Document:

Exhibit
10.15

 

Dated the 1st day of February 2022

 

J-STAR HOLDING
CO., LTD.

 

and

 

PULLOLICKEL
ITTYCHERIAH ABRAHAM

 

 

 

EMPLOYMENT AGREEMENT

 

FOR

 

EXECUTIVE
OFFICER

 

 

 

    	 

    	 

    

 

THIS AGREEMENT is made on the 1st day of February
2022.

 

BETWEEN:

 

	(1)	J-STAR HOLDING CO., LTD., an exempted company with limited liability incorporated under the laws of the Cayman Islands with registered office at Portcullis (Cayman) Ltd of The Grand Pavilion Commercial Centre, Oleander Way, 802 West Bay Road, P.O. Box 32052, Grand Cayman, KY1-1208, Cayman Islands (the “Company”); and
	 	 
	(2)	PULLOLICKEL
    ITTYCHERIAH ABRAHAM, holder of Indian passport number T24XXXXX, of Building No 11, Street No. 960, Zone 90, Wakrah, Qatar (the
    “Executive Officer”).

 

NOW IT IS
HEREBY AGREED as follows:-

 

	1.	DEFINITION AND INTERPRETATION

 

	1.1.	In this Agreement, unless the context otherwise requires, the following words and expressions shall have the following meanings:-

 

	 	“Agreement”	
    this service agreement, as may be amended or
modified from time to time;

	 	 	 
	 	“Appointment”	
    the appointment of Chen Wan-Tzu as an Executive
Officer of the Company pursuant to Clause 2;

	 	 	 
	 	“Board”	
    the board of directors for the time being of
the Company or the directors present at any meeting of the Board duly convened and held and includes a duly authorised committee thereof;

	 	 	 
	 	“Business”	
    all the business and affairs carried on from
time to time by the Group or by any of the companies within the Group;

	 	 	 
	 	“Compensation”	
    shall have the meaning ascribed thereto in the
Clause 5.1;

	 	 	 
	 	
    “Compensation Committee”
	the compensation committee of the Board;
	 	 	 
	 	“Confidential Information”	
    (i) all information, know-how and records (in whatever
    form held) including (without prejudice to the generality of the foregoing) all formulae, designs, specifications, drawings, data, manuals
    and instructions and all customer lists, sales information, business plans and forecasts and all technical or other expertise and all
    computer software and all financial accounting and tax records, correspondence, orders and enquiries that are confidential or not generally
    known in any way in connection with the Group or any business of the Group, or trade secrets of the Group; (ii) any confidential information
    or trade secrets of the clients or prospective clients of the Group, or (iii) the confidential or proprietary information of any third
    party received by the Group and for which the Group has confidential obligations;

     

 

    	 

    	 

    

 

	 	“Corporate Status”	
    the capacity of the Executive Director with respect
    to the Company and the services performed by the Executive Director in that capacity;

     

	 	“Group”	
    the Company and its subsidiaries from time to
time and a member of the Group shall be construed accordingly;

	 	 	 
	 	“Taiwan”	Taiwan,
    Republic of China;
	 	 	 
	 	“NTD”	
    New Taiwan dollars, the lawful currency of Taiwan,
with an exchange rate of US$1=NTD27.75;

	 	 	 
	 	“Listing
    Date”	the
    day on which the shares of the Company first commence trading on the Nasdaq;

     

	 	“NASDAQ”	The
    Nasdaq Stock Market;

	 		

     

	 	“PRC”	
    the People’s Republic of China (and for the
    purpose of this Agreement, excludes Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan);

     

	 	“Hong Kong”	
    the Hong Kong Special Administrative Region of the
    People’s Republic of China;

     

	 	“Proceedings”	
    any threatened, pending or completed claim, action,
    suit, arbitration, alternate dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether
    civil, criminal, administrative or investigative, whether formal or informal, including a proceeding initiated by the Executive Director
    pursuant to Clause 14 to enforce his rights hereunder; and

     

	 	“United States”	
    the United States of America.

     

 

		1.2.	Reference to Clauses, are references to clauses of this Agreement.

 

		1.3.	In this Agreement, words importing the singular include the plural and vice versa, words importing one
gender include every gender and references to a person include any public body and body corporate, unincorporated associations and partnership
(whether or not having separate legal personality).

 

    	 

    	 

    

 

		1.4.	The headings to the Clauses of this Agreement are for convenience only and shall not affect the construction
in this Agreement.

 

		1.5.	In this Agreement (save as otherwise expressly stated herein), references, express or implied, to any
statues or statutory provision or any rule or regulation (whether or not having the force of law) shall be construed as references to
the same as respectively amended, varied, modified, consolidated or re-enacted from time to time (whether before or after the date of
this Agreement) and to any subordinate legislation made under such statutory provision and reference to sections of consolidating legislation
shall, wherever necessary or appropriate in the context, be construed as including references to the sections of the previous legislation
from which the consolidating legislation has been prepared.

 

		2.	APPOINTMENT

 

		2.1.	This
Agreement serves to regulate the employment relationship between the Company and the Executive Officer from the Listing Date.

 

		2.2.	The Company shall employ the Executive Officer and the Executive Officer shall diligently and faithfully
serve the Company as an executive officer pursuant to the terms and conditions of this Agreement and subject to the articles of association
of the Company, the Nasdaq Stock Market Rules (to the extent applicable) and other applicable laws and regulations.

 

		3.	TERM

 

		3.1.	Subject to Clause 6, the Appointment shall be for an initial fixed term of [3] years with immediate effect
of the date of this Agreement / commence from the Listing Date with immediate effect.

 

		3.2.	The Executive Officer represents and warrants that he is not bound by or subject to any court order, agreement,
arrangement or undertaking which in any way restricts or prohibits him from entering into this Agreement or from performing his duties
hereunder.

 

		4.	EXECUTIVE OFFICER’S DUTIES AND SERVICES

 

		4.1.	The Executive Officer hereby undertakes with the Company that during the term of this Agreement, he shall
use his best endeavours to carry out his duties faithfully and diligently under this Agreement.

 

    	 

    	 

    

 

		4.2.	Without prejudice to the generality of Clause 4.1, the Executive Officer shall during the term of this
Agreement:-

 

		(a)	devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge
of duties of his office as an executive officer of the Company and, where relevant, as an officer of such other members of the Group as
are necessary for the proper and efficient administration, supervision, and management of the financial planning, the financial statements
and accounts and all formal finance related procedures of the Group;

 

		(b)	faithfully and diligently perform such duties and exercise such powers as are consistent with his office
in relation to the Company and/or the Group;

 

		(c)	in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable
and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the
best of his skills and ability;

 

		(d)	perform such services for the Group and (without further remuneration unless otherwise agreed) accept
such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;

 

		(e)	at all times keep the Board promptly and fully informed (in writing if so requested) in connection with
the performance of such powers and duties and provide such explanations as the Board may require in connection with his office in relation
to the Company and/or the Group;

 

		(f)	act in accordance with his powers and obligations as an executive officer of the Company and use his best
endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of
the Group, whether in the United States, Taiwan, the PRC, Hong Kong, the Cayman Islands or elsewhere; (c) the Nasdaq Stock Market Rules;
(d) the articles of association of the Company; (e) shareholders’ and board resolutions of the Company; (f) the Securities Act of
1933; and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities
from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation
to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

 

		4.3.	The Executive Officer shall carry out his duties and exercise his powers jointly with any other executive
officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require
the Executive Officer to cease performing any of his duties or exercising any of his power under this Agreement.

