Document:

Exhibit
10.1

 

SEPARATION
AGREEMENT AND RELEASE

 

This
SEPARATION AGREEMENT AND RELEASE (the “Agreement”) is made by and between Flexsteel Industries, Inc. (the “Company”)
and Richard Stanley (referred to herein as “Executive”) (Executive and the Company, collectively, the “Parties”).

 

1.            Separation from Employment. The parties agree that Executive’s employment with the Company ended on January 9,
2019 (the “Effective Date”). Regardless of whether Executive signs this Agreement:

 

A.          The Company will pay Executive for all wages earned by Executive through the Effective Date;
and

 

B.          The
Company will reimburse Executive for any reasonable business expenses incurred on behalf of the Company during Executive’s
employment, provided that Executive provides the Company with documentation of such expenses in accordance with Company policy
within three (3) weeks after the Effective Date.

 

2.            Separation Benefits. In exchange for Executive’s execution and acceptance of his obligations under this Agreement,
the Company will provide Executive the following (collectively, the “Separation Benefits”):

 

A
lump sum payment equivalent to nine (9) months base salary. In addition to the lump sum payment, if Executive elects to continue
Executive’s health insurance coverage under the Company’s group health plan, the Company will, for a total of nine
(9) months (the “Premium Payment Period”),
reimburse Executive for the full monthly insurance premium for such coverage (both employer and employee portions and including
premiums for continuation of coverage for any dependents enrolled in such plan on the Effective Date).  The Premium Payment
Period shall run concurrently with Executive’s COBRA and any state benefits continuation period.  Executive understands
Executive is not required to participate in COBRA continuation under the Company’s plan and, instead of electing such coverage,
may choose other coverage at Executive’s own expense if Executive prefers to do so.  Executive also acknowledges that
Executive has received appropriate notice from the Company regarding all benefit continuation rights, and that, in order to receive
the premium payment described herein, Executive must timely sign and submit all documentation necessary to elect to continue Executive’s
health insurance coverage under the Company’s plan and applicable law.

 

Executive
understands that Executive will receive the Separation Benefits described in this Section 2 only if Executive satisfies all of
Executive’s obligations under this Agreement, timely signs this Agreement as described in Section 11 below, and does not
rescind this Agreement within the period provided in Section 12 below. Executive understands that if Executive does cancel this
Agreement as set forth herein, Executive will not receive such benefits.

 

     

     

    

 

3.           
No Other Benefits. Executive understands and agrees that, except for those items of compensation or benefits specifically
referenced in or provided through this Agreement, Executive shall receive no other compensation or benefits from the Company and
is no longer participating in the Company’s benefit plans, except to the extent Executive is entitled to do so under state
and federal benefits continuation laws. Specifically, the Executive agrees that he is not entitled to any rights, benefits or
payments under the Company’s Long-Term Incentive Compensation Plan, Cash Incentive Compensation Plan, Omnibus Stock Plan,
or any Notification of Award pursuant to such plan(s), the Company’s Severance Plan for Management Employees dated October
25, 2018, or the Retention Bonus Agreement dated September 26, 2018, Executive also affirms that, while employed with the Company,
Executive has received all compensation due and owed to him, had no known and unreported workplace injuries or occupational diseases,
and was never denied requested leave.

 

4.           
Executive’s Release of Claims. Executive understands that as part of this Agreement, Executive is receiving the
Separation Benefits that Executive would not otherwise be entitled to receive and that Executive agrees constitute sufficient
consideration for all aspects of this Agreement. In return for the Separation Benefits and the Company’s Release of Claims
in Section 6 below, Executive, on behalf of himself and any person or entity that could bring a claim on Executive’s behalf,
hereby releases the Company and its subsidiaries, predecessors, successors, assigns and/or affiliated companies, businesses or
entities (collectively, “Affiliates” and each, an “Affiliate”), and all of their respective
employee benefit plans, plan administrators, trustees, current and former officers, agents, directors, employees, independent
contractors, unit holders, shareholders, attorneys, accountants, insurers, representatives, predecessors, successors and assigns,
both individually and in any representative capacity (collectively, the “Parties Released by Executive”), from
each and every legal claim or demand of any kind, whether known or unknown, existing at any time up to and including the date
Executive signs this Agreement, including without limitation: (a) any claim or demand in any way arising out of or related to
Executive’s employment with and/or separation from employment with any of the Parties Released by Executive; (b) any other
agreement or understanding between the Company and Executive; and (c) any action, conduct, decision or omission by any of
the Parties Released by Executive related to Executive.

