Document:

Exhibit 10.21

 

OPENDOOR TECHNOLOGIES INC.

 

2020 INCENTIVE AWARD PLAN

 

FORM OF
RESTRICTED STOCK Unit Grant Notice

 

Opendoor Technologies
Inc., a Delaware corporation (the “Company”), has granted to the participant listed below (“Participant”)
the Restricted Stock Units (the “RSUs”) described in this Restricted Stock Unit Grant Notice (this “Grant
Notice”), subject to the terms and conditions of the Opendoor Technologies Inc. 2020 Incentive Award Plan (as amended
from time to time, the “Plan”) and the Restricted Stock Unit Agreement attached hereto as Exhibit
A (the “Agreement”), both of which are incorporated into this Grant Notice by reference. Capitalized
terms not specifically defined in this Grant Notice or the Agreement have the meanings given to them in the Plan.

 

	Participant:	 
	Grant Date:	 
	Number of RSUs:	 
	Vesting Commencement Date:1	 
	Vesting Schedule:	
        (i)            
        25% of the RSUs shall become vested and exercisable on the one-year anniversary of the Vesting Commencement Date;

         

        (ii)          
        25% of the RSUs shall become vested and exercisable on the two-year anniversary of the Vesting Commencement Date;

         

        (iii)        
        25% of the RSUs shall become vested and exercisable on the three-year anniversary of the Vesting Commencement Date; and

         

        (iv)         
25% of the RSUs shall become vested and exercisable on the four-year anniversary of the Vesting Commencement Date.

	 	 

By accepting (whether
in writing, electronically or otherwise) the RSUs, Participant agrees to be bound by the terms of this Grant Notice, the Plan and
the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity
to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant
Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations
of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement.

 

 

1
To be the Closing Date.

 

     

     

    

 

	OPENDOOR TECHNOLOGIES INC.	 	PARTICIPANT
	 	 	 
	By:	 	 	 
	 	 	 	 
	Name: 	 	 	[Participant Name]
	 	 	 	 
	Title:	 	 	 

 

    2

     

    

 

exhibit
a

 

 

FORM OF
RESTRICTED STOCK UNIT AGREEMENT

 

Capitalized terms not
specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice,
in the Plan.

 

Article
I.

general

 

1.1              
Award of RSUs. The Company has granted the RSUs to Participant effective as of the Grant Date set forth in the Grant
Notice (the “Grant Date”). Each RSU represents the right to receive one Share as set forth in this Agreement.
Participant will have no right to the distribution of any Shares until the time (if ever) the RSUs have vested.

 

1.2              
Incorporation of Terms of Plan. The RSUs are subject to the terms and conditions set forth in this Agreement and
the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the
terms of the Plan will control.

 

1.3              
Unsecured Promise. The RSUs will at all times prior to settlement represent an unsecured Company obligation payable
only from the Company’s general assets.

 

Article
II.

VESTING; forfeiture AND SETTLEMENT

 

2.1              
Vesting; Forfeiture.

 

(a)               
The RSUs will vest according to the vesting schedule in the Grant Notice except that any fraction of an RSU that would otherwise
be vested will be accumulated and will vest only when a whole RSU has accumulated. In addition, any RSUs that remain outstanding
shall fully vest on an accelerated basis upon Participant’s Termination of Service by the Company (or a Subsidiary) without
Cause on or within 24 months following the date of a Change in Control. The accelerated vesting in this Section 2.1 is subject
to Participant’s timely execution and non-revocation of a general release of claims. In the event of Participant’s
Termination of Service for any reason, all unvested RSUs will immediately and automatically be cancelled and forfeited (after taking
into consideration any accelerated vesting which may occur in connection with such Termination of Service), except as otherwise
determined by the Administrator or provided in a binding written agreement between Participant and the Company.

