital recovery account and provide the information of this account. Party B has the right to ask Party A to explain inflows
and outflows of large-sum and abnormal capital, as well as monitor capital recovery account.

 

Account Name: Shenzhen Highpower Technology
Co., Ltd.

Account number:

 

2. Except otherwise agreed, on the expiry
date, Party A must repay all the loans under this contract.

 

If Party A wants to change the plan of repayment,
a written application confirmed in writing by both parties jointly should be submitted in 10 banking days before the loans maturity.

 

    	5

    	 

    

 

3. Unless otherwise agreed, Party A has the
right to decide repayment order of the principal or interest. If there are several expiring loans or overdue loans which are repaid
in installment way under this contract, Party B has the right to decide the liquidation sequence of a repayment. Party B has the
right to decide the priority of the repayment order if multiple contracts expire at the same time.

 

4. Unless otherwise agreed, Party A can repay
in advance, but Party A should notice Party B in written 15 banking days advance. The amount of the first advance payment used
to repay the final maturity of the loan, in reverse order to repay the loans.

 

5. Party A must deposit funds in the following
account three banking days advance of every expiring principle with interest. Party B has the right to take the funds from the
account on the expiry date.

 

Account Name: Shenzhen Highpower Technology
Co., Ltd.

Account number:

 

Clause 9 Guarantee

 

		1.	To ensure that borrowing under this agreement is repaid,
the following guarantees shall be adopted:

 

		1)	This contract is the main contract of Guaranty Contract of Maximum Amount (NO: 2013ZHENZHONGYINBUBAOEZI0014)
signed by SPRINGPOWER TECHNOLOGY (SHENZHEN) CO., LTD. (Guarantor) and Party B. Guarantor provides the maximum amount guarantee.

 

		2)	This contract is the main contract of Guaranty Contract of Maximum Amount (NO: 2013ZHENZHONGYINBUBAOEZI0015)
signed by DAGNYU PAN (Guarantor) And Party B. Guarantor provides the maximum amount guarantee.

 

		3)	This contract is the main contract of Pledge Contract of Maximum Amount (NO: 2013ZHENZHONGYINBUDIEZI0011)
signed by SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD. And Party B.

 

		4)	This contract is the main contract of Pledge Contract of Maximum Amount (NO: 2013ZHENZHONGYINBUDIEZI0020)
signed by SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD. And Party B.

 

    	6

    	 

    

 

		2.	Under certain circumstance, Party B believes that will
affect the capacity for fulfilling the contract of Party A or Guarantor, or Guarantee Contracts are invalid, revoked or dissolved,
or the financial position of Party A/Guarantor deteriorate or Party A/Guarantor involved in litigation issues, or other factors
which might affect its repayment ability, or guarantors were found default in other contracts with Party B, or devaluation, dismiss
or damage of collaterals which might cause the value of the collaterals slaked or losses, Party B reserves the right to request
Party A and Party A has the obligation to add or replace the guarantor.

 

Clause 10 Statement and Commitment

 

		1.	Party A’s statement:

 

		1)	Party A is legally register and exist with
full capacity for civil rights and civil conduct;

 

		2)	Signing and performing the contract is the true will of Party A, Party A has been granted all legal
and valid authorizations before signing the contract. The contract does not form a default for other contracts signed and performed
by Party A and other legal documents. It is Party A’s responsibility to complete all required approvals, registrations, permits
and filings.

 

		3)	All document and information, financial statement, certificates and other materials provided by Party
A to Party B are true, complete, accurate and effective.

 

		4)	All the transactions mentioned by Party A for apply specific credit line should be real and not for
illegal purposes such as: money laundry.

 

		5)	No hidden events regarding Party A and guarantor’s financial and repayment abilities.

 

		6)	Party A and the loan project reach the national environmental standards, not in the list of the enterprises
which have problems of energy consumption and pollution, don’t have the risk of energy consumption and pollution.

 

		2.	Party A’s commitment:

 

		1)	Party A shall submit the financial statements and other relevant information regularly, including
but not limited to annual, quarterly and monthly financial reports.

 

		2)	Any counter-guarantee agreement between the guarantors and Party A will not affect the Party B’s
underlying rights under this contract.

 

		3)	Cooperated in Party B’s exam and inspection on the utilization of the loan as well as Party
A’s financials and operations.

 

    	7

    	 

    

 

		4)	Under circumstances Party A or Guarantor’s capability of performing the contract might be affected,
Party A should notify Party B in written in time. Those circumstances included but not limited to merger, division, decrease of
capital, equity transfer, investment, a substantial increase of debt financing, a major asset and credit assignment.

