Document:

Exhibit 10.3

 

GUSHEN,
INC.

 

2021 EQUITY INCENTIVE PLAN

 

SECTION 1. PURPOSE

 

The purposes of this Equity
Incentive Plan (the “Plan”) are to encourage selected employees, officers, directors and consultants of GUSHEN, INC. (together
with any successor thereto, the “Company”) and its Affiliates (as defined below) to acquire a proprietary interest in the
growth and performance of the Company, to generate an increased incentive to contribute to the Company’s future success and prosperity,
thus enhancing the value of the Company for the benefit of its stockholders, and to enhance the ability of the Company and its Affiliates
to attract and retain exceptionally qualified individuals upon whom, in large measure, the sustained progress, growth and profitability
of the Company depend.

 

SECTION 2. DEFINITIONS

 

As used in the Plan, the following
terms shall have the meanings set forth below:

 

(a) “Affiliate” shall mean (i) any
entity that, directly or through one or more intermediaries, is controlled by the Company and (ii) any entity in which the Company has
a significant equity interest, as determined by the Board of Directors (the “Board”) or the Committee.

 

(b) “Award” shall mean any Option,
Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Award, Dividend Equivalent, or Other Stock-Based Award
granted under the Plan.

 

(c) “Award Agreement” shall mean any
written agreement, contract, or other instrument or document evidencing any Award granted under the Plan.

 

(d) “Code” shall mean the Internal
Revenue Code of 1986, as amended from time to time.

 

(e) “Consultant” shall mean a consultant,
distributor, or adviser who provides bona fide services to the Company or an Affiliate as an independent contractor. Service as a Consultant
shall be considered employment for all purposes of the Plan, except for purposes of satisfying the requirements of Incentive Stock Options.

 

(f) “Committee” shall mean a committee
of not fewer than two (2) members, each of whom is a member of the Board and all of whom are disinterested persons, as contemplated by
Rule 16b-3 (“Rule 16b-3”) promulgated under the Securities Exchange Act of 1934, as amended (“Exchange Act”) and
each of whom is an outside director for purposes of Section 162(m) of the Code, acting in accordance with the provisions of Section 3,
designated by the Board to administer the Plan.

 

(g) “Director” shall mean any director
of the Company or of any Affiliate.

 

     

     

    

 

(h) “Dividend Equivalent” shall mean
any right granted under Section 6(e) of the Plan.

 

(i) “Employee” shall mean any employee
of the Company or of any Affiliate.

 

(j) “Fair Market Value” shall mean,
with respect to any property (including, without limitation, any Shares or other Securities), the fair market value of such property determined
by such methods or procedures as shall be established from time to time by the Board or the Committee.

 

(k) “Incentive Stock Option” shall
mean an option granted under Section 6(a) of the Plan that is intended to meet the requirements of Section 422 of the Code, or any successor
provision thereto.

 

(l) “Non-Qualified Stock Option” shall
mean an option granted under Section 6(a) of the Plan that is not intended to be an Incentive Stock Option.

 

(m) “Officer” shall mean any officer
of the Company or of any Affiliate who performs a policy and decision making functions, or any other person who performs similar policy
and decision making functions for the Company.

 

(n) “Option” shall mean an Incentive
Stock Option or a Non-Qualified Stock Option.

 

(o) “Other Stock-Based Award” shall
mean any right granted under Section 6(f) of the Plan.

 

(p) “Participant” shall mean any person
that renders bona fide services to the Company (including, without limitation, the following: a person employed by the Company or an Affiliate
in a key capacity; an officer or director of the Company; a person engaged by the Company as a consultant; or a lawyer, law firm, accountant
or accounting firm) who receives an Award under the Plan.

 

(q) “Performance Award” shall mean
any right granted under Section 6(d) of the Plan.

 

(r) “Person” shall mean any individual,
corporation, partnership, association, joint-stock company, trust, unincorporated organization, or government or political subdivision
thereof.

 

(s) “Released Securities” shall mean
shares of Restricted Stock as to which all restrictions imposed by the Board or the Committee have expired, lapsed, or been waived.

 

(t) “Restricted Stock” shall mean
any Share granted under Section 6(c) of the Plan.

 

(u) “Restricted Stock Unit” shall
mean any right granted under Section 6(c) of the Plan that is denominated in Shares.