 

Executive
understands and agrees that this Agreement is a full, final, and complete settlement and release of the Parties Released by Executive
of any and all of Executive’s claims existing at any time up to and including the date Executive signs this Agreement, whether
known or unknown, including, but not limited to, any claims or rights Executive may have under the Company’s Long-Term Incentive
Compensation Plan, Cash Incentive Compensation Plan, Omnibus Stock Plan, or any Notification of Award pursuant to such plan(s),
the Company’s Severance Plan for Management Employees dated October 25, 2018, the Retention Bonus Agreement dated September
26, 2018, the Employment Retirement Income Security Act, 29 U.S.C. § 1001, et seq., Title VII of the Civil Rights
Act of 1964, 42 U.S.C. § 2000e, et seq., the Age Discrimination in Employment Act of 1967, 29 U.S.C. § 626 et
seq., the Americans with Disabilities Act, 42 U.S.C. § 12101, et seq., the Family and Medical Leave Act, 29 U.S.C.
§ 2601 et seq., the Fair Labor Standards Act, 29 U.S.C. § 201 et seq., the Equal Pay Act, 29 U.S.C. §
206 et seq., the National Labor Relations Act, 29 U.S.C. § 1501 et seq., any Iowa employment law (including
but not limited to the Iowa Civil Rights Act of 1965, Iowa Code § 216.1, et seq., and Iowa Wage Payment Collection
Act, Iowa Code § 91A.1, et seq., and any other foreign, federal, states’, or local governments’ laws,
regulations, or executive orders governing or relating to employment. Executive further understands and agrees that Executive
is releasing any claims Executive may have existing at any time up to and including the date Executive signs this Agreement, whether
known or unknown, for payment or grant of compensation, benefits, stock, membership units, equity, securities or options of any
kind, fraud or misrepresentation, promissory estoppel, wrongful or constructive discharge, defamation, invasion of privacy, breach
of any legal duty (including any fiduciary duty), breach of covenant of good faith and fair dealing, reprisal or retaliation,
breach of contract, unjust enrichment, negligence, negligent hiring, supervision and retention, intentional or negligent infliction
of emotional distress, and any other claims arising under any law. Executive further agrees that if any claim that Executive releases
in this Agreement is prosecuted in Executive’s name before any court or administrative agency, Executive will waive any
benefits Executive might otherwise obtain through such prosecution and will not take any award of money, compensation, or any
other damages or award from such suit, provided that this waiver does not apply to any relief to which Executive may be entitled
as a result of cooperation with or any claim made to the Securities and Exchange Commission.

 

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5.           
Exclusions from Executive’s Release of Claims. Notwithstanding any other provision of this Agreement, Executive
does not release:

 

A.         
Any right Executive may have under this Agreement;

 

B.          Any
benefits provided upon termination of employment under any employee benefit plan of the Company, in accordance with the terms
of such plan, other than benefits provided under an Excluded Plan. For purposes of this Section 5B, “Excluded Plan”
means any employee benefit plan related to severance, separation pay, supplemental unemployment benefits incentive compensation
(including any rights, benefits or payments under Long-Term Incentive Compensation Plan, Cash Incentive Compensation Plan, Omnibus
Stock Plan, or any Notification of Award pursuant to such plan(s), the Company’s Severance Plan for Management Employees
dated October 25, 2018 or the Retention Bonus Agreement dated September 26, 2018). For purposes of clarity, Executive’s
rights or claims, if any, related to any Excluded Plan are released by Executive pursuant to Section 4 above; 

 

C.          Executive’s rights to indemnification and insurance coverage against third party claims;
and

 

D.          Any claims that arise after (or arise from acts occurring after) the date that Executive signs
this Agreement.

