Document:

Exhibit
10.1

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (this “Agreement”) is entered into as of [date] by and between Hengguang Holding Co., Limited,
a Cayman Islands company (the “Company”), and the undersigned, a director and/or an officer of the Company (the “Indemnitee”),
as applicable.

 

RECITALS

 

The
Board of Directors of the Company (the “Board of Directors”) has determined that the ability to attract and retain
highly competent persons to serve the Company is essential to the best interests of the Company and its shareholders and that it is reasonable
and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising
out of their services to the corporation.

 

AGREEMENT

 

In
consideration of the premises and the covenants contained herein, the Company and the Indemnitee do hereby covenant and agree
as follows:

 

A.
DEFINITIONS

 

The
following defined terms shall have the respective meanings below:

 

Expenses
include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys’ fees and disbursements
and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending,
being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

 

Indemnifiable
Event means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that
the Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director
or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by the
Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or
omission.

 

Participant
means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

 

Proceeding
means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation,
whether civil, criminal, administrative, investigative or other, including appeal, in which the Indemnitee may be or may have
been involved as a party or otherwise by reason of an Indemnifiable Event.

 

B.
AGREEMENT TO INDEMNIFY

 

1.
General Agreement. In the event the Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant
in a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which the Indemnitee incurs or becomes
obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

 

2.
Indemnification of Expenses of Successful Party. Notwithstanding any other provision of this Agreement, to the extent that the
Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding,
the Company shall indemnify the Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue
or matter, as the case may be.

 

3.
Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the
Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion
of such Expenses to which the Indemnitee is entitled.

 

    	 

     

    

 

4.
No Employment Rights. Nothing in this Agreement is intended to or can be construed as to create the Indemnitee any right to continued
employment with the Company.

 

5.
Contribution. If the indemnification provided in this Agreement is unavailable and may not be paid to the Indemnitee for any reason,
then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred and paid or payable by
the Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and
by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative fault of the
Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well
as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other
hand shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees
that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or
any other method of allocation which does not take account of the foregoing equitable considerations.

 

C.
INDEMNIFICATION PROCESS

 

1.
Notice and Cooperation by the Indemnitee. Indemnitee shall, as a condition precedent to his/her right to be indemnified
under this Agreement, give the Company notice in writing as soon as practicable of any claim made against the Indemnitee for which indemnification
will or could be sought under this Agreement, provided that the delay of the Indemnitee to give notice hereunder shall not prejudice
any of the Indemnitee’s rights hereunder, unless such delay results in the Company’s forfeiture of substantive rights or
defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice,
the Company has directors’ and officers’ liability insurance policies in effect, the Company shall give prompt notice to
its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary and desirable action to cause
such insurers to pay, on behalf of the Indemnitee, all Expenses payable as a result of such Proceeding. In addition, the
Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

 

2.
Indemnification Payment.

 

(a) Advancement of Expenses.
the Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance to
the Indemnitee all Expenses that may be reasonably incurred in advance by the Indemnitee in connection with a Proceeding.
The Company shall, within 10 business days of receiving such a written request by the Indemnitee, advance all requested Expenses
to the Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

 

(b) Reimbursement of Expenses.
To the extent the Indemnitee has not requested any advanced payment of Expenses from the Company, the Indemnitee shall
be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after the
Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the
Reviewing Party in compliance with Section C.2(c) below.

 

(c)
Determination by the Reviewing Party. If the Company reasonably believes that it is not obligated under this Agreement to indemnify the
Indemnitee, the Company shall, within 10 days after the Indemnitee’s written request for an advancement or reimbursement of Expenses,
notify the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party
(as hereinafter defined). The Reviewing Party shall make a determination on the request within 30 days after the Indemnitee’s written
request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing
Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or
applicable law, the Company shall be entitled to be reimbursed by the Indemnitee for all the Expenses previously advanced or otherwise
paid to the Indemnitee in connection with such Proceeding; provided, however, that the Indemnitee may bring
a suit to enforce his/her indemnification right in accordance with Section C.3 below.