 

(v) “Shares” shall mean the shares
of common stock of the Company, $0.001 par value, and such other securities or property as may become the subject of Awards, or become
subject to Awards, pursuant to an adjustment made under Section 4(b) of the Plan.

 

(w) “Stock Appreciation Right” shall
mean any right granted under Section 6(b) of the Plan.

 

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SECTION 3. ADMINISTRATION

 

The Plan shall be administered
by the Board; provided, however, that the Board may delegate such administration to the Committee.

 

Subject to the provisions
of the Plan, the Board and/or the Committee shall have authority to (a) determine the type or types of Awards to be granted to each Participant
under the Plan; (b) determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to
be calculated in connection with) Awards; (c) determine the terms and conditions of any award; (d) determine the time or times when each
Award shall become exercisable and the duration of the exercise period; (e) determine whether, to what extent, and under what circumstances
Awards may be settled in or exercised for cash, Shares, other securities, other Awards, or other property, or canceled, forfeited, or
suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (f) determine whether,
to what extent, and under what circumstances cash, shares, other securities, other Awards, other property, and other amounts payable with
respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Board or
the Committee; (g) construe and interpret the Plan; (h) promulgate, amend and rescind rules and regulations relating to its administration,
and correct defects, omissions and inconsistencies in the Plan or any Award; (i) consistent with the Plan and with the consent of the
Participant, as appropriate, amend any outstanding Award or amend the exercise date or dates; (j) determine the duration and purpose of
leaves of absence which may be granted to Participants without constituting termination of their employment for the purpose of the Plan;
and (k) make all other determinations necessary or advisable for the Plan’s administration. The Board and the Committee’s
interpretation and construction of any provisions of the Plan or of any Award shall be conclusive and final. No member of the Board or
the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award.

 

In the case of any Award that
is intended to qualify as performance-based compensation for purposes of Section 162(m) of the Code, once the Award is made, neither the
Board nor Committee shall have discretion to increase the amount of compensation payable under the Award that would otherwise be due upon
attainment of the performance goal.

 

SECTION 4. SHARES AVAILABLE FOR AWARDS

 

(a) SHARES
AVAILABLE. Subject to adjustment as provided in Section 4(b):

 

(i) CALCULATION
OF NUMBER OF SHARES AVAILABLE. The maximum number of Shares reserved and available for granting
Awards under the Plan shall be an aggregate of 84,123,750 shares of common stock, and (ii) on each January 1, starting with January
1, 2022, an additional number of shares equal to the lesser of (A) 2% of the outstanding number of Shares (on a fully-diluted basis) on
the immediately preceding December 31, and (B) such lower number of Shares as may be determined by the Committee.  Further,
if, after the effective date of the Plan, any Shares covered by an Award granted under the Plan or to which such an Award relates, are
forfeited, or if an Award otherwise terminates without the delivery of Shares or of other consideration, then the Shares covered by such
Award, or to which such Award relates, or the number of Shares otherwise counted against the aggregate number of Shares available under
the Plan with respect to such Award, to the extent of any such forfeiture or termination, shall again be, or shall become, available for
granting Awards under the Plan. 

 

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In the event of any forward or reverse stock
splits, recapitalizations, or combination of the authorized, issued and outstanding shares of common stock, the aforesaid maximum 84,123,750
shares of common stock and the exercise prices of Awards and Shares granted under the Plan shall be appropriately adjusted, as per Section
4(b) below.    

 

(ii) ACCOUNTING
FOR AWARDS. For purposes of this Section 4,

 

(A) if an Award (other than a Dividend Equivalent)
is denominated in Shares, the number of Shares covered by such Award, or to which such Award relates, shall be counted on the date of
grant of such Award against the aggregate number of Shares available for granting Awards under the Plan; and

 

(B) Dividend Equivalents and
Awards not denominated in Shares shall not be counted against the aggregate number of Shares available for granting Awards under the Plan.

 

(iii)
SOURCES OF SHARES DELIVERABLE UNDER AWARDS. Any shares delivered pursuant to an Award may consist, in whole or in part, of authorized
and unissued Shares or of Treasury Shares.

