Document:

Exhibit 10.13

 

Memorandum
of Agreement

Miami
University and RENDA Finance and Education Technology Company

 

This
Memorandum of Agreement (this “MOA”) is entered by and among Miami University (hereinafter “MU”),
a body politic and corporate established and existing under the laws of the State of Ohio (USA); Renda Finance and Education Technology
Company (hereinafter “RENDA”), a company established and existing in Beijing, Peoples Republic of China; and
Quest Holding International, LLC (hereinafter “QHI”), an Ohio (USA) limited liability company.

 

WHEREAS,
MU operates the Miami University Middletown English Language Center (“ELC”), which provides English language
instruction to non-native speakers of English;

 

WHEREAS,
MU wishes to offer certain international students conditional admission to the ELC at MU’s Middletown, Ohio (USA) campus
(hereinafter “MUM”) pursuant to the terms and conditions described below; and

 

WHEREAS,
the parties hereto wish to be bound to the terms, conditions, and obligations contained in this MOA.

 

NOW,
THEREFORE, in consideration of the agreements and promises contained in this MOA, and other valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.
Admission. RENDA will identify appropriate students for admission to MUM and the ELC (“Students”).
These Students will have applied to the ELC and submitted all documents required by MU and MUM for international students. RENDA
shall ensure that all application materials are properly completed by Students and submitted to QHI QHI will submit the properly
completed application materials to MUM Office of Admissions.

 

2.
Program. Students admitted to the ELC under this Agreement will arrive at the MUM campus before orientation to participate
in a mandatory assessment, advising, and academic program orientation. A two-week orientation will occur approximately two weeks
prior to the start of regularly scheduled classes in each of MUM’s academic terms (Fall, Spring, Summer).

 

The
ELC Program provides English language instruction to non-native speakers of English, accepted into the ELC’s intensive English
language program at Miami University Middletown. Students will be admitted into the ELC based on the MUM ELC Application Form,
International Student Financial Support Form, one copy of their passport photo, official academic records, and proof
of English language proficiency. Students will be assessed for English language proficiency upon arrival to MUM for placement
in the ELC.

 

The
ELC has a total of five levels. Students who apply to the ELC will submit scores from one of the following tests prior to
their arrival at MUM: TOEFL, IELTS, ITEP, PTA-Academic, or provide alternative proof of English language proficiency as
listed on the Miami. University International Admission website
(http://miamioh.edu/admission/international/english-proficiency/index.html) to show their overall level of English
proficiency at the time of their application. The appropriate level of English study (regardless of the scores submitted with
their application) will be finalized during orientation week. Students will be assessed in reading, writing, speaking,
listening, and grammar. Level 1-3 Students will begin non-credit intensive English courses at MUM. Level 4 Students will be
conditionally admitted and be able to begin credit courses at MUM. Once level four is successfully completed, Students will
have satisfied all English requirements and be fully admitted to MUM as Level 5 international students.

 

     

     

    

 

Levels
1, 2, and 3 include the following non-credit courses specifically designed for each level for a total of 22.5 contact hours
of intensive English study each week:

Reading/Writing
(7.5 contact hours)

Listening/Speaking (7.5 contact hours)

Grammar/Integrated Skills (7.5 contact hours)

 

Level 4
includes the following courses for a total of 12 credit hours:

ACE
112 – Advanced Communication Strategies:

This
is an intensive 5-credit course covering discussion, presentation and lecture listening skills, preparing Students for the diverse
encounters they will have with spoken English both in and outside of the academy. Graded (5 Credits, 7.5 contact hours)

 

ACE
113 – Reading and Writing in Academic Contexts:

This
is a rigorous 4-credit course focusing on comprehension, textual analysis, vocabulary, and rhetoric. Students develop critical
writing skills needed for success in college and beyond. Graded (4 Credits, 7.5 contact hours)

 

ACE
310J – Elements of Debate:

Elements
of Debate is designed to introduce Students to debate and to develop their ability to explain and support their opinion
with strong evidence using advanced vocabulary and sentence structure. The course prepares Students to be active participants
in college-level classroom discussions. Graded (3 credits, 7.5 contact hours)

 

Level
5 Students are fully admitted lo MUM.

Students
are required to take ENG 108 and 109 in consecutive semesters. These course descriptions are as follows:

 

ENG
108 – U.S. Cultures & Composition for Second Language Writers:

This
course is designed for Students who need further work in English before enrolling in ENG 109; satisfies in part the Miami
Plan requirement of six of global courses. (4 credits, 7.5 contact hours total)

 

ENG
109 – Composition and Rhetoric for Second Language Writers:

Adaptation
of ENG 111 for nonnative speakers; satisfies the Miami Plan requirement of 3 hours of composition and literature. (4 credits,
7.5 contact hours total)

 

Classes
are held Monday through Friday except during university scheduled holidays. The typical weekly schedule will include instruction,
courses, and outings or activities. Students may be required to participate in MUM directed and approved cultural activities,
meetings, and excursions. Mandatory attendance in class, meetings, and participation in required events will contribute to a
Student’s grade for the semester.

 

All
Students in the ELC (including Levels 1-5) are subject to the Miami University Code of Conduct (http://miamioh.edu/student-life/oescr/code-of-conduct/index.html)
and the Miami Student Handbook (http://www.miamioh.edu/_files/documents/secretary/Student_Handbook.pdf). These resources and
expectations will be reviewed and explained to Students in sessions during orientation.

