Document:

Exhibit 4.1

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A LOCK-UP PERIOD OF ONE HUNDRED AND EIGHTY (180) DAYS FOLLOWING THE COMMENCEMENT OF SALES OF THE OFFERING PURSUANT TO THE
REGISTRATION STATEMENT OF THE COMPANY’S SECURITIES (FILE NO. 333-[●]) AND MAY NOT BE (A) SOLD, TRANSFERRED, ASSIGNED, PLEDGED
OR HYPOTHECATED TO ANYONE OTHER THAN UNIVEST SECURITIES, LLC, OR BONA FIDE OFFICERS OR PARTNERS OF UNIVEST SECURITIES, LLC, OR (B) CAUSED
TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION
OF THIS SECURITIES HEREUNDER, EXCEPT AS PROVIDED FOR IN FINRA RULE 5110(E)(2).

 

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR
TO [●], 2021. VOID AFTER 5:00 P.M., EASTERN TIME, [●], 20241.

 

UNDERWRITER’S WARRANT

 

FOR THE PURCHASE OF [ ● ] ORDINARY SHARES

 

OF

 

ZHONG YANG FINANCIAL GROUP LIMITED

 

1. Purchase
Warrant. THIS CERTIFIES THAT, pursuant to that certain Underwriting Agreement by and between Zhong Yang Financial Group Limited, a
Cayman Islands company (the “Company”), on the one hand, and Univest Securities, LLC (the “Holder”),
on the other hand, dated [●], 2021 (the “Underwriting Agreement”), the Holder, as registered owner of this Purchase
Warrant, is entitled, at any time or from time to time from [●], 2021 (the “Exercise Date”), and at or before
5:00 p.m., Eastern time, on [● ], 2024, (the “Expiration Date”), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to such number of ordinary shares of the Company, par value $0.001 per ordinary share (the “Ordinary
Shares”) as equates to six percent (6%) of the aggregate number of Ordinary Shares sold in the Offering (the “Shares),
subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions
are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance
with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate
this Purchase Warrant. This Purchase Warrant is initially exercisable at $[●] per Ordinary Share (which is equal to one hundred
and twenty percent (120%) of the price of the Ordinary Shares sold in the Offering); provided, however, that upon the
occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including
the exercise price per Ordinary Share and the number of Ordinary Shares to be received upon such exercise, shall be adjusted as therein
specified. The term “Exercise Price” shall mean the initial exercise price as set forth above or the adjusted exercise
price as a result of the events set forth in Section 6 below, depending on the context. Capitalized terms not defined herein shall
have the meaning ascribed to them in the Underwriting Agreement. 

 

2. Exercise.

 

2.1 Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto as Exhibit A must be duly executed
and completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Ordinary Shares
being purchased payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified
check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern Time, on the Expiration Date,
this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

 

 

 

	1	3 years from the commencement of sales of the public offering.

 

    1 

     

    

 

2.2 Cashless
Exercise. At any time after the Exercise Date and until the Expiration Date, Holder may elect to receive the number of Ordinary Shares
equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company,
together with the exercise form attached hereto, in which event the Company shall issue to Holder, Shares in accordance with the following
formula:

 

	X	=	Y(A-B)	 	 
	A	 	 
	 	 	 	 
	Where,	X	=	The number of Ordinary Shares to be issued to Holder;
	 	Y	=	The number of Ordinary Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Ordinary Share; and
	 	B	=	The Exercise Price.

 

For purposes of this Section
2.2, the “fair market value” of an Ordinary Share is defined as follows:

 

		(i)	if the Ordinary Shares are traded on a national securities exchange, the value shall be deemed to be the
closing price on such exchange for the five consecutive trading days ending on the day immediately prior to the exercise form being submitted
in connection with the exercise of the Purchase Warrant; or

 

		(ii)	if the Ordinary Shares are actively traded over-the-counter, the value shall be deemed to be the weighted
average price of the Ordinary Shares for the five consecutive trading days ending on the trading day immediately prior to the exercise
form being submitted in connection with the exercise of the Purchase Warrant; or

 

		(iii)	if there is no market for the Ordinary Shares, the value shall be the fair market value thereof, as determined
in good faith by the Company’s Board of Directors.

 

2.3 Legend.
Each certificate for the securities purchased under this Purchase Warrant shall bear the following legends unless such securities have
been registered under the Securities Act of 1933, as amended (the “Act”), or are exempt from registration under the
Act:

 

(i) “THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF ONE HUNDRED AND EIGHTY (180) DAYS FOLLOWING THE COMMENCEMENT OF SALES OF THE OFFERING
PURSUANT TO THE REGISTRATION STATEMENT OF THE COMPANY’S SECURITIES (FILE NO. 333-[●]) AND MAY NOT BE (A) SOLD, TRANSFERRED,
ASSIGNED, PLEDGED OR HYPOTHECATED TO ANYONE OTHER THAN UNIVEST SECURITIES, LLC, OR BONA FIDE OFFICERS OR PARTNERS OF UNIVEST SECURITIES,
LLC, OR (B) CAUSED TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE
ECONOMIC DISPOSITION OF THIS SECURITIES HEREUNDER, EXCEPT AS PROVIDED FOR IN FINRA RULE 5110(E)(2).”