 

(b)                As
used in this Agreement, “Cause” means (i) if Participant is a party to a written employment or
consulting agreement with the Company or a Subsidiary in which the term “cause” is defined (a
 “Relevant Agreement”), “Cause” as defined in the Relevant Agreement, and (ii) if no
Relevant Agreement exists, (A) the Administrator’s determination that Participant failed to substantially perform
Participant’s duties (other than a failure resulting from Participant’s disability); (B) the
Administrator’s determination that Participant failed to carry out, or comply with any lawful and reasonable directive
of the Board or Participant’s immediate supervisor; (C) Participant’s conviction, plea of nolo contendere, or
imposition of unadjudicated probation for any felony or indictable offense or crime involving moral turpitude; (D)
Participant’s unlawful use (including being under the influence) or possession of illegal drugs on the premises of the
Company or any of its Subsidiaries or while performing Participant’s duties and responsibilities for the Company or any
of its Subsidiaries; (E) Participant’s commission of an act of fraud, embezzlement, misappropriation, misconduct, or
breach of fiduciary duty against the Company or any of its Subsidiaries; or (F) Participant’s material breach of any
material obligation under any applicable policy of the Company or its affiliates (including any code of conduct or harassment
policies).

 

    1

     

    

 

2.2              
Settlement.

 

(a)               
The RSUs will be paid in Shares as soon as administratively practicable after the vesting of the applicable RSU, but in
no event later than the March 15 of the year following the year in which the RSU’s vesting date occurs.

 

(b)               
Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the Company reasonably determines
would violate Applicable Law until the earliest date the Company reasonably determines the making of the payment will not cause
such a violation (in accordance with Treasury Regulation Section 1.409A-2(b)(7)(ii)); provided the Company reasonably believes
the delay will not result in the imposition of excise taxes under Section 409A.

 

Article
III.

TAXATION AND TAX WITHHOLDING

 

3.1              
Representation. Participant represents to the Company that Participant has reviewed with Participant’s own
tax advisors the tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant
is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.

 

3.2              
Tax Withholding.

 

(a)               
Unless the Administrator otherwise determines, the Company shall withhold, or cause to be withheld, Shares otherwise vesting
or issuable under this Award (including the RSUs) in satisfaction of any applicable withholding tax obligations. The number of
Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a Fair Market Value on the date
of withholding no greater than the aggregate amount of such liabilities based on the maximum individual statutory withholding rates
in Participant’s applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that
are applicable to such taxable income.

 

(b)               
Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the
RSUs, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in
connection with the RSUs. Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment
of any tax withholding in connection with the awarding, vesting or payment of the RSUs or the subsequent sale of Shares. The Company
and its Subsidiaries do not commit and are under no obligation to structure the RSUs to reduce or eliminate Participant’s
tax liability.

 

Article
IV.

other provisions

 

4.1              
Adjustments. Participant acknowledges that the RSUs, and the Shares subject to the RSUs, are subject to adjustment,
modification and termination in certain events as provided in this Agreement and the Plan.

 

4.2               Notices.
Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in
care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email
address or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and
addressed to Participant (or, if Participant is then deceased, to the Designated Beneficiary) at Participant’s last
known mailing address, email address or facsimile number in the Company’s personnel files. By a notice given pursuant
to this Section, either party may designate a different address for notices to be given to that party. Any notice will be
deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and
deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal
Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission
confirmation.

 

    2

     

    

 

4.3              
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction
of this Agreement.

 

4.4              
Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended
to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as
necessary to conform to Applicable Laws.

 

4.5              
Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees,
and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
set forth in this Agreement or the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal
representatives, successors and assigns of the parties hereto.

 

4.6              
Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement,
if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the RSUs will be subject
to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment
to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement
will be deemed amended as necessary to conform to such applicable exemptive rule.

 

4.7              
Entire Agreement. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire
agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with
respect to the subject matter hereof.

 

4.8              
Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid,
the provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect
on, the remaining provisions of the Grant Notice or this Agreement.

 

4.9              
Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as
herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may
not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant
will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable,
if any, with respect to the RSUs, and rights no greater than the right to receive the Shares as a general unsecured creditor with
respect to the RSUs, as and when settled pursuant to the terms of this Agreement.

 

4.10           Not
a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to
continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of
the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of
Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise
in a written agreement between the Company or a Subsidiary and Participant.

 

    3

     

    

 

4.11          
Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature,
subject to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument.