 

Party A should notify Party B in time, when
the following things occurred:

 

A. changes of
articles of association, the scope of business, registered capital and legal representative of Party A or Guarantor.

 

B. Any form of
management mode change, including joint operation, invest and cooperate with foreigners, contract management, reorganization, restructuring,
listing plan.

 

C. Party A is
involved in major litigation or arbitration, or property or collateral is seized, detained or regulated, or set new guarantee in
collateral.

 

D. Out of business,
dissolution, liquidation, suspend business for rectification, cancellation, revocation of the business license or (be) filed for
bankruptcy.

 

E. Shareholders,
directors and senior management personnel suspected of serious cases or economic disputes.

 

F. Default events
in other contracts.

 

G. Operating
difficulties and financial situation has deteriorated.

 

(5) The repayment to Party
B prior to shareholders, and is comparable to other creditors of the same kind debts.

 

Party A is prohibited to repay the loan to
shareholders before paying off the principal and interests under the contract.

 

(6) If Party A fails to pay principal, interests
and fees on time in the fiscal year, any form of dividends is forbidden.

 

(7) Party A cannot dispose of assets to reduce
its debt paying ability and promises the total amount of external guarantee is not 1 time higher than its net assets, and the total
amount of external guarantee and the amount of single guarantee shall not exceed the limitation set by the articles of association.

 

(8) Except the use agreed in this contract
or agreed by Party B, Party A is prohibited to transfer the loans to other accounts or related accounts.

 

    	8

    	 

    

 

Party A should provide documentary proof when
the loan is transferred to other accounts or related accounts.

 

(9) Party B has the right to call the loan
advanced according to the situation of capital return of Party A.

 

Clause 11 disclosure of the affiliated transaction
inside Party A 's group

 

Party A is a Group customer confirmed by
Party B according to the "Commercial Bank Group guidelines for customer credit risk management business"(hereinafter
referred to as “guideline”). During the credit period, Party A shall promptly report to Party B about more than 10%
of net assets associated with the transaction, including but not limited to: the parties to the transaction of the association;
trading program and nature of the transaction; the amount of the transaction or the corresponding ratio; pricing policies (including
no amount or only nominal amounts of transactions).

 

Under any of the following circumstances,
Party B shall have the right to unilaterally decide to suspend the unused loan and recover part or all of the principal and interest
of the loan in advance: use the false contracts which are signed with affiliated parties to discount or pledge at bank and to obtain
bank funds or credit with notes receivable and accounts receivable without actual trade background; the occurrence of major mergers,
acquisitions and reorganization which are considered by Party B may affect the loan safety; evasion or discarding of bank debts
on purpose through affiliated transactions; other circumstances stipulated in article eighteenth of "guidelines".

 

Clause 12 Breach of Covenants

 

Each of the following events and issues constitute
Party A in the event of default under the contract:

 

		1.	Party A did not perform the repayment obligation under
this contract;

 

		2.	Party A has not used the credit funds according to agreed
purposes, or has not paid the loan by agreed way in this contract;

 

		3.	Party A’s statements in this contract are untrue
or in violation with commitments made by Party A in this contract.

 

		4.	Under the circumstance defined in 2.(4) of Clause 10,
Party A refused to provide additional guarantee or replacement of a new guarantor.

 

    	9

    	 

    

 

		5.	Deterioration of credit, or profitability, debt paying
ability, operating ability, cash flow and other financial indicators of Party A deteriorate, breaking the contract index constraint
agreed or other financial covenants.

 

		6.	Party A breaches other contracts signed with Party B
or other affiliated institutions of Bank of China.

 

		7.	Guarantors breach contracts, or have default events with
Party B or other affiliated institutions of Bank of China.

 

		8.	The termination of business or dissolution, revocation
or bankruptcy of Party A.

 

		9.	Party A is or may be involved in major economic disputes,
litigation, arbitration, or its assets were seized, detained or enforced, or investigated or punished by the judicial organ or
taxation, industry and commerce administrative organs in accordance with the law, has been or may affect its ability to fulfill
the obligations under this contract.

 

		10.	Abnormal change, missing, legal restriction of personal
liberty and investigation by judicial authorities of Party A’s major individual investors, key management personnel, which
have been or may affect Party A to fulfill the obligations under this contract.

 

		11.	Party B finds the problems which may affect the borrower
or guarantor's financial situation and performance capabilities when reviewing Party A’s financial condition and performance
capabilities every year (every year from the effective date of the contract);

 

		12.	Party A cannot provide materials to Party B to explain
large and abnormal capital inflow and outflow in the account.

 

		13.	Party A is in violation with other rights and obligations
agreed in this contract.

 

When any of the
above situations occurred, Party B will perform the following in separate or all at the same time according to the specific situation:

 

		1)	Require Party A or Guarantor to rectify defaults within a definite time.