 

(ii) Any legend required by the securities
laws of any state to the extent such laws are applicable to the Shares represented by a certificate, instrument, or book entry so legended.

  

3. Transfer.

 

3.1 General
Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not:
(a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the commencement
of sales of the public offering (the “Effective Date”) to anyone other than: (i) the Underwriter or a selected dealer
participating in the Offering, or (ii) a bona fide officer or partner of the Underwriter or of any such selected dealer, in each case
in accordance with FINRA Rule 5110(e)(1), or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of
any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this Purchase
Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). On and after that date that is one hundred eighty
(180) days after the commencement of sales of the offering, transfers to others may be made subject to compliance with or exemptions from
applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached
hereto as Exhibit B duly executed and completed, together with this Purchase Warrant and payment of all transfer taxes,
if any, payable in connection therewith. The Company shall within five (5) Business Days transfer this Purchase Warrant on the books of
the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly
evidencing the right to purchase the aggregate number of Ordinary Shares purchasable hereunder or such portion of such number as shall
be contemplated by any such assignment.

 

    2 

     

    

 

3.2 Restrictions
Imposed by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has
received the opinion of counsel for the Company that the securities may be transferred pursuant to an exemption from registration under
the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company,
(ii) a registration statement or a post-effective amendment to the Registration Statement relating to the offer and sale of such securities
that has been declared effective by the U.S. Securities and Exchange Commission (the “Commission”) and includes a current
prospectus or (iii) a registration statement, relating to the offer and sale of such securities has been filed and declared effective
by the Commission and compliance with applicable state securities law has been established.

 

4. Registration
Rights.

 

4.1  Demand
Registration.

 

4.1.1 Grant
of Right. Unless all of the Registrable Securities (as defined below) are included in an effective registration statement with a current
prospectus or a qualified offering statement with a current registration statement, the Company, upon written demand (a “Demand
Notice”) of the Holder(s) of at least fifty-one percent (51%) of the Warrants and/or the underlying Ordinary Shares (“Majority
Holders”), agrees to register, on one occasion, all or any portion of the Ordinary Shares underlying this Purchase Warrant that
are permitted to be registered under the Act (collectively, the “Registrable Securities”). On such occasion, the Company
will file a registration statement with the Commission (a “Demand Registration Statement”) covering the Registrable
Securities within sixty (60) days after receipt of a Demand Notice and use its best efforts to have the registration statement declared
effective promptly thereafter, subject to compliance with review by the Commission; provided, however, that the Company shall not be required
to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback
pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate in the offering covered by such registration statement;
or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until the offering covered
by such registration statement has been withdrawn or until thirty days after such offering is consummated. The demand for registration
may be made at any time during a period of five years beginning on the date of commencement of sales of the Offering.

 

4.1.2 Terms.
The Company shall bear all fees and expenses attendant to the Demand Registration Statement pursuant to Section 4.1.1, but the
Holder(s) shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holder(s) to represent
the Holder(s)in connection with the sale of the Registrable Securities. The Company agrees to use its best efforts to cause the filing
of a Demand Registration Statement required herein to become effective promptly and to qualify or register the Registrable Securities
in such states as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company be required to register
the Registrable Securities in a state in which such registration would cause: (i) the Company to be obligated to register or license to
do business in such State or submit to general service of process in such State, or (ii) the principal shareholders of the Company to
be obligated to escrow their Ordinary Shares of the Company. The Company shall cause any registration statement filed pursuant to the
demand right granted under Section 4.1.1 to remain effective for a period of at least 12 consecutive months after the date that
the Holders of the Registrable Securities covered by such registration statement are first given the opportunity to sell all of such securities.
The Holder(s) shall only use the prospectuses provided by the Company to sell the shares covered by such registration statement, and will
immediately cease to use any prospectus furnished by the Company if the Company advises the Holder(s) that such prospectus may no longer
be used due to a material misstatement or omission. Notwithstanding the provisions of this Section 4.1.2, the Holder(s) shall be
entitled to a Demand Registration Statement under this Section 4.1.2 on only one occasion and such demand registration right shall
terminate on the fifth anniversary of the commencement of sales of the Offering in accordance with FINRA Rule 5110(g)(8)(C).

 

    3 

     

    

 

4.2 “Piggy-Back”
Registration.

 

4.2.1 Grant
of Right. Unless all of the Registrable Securities are included in an effective registration statement with a current prospectus or
a qualified offering statement with a current offering circular, the Holder shall have the right, for a period of five years commencing
on the date of commencement of sales of the Offering, to include the remaining Registrable Securities as part of any other registration
of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145 promulgated under the Act or
pursuant to Form F-3 or any equivalent form).

 

4.2.2 Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof,
but the Holder(s) shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holder(s) to represent
them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with not less than 30 days written notice prior to the proposed date of filing
of such registration statement. Such notice to the Holder(s) shall continue to be given for each registration statement filed by the Company
until such time as all of the Registrable Securities have been registered under an effective registration statement. The holders of the
Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice, within ten days
of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Purchase
Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.2.2. Notwithstanding
the provisions of this Section 4.2.2, such piggyback registration rights shall terminate on the fifth anniversary of the commencement
of sales of the Offering in accordance with FINRA Rule 5110(g)(8)(D).