 

4.12          
Restrictions. In the event the Shares are no longer registered with the Securities and Exchange Commission (as determined
by the Administrator), any Shares acquired in respect of the RSUs shall be subject to such terms and conditions as the Administrator
shall determine, including, without limitation, restrictions on the transferability, repurchase rights, the right of the Company
to require that Shares be transferred in the event of certain transactions, rights of first refusal, tag-along rights, bring-along
rights, redemption and co-sale rights and voting requirements. Such terms and conditions may be additional to those contained in
the Plan and may, as determined by the Administrator, be contained in an exercise notice, securityholders’ agreement or in
such other agreement as the Administrator shall determine, in each case in a form determined by the Administrator. The Administrator
may condition the issuance of such Shares on the Participant’s consent to such terms and conditions and the Participant’s
entering into such agreement or agreements.

 

* * * * *

 

    4Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “AGREEMENT”)
is made and entered into on July 1, 2020 by and between Xia Wang (the “EXECUTIVE”) and China Xiangtai Food Co., Ltd.,
a Cayman Islands company (the “COMPANY”).

 

WHEREAS, the Executive has been the Chief
Financial Officer of the Company since the inception of the Company (the “EFFECTIVE DATE”).

 

WHEREAS, the Company and the Executive desire
to enter into this Agreement to memorialize the terms and conditions of the Executive’s employment with the Company starting
on the date hereof.

 

NOW, THEREFORE, in consideration of the
premises, the mutual covenants and representations contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Article I.                 
Employment; Responsibilities; Compensation

 

Section 1.01      
Employment. Subject to ARTICLE 3, the Company hereby agrees to employ Executive and Executive
hereby agrees to be employed by the Company, in accordance with this Agreement, for the period commencing as of the Effective Date
and ending on July 1, 2023 (“INITIAL TERM”). the Initial Term shall automatically be extended one additional year unless
either party gives written notice to the other party 60 days prior to expiration of the Initial Term that it or she, as applicable,
does not wish to extend this Agreement. Executive’s continued employment after the expiration of the Initial Term shall be
in accordance with and governed by this Agreement, unless modified by the parties to this Agreement in writing. For purposes of
this Agreement the Initial Term and any extended term shall be referred to as the “TERM”. 

 

Section 1.02      
Responsibilities; Loyalty

 

(a)           
Subject to the terms of this Agreement, Executive is employed in the position of Chief Financial Officer of the Company, and shall
perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from
time to time. Executive’s position, job descriptions, duties and responsibilities maybe modified from time to time in the
sole discretion of the Company. 

 

(b)           
Executive shall devote the whole of Executive’s professional time, attention and energies to the performance of Executive’s
work. Executive agrees to comply with all policies of the Company, if any, in effect from time to time, and to comply with all
laws, rules and regulations, including those applicable to the Company. 

 

Section 1.03      
Compensation. As consideration for the services and covenants described in this Agreement, the
Company agrees to compensate Executive in the following manner: 

 

     

     

    

 

(a)            
Commencing in July 2020 and for three consecutive fiscal years during the Executive’s employment with the Company,
the Company shall issue to the Executive 200,000 shares of Company’s restricted ordinary shares, valued at US$1.00 per share
per annum, as may be increased from time to time by action of the Board of Directors of the Company (or any committees or delegees
thereof) (the “BOARD”). Termination of the employment shall forfeit the rights to such shares on an annual basis. The
Compensation shall also be subject to the approval of Company’s Board of Directors and/or Compensation Committees.

 

(b)           
The Company reserves to itself, or its designated administrators, exclusive authority and discretion to determine all issues of
eligibility, interpretation and administration of any Company benefit plan or policy. The Company’s employee benefits, and
policies related thereto, are subject to termination, modification or limitation at the Company’s sole discretion. 

 

(c)           
Payment of all compensation to Executive shall be made in accordance with the terms of this Agreement, applicable state or federal
law, and applicable Company policies in effect from time to time, including normal payroll practices, and shall be subject to all
applicable withholdings and taxes. 

 

Section 1.04      
Business Expenses. The Company shall reimburse Executive for all business expenses that are reasonable
and necessary and incurred by Executive while performing his duties under this Agreement, upon presentation of expense statements,
receipts and/or vouchers or such other information and documentation as the Company may reasonably require. 

