Document:

Exhibit 10.9

   

  EMPLOYMENT AGREEMENT

   

  THIS AGREEMENT is dated as of the 20th day of August, 2017 by and between Cenntro Automotive Group Limited, a Cayman Islands corporation (the “Company”), and, Mr. Peter Zuguang Wang (“Executive”).

   

  W I T N E S S E T H:

   

  WHEREAS, the Company is desirous of engaging Mr. Peter Zuguang Wang as its Chief Executive
      Officer and he is agreeable to being so appointed on the terms and conditions hereinafter set forth.

   

  NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement, the
      parties agree as follows:

   

  1.            Effective Date of Agreement. This Agreement and the obligations of the parties to adhere to the terms and conditions contained herein shall not be deemed effective until (i) the earlier of 30 days from the date of this
      Agreement, or (ii) the date that the Executive has resolved any prior conflicts with his ability to assume his duties under the terms of this Agreement.

   

  		2.	Employment and Duties.

   

  (a)         Subject to the terms and conditions hereinafter set forth, the Company hereby employs Mr. Peter Zuguang Wang as its Chief Executive Officer. During the Term, as hereinafter defined, Executive shall report to the Company’s board of
      directors. Executive shall also perform such other duties and responsibilities as may be determined by the Company’s board of directors, as long as such duties and responsibilities are consistent with those of the Company’s Chief Executive Officer.

   

  (b)        Unless terminated earlier as provided in Section 5 of this Agreement, this Agreement shall have an initial term (the “Initial Term”) commencing as of (i) the earlier of 30 days from the date of this Agreement, or (ii) the date that
      the Executive has resolved any prior conflicts with his ability to assume his duties under the terms of this Agreement, and expiring on August 19, 2022, and continuing on a year-to-year basis thereafter unless terminated by either party on not less
      than thirty (30) days notice prior to the expiration of the Initial Term or any one-year extension. The Initial Term and the one-year extensions are collectively referred to as the “Term.”

   

  3.            Performance. Executive hereby accepts the employment contemplated by this Agreement. During the Term, he shall devote substantially all of his business time to the performance of his duties under this Agreement, and shall
      perform such duties diligently, in good faith and in a manner consistent with the best interests of the Company.

   

  		4.	Compensation and Other Benefits.

   

  For his services to the Company during the Term, the Company shall (a) pay Executive an annual
      salary (“Salary”), and (b) grant to Executive an option (“Option”) to purchase the Company’s common stock. Executive’s Salary and terms of the Option will be discussed and determined separately.

   

  
     

    
      
 

  

  All Salary payments shall be payable in equal monthly installments at the end of each calendar
      month, as the Company regularly pays its employees in accordance with normal payroll practices.

   

  The Company shall reimburse Executive, upon presentation of proper expense statements, for all
      authorized, ordinary and necessary out-of-pocket expenses reasonably incurred by Executive during the Term in connection with the performance of his services pursuant to this Agreement hereunder in accordance with the Company’s expense reimbursement
      policy.

   

  		5.	Termination of Employment.

   

  (a)        This Agreement and Executive’s employment hereunder shall terminate immediately upon his death.

   

  (b)        This Agreement and Executive’s employment pursuant to this Agreement, may be terminated by him or the Company on not less than thirty (30) days’ written notice in the event of Executive’s Disability. The term “Disability” shall mean any
      illness, disability or incapacity of Executive which prevents him from substantially performing his regular duties for a period of two (2) consecutive months or three (3) months, even though not consecutive, in any twelve (12) month period.

   

  (c)         The Company may terminate this Agreement and Executive’s employment pursuant to this Agreement for cause with no notice. The term “cause” shall mean:

   

  (i)            Repeated failure to perform material instructions from the Company’s board of directors and/or Chief Executive Office, provided that such instructions are reasonable and consistent with his duties as set forth in Section 1
      of this Agreement or any other failure or refusal by Executive to perform his duties required by said Section 1; provided, however, that Executive shall have received notice from the Board specifying the nature of such failure in reasonable detail
      and he shall have failed to cure the failure within ten (10) business days after receipt of such notice:

   

  (ii)           a breach of Section 6 or 7 of this Agreement;

   

  (iii)          a breach of trust whereby Executive obtains personal gain or benefit at the expense of or to the detriment of the Company;

   

  (iv)          his use of illegal substances;

   

  (v)           his abuse of alcohol continuing after written notice from the board of directors or ;

   

  
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  (vi)          any fraudulent or dishonest conduct by Executive or any other conduct by him, which damages the Company or any of its affiliates or their property, business or reputation;

   

  (vii)         a conviction of or plea of nolo contendere by Executive of (A) any felony or (B) any other crime involving fraud, theft, embezzlement or use or possession of illegal substances; or

   

  (viii)        the admission by Executive of any matters set forth in Section 5(c)(vii) of this Agreement.