 

		5.	REMUNERATION

 

		5.1.	Upon the effective date of this Agreement and during the term of this Agreement, the Executive Officer
shall receive a monthly remuneration of approximately US$5,000 which shall accrue on a day to day basis payable in arrears
on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Executive Officer
shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the
date of termination (the “Compensation”).

 

    	 

    	 

    

 

		5.2.	The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant
to its terms of reference after the Listing Date. Any adjustment of the Compensation shall be recommended by the Compensation Committee
(when applicable) and approved by the Board duly convened pursuant to the articles of association of the Company.

 

		5.3.	In case the Executive Officer is based in Taiwan, the Executive Officer will receive the benefit
of a contribution from the Company to the personal pension account of the Executive Officer, in which the Executive Officer is required
by statue to participate, at a rate prescribed by law from time to time.

 

In case the Executive Officer is based
in Hong Kong, the Executive Officer will receive the benefit of a contribution from the Company to the mandatory provident fund, in
which the Executive Officer is required by statue to participate, of 5% of the monthly salary, maximum up to HK$1,500 (equivalent to US$192.3)
per month. The Executive Officer is required to make the same contribution and may contribute more if the Executive Officer so wish.

 

In case the Executive Officer is based
in the PRC, the Executive Officer will receive the benefit of a contribution from the Company to the social security insurance and
housing provident fund, in which the Executive Officer is required by statue to participate, at a rate prescribed by law from time to
time.

 

		5.4.	Payment of the Compensation may be made by the Company and/or by any member of the Group and if by more
than one company in such proportions as the Board in its absolute discretion may from time to time think fit.

 

		5.5.	The Executive Officer shall be reimbursed for all reasonable expenses (including expenses of entertainment,
subsistence and travelling) properly incurred by him in the performance of his duties in accordance with this Agreement.

 

		6.	TERMINATION

 

		6.1.	The Company shall be entitled to terminate the Appointment forthwith without any notice or payment in
lieu of notice or other compensation to the Executive Officer prior to the expiry of the term of the Appointment by notice in writing
and upon such determination the Executive Officer shall not be entitled to any bonus or any payment whatsoever (other than such Compensation
actually accrued due and payable) or to claim any compensation or damages for or in respect of or by reason of such determination, if
the Executive Officer shall at any time:-

 

		(a)	commit any serious or persistent breach whether willful or not of any of the provisions herein (and to
the extent that such breach is capable of remedy shall fail to remedy such breach within 30 days after written warning given by the Board);

 

    	 

    	 

    

 

		(b)	be guilty of any act of negligence or dishonesty to the detriment of the Group, misconduct or willful
default or neglect in the discharge of his duties hereunder (and to the extent that such breach is capable of remedy shall fail to remedy
such breach within 30 days after written warning given by the Board);

 

		(c)	become bankrupt or have a receiving order made against him or suspend payment of his debts or compound
with or make any arrangement or composition with his creditors generally;

 

		(d)	become a lunatic or of unsound mind or become a patient for any purpose of any statute relating to mental
health;

 

		(e)	become permanently incapacitated by illness or other like causes so as to prevent the Executive Officer
from performing his duties and obligations hereunder;

 

		(f)	be guilty of conduct tending to bring himself or any member of the Group into disrepute;

 

		(g)	be convicted or plead guilty to a felony or any crime involving moral turpitude;

 

		(h)	refuse to carry out any reasonable or lawful order given to him by the Board during the term of his Agreement
or fail to diligently and faithfully attend to his duties hereunder; or

 

		(i)	improperly divulge to any unauthorised person any Confidential Information or any other business secret
or details of the organisation, business or clientele of the Group.

 

		6.2.	The Executive Officer may terminate this Agreement by giving to the Company not less than three (3) months’
prior notice in writing. The Company may terminate this Agreement by giving to the Executive Officer not less than three (3) months’
prior notice in writing or payment in lieu of notice at any time after the date of this Agreement, in which case, the Executive Officer
shall be entitled to severance payments to the extent expressly required by the applicable law of the jurisdiction where the Executive
Officer is based.

 

		6.3.	If the Company becomes entitled pursuant to Clause 6.1 above to terminate the Appointment, it shall be
entitled (but without prejudice to its right subsequently to the termination of the Appointment on the same or any other ground) to suspend
the Appointment of the Executive Officer without payment of the Compensation, in full or in part, to the extent permitted by law.

 

		6.4.	On the termination of the Appointment howsoever arising, the Executive Officer shall:-

 

		(a)	forthwith deliver to the Company all Confidential Information, books, records, correspondence, accounts,
documents, papers, materials, credit cards (if any) and other property of or relating to the business of the Group which may then be in
his possession or under his power or control and all copies thereof or extracts therefrom made by or on behalf of the Executive Officer
shall be and remain the property of the Group and shall forthwith be delivered up to the Company; and

 

    	 

    	 

    

 

		(b)	not at any time thereafter represent himself to be connected with the Group.

 

		6.5.	The Appointment of the Executive Officer under this Agreement shall terminate automatically in the event
of his ceasing to be an executive officer of the Company for whatever reason whether by virtue of a resolution passed by the members of
the Company in general meeting to remove him as an executive officer or otherwise.

 

		6.6.	Termination for whatever reason shall not relieve the parties of their obligations arising or accrued
prior to the termination of the Appointment or of obligations which expressly or by necessary implication continue after termination of
the Appointment, including Clauses 6.4 and 7.

 

		6.7.	No delay or forbearance by the Company in exercising any such right of termination shall constitute a
waiver of that right.

 

		7.	CONFIDENTIALITY

 

		7.1.	The Executive Officer shall not, and shall procure that none of his associates shall, either during or
after the termination or expiry of the Appointment without limit in point of time, except as required in the performance of his duties
in connection with the employment or pursuant to applicable law:-

 

		(a)	divulge or communicate to any person except to those of the officials of the Group whose province is to
know the same in the proper course of their duties; or

 

		(b)	use, take away, conceal or destroy for his own purpose or for any purpose other than that of the Group
or for the advantage of any person other than the Group or to the detriment of the Group; or

 

		(c)	through any failure to exercise all due care and diligence cause any unauthorised disclosure of,

 

any Confidential Information (including
without limitation), relating to the dealings, organisation, business, finance, transactions or any other affairs of the Group or its
suppliers, agents, distributors, clients or customers; or in respect of which any company within the Group is bound by an obligation of
confidence to any third party, but so that these restriction shall cease to apply to any information or knowledge which may (otherwise
than through the default of the Executive Officer or his associates) become available to the public generally or otherwise required by
law or any applicable rules or regulations to be disclosed.

