Document:

Exhibit 10.9

 

Equity Pledge Agreement

 

This Equity Pledge
Agreement (this "Agreement") has been executed by and among the following parties on ______, 2017 in Chongqing, the People’s
Republic of China (“China” or the “PRC”):

 

	Party A:	Chongqing Jinghuangtai Enterprise Management and Consulting Co., Ltd. (hereinafter "Pledgee")
	Address: 	2-18-1, No.55 Chongqing Village, Yuzhong District, Chongqing, China

 

	Party
B: — 	 (hereinafter "Pledgor")
	ID No.: —	 

 

	Party C:	Chongqing Penglin Food Co., Ltd.
	Address: 	No.128 Xinyuan Road, Zhenxi Town, Fuling District, Chongqing, China

 

In this Agreement,
each of Pledgee, Pledgor and Party C shall be referred to as a "Party" respectively, and they shall be collectively referred
to as the "Parties".

 

Whereas:

 

		1.	Pledgor
is a citizen of China, and holds ___% of the equity interest in Party C in fact. Party C is a limited liability company registered
in Chongqing, China. Party C acknowledges the respective rights and obligations of Pledgor and Pledgee under this Agreement, and
intends to provide any necessary assistance in registering the Pledge;

 

		2.	Pledgee is a wholly foreign-owned
enterprise registered in China. Pledgee, Pledgor and Party C owned by Pledgor have executed a Consultation and Service Agreement
and other control agreements (the “Control Agreements”);

 

		3.	To ensure that Pledgor
and Party C fully perform their obligations under the Control Agreements, and pay the consulting and service fees thereunder to
the Pledgee when the sum becomes due, Pledgor hereby pledges to the Pledgee all of the equity interest he holds in Party C as
security for payment of the consulting and service fees by Party C under the Control Agreements.

 

To perform the provisions of
the Control Agreements, the Parties have mutually agreed to execute this Agreement upon the following terms.

 

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Equity Pledge Agreement

     

    

 

		1.	Definitions

 

Unless otherwise provided herein,
the terms below shall have the following meanings: 

 

		1.1	Pledge: shall refer
to the security interest granted by Pledgor to Pledgee pursuant to Section 2 of this Agreement, i.e., the right of Pledgee to
be compensated on a preferential basis with the conversion, auction or sales price of the Equity Interest.

 

		1.2	Equity Interest: shall
refer to all of the equity interest lawfully now held and hereafter acquired by Pledgor in Party C.

 

		1.3	Term of Pledge: shall
refer to the term set forth in Section 3 of this Agreement.

 

		1.4	Control Agreements:
shall refer to Consultation and Service Agreements, Business Cooperation Agreement and other relevant control agreements executed
by and among Pledgor, Party C and Pledgee on October 9, 2017.

 

		1.5	Event of Default: shall
refer to any of the circumstances set forth in Section 7 of this Agreement.

 

		1.6	Notice of Default: shall
refer to the notice issued by Pledgee in accordance with this Agreement declaring an Event of Default.

 

		2.	The Pledge

 

As collateral security for the
performance of the Control Agreements and the timely and complete payment when due (whether at stated maturity, by acceleration
or otherwise) of any or all of the payments due by Party C and/or Pledgor, including without limitation the consulting and services
fees payable to the Pledgee under the Control Agreements, Pledgor hereby pledges to Pledgee a first security interest in all of
Pledgor's right, title and interest, whether now owned or hereafter acquired by Pledgor, in the Equity Interest of Party C.

 

		3.	Term of Pledge

 

		3.1	Upon signing this Agreement,
the Parties should complete the pledge of the Equity Interest contemplated registered with relevant administration for industry
and commerce (the “AIC”) as soon as possible. The Pledge shall be continuously valid until the Pledgor is no longer
a shareholder of Party C or the satisfaction of all its obligations by the Party C under the Control Agreements. The Pledgors
shall be responsible for recording of this Agreement in the Company’s Register of Shareholders.

 

		3.2	During the Term of Pledge,
in the event Party C fails to pay the exclusive consulting or service fees in accordance with the Control Agreements, Pledgee
shall have the right, but not the obligation, to dispose of the Pledge in accordance with the provisions of this Agreement.

 

		4.	Custody of Records for
Equity Interest subject to Pledge

 

		4.1	During the Term of Pledge
set forth in this Agreement, Pledgor shall deliver to Pledgee's custody the capital contribution certificate for the Equity Interest
and the shareholders' register containing the Pledge within one week from the execution of this Agreement. Pledgee shall have
custody of such items during the entire Term of Pledge set forth in this Agreement.

