Document:

Exhibit 10.3

 

KING RESOURCES, INC.

 

CHARTER OF THE COMPENSATION COMMITTEE

 

I. PURPOSE OF THE COMMITTEE

 

The Compensation Committee (the “Committee”)
of the Board of Directors King Resources, Inc. (the “Company”) is appointed by the Board of Directors (the “Board”)
to discharge the Board’s responsibilities with respect to all forms of compensation for the Company’s executive officers and
to administer the Company’s equity incentive plans for employees. This Charter sets forth the authority and responsibility of the
Committee for evaluating and approving executive officer compensation arrangements, plans, policies and programs of the Company, and for
administering the Company’s equity incentive plans for employees whether adopted prior to or after the date of adoption of this
Charter (the “Stock Plans”).

 

II. COMPOSITION OF THE COMMITTEE

 

During such time as the common stock of the Company
is quoted on The OTC Markets, the Committee shall be made up of at least two (2) members of the Board of Directors. During such time as
the common stock of the Company is listed on a national stock exchange such as the Nasdaq Stock Market (“Nasdaq”), the Committee
shall be made up of at least three (3) members of the Board of Directors, subject to any available exception. Each of the members of the
Committee will be (i) an “independent director” as defined under the rules of Nasdaq, as amended (the “Rules”),
except as may otherwise be permitted by such Rules, and (ii) a “Non- Employee Director,” as defined in Rule 16b-3 promulgated
under Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All members of the Committee will
be appointed by, and shall serve at the discretion of, the Board.

 

The Board will select members of the Committee
who will be approved by a majority vote of the Board. Committee members will serve during their respective term as a director, subject
to earlier removal by a majority vote of the Board. Unless a chair is elected by the full Board, the members of the Committee may designate
a chair by majority vote of the Committee membership.

 

III. MEETINGS AND PROCEDURES OF THE COMMITTEE

 

Meetings of the Committee will be held from time
to time and in any event at least four times per fiscal year, in response to the needs of the Board or as otherwise determined by the
Chairman of such Committee, and the Committee shall provide reports to the Board. In lieu of a meeting, the Committee may also act by
unanimous written consent resolution.

 

IV. COMMITTEE RESPONSIBILITIES

 

The principal processes of the Committee in carrying
out its oversight responsibilities are set forth below. These processes are set forth as a guide with the understanding that the Committee
may supplement them as appropriate and may establish policies and procedures from time to time that it deems necessary or advisable in
fulfilling its responsibilities.

 

		1.	The Committee will have the authority to review and oversee the
Company’s overall compensation philosophy, and to oversee the development and implementation of compensation programs aligned with
the Company’s business strategy.
		2.	The Committee will periodically review Environmental, Social and
Governance (“ESG”) matters that are relevant to the Committee’s oversight responsibilities, including matters with
respect to diversity, equity and inclusion, talent development, employee engagement, culture, and as otherwise enumerated herein, in
coordination with other committees and/or the Board as necessary or appropriate.
		3.	The Committee will have the sole authority to determine the form
and amount of compensation to be paid or awarded to the Chief Executive Officer (“CEO”) and all other executive officers
of the Company.

 

 

 

 

 