 

		2)	Reduce completely or partly, pause or terminate Party A’s Credit limit.

 

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		3)	Pause or terminate completely or partly Party A’s business applications in this contract or
in other contracts between Party A and Party B specific credit line under this contract. Pause or terminate completely or partly,
or cancel or stop offering, paying and settling the unissued loans and unsettled trade financing.

 

		4)	Announce the immediate expiration on all or part of the outstanding loans, principle and interest
of trade financing and other accounts payable under this contract or other contracts between Party A and Party B.

 

		5)	Terminate or release this contract, terminate or release contracts between Party A and Party B completely
or partly.

 

		6)	Require compensation from Party A on the losses caused by Party A to Party B.

 

		7)	Deduct the fund from Party A’s deposit accounts to pay off the debts to Party B under this contract.
All the undue funds in the accounts were considered as acceleration of maturity. If the currency in deposit account is different
from the currency of Party B’s loans, the exchange rate on the date of the hold in custody will be applied.

 

		8)	Real rights of pledge will be executed.

 

		9)	Require Guarantors assume liability of guaranty.

 

		10)	Other necessary or probable procedures on Party B’s concern.

 

Clause 13 Rights reserved

 

One party does not perform part or all of
the rights under this contract, nor does not require the other party to perform, undertake part or all of the obligations and
responsibilities, which does not mean the abdication of the right or exemption of the obligation and responsibility. 

Any tolerance, extension or delay from one
party to another party for exercising of rights under this contract does not affect the rights one party enjoys according to this
contract and laws and regulations, and does not mean the abdication of the right.

 

Clause 14 Changes, Modification, Termination

 

Upon negotiation and agreed by both parties,
this contract can be changed and modified by written. Any of the changes and modifications should form the inseparable part of
this contract.

 

Unless otherwise provided for in any law or
regulation or stipulated between the parties, this contract would not be terminated prior to all the rights and obligations are
fulfilled.

 

    	11

    	 

    

 

Unless otherwise provided for in any law or
regulation or stipulated between the parties, the invalidation of single terms under this contract should not affect the validation
of other terms under this contract.

 

Clause 15 Applicable Law and Resolution
for Dispute 

 

1.      This
contract is applicable to the laws of People’s Republic of China.

 

During the performance
of this contract or in connection with all disputes relating to this contract, the two parties settled through friendly consultations.
If negotiation cannot reach agreement, both parties can apply to the local people's court of Party A or other affiliated institutions
of Bank of China.

 

Clause 16 Attachments

 

The Appendix hereof and the other appendix
confirmed by both parties shall form an integral part of this contract, and shall be of legally equal effect with this contract.

 

		1.	Withdrawal application;

 

Clause 17 Other terms and conditions

 

		1.	Without Party B’s written approval, Party A is
not allowed to transfer the rights and obligations under this contract to the 3rd Parties.

 

		2.	Party A should give the consent that Party B might somehow
authorize other affiliated institution of Bank of China to perform the obligation. The performing party entitles all the rights
and obligations under this contract, the performing party reserves the rights to appeal a resolution of dispute if necessary.

 

		3.	The contract has equivalent restrictions to the successors
or inherits of both parties.

 

		4.	Unless otherwise agreed, the domicile addresses stated
in this contract are for corresponding use; both parties should notify each other in writing about any changes of its domicile
addresses.

 

		5.	The transactions under the contract based on independent
interests. According to relevant laws, regulations and regulatory requirements, other parties of the transaction constitutes a
connected party or associated persons, any party shall not seek to use this relationship to affect the fair of transaction.

 

    	12

    	 

    

 

		6.	The title and name of business in this contract is only
for business purposes, will not be used for interpretation of the contract terms, the rights and obligations.

 

		7.	In accordance with the provisions of the relevant laws
and regulations, supervision, Party B has the right to provide the information of this contract and other relevant information
to the credit system of the people's Bank of China and other legally established credit information database, for organizations
or individuals who have the appropriate qualifications to query and use.

 

		8.	If the drawdown date or the repayment date is in legal
holidays, then it is delayed to the first working day after the holidays.

 

		9.	If required by the governing institutions, Party B might
not be able to perform the obligations agreed in this contract, Party B has the right to stop or change the contract or its clauses,
and Party B is exempted from punishment under this circumstance.

 

Clause 18 Effective of the contract

 

This contract enters into force upon the date
when it is signed or sealed and affixed with official seals by the legal representatives or entrusted agents of Party A and Party
B.

