Exhibit 10.2


 


Employment Agreement


 


This Employment Agreement
(the “Agreement”) is made and entered into as of March 9, 2020 (the “Effective Date”), by and between
Lanling Gu (the “Executive”) and Zhejiang Leiya Electronics Co., Ltd., a company incorporated under the laws of the People’s
Republic of China (the “Company”).


 


WHEREAS, the Company desires
to employ the Executive on the terms and conditions set forth herein; and


 


WHEREAS, the Executive desires
to be employed by the Company on such terms and conditions.


 


NOW, THEREFORE, in consideration
of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows:


 


1. Term.
Subject to Section 4 of this Agreement, the Executive’s term of employment hereunder shall be from the period of three year(s) beginning
on the Effective Date. Thereafter, the Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for
successive periods of one year, unless either party provides written notice of its intention not to extend the term at least 30 days prior
to the end of the Initial Term or one-year extension thereof. The period during which the Executive is employed by the Company hereunder
is hereinafter referred to as the “Employment Term.”


 


2.
Position and Duties.


 


2.1 Position.
During the Employment Term, the Executive shall serve as the Chief Financial Officer of the Company, reporting to the Chief Executive
Officer. In such position, the Executive shall have such duties, authority, and responsibilities as are consistent with the Executive’s
position.


 


2.2 Duties.
During the Employment Term, the Executive shall devote substantially all of his/her business time and attention to the performance of
the Executive’s duties hereunder and will not engage in any other business, profession, or occupation for compensation or otherwise which
would conflict or interfere with the performance of such services either directly or indirectly without the prior written consent of the
Board.


 


3.
Compensation.


 


3.1
Base Salary. The Company shall pay the Executive an annual rate of base salary of $75,000 in periodic installments in
accordance with the Company’s customary payroll practices and applicable wage payment laws, but no less frequently than monthly. The
Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base Salary.”


 


3.2
Fringe Benefits and Perquisites. During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites
consistent with those provided to similarly situated executives of the Company.


 






     


     

    

 


3.3
Employee Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans,
practices, and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”)
to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to
amend or terminate any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan
and applicable law.


 


3.4
Vacation; Paid Time Off. During the Employment Term, the Executive shall be entitled to paid vacation days in accordance
with the Company’s vacation policies, as in effect from time to time. The Executive shall receive other paid time off in accordance with
the Company’s policies for executive officers as such policies may exist from time to time and as required by applicable law.


 


3.5
Business Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business,
entertainment, and travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder in
accordance with the Company’s expense reimbursement policies and procedures.


 


3.6 Indemnification.
The Company shall indemnify and hold the Executive harmless for acts and omissions in the Executive’s capacity as an officer, director,
or employee of the Company.


 


4. Termination
of Employment. The Employment Term and the Executive’s employment hereunder may be terminated by either the Company or the
Executive at any time and for any reason or for no particular reason; provided that, unless otherwise provided herein, either party shall
be required to give the other party at least 30 days advance written notice of any termination of the Executive’s employment. Upon termination
of the Executive’s employment during the Employment Term, the Executive shall be entitled to the compensation and benefits described in
this Section 4 and shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates.


 


4.1
Expiration of the Term, For Cause, or Without Good Reason.


 


(a) The
Executive’s employment hereunder may be terminated upon either party’s failure to renew the Agreement in accordance with Section 1, by
the Company for Cause, or by the Executive without Good Reason and the Executive shall be entitled to receive:


 


(i) any
accrued but unpaid Base Salary and accrued but unused vacation or paid time off;


 


(ii) reimbursement
for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance with the Company’s
expense reimbursement policy; and


 






    2 


     

    

 


(iii) such
employee benefits (including equity compensation), if any, to which the Executive may be entitled under the Company’s employee benefit
plans as of the date of the Executive’s termination; provided that, in no event shall the Executive be entitled to any payments in the
nature of severance or termination payments except as specifically provided herein.


 


Items 5.1(a)(i) through
5.1(a)(iv) are referred to herein collectively as the “Accrued Amounts.”


 


(b) For
purposes of this Agreement, “Cause” shall mean:


 


(i) the
Executive’s failure to perform his/her duties (other than any such failure resulting from incapacity due to physical or mental illness);


 


(ii) the
Executive’s failure to comply with any valid and legal directive of the Chief Executive Officer;


 


(iii) the
Executive’s engagement in dishonesty, illegal conduct, or misconduct, which is, in each case, injurious to the Company or its affiliates;


 


(iv) the
Executive’s embezzlement, misappropriation, or fraud, whether or not related to the Executive’s employment with the Company;


 


(v) the
Executive’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime
that constitutes a misdemeanor involving moral turpitude;


 


(vi) the
Executive’s violation of the Company’s written policies or codes of conduct, including written policies related to discrimination, harassment,
performance of illegal or unethical activities, and ethical misconduct;


 


(vii) the
Executive’s material breach of any obligation under this Agreement or any other written agreement between the Executive and the Company;
or


 


(viii) the
Executive’s engagement in conduct that brings or is reasonably likely to bring the Company negative publicity or into public disgrace,
embarrassment, or disrepute.


 


Except for a failure,
breach, or refusal which, by its nature, cannot reasonably be expected to be cured, the Executive shall have 10 business days from the
delivery of written notice by the Company within which to cure any acts constituting Cause.


