Document:

Exhibit
10.1

 

RESEARCH
AGREEMENT 

 

THIS
AGREEMENT effective this 16 day of Aug, 2017, by and between BioSolar Inc., (hereinafter referred to as “Sponsor”)
and North Carolina Agricultural and Technical State University, a constituent member of the University of North Carolina system
(hereinafter referred to as “University”); individually referred to as “Party” or collectively as “Parties”.

 

Witnesseth:

 

WHEREAS,
the research program contemplated by this Agreement is of mutual interest and benefit to University and to Sponsor, will further
the instructional and research objectives of University in a manner consistent with its status as a non-profit, tax-exempt, educational
institution, and may derive benefits for both Sponsor and University through inventions, improvements, and/or discoveries;

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained, the Parties hereto agree to the following:

 

Article
1 - Definitions

 

As
used herein, the following terms shall have the following meanings:

 

	1.1	“Project”
                                         shall mean the research, testing and evaluation of the research program as described
                                         in the proposal entitled, “Prelithiated Si Alloy for High Energy and Power Anode
                                         Material” submitted on or about Aug 24, 2017, hereof, with Sung-Jin Cho to
                                         serve as the University Principal Investigator.

 

	1.2	“Contract
                                         Period” is from September 12, 2017 through September 11, 2018

 

	1.3	“Intellectual
                                         Property” shall mean, but is not limited to, any invention, copyright, provisional
                                         patent, patent, trademark, trade secret, software or the like which is either owned by
                                         one of the Parties or is developed in the course of executing this Project.

 

Article
2 - Research Work

 

	2.1	University
                                         shall commence the performance of Project promptly after the effective date of this Agreement,
                                         and shall use reasonable efforts to perform such Project substantially in accordance
                                         with the terms and conditions of this Agreement. Anything in this Agreement to the contrary
                                         notwithstanding, Sponsor and University may at any time amend Project by mutual written
                                         agreement.

 

	2.2	In
                                         the event that the Principal Investigator becomes unable to continue Project, and a mutually
                                         acceptable substitute is not available, University and/or Sponsor shall have the option
                                         to terminate said project.

 

    	 	1	 

     

    

 

Article
3 - Reports and Conferences

 

	3.1	A
                                         written final report summarizing the findings shall be submitted by University within
                                         Sixty (60) days of the conclusion of the Contract Period, or early termination of this
                                         Agreement.

 

	3.2	During
                                         the contract period of this Agreement, representatives of University will meet with representatives
                                         of Sponsor at times and places mutually agreed upon to discuss the progress and results,
                                         as well as ongoing plans, or changes therein, of Project to be performed hereunder.

 

Article
4 - Costs, Billings, and Other Support

 

	4.1	It
                                         is agreed to and understood by the Parties hereto that, subject to Article 2, total costs
                                         to Sponsor hereunder shall not exceed the sum of $159,610.00. Monthly payments
                                         will be made by Sponsor upon receipt of University invoices for costs incurred.

 

	4.2	University
                                         shall retain title to any equipment purchased with funds provided by Sponsor under this
                                         Agreement.

 

	4.3	Anything
                                         herein to the contrary notwithstanding, in the event of early termination of this Agreement
                                         by Sponsor pursuant to Article 9 hereof, Sponsor shall pay all costs accrued by University
                                         under this Agreement as of the date of termination, including non-cancelable obligations,
                                         which shall include all non-cancelable contracts and fellowships or postdoctoral associate
                                         appointments incurred prior to the effective date of termination but only to the extent
                                         that non-cancelable obligation directly relate to services under this Agreement. After
                                         termination, any obligation of Sponsor for fellowships or postdoctoral associates shall
                                         end no later than the end of University’s academic year following termination.

 

Article
5 - Publicity

 

	5.1	Sponsor
                                         will not use the name of University, nor of any member of University’s Project
                                         staff, in any publicity, advertising, or news release without the prior written approval
                                         of the Vice Chancellor for Research and Economic Development of the University. University
                                         will not use the name of Sponsor, nor any employee of Sponsor, in any publicity without
                                         the prior written approval of Sponsor. However, nothing in this Article is intended to
                                         restrict either party from disclosing the existence of and nature of this Agreement (including
                                         the name of the other party) or from including the existence of and nature of this Agreement,
                                         in the routine reporting of its activities.