 

    2

     

    

 

Students
who successfully complete ELC required courses at the level of B- or above may move to the next level of the ELC program.
Once a Level 3 Student meets this requirement, they may take Level 4 credit courses the following semester. Once a Level 4 Student
meets this requirement, such Student may enroll the following semester as a fully admitted MU regional campus international
student.

 

3.
Housing, Dining and Transportation. QHI is responsible for providing all accommodations for Student housing and dining
for Students in the ELC at MUM. MU assumes no liability or responsibility for any functions related to housing, dining, or transportation.
QHI will provide housing supervisors for the housing facility and provide MU and MUM with the names and 24-hour emergency contact
information for the housing facility supervisors. If operation and upkeep of the housing and dining plan is not acceptable to
MU or MUM, then MU has the option of cancelling this MOA and the program outlined in this MOA. Any rejection of the housing and
dining plan must be reasonable. MU shall provide a minimum 120 days advance written notice to QHI regarding its intent to cancel
this MOA and the program outlined in this MOA, and the reasons for such intent to cancel and allow QHI to revise the housing and
dining plan within 120 days of the receipt of such written notice; provided, however, that MU may immediately cancel this MOA
and the program outlined in this MOA upon the reasonable belief that the continuation of the housing and dining plan will have
a deleterious effect on the health, wellbeing, or safety of any person. QHI will allow MU officials to visit and review its housing
and dining facilities in each semester during term of this MOA. QHI is required to report violations of the Miami University Student
Code of Conduct and Miami University Student Handbook and any instances of sexual or interpersonal violence to MUM Security Office
identified by Title IX federal requirements. Nothing contained in this Section 3 shall limit or otherwise effective MU’s
ability to cancel this MOA pursuant to Section 16 of this MOA.

 

QHI
acknowledges and agrees that MU’s and MUM’s student disciplinary procedures allow for the summary suspension from
MUM’s premises of a Student prior to a disciplinary hearing where MU or MUM has reasonable cause to believe that the Student’s
continued presence poses an immediate and significant risk of substantial harm to the safety or security of themselves, others,
or to property. QHI agrees that once it is notified by MU or MUM that a Student admitted hereunder to the ELC has been
summarily suspended and no contact is required with any other student is required it shall, immediately remove said Student from
QHI’s student housing facilities and relocate the Student into other QHI owned, or controlled, or rented housing, until
such time as the summary suspension is lifted or until the Student is suspended or dismissed at the conclusion
of the disciplinary process.

 

4.
Insurance and Indemnification. QHI will purchase and maintain for the duration of this MOA at least $7,500,000.00
in General Liability insurance and provide a certificate of insurance to MU. RENDA and QHI, jointly and severally (the “Indemnifying
Parties”), shall indemnify and hold harmless MU, and its trustees, officers, and employees from and against any and
all loss, expense, damage, claim, demand, judgment, fine, charge, lien, liability, action, cause of action or proceeding of any
kind whatsoever (whether arising on account of damage to or loss of properly, or personal injury, emotional distress, or death)
(each a “Loss”) arising directly or indirectly from a third party claim alleging (a) any negligent or
more culpable act or omission of the Indemnifying Parties in connection with the performance of their obligations under
this MOA; or (b) any failure by the Indemnifying Parties to materially comply with any applicable federal, state, or local laws,
regulations, or codes in the performance of their obligations under this Agreement; provided, that the Indemnifying Parties will
have no duty to indemnify and hold harmless MU to the extent that a Loss results from MU’s negligence or willful misconduct.

 

    3

     

    

 

5. Medical
History, Tests, and Vaccinations. All Students who are accepted for entrance into the ELC under this MOA are required
to submit a completed medical history to the Medical Director of the Student Health Service before final
enrollment can be approved. Students are required to submit a medical report on the medical questionnaire for foreign
students. All entering Students are required to be vaccinated against MMR, Tdap, Hepatitis B, meningitis, and chicken pox.
Further, any Student under the age of 18 years old must receive the polio vaccine. If any Student has not
yet received any of the necessary vaccinations, RENDA and QHI shall cause such Students to be vaccinated at Student Health
Services at the Student’s own expense.

 

All
Students must demonstrate freedom from tuberculosis. Students accepted into the ELC under this MOA will be tested for tuberculosis.
If the test is positive, the Student must obtain a medical evaluation.

 

6.
Medical Insurance. MU requires that all Students be covered by health insurance while enrolled at MU or any of its
campuses. RENDA and QHI shall cause each Student to obtain and maintain health insurance through MU’s student health insurance
provider, which is currently Aetna. Additional information pertaining to health insurance requirements can be directed to MU’s
Student Health Service (see https://miamioh.edu/student-life/student-health-service/student-insurance/index.html). RENDA and QHI
shall cause each Student to be responsible for paying any medical expenses including required medical and travel insurance and
any out-of-pocket expenses not covered by insurance incurred during the program.

 

7.
Program Fees- Levels 1-3. RENDA and QHI shall pay MUM $5,600.00 per Student, per semester for the costs of Level 1,
Level 2, or Level 3 non-credit language instruction and $500.00/per student, per semester for the costs of textbooks and
instructional materials.

