Document:

Exhibit 10.24

    

    

    AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT

    

    

    THIS AMENDMENT NO. 3 dated as of March 30, 2020 (this “AMENDMENT NO. 3”), to the Employment Agreement, dated as of May 18, 2012 and previously amended by
      Amendment No. 1 to Employment Agreement dated as of July 1, 2014 and Amendment No. 2 to Employment Agreement dated as of February 5, 2019 (collectively, as amended, the “EMPLOYMENT AGREEMENT”), by and between Motorcar Parts of America, Inc.
      (“COMPANY”) and Selwyn Joffe, an individual (“EXECUTIVE”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the EMPLOYMENT AGREEMENT.

    

    

    RECITALS

    

    

    WHEREAS, the parties wish to amend the EMPLOYMENT AGREEMENT to change the LONG-TERM INCENTIVE COMPENSATION, and make certain other changes as set forth herein;

    

    

    NOW, THEREFORE, in consideration of the promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the parties agree as follows:

    

    

    1.          Paragraph 5(g) of the EMPLOYMENT AGREEMENT is hereby deleted in its entirety and is replaced with the following:

    

    

    LONG TERM INCENTIVE COMPENSATION.  EXECUTIVE waives his right to an ANNUAL RS AWARD (as defined below) for the fiscal year ending March 31, 2020.  In the fiscal years ending March 31, 2021,
      March 31, 2022, and March 31, 2023, the COMPANY shall annually grant Restricted Stock to the EXECUTIVE pursuant to the 2010 PLAN, or any subsequent plan thereto (each grant an “ANNUAL RS AWARD”) on the terms and conditions set forth in this Paragraph
      5(g).  The grant date for the PERFORMANCE CYCLE (as defined below) ending on March 31, 2021 shall be on or as soon as practicable after the first date of the fiscal year 2021 (April 1, 2020).  The grant date for each subsequent ANNUAL RS AWARD (the
      “GRANT DATE”) shall be on or as soon as practicable after the first date of the then fiscal year (April 1, 2021 and April 1, 2022, respectively). The number of shares of Restricted Stock granted pursuant to each ANNUAL RS AWARD shall be not less than
      100,000 shares.  The purchase price for the Restricted Stock granted pursuant to each ANNUAL RS AWARD shall be zero.  Each ANNUAL RS AWARD shall vest based on the achievement of Threshold, Target and Maximum levels of performance based upon such
      performance measure or measures as EXECUTIVE and the Administrator shall mutually agree.  “PERFORMANCE CYCLE” shall mean, with respect to each ANNUAL RS AWARD, the COMPANY’S then current fiscal year in line with the applicable GRANT DATE.  The first
      PERFORMANCE CYCLE after the date of AMENDMENT NO. 3 shall be the fiscal year of the COMPANY ending on March 31, 2021.  The “PERFORMANCE DETERMINATION DATE”, with respect to any PERFORMANCE CYCLE, shall be the date on which the Administrator and
      EXECUTIVE mutually determine that the applicable performance measure(s) have been achieved; provided, that, such date shall be not later than forty-five (45) days after the filing of the COMPANY’S Annual Report on Form 10-K for the applicable
      PERFORMANCE CYCLE with the U.S. Securities and Exchange Commission (the “FILING DATE”).  If the Threshold performance level is achieved for a PERFORMANCE CYCLE, then one third of the shares of Restricted Stock granted pursuant to the applicable
      ANNUAL RS AWARD shall vest as of the applicable PERFORMANCE DETERMINATION DATE.  If the Target performance level is achieved for a PERFORMANCE CYCLE, then two thirds of the shares of Restricted Stock granted pursuant to the applicable ANNUAL RS AWARD
      shall vest as of the applicable PERFORMANCE DETERMINATION DATE.  If the Maximum performance level is achieved for a PERFORMANCE CYCLE, then all shares of Restricted Stock granted pursuant to the applicable ANNUAL RS AWARD shall vest as of the
      applicable PERFORMANCE DETERMINATION DATE.  If the Threshold level of performance for a PERFORMANCE CYCLE is not achieved, the shares of Restricted Stock granted pursuant to the applicable ANNUAL RS AWARD shall be forfeited to the COMPANY, effective
      as of the applicable PERFORMANCE DETERMINATION DATE.  If the performance level achieved for a PERFORMANCE CYCLE is (i) greater than the applicable Threshold performance level but less than the applicable Target performance level or (ii) greater than
      the applicable Target performance level but less than the applicable Maximum performance level, then the number of shares that become vested shall be interpolated between the applicable Threshold and Target number of shares or the applicable Target
      and Maximum number of shares, as the case may be.  As an example (for illustration purposes only), if for a PERFORMANCE CYCLE the Threshold level of performance is ADJUSTED EBITDA (as defined below) of $100, the Target level of performance is
      ADJUSTED EBITDA of $150 and the Maximum level of performance is ADJUSTED EBITDA of $200, then if the COMPANY is determined to have ADJUSTED EBITDA of $175 for such PERFORMANCE CYCLE, and if the number of shares granted was 100,000, then the number of
      shares that would vest would be 83,333 shares. Vested shares shall be distributed to EXECUTIVE as soon as practicable after the applicable PERFORMANCE DETERMINATION DATE, but in no event later than thirty (30) days after the applicable PERFORMANCE
      DETERMINATION DATE.  Except as otherwise provided in this Agreement, upon EXECUTIVE’s termination of employment, EXECUTIVE shall forfeit any unvested shares granted pursuant to this Paragraph 5(g).  “ADJUSTED EBITDA” shall mean, with respect to a
      PERFORMANCE CYCLE, Adjusted EBITDA as reported in the COMPANY’s earnings release for such PERFORMANCE CYCLE.