 

    	 

    	 

    

 

		7.2.	Since the Executive Officer may obtain in the course of the Appointment by reason of services rendered
for or offices held in any other member of the Group knowledge of the trade secrets or other Confidential Information of such company,
the Executive Officer hereby agrees that he will at the request and cost of the Company or such other member of the Group enter into a
direct agreement or undertaking with such company whereby he will accept restrictions corresponding to the restrictions herein contained
(or such of them as may be appropriate in the circumstances) in relation to such products and services and such area and for such period
as such company may reasonably require for the protection of its legitimate interest.

 

		7.3.	All notes, memoranda, records and writings made by the Executive Officer in relation to the financial
statements and accounts of the Group, the Business or concerning any of its dealings or affairs or the dealings of affairs of any clients
or customers of the Group shall be and shall remain the property of the Group and shall be handed over by him to the Company (or to such
other member of the Group as the case may require) from time to time on demand of the Company and in any event upon his leaving the service
of the Company and the Executive Officer shall not retain any copy thereof.

 

		7.4.	The covenants in each paragraph of Clause 7 are independent of each other and are not to be construed
restrictively by reference to one another.

 

		8.	ANNUAL LEAVE

 

The Executive Officer shall (in addition
to public and statutory holidays and sick leave) be entitled to fifteen working days paid annual leave in each year during the term of
this Agreement to be taken at such time or times as the Board may approve.

 

The Executive Officer’s common leave
year runs from 1 January to 31 December, and the Executive Officer may carry forward no more than 50% unused paid annual leave of his
current entitlement to be taken on or before 31st March of the following common leave year.

 

		9.	AGREEMENT OF INDEMNITY

 

The Company agrees to
indemnify the Executive Officer as follows:

 

 (a) Subject to the exceptions contained in Clause 10(a) below, if the Executive Officer was or is a party or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of the Executive Officer’s Corporate Status, the Executive Officer shall be indemnified by the Company against all expenses and liabilities incurred or paid by the Executive Officer in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable Amounts”).

 

 (b) Subject to the exceptions contained in Clause 10(b) below, if the Executive Officer was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Company, to procure a judgment in its favor by reason of the Executive Officer’s Corporate Status, the Executive Officer shall be indemnified by the Company against all Indemnifiable Expenses.

 

    	 

    	 

    

 

 (c) For purposes of this Agreement, the Executive Officer shall be deemed to have acted in good faith in conducting the Company’s affairs as an executive officer of the Company, if the Executive Officer: (i) exercised or used the same degree of diligence, care, and skill as an ordinarily prudent man would have exercised or used under the circumstances in the conduct of her own affairs; or (ii) took, or omitted to take, an action in reliance upon advise of counsels or other professional advisors for the Company, or upon statements made or information furnished by other directors, officers or employees of the Company, or upon a financial statement of the Company provided by a person in charge of its accounts or certified by a public accountant or a firm of public accountants, which the Executive Officer had reasonable grounds to believe to be true.

 

		10.	EXCEPTIONS TO INDEMNIFICATION

 

Executive Officer
shall be entitled to indemnification under Clauses 9(a) and 9(b) above in all circumstances other than the following:

 

 (a) If indemnification is requested under Clause 9(a) and it has been adjudicated finally by a court or arbitral body of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, (i) the Executive Officer failed to act in good faith and in a manner the Executive Officer reasonably believed to be in or not opposed to the best interests of the Company, (ii) the Executive Officer had reasonable cause to believe that the Executive Officer’s conduct was unlawful, or (iii) the Executive Officer’s conduct constituted willful misconduct, fraud, dishonesty or knowing violation of law, then the Executive Officer shall not be entitled to payment of Indemnifiable Amounts hereunder.

 

		(b)	If indemnification is requested under Clause 9(b) and

 

 (i) it has been adjudicated finally by a court or arbitral body of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, the Executive Officer failed to act in good faith and in a manner the Executive Officer reasonably believed to be in or not opposed to the best interests of the Company, the Executive Officer shall not be entitled to payment of Indemnifiable Expenses hereunder; or

 

 (ii) it has been adjudicated finally by a court or arbitral body of competent jurisdiction that the Executive Officer is liable to the Company with respect to any claim, issue or matter involved in the Proceeding out of which the claim for indemnification has arisen, including, without limitation, a claim that the Executive Officer received an improper benefit or improperly took advantage of a corporate opportunity, the Executive Officer shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to such claim, issue or matter.

 

    	 

    	 

    

 

		11.	WHOLLY OR PARTLY SUCCESSFUL

 

Notwithstanding
any other provision of this Agreement, and without limiting any such provision, to the extent that the Executive Officer is, by reason
of the Executive Officer’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, the Executive
Officer shall be indemnified in connection therewith. If the Executive Officer is not wholly successful in such Proceeding but is successful,
on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
the Executive Officer against those Expenses reasonably incurred by the Executive Officer or on the Executive Officer’s behalf in
connection with each successfully resolved claim, issue or matter. For purposes of this clause, the termination of any claim, issue or
matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue
or matter.

 

		12.	ADVANCES AND INTERIM EXPENSES

 

The Company may
pay to the Executive Officer all Indemnifiable Expenses incurred by the Executive Officer in connection with any Proceeding, including
a Proceeding by or in the right of the Company, in advance of the final disposition of such Proceeding, if the Executive Officer furnishes
the Company with a written undertaking, to the satisfaction of the Company, to repay the amount of such Indemnifiable Expenses advanced
to the Executive Officer in the event it is finally determined by a court or arbitral body of competent jurisdiction that the Executive
Officer is not entitled under this Agreement to indemnification with respect to such Indemnifiable Expenses.

 

		13.	PROCEDURE FOR PAYMENT OF INDEMNIFIABLE AMOUNTS

 

The Executive Officer
shall submit to the Company a written request specifying the Indemnifiable Amounts, for which the Executive Officer seeks payment under
Clause 9 hereof and the Proceeding of which has been previously notified to the Company and approved by the Company for indemnification
hereunder. At the request of the Company, the Executive Officer shall furnish such documentation and information as are reasonably available
to the Executive Officer and necessary to establish that the Executive Officer is entitled to indemnification hereunder. The Company shall
pay such Indemnifiable Amounts within thirty (30) days of receipt of all required documents.

 

		14.	REMEDIES OF EXECUTIVE OFFICER

 

 (a) RIGHT TO PETITION COURT. In the event that the Executive Officer makes a request for payment of Indemnifiable Amounts under Clauses 9, 11-13 above, and the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, the Executive Officer may petition the appropriate judicial authority to enforce the Company’s obligations under this Agreement.