 

5. New
Purchase Warrants to be Issued.

 

5.1 Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereof, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of
like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Ordinary Shares
purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2 Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase
Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase
Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction
shall constitute a substitute contractual obligation on the part of the Company.

 

6. Adjustments.

 

6.1 Adjustments
to Exercise Price and Number of Ordinary Shares. The Exercise Price and the number of Ordinary Shares underlying this Purchase Warrant
shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1 Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of
outstanding Ordinary Shares is increased by a stock dividend payable in Ordinary Shares or by a split up of Ordinary Shares or other similar
event, then, on the effective day thereof, the number of Ordinary Shares purchasable hereunder shall be increased in proportion to such
increase in outstanding Ordinary Shares, and the Exercise Price shall be proportionately decreased.

 

6.1.2 Aggregation
of Ordinary Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of
outstanding Ordinary Shares is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event,
then, on the effective date thereof, the number of Ordinary Shares purchasable hereunder shall be decreased in proportion to such decrease
in outstanding shares, and the Exercise Price shall be proportionately increased.

 

    4 

     

    

 

6.1.3 Replacement
of Ordinary Shares upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares
other than a change covered by Section 6.1.1 or Section 6.1.2 hereof or that solely affects the par
value of such Ordinary Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into
another corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of any sale or
conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection
with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the
right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder
immediately prior to such event, the kind and amount of ordinary shares or other securities or property (including cash) receivable upon
such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such
sale or transfer, by a Holder of the number of Ordinary Shares of the Company obtainable upon exercise of this Purchase Warrant immediately
prior to such event; and if any reclassification also results in a change in Ordinary Shares covered by Section 6.1.1 or Section
6.1.2, then such adjustment shall be made pursuant to Section 6.1.1, Section 6.1.2 and this Section
6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations,
share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.4  Fundamental
Transaction. If, at any time while this Purchase Warrant is outstanding, the Company enters into the following transactions with
another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not including
any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with, the other Persons
making or party to such stock or share purchase agreement or other business combination): (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly
or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of
its assets in one or a series of related transactions, (iii) any direct or indirect purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares,
(iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares is effectively converted into or exchanged
for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a
stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spinoff
or scheme of arrangement) with another Person or group of Persons (each a “Fundamental Transaction”), then, upon any
subsequent exercise of this Purchase Warrant, the Holder shall have the right to receive, for each Purchase Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number Ordinary Shares of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional or alternative consideration
(the “Alternative Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of Ordinary Shares for which this Purchase Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes of any
such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternative Consideration based
on the amount of Alternative Consideration issuable in respect of one Ordinary Share in such Fundamental Transaction, and the Company
shall apportion the Exercise Price among the Alternative Consideration in a reasonable manner reflecting the relative value of any different
components of the Alternative Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternative Consideration it receives
upon any exercise of this Purchase Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations
of the Company under this Purchase Warrant, and to deliver to the Holder in exchange for this Purchase Warrant a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to this Purchase Warrant which is exercisable for
a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable
and receivable upon exercise of this Purchase Warrant prior to such Fundamental Transaction, and with an exercise price which applies
the Exercise Price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Purchase Warrant immediately prior to the consummation of such Fundamental
Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so
that from and after the date of such Fundamental Transaction, the provisions of this Purchase Warrant and the other Transaction Documents
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of, the Company
and shall assume all of the obligations of the Company, under this Purchase Warrant and the other Transaction Documents with the same
effect as if such Successor Entity had been named as the Company herein.

 

    5 

     

    

 

6.1.5 Changes
in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section
6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Ordinary Shares as are
stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase
Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the date
hereof or the computation thereof.

 

6.2 Substitute
Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or
into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification
or change of the outstanding Ordinary Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall
execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of Ordinary Shares and other securities and property receivable upon such consolidation
or share reconstruction or amalgamation, by a holder of the number of Ordinary Shares of the Company for which such Purchase Warrant might
have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental
Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6.
The above provision of this Section 6 shall similarly apply to successive consolidations or share reconstructions or
amalgamations. 

 

6.3 Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Ordinary Shares upon the
exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the
intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the
nearest whole number of Ordinary Shares or other securities, properties or rights.

 

7. Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized Ordinary Shares, solely for the purpose
of issuance upon exercise of this Purchase Warrant, such number of Ordinary Shares or other securities, properties or rights as shall
be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of this Purchase Warrant and payment of the
Exercise Price therefor, in accordance with the terms hereby, all Ordinary Shares and other securities issuable upon such exercise shall
be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. The Company further
covenants and agrees that upon exercise of this Purchase Warrant and payment of the exercise price therefor, all Ordinary Shares and other
securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights
of any shareholder. As long as this Purchase Warrant shall be outstanding, the Company shall use its commercially reasonable efforts to
cause all Ordinary Shares issuable upon exercise of this Purchase Warrant to be listed (subject to official notice of issuance) on all
national securities exchanges (or, if applicable, on the OTCQB Market or any successor quotation system) on which the Ordinary Shares
issued to the public in the Offering may then be listed and/or quoted (if at all).

 

    6 

     

    

 

8. Certain Notice Requirements.

 

8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive
notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the
Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section
8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days
prior to the date fixed as a record date or the date of closing the transfer books (the “Notice Date”) for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing
of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice
given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

 

8.2 Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of
the following events: (i) if the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to
receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained
earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall
offer to all the holders of its Ordinary Shares any additional shares of capital stock of the Company or securities convertible into or
exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution,
liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a
sale of all or substantially all of its property, assets and business shall be proposed. 

