Exhibit 10.1


 


EMPLOYMENT
AGREEMENT


 


This
EMPLOYMENT AGREEMENT (the “Agreement”), is entered into as of April 15, 2019 (the “Effective Date”),
by and between TMSR Holding Company Limited, a Nevada corporation (the “Company”), and Yimin Jin, an individual
(the “Executive”). Except with respect to the direct employment of the Executive by the Company, the term “Company”
as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its
subsidiaries and affiliated entities (collectively, the “Group”).


 


RECITALS


 


A.
The Company desires to employ the Executive as its Chief Executive Officer to assure itself of the services of the Executive during
the term of Employment (as defined below).


 


B.
The Executive desires to be employed by the Company as its Chief Executive Officer during the term of Employment and upon the
terms and conditions of this Agreement.


 


AGREEMENT


 


The
parties hereto agree as follows:


 


		1.	POSITION


 


The
Executive hereby accepts a position of Chief Executive Officer (the “Employment”) of the Company.


 


		2.	TERM


 


Subject
to the terms and conditions of this Agreement, the initial term of the Employment shall be five years commencing on the Effective
Date, unless terminated earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional
one-year terms if neither the Company nor the Executive provides a notice of termination of the Employment to the other party
or otherwise proposes to re-negotiate the terms of the Employment with the other party within three months prior to the expiration
of the applicable term.

 


		3.	DUTIES
AND RESPONSIBILITIES


 


		(a)	The
Executive’s duties at the Company will include all jobs assigned by the Company’s Board of the Directors (the “Board”).


 


		(b)	The
Executive shall devote all of her working time, attention and skills to the performance of her duties at the Company and shall
faithfully and diligently serve the Company in accordance with this Agreement, the Certificate of Incorporation and Bylaws of
the Company, as amended and restated from time to time (the “Charter Documents”), and the guidelines, policies
and procedures of the Company approved from time to time by the Board.


 


		(c)	The
Executive shall use her best efforts to perform her duties hereunder. The Executive shall not, without the prior written consent
of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall
not be concerned or interested in any business or entity that engages in the same business in which the Company engages (any such
business or entity, a “Competitor”), provided that nothing in this clause shall preclude the Executive from
holding any shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market
anywhere if such shares or securities represent less than 5% of the competitors outstanding shares and securities. The Executive
shall notify the Company in writing of her interest in such shares or securities in a timely manner and with such details and
particulars as the Company may reasonably require.


 


		4.	NO
BREACH OF CONTRACT


 


The
Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance
by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms
of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements entered into by and
between the Executive and any member of the Group pursuant to applicable law, if any; (ii) that the Executive has no information
(including, without limitation, confidential information and trade secrets) relating to any other person or entity which would
prevent, or be violated by, the Executive entering into this Agreement or carrying out her duties hereunder; (iii) that the Executive
is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except
for other member(s) of the Group, as the case may be.


 


		5.	COMPENSATION
AND BENEFITS


 


		(a)	Base
Salary. The Executive’s initial base salary shall be $100,000 per year, paid in periodic installments in accordance
with the Company’s regular payroll practices, and such compensation is subject to annual review and adjustment by the Board.


 


		(b)	Bonus.
The Executive shall be eligible for Bonuses determined by the Board.


  



    1


     


    

 


		(c)	Equity
Incentives. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate
in such plan pursuant to the terms thereof as determined by the Board.


  


		(d)	Benefits.
The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may
be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance
plan and travel/holiday plan.


 


		(e)	Expenses.
The Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses
incurred by the Executive in the performance of her duties under this Agreement; provided that he properly accounts for such expenses
in accordance with the Company’s policies and procedures.


 


		6.	TERMINATION
OF THE AGREEMENT


 


		(a)	By
the Company.


 


(i)
For Cause. The Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice
or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance
with applicable law), if:


 


(1)
the Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement,


 


(2)
the Executive has been grossly negligent or acted dishonestly to the detriment of the Company,


 


(3)
the Executive has engaged in actions amounting to willful misconduct or failed to perform her duties hereunder and such failure
continues after the Executive is afforded a reasonable opportunity to cure such failure; or


 


(4)
the Executive violates Section 7 or 9 of this Agreement.