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		4.	The Committee will annually review and approve all matters related
to CEO compensation and determine (i) the salary paid to the CEO, (ii) the grant of all cash-based bonuses and equity compensation to
the CEO, (iii) the entering into or amendment or extension of any employment contract or similar arrangement with the CEO, (iv) any CEO
severance or change in control arrangement, (v) material perquisites provided to the CEO and (vi) any other CEO compensation matter that
may arise from time to time as directed by the Board. The compensation decisions with regard to CEO compensation matters shall incorporate
the review of the CEO’s performance against pre-established business and individual objectives conducted annually by the Board.
In determining the long-term incentive component of the CEO’s compensation, the Committee may consider among other things: the
Company’s performance and relative stockholder return, the value of similar incentive awards to all other executive officers of
the Company the Committee determines comparable based on factors it selects and the incentive awards given to the Company’s CEO
in prior years.
		5.	For all executive officers other than the CEO, the Committee,
in consultation with the CEO, will annually review and approve the corporate goals and objectives relevant to executive officers’
compensation. In light of these goals and objectives, the Committee, in consultation with the CEO, will determine (i) the salary paid
to executive officers, (ii) the grant of cash-based bonuses and equity compensation provided to executive officers, (iii) the entering
into or amendment or extension of any employment contract or similar arrangement with executive officers, (iv) executive officers’
severance or change in control arrangements, (v) material perquisites provided to executive officers and (vi) any other executive officer
compensation matter that may arise from time to time as directed by the Board. In determining the long-term incentive component of executive
officers’ compensation, the Committee will consider the same factors pertaining to such compensation that it considers for that
element of the CEO’s compensation.
		6.	The Committee will periodically review and make recommendations
to the Board with respect to adoption and approval of, or amendments to, all equity-based incentive compensation plans and arrangements
for employees, and the shares and amounts reserved thereunder after taking into consideration the Company’s strategy of long-term
and equity-based compensation. The Committee will also periodically review and approve, or recommend to the Board for approval, the adoption
of, and amendments to, all cash-based incentive plans for executive officers.
		7.	The Committee will: (i) approve grants of stock, stock options
or stock rights to employees eligible for such grants (including grants in compliance with Rule 16b-3 promulgated under the Exchange
Act to individuals who are subject to Section 16 of the Exchange Act); (ii) determine the Company’s policy regarding the timing
of such grants of stock, stock options or stock purchase rights; (iii) interpret the Stock Plans and agreements thereunder; and (iv)
determine acceptable forms of consideration for stock acquired pursuant to the Stock Plans. The Committee will have the authority to
approve stock ownership guidelines applicable to the CEO and to other designated executives, and the responsibility to annually review
compliance with such guidelines. Pursuant to §157 of the Delaware General Corporation Law, the Committee may delegate to the Company’s
CEO the authority to grant options to employees of the Company or of any subsidiary of the Company who are not directors or executive
officers, provided that such grants are within the limits established by §157 and by resolution of the Board.
		8.	The Committee will exercise the powers of the Board and perform
such duties and responsibilities as may be assigned to a “committee,” this Committee or the Board under the terms of any
incentive-compensation, equity-based compensation, deferred compensation, or other plan in the Company’s executive benefit program.
		9.	The Committee will participate, with management, in the preparation
of the Compensation Discussion and Analysis. The Committee will review the final draft of the Compensation Discussion and Analysis and
recommend to the Board its inclusion in the proxy statement or Form 10-K, as applicable, to the extent required by the rules and regulations
of the Securities and Exchange Commission (the “SEC”).
		10.	The Committee will review the results of the Company’s “say
on pay” vote as well as the results of other Company stockholder votes with respect to compensation-related matters, and will consider
whether any changes should be made to the Company’s compensation plans and programs as a result of any such stockholder vote.
		11.	The Committee will provide the Compensation Committee Report for
inclusion in the Company’s proxy statement or annual report on Form 10-K that complies with the rules and regulations of the SEC.
		12.	The Committee will oversee the Company’s submission to a
stockholder vote of matters relating to compensation, including advisory votes on executive compensation and the frequency of such votes,
incentive and other compensation plans, and amendments to such plans.

 

 

 

 