 

RENDA
and QHI shall pay MUM $500.00 per Student, per semester to cover the costs of excursions, cultural programs and activities during
each semester of language instruction. These activities may include visits to sites of local, regional and national interest
as well as on-campus activities designed to enhance the Student’s understanding of American college campus life and the
culture of the United States. Students are individually responsible for admission, meals, and other personal costs not included
in MUM sponsored activities.

 

This
fixed cost ($6,600.00) is non-refundable and not dependent upon the Student completing the language instruction program. This
fee will remain in effect during the length of this MOA.

 

8.
Program Fees- Level 4-5. RENDA and QHI shall pay MUM $6200.00 per Student, per semester for the costs of Level 4 and
Level 5 language instruction and $500.00/per Student, per semester for the costs of textbooks and instructional materials related
to the ELC courses and program.

 

In
addition, RENDA and QHI shall pay MUM $500,00 per Student, per semester to cover the costs of excursions, cultural programs and
activities during each semester of language instruction. These activities may include visits to sites of local, regional and national
interest as well as on-campus activities designed to enhance the Student’s understanding of American college campus life
and the culture of the United States. Students are individually responsible for admission, meals and other personal costs not
included in MUM sponsored activities. This fixed cost ($7,200.00) is non-refundable and not dependent upon the Student
completing the language instruction program.

 

    4

     

    

 

9.
Student Expenses. MU and MUM will not be responsible for any of the following program participant costs: visa, airfare,
and transportation to and from the MUM campus from point of entry. MU will provide documentation to support the student visa
application of each Student. RENDA is responsible for the return to China of any Student who withdraws or is dismissed from MUM.

 

10.
Payment. Payment for Students enrolled at all levels and for attendant instructional materials fees and cultural programing
fees and any additional sums under the terms of this MOA shall be made by RENDA and QHI in the U.S. by wire transfer at least
21 days prior to the start of each semester. Wire transfer details can be found in Section 11 of this MOA. RENDA will provide MUM
with names, passport, and visa application information for Students intending to enroll in all levels of the program.

 

11.
Transfer and Wire Information.

 

The
wire transfer information is a follows:

JP
Morgan Chase bank

100 East Broad Street

Columbus, OH 43271

 

Miami
University Bursar Fund

Account # xxxxxxxxx

Routing
# xxxxxxxxx

 

12.
Applicable Policies. Each Student participating in this program shall abide by all the policies and regulations of
MU and MUM. MU shall have the right to terminate the participation of an individual participant in the program if such
Student violates the policies and regulations of MU, MUM, or the program.

 

13.
Miscellaneous.

 

a.
Non-Discrimination. The parties agree not to discriminate on the basis of religion, race, creed, national or ethnic
origin, sex, age, handicap, political affiliation, sexual orientation, disability or status as a veteran.

 

b.
Compliance with Law. The parties specifically intend to comply with all applicable laws, rules and regulations as they
may be amended from time to time. If any part of this Agreement is determined to violate federal, state, or local laws, rules,
or regulations, the parties agree to negotiate in good faith revisions to any such provisions. If the parties fail to agree within
a reasonable time to revisions required to bring the entire Agreement into compliance, either party may terminate this
Agreement upon thirty (30) days prior written notice to the other party.

 

c.
Force Majeure. In the event Students are unable to complete the Program due to causes beyond the control of MUM,
including, but not limited to: acts of God; war; acts of the government; fires; floods; epidemics; quarantine restrictions; strikes,
labor disputes or work stoppages; transportation contingency; and freight embargoes; other catastrophes or any similar occurrences
beyond MUM’s reasonable control, MUM shall assist the affected Students in finding an alternate site to complete the program.

 

    5

     

    

 

d.
FERPA. The parties acknowledge that information (if any) received from MUM regarding Students may be protected by the
Family Educational Rights and Privacy Act (“FERPA”), and agrees to use such information only for the purpose
for which it was disclosed and not to make it available to any third party without first obtaining the Student’s written
consent. For the purposes of this Agreement, RENDA and QHI shall be deemed “university officials.”

 

e. Use
of Name. None of the parties shall use the name, logo, likeness, trademarks, image or other intellectual
property of either of the other parties for any advertising, marketing, endorsement or any other purposes without the
specific prior written consent of an authorized representative of the other party as to each such use. RENDA may refer to the
affiliation with MUM in public information materials regarding the relevant Program. MUM reserves the right to review and
request modification of RENDA’s reference to MUM as necessary. RENDA may refer to the affiliation with MUM in its
brochures and other public information materials having to do with the Program.

 

f. Independent
Contractors. Each party is separate and independent and this Agreement shall not be deemed to create a relationship of
agency, employment, or partnership between or among them. Each party understands and agrees that this Agreement establishes
an independent contractor relationship and that the agents or employees of each respective party are not employees or agents
of any other party.

 

g.
Severability. The provisions of this Agreement are severable, and if any provision of this Agreement is found to be invalid,
void or unenforceable, the remaining provisions will remain in full force and effect.

 

h. Waiver.
The waiver of any breach of any term of this Agreement does not waive any subsequent breach of that or another term of this
Agreement,

 

i. Assignment.
No party may assign this Agreement or any rights or obligations under this Agreement to any person or entity without
the prior written consent of the other parties. Any assignment in violation of this provision is null and void.