 

		4.2	Pledgee shall have the
right to collect dividends generated by the Equity Interest during the Term of Pledge.

 

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Equity Pledge Agreement

     

    

 

		5.	Representations and
Warranties of Pledgor

 

	 	5.1	Pledgor is the owner of the Equity Interest in record of register of shareholder.

 

	 	5.2	Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with the provisions set forth in this Agreement.

 

	 	5.3	Except for the Pledge, Pledgor has not placed any security interest or other encumbrance on the Equity Interest.

 

	 	6.	Covenants and Further Agreements of Pledgor

 

	 	6.1	Pledgor hereby covenants to the Pledgee, that during the term of this Agreement, Pledgor shall:

 

		6.1.1	not transfer the Equity
Interest, place or permit the existence of any security interest or other encumbrance on the Equity Interest, without the prior
written consent of Pledgee, except for the performance of the Equity Option Agreement (the “Equity Option Agreement”)
executed by Pledgor, the Pledgee and Party C on the execution date of this Agreement;

 

	 	6.1.2	comply with the provisions of all laws and regulations applicable to the pledge of rights, and within 5 working days of receipt of any notice, order or recommendation issued or prepared by relevant competent authorities regarding the Pledge, shall present the aforementioned notice, order or recommendation to Pledgee, and shall comply with the aforementioned notice, order or recommendation or submit objections and representations with respect to the aforementioned matters upon Pledgee's reasonable request or upon consent of Pledgee;

 

	 	6.1.3	promptly notify Pledgee of any event or notice received by Pledgor that may have an impact on Pledgee's rights to the Equity Interest or any portion thereof, as well as any event or notice received by Pledgor that may have an impact on any guarantees and other obligations of Pledgor arising out of this Agreement.

 

		6.2	Pledgor agrees that
the rights acquired by Pledgee in accordance with this Agreement with respect to the Pledge shall not be interrupted or harmed
by Pledgor or any heirs or representatives of Pledgor or any other persons through any legal proceedings.

 

		6.3	To protect or perfect
the security interest granted by this Agreement for payment of the consulting and service fees under the Control Agreements, Pledgor
hereby undertakes to execute in good faith and to cause other parties who have an interest in the Pledge to execute all certificates,
agreements, deeds and/or covenants required by Pledgee. Pledgor also undertakes to perform and to cause other parties who have
an interest in the Pledge to perform actions required by Pledgee, to facilitate the exercise by Pledgee of its rights and authority
granted thereto by this Agreement, and to enter into all relevant documents regarding ownership of Equity Interest with Pledgee
or designee(s) of Pledgee (natural persons/legal persons). Pledgor undertakes to provide Pledgee within a reasonable time with
all notices, orders and decisions regarding the Pledge that are required by Pledgee.

 

		6.4	Pledgor hereby undertakes
to comply with and perform all guarantees, promises, agreements, representations and conditions under this Agreement. In the event
of failure or partial performance of its guarantees, promises, agreements, representations and conditions, Pledgor shall indemnify
Pledgee for all losses resulting therefrom.

 

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Equity Pledge Agreement

     

    

 

		6.5	The Pledgors shall process
the registration procedures with the Administration for Industry and Commerce concerning the Pledge as soon as practical after
the execution of this Agreement.

 

		6.6	Without notifying Pledgee
in advance and obtaining Pledgee’s prior written consent, Pledgor shall not transfer the Equity Interest and any action
for the proposed transfer of the Equity Interest of Pledgor shall be invalid. Any payment received by Pledgor for transfer of
the Equity Interest shall be firstly used to repay the secured obligations to Pledgee or be placed in escrow with a third party
as agreed with Pledgee.

 

		7.	Event of Breach

 

		7.1	The following circumstances
shall be deemed Event of Default:

 

		7.1.1	Party C fails to fully
and timely fulfill any liabilities under the Control Agreements, including without limitation failure to pay in full any of the
consulting and service fees payable under the Control Agreements or breaches any other obligations of Party C thereunder;

 

		7.1.2	Pledgor or Party C has
committed a material breach of any provisions of this Agreement;

 

	 	7.1.3	Except for the performance of the Equity Option Agreement, Pledgor transfers or purports to transfer or abandons the Equity Interest pledged or assigns the Equity Interest pledged without the written consent of Pledgee; and

 

	 	7.1.4	The successor or custodian of Party C is capable of only partially performing or refusing to perform the payment obligations under the Control Agreements.