 

 (b) BURDEN OF PROOF. In any judicial proceeding brought under Clause 14 (a) above, the Company shall have the burden of proving that the Executive Officer is not entitled to payment of Indemnifiable Amounts hereunder.

 

 (c) EXPENSES. The Company agrees to reimburse the Executive Officer in full for any Expenses incurred by the Executive Officer in connection with investigating, preparing for, litigating, defending or settling any action brought by the Executive Officer under Clause 14 (a) above, or in connection with any claim or counterclaim brought by the Company in connection therewith.

 

    	 

    	 

    

 

 (d) VALIDITY OF AGREEMENT. The Company shall be precluded from asserting in any Proceeding, including, without limitation, an action under Clause 14 (a) above, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient consideration for this Agreement and shall stipulate in court that the Company is bound by all the provisions of this Agreement.

 

 (e) FAILURE TO ACT NOT A DEFENSE. The failure of the Company (including its Board of Directors or any committee thereof, independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Clause 14(a) above.

 

		15.	PROCEEDINGS AGAINST COMPANY

 

Except as otherwise
provided in this Agreement, the Executive Officer shall not be entitled to payment of Indemnifiable Amounts or advancement of Indemnifiable
Expenses with respect to any Proceeding brought by the Executive Officer against the Company, any entity which it controls, any director
or officer thereof, or any third party, unless the Company has consented to the initiation of such Proceeding. This clause shall not apply
to counterclaims or affirmative defenses asserted by the Executive Officer in an action brought against the Executive Officer.

 

		16.	INSURANCE

 

The Company will
obtain and maintain a policy or policies of director and officer liability insurance, of which the Executive Officer will be named as
an insured, providing the Executive Officer with coverage for Indemnifiable Amounts and/or Indemnifiable Expenses in accordance with said
insurance policy or policies (“D&O Insurance”); provided that:

 

 (a) The Executive Officer agrees that, while the Company has valid and effective D&O Insurance, and except as provided in Clause 16(c), Clauses 9-15 of this Agreement shall not apply, and the Company’s indemnification obligation to the Executive Officer under this Agreement shall be deemed fulfilled by virtue of purchasing and maintaining such insurance policy or policies, in accordance with the terms and conditions thereof and subject to exclusions stated thereon. The Executive Officer agrees that the Company shall have no obligation to challenge the decisions made by the insurance carrier(s) (“Insurance Carrier”) relating to any claims made under such insurance policy or policies;

 

 (b) The Executive Officer agrees that the Company’s indemnification obligation to the Executive Officer under Clause 16(a) shall be deemed discharged and terminated, in the event the Insurance Carrier refused payment for any Proceedings against the Executive Officer due to the acts or omissions of the Executive Officer;

 

    	 

    	 

    

 

 (c) While the D&O Insurance is valid and effective, the Company agrees that it shall indemnify the Executive Officer for the Indemnifiable Amounts and Indemnifiable Expenses, to the extent that any Proceedings are coverable by D&O Insurance, but in excess of the policy amount, in accordance with Clauses 9-15 of this Agreement; and

 

 (d) While the D&O Insurance is valid and effective, the Company agrees that it shall indemnify the Executive Officer to the extent that the Executive Officer has liability that would be part of the D&O Insurance deductible, if there is any; and

 

 (e) While the D&O Insurance is valid and effective, this Clause 16 states the entire and exclusive remedy of the Executive Officer with respect to the indemnification obligation of the Company to the Executive Officer under this Agreement.

 

		17.	WAIVER

 

		17.1.	Time is of the essence in this Agreement but no failure or delay on the part of either party to exercise
any power, right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by either party of any
power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy by that party.

 

		17.2.	The remedies provided herein are cumulative and are not exclusive of any remedies provided by law.

 

		18.	ENTIRE AGREEMENT

 

		18.1.	This Agreement constitutes the entire agreement between the parties hereto in relation to the subject
matter hereof and shall be in substitution for and supersedes all and any previous service agreements, arrangements or undertakings entered
into between any member of the Group and the Executive Officer. Any terms of employment previously in force between any such member of
the Group and the Executive Officer, whether or not on a legal or formal basis, shall be deemed to have been cancelled or terminated with
effect from the effective date of this Agreement.

 

		18.2.	The Executive Officer hereby acknowledges that he has no claim of any kind against any member of the Group
and without prejudice to the generality of the foregoing he further acknowledges that he has no claim for damages against any member of
the Group for the termination of any previous service agreements, arrangements or undertakings (if any) for the purpose of entering into
this Agreement.

 

		19.	NOTICES

 

		19.1.	All notices, requests, demands, consents or other communications to or upon the parties under or pursuant
to this Agreement shall be in writing and sent to the relevant party at such party’s address or facsimile number set out below (or
at such other address or facsimile number as such party may hereafter specify to the other party) and shall be deemed to have been duly
given or made:-

 

		(a)	in the case of a communication by letter five (5) business days (if overseas) or two (2) business days
(if local) after dispatch or, if such letter is delivered by hand, on the day of delivery; or

 

    	 

    	 

    

 

		(b)	in the case of a communication by facsimile, when sent provided that the transmission is confirmed by
a transmission report.

 

The Company:

 

	 	Address:	7/F-1,
                                            No. 633, Sec. 2, Taiwan Blvd., Xitun District, Taichung City 407, Taiwan (R.O.C.)

	 	Facsimile no.:	+886-423229933

 

The Executive Officer:

 

	 	Address:	Building No 11, Street No. 960, Zone 90, Wakrah, Qatar

	 	Facsimile
    no.:	+886-423229933
    

 

		20.	ASSIGNMENT

 

This Agreement shall be binding upon and
enure to the benefit of each party hereto and its successors and assigns and personal representatives (as the case may be), provided always
that the Executive Officer may not assign his obligations and liabilities under this Agreement.

 

		21.	RELATIONSHIP

 

None of the provisions of this Agreement
shall be deemed to constitute a partnership or joint venture between the parties for any purpose.

 

		22.	AMENDMENT

 

This Agreement may not be amended, supplemented
or modified except by a written agreement or instrument signed by or on behalf of the parties hereto.

 

		23.	SEVERABILITY

 

Any provision of this Agreement which is
prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to
the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining
provisions of this Agreement. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties
to the full extent permitted by such law to the end that this Agreement shall be a valid and binding agreement enforceable in accordance
with its terms.

 

		24.	LAW AND JURISDICTION

 

This Agreement shall be governed by and
construed in all respects in accordance with the laws of Taiwan and the parties hereby submit to the non-exclusive jurisdiction of the
courts of the Taiwan.

 

[The reminder of this page is internationally left
blank]

 

    	 

    	 

    

 

IN WITNESS
whereof this Agreement has been executed the day and year first above written.