 

j. Governing
Law. This Agreement shall be construed and enforced solely pursuant to the laws of the State of Ohio (USA),
without giving effect to the principles of conflicts of laws thereof and the parties agree that this Agreement shall be
subject to the sole and exclusive jurisdiction of the state and federal courts located in the State of Ohio (USA). The
Parties agree that the foregoing governing law, jurisdiction and forum selections have been concluded as a result of
arms-length negotiations and are not overly onerous or burdensome to either Party. Notwithstanding the foregoing, any court
with competent jurisdiction may enforce the judgment and ruling of the state and federal courts located in the State of Ohio
(USA). The Unite Nations Convention on Contracts for the International Sale of Goods (“UN CISG”) shall not
apply to this Agreement.

 

k. Entire
Agreement. This Agreement constitutes the entire agreement and understanding between the parties as to the subject
matter hereof and supersedes all prior discussions, agreements and undertakings of every kind and nature between them,
whether written or oral, with respect to such subject matter, This Agreement may subsequently be modified only by a written
document executed by both parties.

 

    6

     

    

 

l. Translations.
The parties acknowledge and agree that this Agreement was originally written in English and only the English
version of this Agreement shall be binding on the parties. The parties further acknowledge and agree that they have had a
chance to carefully review (with their attorney if necessary) all of the terms of this Agreement, that they fully understand
all of their rights and obligations under this Agreement, and that they agree to be bound by this Agreement. All references
to time in this Agreement or any communication between the parties, unless specifically stated otherwise, shall mean Eastern
Standard Time (UTC – 5:00)/Eastern Daylight Time (UTC – 4:00). All references to currency in this Agreement or
any communication between the parties, unless specifically stated otherwise, shall be in United States Dollars.

 

m.
Notices. Any consent, waiver, notice, demand, request or other instrument required or permitted to be given under this
Agreement or any related agreements shall be in writing and shall be delivered by hand or sent prepaid telex, cable or facsimile
transmission, or sent, postage prepaid, by registered, certified or express mail or reputable overnight courier service and shall
be deemed given when so delivered by hand, telexed, cabled or transmitted, or if mailed, five (5) days after the notice is delivered
to the courier service, addressed to the addresses set forth herein, or to such other address as may later be specified.

 

14.
Memorandum of Agreement Period. The term of this MOA is for a period of three (3) years, beginning on July 1, 2017
and expiring on June 30, 2020. Representatives of MU, MUM, RENDA, and QHI will review this MOA annually. This MOA will be reconsidered
in October 2018 for renewal or renegotiation.

 

15.
Termination. Any party may terminate this MOA upon ninety (90) days prior written notice to the other party; provided,
however the parties use their best efforts to ensure that any Student then participating in the program are able to complete
the program. In such event, all applicable provisions of this Agreement shall remain in force during the extension period from
the effective date of termination, until the end of the program in which the affected Students are enrolled.

 

[Signature
Page Follows]

 

    7

     

    

 

Memorandum
of Agreement

Miami
University and RENDA Finance and Education Technology Company

 

*Signature
Page*

 

IN
WITNESS WHEREOF, the parties have executed this MOA as of this _____ day of ___________________, 2017.

 

	/s/ Jianbo Zhang	 	
	Jianbo Zhang, Director	 	[____]
	RENDA Finance and Education Technology Company	 	Quest Holding International, LLC, an Ohio LLC.
	 	 	 
	/s/ Phyllis Callahan	 	/s/ David K. Creamer
	Phyllis Callahan

    Provost and Executive Vice President

    for Academic Affairs,

    Miami University- on behalf of Miami University and 

Miami University Middletown	 	David K. Creamer

    Vice President for Finance and

    Business Services and Treasurer, 

Miami University- on behalf of Miami University and 

Miami University Middletown
	 	 	 
	/s/ Catherine Bishop-Clark	 	 
	Catherine Bishop-Clark 

    Interim Associate Provost and Dean of the

    College of Liberal Arts and Applied Science Miami University Middletown	 	 

 

 

8Exhibit 10.14

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”) is effective as of November 1, 2019 (the “Effective Date”),
by and between Elite Education Group International Limited, a British Virgin Islands corporation (the “Company”),
and Tong Wang (“Executive”, and the Company and the Executive collectively referred to herein as the
“Parties”).

 

WITNESSETH:

 

WHISEAS,
the Company desires to hire Executive and to employ him as the Company’s Vice President and Chief Development Officer effective
as of November 1, 2019, and the Parties desire to enter into this Agreement embodying the terms of such employment;

 

NOW,
THISEFORE, in consideration of the premises and the mutual covenants and promises of the Parties contained herein, the Parties,
intending to be legally bound, hereby agree as follows:

 

1. Title
and Job Duties.

 

(a) Subject
to the terms and conditions set forth in this Agreement, the Company agrees to employ Executive as its Chief Development Officer.
Executive shall report directly to the Board of Directors of the Company (the “Board”).

 

(b) Executive
accepts such employment and agrees, during the term of her employment, to devote her full business and professional time and energy
to the Company, and agrees faithfully to perform her duties and responsibilities in an efficient, trustworthy and business-like
manner. Executive also agrees that the Board shall determine from time to time such of her duties as may be assigned to her. Executive
agrees to carry out and abide by such directions of the Board.