 

E.         
Any rights or claims that cannot be legally released; or

 

F.          Executive’s
rights to obtain any vested and nonforfeitable balance in Executive’s account under any retirement plan subject to the terms
and conditions of such plans.

 

6.           
The Company’s Release of Claims. In consideration of Executive’s release of claims and the commitments
and representations made by Executive through this Agreement, the Company, on behalf of itself and any person or entity that could
bring a claim on the Company’s behalf, hereby releases Executive and Executive’s spouse, heirs, family members, representatives,
attorneys and agents (collectively, the “Parties Released by the Company”) from all claims or demands, whether
known or unknown, existing at any time up to and including the Effective Date, including without limitation any claim or demand:
(a) in any way arising out of or related to any action, conduct, decision or omission by Executive related to the Company or Executive’s
management of the Company; or (b) in any way arising out of or related to Executive’s employment with and/or separation
from employment with the Company. The Company understands that this Agreement is a full, final and complete settlement and release
of all of its claims against Executive for payment of any kind, fraud or misrepresentation, negligence, breach of contract, promissory
estoppel, defamation, invasion of privacy, breach of covenant of good faith and fair dealing, breach of any fiduciary duty, intentional
or negligent infliction of emotional distress, and any other claims arising under common law, and any rights and claims under
any foreign, federal, states’ (including Iowa’s) or local governments’ laws, regulations, or executive orders.
Notwithstanding the foregoing, neither this Section 6 nor any other provision of this Agreement releases the Company’s rights
under or pursuant to this Agreement.

 

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7.           
Return of Property. Executive hereby certifies and affirms that Executive has returned to the Company all Confidential
Information, as defined below, and all other property of the Company, or of the Company’s customers or affiliated entities
that had been in Executive’s possession or control. Executive has returned all originals, copies of, or electronically stored
documents or other materials containing Confidential Information, regardless of who prepared them, and any other Company property,
including, but not limited to, any phones, electronic devices, computers, keys, records, manuals, books, documents (including
all letters, email messages, memoranda, notes, notebooks, and reports). In the case of electronically stored files, documents
or information outside of the Company’s electronic systems, Executive has made a copy of such information, turned that copy
over to the Company, and destroyed all electronically stored files, documents or information formerly in Executive’s possession
or control.

 

8.           
Post-Employment Obligations to Company. Executive agrees to maintain in strict confidence
any and all confidential and proprietary information of the Company. In addition, Executive agrees that, in consideration of the
Company’s obligations to Executive under this Agreement and past consideration received from the Company, Executive’s
obligations under any written agreement with the Company containing confidentiality, intellectual property, invention assignment,
noncompetition, or nonsolicitation obligations, including but not limited to the Confidentiality and Non-Competition Agreement
dated July 1, 2017, survive Executive’s separation of employment from the Company and that Executive remains bound by such
obligations.

 

9.           
Non-disparagement. Executive agrees not to directly or indirectly disparage or otherwise
make any comment or statement that casts an unfavorable light upon the Company or any Affiliate, or any of their directors, officers,
employees, representatives or agents. The Company agrees that it will use its best efforts to prevent any disparagement of Executive
by any of its personnel and will take responsive action to stop any disparagement of which it learns. Notwithstanding the foregoing,
this provision shall not preclude Executive or the Company from making truthful statements to any government agency or pursuant
to any lawful subpoena. 