 

	The Company
    	 	 
	 	 	 
	SIGNED
  by JONATHAN CHIANG	)	
	for
  and on behalf of	)	/s/
  Jonathan Chiang
	J-STAR
  HOLDING CO., LTD.	)	 
	 	)	 
	 	 	 
	The
                                            Executive Officer

	 	 
	 	 	 
	SIGNED
by	)	/s/
                                            Pullolickel Itty Cheriah Abraham

	PULLOLICKEL ITTYCHERIAH ABRAHAM 	)Exhibit
10.16

 

Dated
the 1st day of February 2022

 

J-STAR
HOLDING CO., LTD. 

 

and

 

SUNG
TING-PANG

 

 

 

EMPLOYMENT
AGREEMENT

 

FOR

 

EXECUTIVE
DIRECTOR

 

 

 

    	 

     

    

 

THIS
AGREEMENT is made on the 1st day of February 2022

 

BETWEEN:

 

	(1)	J-STAR
    HOLDING CO., LTD., an exempted company with limited liability incorporated under the laws of the Cayman Islands with registered
    office at Portcullis (Cayman) Ltd of The Grand Pavilion Commercial Centre, Oleander Way, 802 West Bay Road, P.O. Box 32052, Grand
    Cayman, KY1-1208, Cayman Islands (the “Company”); and
	 	 
	(2)	SUNG
    TING-PANG, holder of Republic of China passport number 313XXXXXX, of 5/F, No. 6-3 Kuangfu North Road, Taipei 105, Taiwan (the
    “Executive Director”).

 

NOW
IT IS HEREBY AGREED as follows:-

 

	1.	DEFINITION
    AND INTERPRETATION

 

	1.1.	In this Agreement, unless the context otherwise requires, the
following words and expressions shall have the following meanings:-

 

	 	“Agreement”	this
    service agreement, as may be amended or modified from time to time;

     

	 	“Appointment”	the
    appointment of Sung Ting-Pang as an Executive Director of the Company pursuant to Clause 2;

     

	 	“Board”	the
    board of directors for the time being of the Company or the directors present at any meeting of the Board duly convened and held
    and includes a duly authorised committee thereof;

     

	 	“Business”	all
    the business and affairs carried on from time to time by the Group or by any of the companies within the Group;

     

	 	“Compensation”	shall
    have the meaning ascribed thereto in the Clause 5.1;

     

	 	“Compensation
    Committee”

     
	the
    compensation committee of the Board;
	 	“Confidential
    Information”	(i)
    all information, know-how and records (in whatever form held) including (without prejudice to the generality of the foregoing) all
    formulae, designs, specifications, drawings, data, manuals and instructions and all customer lists, sales information, business plans
    and forecasts and all technical or other expertise and all computer software and all financial accounting and tax records, correspondence,
    orders and enquiries that are confidential or not generally known in any way in connection with the Group or any business of the
    Group, or trade secrets of the Group; (ii) any confidential information or trade secrets of the clients or prospective clients of
    the Group, or (iii) the confidential or proprietary information of any third party received by the Group and for which the Group
    has confidential obligations;

     

 

    	 

     

    

 

	 	“Corporate
    Status”	the
    capacity of the Executive Director with respect to the Company and the services performed by the Executive Director in that capacity;

     

	 	“Group”	the
    Company and its subsidiaries from time to time and a member of the Group shall be construed accordingly;

     

	 	“Listing
    Date”	the
    day on which the shares of the Company first commence trading on the NASDAQ;

     

	 	“NASDAQ”	The
    Nasdaq Stock Market;

     

	 	“Taiwan”	Taiwan,
    Republic of China

     

	 	“PRC”	the
    People’s Republic of China (and for the purpose of this Agreement, excludes Hong Kong Special Administrative Region, Macau
    Special Administrative Region and Taiwan);

     

	 	“US$”

     
	United
    States Dollars, the lawful currency of the United States;

     

	 	“Hong
    Kong” 	the
    Hong Kong Special Administrative Region of the People’s Republic of China;

     

	 	“Proceedings”	any
    threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation, administrative
    hearing, appeal, or any other proceeding, whether civil, criminal, administrative or investigative, whether formal or informal, including
    a proceeding initiated by the Executive Director pursuant to Clause 14 to enforce his rights hereunder; and

     

	 	“United
    States”	the
    United States of America.

    

 

	1.2.	Reference
    to Clauses, are references to clauses of this Agreement.
	 	 
	1.3.	In
    this Agreement, words importing the singular include the plural and vice versa, words importing one gender include every gender and
    references to a person include any public body and body corporate, unincorporated associations and partnership (whether or not having
    separate legal personality).
	 	 
	1.4.	The
    headings to the Clauses of this Agreement are for convenience only and shall not affect the construction in this Agreement.

 

    	 

     

    

 

	1.5.	In
    this Agreement (save as otherwise expressly stated herein), references, express or implied, to any statues or statutory provision
    or any rule or regulation (whether or not having the force of law) shall be construed as references to the same as respectively amended,
    varied, modified, consolidated or re-enacted from time to time (whether before or after the date of this Agreement) and to any subordinate
    legislation made under such statutory provision and reference to sections of consolidating legislation shall, wherever necessary
    or appropriate in the context, be construed as including references to the sections of the previous legislation from which the consolidating
    legislation has been prepared.

 

	2.	APPOINTMENT

 

	2.1.	The
    Executive Director is appointed as an executive director of the Company on 23 July 2021. This Agreement serves to regulate the employment
    relationship between the Company and the Executive Director from the Listing Date. 
	 	 
	2.2.	The
    Company shall employ the Executive Director and the Executive Director shall diligently and faithfully serve the Company as an Executive
    Director pursuant to the terms and conditions of this Agreement and subject to the by-laws of the Company, the Nasdaq Stock Market
    Rules (to the extent applicable) and other applicable laws and regulations.

 

	3.	TERM

 

	3.1.	Subject
    to Clause 6, the Appointment shall be for an initial fixed term of 3 years with immediate effect from the Listing Date.
	 	 
	3.2.	The
    Executive Director represents and warrants that he is not bound by or subject to any court order, agreement, arrangement or undertaking
    which in any way restricts or prohibits him from entering into this Agreement or from performing his duties hereunder.

 

	4.	EXECUTIVE
    DIRECTOR’S DUTIES AND SERVICES 

 

	4.1.	The
    Executive Director hereby undertakes with the Company that during the term of this Agreement, he shall use his best endeavours to
    carry out his duties faithfully and diligently under this Agreement.