 

8.3 Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Financial Officer.

 

8.4 Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be
deemed to have been duly made if made in accordance with the notice provisions of the Underwriting Agreement to the addresses and contact
information set forth below:

 

If to the Holder, then to:

 

Univest Securities, LLC

375 Park Avenue, 15th Floor

New York, NY 10152

Attn: Edric Guo

Email: [    ]

 

With a copy to:

 

Hunter Taubman Fischer & Li LLC

800 Third Avenue, Suite 2800

New York, NY 10022

Attn:  Ying Li, Esq.

Email: [    ]

 

If to the Company:

 

Zhong Yang Financial Group Limited

118 Connaught Road West Room 1101

Hong Kong

Attn:  Mr. Ka Fai Yuen, CEO

Email: [    ]

 

With a copy to:

 

Ortoli Rosenstadt LLP

366 Madison Avenue, 3rd Floor

New York, NY 10017

Attn: William S. Rosenstadt, Esq.

 

Attn: Mengyi “Jason” Ye, Esq.

Emails:  [    ]; [    ]

 

    7 

     

    

 

9. Miscellaneous.

 

9.1 Amendments.
The Company and the Underwriter may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any
other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and the
Underwriter may deem necessary or desirable and that the Company and the Underwriter deem shall not adversely affect the interest of the
Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

9.2 Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3. Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with
this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4 Binding
Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their
permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any
legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

 

9.5 Governing
Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the internal laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced
in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting
a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section
8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other
party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection
with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders
and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6 Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed
or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof
or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance
or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7 Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior
to the complete exercise of this Purchase Warrant by Holder, if the Company and the Underwriter enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or
a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

    8 

     

    

 

9.8 Execution
in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement,
and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other
parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

9.9 Holder
Not Deemed a Shareholder. Except as otherwise specifically provided herein, the Holder, solely in its capacity as a holder of this
Purchase Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose,
nor shall anything contained in this Purchase Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of
this Purchase Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate
action (whether any reorganization, issue of share, reclassification of share, consolidation, merger, conveyance or otherwise), receive
notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Shares which it
is then entitled to receive upon the due exercise of this Purchase Warrant. In addition, nothing contained in this Purchase Warrant shall
be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Purchase Warrant or otherwise)
or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

9.10 Restrictions.
The Holder acknowledges that the Shares acquired upon the exercise of this Purchase Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

9.10 Severability.
Wherever possible, each provision of this Purchase Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Purchase Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this
Purchase Warrant.

 

[Signature Page Follows]

 

    9 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______, 2021.

 

	 	Zhong Yang Financial Group Limited
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

 

    10 

     

    

 

EXHIBIT A

Exercise Notice

 

Form to be used to exercise Purchase Warrant:

 

Date: __________, 20___

 

The undersigned hereby elects
irrevocably to exercise the Purchase Warrant for ______ Ordinary Shares of Zhong Yang Financial Group Limited, a Cayman Islands company
(the “Company”) and hereby makes payment of $____ (at the rate of $____ per Ordinary Share) in payment of the Exercise
Price pursuant thereto. Please issue the Ordinary Shares as to which this Purchase Warrant is exercised in accordance with the instructions
given below and, if applicable, a new Purchase Warrant representing the number of Ordinary Shares for which this Purchase Warrant has
not been exercised.

 

or

 

The undersigned hereby elects
irrevocably to convert its right to purchase ___ Ordinary Shares under the Purchase Warrant for ______ Ordinary Shares, as determined
in accordance with the following formula:

 

	 	 X	 =	Y(A-B)	 
	 	A	 
	Where,	X	=	The number of Ordinary Shares to be issued to Holder;
	 	Y	=	The number of Ordinary Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Ordinary Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per Ordinary Share

 

The undersigned agrees and
acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation
shall be resolved by the Company in its sole discretion.

 

Please issue the Ordinary
Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase
Warrant representing the number of Ordinary Shares for which this Purchase Warrant has not been converted.

 

Signature

 

Signature Guaranteed

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name:

(Print in Block Letters)

Address:

 

NOTICE: The signature to this
form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.

 

    11 

     

    

 

EXHIBIT B

Assignment Notice

 

Form to be used to assign Purchase Warrant:

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect a transfer of the
within Purchase Warrant):

 

FOR VALUE RECEIVED, _____________________ does
hereby sell, assign and transfer unto the right to purchase _______________ ordinary shares of Zhong Yang Financial Group Limited, a Cayman
Islands company (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer
such right on the books of the Company.

 

Dated: __________ 20__

 

Signature

 

Signature Guaranteed

 

NOTICE: The signature to this
form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered
national securities exchange.

 

 

12Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”), is
entered into as of February 1, 2021 by and between Zhong Yang Financial Group Ltd., an exempted company incorporated under the laws of
the Cayman Islands with limited liability (the “Company”), and Lo Yung Yung, an individual (the “Executive”). The
term “Company” as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company
and all of its subsidiaries (collectively, the “Group”).

 

RECITALS

 

The Company desires to employ the Executive and to assure itself of
the services of the Executive during the term of Employment (as defined below).

 

The Executive desires to be employed by the Company during the term
of Employment and upon the terms and conditions of this Agreement.

