CONVERTIBLE NOTE AGREEMENT

　　可轉(zhuǎn)換票據(jù)協(xié)議

　　This CONVERTIBLE NOTE AGREEMENT (Agreement) is made and entered on XXXX, XXXX 2017, in Shanghai, China, by and between XXX Co, Ltd. and XXX Ltd. (Note Holder).

　　本可轉(zhuǎn)換股票據(jù)協(xié)議(協(xié)議)由XXX有限公司(XXX)與XXX Ltd(票據(jù)持有人)于二〇一七年X月X日于中國上海訂立。

　　WHEREAS, XXX and XXX are entering into this Agreement to provide working capital for XXX’s business.

　　鑒于，XXX和XXX簽訂本協(xié)議，旨在為XXX的業(yè)務(wù)提供流動(dòng)資金。

　　NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

　　因此，鑒于以下所載的相互約定、協(xié)議以及其他有價(jià)值的考慮，特此確認(rèn)，雙方同意如下：

　　1 Convertible Note

　　可轉(zhuǎn)換票據(jù)

　　1.1 Note Amount

　　票據(jù)金額

　　The Note Amount shall be USD 2,000,000.

　　票據(jù)金額為美元貳佰萬元正。

　　1.2 Origination Fee

　　初始費(fèi)用

　　The Note Holder shall fully pay XXX in cash and XXX shall undertake an Origination Fee of 3% of the Note Amount.

　　票據(jù)持有人應(yīng)全額一次性支付XXX現(xiàn)金，XXX應(yīng)承擔(dān)票據(jù)金額的3%作為初始費(fèi)用。

　　1.3 Net Note Proceed

　　票據(jù)凈值

　　The Net Note Proceed shall be 97% of the Note Amount which is equivalent to USD 1,940,000.

　　票據(jù)凈值為票據(jù)金額的97%，即美元壹佰玖拾肆萬元整。

　　2 Interest

　　利息

　　2.1 Interest Rate

　　利率

　　XXX promises to pay simple interest on the outstanding principal amount hereof from the date of XXX receiving the Net Note Proceed, which interest shall be payable at the rate of 7% per annum and shall be calculated on the basis of a 365-day year for the actual number of days elapsed.

　　XXX承諾自收到票據(jù)凈額之日起計(jì)算單利，利率為年化7%，并應(yīng)根據(jù)實(shí)際占用天數(shù)計(jì)算，一年為365天。

　　2.2 Interest Payment

　　利息支付

　　Interest shall be due and payable on the Maturity Date (See Clause 4).

　　利息將在到期日到期和應(yīng)付(見第4條)。

　　3 Conversion

　　轉(zhuǎn)換

　　3.1 Locking Period

　　鎖定期

　　The Note Holder shall not convert during the first 6 months from the date of XXX receiving the Net Note Proceed.

　　票據(jù)持有人不得在自XXX收到票據(jù)凈額之日起的前六個(gè)月行使轉(zhuǎn)換權(quán)利。

　　3.2 Conversion Period

　　轉(zhuǎn)換期

　　The Note Holder may convert from the date

　　票據(jù)持有人可以在以下期間行使轉(zhuǎn)換權(quán)利

　　1) XXX fails to repay any unpaid accrued interest on the Notes on the Maturity Date , or

　　自XXX未能在到期日支付應(yīng)付利息之時(shí)的那一天始，或

　　2) any time after the Locking Period.

　　鎖定期結(jié)束后的任意一日。

　　3.3 Conversion Price

　　轉(zhuǎn)換價(jià)格

　　The Conversion Price shall be 85% of the average closing price of the 15 trading days prior to the date of XXX receiving Notice of Conversion by Note Holder. Notwithstanding the foregoing, the Conversion Price shall, under no circumstances, be lower than the average closing price of the 10 trading days prior to the date of signing of this Agreement (hereinafter Floor Price). If however, no 10 trading day average closing price during the Conversion Period is such that Note Holder is able to convert at Floor Price or above while Note Holder intends to convert, the Interest Rate payable shall be increased to 10% per annum, provided that if the 10 trading day average closing price at any time during the Conversion Period is such that Note Holder is able to convert at Floor Price or above but Note Holder decides not to convert, the Interest Rate payable shall not be increased.