 

(b) ADJUSTMENTS.
In the event that the Board or the Committee shall determine that any dividend or other distribution (whether in the form of cash, Shares,
other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, purchase, or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase
Shares or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment
is determined by the Board or the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan, then the Board or the Committee shall, in such manner as it may deem equitable,
adjust any or all of (i) the number and type of Shares (or other securities or property) which thereafter may be made the subject of Awards,
(ii) the number and type of Shares (or other securities or property) subject to outstanding Awards, (iii) the number and type of Shares
(or other securities or property) specified as the annual per-participant limitation under Section 6(g)(vi), and (iv) the grant, purchase,
or exercise price with respect to any Award, or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding
Award; provided, however, in each case, that with respect to Awards of Incentive Stock Options no such adjustment shall be authorized
to the extent that such authority would cause the Plan to violate Section 422(b)(1) of the Code or any successor provision thereto; and
provided, further, however, that the number of Shares subject to any award denominated in Shares shall always be a whole number.

 

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SECTION 5. ELIGIBILITY

 

Any Employee, Officer, Director
or Consultant of the Company shall be eligible to receive Awards under the Plan. The Board shall approve any Awards granted to members
of the Committee.

 

SECTION 6. AWARDS

 

(a) OPTIONS.
The Board and the Committee are hereby authorized to grant Options which are consistent with the provisions of the Plan, as the Board
or the Committee shall determine:

 

 (i) EXERCISE PRICE. The exercise price
per Share of each Option shall be determined by the Board or the Committee; provided, however, that such exercise price per Share under
any Incentive Stock Option shall not be less than 100% (110% in the case of a “10-percent stockholder" as such term is used
in Section 422(c)(5) of the Code) of the Fair Market Value of a Share on the date of grant of such Incentive Stock Option.      

 

 (ii) OPTION TERM. The term of each Option
shall be fixed by the Board or the Committee, provided that no Incentive Stock Option shall have a term greater than ten (10) years (five
(5) years in the case of a “10-percent stockholder”) as such term is used in Section 422(c)(5) of the Code).    

 

(iii) TIME
AND METHOD OF EXERCISE. The Board or the Committee shall determine the time or times at which an Option may be exercised in whole or in
part, and the method or methods by which, property, or any combination thereof, having a Fair Market Value on the exercise date equal
to the relevant exercise price, in which, payment of the exercise price with respect thereto may be made or deemed to have been made.

 

(iv) GRACE
PERIOD. Except as otherwise determined by the Board or Committee, upon termination of employment (as determined under criteria established
by the Board or the Committee) for any reason during the term of an Option, the employee has 60 days after termination to exercise options
vested as of the date of termination.

 

(v) INCENTIVE
STOCK OPTIONS. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section
422 of the Code, or any successor provision thereto, and any regulations promulgated thereunder.

 

 (b) STOCK APPRECIATION RIGHTS. The Board
and the Committee are hereby authorized to grant Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan shall confer
on the holder thereof a right to receive, upon exercise thereof, the excess of (1) the Fair Market Value of one Share on the date of exercise
or, if the Board or the Committee shall so determine in the case of any such right other than one related to any Incentive Stock Option,
at any time during a specified period before or after the date of exercise over (2) the grant price of the right as specified by the Board
or the Committee. Subject to the terms of the Plan, the grant price, term, methods of exercise, methods of settlement, and any other terms
and conditions of any Stock Appreciation Right shall be as determined by the Board or the Committee. The Board and the Committee may impose
such conditions or restrictions on the exercise of any Stock Appreciation Right as it may deem appropriate.      

 

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(c) RESTRICTED
STOCK AND RESTRICTED STOCK UNITS.

 

 (i)  ISSUANCE. The Board and the Committee
are hereby authorized to grant Awards of Restricted Stock and Restricted Stock Units.      

 

 (ii) RESTRICTIONS. Shares of Restricted
Stock and Restricted Stock Units shall be subject to such restrictions as the Board or the Committee may impose (including, without limitation,
any limitation on the right to receive any dividend or other right or property), which restrictions may lapse separately or in combination
at such time or times, in such installments or otherwise, as the Board or the Committee may deem appropriate.      

 

 (iii) REGISTRATION. Any Restricted Stock
granted under the Plan may be evidenced in such manner as the Board or the Committee may deem appropriate, including, without limitation,
book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of
Shares of restricted Stock granted under the Plan, such certificate shall be registered in the name of the Participant and shall bear
an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.  