 

    	 	2	 

     

    

 

Article
6 - Publications

 

	6.1	Sponsor
                                         recognizes that under University policy, the results of University Project may be publishable
                                         and agrees that Researchers engaged in Project may be permitted to present at symposia,
                                         national, or regional professional meetings, and to publish in journals, theses or dissertations,
                                         or otherwise of their own choosing, methods and results of Project, provided, however,
                                         that Sponsor shall have been furnished copies of any proposed publication or presentation
                                         at least thirty (30) days in advance of the submission of such proposed publication or
                                         presentation to a journal, editor, or other third party. Sponsor shall have fifteen (15)
                                         days, after receipt of said copies, to object to such proposed presentation or proposed
                                         publication because there is patentable subject matter which needs protection or the
                                         proposed presentation or publication reveals Sponsor’s proprietary information.
                                         In the event that Sponsor makes such objection, said Researcher(s) shall refrain from
                                         making such publication or presentation for a maximum of six (6) months from date of
                                         receipt of such objection in order for University to file patent application(s) with
                                         the United States Patent and Trademark Office and/or foreign patent office(s) directed
                                         to the patentable subject matter contained in the proposed publication or presentation
                                         or remove Sponsor’s confidential information from the publication or presentation.

 

Article
7 - Intellectual Property

 

	7.1	All
                                         rights to inventions, improvements and/or discoveries, whether patentable or copyrightable
                                         or not, relating to Project made solely by employees of Sponsor shall belong to Sponsor.
                                         Such inventions, improvements, and/or discoveries shall not be subject to the terms and
                                         conditions of this Agreement.

 

	7.2	All
                                         inventions, improvements and/or discoveries which are conceived and/or made solely by
                                         one or more employees of the University shall belong to University and shall be subject
                                         to the terms and conditions of this agreement.

 

	7.3	Rights
                                         to inventions, improvements and/or discoveries, whether patentable or copyrightable,
                                         relating to project made jointly by employees of University and Sponsor shall belong
                                         jointly to the Parties. The University’s undivided rights shall be governed in
                                         accordance with Article 8.1 below.

 

	7.4	The
                                         University will promptly notify Sponsor of any University Intellectual Property conceived
                                         and/or made during the Contract Period under Project.

 

	7.5	All
                                         Confidential Information disclosed or received by the Parties as a part of the Project
                                         shall be subject to the Non-disclosure Agreement effective on August 16, 2016.

 

    	 	3	 

     

    

 

Article
8 - Grant of Rights

 

	8.1	For
                                         Intellectual Property derived solely from the University’s efforts, University
                                         hereby grants Sponsor a six-month option, commencing with the notice of invention, at
                                         Sponsor’s sole selection, for:

 

8.1.1
  a non-exclusive, royalty-free, non-transferable, non-commercial research license for internal use; or

 

8.1.2
  for consideration, a non-exclusive license without right to sublicense; or

 

8.1.3
  a
royalty-bearing, limited-term exclusive license (subject to third party rights, if any) including the right to sublicense, in
the United States and/or any foreign country elected by the Sponsor (subject to 8.2 below) to make, have made, use, lease, sell,
and import (in a designated field of use, where appropriate) products embodying or produced through the use of such invention,
provided that the Sponsor agrees to reimburse N.C. A&T for the costs of patent prosecution and maintenance in the United States
and any elected foreign country. This alternative is subject to N.C. A&T concurrence and the negotiation of commercially reasonable
terms and conditions within three (3) months after selection of this alternative.

 

Such
terms and conditions shall reflect the past and future contributions of the Parties to the project. In the event that the Sponsor
has not elected any of the foregoing alternatives within six (6) months after notification that a patent application has been
filed, the Sponsor shall be deemed to have elected a royalty-free internal research use license and to have forgone other alternatives.

 

Article
9 - Term and Termination

 

	9.1	This
                                         Agreement shall become effective upon the date first hereinabove written and shall continue
                                         in effect for the full duration of the contract period unless sooner terminated in accordance
                                         with the provisions of Article 2.2 and/or this Article. The Parties hereto may, however,
                                         extend the term of this Agreement for additional periods as desired under mutually agreeable
                                         terms and conditions which the Parties reduce to writing and sign. Either party may terminate
                                         this agreement, without liability to the other, except for the responsibilities outlined
                                         in Article 4.3 above, upon thirty (30) days prior written notice to the other.

 

	9.2	In
                                         the event that either party hereto shall commit any breach of default in any of the terms
                                         and conditions of this Agreement, and also shall fail to remedy such default or breach
                                         within thirty (30) days after receipt of written notice thereof from the other party
                                         hereto, the party giving notice may, at its option and in addition to any other remedies
                                         which it may have at law or in equity, terminate this Agreement by sending notice of
                                         termination in writing to the other party to such effect, and such termination shall
                                         be effective as of the date of the receipt of such notice.