　　轉(zhuǎn)換價(jià)格為XXX收到票據(jù)持有人的轉(zhuǎn)換通知之日前十五個(gè)交易日股票收盤價(jià)的平均值的85%。盡管有上述規(guī)定，轉(zhuǎn)換價(jià)在任何情況下均不得低于本協(xié)議簽訂日期之前的10天平均收市價(jià)(以下簡稱底價(jià))。 倘若轉(zhuǎn)換期內(nèi)之任何10天交易日平均收市價(jià)不足以使票據(jù)持有人能以底價(jià)或底價(jià)以上轉(zhuǎn)換，而票據(jù)持有人擬轉(zhuǎn)換，則應(yīng)付利率增加至年化10%;倘若轉(zhuǎn)換期內(nèi)任何10個(gè)交易日的平均收盤價(jià)使得票據(jù)持有人能夠以底價(jià)或底價(jià)以上轉(zhuǎn)換，但票據(jù)持有人決定不轉(zhuǎn)換，應(yīng)付利率不得增加。

　　3.4 Notice of Conversion

　　轉(zhuǎn)換通知

　　At any time in the Conversion Period, XXX may receive a Notice of Conversion (Notice of Conversion) in writing by the Note Holder regarding to convert the Note to common shares from capital stock of XXX. Upon receipt of Notice of Conversion, XXX must:

　　在轉(zhuǎn)換期內(nèi)的任何時(shí)間，XXX可能會(huì)收到票據(jù)持有人的關(guān)于將票據(jù)轉(zhuǎn)換為XXX公司普通股股份的書面通知(轉(zhuǎn)換通知)。在收到通知之時(shí)，XXX必須：

　　1)convert the Note into Shares by applying such amount to subscribe for Shares at the Conversion Price; and

　　將票據(jù)轉(zhuǎn)換為股份，方式為票據(jù)持有人以轉(zhuǎn)換價(jià)格認(rèn)購股份; 和

　　2)issue to the Note Holder those Shares.

　　向票據(jù)持有人發(fā)行該股份。

　　3.5 Share Issuances

　　發(fā)行股份

　　Shares issued on Conversion will be credited as fully paid and rank pari passu with all other ordinary shares of the XXX then in issue.

　　將轉(zhuǎn)換發(fā)行之股份記作繳足股款，并與XXX之所有其他普通股享有同等地位。

　　3.6 Fractional entitlements

　　零碎權(quán)利

　　The number of Shares to be issued to the Note Holder will be rounded up to the nearest whole number in the event of a fractional entitlement.

　　在符合零碎權(quán)利情況下，向票據(jù)持有人發(fā)行的股份數(shù)將采用進(jìn)一法為最接近的整數(shù)。

　　4 Maturity Date

　　到期日

　　Principal and unpaid accrued interest on the Notes will be due and payable 12 months from the date of XXX receiving the Net Note Proceed (the Maturity Date).

　　票據(jù)的本金及未付應(yīng)計(jì)利息將自XXX收到票據(jù)凈額之日起12個(gè)月到期及應(yīng)付(到期日)。

　　5 Prepayment

　　提前還款

　　XXX may prepay the principal, and any Prepayment of principal will trigger a penalty of 15% of the Note Amount.

　　XXX可能會(huì)提前償還本金，但任何提前償還本金的行為將會(huì)觸發(fā)罰金，數(shù)額為票據(jù)金額的15%。

　　6 No Short Sale

　　禁止沽空

　　The Note Holder will not engage, directly or indirectly, in any short sales of XXX’s securities.

　　票據(jù)持有人不得直接或間接的參與任何沽空XXX股票的交易。

　　7 No Security Interest

　　無擔(dān)保權(quán)益

　　The Notes shall be a general unsecured obligation of XXX.