 

(c) Without
limiting the generality of the foregoing, Executive shall not, without the written approval of the Company, render services of
a business or commercial nature on her own behalf or on behalf of any person, firm, or corporation, for compensation or otherwise,
during her employment hereunder. The foregoing limitation shall not apply to Executive’s involvement in associations, charities
and service on another entity’s board of directors, provided such involvement does not interfere with Executives responsibilities
(and as it pertains to any service on another entity’s board of directors, provided such action is pre-approved by the Company).

 

2. Salary
and Additional Compensation.

 

(a) Base
Salary. The Company shall pay to Executive an annual base salary (“Base Salary”) USD$ 30,000 paid monthly
in accordance with the Company’s normal payroll procedures. The Compensation Committee shall review the Executive’s
Base Salary no less than annually and may increase (but not decrease) such Base Salary during the term of this Agreement.

 

     

     

    

 

(b) Annual
Bonus. Commencing with the year ending October 30, 2020, Executive will be entitled to receive an annual cash bonus in the
amount of USD$ 30,000 (the “Annual Bonus”), payable with respect to each year of the Term subsequent to the
issuance of the Company’s final audited financial statements for such year, provided, however that the Company’s overall
sales revenue has increased by no less than 20% as compared with the same period for the prior fiscal year. The final determination
on the amount, if any, of the Annual Bonus will be made by, and in the sole discretion of the Compensation Committee of the Board
of Directors of the Company (the “Board”) (or the Board, if such committee has been dissolved), based on criteria
established by the Compensation Committee of the Board (or the Board, if such committee has been dissolved).

 

(c) Equity
Incentive Plan, Restricted Share Grant. The Company shall adopt, subject to shareholder approval, a stock-based compensation
plan that provides for discretionary grants of, among others, stock options, stock awards and stock unit awards to key employees
and directors of the Company (the “Plan”). Following adoption of the Plan, the Board, upon a recommendation of the
Compensation Committee, will grant a restricted stock grant to the Executive in the amount of up to 30,000 shares of the Company’s
common stock pursuant to the terms of the Plan (the “Restricted Shares”). Such grant of the Restricted Shares shall
be valid for a period of 10 years from the date of the grant, and shall vest in four equal installments on the first calendar
day of each full fiscal quarters following the grant date.

 

3. Expenses.
In accordance with Company policy, the Company shall reimburse Executive for all reasonable association fees, professional related
expenses (certifications, licenses and continuing professional education) and business expenses properly and necessarily incurred
and paid by Executive in the performance of her duties under this Agreement, including without limitation all travel expenses
to and from her designated office as set forth in the opening paragraph of this Agreement, upon her presentment of detailed receipts
in the form required by the Company’s policy. Notwithstanding the foregoing, all expenses must be promptly submitted for
reimbursement by the Executive. In no event shall any reimbursement be paid by the Company after the end of the year following
the year in which the expense is incurred by the Executive.

 

4. Benefits.

 

(a) Vacation
and Sick Leave. Executive shall be entitled to 4 weeks of vacation per year and 15 days of sick leave per year, which shall
accrue at a pro rata rate per pay period, consistent with the Company’s overall policies.

 

(b) Health
Insurance and Other Plans. Executive shall be eligible to participate in the Company’s medical, dental and other employee
benefit programs, if any, which are provided by the Company for its employees at Executive’s level in accordance with the
provisions of any such plans, as the same may be in effect from time to time.

 

    2

     

    

 

5. Term.
The term of employment under this Agreement (the “Term) shall be for a five-year period commencing on the Effective Date
and shall be automatically extended for an additional consecutive twelve (12)-month period on the fifth (5th) anniversary
of the Effective Date and each subsequent anniversary thereof, unless and until the Company or Executive provides written notice
to the other party not less than ninety (90) days before such anniversary date that such party is electing not to extend
the Term, in which case the Term shall end at the expiration of the Term as last extended, unless sooner terminated as set forth
below. Following any such notice by the Company of its election not to extend the Term, Executive may terminate her employment
at any time prior to the expiration of the Term by giving written notice to the Company at least thirty (30) days prior to the
effective date of termination, and upon the earlier of such effective date of termination or the expiration of the Term, Executive
shall be entitled to receive the same severance benefits as are provided upon a termination of employment by the Company without
Cause as described in Section 7(a) and Section 7(d).

 

6. Termination.

 

(a) Termination
at the Company’s Election.

 

(i) For
Cause. At the election of the Company, Executive’s employment may be terminated at any time for Cause (as defined below)
upon written notice to Executive given pursuant to Section 12 of this Agreement. For purposes of this Agreement, “Cause”
for termination shall mean that Executive: (A) pleads “guilty” or “no contest” to, or is convicted of
an act which is defined as a felony under federal or state law, or is indicted or formally charged with acts involving criminal
fraud or embezzlement; (B) in carrying out her duties, engages in conduct that constitutes gross negligence or willful misconduct;
(C) engages in substantiated fraud, misappropriation or embezzlement against the Company; (D) engages in any inappropriate or
improper conduct that causes material harm to the reputation of the Company; or (E) materially breaches any term of this Agreement.
With respect to subsection (E) of this section, to the extent such material breach may be cured, the Company shall provide Executive
with written notice of the material breach and Executive shall have ten (10) days to cure such breach.

 

(ii) Upon
Disability, Death or Without Cause. At the election of the Company, Executive’s employment may be terminated: (A) should
Executive have a physical or mental impairment that substantially limits a major life activity and Executive is unable to perform
the essential functions of her job with or without reasonable accommodation (“Disability”); (B) upon Executive’s
death; or (C) with ninety (90) days prior written notice, at any time Without Cause for any or no reason.