 

    	 

     

    

 

3.
Suit to Enforce Rights. Regardless of any action by the Reviewing Party, if the Indemnitee has not received full indemnification
within 30 days after making a written demand in accordance with Section C.2 above or 50 days if the Company submits a request
for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, the Indemnitee shall have the right
to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking a
determination by the court or challenging any determination by the Reviewing Party or any aspect of this Agreement. Any determination
by the Reviewing Party not challenged by the Indemnitee and any judgment entered by the court shall be binding on the Company
and the Indemnitee.

 

4.
Assumption of Defense. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding
against the Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by the
Indemnitee, upon delivery to the Indemnitee of written notice of its election to do so. After delivery of such notice, approval
of such counsel by the Indemnitee and the retention of such counsel by the Company, the Company will not be liable to the
Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee with respect to the same Proceeding,
unless (i) the employment of counsel by the Indemnitee has been previously authorized by the Company, (ii) the Indemnitee
shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest of such counsel retained
by the Company between the Company and the Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates
the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses of the
Indemnitee’s counsel shall be at the expense of the Company. At all times, the Indemnitee shall have the right to employ
counsel in any Proceeding at the Indemnitee’s expense.

 

5. Defense to Indemnification,
Burden of Proof and Presumptions. It shall be a defense to any action brought by the Indemnitee against the Company to enforce
this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for the
amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether the Indemnitee
is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

 

6. No Settlement Without
Consent. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage, loss, penalty or
limitation on the Indemnitee without the other party’s written consent. Neither the Company nor the Indemnitee shall
unreasonably withhold its consent to any proposed settlement.

 

7.
Company Participation. Subject to Section B.5, the Company shall not be liable to indemnify the Indemnitee under this Agreement
with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in
the defense, conduct and/or settlement of such action.

 

8.
Reviewing Party.

 

(a) For purposes of this Agreement,
the Reviewing Party with respect to each indemnification request of the Indemnitee that is referred by the Company pursuant to
Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter
defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable,
said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall
be delivered to the Indemnitee. If the Reviewing Party determines that the Indemnitee is entitled to indemnification, payment
to the Indemnitee shall be made within 10 days after such determination. the Indemnitee shall cooperate with the person,
persons or entity making such determination with respect to the Indemnitee’s entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination.
Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination under this
Agreement of the Indemnitee’s entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys’
fees and disbursements) incurred by the Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to the Indemnitee’s entitlement to indemnification)
and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom. “Disinterested Director”
means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by the
Indemnitee.

 

    	 

     

    

 

(b) If the determination of entitlement
to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided in this Section
C.8(b). The Independent Counsel shall be selected by the Indemnitee (unless the Indemnitee shall request that such
selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and the Indemnitee shall give
written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, the Indemnitee
or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the
Company or to the Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis
of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection
is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn
or a court has determined that such objection is without merit. If, within 20 days after submission by the Indemnitee of a written request
for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or the Indemnitee
may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or the
Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected
by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved
or the person so appointed shall act as Independent Counsel. The Company shall pay any and all reasonable fees and expenses of Independent
Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable
fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel
was selected or appointed.

 

(c) In making a determination with
respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that the Indemnitee is entitled to indemnification
under this Agreement if the Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the
Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of
any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement (with or without court approval), conviction, or upon a plea of nolocontendere or its equivalent, shall not (except
as otherwise expressly provided in this Agreement) of itself adversely affect the right of the Indemnitee to indemnification or
create a presumption that the Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in or
not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that the Indemnitee had reasonable
cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith, the Indemnitee shall be deemed to
have acted in good faith if the Indemnitee’s action is based on the records or books of account of the Company and any other
corporation, partnership, joint venture or other entity of which the Indemnitee is or was serving at the written request of the
Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied to the
Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the
course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other
entity or on information or records given or reports made to the Company or such other corporation, partnership, joint venture or other
entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company
or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act,
of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall
not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section
C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may
be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

    	 

     

    

 

(d)
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and
neither presently is, nor in the past five years has been, retained to represent (i) the Company or the Indemnitee in any matter
material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards
of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee
in an action to determine the Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of
the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant hereto.

 

D.
DIRECTOR AND OFFICER LIABILITY INSURANCE

 

1.
Good Faith Determination. The Company shall from time to time make the good faith determination whether or not it is practicable
for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and
directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company’s
performance of its indemnification obligations under this Agreement.