 

    	 

     

    

 

	4.2.	Without
    prejudice to the generality of Clause 4.1, the Executive Director shall during the term of this Agreement:-

 

	 	(a)	devote
    a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his office as
    an Executive Director of the Company and, where relevant, as a director of such other members of the Group as are necessary for the
    proper and efficient administration, supervision, and management of the Group, in particular, the strategic planning, corporate management
    and business development of the Group;
	 	 	 
	 	(b)	faithfully
    and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the
    Group;
	 	 	 
	 	(c)	in
    the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions,
    regulations and directions from time to time passed, made or given by the Board according to the best of his skills and ability;
	 	 	 
	 	(d)	perform
    such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board
    may from time to time reasonably require provided the same are consistent with his office;
	 	 	 
	 	(e)	at
    all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers
    and duties and provide such explanations as the Board may require in connection with his office in relation to the Company and/or
    the Group;
	 	 	 
	 	(f)	act
    in accordance with his powers and obligations as an Executive Director of the Company and use his best endeavours to comply with
    and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of the Group, whether
    in the United States, Taiwan, the PRC, Hong Kong or elsewhere; (c) the Nasdaq Stock Market Rules; (d) the by-laws of the Company;
    (e) shareholders’ and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant securities
    regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to
    dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or
    unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

 

	4.3.	The
    Executive Director shall carry out his duties and exercise his powers jointly with any other Executive Directors, senior management
    or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Executive Director
    to cease performing any of his duties or exercising any of his power under this Agreement.

 

	5.	REMUNERATION

 

	5.1.	Upon
    the effective date of this Agreement and during the term of this Agreement, the Executive Director shall receive a monthly remuneration
    of US$700 which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the
    Appointment is terminated prior to the end of a calendar month, the Executive Director shall only be entitled to a proportionate
    part of such salary in respect of the period of service during the relevant month up to the date of termination (the “Compensation”).

 

    	 

     

    

 

	5.2.	The
    Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after
    the Listing Date. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved
    by the Board duly convened pursuant to the by-laws of the Company.
	 	 
	5.3.	Payment
    of the Compensation may be made by the Company and/or by any member of the Group and if by more than one company in such proportions
    as the Board in its absolute discretion may from time to time think fit.
	 	 
	5.4.	The
    Executive Director shall be reimbursed for all reasonable expenses (including expenses of entertainment, subsistence and travelling)
    properly incurred by him in the performance of his duties in accordance with this Agreement.

 

	6.	TERMINATION

 

	6.1.	The
    Company shall be entitled to terminate the Appointment forthwith without any notice or payment in lieu of notice or other compensation
    to the Executive Director prior to the expiry of the term of the Appointment by notice in writing and upon such determination the
    Executive Director shall not be entitled to any bonus or any payment whatsoever (other than such Compensation actually accrued due
    and payable) or to claim any compensation or damages for or in respect of or by reason of such determination, if the Executive Director
    shall at any time:-

 

	 	(a)	commit
    any serious or persistent breach whether willful or not of any of the provisions herein (and to the extent that such breach is capable
    of remedy shall fail to remedy such breach within 30 days after written warning given by the Board); 
	 	 	 
	 	(b)	be
    guilty of any act of negligence or dishonesty to the detriment of the Group, misconduct or willful default or neglect in the discharge
    of his duties hereunder (and to the extent that such breach is capable of remedy shall fail to remedy such breach within 30 days
    after written warning given by the Board);
	 	 	 
	 	(c)	become
    bankrupt or have a receiving order made against him or suspend payment of his debts or compound with or make any arrangement or composition
    with his creditors generally;
	 	 	 
	 	(d)	become
    a lunatic or of unsound mind or become a patient for any purpose of any statute relating to mental health; 
	 	 	 
	 	(e)	become
    permanently incapacitated by illness or other like causes so as to prevent the Executive Director from performing his duties and
    obligations hereunder;
	 	 	 
	 	(f)	be
    guilty of conduct tending to bring himself or any member of the Group into disrepute;
	 	 	 
	 	(g)	be
    convicted or plead guilty to a felony or any crime involving moral turpitude;
	 	 	 
	 	(h)	refuse
    to carry out any reasonable or lawful order given to him by the Board during the term of his Agreement or fail to diligently and
    faithfully attend to his duties hereunder; or
	 	 	 
	 	(i)	improperly
    divulge to any unauthorised person any Confidential Information or any other business secret or details of the organisation, business
    or clientele of the Group.

 

    	 

     

    

 

	6.2.	The
    Executive Director may terminate this Agreement by giving to the Company not less than three (3) months’ prior notice in writing.
    The Company may terminate this Agreement by giving to the Executive Director not less than three (3) months’ prior notice in
    writing or payment in lieu of notice at any time after the date of this Agreement, in which case, the Executive Director shall be
    entitled to severance payments to the extent expressly required by the applicable law of the jurisdiction where the Executive Director
    is based.
	 	 
	6.3.	If
    the Company becomes entitled pursuant to Clause 6.1 above to terminate the Appointment, it shall be entitled (but without prejudice
    to its right subsequently to the termination of the Appointment on the same or any other ground) to suspend the Appointment of the
    Executive Director without payment of the Compensation, in full or in part, to the extent permitted by law.
	 	 
	6.4.	On
    the termination of the Appointment howsoever arising, the Executive Director shall:-

 

		(a)	forthwith
    deliver to the Company all Confidential Information, books, records, correspondence, accounts, documents, papers, materials, credit
    cards (if any) and other property of or relating to the business of the Group which may then be in his possession or under his power
    or control and all copies thereof or extracts therefrom made by or on behalf of the Executive Director shall be and remain the property
    of the Group and shall forthwith be delivered up to the Company; and 
	 	 	 
	 	(b)	not
    at any time thereafter represent himself to be connected with the Group.

 

	6.5.	The
    Appointment of the Executive Director under this Agreement shall terminate automatically in the event of his ceasing to be an Executive
    Director of the Company for whatever reason whether by virtue of a resolution passed by the members of the Company in general meeting
    to remove him as an Executive Director or otherwise.
	 	 
	6.6.	Termination
    for whatever reason shall not relieve the parties of their obligations arising or accrued prior to the termination of the Appointment
    or of obligations which expressly or by necessary implication continue after termination of the Appointment, including Clauses 6.4
    and 7.
	 	 
	6.7.	No
    delay or forbearance by the Company in exercising any such right of termination shall constitute a waiver of that right.

 

    	 

     

    

 

	7.	CONFIDENTIALITY

 

	7.1.	The
    Executive Director shall not, and shall procure that none of his associates shall, either during or after the termination or expiry
    of the Appointment without limit in point of time, except as required in the performance of his duties in connection with the employment
    or pursuant to applicable law:-

 

	 	(a)	divulge
    or communicate to any person except to those of the officials of the Group whose province is to know the same in the proper course
    of their duties; or
	 	 	 
	 	(b)	use,
    take away, conceal or destroy for his own purpose or for any purpose other than that of the Group or for the advantage of any person
    other than the Group or to the detriment of the Group; or
	 	 	 
	 	(c)	through
    any failure to exercise all due care and diligence cause any unauthorised disclosure of,
	 	 	 
	 	any
    Confidential Information (including without limitation), relating to the dealings, organisation, business, finance, transactions
    or any other affairs of the Group or its suppliers, agents, distributors, clients or customers; or in respect of which any company
    within the Group is bound by an obligation of confidence to any third party, but so that these restriction shall cease to apply to
    any information or knowledge which may (otherwise than through the default of the Executive Director or his associates) become available
    to the public generally or otherwise required by law or any applicable rules or regulations to be disclosed.