 

AGREEMENT

 

The parties hereto agree as follows:

 

1.
POSITION

 

The Executive hereby accepts a position of Chief Financial Officer of
the Company (the “Employment”).

 

2.
TERM

 

Subject to the terms and conditions of this Agreement, the initial
term of the Employment shall be one year, commencing on February 1, 2021 (the “Effective Date”), unless terminated
earlier pursuant to the terms of this Agreement. Upon expiration of the initial-year term, the Employment shall be automatically extended
for successive one-year term unless either party gives the other party hereto a three-month prior written notice (or, in lieu thereof
of, payment in accordance with the Employment Ordinance of Hong Kong, S.A.R. (hereinafter “Hong Kong”)) to terminate the Employment
prior to the expiration of such one-year term or unless terminated earlier pursuant to the terms of this Agreement.

 

3.
PROBATION

 

No probationary period.

 

     

     

    

 

4.
DUTIES AND RESPONSIBILITIES

 

		(a)	The Executive’s duties at the Company will include all
jobs assigned by the Company’s Board of Directors (the “Board”) and/or the Chief Executive Officer of the Company.

 

		(b)	The Executive shall devote all of his/her working time, attention
and skills to the performance of his/her duties at the Company and shall faithfully and diligently serve the Company in accordance
with this Agreement, the Memorandum and Articles of Association of the Company (the “Articles of Association”),
and the guidelines, policies and procedures of the Company approved from time to time by the Board.

 

		(c)	The Executive shall use his/her best efforts to perform his/her
duties hereunder. The Executive shall not, without prior consent of the Board, become an employee of any entity other than the Company
and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that directly or indirectly
competes with the Group (any such business or entity, a “Competitor”), provided that nothing in this clause shall
preclude the Executive from holding up to 50% of shares or other securities of any Competitor that is listed on any securities exchange
or recognized securities market anywhere, provided however, that the Executive shall notify the Company in writing prior
to his/her obtaining a proposed interest in such shares or securities in a timely manner and with such details and particulars as the
Company may reasonably require. The Company shall have the right to require the Executive to resign from any board or similar body
which he/she may then serve if the Board reasonably determines in writing that the Executive’s service on such board or body interferes
with the effective discharge of the Executive’s duties and responsibilities to the Company or that any business related to such
service is then in competition with any business of the Company or any of its subsidiaries or affiliates.

 

4.
NO BREACH OF CONTRACT

 

The Executive hereby represents to the Company that: (i) the execution
and delivery of this Agreement by the Executive and the performance by the Executive of the Executive’s duties hereunder shall not
constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise
bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to
applicable law of the jurisdiction where the Executive is based, if any; (ii) that the Executive has no information (including, without
limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by,
the Executive entering into this Agreement or carrying out his/her duties hereunder; (iii) that the Executive is not bound by any
confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of
the Group, as the case may be.

 

5.
LOCATION

 

The Executive will be based in Hong Kong, unless both parties hereto
agree otherwise. The Executive acknowledges that he/she may be required to travel from time to time in the course of performing his/her
duties for the Company.

 

6.
COMPENSATION AND BENEFITS

 

		(a)	Compensation. The Executive’s cash compensation
(inclusive of the statutory welfare reserves that the Company is required to deduct from the Executive’s pay under applicable law)
shall be provided by the Company pursuant to Schedule A hereto or as specified in a separate agreement between the executive and
the company’s designated subsidiary or affiliated entity, subject to annual review and adjustment by the Company or the compensation
committee of the Board. The cash compensation may be paid by the Company, a subsidiary or affiliated entity or a combination thereof,
as designated by the Company from time to time.

 

		(b)	Equity Incentives. To the extent the Company adopts
and maintains a share incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof.

 

    2 

     

    

 

		(c)	Benefits. The Executive is eligible for participation
in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including,
but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.

 

		(d)	Annual Leave. Upon the Effective Date, the Executive
is entitled to 12 days per annum of paid leave, which shall accrue on a pro rata basis each year. After 2 years of employment, 1 day
of paid leave can be increased per annual up to a maximum of 18 days.

 

7.
TERMINATION OF THE AGREEMENT

 

		(a)	By the Company. The Company may terminate the Employment
for cause, at any time, without notice or remuneration, if the Executive (1) commits any serious or persistent breach or non-observance
of the terms and conditions of the employment; (2) is convicted of a criminal offence other than one which in the opinion of the
Board does not affect the executive’s position as an employee of the Company, bearing in mind the nature of your duties and the
capacity in which the executive is employed; (3) willfully disobeys a lawful and reasonable order; (4) misconducts himself/herself
and such conduct being inconsistent with the due and faithful discharge of the Executive’s material duties; (5) is guilty
of fraud or dishonesty; or (6) is habitually neglectful in Executive’s duties; (7) on any other ground on which the Company
would be entitled to terminate the contract without notice at common law. The Company may terminate the Employment without cause at any
time with a three-month prior written notice to the Executive or by payment of three months’ salary in lieu of notice.

 

		(b)	By the Executive. The Executive may terminate the
Employment at any time with a [three]-month prior written notice to the Company or by payment of three months’ salary in lieu of
notice. In addition, the Executive may resign prior to the expiration of the Agreement if such resignation or an alternative arrangement
with respect to the Employment is approved by the Board.