 

2.
Coverage of the Indemnitee. To the extent the Company maintains an insurance policy or policies providing directors’
and officers’ liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or
their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

3.
No Obligation. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer
insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium
costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is
limited by exclusions so as to provide an insufficient benefit.

 

E.
NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

 

1.
Non-Exclusivity. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which the
Indemnitee may be entitled under the Company’s current memorandum and articles of association, as may be amended from time to time,
applicable law or any written agreement between the Indemnitee and the Company (including its subsidiaries and affiliates). The
indemnification provided under this Agreement shall continue to be available to the Indemnitee for any action taken or not taken
while serving in an indemnified capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding.
In the event of any inconsistencies between the terms as set out in this Agreement and the provisions in the Company’s memorandum
and articles of association (as may be amended from time to time), the provisions in the Company’s memorandum and articles of association
(as may be amended from time to time) shall prevail.

 

2.
U.S. Federal Preemption. Notwithstanding the foregoing, both the Company and the Indemnitee acknowledge that in certain
instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and
officers under this Agreement or otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange Commission
(the “SEC”)’s prohibition on indemnification for liabilities arising under certain U.S. federal securities laws.
the Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with
the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right
under public policy to indemnify the Indemnitee.

 

3.
Duration of Agreement. All agreements and obligations of the Company contained herein shall continue during the period the
Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long
as the Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company, whether or
not he/she is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under
this Agreement. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as an officer
and/or a director of the Company or any other enterprise at the Company’s request.

 

    	 

     

    

 

F.
MISCELLANEOUS

 

1.
Amendment of this Agreement. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing
by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether
or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure
to exercise or any delay in exercising any right or remedy shall constitute a waiver.

 

2.
Subrogation. In the event of payment to The Indemnitee by the Company under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall
do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company
to bring suit to enforce such rights.

 

3.
Assignment; Binding Effect. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party
hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights
and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding
the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto
and the Company’s successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all
or substantially all of the business and/or assets of the Company) and assigns, as well as the Indemnitee’s spouses, heirs,
and personal and legal representatives.

 

4.
Severability and Construction. Nothing in this Agreement is intended to require or shall be construed as requiring the Company
to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to a court order, to perform its
obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall
be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable
to the fullest extent permitted by applicable law. The parties hereto acknowledge that they each have opportunities to have their respective
counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity
shall be construed in favor of or against either of the parties hereto.

 

5.
Counterparts. This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

 

6.
Governing Law. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts
of law provisions thereof.

 

7.
Notices. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and
shall be deemed to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered
mail, return receipt requested, and addressed as follows:

 

To
the Company:

 

Hengguang
Holding Co., Limited

Address:

Email:

Attention:
Jiulin Zhang, Chief Executive Officer

 

To
Indemnitee:

 

At
his/her address last known to the Company.

 

8.
Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both
written and oral, between the parties with respect to the subject matter hereof.

 

[Signature
page follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above.

 

	HENGGUANG
    HOLDING CO., LIMITED	 
	 	 	 
	By:	                 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

Indemnitee

 

	Signature:
    	 	 
	 	 	 
	Name:Exhibit
10.2

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”), is entered into as of July 23, 2021 by
and between Hengguang Holding Co., Limited, a company formed and existing under the laws of the Cayman Islands (the “Company”),
and Jiulin Zhang, 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 direct
or indirect parent companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (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 the position as the Chief Executive 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 three years (the “Term”),
commencing on the date (the “Effective Date”) when the Company consummates its
contemplated initial public offering (the “IPO”), unless terminated earlier pursuant to the terms of this Agreement.
Upon expiration of the three-year Term, the Employment shall be automatically extended for successive one-year terms (if extended, also
part of the “Term”) unless either party gives the other party hereto a 30-day prior written notice to terminate the
Employment prior to the expiration of the Term or unless terminated earlier pursuant to the terms of this Agreement.

 

	 	3.	RESERVED.

 

	 	4.	DUTIES
    AND RESPONSIBILITIES

 

The
Executive’s duties at the Company will include all duties customary for a chief executive officer of a company of similar size
and industry and jobs assigned by the Company’s Board of Directors (the “Board”).