 

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10.         
Cooperation. Executive agrees to cooperate with the Company as follows:

 

A.          Legal Proceedings. In the event that any legal proceeding arises in which the Company or any Affiliate deems Executive’s
testimony or participation to be relevant or necessary, Executive agrees to make himself reasonably available and to cooperate
with the Company or such Affiliate in connection with the proceeding by providing testimony through affidavit, in a deposition,
or at a hearing or trial, or otherwise assisting the Company or Affiliate with respect to the proceeding. This provision is not
intended to affect the substance of any testimony that Executive is asked to provide. Rather, Executive agrees to provide truthful
testimony and to otherwise assist the Company or Affiliate in light of and in full compliance will all applicable laws. The Company
will instruct its counsel to use commercially reasonable efforts to schedule any proceeding requiring Executive’s attendance
in a manner that will minimize interference with Executive’s personal and professional plans and obligations, and will reimburse
Executive for all out-of-pocket expenses incurred by Executive in providing assistance pursuant to this Section 10A. If such assistance
is required by the Company after the end of the Restricted Period, defined above, the Company and Executive will agree on a reasonable
hourly rate solely to compensate Executive for the time spent by Executive providing such cooperation and during which Executive
is not free to engage in other pursuits.

 

B.          Consultation. In the event any questions arise with regard to information or subject that Executive developed, of which Executive
had knowledge, or with which Executive otherwise was involved during Executive’s employment with the Company, Executive
agrees that during the Restricted Period, Executive will cooperate with and respond to any reasonable request by the Company or
any affiliated company for advice, opinions, or other information responsive to the question posed. Such consultation shall be
limited to an aggregate total of twenty (20) hours of consultation without any additional compensation or payment to Executive
by the Company.

 

11.        
Period for Review and Consideration. Executive understands that Executive was given this Agreement
on the Effective Date and was provided twenty-one (21) days to review and consider this Agreement before signing it. Executive
is advised by the Company to consult with an attorney of Executive’s choosing before signing this Agreement. Executive further
understands that Executive is allowed to use as much of this review period as Executive wishes prior to signing this Agreement.
Executive understands that if Executive wishes to accept this Agreement, Executive must sign it and return it to Stacy Kammes,
VP – Human Resources, Flexsteel Industries, Inc., 385 Bell Street, Dubuque, IA 52001 or to Mrs. Kammes by electronic transmission
of a copy signed by Executive (which facsimile shall be effective for acceptance) to: skammes@flexsteel.com, or the offer
of this Agreement shall be automatically revoked.

 

12.        
Opportunity to Rescind. Executive understands that Executive may rescind and cancel Executive’s acceptance of
this Agreement for any reason within seven (7) days after Executive has signed it. If Executive decides to cancel this Agreement
and mail Executive’s notice of cancellation, Executive understands that it must be sent by electronic transmission (which
facsimile shall be effective for transmission) or postmarked within the seven (7) day period and addressed to Stacy Kammes, VP
– Human Resources, Flexsteel Industries, Inc., 385 Bell Street, Dubuque, IA 52001, skammes@flexsteel.com. If mailed
by post, it must be sent by certified mail, return receipt requested.

 

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13.         
Miscellaneous.

 

A.        
Death of Executive. In the event of the Executive’s death after he signs this Agreement, this Agreement and any other
agreements or plans referenced herein that remain in effect post-termination for compensation and benefit purposes, shall inure
to the benefit of his heirs such that any and all outstanding payments, compensation and benefits prescribed in this Agreement
shall be made to his estate as previously designated to him, or if no such designation, as prescribed by law.

 

B.         Complete
Agreement. Executive understands that this Agreement and the surviving obligations referenced in Section 8 contain the entire
agreement regarding the subject matter hereof and supersedes and replaces any prior written or oral promises, understandings,
or agreements regarding such subject matter. There are no other written or oral promises, understandings, or agreements regarding
such subject matter in effect.

 

C.        
Non-Interference.  Nothing in this Agreement is intended to or shall preclude Executive from cooperating with any appropriate
federal, state or local government agency in connection with any investigation or proceeding conducted by any such agency.