 

This contract is signed in quadruplicate,
each party holds two copies, which have the equal legal effect.

 

/s/ [Stamp of Party A]

Signature

May 7, 2013

 

/s/ [Stamp of Party B]

Signature

May 7, 2013

 

    	13

    	 

    

 

Maximum Amount Guaranty Contract 

(Applicable if guarantor is natural person)

 

Reference No. : 2013zhenzhongyinbubaoezi
No.0015

 

Guarantor: Dangyu Pan

Type of certification: identification card

Certification number:

Address: Building A2, Luoshan Industrial Zone,
Longgang District, Shenzhen

Postal code: 518111

Telephone: 8968 6236 ; Facsimile: 8968 6298

 

Creditor: Bank of China, Buji Sub-branch.

Legal Representative: Yang Yong

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518112

Telephone: 2827 4825; Facsimile: 2827 0847

 

To guarantee the performing of the principle
contract stated in Clause 1, both parties agree the following:

 

Clause 1 Principle Contract

 

1. The principle contract
is “Comprehensive credit contract (2013zhenzhongyinbuexiezi No 0000099)” and its supplements signed between Creditor
and Debtor, Shenzhen Highpower Technology (Shenzhen) Co., Ltd.

2. The principle contract
is “Fixed asset loan contract (2013zhenzhongyinbujiezi No 00002)” and its supplements signed between Creditor and Debtor,
Shenzhen Highpower Technology (Shenzhen) Co., Ltd.

 

Clause 2 Principle Creditor’s rights
and the period

 

Unless otherwise agreed, the creditor’s
rights under the following contracts and the creditor’s rights occurred before the engagement of this contract constitutes
the principle creditor’s rights of this contract.

1. The creditor’s
right occurred under comprehensive contract starting from the date of effectiveness, and ends upon the expiration of all the specific
creditor’s rights.

2. The creditor’s
right occurred under fixed assets loan contract starting from the date of effectiveness, and ends upon the repayment date defined
on the contract.

  

    	1

    	 

    

 

Clause 3 The maximum amount guaranteed

 

1.    The
maximum amount assumed guaranteed is:

Currency: Renminbi

Amount (Capital
letter): One hundred and twenty million

Amount (in numbers):
120,000,000

 

		2.	The principle creditor’s rights under the principle
contract constitute the principle creditor’s rights under this contract, which includes: loan principle, interest, compound
interest, punitive interest, liquidated damage, the cost for realization of the creditor’s right (includes but not limited
to the announcement fee, delivery fees, appraisal fees, legal fees, travel expenses, assessment fees, auction fees, the property
preservation fee, compulsory execution fee and etc), as well as the Pledgee’s loss due to the breach of covenants.

 

The sum of the
above terms constitutes the maximum amount of guaranteed for this contract.

 

Clause 4 Types of guaranty

 

Joint responsibility guaranty.

 

Clause 5 The guarantee responsibilities

 

Under the circumstance that, the debtor of
principle contract failed to pay off the creditor’s rights when due (on due date or early termination date), the guaranty
is assumed to be responsible in accordance with this contract.

The due date in the previous sentence means
the repayment date agreed in the principle contract. The early termination date is the termination date request by creditor per
law or per agreements under the principle contracts.

Creditor’s rights on other guarantee
contracts or collateral contracts should not have an impact on the performing of this contract. Guarantor should assume responsibility
under this contract rather than plea with the execution in order.

 

Clause 6 The responsible period

 

The responsible period for this contract
is two years after the establishment of the creditor’s rights under Clause 2

During the period, Creditor is entitled
to the right to request the assumption of responsibility from Guarantor in full or in part on one or on all creditor rights.

 

    	2

    	 

    

 

Clause 7 The duration of action

 

During the period that the creditor’s
rights have not been paid off when due, Guarantor is assumed responsible under the joint responsibility guarantee. Creditor is
entitled to claim the rights within the responsible period defined in Clause 6, the duration of action started upon the request.

 

Clause 8 The relationship between this
contract and the principle contract

Upon the termination or early termination
of the principle contract, Guarantor assumes guarantee responsibility on occurred debt.

The change of principle contract will not
be informed to the Guarantor unless under the following circumstances, change of currency, interest rate, amount, period, or other
terms which might affect the increase of the amount of the principle creditor’s rights or extend the effective period of
the principle contract. Guarantor remains obligated to assume the guarantee responsibility to the changed principle contract.

Under the previous stated circumstance which
Guarantor‘s consent is required, Pledgor Guarantor is entitled to the right to reject to assume the guarantee responsibility
on the incremental portion.