 

		(c)	Notice of Termination. Any termination of the Executive’s
employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party. The
notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

 

9. CONFIDENTIALITY AND NONDISCLOSURE

 

		(a)	Confidentiality and Non-disclosure. The Executive
hereby agrees at all times during the term of his/her employment and after termination, to hold in the strictest confidence, and not
to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity without written consent of the
Company, any Confidential Information. The Executive understands that “Confidential Information” means any proprietary
or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group’s licensors, including,
without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and
customers (including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive became acquainted
during the term of his/her employment), supplier lists and suppliers, software, developments, inventions, processes, formulas, technology,
designs, drawings, engineering, hardware configuration information, personnel information, marketing, finances, information about the
suppliers, joint ventures, licensors, licensees, distributors and other persons with whom the Group does business, information regarding
the skills and compensation of other employees of the Group or other business information disclosed to the Executive by or obtained by
the Executive from the Group, its affiliates, or their clients, customers or partners either directly or indirectly in writing, orally
or by drawings or observation of parts or equipment, if specifically indicated to be confidential or reasonably expected to be confidential.
Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public
through no fault of the Executive.

 

    3 

     

    

 

		(b)	Company Property. The Executive understands that
all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection with his/her
work or using the facilities of the Group are property of the Group and subject to inspection by the Group, at any time. Upon termination
of the Executive’s employment with the Company (or at any other time when requested by the Company), the Executive will promptly
deliver to the Company all documents and materials of any nature pertaining to his/her work with the Company and will provide written
certification of his compliance with this Agreement. Under no circumstances will the Executive have, following his/her termination, in
his/her possession any property of the Group, or any documents or materials or copies thereof containing any Confidential Information.

 

		(c)	Former Employer Information. The Executive agrees
that he has not and will not, during the term of his/her employment, (i) improperly use or disclose any proprietary information
or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence
information acquired by Executive, if any, or (ii) bring into the premises of the Group any document or confidential or proprietary
information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The
Executive will indemnify the Group and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable
attorneys’ fees and costs of suit, arising out of or in connection with any violation of the foregoing.

 

		(d)	Third Party Information. The Executive recognizes
that the Group may have received, and in the future may receive, from third parties their confidential or proprietary information subject
to a duty on the Group’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The
Executive agrees that the Executive owns the Group and such third parties, during the Executive’s employment by the Company and
thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any
person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Group’s agreement with
such third party.

 

		(e)	This Section 9 shall survive the termination of this Agreement
for any reason. In the event the Executive breaches this Section 9, the Company shall have right to seek remedies permissible
under applicable law.

 

10.
INVENTIONS

 

		(a)	Inventions Retained and Licensed. The Executive
has attached hereto, as Schedule B, a list describing all inventions, ideas, improvements, designs and discoveries, whether
or not patentable and whether or not reduced to practice, original works of authorship and trade secrets made or conceived by or belonging
to the Executive (whether made solely by the Executive or jointly with others) that (i) were developed by Executive prior to the
Executive’s employment by the Company (collectively, “Prior Inventions”), (ii) relate to the Group’s
actual or proposed business, products or research and development, and (iii) are not assigned to the Group hereunder; or, if no
such list is attached, the Executive represents that there are no such Prior Inventions. Except to the extent set forth in Schedule
B, the Executive hereby acknowledges and represents that, if in the course of his/her service for the Group, the Executive incorporates
into a Group product, process or machine a Prior Invention owned by the Executive or in which he/she has an interest, (a) the Group
is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide right and license (which may be freely
transferred by the Group to any other person or entity) to make, have made, modify, use, sell, sublicense and otherwise distribute such
Prior Invention as part of or in connection with such product, process or machine, and (b) he/she has all necessary rights, powers
and authorization to use such Prior Invention in the manner it is used and such use will not infringe any right of any company, entity
or person. The Executive hereby agrees to indemnify the Group and hold it harmless from all claims, liabilities, damages and expenses,
including reasonable legal fees and costs for resolving disputes arising out of or in connection with any violation or claimed violation
of a third party’s rights resulting from any use, sub-licensing, modification, transfer or sale by the Group of such Prior Invention.

 

    4 

     

    

 

		(b)	Disclosure and Assignment of Inventions. The Executive
understands that the Company engages in research and development and other activities in connection with its business and that, as an
essential part of the Employment, the Executive is expected to make new contributions to and create inventions of value for the Company.
 From and after the Effective Date, the Executive shall make full written disclosure in confidence to the Company all inventions,
improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases,
mask works, concepts and trade secrets, whether or not patentable or registrable under patent, copyright, circuit layout design or similar
laws in the Cayman Islands, the British Virgin Islands, Hong Kong, Singapore, People’s Republic of China or anywhere else in the
world, which the Executive may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or
reduced to practice, during the period of the Executive’s Employment at the Company (whether or not during business hours) that
are either related to the scope of his/her Employment at the Company or make use, in any manner, of the resources of the Group (collectively,
the “Inventions”). The Executive hereby acknowledges that the Company or the Group shall be the sole owner of
all rights, title and interest in the Inventions created hereunder. In the event the foregoing assignment of Inventions to the Company
or the Group is ineffective for any reason, each member of the Group is hereby granted and shall have a royalty-free, sub-licensable,
transferable, irrevocable, perpetual, worldwide license to make, have made, modify, use, and sell such Inventions as part of or in connection
with any product, process or machine. Such exclusive license shall continue in effect for the maximum term as may now or hereafter be
permissible under applicable law. Upon expiration, such license, without further consent or action on the Executive’s part, shall
automatically be renewed for the maximum term as is then permissible under applicable law, unless, within the six-month period prior
to such expiration, the Company and the Executive have agreed that such license will not be renewed. The Executive also hereby forever
waives and agrees never to assert any and all rights he may have in or with respect to any Inventions even after termination of his/her
employment with the Company. The Executive hereby further acknowledges that all Inventions created by him/her (solely or jointly with
others) are, to the extent permitted by applicable law, “works made for hire” or “inventions made for hire,”
as those terms are defined in the U.S. Copyright Act and the U.S. Patent Law, respectively, and all titles, rights and interests in or
to such Inventions are or shall be vested in the Company.