     

    

    
      
        

    

    
    2.          Paragraph 9(d) of the EMPLOYMENT AGREEMENT is hereby deleted in its entirety and is replaced with the following:

    

    

    If EXECUTIVE shall voluntarily terminate this AGREEMENT pursuant to the provisions of Paragraph 9(c) or if the COMPANY shall terminate EXECUTIVE without Cause, then the COMPANY shall pay EXECUTIVE’s
      SALARY (at the annual rate in effect immediately prior to the Termination Date (as defined below)), EXECUTIVE’s average bonus earned for the two years immediately prior to the year in which this AGREEMENT is so terminated or, if such termination
      occurs within the first three months of the COMPANY’s fiscal year, for the second and third years preceding the year in which such termination occurs (in either case, payable by no later than January 31 of each year), and all benefits identified in
      Paragraph 7 and 8(c) (including without limitation EXECUTIVE’s automobile allowance) through the later of that date which is two years after the Termination Date or July 1, 2023.  The COMPANY shall also pay EXECUTIVE any reimbursable expenses and
      vested but undistributed shares of the COMPANY’s common stock owed to EXECUTIVE through the Termination Date.  In addition, if (i) EXECUTIVE shall terminate this AGREEMENT pursuant to the provisions of Paragraph 9(c) for Good Reason or (ii) the
      COMPANY shall terminate EXECUTIVE without Cause:  (A) EXECUTIVE shall immediately vest in the applicable Target number of shares of Restricted Stock granted pursuant to Paragraph 5(g) for the PERFORMANCE CYCLE in which such Termination occurs; and
      (B) EXECUTIVE shall immediately vest in 66,667 shares of Restricted Stock for each PERFORMANCE CYCLE commencing during the remainder of the EMPLOYMENT TERM.  As an example (for illustration purposes only), if the applicable Termination Date is
      December 31, 2021, and if the number of shares granted was 100,000 for the then-current PERFORMANCE CYCLE, then EXECUTIVE would immediately vest in 100,000 and 66,667 shares of Restricted Stock for the PERFORMANCE CYCLES ending on March 31, 2022 and
      March 31, 2023, respectively, for a total of 166,667 shares.  For the purpose of the foregoing payments, the foregoing annual SALARY rate shall be the rate paid to EXECUTIVE without regard to any purported reduction or attempted reduction of such
      rate by the COMPANY.  EXECUTIVE shall not be required to mitigate the amount of any payment provided for in this Paragraph 9 by seeking employment or otherwise, nor shall the amount of any payment or benefit provided for in this Paragraph 9 be
      reduced by any compensation earned by EXECUTIVE as the result of consultancy with or employment by another entity, by retirement benefits, by offset against any amount claimed to be owed by EXECUTIVE to the COMPANY, or otherwise.