 


Upon
termination for cause, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.
However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination,
and the Executive’s right to all other benefits will terminate, except as required by any applicable law.


 


(ii)
For death and disability. The Company may also terminate the Employment, at any time, without notice or remuneration (unless
notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance
with applicable law), if:


 


(1)
the Executive has died, or


 


(2)
the Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board,
renders the Executive unable to perform the essential functions of her employment with the Company, with or without reasonable
accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case
that longer period would apply.


 


Upon
termination for death or disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to
termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason
of the termination, and the Executive’s right to all other benefits will terminate, except as required by any applicable
law.


 


(iii)
Without Cause. The Company may terminate the Employment without cause, at any time, upon one-month prior written notice.
Upon termination without cause, the Company shall provide the following severance payments and benefits to the Executive: (1)
a lump sum cash payment equal to 12 months of the Executive’s base salary as of the date of such termination; (2) a lump
sum cash payment equal to a pro-rated amount of her target annual bonus for the year immediately preceding the termination, if
any; (3) payment of premiums for continued health benefits under the Company’s health plans for 12 months fo1lowing the
termination, if any; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the
Executive.


 


Upon
termination without, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.


 


(iv)
Change of Control Transaction. If the Company or its successor terminates the Employment upon a merger, consolidation,
or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity (the
“Change of Control Transaction”), the Executive shall be entitled to the following severance payments and benefits
upon such termination: (1) a lump sum cash payment equal to 12 months of the Executive’s base salary at a rate equal to
the greater of his/her annual salary in effect immediate1y prior to the termination, or his/her then current annua1 salary as
of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his/her target annual bonus for the
year immediately preceding the termination; and (3) immediate vesting of 100% of the then-unvested portion of any outstanding
equity awards held by the Executive.


  



    2


     


    

 


		(b)	By
the Executive. The Executive may terminate the Employment at any time with a prior written notice to the Company, if (1) there
is a material reduction in the Executive’s authority, duties and responsibilities, or (2) there is a material reduction
in the Executive’s annual salary. Upon the Executive’s termination of the Employment due to either of the above reasons,
the Company shall provide compensation to the Executive equivalent to 12 months of the Executive’s base salary that he is
entitled to immediately prior to such termination. In addition, the Executive may resign prior to the expiration of the Agreement
if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is agreed to by the
Board.


   


		(c)	Notice
of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written
notice of termination from the terminating party to the other party.


  


		7.	CONFIDENTIALITY
AND NON-DISCLOSURE


 


		(a)	Confidentiality
and Non-disclosure. The Executive hereby agrees at all times during the term of the Employment and after her termination,
to hold in the strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, corporation
or other entity without prior written consent of the Company, any Confidential Information. The Executive understands that “Confidential
Information” means any proprietary or confidential information of the Company, its affiliates, or their respective clients,
customers or partners, including, without limitation, technical data, trade secrets, research and development information, product
plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas,
technology, designs, hardware configuration information, personnel information, marketing, finances, information about the suppliers,
joint ventures, franchisees, distributors and other persons with whom the Company does business, information regarding the skills
and compensation of other employees of the Company or other business information disclosed to the Executive by or obtained by
the Executive from the Company, its affiliates, or their respective clients, customers or partners, either directly or indirectly,
in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding
the foregoing, Confidential Information shall not include information that is generally available and known to the public through
no fault of the Executive.


 


		(b)	Company
Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created,
received or transmitted in connection with her work or using the facilities of the Company are property of the Company and subject
to inspection by the Company at any time. Upon termination of the Executive’s employment with the Company (or at any other
time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature
pertaining to her work with the Company and will provide written certification of her compliance with this Agreement. Under no
circumstances will the Executive have, following her termination, in her possession any property of the Company, or any documents
or materials or copies thereof containing any Confidential Information.