   

  (d)         Executive’s resignation prior to the expiration of the Term, other than for Good Reason shall be treated in the same manner as a termination for cause. The term “Good Reason” shall mean:

   

  (i)            Any material breach by the Company of its obligations under this Agreement which are not cured within ten (10) business days after notice from Executive which sets forth in reasonable detail the nature of the breach. 

   

  (ii)           Any change in Executive’s duties such that Executive is no longer the Company’s Chief Executive Officer, unless such change was made with his consent.

   

  (iii)          Any action on the part of the Company which impairs Executive’s ability to exercise his duties as the Company’s Chief Executive Officer.

   

  6.            Trade Secrets and Proprietary Information. Executive recognizes and acknowledges that the Company, through the expenditure of considerable time and money, has developed and will continue to develop in the future information
      concerning customers, clients, marketing, products, services, business, research and development activities and operational methods of the Company and its customers or clients, contracts, financial or other data, technical data or any other
      confidential or proprietary information possessed, owned or used by the Company, the disclosure of which could or does have a material adverse effect on the Company, its business, any business it proposes to engage in, its operations, financial
      condition or prospects and that the same are confidential and proprietary and considered “confidential information” of the Company for the purposes of this Agreement. In consideration of his employment and engagement as Chief Executive Officer,
      Executive agrees that he will not, during or after the Term, without the consent of the Company’s board of directors, make any disclosure of confidential information now or hereafter possessed by the Company, to any person, partnership, corporation
      or entity either during or after the term here of, except that nothing in this Agreement shall be construed to prohibit him from using or disclosing such information (a) if such disclosure is necessary in the normal course of the Company’s business
      in accordance with Company policies or instructions or authorization from the board of directors or executive committee, (b) such information shall become public knowledge other than by or as a result of disclosure by a person not having a right to
      make such disclosure, (c) complying with legal process; provided, that in the event he is required to make disclosure pursuant to legal process, he shall give the Company prompt notice thereof and the opportunity to object to the disclosure, or
      (d) subsequent to the Term, if such information shall have either (i) been developed by him independent of any of the Company’s confidential or proprietary information or (ii) been disclosed to him by a person not subject to a confidentiality
      agreement with or other obligation of confidentiality to the Company. For the purposes of Sections 6 and 7 of this Agreement, the term “Company” shall include the Company, its parent, its subsidiaries and its affiliates.

   

  
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  		7.	Covenant Not To Solicit or Compete.

   

  (a)         During the period from the date of this Agreement until two (2) years following the date on which Executive’s employment is terminated, he will not, directly or indirectly:

   

  (i)            Be employed by or otherwise serve (including but not limited to as a director of the board, a founder or co-founder) in any other entities in the industry or business of electric vehicles;

   

  (ii)           Persuade or attempt to persuade any person or entity which is or was a customer, client or supplier of the Company to cease doing business with the Company, or to reduce the amount of business it does with the Company (the
      terms “customer” and “client” as used in this Section 7 to include any potential customer or client to whom the Company submitted bids or proposals, or with whom the Company conducted negotiations, during the term of Executive’s employment hereunder
      or during the twelve (12) months preceding the termination of his employment); 

   

  (iii)          solicit for himself or any other person or entity other than the Company the business of any person or entity which is a customer or client of the Company, or was a customer or client of the Company within one (1) year prior
      to the termination of his employment; or

   

  (iv)          persuade or attempt to persuade any employee of the Company, or any individual who was an employee of the Company during the two (2) year period prior to the lawful and proper termination of this Agreement, to leave the
      Company‘s employ, or to become employed by any person or entity other than the Company.

   

  (b)         Executive acknowledges that the restrictive covenants (the “Restrictive Covenants”) contained in Sections 6 and 7 of this Agreement are a condition of his employment are reasonable and valid in geographical and temporal scope and in
      all other respects. If any court determines that any of the Restrictive Covenants, or any part of any of the Restrictive Covenants, is invalid or unenforceable, the remainder of the Restrictive Covenants and parts thereof shall not thereby be
      affected and shall remain in full force and effect, without regard to the invalid portion. If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of
      such provision, such court shall have the power to reduce the geographic or temporal scope of such provision, as the case may be, and, in its reduced form, such provision shall then be enforceable.