 

D.        
Applicable Law, Exclusive Venue. This Agreement, Executive’s and the Company’s rights hereunder, and any issues
related to this Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Iowa, without
regard to any state’s choice of law principles or rules. The exclusive venue for any action hereunder or related to this
Agreement, or the subject matter of this Agreement, shall be in the State of Iowa, whether or not such venue is or subsequently
becomes inconvenient, and the Company and Executive consent to the exclusive jurisdiction of the state and federal courts in the
State of Iowa.

 

E.        
Payments/Taxes. Executive understands that all amounts paid under this Agreement shall be subject to normal withholdings
or such other treatment as the Company believes in good faith is required by law. No representations as to tax consequences of
this Agreement have been made to Executive by the Company or any of its representatives.

 

F.          Modification
by the Parties. Executive understands that this Agreement shall not be modified or amended except by a written instrument
signed by the Company and Executive. In addition, Executive understands that no waiver of any provision of this Agreement shall
be binding unless set forth in a writing signed by the party effecting the waiver. Any waiver by either party shall be limited
to the circumstance or event specifically referenced in the written waiver document and shall not be deemed a waiver of any other
term of this Agreement or of the same circumstance or event upon any recurrence thereof.

 

G.        
Remedies. Executive acknowledge and agree that a violation of this Agreement would be inadequate. In recognition of the foregoing,
Executive agrees that, in addition to any other relief afforded by law or this Agreement, including damages sustained by a breach
of this Agreement, and without any necessity of proof of actual damages or posting any bond, the Company will have the right to
enforce this Agreement by specific remedies which include, among other things, temporary and permanent injunctions. In the event
the Company commences litigation to enforce the terms of this Agreement and prevails in such litigation, it shall be entitled
to recover from Executive its reasonable attorneys’ fees, costs and expenses incurred in such litigation.

 

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H.         
Severability, Blue Pencil. Executive understands that the invalidity or partial invalidity of any portion of this Agreement
shall not invalidate the remainder thereof, and said remainder shall remain in full force and effect. Moreover, if one or more
of the provisions contained in this Agreement shall, for any reason, be held to be excessively broad as to scope, activity, subject
or otherwise, so as to be unenforceable at law, such provision or provisions shall be construed by the appropriate judicial body
by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with then applicable law.

 

I.        
  Acknowledgment. Executive acknowledges that Executive has had the opportunity to discuss this Agreement with and
obtain advice from an attorney of Executive’s choosing.

 

J.           Indemnification
and Insurance Coverage. Executive’s right to indemnification pursuant to Article XIII of the Company’s Amendment
and Restated Bylaws, as in effect on the Effective Date, shall be considered a contractual right that shall not be diminished
by any subsequent amendment to the Bylaws. Executive shall continue to be covered by any directors and officers, fiduciary liability,
employment practices, or similar liability insurance policy maintained by the Company at the level at which current Board members
and the Company’s current most senior executive officers are covered.

 

14.         
Signature. Executive has read this Agreement, knows its contents and has signed it as a free and voluntary act having
had adequate opportunity to consider its terms and conditions and to consult with counsel of Executive’s choosing. This
Agreement may be executed in counterparts, each of which, when so executed, shall together constitute and be one and the same
instrument.

 

The
parties have signed this Separation Agreement and Release on the dates set forth next to their respective signatures.

 

	Date:	 January 29, 2019  	 	/S/ Richard
    Stanley 	 
	 	 	 	Richard Stanley	 
	 	 	 	 	 	 
	Date:	 January 29, 2019	 	Flexsteel Industries, Inc.	 
	 	 	 	 	 
	 	 	 	/S/
    Jerald K. Dittmer  	 
	 	 	 	 	 	 
	 	 	 	By	 Jerald K. Dittmer	 
	 	 	 	 	 	 
	 	 	 	Its	 President and CEO	 

 

    7Exhibit 10.1

 

CONVERTIBLE LOAN AGREEMENT

 

THIS CONVERTIBLE LOAN AGREEMENT
is made on January ___, 2019.

