Exhibit
10.2


 


IMMRSIV
Inc.


 


1004,
Toa Payoh North, #04-12


Singapore
318995


+65
6255 4645


 


December
[.], 2022


 


[Name]___________________


 





[Address]_________________


 


_________________________


 


Re:
Director’s Agreement


 


Dear
_____________________:


 


IMMRSIV
Inc. (the “Company”), is pleased to offer you a position as a director on its Board of Directors and as a chair of
the _______ Committee and a member of the _____________ Committee and the _____________ Committee that we intend to form (collectively
the “Board”). This letter shall constitute an agreement (the “Agreement”) between you and the Company
and contains all the terms and conditions relating to the services you are to provide.


 


1.
Term. Your appointment shall be effective as of the date of the effectiveness of the registration statement on F-1 of IMMRSIV
Inc. Your term as director shall continue subject to the provisions in Section 8 below or until your successor is duly elected and qualified.
The position shall be up for re-election each year at the annual shareholders’ meeting and upon re-election, the terms and provisions
of this Agreement shall remain in full force and effect.


 


2.
Services. You shall render services as a member of the Board. You shall be required to attend all meetings of the Board called
from time to time either in-person or by telephone, Zoom or another online meeting platform. You shall be required to attend all meetings
of the Audit Committee, Compensation Committee and Nominations Committee either in-person or by telephone, Zoom or another online meeting
platform. As an independent director, you may also be required to attend at least one (1) meeting with the other independent directors
without the presence of the Company’s officers and non-independent directors and to perform such other duties required of the independent
directors, including but not limited to submitting relevant documents required of directors by the SEC or Nasdaq. The services described
in this Section 2 shall hereinafter be referred to as your “Duties.”


 


3.
Services for Others. You shall be free to represent or perform services for other persons during the term of this Agreement.
You agree, however, that you do not presently perform and do not intend to perform, during the term of this Agreement, similar Duties,
consulting, or other services for companies whose businesses are or would be, in any way, competitive with the Company (except for companies
previously disclosed by you to the Company in writing). Should you propose to perform similar Duties, consulting, or other services for
any such company, you agree to notify the Company in writing in advance (specifying the name of the organization for whom you propose
to perform such services) and to provide information to the Company sufficient to allow it to determine if the performance of such services
would conflict with areas of interest to the Company.


 


4.
Compensation.


 


4.1
Cash Compensation. You will be paid a director’s fee of USD$________ per year on an annual basis (“Director’s
Fee”) for performing your Duties. The Director’s Fee will be fully earned at the beginning of each year in which you serve
as a director, and the Company’s obligation to pay the full amount of the Director’s Fee shall be absolute and unconditional
at the beginning of each year, notwithstanding the fact that payment is being made on an installment basis. The Director’s Fee
shall be payable in quarterly installments of USD$_______. The first installment will be transferred to your account on the first day
of your service as a Director, and subsequent installments on last business day of each calendar quarter thereafter. It is anticipated
that the Directors Fee will continue for so long as you are a Director and will continue to be paid in quarterly increments.


 






    	 



     


    

 


4.2.
Cash Reimbursement. You shall be reimbursed for reasonable expenses documented and incurred by you in connection with the
performance of your Duties (including travel expenses for meetings you attend in-person).


 


4.3.
Service on Board Committees. You will not receive additional compensation (other than the Director’s Fee) for your services
on the Audit Committee, Compensation Committee and Nominations Committee.


 


5.
D&O Insurance Policy. During the term under this Agreement, the Company shall include you as an insured under its officers
and directors’ insurance policy with coverage determined annually by the Company and the Board. The Company agrees to maintain
such insurance during the term that you serve as a Director and for two years after you cease to be a director.


 


6.
No Assignment. Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by
you without the prior written consent of the Company.


 


7.
Confidential Information; Non-Disclosure. In consideration of your access to the premises of the Company and/or you access
to certain Confidential Information of the Company, in connection with your business relationship with the Company, you hereby represent
and agree as follows:


 


7.1.
Definitions. For purposes of this Agreement, the term “Confidential Information” means:


 


a.
Any information that the Company possesses that has been created, discovered, or developed by or for the Company, and that has or
could have commercial value or utility in the business in which the Company is engaged; or


 


b.
Any information that is related to the business of the Company and is generally not known by non-Company personnel.


 


c.
By way of illustration, but not limitation, Confidential Information includes trade secrets and any information concerning products,
processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not
reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications,
data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier
identities, characteristics, and agreements.