Under the circumstances that, Creditor provide
the letter of credit, trade financing services to debtor under the principle contract, Guarantor won’t be notified but assumed
guarantee responsibility. It is the Creditor’s responsibility to registry for the incremental business contract.

 

Clause 9 Statements and Commitments

Guarantor’s statement: 

		a)	Guarantor is a natural person who possesses the capacity for civil rights and civil conducts in
People’s Republic of China to perform this contract. Party A can perform the civil conduct independently, no bad credit records
such as debt overdue, overdue interest, malicious overdraft on credit card, no criminal records, qualified to be a legal guarantor.

		b)	Guarantor has full understanding about the terms and conditions set forth in the contract. It is
Guarantor’s true will to provide guarantee to debtor.

		c)	The establishment of this contract will not constitute a breach of covenant of any other previous
contract Guarantor engaged in.

		d)	All documents and information provided by Guarantor to Creditor are true, complete, accurate and
effective.

		e)	Guarantor is willing to cooperate in the checking and inspection of its financial conditions performed
by Creditor.

		f)	Guarantor did not conceal any existing liability upon
the signing of the contract

		g)	Inform the Creditor in time for any issues might affect Guarantor’s performing capability,
which including but not limited to losses of assets, transfer, donation, assume responsibility on liabilities, involved in significant
law suits or disputes.

		h)	If the Guarantor is married, make sure the sponsor’s consent is obtained.

 

    	3

    	 

    

 

Clause 10 Authorization of access to personal
information

 

Guarantor authorizes the access of personal
information in the personal credit information database in the People’s Bank of China to Creditor under the following circumstances.

1.    Reference
check on the Guarantor’s credit status.

2.    Reference
check on the Guarantor’s guarantee status.

3.    After-loan
management on the personal credit and guarantee status

4.    Accept
the credit line application of which the Guarantor guaranteed or to be legal representative or one of the funders.

 

Clause 11 Breach of covenants

 

Any of the following situations would be considered
as breach of contract covenant:

1.    Guarantor is in violation
with the previous terms of the contract.

2.    The statements of the
Guarantor is untrue or in violation with its commitments

3.    The occurrence of issues
defined under the point 7 of clause 9 which might affect the Guarantor’s financial position and performing capability.

4.    In violation with other
rights and obligations agreed in this contract.

5.    Guarantor breaches the
covenants on other credit line contracts with Party B or other affiliated institutions of Bank of China.

 

When any of the
above mentioned situations noticed, Creditor will perform the following in separate or all at the same time:

1)    Request Guarantor to
rectify within a definite time.

2)    Reduce, temporarily pause
or permanently terminate Guarantor’s Credit limit in part or in all

3)    Temporarily pause or
permanently terminate in part or in all of Guarantor’s application on specific credit line under this contract.

4)    Announce the immediate
expiration on all the credit lines granted under this contract and affiliated specific credit line contracts.

5)    Terminate or release
this contract, terminate or release in part or in all of the affiliated specific credit line contracts as well as the other contracts
signed between Guarantor and Creditor

6)    Request compensation
from Guarantor on the losses thereafter caused.

7)    Assume the guarantee
responsibility on Guarantors.

8)    Other necessary procedures
on Party B’s concern

 

Clause 12
Rights reserved

 

Either party
might reserve part of or all of the rights under this contract and the affiliated specific credit line contracts, this does not
imply the party has surrendered or remitted the unperformed rights and obligations.

 

    	4

    	 

    

 

Either party
might sometimes tolerate, extend or delay the execution of certain rights, this does not deem as the party has surrendered or remitted
the rights.

 

Clause 13 Change, Modification, Termination
and Partial invalidity

 

Upon negotiation and agreement by both parties,
this contract can be changed and modified, the written record of the changes and modifications should form the inseparable part
of this contract.

Unless ruled by law or both parties formed
a separate agreement, the contract would not be terminated prior to all the rights and obligations defined are fulfilled.

Unless ruled by law or both parties formed
a separate agreement, the void of single terms under this contract should no invalid other contract under this contract.

 

Clause 14 Applicable Law and Resolution
for Dispute 

1.    This contract is entered into according
with the People’s Republic of China, and applicable to the law of the People’s Republic of China.

2.    The resolution of dispute should be appealed
in Party B or other Bank of China subsidiaries defined in this contract or other affiliated contracts

 

Clause 15 Attachments 

Sponsor’s consent.

 

Clause 16 Other terms and conditions

1.    Without
Creditor’s prior written approval, Guarantor is not allowed to transfer the rights and obligations under this contract to
3rd Parties.