 

The
Executive shall devote all of his working time, attention and skills to the performance of his 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, as amended
from time to time (the “Articles of Association”), and the guidelines, policies and procedures of the Company approved
from time to time by the Board.

 

	 	5.	NO
    BREACH OF CONTRACT

 

The
Executive shall use his best efforts to perform his 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 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 obtaining a proposed interest in such shares or securities of more than $250,000 in value at the time of acquisition
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 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.

 

    	 

    	 

    

 

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
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.

 

	 	6.	LOCATION

 

The
Executive shall perform his duties at the Company’s principal business office or such other location as may be approved and requested
by the Board, until both parties hereto agree to change otherwise. The Executive acknowledges that he may be required to travel from
time to time in the course of performing his duties for the Company.

 

	 	7.	COMPENSATION
    AND BENEFITS

 

	 	(a)	Compensation.
    The Executive’s cash compensation (inclusive of the statutory welfare reserves that the Company is required to set aside for
    the Executive under applicable law) shall be provided by the Company in a separate schedule A attached herein (“Schedule
    A”) 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 Board 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. In addition to his base salary, the Executive is eligible for participation in the Company’s performance stock
    bonus plan (the “Plan”) if adopted by the Board and approved by the shareholders of the Company and Executive’s
    annual stock bonus (“Stock Bonus”) is subject to the cap of his annual salary as set forth in Section 7(a). The
    shares of Stock Bonus to be granted to Executive shall be administered and issued pursuant to the terms and conditions of the Plan.
	 	(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 benefits.

 

	 	8.	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
    presents (i) the repeated and demonstrated material failure of the Executive to substantially carry out the reasonable instructions
    of the Board, provided such instructions reasonably relate to and are not inconsistent with Executive’s management position
    and standing, which such conduct is not cured within fifteen days after receipt of written notice thereof by Executive from the Company;
    (ii) the material breach by Executive of any of the terms or provisions of this Agreement or any other agreement between Executive,
    on one hand, and the Company, on the other hand, on the part of Executive to be observed or performed, which failure or breach is
    not cured within ten (10) days after receipt of written notice thereof by the Executive from the Company, (iii) Executive’s
    knowing and willful neglect or refusal for any reason to attend to the Executive’s material duties and responsibilities under
    this Agreement which such conduct is not cured within ten (10) days after receipt of written notice thereof by Executive from the
    Company; (iv) any criminal liability of the Company which was substantially caused by the conduct of the Executive; (v) the Executive’s
    conviction by, or entry of a plea of guilty or nolo contendere in, a court of competent jurisdiction of an act of fraud, embezzlement
    or willful breach of fiduciary duty to the Company, or any crime constituting a felony.

 

    	 

    	 

    

 

	 	(b)	By
    the Executive. The Executive may terminate the Employment at any time without prior written notice to the Company for good reason
    (“Good Reason”), which include the occurrence of any of the following events without the Executive’s consent:
    (i) a material and continuing diminution in the Executive’s authority, duties or responsibilities under this Agreement relative
    to his authority, duties or responsibilities in effect immediately prior to such reduction; (ii) a material diminution by the Company
    of the Executive’s base salary as initially set forth herein or as the same may be increased from time to time; or (iii) any
    other action or inaction that constitutes a material breach by the Company or any successor or Affiliate of its obligations to the
    Executive under this Agreement; provided, however, that such termination by the Executive shall only be deemed for Good Reason only
    if: (x) the Executive gives the Company written notice of the intent to terminate for Good Reason within forty-five days following
    the first occurrence of the condition(s) that the Executive believes constitutes Good Reason, which notice shall describe such condition(s);
    (y) the Company fails to remedy such condition(s) within thirty days following receipt of the written notice (the “Cure Period”);
    and (z) the Executive terminates his employment within thirty days following the end of the Cure Period.. In addition, the Executive
    may resign prior to the expiration of this 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 Section 8 hereof 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 NON-COMPETITION

 

	 	(a)	Confidentiality
    and Non-disclosure. The Executive hereby agrees at all times during the term of his 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 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.
	 	 	 