 

	 	7.1.5	The occurrence of any adverse change to the assets or property of the Pledgor, which in Pledgee’s determination, may impact the ability of the Pledgor to perform its obligations hereunder.

 

	 	7.1.6	The occurrence of any other circumstances under which the Pledgee is not or may not able to exercise its rights hereunder in accordance with the applicable law.

 

	 	7.2	Upon notice or discovery of the occurrence of any circumstances or event that may lead to the aforementioned circumstances described in Section 7.1, Pledgor shall immediately notify Pledgee in writing accordingly.

 

	 	7.3	Unless an Event of Default set forth in this Section 7.1 has been successfully resolved to Pledgee's satisfaction within twenty (20) days after the Pledgee delivers a notice to the Pledgor requesting ratification of such Event of Default, Pledgee may issue a Notice of Default to Pledgor in writing at any time thereafter, demanding to immediately dispose of the Pledge in accordance with the provisions of Section 8 of this Agreement.

 

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Equity Pledge Agreement

     

    

 

		8.	Exercise of Pledge

 

	 	8.1	Prior to the full payment of the consulting and service fees described in the Control Agreements, without the Pledgee's written consent, Pledgor shall not assign the Equity Interest in Party C.

 

	 	8.2	Pledgee may issue a written notice to Pledgor when exercising the Pledge.

 

	 	8.3	Subject to the provisions of Section 7.3, Pledgee may exercise the right to enforce the Pledge at any time after the issuance of the Notice of Default in accordance with Section 7.3. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be entitled to any rights or interests associated with the Equity Interest.

 

	 	8.4	In the event of default, Pledgee is entitled to dispose of the Equity Interest in accordance with applicable PRC laws. Only to the extent permitted under applicable PRC laws, Pledgee has no obligation to account to Pledgor for proceeds of disposition of the Equity Interest, and Pledgor hereby waives any rights it may have to demand any such accounting from Pledgee.

 

	 	8.5	When Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and Party C shall provide necessary assistance to enable Pledgee to enforce the Pledge in accordance with this Agreement.

 

		9.	Assignment

 

	 	9.1	Without Pledgee's prior written consent, Pledgor shall not have the right to assign or delegate its rights and obligations under this Agreement.

 

	 	9.2	This Agreement shall be binding on Pledgor and its successors and permitted assigns, and shall be valid with respect to Pledgee and each of its successors and assigns.

 

	 	9.3	At any time, Pledgee may assign any and all of its rights and obligations under the Control Agreements to its designee(s) (natural/legal persons), in which case the assigns shall have the rights and obligations of Pledgee under this Agreement, as if it were the original party to this Agreement. When the Pledgee assigns the rights and obligations under the Control Agreements, upon Pledgee's request, Pledgor shall execute relevant agreements or other documents relating to such assignment.

 

	 	9.4	In the event of a change in Pledgee due to an assignment, Pledgor shall, at the request of Pledgee, execute a new pledge agreement with the new pledgee on the same terms and conditions as this Agreement, and register the same with the relevant AIC.

 

	 	9.5	Pledgor shall strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by the Parties hereto or any of them, including the Equity Option Agreement and the Power of Attorney granted to Pledgee, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. Any remaining rights of Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised by Pledgor except in accordance with the written instructions of Pledgee.

 

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Equity Pledge Agreement

     

    

 

		10.	Termination

 

Upon the full payment of the
consulting and service fees under the Control Agreements and upon termination of Party C's obligations under the Control Agreements,
this Agreement shall be terminated, and Pledgee shall then terminate the equity pledge under this Agreement as soon as reasonably
practicable.

 

		11.	Handling Fees and Other
Expenses

 

All
fees and out of pocket expenses relating to this Agreement, including but not limited to legal costs, costs of production, stamp
tax and any other taxes and fees, shall be borne by Party C.

 

		12.	Confidentiality

 

The
Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the
Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party
shall maintain confidentiality of all such confidential information, and without obtaining the written consent of the other Party,
it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will
be in the public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation
to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government
authorities; or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors
regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors
shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information
by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party,
which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for
any reason.

 

		13.	Governing Law and Resolution
of Disputes

 

		13.1	The execution, effectiveness,
construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed
by the laws of China.

 

		13.2	In the event of any
dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through
friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party's
request to the other Parties for resolution of the dispute through negotiations, either Party may submit the relevant dispute
to the Southwest Commission of China International Economic and Trade Arbitration Commission for arbitration, in accordance with
its Arbitration Rules. The arbitration shall be conducted in Chongqing, and the language used in arbitration shall be Chinese.
The arbitration award shall be final and binding on all Parties.