 






    3 


     

    

 


(c) For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during the
Employment Term without the Executive’s prior written consent:


 


(i) a
material reduction in the Executive’s Base Salary other than a general reduction in Base Salary that affects all similarly situated executives
in substantially the same proportions;


 


(ii) a
material reduction in the Executive’s Target Bonus opportunity;


 


(iii) any
material breach by the Company of any material provision of this Agreement ;


 


(iv) the
Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs
by operation of law;


 


(v) the
Company’s failure to nominate the Executive for election to the Board and to use its best efforts to have him/her elected and re-elected,
as applicable;


 


(vi) a
material, adverse change in the Executive’s authority, duties, or responsibilities (other than temporarily while the Executive is physically
or mentally incapacitated or as required by applicable law); or


 


(vii) a
material adverse change in the reporting structure applicable to the Executive.


 


To terminate his/her
employment for Good Reason, the Executive must provide written notice to the Company of the existence of the circumstances providing grounds
for termination for Good Reason within 10 days of the initial existence of such grounds and the Company must have at least 15 days from
the date on which such notice is provided to cure such circumstances. If the Executive does not terminate his/her employment for Good
Reason within 10 days after the first occurrence of the applicable grounds, then the Executive will be deemed to have waived his/her right
to terminate for Good Reason with respect to such grounds.


 


4.2 Without
Cause or for Good Reason. The Employment Term and the Executive’s employment hereunder may be terminated by the Executive for
Good Reason or by the Company without Cause. In the event of such termination, the Executive shall be entitled to receive the Accrued
Amounts.


 


4.3
Notice of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive during
the Employment Term shall be communicated by written notice of termination (“Notice of Termination”) to the other party
hereto in accordance with Section 12. The Notice of Termination shall specify:


 


(a) the
termination provision of this Agreement relied upon;


 






    4 


     

    

 


(b) to
the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the
provision so indicated; and


 


(c) the
applicable date of termination, which shall be no less than 30 days following the date on which the Notice of Termination is delivered
if the Company terminates the Executive’s employment without Cause, or no less than 10 days following the date on which the Notice of
Termination is delivered if the Executive terminates his/her employment with or without Good Reason.


 


4.4
Resignation of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive
shall be deemed to have resigned from all positions that the Executive holds as an officer or member of the Board (or a committee thereof)
of the Company or any of its affiliates.


 


5.
Governing Law, Jurisdiction, and Venue. This Agreement, for all purposes,
shall be construed in accordance with the laws of New York without regard to conflicts of law principles. Any action or proceeding by
either of the parties to enforce this Agreement shall be brought only in a state or federal court located in the state of New York, county
of New York. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient
forum to the maintenance of any such action or proceeding in such venue.


 


6.
Entire Agreement. Unless specifically provided herein, this Agreement, together
with the Employee Non-Compete Agreement, contains all of the understandings and representations between the Executive and the Company
pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and
warranties, both written and oral, with respect to such subject matter.


 


7.
Modification and Waiver. No provision of this Agreement may be amended or
modified unless such amendment or modification is agreed to in writing and signed by the Company. No waiver by either of the parties
of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall
be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time.


 


8. Severability.
Should any provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality,
or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above,
this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set forth herein.


 


9.
Captions. Captions and headings of the sections and paragraphs of this Agreement
are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any
section or paragraph.


 


10.
Counterparts. This Agreement may be executed in separate counterparts, each
of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.


 






    5 


     

    

 


11.
Successors and Assigns. This Agreement is personal to the Executive and shall
not be assigned by the Executive. Any purported assignment by the Executive shall be null and void from the initial date of the purported
assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation,
or otherwise) to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the
Company and permitted successors and assigns.


 


12. Notice.
Notices and all other communications provided for in this Agreement shall be given in writing by personal delivery, electronic delivery,
or by registered mail.


 


13.
Representations of the Executive. The Executive represents and warrants to
the Company that:


 


The Executive’s acceptance
of employment with the Company and the performance of his/her duties hereunder will not conflict with or result in a violation of, a breach
of, or a default under any contract, agreement, or understanding to which he/she is a party or is otherwise bound.


The Executive’s acceptance
of employment with the Company and the performance of his/her duties hereunder will not violate any non-solicitation, non-competition,
or other similar covenant or agreement of a prior employer or third-party.


14.
Withholding. The Company shall have the right to withhold from any amount
payable hereunder any Federal, state, and local taxes in order for the Company to satisfy any withholding tax obligation it may have
under any applicable law or regulation.


 


15.
Survival. Upon the expiration or other termination of this Agreement, the
respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to
carry out the intentions of the parties under this Agreement.


 


16.
Acknowledgement of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES
THAT HE/SHE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE/SHE
HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS/HER CHOICE BEFORE SIGNING THIS AGREEMENT.


 


[signature page follows]


 






    6 


     

    

 


IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.


 


	 	Zhejiang Leiya Electronics Co., Ltd.
	 	 
	 	By	/s/ Lingyi Kong
	 	Name:	Lingyi Kong
	 	Title:	Chief Executive Officer



 


	EXECUTIVE	 
	 	 
	Signature:	/s/ Lanling Gu	 
	Print Name:	Lanling Gu	 



 


 


7