 

(b) Termination
at Executive’s Election; Good Reason Termination. Notwithstanding anything contained elsewhere in this Agreement to
the contrary, Executive may terminate her employment hereunder at any time and for any reason, upon thirty (30) days’ prior
written notice given pursuant to Section 12 of this Agreement (“Voluntary Resignation”), provided that upon
notice of resignation, the Company may terminate Executive’s employment immediately and pay Executive thirty (30) days’
Base Salary in lieu of notice. Furthermore, the Executive may terminate this Agreement for “Good Reason,” which
shall be deemed to exist: (i) if the Company’s Board of Directors or that of any successor entity of Company, fails to appoint
or reappoint the Executive or removes the Executive as the [title]of the Company; (ii) if Executive is assigned any duties materially
inconsistent with the duties or responsibilities of the [title]of the Company as contemplated by this Agreement or any other action
by the Company that results in a material diminution in such position, authority, duties, or responsibilities, excluding an isolated,
insubstantial, and inadvertent action not taken in bad faith; or (iii) a material breach by the Company of this Agreement. Good
Reason shall not exist hereunder unless the Executive provides notice in writing to the Company of the existence of a condition
described above within a period not to exceed ninety (90) days of the initial existence of the condition, and with respect to
subsection (iii) of this section, to the extent such material breach may be cured, the Company does not remedy the condition within
thirty (30) days of receipt of such notice.

 

    3

     

    

 

(c) Termination
in General. If Executive’s employment with the Company terminates for any reason, the Company will pay or provide to
Executive: (i) any unpaid Salary through the date of employment termination, (ii) any unpaid Annual Bonus for the fiscal year
prior to the fiscal year in which the termination occurs (payable at the time the bonuses are paid to employees generally), (iii)
any accrued but unused vacation or paid time off in accordance with the Company’s policy, (iv) reimbursement for any unreimbursed
business expenses incurred through the termination date, to the extent reimbursable in accordance with Section 3, and (v) all
other payments or benefits (if any) to which Executive is entitled under the terms of any benefit plan or arrangement.

 

7. Severance.

 

(a) Subject
to Section 7(b) below, if Executive’s employment is terminated prior to the end of the Term by the Company without Cause
or by Executive for Good Reason, Executive shall be entitled to receive a severance payment equal to (i) nine (9) months of Executive’s
Base Salary, and (ii) a pro rata portion of the target Annual Bonus for the year in which such termination occurs. Such severance
payment shall be made in a single lump sum sixty (60) days following such termination, provided the Executive has executed and
delivered to the Company, and has not revoked a general release of the Company, its parents, subsidiaries and affiliates and each
of its officers, directors, employees, agents, successors and assigns, and such other persons and/or entities as the Company may
determine, in a form reasonably acceptable to the Company. Such general release shall be delivered on or about the date of termination
and must be executed within fifty-five (55) days of termination.

 

(b) If
Executive’s employment is terminated prior to the end of the Term by the Company without Cause or by Executive for Good
Reason, and such termination occurs within three months prior to a Change in Control in contemplation of the Change in Control
or within six (6) months after the Change in Control, Executive shall be entitled to receive, in addition to any severance pursuant
to Section 7(a) above, an acceleration of the vesting of any equity grants to date, if any, or, if the termination occurs after
the Change of Control, the Substitute Grant, as applicable. For purposes of this Agreement, “Change in Control”
means the occurrence of any of the following events: (i) an acquisition (other than directly from the Company) of any voting securities
of the Company by any person or group of affiliated or related persons (as such term is defined in Sections 13(d) and 14(d)(2)
of the Securities Exchange Act of 1934 (“Exchange Act”)), immediately after which such person or group has
beneficial ownership (within the meaning of the Exchange Act) of more than fifty percent (50%) of the combined voting power of
the Company’s then outstanding voting securities; provided that this subsection shall not apply to an acquisition of voting
securities by any employee benefit plan or trust maintained by or for the benefit of the Company or its employees; (ii) a merger,
consolidation or reorganization involving the Company whereby the holders of Company common stock immediately preceding such transaction
no longer hold a majority of the shares of Company common stock after such transaction; or (iii) the sale or other disposition
of all or substantially all of the Company's assets.

 

    4

     

    

 

(c) If
Executive's employment is terminated prior to the end of the Term by the Company without Cause or by Executive for Good Reason,
and if Executive is eligible for and elects to continue to participate in the Company’s medical and dental benefit programs,
the Company will continue to pay the same portion of Executive's medical and dental insurance premiums as during active employment
(for Executive and eligible spouse and dependents) until the earlier of: (1) nine months from Executive's cessation from employment;
or (2) the date Executive is eligible for medical and/or dental insurance benefits from another employer.