 

Article II.             
Confidential Information; Post-Employment Obligations; Company Property 

 

Section 2.01      
Company Property. As used in this Article II, the term the “Company” refers to the
Company and each of its direct and indirect subsidiaries. All written materials, records, data and other documents relating to
Company business, products or services prepared or possessed by Executive during Executive’s employment by the Company are
the Company’s property. All information, ideas, concepts, improvements, discoveries and inventions that are conceived, made,
developed or acquired by Executive individually or in conjunction with others during Executive’s employment (whether during
business hours and whether on Company’s premises or otherwise) that relate to Company business, products or services are
the Company’s sole and exclusive property. All memoranda, notes, records, files, correspondence, drawings, manuals, models,
specifications, computer programs, maps and all other documents, data or materials of any type embodying such information, ideas,
concepts, improvements, discoveries and inventions are Company property. At the termination of Executive’s employment with
the Company for any reason, Executive shall return all of the Company’s documents, data or other Company property to the
Company. 

 

Section 2.02      
Confidential Information; Non-Disclosure.

 

(a)           
Executive acknowledges that the business of the Company is highly competitive and that the Company will provide Executive with
access to Confidential Information. Executive acknowledges that this Confidential Information constitutes a valuable, special and
unique asset used by the Company in its business to obtain a competitive advantage over competitors. Executive further acknowledges
that protection of such Confidential Information against unauthorized disclosure and use is of critical importance to the Company
in maintaining its competitive position. Executive agrees that Executive will not, at any time during or after Executive’s
employment with the Company, make any unauthorized disclosure of any Confidential Information of the Company, or make any use thereof,
except in the carrying out of Executive’s employment responsibilities to the Company. Executive also agrees to preserve and
protect the confidentiality of third party Confidential Information to the same extent, and on the same basis, as the Company’s
Confidential Information. 

 

     

     

    

 

(b)           
For purposes hereof, “CONFIDENTIAL INFORMATION” includes all non-public information regarding the Company’s business
operations and methods, existing and proposed investments and investment strategies, seismic, well-log and other geologic and oil
and gas operating and exploratory data, financial performance, compensation arrangements and amounts (whether relating to the Company
or to any of its employees), contractual relationships, business partners and relationships (including customers and suppliers),
strategies, business plans and other confidential information that is used in the operation, technology and business dealings of
the Company, regardless of the medium in which any of the foregoing information is contained, so long as such information is actually
confidential and proprietary to the Company. 

 

Section 2.03      
Non-Competition Obligations.

 

(a)           
Executive acknowledges and agrees that as an employee and representative of the Company, Executive will be responsible for building
and maintaining business relationships and goodwill with current and future operating partners, investors, partners and prospects
on a personal level. Executive acknowledges and agrees that this responsibility creates a special relationship of trust and confidence
between the Company, Executive and these persons or entities. Executive also acknowledges that this creates a high risk and opportunity
for Executive to misappropriate these relationships and the goodwill existing between the Company and such persons. Executive acknowledges
and agrees that it is fair and reasonable for the Company to take steps to protect itself from the risk of such misappropriation.

 

(b)           
Executive acknowledges and agrees that, in exchange for his agreement in SECTION 2.03(c) below, he will receive substantial, valuable
consideration from the Company upon the execution of this Agreement and during the course of this Agreement, including, (i) Confidential
Information and access to Confidential Information, (ii) compensation and other benefits and (c) access to the Company’s
prospects.

 

(c)           
During the Non-Compete Term and provided that the Company has made all severance payments provided for herein (to the extent applicable),
Executive will not, directly or indirectly, provide the same or substantially the same services that he provides to the Company
to any Business Enterprise in the Market Area (as defined below) without prior written consent, which will not be unreasonably
withheld. This includes working as an agent, consultant, employee, officer, director, partner or independent contractor or being
a shareholder, member, joint venturer or equity owner in, any such Business Enterprise; PROVIDED, HOWEVER, that the foregoing shall
not restrict Executive from holding up to 5% of the voting power or equity of one or more Business Enterprises. 

