Document:

Exhibit 10.7

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “AGREEMENT”) is made and entered into on August 18, 2020 by and between Francis Zhang (the “EXECUTIVE”)
and Jiuzi Holdings, Inc., a Cayman Islands company (the “COMPANY”).

 

WHEREAS, the Executive
has been the Chief Financial Officer of the Company since August 1, 2020 (the “EFFECTIVE DATE”).

 

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

 

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

 

Article I.Employment;
Responsibilities; Compensation

 

Section 1.01Employment. Subject
to ARTICLE 3, the Company hereby agrees to employ Executive and Executive hereby agrees to be employed by the Company, in
accordance with this Agreement, for the period commencing as of the Effective Date and ending on July 31, 2023 (the “TERM”).

 

Section 1.02 Responsibilities; Loyalty

 

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

 

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

 

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

 

(a) Commencing
on August 1, 2020 and for three consecutive fiscal years during the Executive’s employment with the Company, the Executive
will receive a compensation of $120,000 for each calendar year of service under this Agreement on a pro-rated basis, payable on
a monthly basis.

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

Section 2.02 Confidential Information;
Non-Disclosure.

 

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

 

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

 

    2

     

    

 

Section 2.03 Non-Competition Obligations.

 

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

 

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

 

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

 

(d) For
purposes of hereof:

 

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

 

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

 

    3

     

    

 

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

 

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

 

Article III.  Termination
of Employment 

 

Section 3.01 Termination of Employment.

 

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

 

(b) For
purposes hereof:

 

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

 

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

 

    4

     

    

 

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

 

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

 

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

 

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

 

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

 

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Article IV.  Miscellaneous

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[signature page follows]

 

    6

     

    

 

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

 

 

	 	

        Jiuzi
        Holdings, Inc.

	 	 
	 	/s/
    Shuibo Zhang 
	 	Name: Shuibo Zhang
	 	Title:   Chief
    Executive Officer and Chairman of the Board
	 	 

        Executive

	 	 
	 	/s/
    Francis Zhang
	 	Francis Zhang

 

 

7Exhibit 10.9

 

Jiuzi Holdings, Inc.

4F No. 1 Building

Jinsha Lake Business Center

Economic Technology District

Hangzhou, Zhejiang, 311103

People’s Republic of China 

 

August 18, 2020

 

Re: Director Offer Letter – Richard
Chen

 

Dear Mr. Chen:

 

JIUZI HOLDINGS, INC.,
a Cayman Islands limited liability company (the “Company” or “we”), is pleased to offer you a position
as a Director 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 Director in the Company. Should you choose to accept this position as 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. Your appointment shall also be subject to the approval
of Company’s Board of Directors and/or Nomination and Compensation Committees and shall begin upon Company’s listing
on the Nasdaq Capital Market.

 

1. Term.  This
Agreement is effective upon Company’s listing on the Nasdaq Capital Market for a term of three years. Your term as a Director
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 year by the board of the Directors 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 customary services as a Director, Chair of the Audit Committee, and member of the Compensation Committee and Nomination
Committee (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 $30,000 for
each calendar year of service under this Agreement on a pro-rated basis, payable on a quarterly 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
and directors insurance policy, if available.

 

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).

 

    2

     

    

 

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 Director may be terminated for any or no reason by the determination of
the Board. You may also terminate your services as a Director 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.

 

    3

     

    

 

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. 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 Directors of the Company of any questions arising under this Agreement.

 

    4

     

    

 

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

 

	 	Sincerely,
	 	 	 
	 	JIUZI HOLDING, INC.
	 	 	 
	 	By:	/s/ Shuibo Zhang 
	 	 	
        Shuibo Zhang

        Chief Executive Officer and Chairman of the Board

 

	AGREED AND ACCEPTED:
	 	 
	/s/ Richard Chen 	 
	Richard Chen 
	Address:
	 
	Phone Number:
	Email: 

 

 

5

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