 

(iv) FORFEITURE.
Except as otherwise determined by the Board or the Committee, upon termination of employment (as determined under criteria established
by the Board or the Committee) for any reason during the applicable restriction period, all Shares of Restricted Stock and all Restricted
Stock Units still, in either case, subject to restriction shall be forfeited and reacquired by the Company; provided, however, that the
Board or the Committee may, when it finds that a waiver would be in the best interests of the Company, waive in whole or in part any or
all remaining restrictions with respect to Shares of Restricted Stock or Restricted Stock Units. Unrestricted Shares, evidenced in such
manner as the Board or the Committee shall deem appropriate, shall be delivered to the Participant promptly after such Restricted Stock
shall become Released Securities.

 

 (d) PERFORMANCE AWARDS. The Board and the
Committee are hereby authorized to grant Performance Awards. Subject to the terms of the Plan, a Performance Award granted under the Plan
(i) may be denominated or payable in cash, Shares (including, without limitation, Restricted Stock), other securities, other Awards, or
other property and (ii) shall confer on the holder thereof rights valued as determined by the Board or the Committee and payable to, or
exercisable by, the holder of the Performance Award, in whole or in part, upon the achievement of such performance goals during such performance
periods as the Board or the Committee shall establish. Subject to the terms of the Plan and any applicable Award Agreement, the performance
goals to be achieved during any performance period, the length of any performance period, the amount of any Performance Award granted,
and the amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Board or the Committee.
The goals established by the Board or the Committee shall be based on any one, or combination of, earnings per share, return on equity,
return on assets, total stockholder return, net operating income, cash flow, revenue, economic value added, increase in Share price or
cash flow return on investment, or any other measure the Board or the Committee deems appropriate. Partial achievement of the goal(s)
may result in a payment or vesting corresponding to the degree of achievement.    

 

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 (e) DIVIDEND EQUIVALENTS. The Board and
the Committee are hereby authorized to grant Awards under which the holders thereof shall be entitled to receive payments equivalent to
dividends or interest with respect to a number of Shares determined by the Board or the Committee, and the Board and the Committee may
provide that such amounts (if any) shall be deemed to have been reinvested in additional Shares or otherwise reinvested. Subject to the
terms of the Plan, such Awards may have such terms and conditions as the Board or the Committee shall determine.      

 

 (f)  OTHER STOCK-BASED AWARDS. The Board
and the Committee are hereby authorized to grant such other Awards that are denominated or payable in, valued in whole or in part by reference
to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares), as are deemed by
the Board or the Committee to be consistent with the purposes of the Plan, provided, however, that such grants must comply with applicable
law. Subject to the terms of the Plan, the Board or the Committee shall determine the terms and conditions of such Awards.   

 

(g)
GENERAL.

 

 (i)  NO CASH CONSIDERATION FOR AWARDS.
Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law.    

 

 (ii)  AWARDS MAY BE GRANTED SEPARATELY
OR TOGETHER. Awards may, in the discretion of the Board or the Committee, be granted either alone or in addition to, in tandem with, or
in substitution for any other award granted under any other plan of the Company or any Affiliate. Awards granted in addition to or in
tandem with other awards, or in addition to or in tandem with awards granted under any other plan of the Company or any Affiliate, may
be granted either at the same time or at a different time from the grant of such other awards.      

 

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(iii)
FORMS OF PAYMENT UNDER AWARDS. Subject to the terms of the Plan and of any applicable Award Agreement, payments or transfers to be made
by the Company or an Affiliate upon the grant, exercise, or payment of an Award may be made in such form or forms as the Board or the
Committee shall determine, including, without limitation, cash, shares, other securities, other awards, or other property, or any combination
thereof, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules
and procedures established by the Board or the Committee. Such rules and procedures may include, without limitation, provisions for the
payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents in respect
of installment or deferred payments.

 

 (iv)  LIMITS ON TRANSFER OF AWARDS. No
Award (other than Released Securities), and no right under any such Award, shall be assignable, alienable, saleable, or transferable by
a Participant otherwise than by will or by the laws of descent and distribution; provided, however, that, if so determined by the Board
or the Committee, a Participant may, in the manner established by the Board or the Committee, (a) designate a beneficiary or beneficiaries
to exercise the rights of the Participant, and to receive any property distributable, with respect to any Award upon the death of the
Participant or (b) transfer any Award other than an Incentive Stock Option for bona fide estate planning purposes. Each Award, and each
right under any Award, shall be exercisable, during the Participant’s lifetime, only by the Participant, a permitted transferee
or, if permissible under applicable law, by the Participant’s guardian or legal representative. No Award (other than Released Securities),
and no right under any such Award, may be pledged, alienated, attached, or otherwise encumbered, and any purported pledge, alienation,
attachment, or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate.  