 

8. Confidentiality
Agreement.

 

(a) Executive
understands that during the Term she may have access to unpublished and otherwise confidential information both of a technical
and non-technical nature, relating to the business of the Company and any of its parents, subsidiaries, divisions, affiliates
(collectively, “Affiliated Entities”), or clients, including without limitation any of their actual or anticipated
business, research or development, any of their technology or the implementation or exploitation thereof, including without limitation
information Executive and other have collected, obtained or created, information pertaining to patent formulations, vendors, prices,
costs, materials, processes, codes, material results, technology, system designs, system specifications, materials of construction,
trade secrets and equipment designs, including information disclosed to the Company by other under agreements to hold such information
confidential (collectively, the “Confidential Information”). Executive agrees to observe all Company policies
and procedures concerning such Confidential Information. Executive further agrees not to disclose or use, either during her employment
or at any time thereafter, any Confidential Information for any purpose, including without limitation any competitive purpose,
unless authorized to do so by the Company in writing, except that she may disclose and use such information when necessary in
the performance of her duties for the Company. Executive’s obligations under this Agreement will continue with respect to
Confidential Information, whether or not her employment is terminated, until such information becomes generally available from
public sources through no action of Executive. Notwithstanding the foregoing, however, Executive shall be permitted to disclose
Confidential Information as may be required by a subpoena or other governmental order, provided that she first notifies promptly
the Company of such subpoena, order or other requirement and allows the Company the opportunity to obtain a protective order or
other appropriate remedy.

 

(b) During
Executive’s employment, upon the Company’s request, or upon the termination of her employment for any reason, Executive
will promptly deliver to the Company all documents, records, files, notebooks, manuals, letters, notes, reports, customer and
supplier lists, cost and profit data, e-mail, apparatus, computers, cell phones, tablets, hardware, software, drawings, and any
other material of the Company or any of its Affiliated Entities or clients, including all materials pertaining to Confidential
Information developed by Executive or other, and all copies of such materials, whether of a technical, business or fiscal nature,
whether on the hard drive of a laptop or desktop computer, in hard copy, disk or any other format, which are in Executive’s
possession, custody or control.

 

    5

     

    

 

(c) Executive
will promptly disclose to the Company any idea, invention, discovery or improvement, whether patentable or not (“Creations”),
conceived or made by her alone or with other at any time during her employment. Executive agrees that the Company owns all such
Creations, conceived or made by Executive alone or with other at any time during her employment, and Executive hereby assigns
and agrees to assign to the Company all rights she has or may acquire their and agrees to execute any and all applications, assignments
and other instruments relating thereto which the Company deems necessary or desirable. These obligations shall continue beyond
the termination of her employment with respect to Creations and derivatives of such Creations conceived or made during her employment
with the Company. Executive understands that the obligation to assign Creations to the Company shall not apply to any Creation
which is developed entirely on her own time without using any of the Company’s equipment, supplies, facilities, and/or Confidential
Information unless such Creation (a) relates in any way to the business or to the current or anticipated research or development
of the Company or any of its Affiliated Entities; or (b) results in any way from her work at the Company.

 

(d) Executive
will not assert any rights to any invention, discovery, idea or improvement relating to the business of the Company or any of
its Affiliated Entities or to her duties hereunder as having been made or acquired by Executive prior to her work for the Company.

 

(e) During
the Term, the Company is hereby granted and shall have a non-exclusive, royalty-free, irrevocable, perpetual, worldwide
license (with the right to grant and authorize sublicenses) to make, have made, modify, use, sell, offer to sell, import, reproduce,
distribute, publish, prepare derivative works of, display, perform publicly and by means of digital audio transmission and otherwise
exploit as part of or in connection with any product, process or machine created or incorporated by the Executive.

 

(f) Executive
agrees to cooperate fully with the Company, both during and after her employment with the Company, with respect to the procurement,
maintenance and enforcement of copyrights, patents, trademarks and other intellectual property rights (both in the United States
and foreign countries) relating to such Creations. Executive shall sign all papers, including, without limitation, copyright applications,
patent applications, declarations, oaths, formal assignments, assignments of priority rights and powers of attorney, which the
Company may deem necessary or desirable in order to protect its rights and interests in any Creations. Executive further agrees
that if the Company is unable, after reasonable effort, to secure Executive’s signature on any such papers, any officer
of the Company shall be entitled to execute such papers as her agent and attorney-in-fact and Executive hereby irrevocably designates
and appoints each officer of the Company as her agent and attorney-in-fact to execute any such papers on her behalf and to take
any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Creations,
under the conditions described in this paragraph.

 

9. Non-solicitation;
non-competition. (a) Executive agrees that, during the Term and until nine (9) months after the termination of her employment,
Executive will not, directly or indirectly, including on behalf of any person, firm or other entity, employ or actively solicit
for employment any employee of the Company or any of its Affiliated Entities, or anyone who was an employee of the Company or
any of its Affiliated Entities within the nine (9) months prior to the termination of Executive’s employment, or induce
any such employee to terminate her or her employment with the Company or any of its Affiliated Entities.

 

    6

     

    

 

(b) Executive
further agrees that, during the Term and until nine (9) months after the termination of her employment, Executive will not, directly
or indirectly, including on behalf of any person, firm or other entity, without the express written consent of an authorized representative
of the Company, (i) perform services within the Territory (as defined below) for any Competing Business (as defined below), whether
as an employee, consultant, agent, contractor or in any other capacity, (ii) hold office as an officer or director or like position
in any Competing Business, or (iii) request any present or future customers or suppliers of the Company or any of its Affiliated
Entities to curtail or cancel their business with the Company or any of its Affiliated Entities. These obligations will continue
for the specified period regardless of whether the termination of Executive’s employment was voluntary or involuntary or
with or without Cause or for any other reason.