 

BETWEEN

 

1. Tang Junsheng at 2F Haixia chuangyiyuan
No. 3, Jinzhen Road, Cangshan District, Fuzhou, Fujian (hereinafter referred to as "the Lender").

  

2. Moxian Technologies (Beijing) Co/
Ltd. at Units 9B & C, Block D, Fuhua Tower, 8 Chaoyangmen North Street, Chaoyang District, Beijing, China (hereinafter
referred to as "the Borrower").

 

3. Moxian, Inc. at Units B &
C, 9/F, Block D Fuhua Tower, 8 Chaoyangmen North Street, Dongcheng District, Beijing, China, the ultimate holding company of the
Borrower and holding 100% of its equity interests (hereinafter referred to as "MOXC").

 

(hereinafter together referred to as "the Parties")

 

1 THE CONVERTIBLE
LOAN

 

1.1 The Lender agrees
to extend a convertible loan to the borrower, a principal amount of Renminbi 6,770,000 (Six Million Seven Hundred and Seventy-seven
yuan) (the "Loan") in three instalments:

 

1. by January 22, 2019,
an amount of Renminbi 2,500,000

 

2. by March 15, 2019,
an amount of Renminbi 1,5000,000 and

 

3. by June 30, 2019,
an amount of Renminbi 2,770,000

 

1.2 Within seven (7)
business days from the date of the third instalment in (3) above, the Borrower will procure that MOXC issue an interest-free unsecured
promissory note in the amount of 6,770,000 to the Lender.

 

1.3 The Lender has the
right, within a period of six (6) months from the date of the promissory note, the Lender has the right to convert all the promissory
note into ordinary shares of common stock of MOXC at the price of USD 1.00 per share. For the avoidance of doubt, such conversion
can only be for the whole amount (6,770,000) of the promissory note.

 

1.4 The lender shall
be entitled to designate a third party as the shareholder of MOXC upon such conversion, and MOXC shall be responsible for completing
such necessary legal procedures as the registration of change of shares, etc.

 

2
REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

 

2.1 Each of MOXC and
the Borrower represents, warrants and undertakes to the Lender that:

 

(a) It is a corporation
duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and has the requisite
corporate power to own its properties and to carry on its business as now being conducted; and

 

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(b) This Agreement
has been duly authorized, executed and delivered by it, and is the valid and binding, enforceable in accordance with their terms,
except as may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting the enforcement of creditors' rights
generally, or principles of equity. It has full corporate power and authority necessary to enter into and deliver this Agreement
and to perform its obligations thereunder.

 

(c) The execution,
delivery and performance of this Agreement will not: (i) result in a violation of its Articles of Incorporation and Bylaws (or
equivalent constitutive document) (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default
(or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which it is a party, or result in a violation
of any law, rule, regulation, order, judgment or decree applicable to the Borrower or MOXC or by which any of its property or asset
or affected except for those which could not reasonably be expected to have a material adverse effect on its assets, business,
condition (financial or otherwise), results of operations or its future prospects taken as a whole.

 

2.2 The Lender hereby
represents, warrants and undertakes to the Borrower and Moxian:

 

(a) The Lender has
the legal capacity to enter into and perform this Agreement and to purchase the Shares. The execution, delivery and performance
of this Agreement by the Lender and the consummation by Lender of the transactions contemplated hereby have been duly contemplated
and understood by the Lender. This Agreement has been duly authorized, executed and delivered by Lender and constitutes, or shall
constitute when executed and delivered, a valid and binding obligation of Lender, enforceable against Lender in accordance with
the terms thereof.

 

(b) The Lender hereby
acknowledges:

 

(i) That it is not, a
"U.S. Person" (as defined below) as of the date hereof:

 

(A) Any natural person
resident in the United States

 

(B) Any partnership
or corporation organized or incorporated under the laws of the United States;

 

(C) Any estate of which
any executor or administrator is a U.S. person;

 

(D) Any trust of which
any trustee is a U.S. person;

 

(E) Any agency or branch
of a foreign entity located in the United States;

 

(F) Any non-discretionary
account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a
U.S. person;

 

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(G) Any discretionary
account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if
an individual) resident of the United States; and

 

(H) Any partnership
or corporation if (i) organized or incorporated under the laws of any foreign jurisdiction and (ii) formed by a U.S. person principally
for the purpose of investing in securities not registered under the 1933 Act, unless it is organized or incorporated, and owned,
by accredited RHL Stockholders (as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act) who are not natural
persons, estates or trusts.