    

    

    3.          Except as amended by this AMENDMENT NO. 3, the EMPLOYMENT AGREEMENT shall remain in full force and effect.

    

    

    4.          This AMENDMENT NO. 3 may be executed by facsimile signature or PDF, in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one
      and the same instrument.

    

    

    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

    

    

    
      2

      
        

    

    IN WITNESS WHEREOF, the undersigned have executed this AMENDMENT NO. 3 as of date first above written.

    

    

    	 	
            THE COMPANY:

          	 
	 	 	 	 
	 	
            MOTORCAR PARTS OF AMERICA, INC.

          	 
	 	 	 	 
	 	
            By:

          	 	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	 
	 	 	 	 
	 	
            EXECUTIVE:

          	 
	 	  	 
	 	
            SELWYN JOFFEExhibit
4.33

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”), is entered into as of March 31, 2020 (the “Effective Date”), by
and between China Internet Nationwide Financial Services Inc., incorporated under the laws of the British Virgin Islands (the
“Company”) and Mr. Warren Wang, an individual (the “Executive”). Except with respect to the direct employment
of the Executive by the Company, the term “Company” as used herein with respect to all obligations of the Executive
hereunder shall be deemed to include the Company and all of its subsidiaries and affiliated entities (collectively, the “Group”).

 

RECITALS

 

A.
The Company desires to employ the Executive as its Chief Executive Officer and to assure itself of the services of the Executive
during the term of Employment (as defined below).

 

B.
The Executive desires to be employed by the Company as its Chief Executive Officer during the term of Employment and upon the
terms and conditions of this Agreement.

 

AGREEMENT

 

The
parties hereto agree as follows:

 

1.
POSITION

 

The
Executive hereby accepts a position of Chief Executive Officer (the “Employment”) of the Company. Subject to director
and shareholder approvals, the Executive will also assume the position of Chairman and director.

 

2.
TERM

 

Subject
to the terms and conditions of this Agreement, the initial term of the Employment shall be 2 years commencing on the Effective
Date, unless terminated earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional
2-year terms if neither the Company nor the Executive provides a notice of termination of the Employment to the other party
or otherwise proposes to re-negotiate the terms of the Employment with the other party within one month prior to the expiration
of the applicable term.

 

3.
DUTIES AND RESPONSIBILITIES

 

(a)
The Executive’s duties at the Company will include all jobs assigned by the Company’s Board of the Directors (the
“Board”), as the case may be.

 

(b)
The Executive shall devote all of his working time, attention and skills to the performance of his duties at the Company and
shall faithfully and diligently serve the Company in accordance with this Agreement, the Certificate of Incorporation and
Bylaws of the Company, as amended and restated from time to time (the “Charter of Documents”), and the
guidelines, policies and procedures of the Company approved from time to time by the Board.

 

(c)
The Executive shall use his best efforts to perform his duties hereunder. The Executive shall not, without the prior written
consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company,
and shall not be concerned or interested in any business or entity that engages in the same business in which the Company
engages (any such business or entity, a “Competitor”), provided that nothing in this clause shall preclude the
Executive from holding any shares or other securities of any Competitor that is listed on any securities exchange or
recognized securities market anywhere. The Executive shall notify the Company in writing of his interest in such shares or
securities in a timely manner and with such details and particulars as the Company may reasonably require.

 

    	 

     

    

 

4.
NO BREACH OF CONTRACT

 

The
Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance
by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms
of any other agreement or policy to which the Executive is a party or otherwise bound except for agreements entered into by and
between the Executive and any member of the Group pursuant to applicable law, if any; (ii) that the Executive has no information
(including, without limitation, confidential information and trade secrets) relating to any other person or entity which would
prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder; (iii) that the Executive
is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except
for other member(s) of the Group, as the case may be.

 

5.
LOCATION

 

The
Executive will be based in New York, USA. The Company reserves the right to transfer or second the Executive to any location in
China or elsewhere in accordance with its operational requirements.

 

6.
COMPENSATION AND BENEFITS

 

(a)
 Base Salary. The Executive’s initial base salary shall be $10,000 per month, paid
in periodic installments in accordance with the Company’s regular payroll practices, and such compensation is subject to
annual review and adjustment by the Board.

 

(b)
 Bonus. The Executive shall be eligible for Bonuses determined by the Board.

 

(c)
 Equity Incentives. To the extent the Company adopts and maintains a share incentive
plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof as determined by the Board.