 

	 	13.3	Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

 

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Equity Pledge Agreement

     

    

 

		14.	Notices

 

		14.1	All notices and other
communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered
mail, postage prepaid, by a commercial courier service to the address of such party set forth below. A confirmation copy of each
notice shall also be sent by E-mail. The dates on which notices shall be deemed to have been effectively given shall be determined
as follows:

 

		14.1.1	Notices given by personal
delivery, by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of acceptance
or refusal at the address specified for notices.

 

	 	14.2	For the purpose of notices, the addresses of the Parties are as follows:

 

	 	Party A:	Chongqing Jinghuangtai Enterprise Management and Consulting Co., Ltd.
	 	Address:	2-18-1,No.55 Chongqing Village, Yuzhong District, Chongqing, China
	 	Attn.:	Zushu Dai
	 	 	 
	 	Party B: 	—
	 	Address:	—
	 	Phone:	—

 

	 	Party C:	Chongqing Penglin Food Co., Ltd.
	 	Address: 	No.128 Xinyuan Road, Zhenxi Town, Fuling District, Chongqing, China
	 	Attn.:	Zushu Dai
	 	Phone:	13618258422

 

	 	14.3	If any Party change its address for notices or its contact person, a notice shall be delivered to the other Parties in accordance with the terms hereof.

 

		15.	Severability

 

In
the event that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect
in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement
shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or
unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions
of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those
invalid, illegal or unenforceable provisions.

 

		16.	Attachments

 

The attachments set forth herein
shall be an integral part of this Agreement.

 

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Equity Pledge Agreement

     

    

 

		17.	Effectiveness

 

		17.1	This Agreement shall
become effective when the Parties have duly executed this Agreement.

 

	 	17.2	Any amendments, changes and supplements to this Agreement shall be in writing and shall become effective after the affixation of the signatures or seals of the Parties.

 

	 	17.3	This Agreement is written in Chinese and English in three copies. Pledgor, Pledgee and Party C shall hold one copy respectively. Each copy of this Agreement shall have equal validity. In case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail.

 

The Remainder
of this page is intentionally left blank

 

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Equity Pledge Agreement

     

    

 

IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Equity Pledge Agreement as of the date first above written.

 

	Party A:	Chongqing Jinghuangtai Enterprise Management and Consulting Co., Ltd.
	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 
	Party B: 	—  
	By:	 	 
	 	 
	Party C:	Chongqing Penglin Food Co., Ltd.  
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

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Equity Pledge Agreement

     

    

  

附件:

Attachments:

 

		1.	Shareholders' register
of Chongqing Penglin Food Co., Ltd.;

 

		2.	The Capital Contribution
Certificate for Chongqing Penglin Food Co., Ltd.;

 

		3.	Consultation and Service
Agreement

 

		4.	Business Cooperation Agreement

 

    10
Equity Pledge AgreementExhibit 10.10

 

CHINA XIANGTAI FOOD CO., LTD.

Xinganxian Plaza, Building B, Suite
21-1, Lianglukou, Yuzhong District 400800

Chongqing, People’s Republic
of China

 

January 23,
2018

 

Ms. Zeshu Dai

 

1-9-2, No.30 Changjiang 1 Road, Yuzhong District, Chongqing,
China

 

Re: Chief Executive Officer Offer Letter

	 	 

Dear Ms. Dai:

 

CHINA XIANGTAI FOOD
CO., LTD., a Cayman Islands limited liability company (the “Company” or “we”), is pleased to offer you
a position as a Chief Executive Officer of the Company.  We believe your background and experience will be a significant
asset to the Company and we look forward to your participation as a Chief Executive Officer in the Company. Should you choose to
accept this position as a Chief Executive Officer, this letter agreement (the “Agreement”) shall constitute an agreement
between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company.

 

1.           Term.  This
Agreement is effective as of the date of this Agreement. Your term as a Chief Executive Officer shall continue subject to the provisions
in Section 9 below or until your successor is duly elected and qualified.  The position shall be up for re-appointment
every five year by the board of the Chief Executive Officers of the Company (the “Board”) and upon re-appointment,
the terms and provisions of this Agreement shall remain in full force and effect.