 

For the purpose of this section, "United States"
or "U.S." means the United States of America, its territories and possessions, any State of the United States,
and the District of Columbia.

 

(ii) as of the execution
date of this Agreement, it is not located within the United States, and it is not purchasing the Conversion Shares for the account
or benefit of any U.S. Person, except in accordance with one or more available exemptions from the registration requirements of
the Securities Act of 1933, as amended (the "1933 Act") or in a transaction not subject thereto;

 

(iii) it will not resell
the Conversion Shares except in accordance with the provisions of Regulation S (Rule 901 through 905 and Preliminary Shares thereto),
pursuant to a registration statement under the 1933 Act, or pursuant to an available exemption from registration; and agrees not
to engage in hedging transactions with regard to such securities unless in compliance with the 1933 Act;

 

(iv) it will not engage
in hedging transactions with regard to shares of MOXC prior to the expiration of the distribution compliance period specified in
Category 2 or 3 (paragraph (b)(2) or (b)(3)) in Rule 903 of Regulation S, as applicable, unless in compliance with the 1933 Act;
and as applicable, shall include statements to the effect that the securities have not been registered under the 1933 Act and may
not be offered or sold in the United States or to U.S. persons (other than distributors) unless the securities are registered under
the 1933 Act, or an exemption from the registration requirements of the 1933 Act is available;

 

(v) No form of "directed
selling efforts" (as defined in Rule 902 of Regulation S under the 1933 Act), general solicitation or general advertising
(within the meaning of Regulation D under the 1933 Act) in violation of the 1933 Act has been or will be used nor will any offers
by means of any directed selling efforts in the United States be made by the Lender or any of its representatives in connection
with the offer and sale of the Shares or the Conversion Shares.

 

(c) The Lender understands
and agrees that the Conversion Shares are "restricted securities" and have not been registered under the 1933
Act or any applicable state securities laws by reason of their issuance in a transaction that does not require registration under
the 1933 Act, and that such Conversion Shares must be held indefinitely unless a subsequent disposition is registered under the
1933 Act or any applicable state securities laws or is exempt from such registration. The Lender understands that it is not anticipated
that there will any market for the resale of the Shares or the Conversion shares.

 

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(d) The Conversion
Shares shall bear the following or similar legend:

 

"THE SHARES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 SECURITIES ACT")
OR OTHER APPLICABLE SECURITIES LAWS. THESE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE
AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT (1) IN ACCORDANCE WITH THE PROVISIONS
OF REGULATION S, RULE 901 THROUGH RULE 905, AND PRELIMINARY SHARES UNDER THE 1933 SECURITIES ACT OR (2) PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT. HEDGING TRANSACTIONS
INVOLVING THE SHARES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 SECURITIES ACT."

 

(e) The Lender is not
any of the following:

 

(i) a promoter (as defined
under Rule 405 of the Securities Act of 1933, as amended) for the Borrower or MOXC; or

 

(ii) a shareholder who
owns more than 5% of the securities of the Borrower or MOXC.

 

3
NO JOINT VENTURE OR PARTNERSHIP

 

3.1 Nothing in this Agreement
shall create a partnership or joint venture between the Parties hereto and save as expressly provided in this Agreement neither
party shall enter into or have authority to enter into any engagement or make any representation or warranty on behalf of or pledge
the credit of or otherwise bind or oblige the other party hereto.