 

	7.2.	Since
    the Executive Director may obtain in the course of the Appointment by reason of services rendered for or offices held in any other
    member of the Group knowledge of the trade secrets or other Confidential Information of such company, the Executive Director hereby
    agrees that he will at the request and cost of the Company or such other member of the Group enter into a direct agreement or undertaking
    with such company whereby he will accept restrictions corresponding to the restrictions herein contained (or such of them as may
    be appropriate in the circumstances) in relation to such products and services and such area and for such period as such company
    may reasonably require for the protection of its legitimate interest.
	 	 
	7.3.	All
    notes, memoranda, records and writings made by the Executive Director in relation to the financial statements and accounts of the
    Group, the Business or concerning any of its dealings or affairs or the dealings of affairs of any clients or customers of the Group
    shall be and shall remain the property of the Group and shall be handed over by him to the Company (or to such other member of the
    Group as the case may require) from time to time on demand of the Company and in any event upon his leaving the service of the Company
    and the Executive Director shall not retain any copy thereof.
	 	 
	7.4.	The
    covenants in each paragraph of Clause 7 are independent of each other and are not to be construed restrictively by reference to one
    another.

 

    	 

     

    

 

	8.	ANNUAL
    LEAVE

 

		The
    Executive Director shall (in addition to public and statutory holidays and sick leave) be entitled to fifteen working days paid annual
    leave in each year during the term of this Agreement to be taken at such time or times as the Board may approve. 
	 	 
	 	The
    Executive Director’s common leave year runs from 1 January to 31 December, and the Executive Director may carry forward no
    more than 50% unused paid annual leave of his current entitlement to be taken on or before 31st March of the following common leave
    year. 

 

	9.	AGREEMENT
    OF INDEMNITY

 

The Company agrees to indemnify the Executive Director as follows:

 

(a) Subject to the exceptions contained in Clause 10(a) below, if the Executive Director was or is a party or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason of the Executive Director’s Corporate Status, the Executive Director shall be indemnified by the Company against all expenses and liabilities incurred or paid by the Executive Director in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable Amounts”).

 

(b) Subject to the exceptions contained in Clause 10(b) below, if the Executive Director was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Company, to procure a judgment in its favor by reason of the Executive Director’s Corporate Status, the Executive Director shall be indemnified by the Company against all Indemnifiable Expenses.

 

(c) For purposes of this Agreement, the Executive Director shall be deemed to have acted in good faith in conducting the Company’s affairs as an Executive Director of the Company, if the Executive Director: (i) exercised or used the same degree of diligence, care, and skill as an ordinarily prudent man would have exercised or used under the circumstances in the conduct of her own affairs; or (ii) took, or omitted to take, an action in reliance upon advise of counsels or other professional advisors for the Company, or upon statements made or information furnished by other directors, officers or employees of the Company, or upon a financial statement of the Company provided by a person in charge of its accounts or certified by a public accountant or a firm of public accountants, which the Executive Director had reasonable grounds to believe to be true.

 

	10.	EXCEPTIONS
    TO INDEMNIFICATION

 

Executive Director shall be entitled to indemnification under Clauses 9(a) and 9(b) above in all circumstances other than the following:

 

(a) If indemnification is requested under Clause 9(a) and it has been adjudicated finally by a court or arbitral body of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, (i) the Executive Director failed to act in good faith and in a manner the Executive Director reasonably believed to be in or not opposed to the best interests of the Company, (ii) the Executive Director had reasonable cause to believe that the Executive Director’s conduct was unlawful, or (iii) the Executive Director’s conduct constituted willful misconduct, fraud, dishonesty or knowing violation of law, then the Executive Director shall not be entitled to payment of Indemnifiable Amounts hereunder.

 

    	 

     

    

 

(b) If indemnification is requested under Clause 9(b) and

 

(i) it has been adjudicated finally by a court or arbitral body of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, the Executive Director failed to act in good faith and in a manner the Executive Director reasonably believed to be in or not opposed to the best interests of the Company, the Executive Director shall not be entitled to payment of Indemnifiable Expenses hereunder; or

 

(ii) it has been adjudicated finally by a court or arbitral body of competent jurisdiction that the Executive Director is liable to the Company with respect to any claim, issue or matter involved in the Proceeding out of which the claim for indemnification has arisen, including, without limitation, a claim that the Executive Director received an improper benefit or improperly took advantage of a corporate opportunity, the Executive Director shall not be entitled to payment of Indemnifiable Expenses hereunder with respect to such claim, issue or matter.

 

	11.	
    WHOLLY OR PARTLY SUCCESSFUL

	 	 
	 	Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that the Executive Director is, by reason of the Executive Director’s Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, the Executive Director shall be indemnified in connection therewith. If the Executive Director is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify the Executive Director against those Expenses reasonably incurred by the Executive Director or on the Executive Director’s behalf in connection with each successfully resolved claim, issue or matter. For purposes of this clause, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
	 	 
	12.	ADVANCES AND INTERIM EXPENSES
	 	 
	 	The Company may pay to the Executive Director all Indemnifiable Expenses incurred by the Executive Director in connection with any Proceeding, including a Proceeding by or in the right of the Company, in advance of the final disposition of such Proceeding, if the Executive Director furnishes the Company with a written undertaking, to the satisfaction of the Company, to repay the amount of such Indemnifiable Expenses advanced to the Executive Director in the event it is finally determined by a court or arbitral body of competent jurisdiction that the Executive Director is not entitled under this Agreement to indemnification with respect to such Indemnifiable Expenses.

 

    	 

     

    

 

	13.	PROCEDURE FOR PAYMENT OF INDEMNIFIABLE AMOUNTS
	 	 
	 	The Executive Director shall submit to the Company a written request specifying the Indemnifiable Amounts, for which the Executive Director seeks payment under Clause 9 hereof and the Proceeding of which has been previously notified to the Company and approved by the Company for indemnification hereunder. At the request of the Company, the Executive Director shall furnish such documentation and information as are reasonably available to the Executive Director and necessary to establish that the Executive Director is entitled to indemnification hereunder. The Company shall pay such Indemnifiable Amounts within thirty (30) days of receipt of all required documents.
	 	 
	14.	REMEDIES OF EXECUTIVE DIRECTOR
	 	 
	 	(a) RIGHT TO PETITION COURT. In the event that the Executive Director makes a request for payment of Indemnifiable Amounts under Clauses 9, 11-13 above, and the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, the Executive Director may petition the appropriate judicial authority to enforce the Company’s obligations under this Agreement.
	 	 