 

     

     

    

 

(d)           
For purposes of hereof: 

 

(i)                       
 “BUSINESS ENTERPRISE” means any corporation, partnership, limited liability company, sole proprietorship, joint venture
or other business association or entity (other than the Company) engaged in the business of publishing national and regional publications
and development of technology that serves the needs of online and print publishers and their advertisers in the Market Area;

 

(ii)                       
 “MARKET AREA” means: (1) New York County, New York, and (3) any geographic area in which the Company is conducting
any material amount publishing or development of technology during the Term, and for which he has material responsibilities or
about which he has material Confidential Information; and 

 

		(iii)	“NON-COMPETE TERM” means in the case of termination for any
reason, the period from the Effective Date to the date ending 2 years following the date of termination.

 

Section 2.04      
Non-Solicitation of Executives. During the Non-Compete Term, Executive will not, either directly
or indirectly, call on, solicit or induce any other executive or officer of the Company or its affiliates with whom Executive had
contact, knowledge of, or association with in the course of employment with the Company to terminate his employment, and will not
assist any other person or entity in such a solicitation; PROVIDED, HOWEVER, that with respect to soliciting any executive or officer
whose employment was terminated by the Company or its affiliates, or general solicitations for employment not targeted at current
officers or employees of the Company or its affiliates, the foregoing restriction shall not apply.

 

Article III.          
Termination of Employment 

 

Section 3.01      
Termination of Employment.

 

(a)           
Executive’s employment with the Company shall be terminated (i) immediately upon the death of Executive without further
action by the Company, (ii) upon Executive’s Permanent Disability without further action by the Company, (iii) by
the Company for Cause, (iv) by Executive without Good Reason, (v) by the Company without Cause or by Executive for Good
Reason, including by the Company without Cause or by Executive for Good Reason within 12 months following a Change of Control,
provided that, in the case of clause (v), the terminating party must give at least 30 days’ advance written notice
of such termination. For purposes of this ARTICLE III, “date of termination” means the date of Executive’s death,
the date of Executive’s Permanent Disability, or the date of Executive’s separation from service with the Company,
as applicable. 

 

     

     

    

 

(b)           
For purposes hereof: 

 

(i)                       
 “CAUSE” shall include (A) continued failure by Executive to perform substantially Executive’s duties and
responsibilities (other than a failure resulting from Permanent Disability) that is materially injurious to the Company and that
remains uncorrected for 10 days after receipt of appropriate written notice from the Board; (B) engagement in willful, reckless
or grossly negligent misconduct that is materially injurious to Company or any of its affiliates, monetarily or otherwise; (C) except
as provided by (D), the indictment of Executive with a crime involving moral turpitude or a felony; (D) the indictment of
Executive for an act of criminal fraud, misappropriation or personal dishonesty; or (E) a material breach by Executive of
any provision of this Agreement that is materially injurious to the Company and that remains uncorrected for 10 days following
written notice of such breach by the Company to Executive identifying the provision of this Agreement that Company determined has
been breached. For purposes of (C) and (D), if the criminal charge is subsequently dismissed with prejudice or the Executive is
acquitted at trial or on appeal then the Executive will be deemed to have been terminated without Cause.

 

(ii)                       
 “CHANGE OF CONTROL” means the occurrence of any one or more of the following events that occurs after the Effective
Date: 

 

1)           
Any “person” (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
 “EXCHANGE ACT”)) becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing more than 50% of the voting power of the then outstanding securities of
the Company; provided that a Change of Control shall not be deemed to occur as a result of a transaction in which the Company becomes
a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially
own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders
of the parent corporation would be entitled in the election of directors; or

 

2)           
The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company,
immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares
entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled
in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C)
a liquidation or dissolution of the Company.

 

(iii)                       
 “GOOD REASON” shall mean one or more of the following conditions arising not more than six months before Executive’s
termination date without Executive’s consent: (A) a material breach by the Company of any provision of this Agreement;
(B) assignment by the Board or a duly authorized committee thereof to Executive of any duties that materially and adversely
alter the nature or status of Executive’s position, job descriptions, duties, title or responsibilities from those of a President
and Chief Executive Officer, or eligibility for Company compensation plans; (C) requirement by the Company for Executive to
relocate to a primary place of business which is more than [50] miles away from the Executive’s primary place of business
as of the Effective Date of this Agreement; or (D) a material reduction in Executive’s Base Salary in effect at the
relevant time. Notwithstanding anything herein to the contrary, Good Reason will exist only if Executive provides notice to the
Company of the existence of the condition otherwise constituting Good Reason within 90 days of the initial existence of the condition,
and the Company fails to remedy the condition on or before the 30th day following its receipt of such notice. 