 

(d)
 Benefits. The Executive is eligible for participation in any standard employee benefit
plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement
plan, life insurance plan, health insurance plan and travel/holiday plan.

 

(e)
 Expenses. The Executive shall be entitled to reimbursement by the Company for all reasonable
ordinary and necessary travel and other expenses incurred by the Executive in the performance of his duties under this Agreement;
provided that he properly accounts for such expenses in accordance with the Company’s policies and procedures.

 

7.
TERMINATION OF THE AGREEMENT

 

(a)
By the Company.

 

(i) For
Cause. The Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration
is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable
law), if:

 

(1)
 the Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation
or embezzlement,

(2)
 the Executive has been grossly negligent or acted dishonestly to the detriment of the
Company,

(3)
 the Executive has engaged in actions amounting to willful misconduct or failed to perform
his duties hereunder and such failure continues after the Executive is afforded a reasonable opportunity to cure such failure;
or

(4)
 the Executive violates Section 8 or 10 of this Agreement.

 

    	 

     

    

 

Upon
termination for cause, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.
However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination,
and the Executive’s right to all other benefits will terminate, except as required by any applicable law.

 

(ii)
 For death and disability. The Company may also terminate the Employment, at any time,
without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice
or remuneration will be provided in accordance with applicable law), if:

 

(1)
 the Executive has died, or

(2)
 the Executive has a disability which shall mean a physical or mental impairment which,
as reasonably determined by the Board, renders the Executive unable to perform the essential functions of his employment with
the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period, unless a longer period is
required by applicable law, in which case that longer period would apply.

 

Upon
termination for death or disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to
termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason
of the termination, and the Executive’s right to all other benefits will terminate, except as required by any applicable
law.

 

(iii)
 Without Cause. The Company may terminate the Employment without cause, at any time,
upon one-month prior written notice. Upon termination without cause, the Company shall provide the following severance payments
and benefits to the Executive: (1) a lump sum cash payment equal to 3 months of the Executive’s base salary as of the date
of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his target annual bonus for the year immediately
preceding the termination, if any; (3) payment of premiums for continued health benefits under the company’s health plans
for 3 months fo1lowing the termination, if any; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding
equity awards held by the Executive. Upon termination without, the Executive shall be entitled to the amount of base salary earned
and not paid prior to termination.

 

(iv)
 Change of Control Transaction. If the Company or its successor terminates the Employment
upon a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other
individual(s) or entity (the “Change of Control Transaction”), the Executive shall be entitled to the following severance
payments and benefits upon such termination: (1) a lump sum cash payment equal to 3 months of the Executive’s base salary
at a rate equal to the greater of his/her annual salary in effect immediate1y prior to the termination, or his/her then current
annua1 salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his/her target annual
bonus for the year immediately preceding the termination; (3) payment of premiums for continued health benefits under the Company’s
health plans for 3 months fo1lowing the termination; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding
equity awards held by the Executive.

 

(b)
 By the Executive. The Executive may terminate the Employment at any time with a one-month
prior written notice to the Company, if (1) there is a material reduction in the Executive’s authority, duties and responsibilities,
or (2) there is a material reduction in the Executive’s annual salary. Upon the Executive’s termination of the Employment
due to either of the above reasons, the Company shall provide compensation to the Executive equivalent to 3 months of the Executive’s
base salary that he is entitled to immediately prior to such termination. In addition, the Executive may resign prior to the expiration
of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is
agreed to by the Board.

 

(c)
 Notice of Termination. Any termination of the Executive’s employment under this
Agreement shall be communicated by written notice of termination from the terminating party to the other party. The notice of
termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

 

    	 

     

    

 

8.
CONFIDENTIALITY AND NONDISCLOSURE

 

(a)
 Confidentiality and Non-disclosure. The Executive hereby agrees at all times during
the term of the Employment and after its termination, to hold in the strictest confidence, and not to use, except for the benefit
of the Company, or to disclose to any person, corporation or other entity without written consent of the Company, any Confidential
Information. The Executive understands that “Confidential Information” means any proprietary or confidential information
of the Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data,
trade secrets, research and development information, product plans, services, customer lists and customers, supplier lists and
suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel
information, marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and other persons
with whom the Company does business, information regarding the skills and compensation of other employees of the Company or other
business information disclosed to the Executive by or obtained by the Executive from the Company, its affiliates, or their respective
clients, customers or partners either directly or indirectly in writing, orally or otherwise, if specifically indicated to be
confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include
information that is generally available and known to the public through no fault of the Executive.