 

2.           Services.  You
shall render services as a Chief Executive Officer (hereinafter, your “Duties”). During the term of this Agreement,
you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially
called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any)
regularly and as necessary via telephone, electronic mail or other forms of correspondence.

 

3.           Services
for Others.  You shall be free to represent or perform services for other persons during the term of this Agreement.  

 

4.           Compensation.  As
compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $120,000 for
each calendar year of service under this Agreement on a pro-rated basis.

 

You shall be reimbursed
for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person
meetings).

 

5.           D&O
Insurance Policy. During the term under this Agreement, the Company shall include you as an insured under its officers’
insurance policy.

 

6.           No
Assignment.  Because of the personal nature of the services to be rendered by you, this Agreement may not be
assigned by you without the prior written consent of the Company.

 

     

     

    

 

7.           Confidential
Information; Non-Disclosure.  In consideration of your access to certain Confidential Information (as defined
below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

 

a.           Definition.  For
purposes of this Agreement the term “Confidential Information” means: (i) any information which the Company possesses
that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in
the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally
not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information
concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar
laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development
and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses,
strategies, forecasts, customer and supplier identities, characteristics and agreements.

 

b.           Exclusions.  Notwithstanding
the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is
readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other
agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful
possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to
receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to
disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory
organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the
Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

 

c.           Documents.
You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes,
formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential
Information, nor will you make reproductions or copies of same.  You shall promptly return any such documents or items,
along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your
termination or Resignation (as defined in Section 9 herein).

 

d.           Confidentiality.  You
agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly,
any Confidential Information or anything relating to such information without the prior written consent of the Company, except
as may be necessary in the course of your business relationship with the Company.  You further agree that you will not
use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of
your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.
Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have
a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

 

e.           Ownership.  You
agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask
work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating
to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas
and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that
arise out of your Duties (collectively, “Inventions”) and you will promptly disclose and provide all Inventions
to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and
to perfect, obtain, maintain, enforce, and defend any rights assigned.

 

     

     

    

 

8.            Non-Solicitation.  
During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact
due to your appointment.

 

9.            Termination
and Resignation.  Your services as a Chief Executive Officer may be terminated for any or no reason by the determination
of the Board. You may also terminate your services as a Chief Executive Officer for any or no reason by delivering your written
notice of resignation to the Company (“Resignation”), and such Resignation shall be effective upon the time specified
therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination
or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation
that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of
your Duties as of the effective date of such termination or Resignation.

 

10.           Governing
Law; Arbitration.    All questions with respect to the construction and/or enforcement of this Agreement,
and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York.
All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination
thereof 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 American Arbitration Association at its New York Office in force when the Notice of
Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York.
The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

 

11.           Entire
Agreement; Amendment; Waiver; Counterparts.  This Agreement expresses the entire understanding with respect to
the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter
hereof.  Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with
the written consent of the parties hereto.  Waiver of any term or condition of this Agreement by any party shall not
be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition
of this Agreement.  The failure of any party at any time to require performance by any other party of any provision of
this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision
of this Agreement.  This Agreement may be executed in separate counterparts each of which will be an original and all
of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile
of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

 

12.       Indemnification.  The
Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses,
including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts (“Losses”),
incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such
Losses incurred as a result of your gross negligence or willful misconduct.  The Company shall advance to you any expenses,
including reasonable attorneys’ fees and costs of settlement, incurred in defending any such proceeding to the maximum extent
permitted by applicable law.  Such costs and expenses incurred by you in defense of any such proceeding shall be paid
by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request
for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment
is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced
if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified
by the Company.

 

     

     

    

 

13.       Not
an Employment Agreement.   This Agreement is not an employment agreement, and shall not be construed or interpreted
to create any right for you to continue employment with the Company.

 

14.       Acknowledgement.  
You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive,
and final all decisions or interpretations of the Board of Chief Executive Officers of the Company of any questions arising under
this Agreement.

 

The Agreement has been executed and delivered
by the undersigned and is made effective as of the date set first set forth above.

 

 

	 	 	Sincerely,	 
	 	 	 	 	 
	 	 	CHINA XIANGTAI FOOD CO., LTD.	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	/s/ Zeshu Dai	 
	 	 	 	     Zeshu Dai	 
	 	 	 	     Chairwoman	 
	 	 	 	 	 
	 	 	 	 	 
	AGREED AND ACCEPTED:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Zeshu Dai	 	 	 	 
	ZESHU DAI

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}]]