 

(c) “Competing
Business” means any corporation, partnership or other entity or person (other than the Company) which is engaged (a)
in the development, manufacture, marketing, distribution or sale of, or research directed to the development, manufacture, marketing,
distribution or sale of competing anti-cancer drug candidates or products or (b) in any other business activity carried on or
planned to be carried on by the Company or any of its Affiliates during the Term.

 

(d) “Territory”
shall mean within any state or foreign jurisdiction in which the Company or any subsidiary of the Company is then providing services
or products or marketing its services or products (or engaged in active discussions to provide such services).

 

(e)
 Executive agrees that in the event a court determines the length of time or the geographic
area or activities prohibited under this Section 9 are too restrictive to be enforceable, the court shall reduce the scope of
the restriction to the extent necessary to make the restriction enforceable. In furtherance and not in limitation of the foregoing,
the Company and the Executive each intend that the covenants contained in this Section 9 shall be deemed to be a series of separate
covenants, one for each and every state, territory or jurisdiction of the United States, the People’s Republic of China,
and any foreign country set forth therein.  If, in any judicial proceeding, a court shall refuse to enforce any of such separate
covenants, then such unenforceable covenants shall be deemed eliminated from the provisions hereof for the purpose of such proceedings
to the extent necessary to permit the remaining separate covenants to be enforced in such proceedings.

 

10. Representation
and Warranty. The Executive hereby acknowledges and represents that she has had the opportunity to consult with legal counsel
regarding her rights and obligations under this Agreement and that she fully understands the terms and conditions contained herein.
Executive represents and warrants that Executive has provided the Company a true and correct copy of any agreements that purport:
(a) to limit Executive’s right to be employed by the Company; (b) to prohibit Executive from engaging in any activities
on behalf of the Company; or (c) to restrict Executive’s right to use or disclose any information while employed by the
Company. Executive further represents and warrants that Executive will not use on the Company’s behalf any information,
materials, data or documents belonging to a third party that are not generally available to the public, unless Executive has obtained
written authorization to do so from the third party and provided such authorization to the Company. In the course of Executive’s
employment with the Company, Executive is not to breach any obligation of confidentiality that Executive has with third parties,
and Executive agrees to fulfill all such obligations during Executive’s employment with the Company. Executive further agrees
not to disclose to the Company or use while working for the Company any trade secrets belonging to a third party.

 

    7

     

    

 

11. Injunctive
Relief. Without limiting the remedies available to the Company, Executive acknowledges that a breach of any of the covenants
contained in Sections 8 and 9 above may result in material irreparable injury to the Company for which there is no adequate remedy
at law, that it will not be possible to measure precisely damages for such injuries and that, in the event of such a breach or
threat thereof, the Company shall be entitled, without the requirement to post bond or other security, to obtain a temporary restraining
order and/or injunction restraining Executive from engaging in activities prohibited by this Agreement or such other relief as
may be required to specifically enforce any of the covenants in Sections 8 and 9 of this Agreement.

 

12. Notice.
Any notice or other communication required or permitted to be given to the Parties shall be deemed to have been given if either
personally delivered, or if sent for next-day delivery by nationally recognized overnight courier, and addressed as follows:

 

(a)
If to Executive, to: [_]

 

(b)
If to the Company, to: [_]

 

13. Severability.
If any provision of this Agreement is declared void or unenforceable by a court of competent jurisdiction, all other provisions
shall nonetheless remain in full force and effect.

 

14. Withholding.
  The Company may withhold from any payment that it is required to make under this Agreement amounts sufficient to satisfy
applicable withholding requirements under any federal, state or local law.

 

15. Indemnification.
The Company agrees that Executive will be covered by any “directors and officers” insurance policies then in effect
with respect to Executive’s acts as an officer.

 

16. Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of Delaware, without regard
to the conflict of laws provisions thereof.

 

17. Waiver.
The waiver by either Party of a breach of any provision of this Agreement shall not be or be construed as a waiver of any subsequent
breach. The failure of a Party to insist upon strict adherence to any provision of this Agreement on one or more occasions shall
not be considered a waiver or deprive that Party of the right thereafter to insist upon strict adherence to that provision or
any other provision of this Agreement. Any such waiver must be in writing, signed by the Party against whom such waiver is to
be enforced.

 

18. Assignment.
This Agreement is a personal contract and Executive may not sell, transfer, assign, pledge or hypothecate her rights, interests
and obligations hereunder. Except as otherwise herein expressly provided, this Agreement shall be binding upon and shall inure
to the benefit of Executive and her personal representatives and shall inure to the benefit of and be binding upon the Company
and its successors and assigns, including without limitation, any corporation or other entity into which the Company is merged
or which acquires all or substantially all of the assets of the Company.

 

19. Entire
Agreement. This Agreement embodies all of the representations, warranties, covenants, understandings and agreements between
the Parties relating to Executive’s employment with the Company. No other representations, warranties, covenants, understandings,
or agreements exist between the Parties relating to Executive’s employment. This Agreement shall supersede all prior agreements,
written or oral, relating to Executive’s employment. This Agreement may not be amended or modified except by a writing signed
by the Parties.

 

[Signature
page follows]

 

    8

     

    

 

IN
WITNESS WHISEOF, the Parties have caused this Agreement to be duly executed and delivered on the date first written above.

 

	 	 	By:	     
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	Agreed to and Accepted:	 	 
	 	 	 
	 	 	 
	Date:	 	 

 

 

9

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