  

   
  
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        	8.	Miscellaneous.

   

  (a)         Executive represents, warrants, covenants and agrees that he has a right to enter into this Agreement, that he is not a party to any agreement or understanding, oral or written, which would prohibit performance of his obligations
      under this Agreement, and that he will not use in the performance of his obligations hereunder any proprietary information of any other party which he is legally prohibited from using.

   

  (b)         This Agreement shall in all respects be construed and interpreted in accordance with, and the rights of the parties shall be governed by, the laws of the State of Delaware applicable to contracts executed and to be performed wholly
      within such State, without regard to principles of conflicts of laws.

   

  (c)         If any term, covenant or condition of this Agreement or the application thereof to any party or circumstance shall, to any extent, be determined to be invalid or unenforceable, the remainder of this Agreement, or the application of
      such term, covenant or condition to parties or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Agreement shall be valid and be enforced to the
      fullest extent permitted by law, and any court having jurisdiction may reduce the scope of any provision of this Agreement, including the geographic and temporal restrictions set forth in Section 7 of this Agreement, so that it complies with
      applicable law.

   

  (d)         This Agreement constitutes the entire agreement of the Company and Executive as to the subject matter hereof, superseding all prior or contemporaneous written or oral understandings or agreements, including any and all previous
      employment agreements or understandings, all of which are hereby terminated, with respect to the subject matter covered in this Agreement. This Agreement may not be modified or amended, nor may any right be waived, except by a writing which expressly
      refers to this Agreement, states that it is intended to be a modification, amendment or waiver and is signed by both parties in the case of a modification or amendment or by the party granting the waiver. No course of conduct or dealing between the
      parties and no custom or trade usage shall be relied upon to vary the terms of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver or deprive that party
      of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

   

  (e)         This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, executors, administrators and permitted assigns.

   

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

   

  	 	CENNTRO AUTOMOTIVE GROUP LIMITED
	 	 	 	 
	 	By:	/s/ Peter Zuguang Wang	 
	 	 	Peter Zuguang Wang	 
	 	 	Chairman	 
	 	 	 	 
	 	Executive:	 
	 	 	 	 
	 	 	/s/ Peter Zuguang Wang	 
	 	 	Peter Zuguang Wang	 

   

   

  

  6Exhibit 10.10

  

  

  CENNTRO AUTOMOTIVE GROUP LIMITED

      225 Willow Brook Rd. Unit 14

      Freehold, NJ 07728 U.S.A.

   

  June 28, 2021

   

  Edmond Cheng

   [Address Redacted]

    

  

   

  		Re:	Amended and Restated Offer of Employment

   

  Dear Edmond,

   

  This letter amends and restates the letter from Cenntro Automotive Group Corporation (the “Company”)
      to you dated March 26, 2021 (the “Original Letter”) regarding your appointment as the President and Chief Financial Officer of Cenntro Electric Group, Inc. The terms and conditions of our amended and restated offer are as follows:

   

  1.       Term. Your employment commenced on April 1, 2021 and shall be for a term of
      three (3) years (the “Initial Term”) and the term shall automatically be extended for successive one (1)-year periods in accordance with the terms of this letter, unless, in either case, the term is terminated by either party with a written
      notice at least ninety (90) days prior to the end of the then-current term. Notwithstanding the foregoing, any notice of termination for Cause (as defined below) shall be of immediate effect.

   

  2.       Duties. You will report to the Chief Executive Officer (the “CEO”) of
      the Company and be responsible for leading the Finance function, including the controllership, financial planning and analysis, and reporting. In addition, you will play a leading role in capital formation, corporate development, capital market
      strategy and investor relations. You will also act strategically and proactively as a member of the Company’s management team and perform any general duties that may arise as we build the Company. Of course, as the Company’s business evolves, your
      job responsibilities may also change. During your employment, you will devote your best efforts and your full business time, skill, and attention to your job duties.

   

  3.       Salary. The Company will pay you a base salary of $300,000 per year in
      accordance with the Company’s standard payroll practices, in effect from time to time. The Board will review your base salary each year during the term and may increase such amount as it may deem advisable. Your annual base salary will be prorated
      for any partial years of employment.

   

  4.       Signing Bonus. You will be entitled to receive a one-time signing bonus of
      $100,000 which will be paid one hundred twenty (120) days following your employment.

