Exhibit 10.16
Three Parties Agreement
on Creditor’s Rights and Debts
Party A： SMARTEN TECHNOLOGY CO.,LTD
Address： Rm 5013,No.57 Guangda Road, Banan Community, Yuanshan Street,
Longgang District, Shenzhen City
Unified social credit code： 914403003194288778
Party B： NICK NIANQING ZENG / N.ZENG & COMPANY,INC
Address： P.O.Box 5413,New York, NY 10185-5415
Passport No. ：43-1975097(FED IC) Tel：18025456105
Party C：NAN DU
Address： Rm 502, Block C, No.1 Building, Dongdu Central Throne, Longcheng Street,
Longgang District, Shenzhen City
ID No.： 411303198208060547 Tel：18621083096
After equal and voluntary negotiation, Party A, Party B and Party C have reached the following agreement on the repayment of creditor’s rights and debts:
1. As of the date of signing this agreement, the three parties have confirmed that Party B has lent a total of RMB 364500 to Party A through Party C’s account.
2. The payment and repayment plan for both parties A & B are as follows.
2.1. Party A shall calculate and pay the loan interest monthly from July 1, 2020, and the monthly interest rate shall be calculated at 1.5% and paid before the 10th of the next month.
2.2. Party A will repay all principal before December 31, 2020.
3. After Party A fulfills the payment obligation to Party B in accordance with this agreement, this debt of Party A to Party C will be settled.
4. After the signing of this agreement, Party B shall not require Party C to pay. If the principal and interest are not paid on time due to Party A’s reasons, Party B shall require Party A to bear the liability for breach of contract within the scope of the principal and interest of Party B’s unpaid creditor’s rights.
5. In case of any dispute arising from the performance of this agreement, the parties shall negotiate friendly. If the negotiation fails, they may bring a lawsuit to the people’s court where Party A is located.
6. This agreement is made in triplicate, with each party holding one copy, which shall com e into force after being signed and sealed by the three parties.
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| Party A: SMARTEN TECHNOLOGY CO.,LTD | Party B：NICK NIANQING ZENG | |
| (stamp) | ||
| X | X /s/ NICK ZENG | |
| Party C： NAN DU | ||
| X /s/ NAN DU |
Debt Extension Agreement
PARTY A : SMARTEN TECHNOLOGY CO.,LTD
ADD : Rm 5013,No.57 Guangda Road,Banan Community,Yuanshan Street,Longgang District,Shenzhen City
Unified social credit code： 914403003194288778
PARTY B : Nick Zeng
ADD :P.O.Box 5415 New York,NY 10185-5415
ID No. ： 43-1975097 (FED ID)
Tel：(212)602-1188
1. This agreement is the deferred repayment agreement of the debt deferred repayment agreement signed on June 30, 2020
2. Reasons for extension
Due to the impact of the epidemic, Party A has difficulty in working capital and cannot repay the loan on schedule.
3. The original arrears amount and the original arrears interest rate
Original arrears: RMB 364500
Original arrears interest rate: 1.5% monthly interest rate,Interest generated: RMB 32805.
4. Amount of arrears for the extension period and interest rate of the arrears for the extension period
Amount of deferred arrears: RMB 397305
Interest rate of deferred arrears: 1.5% per month
5. Extension period: 2021.01.01-2021.6.30
6. Extension arrears and interest payment method
Deferred repayment RMB 433062.45.
7. During the extension period, Party A can repay all or part of the arrears in advance according to the actual situation, and the part repaid in advance will not pay interest
8. During the extension period, Party A shall take the initiative to repay the arrears. If Party A fails to repay the arrears on time, Party B requires Party A to bear the liability for breach of contract within the scope of the principal and interest of Party A’s outstanding creditor’s rights
9. This agreement is made in duplicate, with each party holding one copy.
It will come into force after being signed and sealed by both parties. Other matters not covered herein shall be decided by both parties through negotiation.
| PARTY A : SMARTEN | PARTY B : Nick Zeng | |
| TECHNOLOGY CO.,LTD | ||
| [STAMP] /s/ | /s/ Nick Zeng |
Debt Extension Agreement
PARTY A : SMARTEN TECHNOLOGY CO.,LTD
ADD : Rm 5013,No.57 Guangda Road,Banan Community,Yuanshan Street,Longgang District,Shenzhen City
Unified social credit code： 914403003194288778
PARTY B : Nick Zeng
ADD :P.O.Box 5415 New York,NY 10185-5415
ID No. ：43-1975097 (FED ID)
Tel：(212)602-1188
1. This agreement is the deferred repayment agreement of the debt deferred repayment agreement signed on December 31, 2020
2. Reasons for extension
Due to the impact of the epidemic, Party A has difficulty in working capital and cannot repay the loan on schedule.
3. The original arrears amount and the original arrears interest rate
Original arrears: RMB397305
Original arrears interest rate: 1.5% monthly interest rate,
Interest generated: RMB 35757.45
4. Amount of arrears for the extension period and interest rate of the arrears for the extension period
Amount of deferred arrears: RMB 433062.45
Interest rate of deferred arrears: 1.5% per month
5. Extension period: 2021.07.,01-2021.12.31
6. Extension arrears and interest payment method
Deferred repayment RMB 472038.07
7. During the extension period, Party A can repay all or part of the arrears in advance according to the actual situation, and the part repaid in advance will not pay interest
8. During the extension period, Party A shall take the initiative to repay the arrears. If Party A fails to repay the arrears on time, Party B requires Party A to bear the liability for breach of contract within the scope of the principal and interest of Party A’s outstanding creditor’s rights
9. This agreement is made in duplicate, with each party holding one copy.
It will come into force after being signed and sealed by both parties. Other matters not covered herein shall be decided by both parties through negotiation.
| PARTY A : SMARTEN | PARTY B : Nick Zeng | |
| TECHNOLOGY CO.,LTD | ||
| [STAMP] /s/ | /s/ Nick Zeng |