 

(v)
TERM OF AWARDS. The term of each Award shall be for such period as may be determined by the Board or the Committee; provided, however,
that in no event shall the term of any Incentive Stock Option exceed a period of ten (10) years from the date of its grant.

 

(vi) PER
PERSON LIMITATION ON AWARDS. The number of Shares with respect to which Options, Stock Appreciation Rights, Restricted Stock, Restricted
Stock Units and other Awards may be granted under the Plan to an individual Participant in any one fiscal year of the Company shall not
exceed 5% of the outstanding Shares, subject to adjustment provided in Section 4(b). The maximum fair market value of payments
to an individual Participant under Performance Awards in any one fiscal year of the Company shall not exceed $1,000,000.

 

(vii)
SHARE CERTIFICATES. All certificates for Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof
shall be subject to such stop transfer orders and other restrictions as the Board or the Committee may deem advisable under the Plan or
the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares or
other securities are then listed, and any applicable federal or state securities laws, and the Board or the Committee may cause a legend
or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

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SECTION 7. AMENDMENT AND TERMINATION

 

Except to the extent prohibited
by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan:

 

 (a)  AMENDMENTS TO THE PLAN. The Board
may amend, alter, suspend, discontinue, or terminate the Plan, including, without limitation, any amendment, alteration, suspension, discontinuation,
or termination that would impair the rights of any Participant, or any other holder or beneficiary of any Award theretofore granted, without
the consent of any share owner, Participant, other holder or beneficiary of an Award, or other Person.      

 

 (b)  AMENDMENTS TO AWARDS. Unless otherwise
agreed to in writing between the Company and a Participant, the Board and the Committee may waive any conditions or rights under, amend
any terms of, or amend, alter, suspend, discontinue, or terminate, any Awards theretofore granted, prospectively or retroactively, without
the consent of any Participant, other holder or beneficiary of an Award.      

 

(c)
ADJUSTMENTS OF AWARDS UPON THE OCCURRENCE OF CERTAIN UNUSUAL OR NONRECURRING EVENTS. Except as provided in the following sentence, the
Board and the Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in
recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4(b) hereof) affecting the
Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations, or
accounting principles, whenever the Board or the Committee determines that such adjustments are appropriate in order to prevent dilution
or enlargement of the benefits or potential benefits to be made available under the Plan. In the case of any Award that is intended to
qualify as performance-based compensation for purposes of Section 162(m) of the Code, neither the Board nor the Committee shall have authority
to adjust the Award in any manner that would cause the Award to fail to meet the requirements of Section 162(m). 

 

(d)
CORRECTION OF DEFECTS, OMISSIONS, AND INCONSISTENCIES. The Board and the Committee may correct any defect, supply any omission, or reconcile
any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect.

 

SECTION 8. GENERAL PROVISIONS

 

(a)
NO RIGHTS TO AWARDS. No Employee, Participant or other Person shall have any claim to be granted any Award under the Plan, and there is
no obligation for uniformity of treatment of Employees, Directors, Consultants, other holders or beneficiaries of Awards under the Plan.
The terms and conditions of Awards need not be the same with respect to each recipient.

 

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 (b)  DELEGATION. The Board and the Committee
may delegate to one or more officers or managers of the Company or any Affiliate, or a committee of such officers or managers, the authority,
subject to such terms and limitations as the Board or Committee shall determine, to grant Awards to, or to cancel, modify, waive rights
with respect to, alter, discontinue, suspend, or terminate Awards held by Employees, Consultants, or other holders or beneficiaries of
Awards under the Plan who are not officers or directors of the Company for purposes of Section 16 of the Securities Exchange Act of 1934,
as amended, and who also are not “covered employees” for purposes of Section 162(m) of the Code.   

 

 (c)  WITHHOLDING. The Company or any Affiliate
shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan the amount
(in cash, Shares, other securities, other Awards, or other property) of withholding taxes due in respect of an Award, its exercise, or
any payment or transfer under such Award or under the Plan and to take such other action as may be necessary in the opinion of the Company
or Affiliate to satisfy all obligations for the payment of such taxes.      