	 	(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 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 work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances
    will the Executive have, following his termination, in his 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 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 owes 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)	Non-Compete.
    During the Employment Term and for six (6) months after the Executive ceases to be employed by the Company for any reason, Executive
    shall not, directly or indirectly in the regions where the Company conducts its business: (i) manage, operate or control, or participate
    in the ownership, management, operation or control of, or otherwise become interested in (whether as an owner, stockholder, member,
    partner, lender, consultant, executive, officer, director, agent supplier, distributor or otherwise) any business offering products
    or services that are directly competitive with the products or services offered by the Company or any of its subsidiaries or affiliates
    during the last six (6) months of Executive’s employment with the Company (or, if employed for less than six months, at any
    time during Executive’s employment with the Company); or (ii) induce or influence any person that has a business relationship
    with the Company or any of its subsidiaries or affiliates with whom the Executive had material contact during the last six (6) months
    of the Executive’s employment with the Company (or, if employed for less than six months, at any time during Executive’s
    employment with the Company) to discontinue or reduce the extent of such relationship. For purposes of this Agreement, the Executive
    shall be deemed to be directly or indirectly interested in a business if he is engaged in that business as a stockholder, director,
    officer, executive, agent, member, partner, individual proprietor, consultant, advisor or otherwise, but not if Executive’s
    interest is limited solely to the ownership of not more than 1% of the securities of any class of equity securities of a corporation
    or other entity whose shares are listed or admitted to trade on a national securities exchange or are quoted on the over the counter
    bulletin board or similar public trading system.
	 	 	 
		(f)	No
    Solicitation. During the Employment Term and for twelve (12) months after Executive ceases to be employed by the Company for
    any reason, Executive shall not, directly or indirectly, solicit to employ, or employ for himself or others, any employee of the
    Company, or any subsidiary or affiliate of the Company, who was an officer, director or employee of, or consultant or advisor to,
    the Company, or any subsidiary or affiliate of the Company, as of the date of the termination of Executive’s employment with
    the Company or during the preceding six (6) month period, or solicit any such person to leave such person’s position or join
    the employ of, or act in a similar capacity with, another, then or at a later time. During the Term and for twelve (12) months after
    Executive ceases to be employed by the Company for any reason, Executive shall not solicit or take away business opportunities or
    clients of the Company or any subsidiary or affiliate of the Company, without the Company’s prior written permission

 

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

 

    	 

    	 

    

 

	 	10.	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 the Executive
any amounts otherwise due or payable under or pursuant to this Agreement of 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.

 

	 	11.	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 new employer about his rights and obligations under this Agreement.

 

	 	12.	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.

 

	 	13.	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.

 

	 	14.	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 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.

 

	 	15.	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 employment by the Company.
The Executive has not entered into, and hereby agrees that he will not enter into, any oral or written agreement in conflict with this
Section 15. The Executive represents that the Executive will consult his 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.

 

	 	16.	GOVERNING
    LAW

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

	 	17.	ARBITRATION

 

Any
dispute arising out of, in connection with or relating to, this Agreement shall be resolved through arbitration conducted in New York
under the auspices of the Judicial Arbitration and Mediation Services, Inc. (“JAMS”) in accordance with the rules
of the United Nations Commission of International Trade Law (“UNCITRAL Rules”) in effect at the time of the arbitration.
There shall be one arbitrator. The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party
may apply to a court of competent jurisdiction for enforcement of such award.

 

    	 

    	 

    

 

	 	18.	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.

 

	 	19.	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.

 

	 	20.	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.

 

	 	21.	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.

 

	 	22.	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 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.]

 

    	 

    	 

    

 

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

 

	HENGGUANG
    HOLDING CO., LIMITED	 
	 	 
	By:	/s/
	 
	Name:	Jiulin Zhang	 
	Title:	Chairman of the Board	 

 

	Executive	 
	 	 	 
	Signature:	/s/	 
	 	 	 
	Name:	Jiulin
    Zhang	 

 

[Signature
Page to Employment Agreement]

 

    	 

    	 

    

 

Schedule
A

 

The
annual base salary for the Executive shall be $80,000, payable on a monthly basis commencing from the Effective Date.

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