	 	(b) BURDEN OF PROOF. In any judicial proceeding brought under Clause 14 (a) above, the Company shall have the burden of proving that the Executive Director is not entitled to payment of Indemnifiable Amounts hereunder.
	 	 
	 	(c) EXPENSES. The Company agrees to reimburse the Executive Director in full for any Expenses incurred by the Executive Director in connection with investigating, preparing for, litigating, defending or settling any action brought by the Executive Director under Clause 14 (a) above, or in connection with any claim or counterclaim brought by the Company in connection therewith.
	 	 
	 	(d) VALIDITY OF AGREEMENT. The Company shall be precluded from asserting in any Proceeding, including, without limitation, an action under Clause 14 (a) above, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient consideration for this Agreement and shall stipulate in court that the Company is bound by all the provisions of this Agreement.
	 	 
	 	(e) FAILURE TO ACT NOT A DEFENSE. The failure of the Company (including its Board of Directors or any committee thereof, independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Clause 14(a) above.
	 	 
	15.	PROCEEDINGS AGAINST COMPANY
	 	 
	 	Except as otherwise provided in this Agreement, the Executive Director shall not be entitled to payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by the Executive Director against the Company, any entity which it controls, any director or officer thereof, or any third party, unless the Company has consented to the initiation of such Proceeding. This clause shall not apply to counterclaims or affirmative defenses asserted by the Executive Director in an action brought against the Executive Director.

 

    	 

     

    

 

	16.	INSURANCE
	 	 
	 	The Company will obtain and maintain a policy or policies of director and officer liability insurance, of which the Executive Director will be named as an insured, providing the Executive Director with coverage for Indemnifiable Amounts and/or Indemnifiable Expenses in accordance with said insurance policy or policies (“D&O Insurance”); provided that:
	 	 
	 	(a) The Executive Director agrees that, while the Company has valid and effective D&O Insurance, and except as provided in Clause 16(c), Clauses 9-15 of this Agreement shall not apply, and the Company’s indemnification obligation to the Executive Director under this Agreement shall be deemed fulfilled by virtue of purchasing and maintaining such insurance policy or policies, in accordance with the terms and conditions thereof and subject to exclusions stated thereon. The Executive Director agrees that the Company shall have no obligation to challenge the decisions made by the insurance carrier(s) (“Insurance Carrier”) relating to any claims made under such insurance policy or policies;
	 	 
	 	(b) The Executive Director agrees that the Company’s indemnification obligation to the Executive Director under Clause 16(a) shall be deemed discharged and terminated, in the event the Insurance Carrier refused payment for any Proceedings against the Executive Director due to the acts or omissions of the Executive Director;
	 	 
	 	(c) While the D&O Insurance is valid and effective, the Company agrees that it shall indemnify the Executive Director for the Indemnifiable Amounts and Indemnifiable Expenses, to the extent that any Proceedings are coverable by D&O Insurance, but in excess of the policy amount, in accordance with Clauses 9-15 of this Agreement; and
	 	 
	 	(d) While the D&O Insurance is valid and effective, the Company agrees that it shall indemnify the Executive Director to the extent that the Executive Director has liability that would be part of the D&O Insurance deductible, if there is any; and
	 	 
	 	(e) While the D&O Insurance is valid and effective, this Clause 16 states the entire and exclusive remedy of the Executive Director with respect to the indemnification obligation of the Company to the Executive Director under this Agreement.
	 	 
	17.	WAIVER
	 	 
	17.1.	Time is of the essence in this Agreement but no failure or delay on the part of either party to exercise any power, right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by either party of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy by that party.
	 	 
	17.2.	The remedies provided herein are cumulative and are not exclusive of any remedies provided by law.

 

    	 

     

    

 

	18.	ENTIRE
    AGREEMENT
	 	 
	18.1.	This
    Agreement constitutes the entire agreement between the parties hereto in relation to the subject matter hereof and shall be in substitution
    for and supersedes all and any previous service agreements, arrangements or undertakings entered into between any member of the Group
    and the Executive Director. Any terms of employment previously in force between any such member of the Group and the Executive Director,
    whether or not on a legal or formal basis, shall be deemed to have been cancelled or terminated with effect from the effective date
    of this Agreement. 
	 	 
	18.2.	The
    Executive Director hereby acknowledges that he has no claim of any kind against any member of the Group and without prejudice to
    the generality of the foregoing he further acknowledges that he has no claim for damages against any member of the Group for the
    termination of any previous service agreements, arrangements or undertakings (if any) for the purpose of entering into this Agreement.

 

	19.	NOTICES
	 	 
	19.1.	All
    notices, requests, demands, consents or other communications to or upon the parties under or pursuant to this Agreement shall be
    in writing and sent to the relevant party at such party’s address or facsimile number set out below (or at such other address
    or facsimile number as such party may hereafter specify to the other party) and shall be deemed to have been duly given or made:-

 

	 	(a)	in
    the case of a communication by letter five (5) business days (if overseas) or two (2) business days (if local) after dispatch or,
    if such letter is delivered by hand, on the day of delivery; or
	 	 	 
	 	(b)	in
    the case of a communication by facsimile, when sent provided that the transmission is confirmed by a transmission report.

 

	 	The Company:
	 	 
	 	Address:	7/F-1, No. 633, Sec. 2, Taiwan Blvd., Xitun District,

                                                         Taichung City 407, Taiwan (R.O.C.)

	 	Facsimile
    no.:	+886-423229933

 

	 	The Executive Director:
	 	 
	 	Address:	5/F,
    No. 6-3 Kuangfu North Road, Taipei 105, Taiwan
	 	Facsimile
    no.:	+886-423229933

 

	20.	ASSIGNMENT 
	 	 
	 	This Agreement shall be binding upon and enure to the benefit of each party hereto and its successors and assigns and personal representatives (as the case may be), provided always that the Executive Director may not assign his obligations and liabilities under this Agreement.

 

    	 

     

    

 

	21.	RELATIONSHIP
	 	 
	 	None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the parties for any purpose.
	 	 
	22.	AMENDMENT
	 	 
	 	This Agreement may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of the parties hereto.
	 	 
	23.	SEVERABILITY
	 	 
	 	Any provision of this Agreement which is prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties to the full extent permitted by such law to the end that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.
	 	 
	24.	LAW AND JURISDICTION
	 	 
	 	This Agreement shall be governed by and construed and enforced under the state laws of New York

 

[The
reminder of this page is internationally left blank]

 

    	 

     

    

 

IN
WITNESS whereof this Agreement has been executed the day and year first above written.

 

The
Company

 

	SIGNED
    by JONATHAN CHIANG	)	 
	for
    and on behalf of	)	/s/
    Jonathan Chiang
	J-STAR
    HOLDING CO., LTD.	)	 
	 	)	 

 

The
Executive Director

 

	SIGNED
    by	)	 
	SUNG
    TING-PANG	)	/s/
    Sung Ting- Pang
	 	)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]