 

4
CONVERSION TRIGGERING SHAREHOLDER APPROVAL

 

The Parties agree that
under no circumstances will the note be convertible in whole or in part into Shares if, in the opinion of MOXC after consultation
with its counsel, such conversion would not be permitted by, or would result in the need for approval of the conversion and subsequent
issuance of Common Stocks by the shareholders of MOXC as required by applicable Nasdaq rules and requirements, unless such shareholder
approval shall have first been obtained. For the avoidance of doubt, the parties intend that the Borrower may not be issued Conversion
Shares if (a) the result would convert the Shares into 20% or more of the Common Stock or voting power outstanding before the issuance
of such security or (b) the issuance will result in a change of control of MOXC under applicable law and regulations.

 

5
MISCELLANEOUS

 

5.1 No waiver, alteration,
variation or addition to this Agreement shall be effective unless made in writing on or after the date of signature of this Agreement
by the Parties and accepted by an authorized signatory of the Parties.

 

    4 

     

    

 

5.2 All notices, documents,
consents, approvals or other communications (a 'Notice') to be given hereunder shall be in writing and shall be transmitted by
registered or recorded delivery mail or courier or personal delivery to the party being served at the relevant address for that
party shown at the head of this Agreement. Any Notice sent by mail or courier shall be deemed to have been duly served three working
days after the date of posting or dispatch.

 

5.3 The headings in this
Agreement shall not affect its interpretation.

 

5.4 Throughout this Agreement,
whenever required by the context, the use of the singular number shall be construed to include the plural, and the use of the plural
the singular, and the use of any gender shall include all genders.

 

5.5 Reference in this
Agreement to a clause or Schedule is to a clause or Schedule of this Agreement.

 

5.6 If any term or provision
in this Agreement shall be held to be illegal or unenforceable, in whole or in part, under any enactment or rule of law, such term
or provision or part shall to that extent be deemed not to form part of this Agreement but the validity and enforceability of the
remainder of this Agreement shall not be affected.

 

5.7 The waiver or forbearance
or failure of a party in insisting in any one or more instances upon the performance of any provisions of this Agreement shall
not be construed as a waiver or relinquishment of that party's rights to future performance of such provision and the other party's
obligations in respect of such future performance shall continue in full force and effect.

 

5.8 This Agreement and
the Shares constitute the entire agreement between the Parties relating to the subject matter hereof, and except as stated herein
or in the instruments and documents to be executed and delivered pursuant hereto, contains all the representations and warranties
of the Parties relating to the subject matter hereof.

 

5.9 The Parties hereby
acknowledges that each has obtained independent legal advice on all and every aspect of this Agreement.

 

5.10 This Agreement shall
be governed by and construed in accordance with the laws of the State of Nevada without regard to principles of conflicts of laws.
Any action brought by either party hereto against the other concerning the transactions contemplated by this Agreement shall be
brought only in the state courts of Nevada or in the federal courts located in the State of Nevada. The parties to this Agreement
hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense
based on lack of jurisdiction or venue or based upon forum non conveniens. The parties hereto agree to submit to the in personal
jurisdiction of such courts and hereby irrevocably waive trial by jury. The prevailing party shall be entitled to recover from
the other party its reasonable attorney's fees and costs.

 

5.11 This Agreement may
be amended only by a writing executed by both parties hereto.

 

5.12 The Lender may assign
or otherwise convey this Agreement and any of its rights or obligations hereunder or interest herein, in whole or part, to any
other person with a written notice to the Borrower and MOXC of such assignment. MOXC or the Borrower shall not assign their respective
rights or obligations under this Agreement to any other party unless approved by the Lender or its successors or assigns.

 

    5 

     

    

 

IN WITNESS WHEREOF
the parties hereto have signed, sealed, delivered and executed this Agreement as a Deed of the date first written above.

 

Tang Junshen

 

________________________________

 

ID No. __________________________

 

 

MOXIAN TECHNOLOGIES (Beijing) CO LTD

 

________________________________

Company Stamp

 

 

MOXIAN, INC.

 

________________________________

Authorized Person

Name: Hao Qinghu

Title: Chief Executive Officer

 

    6

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