 


7.2.
Exclusions. Notwithstanding the foregoing, the term Confidential Information shall not include:


 


a.
Any information that becomes generally available to the public other than as a result of a breach of the confidentiality portions
of this Agreement, or any other agreement requiring confidentiality between the Company and you;


 


b.
Information received from a third party in rightful possession of such information who is not restricted from disclosing such information;
and


 


c.
Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.


 


7.3.
Documents. You agree that, without the express prior written consent of the Company, you will not remove from the Company’s
premises, any notes, formulas, programs, data, records, machines, or any other documents or items that in any manner contain or constitute
Confidential Information, nor will you make reproductions or copies of same. In the event you receive any such documents or items by
personal delivery from any duly designated or authorized personnel of the Company, you shall be deemed to have received the express written
consent of the Company. In the event that you receive any such documents or items, other than through personal delivery as described
in the preceding sentence, you agree to inform the Company promptly of your possession of such documents or items. You shall promptly
return any such documents or items, along with any reproductions or copies to the Company upon the Company’s demand, upon termination
of this Agreement, or upon your termination or Resignation, as defined in Section 8 herein.


 






    	 



     


    

 


7.4.
No Disclosure. You agree that you will hold in trust and confidence all Confidential Information and will not disclose to
others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent
of the Company, except as maybe necessary in the course of your business relationship with the Company. You further agree that you will
not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your
business relationship with the Company, and that the provisions of this Section 7.4 shall survive termination of this Agreement for twelve-month
period.


 


8.
Termination and Resignation. Your membership on the Company’s Board may be terminated for any or no reason at a meeting
called expressly for that purpose by a vote of the shareholders holding more than fifty percent (50%) of the shares of the Company’s
issued and outstanding shares entitled to vote. You may also terminate your membership on the Board for any or no reason by delivering
your written notice of resignation to the Company (“Resignation”), and such Resignation shall be effective upon its
acceptance by the Board, provided, however, that if the Board has not acted on such written notice within ten days from its date of delivery,
then your Resignation shall upon the tenth day be deemed accepted by the Board. Upon the effective date of the termination or Resignation,
your right to compensation hereunder will terminate subject to the Company’s obligations to pay you any cash compensation (or equivalent
value in shares of the Company’s ordinary shares) that you have already earned and to reimburse you for approved expenses already
incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation; provided that
the Company’s obligation to pay you Shares in accordance with Section 4.1 above and the Director’s Fee in accordance with
Section 4.2 above for the first year in which you have agreed to serve as a director shall not be changed or adjusted and the Company
shall remain obligated to pay the full amount of the Director’s Fee and the Shares without regard to the period that you serve
as a Director.


 


9.
Indemnification. Concurrent with the execution of this Agreement we shall enter into the Director’s Indemnification
Agreement attached hereto as Exhibit A and incorporated herein by this reference.


 


10.
Governing Law. All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations
of the parties hereunder, shall be determined in accordance with the laws of the Cayman Islands without regard to any conflicts of law
principles that would result in the application of the laws of another jurisdiction.


 


11.
Arbitration. Any dispute, controversy, difference or claim arising out of or relating to this agreement, including the
existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations
arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Singapore International
Arbitration Centre (SIAC) under the UNCITRAL Arbitration Rules in force when the Notice of Arbitration is submitted, as modified by the
SIAC Procedures for the Administration of Arbitration under the UNCITRAL Arbitration Rules.


 


The
Parties agree as follows:


 


	 	●	The
    law of this arbitration clause shall be Singapore.
	 	●	The
    place of arbitration shall be Singapore.
	 	●	The
    number of arbitrators shall be one.
	 	●	The
    arbitration proceedings shall be conducted in the English language.


 


12.
Entire Agreement; Amendment; Waiver; Counterparts. This Agreement expresses the entire understanding with respect to the subject
matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term
of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties
hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or
failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time
to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require
future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts
each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using
facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such
signature.


 


[Remainder
of Page Left Blank Intentionally]


 




    	 



     


    

 


This
Agreement has been executed and delivered by the undersigned and is made effective as of the date first set forth above.


 


	 	Sincerely,
	 	 	 
	 	IMMRSIV
    Inc.
	 	 	 
	 	By:	  
	 	 	Mr.
    Png Bee Hin
	 	 	Chairman
    of the Board and Chief Executive Officer





 


AGREED
AND ACCEPTED BY


 


_________________________:


 


__________________________________


 


__________________________________


 


__________________________________


 


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