Exhibit 10.16
IN ACCORDANCE WITH ITEM 601 OF REGULATION S-K, CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THE EXHIBIT BECAUSE IT IS BOTH (1) NOT MATERIAL AND (2) THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. [*] INDICATES THAT INFORMATION HAS BEEN REDACTED.
Loan Agreement
Party A (Lender) Shenzhen Bestman Precision Instrument Co., Ltd
ID number/tax number: [*]
Address: Floor 8, Yifang Building, No.315 Shuangming Avenue, Dongzhou Community, Guangming Street, Guangming District, Shenzhen
Party B (borrower) Shenzhen Ebitech Technology Co., Ltd
ID number/tax number: [*]
Address: 16-G, Nanyuan Maple Leaf Building, Nanshan Avenue, Nanshan street, Nanshan District, Shenzhen
On the basis of equality, voluntariness, equal value and compensation, Party A and Party B have reached the following consensus through friendly negotiation for both parties to abide by.
I. Usage of Loan
Due to the operation of the company, Party B urgently needs a capital turnover and borrows from Party A, which Party A agrees to lend.
II. The Loan Amount
Party B borrows from Party A the amount of RMB (in words) five hundred eighty-one thousand seventy Yuan one dime (in figures: ¥ 581,070.10) to the collection account designated by Party B.
III. Loan Term
The loan term is one year from July 1, 2020 (calculated from the date when Party A actually lends the loan, and Party B shall issue a receipt separately) to July 1, 2021.
IV. Repayment Method
Shall take the initiative to repay the arrears to Party A within the time specified in this agreement. Party A shall pay back all the money due to Party B upon receipt of this agreement.
V. Loan Interest
The loan interest is: none.
VI. Settlement of Contract Disputes
Any dispute arising from the performance of this contract shall be settled by both parties through friendly negotiation, or through mediation by a third party. If negotiation or mediation fails, a lawsuit may be brought to the people's court where Party B is located according to law.
VII. This contract shall come into force as of the date of signature of both parties. This contract is made in duplicate, one for each party. Have the same legal effect.
Signature of Party A: (affixed with corporate seal)
Signature of Party B: (affixed with corporate seal)
Signing date: MM DD YY
Loan Agreement
Party A (Lender) Shenzhen Bestman Precision Instrument Co., Ltd.
Id number/tax number: [*]
Address: Floor 8, Yifang Building, No.315 Shuangming Avenue, Dongzhou Community, Guangming Street, Guangming District, Shenzhen
Party B (Borrower) Shenzhen Ebitech Technology Co., Ltd.
ID number/tax number: [*]
Address: 16-G, Maple Leaf Building, Nanyuan Park, Nanshan Avenue, Nanshan Street, Nanshan District, Shenzhen
On the basis of equality, voluntariness, equal value and compensation, Party A and Party B, through friendly negotiation, have reached the following consensus for both parties to abide by.
1. Purpose of The Loan
Because of the company's operation, Party B urgently needs a capital turnover and borrows money from Party A, and Party A agrees to lend it.
2. The Loan Amount
The loan amount of Party B from Party A is RMB (in words) two million two hundred and ninety-six thousand and seventy-two Yuan and six cents only (in figures: ￥ 2,296,072.06 Yuan).
Collection account designated by Party B.
3. The Loan Period
The loan period is one year, starting from March 31, 2020 (from the date when Party A actually lends money, Party B shall issue a receipt separately).
Until March 31, 2021.
4.The Repayment Method
Party B shall voluntarily repay the arrears to Party A within the time specified in this Agreement. After Party B has paid off all the funds stipulated in this Agreement when due, Party A will accept it.
Give the IOU to Party B after repayment.
5. Interest on Loans
The loan interest is: None.
6. Ways to Solve Contract Disputes
Disputes arising from the performance of this contract shall be settled through friendly negotiation between the parties concerned, and may also be mediated, negotiated or mediated by a third party.
If it fails, it may bring a lawsuit to the people's court where Party B is located according to law.
7. This contract shall come into force as of the date of signature by both parties. This contract is made in duplicate, one for each party. Have the same legal effect.
Party A (signature): (affixed with corporate seal)
Party B (signature): (affixed with corporate seal)
Date of signing the contract: year month day