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		13.	Following each of its meetings, the Committee shall deliver a
report on the meeting to the Board, including a summary of actions taken by the Committee at the meeting. The Committee shall keep written
minutes of its meetings, which minutes shall be maintained with the books and records of the Company.
		14.	The Committee will review this Charter annually and recommend
to the Board any changes it determines are appropriate.
		15.	The Committee will review its performance annually and submit
a report on its performance to the Board.
		16.	For the purpose of assessing whether risks arising from any compensatory
plan or arrangement are reasonably likely to have a material adverse effect on the Company, the Committee will periodically review the
relationship between the incentives associated with these plans and the level of risk-taking by executive officers in response to such
incentives.
		17.	The Committee will, in consultation with the Company's CEO and
Executive Vice President and Chief Human Resources Officer, engage in an annual review of senior management's succession plans. The reviews
shall include an examination of potential permanent and interim candidates for the CEO and senior management positions. The Committee
will approve and maintain a process regarding CEO succession in the event of an emergency or the retirement or other temporary or permanent
absence of the CEO. To assist with CEO succession planning, the CEO will create and periodically assess (at least annually) a list of
potential successors who may be able to perform the CEO's duties on an interim basis. The Committee will review with the CEO and Executive
Vice President and Chief Human Resources Officer the Company's process for the education and development of senior management throughout
the Company.
		18.	The Committee will have the sole authority and right, as and when
it shall determine to be necessary or appropriate to the functions of the Committee, to retain, obtain the advice of and terminate compensation
consultants, independent legal counsel or other advisors of its choosing to assist the Committee with its functions. The Committee shall
have the sole authority to approve the fee arrangement and other retention terms of such advisors, and the Company must provide for appropriate
funding, as determined by the Committee, for payment of reasonable fees to a compensation consultant, independent legal counsel or any
other advisor retained by the Committee. In this regard, the Committee shall be directly responsible for the appointment, fee arrangement
and oversight of the work of any compensation consultant, independent legal counsel or other advisor retained by the Committee. The Committee
shall evaluate the qualifications, performance and independence of any such advisors in accordance with policies that the Committee may
establish in its sole discretion. Except as otherwise required by the applicable Rules of the New York Stock Exchange, the Committee
may select a compensation consultant, legal counsel or other advisor to the Committee only after taking into consideration all factors
relevant to that person’s independence from management, as enumerated by the New York Stock Exchange.
		19.	The Committee will perform any other activities required by applicable
law, rules or regulations, including the rules of the SEC and any exchange or market on which the Company’s capital stock is traded,
and perform other activities that are consistent with this Charter, the Company’s certificate of incorporation and bylaws, and
governing laws, as the Committee or the Board deems necessary or appropriate.

 

 

 

 

    	 	4Exhibit 10.4

 

Nomination and Governance Committee Charter

 

As of August 30, 2022

 

 

Purpose

 

The Committee is appointed by the Board of Directors
to (i) identify individuals qualified to become Board members and to recommend to the Board the director nominees for the next annual
meeting of shareholders, (ii) recommend to the Board corporate governance principles, applicable to the Company (iii)  oversee and
approve the process and guidelines for the annual evaluation of the performance and effectiveness of the Board and its committees, and
(iv) exercise and perform the authority, duties and responsibilities of the Committee set forth in this charter.

 

Membership

 

		1.	During such time as the common stock of the Company is quoted on The OTC Markets, the Committee shall
be made up of at least two (2) members of the Board of Directors. During such time as the common stock of the Company is listed on a national
stock exchange such as the Nasdaq Stock Market (“Nasdaq”), the Committee shall be made up of at least three (3) members of
the Board of Directors, subject to any available exception. Each of the members of the Committee will be (i) an “independent director”
as defined under the rules of Nasdaq, as amended (the “Rules”), except as may otherwise be permitted by such Rules, and (ii)
a “Non- Employee Director,” as defined in Rule 16b-3 promulgated under Section 16 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). All members of the Committee will be appointed by, and shall serve at the discretion of,
the Board.
		2.	The Board shall designate one Committee member as the Committee’s
chair (the “Chair”).

 

Operations

 

		1.	The Committee shall hold regular meetings at least four times
per year and report to the Board on a regular basis.   Meetings shall include any participants the Committee deems appropriate
and shall be of sufficient duration and scheduled at such times as the Committee deems appropriate to discharge properly its responsibilities.
		2.	The Committee shall meet, as deemed necessary and appropriate,
with management, including the Chief Executive Officer, in executive session.
		3.	The Committee shall receive information and participate in informal
meetings and briefings with management, including the Chief Executive Officer, as necessary and appropriate between formal meetings of
the Committee.  Such briefings and informal meetings may be through the Chair or individual Committee members, as appropriate.
		4.	The Committee may form and delegate to one or more subcommittees
all or any portion of the Committee’s authority, duties and responsibilities, and may establish such rules as it determines necessary
or appropriate to conduct the Committee’s business.
		5.	The Committee shall have direct access to, and complete and open
communication with, the Company’s management and may obtain advice and assistance from internal legal or other advisors to assist
it. The Committee may also retain legal or other advisors. The Committee shall have the sole authority to retain and terminate any search
firm to be used to identify director candidates and to approve the search firm’s fees and retention terms.
		6.	The Company shall provide for appropriate funding, as determined
by the Committee, for the payment of (i) ordinary administrative expenses of the Committee that are necessary or appropriate in carrying
out its duties and responsibilities and (ii) compensation to legal and other advisors retained by the Committee.
		7.	The Committee shall review and assess its performance annually
and report the results to the Board.
		8.	The Committee shall review and assess the adequacy of this charter
annually and, if appropriate, recommend changes to this charter to the Board.