 

    	 	4	 

     

    

 

	9.3	Subject
                                         to Article 8, termination of this Agreement by either party for any reason shall not
                                         affect the rights and obligations of the Parties accrued prior to the effective date
                                         of termination of this Agreement. No termination of this Agreement, however effectuated,
                                         shall affect the Sponsor’s rights and duties under Article 7 hereof, or release
                                         the Parties hereto from their rights and obligations under Articles 4, 5, 6, 7, 8, and
                                         10.

 

Article
10 - Independent Contractor

 

	10.1	In
                                         the performance of all service hereunder:

 

10.1.1
  University
shall be deemed to be and shall be an independent contractor and, as such, University shall not be entitled to any benefits applicable
to employees of Sponsor.

 

10.1.2 
  either party is authorized or empowered to act as agent for the other for any purpose and shall not on behalf of the other enter into any contract, warranty, or representation as to any matter. Neither shall be bound by the acts or conduct of the other.

 

Article
11 - Indemnity

 

	11.1	Sponsor
                                         shall indemnify, defend and hold harmless the University, its employees, officers and
                                         agents from any and all liability, loss, damage and expenses (including attorney fees)
                                         they may suffer as a result of claims, demands, costs, or judgments which may be made
                                         or instituted against them or any of them by reason of personal injury (including death)
                                         to any person or damage to property arising out of or connected with the performance
                                         of the activities to be carried out under the statement of work provided. Any such liability,
                                         loss or damage resulting from negligence or willful malfeasance by the University, its
                                         employees, officers and agents is excluded from this agreement to indemnify, defend and
                                         hold harmless.

 

Article
12 - Insurance

 

	12.1	University
                                         warrants and represents that University has adequate liability insurance, such protection
                                         being applicable to officers, employees, and agents while acting within the scope of
                                         their employment by University, and University has no liability insurance policy as such
                                         that can extend protection to any other person.

 

	12.2	Each
                                         party hereby assumes any and all risks of personal injury and property damage attributable
                                         to the negligent acts or omissions of that party and the officers, employees, and agents
                                         thereof.

 

Article
13 - Assignment

 

	13.1	This
                                         Agreement shall not be assigned by either party without the prior written consent of
                                         the Parties hereto.

 

    	 	5	 

     

    

 

Article
14 - Agreement Modification

 

	14.1	Any
                                         agreement to change the terms of this Agreement in any way shall be valid only if the
                                         change is made in writing and approved by mutual agreement of authorized representatives
                                         of the Parties hereto.

 

Article
15 - Notices

 

	15. 1	Notices, invoices, communications, and payments hereunder
shall be deemed made if given by registered or certified envelope, postage prepaid, and addressed to the party to receive such
notice, invoice, or communication at the address given below, or such other address as may hereafter be designated by notice in
writing:

 

	If
    to Sponsor:	Dr.
    David Lee	 
	 	Chief
    Executive Officer	 
	 	BioSolar,
    Inc.	 
	 	27936 Lost Canyon Road, Suite 202
	 	Santa
    Clarita, CA 91387	 
	 	Telephone:  (661)251-0001; (818)679-5883 cell
	 	E-Mail:  david@biosolar.com	 
	 	 	 
	If
    to University:	Financial
    Transactions	Contract
    Information
	 	 	 
	 	Ms.
    Natalie Teagle	Dr.
    Mitzi Bond
	 	Telephone:
    (336) 285-3216  	Telephone:
    (336) 285-3172 
	 	E-Mail:
    ntteagle@ncat.edu  	E-Mail:
    mbond@ncat.edu 
	 	 	 
	If
    Technical Matter:	Technical	 
	 	Sungjin
    Cho	 
	 	Nanoengineering Department
	 	North Carolina A&T State University
	 	Telephone:  	(336)
    285-2857 	 
	 	E-Mail:  	scho1@ncat.edu	 

 

	15.2	The
                                         State Auditor and North Carolina A&T State University's internal auditors shall have
                                         access to persons and records as a result of all contracts or grants entered into by
                                         State agencies or political subdivisions in accordance with General Statute 147-64.7
                                         and Session Law 2010-194, Section 21 (i.e., the State Auditors and internal auditors
                                         may audit the records of the contractor during the term of the contract to verify accounts
                                         and data affecting fees or performance).  

 

    	 	6	 

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this agreement to be executed as of the day and year first above written.