 

		(c)	Patent and Copyright Registration. The Executive
agrees to assist the Company or its designees in every proper way to obtain for the Company and enforce patents, copyrights, mask work
rights, trade secret rights, and other legal protection for the Inventions in any and all countries. The Executive will execute
any documents that the Company may reasonably request for use in obtaining or enforcing such patents, copyrights, mask work rights, trade
secrets and other legal protections. The Executive’s obligations under this paragraph will continue beyond the termination
of the Employment with the Company, provided that the Company will reasonably compensate the Executive after such termination for time
or expenses actually spent by the Executive at the Company’s request on such assistance. The Executive appoints the Company
and its duly authorized officers and agents as the Executive’s attorney-in-fact to execute documents on the Executive’s behalf
for this purpose.

 

		(d)	Remuneration. The Executive hereby agrees that the
remuneration received by the Executive pursuant to this Agreement with the Company includes any remuneration which the Executive may
be entitled to under applicable laws for any “works made for hire,” “inventions made for hire” or other Inventions
assigned to the Company pursuant to this Agreement.

 

		(e)	Return of Confidential Material. In the event of
the Executive’s termination of employment with the Company for any reason whatsoever, Executive agrees promptly to surrender and
deliver to the Company all records, materials, equipment, drawings, documents and data of any nature pertaining to any confidential information
or to his/her employment, and Executive will not retain or take with him/her any tangible materials or electronically-stored data, containing
or pertaining to any confidential information that Executive may produce, acquire or obtain access to during the course of his/her employment.

 

    5 

     

    

 

		(f)	Survival. This Section 10 shall survive the termination
of this Agreement for any reason. In the event the Executive breaches this Section 10, the Company shall have right to seek
remedies permissible under applicable law.

 

11.
CONFLICTING EMPLOYMENT

 

The Executive hereby agrees that, during the term of his/her employment
with the Company, he/she will not engage in any other employment, occupation, consulting or other business activity related to the business
in which the Group is now involved or becomes involved during the term of the Executive’s employment, nor will the Executive engage
in any other activities that conflict with his/her obligations to the Company without the prior written consent of the Company.

 

12.
NON-COMPETITION AND NON-SOLICITATION

 

In consideration of the salary paid to the Executive by the Company,
the Executive undertakes that for a period of one (1) year after he/she ceases to be employed by the Company, he/she will not, without
the prior written consent of the Company:

 

		(a)	in the territory of the Cayman Islands, the British Virgin Islands,
Hong Kong, Singapore, and People’s Republic of China (the “Territory”), either on his/her own account or through
any of his/her affiliates, or in conjunction with or on behalf of any other person, carry on or be engaged, concerned or interested directly
or indirectly whether as shareholder, director, employee, partner, agent or otherwise carry on any business in direct competition with
the business of the Group;

 

		(b)	either on his/her own account or through any of his/her affiliates
or in conjunction with or on behalf of any other person, solicit or entice away or attempt to solicit or entice away from the Group,
any person, firm, company or organization who is or shall at any time within two (2) years prior to such cessation have been a customer,
client, representative or agent of the Group or in the habit of dealing with the Group;

 

		(c)	either on his/her own account or through any of his/her affiliates
or in conjunction with or on behalf of any other person, employ, solicit or entice away or attempt to employ, solicit or entice away
from the Group any person who is or shall have been at the date of or within twelve (12) months prior to such cessation of employment
an officer, manager, consultant or employee of any such the Group whether or not such person would commit a breach of contract by reason
of leaving such employment; or

 

		(d)	either on his/her own account or through any of his/her affiliates
or in conjunction with or on behalf of any other person, in relation to any trade, business or company use a name including the words
of “Zhong Yang,” “Zhong Yang Financial,” “Zhong Yang Brokers,” “Zhong Yang Financial Group”
or any other words hereafter used by the Group in its name or in the name of any of its products, services or their derivative terms,
or the Chinese or English equivalent or any similar word in such a way as to be capable of or likely to be confused with the name of
the Group or the product or services or any other products or services of the Group, and shall use all reasonable endeavors to procure
that no such name shall be used by any of his/her affiliates or otherwise by any person with which he/she is connected.

 

		(e)	Each and every obligation under Section 12 shall be treated
as a separate obligation and shall be severally enforceable as such and in the event of any obligation or obligations being or becoming
unenforceable in whole or in part, such part or parts which are unenforceable shall be deleted from such section and any such deletion
shall not affect the enforceability of the remainder parts of such section.