 


		(c)	Former
Employer Information. The Executive agrees that he has not and will not, during the term of her employment, (i) improperly
use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive
has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of the
Company any document or confidential or proprietary information belonging to such former employer, person or entity unless consented
to in writing by such former employer, person or entity. The Executive will indemnify the Company and hold it harmless from and
against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit, arising out
of or in connection with any violation of the foregoing.


 


		(d)	Third
Party Information. The Executive recognizes that the Company may have received, and in the future may receive, from third
parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality
of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company
and such third parties, during the Executive’s employment by the Company and thereafter, a duty to hold all such confidential
or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner
consistent with, and for the limited purposes permitted by, the Company’s agreement with such third party.


 


This
Section 7 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 7,
the Company shall have right to seek remedies permissible under applicable law.


 


		8.	CONFLICTING
EMPLOYMENT.


 


The
Executive hereby agrees that, during the term of her employment with the Company, he or she will not engage in any other employment,
occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved
during the term of the Executive’s employment, nor will the Executive engage in any other activities that conflict with
her obligations to the Company without the prior written consent of the Company.


  



    3


     


    

 


		9.	NON-COMPETITION
AND NON-SOLICITATION


 


In
consideration of the salary paid to the Executive by the Company and subject to applicable law, the Executive agrees that during
the term of the Employment and for a period of one (1) year following the termination of the Employment for whatever reason:


 


		(a)	The
Executive will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Executive
in the Executive’s capacity as a representative of the Company for the purposes of doing business with such persons or entities
which will harm the business relationship between the Company and such persons and/or entities;


 


		(b)	The
Executive will not assume employment with or provide services as a director or otherwise for any Competitor, or engage, whether
as principal, partner, licensor or otherwise, in any Competitor; and


 


		(c)	The
Executive will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit
the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such
termination.


  


The
provisions contained in Section 9 are considered reasonable by the Executive and the Company. In the event that any such provisions
should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of
application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.


 


This
Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9,
the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief
and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate).
In any event, the Company shall have right to seek all remedies permissible under applicable law.


 


		10.	WITHHOLDING
TAXES


 


Notwithstanding
anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts
otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment,
or other taxes as may be required to be withheld pursuant to any applicable law or regulation.


 


		11.	ASSIGNMENT


 


This
Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer
this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement
or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a Change of Control
Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor
and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.


 


		12.	SEVERABILITY


 


If
any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or
applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions
of this Agreement are declared to be severable. 


 


		13.	ENTIRE
AGREEMENT


 


This
Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the
Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, including any
prior agreements between the Executive and a member of the Group. The Executive acknowledges that he or she has not entered into
this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment
to this Agreement must be in writing and signed by the Executive and the Company.


 


		14.	GOVERNING
LAW; JURISDICTION


 


This
Agreement shall be governed by and construed in accordance with the laws of the State of Nevada and each of the parties irrevocably
consents to the jurisdiction and venue of the federal and state courts located in Nevada.


 


		15.	AMENDMENT


 


This
Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to this Agreement, which agreement is executed by both of the parties hereto.


  



    4


     


    

 


		16.	WAIVER


 


Neither
the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other
or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power
or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted
such waiver.


 


		17.	NOTICES


 


All
notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be
deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii)
sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.


 


		18.	COUNTERPARTS


 


This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose
signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties
reflected hereon as the signatories.


 


Photographic
copies of such signed counterparts may be used in lieu of the originals for any purpose.


 


		19.	NO
INTERPRETATION AGAINST DRAFTER


 


Each
party recognizes that this Agreement is a legally binding contract and acknowledges that it, he or she has had the opportunity
to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against
either party on the basis of that party being the drafter of such terms.


 


[remainder
of this page left intentionally blank]


 






    5


     


    

 


IN
WITNESS WHEREOF, this Agreement has been executed as of the date first written above.


 


	 	TMSR Holding Company Limited
	 	 	 
	 	By:	/s/ Xiaonian Zhang
	 	Name: 	Xiaonian Zhang
	 	Title:	President




 


	 	Executive
		 	
	 	Signature: 	/s/ Yimin Jin
	 	Name:	Yimin Jin 




 


6