　　該票據(jù)被視為XXX的一般無抵押義務(wù)。

　　8 Miscellaneous

　　其他

　　8.1 Confidentiality

　　保密

　　Each party must keep this Agreement and information it receives about XXX and its business in connection with this Agreement (Confidential Information) confidential, and must not use or disclose that Confidential Information without the prior written consent of the other party except to the extent that:

　　雙方必須保持本協(xié)議及其收到的與本協(xié)議(機(jī)密信息)有關(guān)的XXX及其業(yè)務(wù)的機(jī)密信息，并且未經(jīng)對方事先書面同意，不得使用或披露該機(jī)密信息，以下情況除外：

　　1) disclosure is required by law;

　　法律要求披露;

　　2)the relevant information is already in the public domain;

　　已經(jīng)公開的相關(guān)信息;

　　3)it is reasonably necessary in connection with executing the services herein based on mutual agreement to be determined。

　　基于雙方同意，對于執(zhí)行該協(xié)議下的服務(wù)是合理及必要的情況。

　　8.2 Notices

　　通知

　　All notices and communications given under this Agreement must be in writing and will be delivered personally, sent by post or sent by email to the address or email address set out in the following (or at such other address as notified from time to time by the party changing its address).

　　根據(jù)本協(xié)議提供的所有通知和通訊必須以書面形式，并親自交付，通過郵寄或通過電子郵件發(fā)送到以下列出的地址或電子郵件地址(或由當(dāng)事人不定時(shí)通知的其他地址)。

　　If to XXX:

　　至XXX：

　　If to Note Holder:

　　至票據(jù)持有人：

　　8.3 Entire agreement

　　完整協(xié)議

　　This Agreement contains all of the terms, representations and warranties made between the parties relating to the matters dealt with in this Agreement and supersedes and cancels all prior discussions and agreements covering the subject matter of this Agreement. The parties have not relied on any representation, warranty or agreement relating to the matters dealt with in this Agreement that is not expressly set out in this Agreement, and no such representation, warranty or agreement has any effect from the date of this Agreement.

　　本協(xié)議包含雙方之間就本協(xié)議所涉及事項(xiàng)所做出的所有條款，陳述和保證，并取代和取消所有先前涉及本協(xié)議主題事項(xiàng)的討論和協(xié)議。各方不依賴本協(xié)議中未明確規(guī)定的與本協(xié)議中涉及的事項(xiàng)相關(guān)的任何聲明，保證或協(xié)議，且自本協(xié)議之日起，任何此類聲明，保證或協(xié)議均不具有任何效力。

　　8.4 Amendment

　　修訂

　　This Agreement may only be amended by agreement of the parties in writing.

　　本協(xié)議只能經(jīng)雙方書面協(xié)議修改。

　　8.5 Waiver

　　自動(dòng)放棄權(quán)益

　　No exercise or failure to exercise or delay in exercising any right or remedy will constitute a waiver by that party of that or any other right or remedy available to it.

　　不行使或延遲行使任何權(quán)利或補(bǔ)救，將視為該當(dāng)事方自動(dòng)放棄該項(xiàng)或任何其他權(quán)利或補(bǔ)救措施。

　　8.6 Governing law and jurisdiction

　　適用法律及管轄權(quán)

　　This Agreement will be governed by the laws of the State of New York, U.S, and the parties submit to the non-exclusive jurisdiction of the courts of the State of New York, U.S.

　　本協(xié)議將受美國紐約州法律管轄，雙方受美國紐約州法院的非排他性管轄。

　　【Signature Page Follows 以下為簽字頁】

　　Agreed and Accepted by

　　由以下雙方接受并同意

　　SIGNED for and on behalf of XXX Holdings Ltd. By

　　代表XXX有限公司簽署

　　_______________________________

　　Signature of authorized signatory

　　授權(quán)簽署人簽名

　　_______________________________

　　Date 日期

　　SIGNED for and on behalf of XXX LTD. By

　　代表XXX LTD.簽署

　　_______________________________

　　Signature of authorized signatory

　　授權(quán)簽署人簽名

　　_______________________________

　　Date 日期