2.    Guarantor
should give the consent that, Creditor might somehow authorize other affiliated institutions of Bank of China to perform the obligation.
The performing party is entitled to all the rights and obligations under this contract and the affiliated credit line contracts,
the performing party reserves the rights to appeal a resolution of dispute if necessary.

3.    The contract
has equivalent restrictions to the successors or inherits of both parties.

4.    Unless
otherwise agreed, the domicile addresses stated in this contract are for corresponding use; both parties should notify each other
in writing about any changes of its domicile addresses.

5.    The
title and name of business product is for business purposes, will not used for interpretation of the contract terms and the rights
and obligations.

 

Clause 17 Effectiveness of the contract

This contract is established and entered into
effective upon signing or sealing by the legal representatives (or person-in-charge) of Pledgor and Pledgee or their duly authorized
agents, together with sealing by the company chop.

The pledge is established upon the effectiveness
of this contract.

This contract will be printed and signed in
five copies, Guarantor and the debtor hold one copy each, Creditor holds three copies; each copy has the same legal effect

 

    	5

    	 

    

 

/s/ Dangyu Pan

Signature of Guarantor and Sponsor

January 10, 2013

 

/s/ [COMPANY SEAL]

Stamp of Creditor (if Pledgee is a corporation)

Signature of legal representative or authorized
representative

January 10, 2013

 

Attachment:

Sponsor’s Consent

I, as the sponsor of Dangyu Pan, agree
to assume the guarantee responsibility defined in the Guaranty Contract of the maximum amount of Guaranty with the mutual assets.

Signature of Sponsor

January 10, 2013

 

    	6

    	 

    

 

Maximum Amount Guaranty Contract 

 

Reference No.: 2013zhenzhongyinbubaoezi No.0014

 

Guarantor: Springpower Technology (Shenzhen)
Co., Ltd

Business Licences: 440306503295562

Legal Representative: Dangyu Pan

Address: Factory A, Chaoshun Industrial Zone,
Renmin Road, Fumin Residential Area, Guanlan, BaoAn District,

Postal code: 518000

Deposit A/C and financial institutions: Bank
of China, Pinghu Sub-branch, Shenzhen,

Telephone: 2802 9923; Facsimile: 2802 9923

 

Creditor: Bank of China, Buji Sub-branch.

Legal Representative: Yang Yong

Address: 108, Buji Road, Buji Town, Longgang
District, Shenzhen; Postal code: 518112

Telephone: 2827 4825; Facsimile: 2827 0847

 

To guarantee the performing of the principle
contract stated in Clause 1, both parties agree the following:

 

Clause 1 Principle Contract

 

		1.	The principle contract is “Comprehensive credit
contract (2013 zhenzhongyinbuexiezi No 0000099)” and its supplements signed between Creditor and Debtor, Shenzhen Highpower
Technology (Shenzhen) Co., Ltd

		2.	The principle contract is “Fixed asset loan contract
(2013zhenzhongyinbujiezi No 00002)” and its supplements signed between Creditor and Debtor, Shenzhen Highpower Technology
(Shenzhen) Co., Ltd

 

Clause 2 Principle Creditor’s rights
and the period

 

Unless otherwise agreed, the creditor’s
rights under the following contracts and the creditor’s rights occurred before the engagement of this contract constitutes
the principle creditor’s rights of this contract.

		1.	The creditor’s right occurred under comprehensive
contract starting from the date of effectiveness, and ends upon the expiration of all the specific creditor’s rights.

		2.	The creditor’s right occurred under fixed assets
loan contract starting from the date of effectiveness, and ends upon the repayment date defined on the contract.

 

    	1

    	 

    

 

Clause 3 The maximum amount guaranteed

 

1.    The
maximum amount assumed guaranteed is:

Currency: Renminbi

Amount (Capital
letter): One hundred and twenty million

Amount (in numbers):
120,000,000

 

		2.	The principle creditor’s rights under the principle
contract constitute the principle creditor’s rights under this contract, which includes: loan principle, interest, compound
interest, punitive interest, liquidated damage, the cost for realization of the creditor’s right (includes but not limited
to the announcement fee, delivery fees, appraisal fees, legal fees, travel expenses, assessment fees, auction fees, the property
preservation fee, compulsory execution fee and etc), as well as the Pledgee’s loss due to the breach of covenants.

 

The sum of the
above terms constitutes the maximum amount of guaranteed for this contract.

 

Clause 4 Types of guaranty

 

Joint responsibility guaranty.

 

Clause 5 The guarantee responsibilities

 

Under the circumstance that, the debtor of
principle contract failed to pay off the creditor’s rights when due (on due date or early termination date), the guaranty
is assumed to be responsible in accordance with this contract.