 

(b)
 Company Property. The Executive understands that all documents (including computer records,
facsimile and e-mail) and materials created, received or transmitted in connection with his work or using the facilities of the
Company are property of the Company and subject to inspection by the Company, at any time. Upon termination of the Executive’s
employment with the Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company
all documents and materials of any nature pertaining to his work with the Company and will provide written certification of his
compliance with this Agreement. Under no circumstances will the Executive have, following his termination, in his possession any
property of the Company, or any documents or materials or copies thereof containing any Confidential Information.

 

(c)
 Former Employer Information. The Executive agrees that he or she has not and will not,
during the term of his employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer
or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive,
if any, or (ii) bring into the premises of the Company any document or confidential or proprietary information belonging to such
former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will
indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable
attorneys’ fees and costs of suit, arising out of or in connection with any violation of the foregoing.

 

(d)
 Third Party Information. The Executive recognizes that the Company may have received,
and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company’s
part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees
that the Executive owes the Company and such third parties, during the Executive’s employment by the Company and thereafter,
a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person
or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company’s agreement with
such third party.

 

This
Section 8 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 8,
the Company shall have right to seek remedies permissible under applicable law.

 

9.
CONFLICTING EMPLOYMENT.

 

The
Executive hereby agrees that, during the term of his employment with the Company, he or she will not engage in any other employment,
occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved
during the term of the Executive’s employment, nor will the Executive engage in any other activities that conflict with
his obligations to the Company without the prior written consent of the Company.

 

    	 

     

    

 

10.
NON-COMPETITION AND NON-SOLICITATION

 

In
consideration of the salary paid to the Executive by the Company and subject to applicable law, the Executive agrees that during
the term of the Employment and for a period of one (1) year following the termination of the Employment for whatever reason:

 

(a)
 The Executive will not approach clients, customers or contacts of the Company or other
persons or entities introduced to the Executive in the Executive’s capacity as a representative of the Company for the purposes
of doing business with such persons or entities which will harm the business relationship between the Company and such persons
and/or entities;

 

(b)
 unless expressly consented to by the Company, the Executive will not assume employment
with or provide services as a director or otherwise for any Competitor, or engage, whether as principal, partner, licensor or
otherwise, in any Competitor; and

 

(c)
 unless expressly consented to by the Company, the Executive will not seek, directly
or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the services of any employee
of the Company employed as at or after the date of such termination, or in the year preceding such termination.

 

The
provisions contained in Section 11 are considered reasonable by the Executive and the Company. In the event that any such provisions
should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of
application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

 

This
Section 11 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 11,
the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief
and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate).
In any event, the Company shall have right to seek all remedies permissible under applicable law.

 

11.
WITHHOLDING TAXES

 

Notwithstanding
anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts
otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment,
or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

12.
ASSIGNMENT

 

This
Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer
this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement
or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a Change of Control
Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor
and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

 

13.
SEVERABILITY

 

If
any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or
applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions
of this Agreement are declared to be severable.

 

14.
ENTIRE AGREEMENT

 

This
Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the
Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive
acknowledges that he or she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which
is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company

 

    	 

     

    

 

15.
GOVERNING LAW; JURISDICTION

 

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

 

16.
AMENDMENT

 

This
Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to this Agreement, which agreement is executed by both of the parties hereto.

 

17.
WAIVER

 

Neither
the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other
or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power
or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted
such waiver.

 

18.
NOTICES

 

All
notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be
deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii)
sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

 

19.
COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose
signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties
reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for
any purpose.

 

20.
NO INTERPRETATION AGAINST DRAFTER

 

Each
party recognizes that this Agreement is a legally binding contract and acknowledges that it, he or she has had the opportunity
to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against
either party on the basis of that party being the drafter of such terms.

 

[Remainder
of this page has been intentionally left blank.]

 

    	 	 	 

    	 	 	 

    

 

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

 

China
Internet Nationwide Financial Services

Inc.

By:

Name:
Jinchi Xu

Title:
Chief Financial Officer

 

Executive

Signature:

Name:
Warren Wang

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