 

     

     

    

 

(iv)                       
 “PERMANENT DISABILITY” shall mean Executive’s inability to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months. Executive will be deemed permanently disabled if determined to be totally disabled
by the Social Security Administration or if determined to be disabled in accordance with a disability insurance program that applies
a definition of disability that complies with the requirements of this paragraph. 

 

(c)           
If Executive’s employment is terminated under any of the foregoing circumstances, all future compensation to which Executive
is otherwise entitled and all future benefits for which Executive is eligible, other than those already earned but which is unpaid,
shall cease and terminate as of the date of termination, except as specifically provided in this ARTICLE III. 

 

Article IV.           
Miscellaneous 

 

Section 4.01      
Notices. All notices and other communications required or permitted to be given hereunder shall
be in writing and shall be deemed to have been duly given if delivered personally, mailed by certified mail (return receipt requested)
or sent by overnight delivery service, or electronic mail, or facsimile transmission.

 

Section 4.02      
Severability and Reformation. If any one or more of the terms, provisions, covenants or restrictions
of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder
of the terms, provisions, covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable
provisions shall be deemed severable. Moreover, if any one or more of the provisions contained in this Agreement shall for any
reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be reformed by limiting
and reducing it to the minimum extent necessary, so as to be enforceable to the extent compatible with the applicable law as it
shall then appear. 

 

Section 4.03      
Assignment. This Agreement shall be binding upon and inure to the benefit of the heirs and legal
representatives of Executive and the permitted assigns and successors of the Company, but neither this Agreement nor any rights
or obligations hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation
of the laws of intestate succession) or by the Company, except that the Company may assign this Agreement to any successor (whether
by merger, purchase or otherwise), if such successor expressly agrees to assume the obligations of the Company hereunder.

 

     

     

    

 

Section 4.04      
Amendment. This Agreement may be amended only by writing signed by Executive and by the Company.

 

Section 4.05      
GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO RULES RELATING TO CONFLICTS OF LAW. 

 

Section 4.06      
Jurisdiction. Each of the parties hereto hereby irrevocably consents and submits to the exclusive
jurisdiction of the state and federal courts located in NEW YORK in connection with any proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby and waives any objection to venue in NEW YORK. In addition, each of the
parties hereto hereby waives trial by jury in connection with any claim or proceeding arising out of or relating to this Agreement
or the transactions contemplated hereby.

 

Section 4.07      
Entire Agreement. This Agreement contains the entire understanding between the parties hereto
with respect to the subject matter hereof and supersedes in all respects any prior or other agreement or understanding, written
or oral, between the Company or any affiliate of the Company and Executive with respect to such subject matter, including the Employment
Agreement. 

 

Section 4.08      
Counterparts; No Electronic Signatures. This Agreement may be executed in two or more counterparts,
each of which will be deemed an original. For purposes of determining whether a party has signed this Agreement or any document
contemplated hereby or any amendment or waiver hereof, only a handwritten signature on a paper document or a facsimile transmission
of a handwritten original signature will constitute a signature, notwithstanding any law relating to or enabling the creation,
execution or delivery of any contract or signature by electronic means. 

 

Section 4.09      
Construction. The headings and captions of this Agreement are provided for convenience only and
are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall
be in all cases construed in accordance to its fair meaning and not strictly for or against the Company or Executive. The words
 “include,” “includes,” and “including” will be deemed to be followed by “without limitation.”

 

[signature page follows]

 

 

     

     

    

 

 

 

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement on the date first written above:

 

 

	 	China Xiangtai Food Co. Ltd. 
	 	 
	 	/s/ Zeshu Dai 
	 	
        Name: Zeshu Dai 

        Title:   CEO 

	 	 
	 	 Executive 
	 	 
	 	 
	 	/s/ Xia Wang 
	 	Xia Wang

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