 

(d)
NO LIMIT ON OTHER COMPENSATION ARRANGEMENTS. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or
continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable
only in specific cases.

 

 (e)  NO RIGHT TO EMPLOYMENT. The grant
of an Award shall not be construed as giving a Participant the right to remain an employee, director or consultant of the Company or any
Affiliate. Further, the Company or an Affiliate may at any time terminate the service of any employee, director or consultant, free from
any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement.      

 

 (f)  GOVERNING LAW. The validity, construction,
and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State
of Nevada and applicable federal law.      

 

 (g)  SEVERABILITY. If any provision of
the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, or as to any Person or
Award, or would disqualify the Plan or any Award under any law deemed applicable by the Board or the Committee, such provision shall be
construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination
of the Board or the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction,
Person, or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 

 

 (h)  NO TRUST OR FUND CREATED. Neither
the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between
the Company or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments
from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor
of the Company or any Affiliate.      

 

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(i)
NO FRACTIONAL SHARES. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Board and the Committee
shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Share, or whether
such fractional Shares of any rights thereto shall be canceled, terminated, or otherwise eliminated.

 

(j)
HEADINGS. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings
shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.

 

SECTION 9. EFFECTIVE DATE OF THE PLAN

 

Subject to the approval of
the Board of the Company, the Plan shall be effective on the later of January 25, 2022 and twentieth (20th) day following the date on
which an Information Statement is mailed to the stockholders of the Company under Rule 14c-2 of the Exchange Act notifying the approval
of the Plan by the Board of the Company (the “Effective Date”); provided, however, that to the extent that Awards are granted
under the Plan before its approval by the Board, the Awards will be contingent on approval of the Plan by the Board of the Company at
a Board meeting or by written consent.

 

SECTION 10. TERM OF THE PLAN

 

No Award shall be granted
under the Plan more than ten (10) years after the Effective Date. However, unless otherwise expressly provided in an applicable Award
Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Board and the Committee to amend, alter,
adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority
of the Board to amend the Plan, shall extend beyond such date.

 

The foregoing Equity Incentive
Plan was duly adopted and approved by the Board of Directors on December 9, 2021.

 

GUSHEN, INC.

 

(Signature Page Follows)

 

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IN WITNESS WHEREOF, the undersigned have
executed this Equity Incentive Plan as of the date referenced above.

 

	 	By:	/s/ Yulong Yi
	 	 	Yulong Yi
	 	 	Chairman of 
	 	 	the Board of Director and CEO

 

(Signature Page of
the 2021 Equity Incentive Plan)Exhibit
4.1

 

Amendment
to Warrant[s]

 

This
Amendment to Warrant[s] dated as of May 26, 2022, is by and between PEN Comeback 2, LLC, a Michigan limited liability company (“Holder”),
and Nano Magic Holdings Inc., a Delaware corporation formerly known as PEN Inc. (the “Company”).

 

		1.	The
                                            Company has issued to Holder warrant[s] to purchase Class A common stock of the Company that,
                                            under the amended and restated certificate of incorporation of the Company is now simply
                                            common stock. The warrant[s] owned by holder are:

 

	Date
    of issue:	Underlying
    shares:
	 	 
	 	 
	 	 
	 	 

 

		2.	The
                                            Company and Holder agree to extend the original for year term of the warrant[s] held by holder
                                            for an additional two-year term, meaning that each warrant will expire six years from date
                                            of issue.

 

		3.	The
                                            Company and Holder agree that for each of the above described warrant[s] (i) the Notice of
                                            Warrant Exercise shall hereafter reference the warrant, as amended; (ii) notices to the Company
                                            shall be sent to Nano Magic Holdings Inc. at 31601 Research Park Drive, Madison Heights MI
                                            48701, and e-mail to tom@nanomagic.com with a copy to leo@nanomagic.com.

 

		4.	The
                                            Company and Holder agree that the other terms of the warrant[s] remain in full force and
                                            effect without amendment.

 

IN
WITNESS WHEREOF, each of the parties has executed this Amendment to Warrant[s] by its duly authorized representative.

 

	HOLDER	 	Nano Magic Holdings Inc.
	 	 	 
	By:	        	 	By:	 
	 	 	 	Leandro Vera, Chief Financial Officer

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