   

  5.       Equity Compensation. Subject to approval of the Board of Directors of the
      Company (the “Board”), if the Company consummates an initial public offering of its shares of common stock, you will be eligible to receive an option to purchase a number of shares equal to 0.75% of the Company’ s common stock, calculated on a
      fully diluted basis immediately prior to the closing of the offering (for avoidance of doubt, without giving effect to the shares of capital stock of the Company issued in the initial public offering), with an exercise price per share equal to the
      sale price to the public on the date of the pricing of the initial public offering as set forth in the underwriting agreement related thereto. The option will be granted under, and subject to the terms and conditions of, the Company’s 2021 Stock
      Incentive Plan and your individual stock option agreement.

   

  

   

  
     

    
      
 

  

  6.       Severance. In the event of a termination of your employment by the Company
      without Cause or by you for Good Reason, subject to your compliance with your covenant in the PIIA (as defined below) and your execution and non-revocation of a release in claims in a form reasonably acceptable to the Company, you shall receive the
      following severance payments and benefits: (a) continuation of your then-current base salary paid over a six (6)-month period following termination (such period, the “Base Salary Continuation Period”), payable in accordance with the Company’s
      standard payroll practices, in effect from time to time, which shall commence payment on the first payroll date following the date on which the Release becomes effective; (b) a pro-rated portion of any annual bonus for the year of termination based
      on actual performance, which, if earned, shall be paid when other Company bonuses are paid to similarly situated executive officers of the Company, but in no event later than March 15th of the year following the year to which the bonus relates; and
      (c) healthcare continuation coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA) during the Base Salary Continuation Period, but in no event for longer than eighteen (18) months. For the avoidance of doubt, if your employment is
      terminated by the Company with Cause or you resign without Good Reason, you will not be entitled to any of the foregoing severance payments or benefits. For purposes of this Section 5:

   

  “Cause” shall mean the occurrence of any of the following: (i) your repeated failure
      to perform your duties and responsibilities to the Company or any of its affiliates or follow the lawful instructions of the Company’s CEO (or, if applicable, the Board) following written notice and fifteen (15) days to cure such failure; (ii) your
      material violation of any written policy of the Company or any of its affiliates that has been provided to you; (iii) your commission of any act of fraud, embezzlement, or any other material misconduct that has caused or is reasonably expected to
      result in injury to the Company or any of its affiliates; (iv) your unauthorized use or disclosure of any proprietary information or trade secrets of the Company, any of its affiliates or any other party to whom you owe an obligation of nondisclosure
      as a result of your relationship with the Company or any of its affiliates; or (v) your breach of any of your material obligations under any written agreement or covenant with the Company, including this letter, following written notice and fifteen
      (15) days to cure such failure.

   

  “Good Reason” shall mean the occurrence of any of the following without your consent:
      (i) a material change in your reporting relationship such that you are no longer reporting to the Company’s CEO; (ii) any material change in salary or bonus or a material adverse change in benefits; (iii) a material reduction in your duties; or (iv)
      a material breach by the Company of any of its obligations under this letter or any other written agreement between the Company and you. Notwithstanding the foregoing, Good Reason under clause (i), (ii), (iii) or (iv) shall not be deemed to exist
      unless written notice of termination on account thereof (specifying a termination date no later than fifteen (15) days from the date of such notice) is given by you to the Company no later than thirty (30) days after the time at which you first
      become or should have become aware of the event or condition purportedly giving rise to Good Reason; and, in such event, the Company shall have forty-five (45) days from the date notice of such a termination is given to cure such event or condition
      and, if the Company does so, such event or condition shall not constitute Good Reason hereunder, but, if the Company does not cure such event within the forty-five (45)-day period, you must terminate your employment not later than thirty (30) days
      after the end of such forty-five (45)-day period in order for Good Reason to exist.

   

   

  
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  7.       Employee Benefits. You will be eligible to participate in Company-sponsored
      benefits, including health benefits, vacation, sick leave, holidays, and other benefits that the Company may offer to similarly situated employees from time to time. Your eligibility to receive such benefits will be subject in each case to the
      generally applicable terms and conditions for the benefits in question and to the determinations of any person or committee administering such benefits. The Company may from time to time, in its sole discretion, amend or terminate the benefits
      available to you and the Company’s other employees. You will be covered by worker’s compensation insurance, state disability insurance, and other governmental benefit programs as required by state law.