The due date in the previous sentence means
the repayment date agreed in the principle contract. The early termination date is the termination date request by creditor per
law or per agreements under the principle contracts.

Creditor’s rights on other guarantee
contracts or collateral contracts should not have an impact on the performing of this contract. Guarantor should assume responsibility
under this contract rather than plea with the execution in order.

 

Clause 6 The responsible period

 

The responsible period for this contract is
two years after the establishment of the creditor’s rights under Clause 2

During the period, Creditor is entitled to
the right to request the assumption of responsibility from Guarantor in full or in part on one or on all creditor rights.

 

    	2

    	 

    

 

Clause 7 The duration of action

 

During the period that the creditor’s
rights have not been paid off when due, Guarantor is assumed responsible under the joint responsibility guarantee. Creditor is
entitled to claim the rights within the responsible period defined in Clause 6, the duration of action started upon the request.

 

Clause 8 The relationship between this
contract and the principle contract

Upon the termination or early termination
of the principle contract, Guarantor assumes guarantee responsibility on occurred debt.

The change of principle contract will not
be informed to the Guarantor unless under the following circumstances, change of currency, interest rate, amount, period, or other
terms which might affect the increase of the amount of the principle creditor’s rights or extend the effective period of
the principle contract. Guarantor remains obligated to assume the guarantee responsibility to the changed principle contract.

Under the previous stated circumstance which
Guarantor‘s consent is required, Pledgor Guarantor is entitled to the right to reject to assume the guarantee responsibility
on the incremental portion.

Under the circumstances that, Creditor provide
the letter of credit, trade financing services to debtor under the principle contract, Guarantor won’t be notified but assumed
guarantee responsibility. It is the Creditor’s responsibility to registry for the incremental business contract.

 

Clause 9 Statements and Commitments

Guarantor’s statement: 

1.   Guarantor
is legally registered and operating, and owns the full civil rights required by this contract.

2.   Signing
and performing the contract is the true will of Guarantor, Guarantor has been granted all necessary authorizations in effect before
signing the contract. The contract does not form a default for other contracts signed and performed by Guarantor. It is Guarantor’s
responsibility to complete all required approvals, registrations, permits and filings.

3.   All
document and information provided by Guarantor to Creditor are true, complete, accurate and effective.

4.    Guarantor is willing to cooperate
in the check and inspection on its financial conditions performed by Creditor.

5.    Guarantor
did not conceal any existing liability upon the signing of the contract

6.   Inform
the Creditor in time for any issues might affect Guarantor’s performing capability, which including but not limited to business
splitting, merger and termination, disposal of major assets, restructuring, reorganization, joint venture arrangement with foreign
capitals, changing of controlling shareholders or de facto control of Party A, capital reduction, liquidation, re-pledge the encumbered
assets, withdrawal, bankruptcy, dissolution and involved in significant law suits.

 

    	3

    	 

    

 

Clause 10 Breach of covenants

 

Any of the following situations would be considered
as breach of contract covenant:

1.   Guarantor
is in violation with the previous terms of the contract.

2.   The
statements of the Guarantor is untrue or in violation with its commitments

3.   The
occurrence of issues defined under the point 6 of clause 9 which might affect the Guarantor’s financial position and performing
capability.

4.   Experiencing
the termination of operation or bankruptcy.

5.   In
violation with other rights and obligations agreed in this contract.

6.   Guarantor
breaches the covenants on other credit line contracts with Party B or other affiliated institutions of Bank of China.

 

When any of the
above mentioned situations noticed, Creditor will perform the following in separate or all at the same time:

1)   Request Guarantor
to rectify within a definite time.

2)   Reduce, temporarily
pause or permanently terminate Guarantor’s Credit limit in part or in all

3)   Temporarily pause
or permanently terminate in part or in all of Guarantor’s application on specific credit line under this contract.

4)   Announce the immediate
expiration on all the credit lines granted under this contract and affiliated specific credit line contracts.

5)   Terminate or release
this contract, terminate or release in part or in all of the affiliated specific credit line contracts as well as the other contracts
signed between Guarantor and Creditor

6)   Request compensation
from Guarantor on the losses thereafter caused.

7)   Assume the guarantee
responsibility on Guarantors.

8)   Other necessary procedures
on Party B’s concern

 

Clause 11
Rights reserved

 

Either party
might reserve part of or all of the rights under this contract and the affiliated specific credit line contracts, this does not
imply the party has surrendered or remitted the unperformed rights and obligations.

Either party
might sometimes tolerate, extend or delay the execution of certain rights, this does not deem as the party has surrendered or remitted
the rights.