 

 

 

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Authority, Duties and Responsibilities

 

The Committee shall:

 

Board Succession Planning

 

		1.	Oversee succession planning for the Board and Board leadership
appointments, including committee chairs, in accordance with the Board’s Corporate Governance Policies.
		2.	Review the overall size and composition of the Board, taking into
consideration the skills, attributes, experience and tenure of each Board member in accordance with the Company’s Corporate Governance
Policies.
		3.	Review the term limit and retirement policies set forth in the
Board’s Corporate Governance Policies and, if appropriate, recommend changes to the Board.
		4.	Actively seek and identify individuals qualified to become Board
members for recommendation to the Board consistent with the Board membership criteria set forth in the Company’s Corporate Governance
Policies. The Committee may consider director candidates proposed by shareholders or management, and shall evaluate such candidates using
the same criteria as other candidates considered by the Committee.  Consistent with the retirement policy set forth in the Corporate
Governance Policies of the Company, no director candidate may be nominated for election if he or she would be age 80 or older at the
time of the election.
		5.	Recommend to the Board the director nominees for the Company’s
next annual meeting of shareholders. In the case of a vacancy on the Board (including a vacancy created by an increase in the size of
the Board), the Committee shall recommend to the Board an individual to fill such vacancy, as needed.
		6.	Retain and terminate, in its sole discretion, any search firm
used to identify director candidates and any compensation consultant used to assist in the evaluation of director compensation, and to
approve the fees and other retention terms for such firms and consultants.
		7.	Oversee the orientation program for newly elected or appointed
directors.

 

Board Committees

 

		1.	Recommend to the Board director nominees for each Board committee,
taking into consideration the skills, attributes, experience and tenure of each committee member, including committee members to fill
vacancies as needed. In nominating a director for a committee membership, the Committee shall take into consideration the factors set
forth in that committee’s charter, if any, and the rotation of committee assignments as set forth in the Company’s Corporate
Governance Policies, and other factors it deems appropriate, including without limitation the interplay of the candidate’s experience
with the experience of other committee members.
		2.	Recommend to the Board changes that the Committee believes desirable
to the size of any committee of the Board or to the Board’s committee structure.

 

Board Performance

 

		1.	Oversee and approve the process and guidelines for the annual
evaluation of the performance and effectiveness of the Board and its committees, including the communication of the results of such evaluations
to the full Board.

 

Director Compensation and Insurance

 

		1.	Review the director compensation program, as necessary and appropriate,
and recommend changes to the Board.
		2.	Review the Company’s directors and officers insurance.

 

 

 

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Corporate Governance Policies and Governance
Documents

 

		1.	Annually review and assess the adequacy of the Board’s Corporate
Governance Policies, including the director independence standards, and, if appropriate, recommend changes to the Board.
		2.	Periodically review the Company’s organizational documents,
and, if appropriate, recommend changes to the Board.
		3.	Review and approve related person transactions in accordance with
the Company’s Related Person Transactions Policy, if any, and associated disclosure.
		4.	Report approved related person transactions to the Board.
		5.	Review shareholder proposals relating to governance, social responsibility
and environmental matters and management’s proposed response to such proposals.
		6.	Review and recommend to the Board whether to seek and accept a
director’s offer to tender his or her resignation in the event such director’s principal occupation or employer changes.
		7.	Review and approve, directors’ service on other public or
private company’s boards and committees, and changes in director circumstances in accordance with the Board’s Corporate Governance
Policies.
		8.	Monitor and review evolving corporate governance trends and best
practices, and as it determines appropriate, consider other matters of corporate governance and make recommendations to the Board regarding,
or take action with respect to, such matters.

 

Philanthropic Programs

 

		1.	Review the strategies, policies and practices with respect to
the philanthropic programs of the Company and foundations significantly supported by the Company.

 

Environmental, Social Responsibility and Other
Governance Matters

 

		1.	As it determines appropriate, consider environmental, social responsibility,
and sustainability matters and make recommendations to the Board regarding, or take action with respect to, such matters.

 

Other Authority

 

		1.	Have such other authorities, duties or responsibilities as may be delegated to the Committee by the Board.

 

 

 

 

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