   

  8.       Confidentiality Agreement. As a condition of your continued employment, you
      will be required to promptly sign the Company’s standard Employee’s Proprietary Information and Inventions and Non-Competition Agreement (“PIIA”).

   

  9.       Taxes. All forms of compensation referred to in this letter are subject to
      reduction to reflect applicable withholding and payroll taxes and all other deductions required by law. You acknowledge that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you
      hereby agree not make any claim against the Company or the Board related to tax liabilities arising from your compensation.

   

  10.       No Conflicting Obligations. By execution of this letter, you represent and
      warrant that the performance of your duties does not and will not breach any agreement you have entered, or will enter into, with any other party. You agree not to enter into any written or oral agreement that conflicts with this letter.

   

  11.       Governing Law. The terms of this letter and the resolution of any dispute
      as to the meaning, effect, performance, or validity of this letter or arising out of, related to, or in any way connected with this letter, your employment with the Company (or termination thereof), or any other relationship between you and the
      Company (a “Dispute”) will be governed by the laws of the State of Delaware, without giving effect to the principles of conflict of laws. To the extent not subject to arbitration as described below, you and the
      Company consent to a location that is convenient to both parties.

   

  12.       Arbitration. Except as prohibited by law, you agree that any Dispute
      between you and the Company (or between you and any officer, director, employee, agent, or affiliate of the Company, each of whom is hereby designated a third-party beneficiary of this letter regarding arbitration), will be resolved through binding
      arbitration in Monmouth, County, New Jersey or another agreed upon venue convenient to both parties under the rules of the American Arbitration Association. Nothing in this arbitration provision is intended to limit any right you may have to file a
      charge with or obtain relief from the National Labor Relations Board or any other state or federal agency. You agree that such arbitration shall be conducted on an individual basis only, not a class, collective, or representative basis, and you
      hereby waive any right to bring class-wide , collective, or representative claims before any arbitrator or in any forum. THE PARTIES HERETO UNDERSTAND THAT BY AGREEING TO ARBITRATE DISPUTES THEY ARE WAIVING ANY RIGHT THEY MIGHT OTHERWISE HAVE TO A
      JURY TRIAL. This arbitration provision is not intended to modify or limit substantive rights or the remedies available e to the parties hereto, including the right to seek interim relief, such as injunction or attachment, through judicial process,
      which shall not be deemed a waiver of the right to demand and obtain arbitration. In the event an action is brought related to or arising from this letter, the prevailing party shall be entitled to recover from the non-prevailing party all reasonable
      costs incurred in such action, including attorney’s fees and expenses.

   

   

  
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  13.       Corporate Reorganization. The Company intends to consummate a corporate
      reorganization immediately prior to the consummation of an initial public offering in order to spinoff the Company’s city delivery business in China from its international electric commercial vehicle business. Pursuant to the corporate
      reorganization, the Company will contribute all of the issued and outstanding shares of Cenntro Automotive Group Limited, a Hong Kong corporation, and Cenntro Automotive Corporation, a Delaware corporation, two wholly-owned subsidiaries of the
      Company, to Cenntro Electric Group, Inc., a Delaware corporation and a wholly-owned by the Company (“Cenntro US”), in exchange for newly issued shares of common stock of Cenntro US. Following the corporate reorganization, all references to the
      Company herein shall refer to Cenntro US.

   

  14.       Miscellaneous. This letter states the complete and exclusive terms and
      conditions of your offer and supersedes any other agreements, whether written or oral (including, without limitation, the Original Letter). By joining the Company, you have agreed to abide by all Company policies and procedures as they are
      established. As required by law, this letter is subject to satisfactory proof of your right to work in the United States.

   

  If you have any questions about the terms of this letter, please contact me at any time.

   

  
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  	Sincerely,	 
	 	 	 
	CENNTRO AUTOMOTIVE GROUP LIMITED	 
	 	 	 
	By:	/s/ Peter Z Wang 	 
	Name:	Peter Z. Wang	 
	Title:	Chief Executive Officer	 
	 	 	 
	AGREED AND ACCEPTED:	 
	 	 	 
	/s/ Edmond Cheng 	 
	Edmond Cheng	 
	 	 	 
	AS TO SECTION 12:	 
	 	 	 
	CENNTRO ELECTRIC GROUP, INC.	 
	 	 	 
	By:	/s/ Peter Z. Wang	 
	Name:	Peter Z. Wang	 
	Title:	Chief Executive Officer	 

   

   

    

  

  [Signature Page to Cheng Amended and Restated Offer Letter]

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