 

Clause 12 Change, Modification, Termination
and Partial invalidity

 

Upon negotiation and agreed by both parties,
this contract can be changed and modified, the written record of the changes and modifications should form the inseparable part
of this contract.

Unless ruled by law or both parties formed
a separate agreement, the contract would not be terminated prior to all the rights and obligations defined are fulfilled.

 

    	4

    	 

    

 

Unless ruled by law or both parties formed
a separate agreement, the void of single terms under this contract should no invalid other contract under this contract.

 

Clause 13 Applicable Law and Resolution
for Dispute 

1.   This
contract is entered into according with the People’s Republic of China, and applicable to the law of the People’s Republic
of China.

2.   The
resolution of dispute should be appealed in Party B or other Bank of China subsidiaries defined in this contract or other affiliated
contracts

 

Clause 14 Attachments 

Not applicable

 

Clause 15 Other terms and conditions

1.   Without
Creditor’s prior written approval, Guarantor is not allowed to transfer the rights and obligations under this contract to
3rd Parties.

2.   Guarantor
should give the consent that, Creditor might somehow authorize other affiliated institution of Bank of China to perform the obligation.
The performing party entitles all the rights and obligations under this contract and the affiliated credit line contracts, the
performing party reserves the rights to appeal a resolution of dispute if necessary.

3.   The
contract has equivalent restrictions to the successors or inherits of both parties.

4.   Unless
otherwise agreed, the domicile addresses stated in this contract are for corresponding use; both parties should notify each other
in writing about any changes of its domicile addresses.

5.   The
title and name of business product is for business purposes, will not used for interpretation of the contract terms and the rights
and obligations.

 

Clause 16 Effectiveness of the contract

This contract is established and enters into
effective upon signing or sealing by the legal representatives (or person-in-charge) of Guarantor and Creditor or their duly authorized
agents, together with sealing by the company chop.

The pledge is established upon the effectiveness
of this contract.

This contract will be printed and signed in
five copies, Guarantor and the debtor hold one copy each, Creditor holds three copies; each copy has the same legal effect

 

/s/ Dangyu Pan

[COMPANY SEAL]

Stamp of Guarantor (if Guarantor is a corporation)

Signature of Authorized Representative

January 10, 2013

 

/s/ [COMPANY SEAL]

Stamp of Creditor (if Creditor is a corporation)

Signature of legal representative or authorized
representative

January 10, 2013

 

    	5Exhibit
4.1

 

PROMISSORY NOTE

 

	US $ _1,600,000	Date: August 1, 2013

 

FOR
VALUE RECEIVED, Global Food Technologies, Inc, a Delaware corporation (“Maker”) promises to pay _KATHY
DAUDISTIEL__, an individual, (“Holder”) the principal amount outstanding,
advanced and loaned under this note up to the sum of One Million Six Hundred Thousand Dollars_
($_1,600,000_) in lawful money of the United States of America, in ONE YEAR
from the date of this note entered above (”Maturity Date”). The term may be extended at each maturity for an additional
year at the option of the Maker unless called for payment by Holder 90 days prior to the next maturity. Such sum outstanding will
bear simple interest at the rate of THREE (3%) per annum computed on a 365 day year. Interest shall be payable in Common Stock
of the Maker at the rate of $2.39 per share and shall be payable at maturity. 

 

This note
is made in response to the advance of $700,000 on this date by Holder. The Holder in good faith will further advance $900,000 in
six tranches of $150,000 each, due on the first day of each subsequent month. Failure by Holder to make any or all of the additional
advances shall not compromise or invalidate any of the other terms of this note.

 

Maker shall
be liable to Holder only for the sum of the principal advances made and not repaid and the accumulated interest earned thereon.

 

This note
may be prepaid in whole or part at any time without penalty or bonus. 

 

This Note may not be assigned by the Holder
without the prior written consent of Maker.

 

This Note
is convertible in full or in part into fully-paid and non-assessable shares of Common Stock of Maker, at any time at the option
of the Holder. Principal may be converted into shares of Common Stock at the initial conversion price of Two Dollars and Thirty
Nine Cents ($2.39) per share. The conversion price shall be adjusted for any reclassification or recapitalization of its Common
Stock.

 

This note is made and delivered in the
State of California and shall be construed and enforced in accordance with and governed by the laws of the State of California.
Any action or proceeding relating to this note will be brought exclusively in the State Courts in Kings County, California.

 

IN WITNESS WHEREOF, this Promissory
Note is executed on the date first written above.

 

GLOBAL FOOD TECHNOLOGIES, INC.

 

	By:  	/s/ Keith Meeks	 	 
	 	Keith Meeks, President	 	 
	 	802 N Douty St, Hanford CA 93230

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