 

    6 

     

    

 

		(f)	The Executive agrees that in light of the circumstances, the
restrictive covenants contained in Section 12 are reasonable and necessary for the protection of the Group, and further agrees that
the said covenants are not excessive or unduly onerous upon the Executive. However, it is recognized that restrictions of the nature
in question may fail for technical reasons currently unforeseen and accordingly it is hereby agreed and declared that if any of such
restrictions shall be adjudged to be void as going beyond what is reasonable, in light of the circumstances, for the protection of the
Group, but would be valid if part of the wording thereof were deleted or the periods thereof reduced or the range of activities or area
dealt with thereby reduced in scope, the said restriction shall apply with such modification as may be necessary to make it valid and
effective.

 

		(g)	This Section 12 shall survive the termination of this Agreement
for any reason. In the event the Executive breaches this Section 12, the Executive acknowledges that there will be no adequate
remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and such other relief
as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek all remedies permissible
under applicable law.

 

13.
WITHHOLDING TAXES

 

Notwithstanding anything else herein to the contrary, the Company may
withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement
such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable
law or regulation.

 

14.
NOTIFICATION OF NEW EMPLOYER

 

In the event that the Executive leaves the employment of the Company,
the Executive hereby grants consent to notification by the Company to his/her new employer about his/her rights and obligations under
this Agreement.

 

15.
ASSIGNMENT

 

This Agreement is personal in its nature and neither of the parties
hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided,
however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the
Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of
the assets of the Company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be
binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties,
and obligations of the Company hereunder.

 

16.
SEVERABILITY

If any provision of this Agreement or the application thereof is held
invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid
provisions or applications and to this end the provisions of this Agreement are declared to be severable.

 

17. ENTIRE AGREEMENT

 

This Agreement constitutes the entire agreement and understanding between
the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements
concerning such subject matter, other than any such agreement under any employment agreement entered into with a subsidiary of the Company
at the request of the Company to the extent such agreement does not conflict with any of the provisions herein. The Executive acknowledges
that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth
in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company.

 

    7 

     

    

 

18.
REPRESENTATIONS

 

The Executive hereby agrees to execute any proper oath or verify any
proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive’s performance
of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by the Executive
in confidence or in trust prior to his/her employment by the Company. The Executive has not entered into, and hereby agrees that he/she
will not enter into, any oral or written agreement in conflict with this Section 18. The Executive represents that the Executive
will consult his/her own consultants for tax advice and is not relying on the Company for any tax advice with respect to this Agreement
or any provisions hereunder.

 

19.
GOVERNING LAW AND DISPUTE RESOLUTION

 

This Agreement shall be governed by, construed and enforced in accordance
with the laws of Hong Kong without regard to the conflict of laws principles thereof. Any dispute, controversy, difference or claim arising
out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination hereof or
any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration
administered by the Hong Kong International Arbitration Centre (HKIAC) under the HKIAC Administered Arbitration Rules in force when the
Notice of Arbitration is submitted. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be three and the arbitration
proceedings shall be conducted in Chinese (Mandarin).

 

20.
AMENDMENT

 

This Agreement may not be amended, modified or changed (in whole or
in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both
of the parties hereto.

 

21.
WAIVER

 

Neither the failure nor any delay on the part of a party to exercise
any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise
of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy,
power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the
party asserted to have granted such waiver.

 

22.
NOTICES

 

All notices, requests, demands and other communications required or
permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand,
(ii) otherwise delivered against receipt therefor, or (iii) sent by a recognized courier with next-day or second-day delivery
to the last known address of the other party.

 

23.
COUNTERPARTS

 

This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute
one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together,
shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts
may be used in lieu of the originals for any purpose.

 

24.
NO INTERPRETATION AGAINST DRAFTER

 

Each party recognizes that this Agreement is a legally binding contract
and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms
of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. The
Executive agrees and acknowledges that he/she has read and understands this Agreement, is entering into it freely and voluntarily, and
has been advised to seek counsel prior to entering into this Agreement and has ample opportunity to do so.

 

[Remainder of this page has been intentionally left blank.]

 

    8 

     

    

 

IN WITNESS WHEREOF, this Agreement has been executed as of the date
first written above.

 

	Zhong Yang Financial Group Ltd
	 	 
	Signature:  	/s/ Yang JunLi	 
	Name: Yang JunLi	 
	Title: Chairman	 

 

	Executive	
	 	 
	Signature:  	/s/ Lo Yung Yung	 
	Name:	 Lo Yung Yung	 

 

[Signature Page to Employment Agreement]

 

    9 

     

    

 

Schedule A 

 

Cash Compensation

 

	 	 	Amount	 	Pay Period
	Salary	 	HK$600,000 annually	 	HK$50,000 to be paid monthly

 

    10 

     

    

 

Schedule B

 

List of Prior Inventions

 

	Title	 	Date	 	Identifying Number

or Brief Description
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    ✓   
 No inventions or improvements

           
Additional Sheets Attached

 

	Signature of	 
	Executive: 	/s/ Lo Yung Yung	 
	 	 
	Print Name of

      Executive:
	 
	Lo Yung Yung	 
	Date: February 1, 2021	 

 

 

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]