 

	BIOSOLAR,
    INC.	 	NORTH
    CAROLINA A&T STATE UNIV.
	 	 	 	 	 
	/s/
    David Lee	 	/s/ Barry L. Burks
	By:
    	David
    Lee	 	By: 	Barry L.
    Burks
	Title:
    	Chief
    Executive Officer	 	Title: 	Vice Chancellor
    for Research and Economic Development
	Date:
    	August
    16, 2017	 	Date:	September
    11, 2017

 

 

 7Exhibit
10.1

 

ASIA
EQUITY EXCHANGE GROUP, INC.

Suite
2501A, Skyline Tower,

39
Wang Kwong Road,

Kowloon
Bay, Hong Kong

 

September
8, 2017

 

Mr.
Xiangyu Wang

Suite
2501A, Skyline Tower,

39
Wang Kwong Road,

Kowloon
Bay, Hong Kong

 

	Re:	Director
    Offer Letter

 

Dear
Mr. Wang,

 

Asia
Equity Exchange Group, Inc., a Nevada corporation (the “Company”), is pleased to offer you a position as its
the Chairman (the “Chairman”) and a member of the board of the directors of the Company (a “Director”).
We believe your background and experience will be a significant asset to the Company and we look forward to your participation
in the management. Should you choose to accept this position as the President, CEO, the Chairman and a Director, 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 upon your acceptance and signature below. Your term as the Director and the Chairman
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-election each year at the annual shareholder’s meeting and upon re-election, the terms and provisions
of this Agreement shall remain in full force and effect.

 

2.
Services. During the term of this Agreement, you shall render services as the Director and the Chairman and have such
duties, authority, and responsibility as shall be determined from time to time by the board of directors of the Company (the “Board”),
which duties, authority, and responsibility are consistent with the position of President, CEO and the Chairman (hereinafter your
“Duties”).

 

3.
Compensation. As compensation for your services to the Company, you will receive $12,000 in cash per year for serving
as a Director and the Chairman starting from September 8, 2017, which shall be paid to you monthly in arrears as determined by
the Company.

 

You
shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

 

4.
[Intentionally left blank]

 

5.
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.

 

6.
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; or

 

ii.
Any information which is related to the business of the Company and is generally not known by non-Company personnel.

 

iii.
Confidential Information includes, without limitation, trade secrets and any information concerning services provided by the
Company, concepts, ideas, improvements, techniques, methods, research, 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 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; and

 

iii.
Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

 

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 earliest of Company’s demand, termination of this
Agreement, or 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 maybe 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.

 

e.
Ownership. You agree that 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.

 

7.
Non-Competition. You agree and undertake that you will not, so long as you are the Director and the Chairman and for
a period of 12 months following termination of this Agreement for whatever reason, directly or indirectly as owner, partner, joint
venture, stockholder, employee, broker, agent principal, corporate officer, director, licensor or in any other capacity whatsoever,
engage in, become financially interested in, be employed by, or have any connection with any business or venture that is engaged
in any activities involving services or products which compete, directly or indirectly, with the services or products provided
or proposed to be provided by the Company or its subsidiaries or affiliates; provided, however, that
you may own securities of any public corporation which is engaged in such business but in an amount not to exceed at any one time,
one percent of any class of stock or securities of such company, so long as you has no active role in the publicly owned company
as director, employee, consultant or otherwise.

 

    	 	 	 

     

    

 

8.
Non-Solicitation. So long as you are the Director and the Chairman and for a period of 12 months thereafter, you shall
not directly or indirectly solicit for employment any individual who was an employee of the Company during your tenure.

 

9.
Termination and Resignation. Your position as the Director and the Chairman may be terminated for any or no reason
by a vote of the stockholders holding at least a majority of the shares of the Company’s issued and outstanding shares entitled
to vote. Your position as the Director and the Chairman may be terminated for any or no reason by a majority of the Board at any
time, if you have been declared incompetent by an order of a court of competent jurisdiction or convicted of a felony. You may
also terminate your position as the Director and the Chairman 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 (including the vested portion of the Shares) 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.
Any Shares that have not vested as of the effective date of such termination or Resignation shall be forfeited and cancelled.

 

10.
Governing Law. 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 applicable to
agreements made and to be performed entirely in the State of New York.

 

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 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.
[Intentionally omitted.]

 

    	 	 	 

     

    

 

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 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.

 

AGREED
AND ACCEPTED:

 

	 	/s/
    Xiangyu Wang	 
	Name:	Xiangyu
    Wang

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